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The
timinatt31
financial
rinude
INCLUDING
Public Utility Compendium
Railway & Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
VOL. 119.
Bank and Quotation Section
Bankers' Convention Section
SATURDAY,DECEMBER 27 1924.
NO. 3105.
is really vested with authority to make public the
personal income tax payments; that is whether the
PUBLISHED WEEKLY
individual is not protected under the Federal ConstiTerms of Subscription—Payable in Advance
tution against having his return, or any part of it,
12 Mos. 6 Mos.
Including Postage—
$6.00 spread before the gaze of a prying public, inasmuch
$10.00
Within Continental United States except Alaska
6.75
11.50
In Dominion of Canada
7.75 as it is an invasion of the rights of privacy which the
13.50
Other foreign countries. U. S. Possessions and territories
NOTICE.—On account of the fluctuations In the rates of exchange.
made founders of the Republic and the framers of the Conremittances for European subscriptions and advertisements must be
In New York Funds.
stitution sought so zealously and so jealously to
Subscription includes following Supplements—
SECTIONS—
guard and to protect. If no such power rests in ConCOMPENDIUMS—
BANK AND QUOTATION (monthly.)
PUBLIC UTILITY (semf-annually.)
(monthly.)
EARNINGS
RAILWAY
gress then the publicity provision falls to the ground
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STATE AND MUNICIPAL(semi-annually.) BANKERS' CONVENTION (yearly.)
and it is not necessary to consider any of the collatTerms of Advertising
cents
45
questions that have arisen, or to interpret the
eral
Transient display matter per agate line
On request
Contract and Card rates
of the provision with the view to ascertainlanguage
,
Business Representative
Camino Ovrics—In charge of Fred. H. Gray,
19 South La Salle Street, Telephone State 5594. E. C. ing the intent of Congress and determining whether it
London.
LONDON OvricE—Edwards & Smith. 1 Drapers Gardens.
is in conflict with other provisions of the new law,
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
and to what extent.
This paper, we think, was the first to point out last
COMPANY.
DANA
B.
Published every Saturday morning by WILLIAM
Manager. William D. Riggs:
Business
Seibert;
Jacob
Editor.
at the
and
President
of all. Office of Co. October ("Chronicle" of Oct. 25 1924, p. 1875),
Treas.Wigfam Dana Seibert Sec. Herbert D.Seibert. Addresses
of
taxpayers
names
time when the first lists of the
with the amounts paid by them began to appear,
causing such a universal feeling of execration and
Our State and Municipal
resentment, that the publicity provision seems to
Compendium.
be in direct conflict with the earliest of the amendments to the United States Constitution, adopted at
City
and
"State
A new number of our
a time when the States were still engaged in perfectSection," revised to date, and the name
of which has been changed to "State
ing the original instrument by seeking to remove
and Municipal Compendium," appears
every seeming loophole through which by any possito-day, and all readers of the paper who
bility Federal authority might encroach upon the
are subscribers should receive a copy of
rights of the States or the rights of the citizen. We
it. As previously announced, this Supallude in particular to the Fourth Amendment to the
plement is now printed in two parts,
Constitution, which provides that "The right of the
Part One, containing the New England,
Western
Middle
the
and
Middle
the
people to be secure in their persons, houses, papers
States, having been issued last June,
and effects against unreasonable searches and seizwhile Part Two, embracing the rest of
ures shall not be violated." The language here and
the country, appears to-day. The
applicability is not so important as the evidence
its
change is due to the fact that with the
of the determination to protect the indifurnishes
it
growth and multiplication of the muall
hazards in every one of his personal
at
vidual
dethe
States
nicipalities of the United
rights. And the highest and the most sacred of all
mend for additional space has become
too heavy to satisfy within the limits of
these rights, is the right of privacy—privacy of the
a single number.
home, the family, and, no less, privacy of business
affairs. It is no concern of the public, and no concern of the press, what the income of an individual
The Financial Situation.
may be, or how it may be derived, so long as acquisiand has
It is to be hoped that the Government at Washing- tion has been by honest and lawful means
The
others.
of
rights
the
of
violation
ton will be successful in its efforts to have every involved no
from
distinct
is
respect
that
in
the
individual
of
right
phase of the income tax publicity. provision of the
press,
Revenue Act of 1924 presented for consideration of the right of free speech and the freedom of the
there
as
two,
the
confusing
of
is
no
need
there
and
the
in
test
Court
various
the United States Supreme
the
which
suits
the
in
of
doing
be
danger
to
seems
for
ng
the
brought
determini
been
suits that have
against
purposes
test
for
t
has
brought
Governmen
to.
In
referred
our
news
provision
validity of the
s. Study of the
columns last week we outlined at considerable length the publishers of various newspaper
preceded the adoption
the proceedings thus far taken in these different test debates and discussions which
it was the purpose
that
cases. Of course the point of greatest importance, of the Constitution will show
to safeguard the
t
instrumen
the one transcending all others, is whether Congress of the framers of that
41xe Thronrcte.
'
2918
THE CHRONICLE
[VOL.119.
individual in all of his personal rights. And a won- 1924, is contained in the provision
providing for the
derful opportunity is furnished to the lawyers who 25% reduction of the income
tax, and this is confined
will argue the cases on appeal before the United solely to the reduction and constitute
s a wholly sepStates Supreme Court to make a lasting reputation arate and distinct section
of the new law. It will be
for themselves, and win the eternal gratitude of their remembered that the enactmen
t of the new law was
fellow citizens, by assembling the facts relevant to very much delayed, and in these
circumstances it was
this point and showing their bearing and relation- deemed best that instead of requiring
the filing of
ship to the question of personal privacy in the mat- new tax returns, based on
the rates of taxes provided
ter of income tax returns in such a way as to carry in the 1924 law—which are wholly
different from the
conviction to the minds of the judges. There seems rates in the old law—it was deemed
best to provide
to us reason for anxiety lest in the cases that'are be- simply for a straight 25% reduction
, and therefore
ing carried to the Supreme Court, involving as they distinct and separate provision
to that end was made.
do mainly the right of publication by the newspapers A new and wholly separate title, namely
Title
after the Government itself has given out the names XII, was added and devoted to that
one thing and
and the amounts, it may not be possible to bring for- to absolutely nothing else. This provision
is the only
ward this point to the best advantage, or perhaps not reference to the 1923 returns,and that
in itself would
at all. We do not imagine that the Government will seem to preclude the supposition
that the publicity
argue that the publicity provision is unconstitu- provisions of the new law were intended
to apply to
tional, for to do so would be to stultify itself in open- the 1923 returns from which the
lists have been
ing the tax lists for inspection, and the newspapers taken that the Government opened
to public inspecin defending themselves are concerned only in show- tion in October 1924. If, in the
face of these objecing that in publishing the lists they have been acting tions, it is still contended the Government
was obliin due conformity to the law itself and the intent of gated to open to inspection the returns
for the back
the lawmaker.
year 1923, why is it not equally bound to open to inThere is, however, another aspect of the matter, spection the lists for all back years? Since
no imapart from the question of constitutionality, and plication of that kind is claimed with reference
to the
that is the course of the Government in giving effect other back years, why should it be assumed
to exist
to the publicity provision. Waiving the question of with reference to 1923?
constitutionality, was the Commissioner of Internal
Besides this, the language of the publicity proviRevenue justified in making the lists "available to sion itself militates against the idea that it was
inpublic inspection" in the way and at the time he did? tended to apply to any but future years. It obviously
Here again there is danger that the cases may not has.reference to returns to be made hereafter,
not to
reach the Supreme Court in such shape as to involve returns already made. The publicity provision
is
a clear-cut determination of that particular point, embraced in Section 257 of the law. This section has
since it is inconceivable that the Government will two paragraphs, namely paragraph (A) and
paratake the position that it may have blundered in mak- graph (B). It is the latter paragraph that speaks
of
ing the lists "available to public inspection." In making lists available to public inspection.
The
some of the criticisms which were directed to the paragraph reads: "The Commissioner shall as
soon
newspapers at the time the lists began to appear, it as practicable in each year cause to be
prepared and
was pointed out that the lists as given out related to made available to public inspection in
such manner
the income tax returns for the calendar year 1923,and as he may determine . . . lists containin
g the
apparently the 1924 Revenue Act does not apply, and name and the post office address of each
person makwas not intended to apply, to these returns for a back ing an income tax return in such district,
together
year. These criticisms, however, do not appear to with the amount of the income tax paid by such
perhave gone beyond the stage of criticism and the point son." This cannot be construed as meaning
anything
is not stressed, apparently, in any of the cases that else than returns to be made under the provision
s of
have passed through the courts. The reasons are this very law containing the tax publicity provision.
perfectly plain. The newspapers cannot contend Now, what are the tax lists which the Commissioner
that the Government had no right to give out the has actually made available to public inspectio
n?
lists for 1923, for in that event they had no right to They are the tax lists derived from the returns
for
publish them and have laid themselves open to the 1923 made under the Revenue Act of 1921,
which did
penalties provided for so doing, while the Govern- not provide for publicity, and contained wholly
difment itself, as already stated, can hardly be ex- ferent tax rates and which actually had to be
filed
pected to admit having committed a mistake, even with the Collector by March 15 1924—nearly
three
through inadvertence. As the contention here raised months before the new law had been put on the
statis not being pressed, it is taken for granted that it is ute books, the new Act having received
Executive
without merit. For ourselves we are unable to resist approval June 2 1924. By what process of legerdethe conviction that it possesses great force. The main can a law without a retroactive feature be conmore the statute is analyzed and studied the stronger strued to apply to a deed which was performed and
the conviction becomes. Of course, as the lists have had to be performed under an earlier law, long bealready been published the mischief arising there- fore the new law came into existence?
from has been done. But the matter nevertheless
Note furthermore that the publicity provision says
cannot be allowed to rest there, for it will appear, as the lists to be opened for inspection shall show "the
we proceed, that if the right to give out the lists for amount of the income tax paid by such person." The
1923 be conceded, it might happen that the publicity figures in the lists given out by the collectors in the
provision, would have to be extended so as to apply different tax collection districts do not show either
to other back years.
the amounts paid or to be paid. The most that can
In the first place there is no express provision in be claimed for them is that they show the tax liabilthe law making it retroactive. In fact, the only ref- ity under the old law and which was greatly reduced
erence to the 1923 returns, which had to be filed in under the new law, at least as far as individuals are
DEC. 271924.]
THE CHRONICLE
concerned. Granting for the sake of argument that
the publicity provision applies to the 1923 returns,
filed months before the new law came into existence,
then it must be held that the Commissioner erred in
giving out figures that did not show the amounts
"paid," as required by the language of the publicity
provision, but something wholly different. A much
more convincing supposition is that already indicated, namely that the publicity provision has reference entirely to the future and not at all to the past.
On the question whether making the lists "available to public inspection" may be taken as sanctioning spreading the information broadcast through
newspaper publication, there is at least one strong
point to be made in opposition and a point we have
not seen urged before. The Commissioner has construed the direction that the lists shall contain the
name and address of each "person" as including corporations as well as individuals, and has accordingly
been giving out the corporate payments as well as
the payments of individuals. There is at least plausible warrant for this in the General Definitions inserted at the very beginning of the law, though there
are other aspects 9f the case which make it doubtful
whether the lawmakers really meant to couple corporations with individuals in the publicity provisions. In the General Definitions it is expressly
stated that "The term 'person' means an individual,
a trust or estate, a partnership, or a corporation."
Assuming, then, that Congress intended that corporations should be considered synonymous and identical with individuals in the tax publicity provisions,
we are compelled to take cognizance of the limitations imposed by paragraph (A) of Section 257 on
the dissemination of knowledge obtained from an
inspection or examination of an income tax return.
This paragraph (A) provides that "returns upon
which the tax has been determined by the Commissioner shall constitute public records," but nevertheless that "they shall be open to inspection only upon
order of the President and under rules and regulations prescribed by the Secretary and approved by
the President." Then, after laying down these general rules, provision is made for letting committees
of the House of Representatives and the Senate see
the returns and take from them under prescribed
reservations such pertinent facts as may have a bearing upon the investigations they may be conducting.
Then it is further provided, and this is the point to
which we wish to direct attention,"that all bona fide
shareholders of record owning 1% or more of the
outstanding stock of any corporation shall, upon
making request of the Commissioner, be allowed to
examine the annual income returns of such corporation and of its subsidiaries." Note now how this privilege of examination by an interested party is guarded
and restricted and the penalties prescribed for an
abuse of the privilege. The law provides that "any
shareholder who, pursuant to the provisions of this
section, is allowed to examine the returns of any corporation, and who makes known in any manner not
provided by law the amount, or source of income,
profits, losses, expenditures, or any particular
thereof, set forth or disclosed in any such return,
shall be guilty of a misdemeanor and be punished by
a fine not exceeding $1,000 or by imprisonment not
exceeding one year, or both." Is it reasonable to
suppose that the lawmaker, after prohibiting a shareholder from disclosing even "the amount" of the corporation taxes paid, should, by the tax publicity pro-
vision of the immediately succeeding paragraph,
which directs the Commissioner of Internal Revenue
to make "available to public inspection" the amount
of income tax paid by the same corporation, have intended, or could have intended, to give authority .to
the newspapers to spread the same identical information in wholesale fashion throughout the length and
breadth of the land? The question would seem to
carry its own answer.
We have gone thus at length into this important
matter of tax publicity in order to make it plain that
there are many phases and features of the question,
some of which may fail of proper presentation, or fail
of any presentation at all, unless the proper kind of
actions are brought, and furthermore, for the purpose of inducing some public-spirited citizen, or citizens, in position to do so, to begin suits broad enough
to have the issue settled in all its bearings. A fundamental principle is involved in this question of the
right of personal privacy in income tax returns, and
in an appeal to the tribunal of last resort a decision
should be sought and obtained on the merits of the
proposition. A decision based on mere technicalities.
leaving the'main issue undetermined, would be an
outcome in every way deplorable.
The advices relative to the political situation in
Italy have been far from reassuring. Apparently for
some time, Premier Mussolini has maintained his
grasp on the situation only by his forceful personality and by resorting to heroic measures. It seems
to be believed in Rome that he contemplates dissolving Parliament at an early date. At any rate, he has
decided to revise the electoral law. The New York
"Times" representative in the Italian capital cabled
on the evening of Dec. 20 that, "worried by the attacks of the opposition press, which, by proclaiming
far and wide that after the revulsion of feeling following the Matteotti murder the Fascisti no longer
have the confidence of the country, had placed the
Cabinet in a difficult position, and, angered at the
failure of many of his nearest collaborators whose
forced resignations have been following one another
in quick succession, Mussolini has apparently taken
th heroic step of dissolving the Chamber and calling
for another general election." The correspondent explained that"he made this intention clear in to-day's
sitting of the Chamber by announcing that he had
presented a bill modifying the present electoral law
and that the Chamber would now go into recess for
Christmas holidays, but that it would be reconvened
on Jan. 3 to discuss his electoral bill. His haste in
reconvening the Chamber for the purpose of discussing electoral reform was generally interpreted as a
prelude to the dissolution of Parliament in time to
hold general elections somewhere around next
March." It was also stated that "Mussolini's bill
changing the electoral law provides for the return to
what is known here as the 'uninomial' system, by
which Italy is divided into 560 electoral boroughs,
each one of which works quite independently of the
others. Each party taking part in the elections puts
up a candidate in as many boroughs as it pleases.
Candidates of the various parties in each borough
then fight it out among themselves and whichever
one obtains the most votes gets into Parliament independently of what may be happening in other borougs. This is in marked contrast with the system
under which the last election was fought by which,
whichever party obtained the most votes
throughout
2920
THE CHRONICLE
[Vol.. 119.
Italy, taken as a whole, was assigned two-thirds of whether the Aventine Opposition comes in or not,
the total number of seats in the Chamber."
and elections will be carried out under me, though it
will be impossible to do that immediately. I shall
Commenting upon this step of the Premier, the choose a suitable moment, taking into account the
"Times" correspondent said in the course of a long condition of the country."
cable message the next day that "Mussolini's bold
stroke in accepting the Opposition's challenge and
The financial position of the Italian Government
indicating his willingness to let the voters of Italy appears to be improving. At its session on the evejudge between him and it in elections to be held next ning of Dec. 20, Alberto Di Stefani, Minister of Fiyear, brought from the Executive Committee of the nance, assured the Chamber of Deputies that "the
Opposition parties to-day a hastily issued proclama- Government had stabilized the budget and that the
tion to the Italian people in which it attempts to rob matter of reducing circulation was being carried
Mussolini's appeal to the electorate of all value. It out." At that session "the Chamber of Deputies
employs three different arguments to prove its point: adopted the budget by a vote of 240 to 17 just before
First, it says that the election merely is a red herring adjourning until Jan. 3. The vote followed a review
which the Fascist Government has drawn across its of the state of Italian finance by Alberto Di Stefani,
trail to distract the people's attention from its grave Minister of Finance." In a Rome dispatch the
moral and political responsibilities; secondly, it budget was outlined as follows: "According to the
hints that the Government wishes to make the elec- Minister's figures, the deficit for the fiscal year of
tion a pretext for proclaiming general amnesty, thus 1922-23, amounting to 3,029,000,000 lire, was reduced
quashing legal proceedings against the Fascisti to 418,000,000 in 1923-24, which, he said, was 205,guilty of illegalities, which,it adds,is such an absurd 000,000 better than indicated in his estimates preproposal that it does not deserve to be takpn into con- sented to the Chamber last summer. This was acsideration; thirdly, it says that in any case the Oppo- complished by practicing rigid economy in the Govsition parties reject the idea that the election could ernment services. The Government reduced the inbe carried out under the Fascist Government as they ternal debt from 1,614,000,000 lire to 1,114,000,000,
know only too well that 'the Fascist Government and and now another reduction of 762,000,000 was posfree election are two incompatible terms.' The last sible. With reference to the trade balance, Signor Di
of the above three points made by the Opposition par- Stefani noted an improvement of 1,464,000,000 lire
ties' proclamation, translated into plain language, in the first ten months of 1924, as compared with the
means that Mussolini and the Fascist Government same period last year. Exports this year exceeded
should resign before the elections. If anything can those of last year by 2,732,000,000 lire, while imports
be considered certain, it is that Mussolini, after the increased 1,268,000,000 lire. During 1922-23 Italy
almost unanimous votes of confidence he obtained redeemed loans from Brazil, Canada, Sweden and the
both in the Senate and Chamber, has no intention of Netherlands amounting to 100,920,500 lire, gold, and
resigning and will not resign."
next February will pay back an American loan
The New York "Evening Post" representative in amounting to 51,694,069 lire, gold."
Rome characterized the situation as follows in a
cable dispatch on Dec. 22: "Premier Mussolini's
The British reply to the American note relative to
proposal in the Chamber of Deputies that Parliament the collection of war damage claims against Gerconsider framing a new electoral law is hailed many out of proceeds from the Dawes plan, accordthroughout Italy as a surrender of the two-year dic- ing to London and Paris cable dispatches, is not
tatorship of the Fascist Party. The Opposition al- likely to be made as soon as at first expected. The
ready is lining up candidates to succeed. to the Pre- Associated Press representative in the British capmiership. Among these the most prominent are the ital said in a cablegram on Dec. 19 that,"in all probveterans Giolitti, Salandra and Orlando, all former ability no more correspondence on the subject of
Premiers. With the Fascist Party surely splitting American reparations claims will pass between the
into two factions, the cavemen of the extreme type British Government and the United States until the
and the moderates of the reform party, it is doubted meeting of the allied Treasury heads at Paris in Janwhether Mussolini can carry on much more than a uary, when, it is understood in official quarters,
few months. Mussolini's proposal for a new elec- Great Britain hopes her representatives there will
toral law with the convocation of Parliament on have an opportunity to arrive at an understanding
Jan. 6 is considered a stroke of political daring, it with the American delegate accredited to the conferhaving won even admiring comment from Giolitti. ence for this purpose." The correspondent explained
The Opposition's criticism that Parliament is not that "it has been intimated for several days that the
representative of Italy would be answered by institu- technical nature of the correspondence between the
tion of a liberal election law, which would give Italy two nations will make it necessary to bring in the
a system similar to that of England."
opinion of experts and this would delay further corIn the "Massagero" on Dec. 25 the Premier was respondence several weeks. It is understood that
quoted as saying that "I proposed electoral reform Great Britain, therefore, would rather talk over the
on my own initiative. It is not connected with any situation with the Americans just before the Paris
aims suggested in more or less bad faith by my adver- gathering gets to work." The Paris representative
saries. It is part of a plan of reform which I have of the "Times" stated that "it appears that the
in mind and which I intend to carry out from time to American proposal for accepting payments of damtime independently of the dreams of my adversaries. age claims under an arrangement corresponding to
It was necessary to announce suddenly what has that made for payment of the cost of the Army of
been called Saturday's 'thunderbolt' because of the Occupation, not necessarily by increasing the yearly
secrecy maintained previously, but that does not payments, but by extending them over a longer pemean that it was not profoundly considered. I even riod, is not contained in the Hughes note proper to
forecast it some time ago. It will be approved Austen Chamberlain, but in a separate document
DEC. 27 1924.]
THE CHRONICLE
submitted to the allied nations on behalf of the
American Government." Continuing to outline this
situation he said: "It is said by American officials
that it is not justifiable to presume that if the United
States does not collect the full amount through the
Dawes plan that the American Government would
make up the difference between the claims awarded
and what is received through the Reparations Commission. It is pointed out that America has held the
sequestered German property as security. The presumption in allied circles that the American Government would bear the burden of the difference was
based on an assumption, indicated frequently by the
American Government, that it would not take the
private property of German citizens for payment of a
Government debt. The allied nations have always
held that the United States should liquidate its
claims from the sequestered property, and it is
pointed out that if that were done it would leave
practically no balance. James A. Logan, sometimes
official and sometimes unofficial American representative, said to-day thati tis not now a question of the
Government being required to make good any difference between the sums awarded to Americans by the
mixed claims commission and the amount America
claims to be entitled to receive from the Dawes annuities. He pointed out that the United States expects
to receive a full settlement from Germany one way
or another, but that it has no desire to seek oppressive terms of payment."
The very next day (Dec. 20) the London representative of the Associated Press appeared to have obtained different information, or at least ideas, for
he cabled that "Great Britain is expected to make a
detailed reply to the United States note on reparations claims which, it is said in official quarters today, will contain a suggestion for the solution of the
problem in terms acceptable to England and will include all the demands of the American Government."
Contrary to what he had said the day before, he declared that "a note already has been drafted and may
be laid before the next Cabinet neeting, it is said, but
probably will not be sent to Washington until after
Christmas. The new step is somewhat contrary to
the views expressed a few days ago that the matter
would be allowed to lapse until the Paris meeting,
but it is understood to be the result of the Government's desire to comply with the American view that
en agreement should be reached between the Governments before entering the January conference of
Finance Ministers in Paris."
During the early part of the week London was
expecting the publication of a call for a conference,
at an early date, in London, of British dominions
relative to the Geneva protocol. It was recalled
that "this pact, drawn up at the last meeting of the
eague of Nations Assembly at Geneva, is designed
to provide security and disarmament for Europe
through an agreement to arbitrate all disputes,
sacked by a system of guaranties." Continuing, he
aid. "At the meeting of the League Council in
I• ome two weeks ago, Austen Chamberlain,
British
oreign Secretary, requested that his Government
I s e given time to consult the Dominions before passmg upon the protocol. It has been found impossible
o deal with the matter at long range, and this has
rought the proposal for the conference of represenatives of the Dominions. The Foreign Office hopes
2921
that Britain's attitude toward the question of security will be determined in time for Mr. Chamberlain
to announce the decision at the next League Council
meeting in March. The League's disarmament conference, which has been set provisionally for July 15,
will almost certainly have to be postponed until autumn." On Dec. 22 the London representative of the
New York "Evening Post" cabled that "a call for an
imperial conference at which the British policy in
regard to the proposed peace protocol of the League
of Nations will be determined is being issued this
week-end." Definite word was received from London on Dec. 23 that "the British Government to-day
asked the Dominions to agree to a special meeting of
the Imperial Conference in March to consider the
League of Nations protocol for disarmament." It
was added that "to-day's messages, while they avoid
issuing the call for a conference, are understood to
request that the Dominions reply immediately. The
proposed conference will undertake a full discussion
of the disarmament convention and the nature and
extent of the responsibilities for the Empire involved
by its ratification."
To just what extent the Communists in France
have carried on their activities it has not been possible to determine from Paris cable dispatches to
American newspapers. The radical newspapers in
Paris asserted that the Communists were causing
the Government considerable trouble. The New
York "Times" representative cabled en the evening
of Dec. 20 that, "despite formal statements by the
police and Ministry of the Interior aid denials by
such non-partisan papers as the ‘Matin,' the Opposition press continues to spread rumors of Communist
activities calculated in the opinion of the Government to create alarm." One of the chief offenders
appears to have been "Liberte," an afternoon news
paper. The Associated Press representative sent
word, on Dec. 20, that "Minister of Justice Renoult
to-day instructed the Paris courts to institute proceedings against the afternoon newspaper ‘Liberte
for the publication of false news." The "Times" correspondent explained that "the articles to which the
Government takes exception were concerned with the
exposure of an alleged Communist plot to capture
the city of Amiens and an editorial statement that
the Government had mobilized tanks and machine
guns, placing them in various suburbs, with a view
of repelling an expected Communist reprisal." Premier Herriot, the same evening, summoned newspaper men to his sick room. In the course of the interview he denied the truth of statements published by
the radical papers and issued a statement in which
he said: "I call on all good citizens to co-operate
against the wave of false news which is being spread
at the moment. French morale and credit are excellent. The Government needs no advice on how to
preserve public order. It has decided to repress disturbers regardless of political factions. Our country calls for peace and we guarantee peace."
According to a dispatch from the "Times" correspondent a day later, "Herriot's bedside talk to the news
paper men last evening has had the opposite effect
from that intended. All the newspapers except those
of his own party denounce his action in taking legal
measures against the ‘Liberte' while he allows the
Ilumanite'to continue preaching the gospel of armed
revolt. To this the Premier's reply is, of course, that
the action against the ‘Liberte'is being taken because
2922
THE CHRONICLE
it disseminated false news and not because of the
opinions expressed." In describing the Communist
movement in Paris last Sunday the correspondent
said that "five thousand shivering disciples of Communism, with scarlet banners displayed, stood listening this afternoon at Pre Saint Gervais while their
leaders denounced to them .the Fascist peril which
they declared was rapidly overtaking France. They
were 'storm troops' of the Communist revolution, of
whom the opponents of the present Government profess such great fear." He suggested that,"as an exhibition of force to-day's display certainly was far
from being so impressive as the Socialist Sunday
meetings 30 years ago. Nor was the oratory of
Cachin, Valliant, Couturier and others comparable
with that to which Millerand and Briand used to
treat their followers."
The next day Premier Herriot issued a reassuring
statement to Americans from his sick room. He
said: "Tell them they need not bring revolvers or
trench helmets with them if they are coming to
France. That time is past. Neither should they
stay away. Tell them that France and Paris are
working in quiet and for peace and that the Communist peril is no greater here than anywhere else.
You yourselves have seen that yesterday's mass meeting of Communists was attended by only a few thousand and not a quarter of a million. The assembly
there was similar to that on the same occasion last
year. You yourselves have seen that there was no
disturbance, no violence. If there were to be any,
the Government would suppress it with the utmost
rigor; but I have the firm conviction there will be
none."
In discussing the political status of Premier Herriot, the Paris correspondent of the New York "Evening Post" said in a cablegram on Dec. 23 that "old
Parliamentary heads say that if Premier Herriot
falls, which at present is.improbable, his fall will be
brought about not by any movement in the country,
but by some change in the mentality of the Chamber
of Deputies." He maintained that "this change,
from a glance at the present situation, could occur
only in connection with two matters, namely finance
and the religious issue." He explained that "the religious issue will come up first when the Government's proposal to abolish the Embassy at the Vatican is discussed in connection with the estimates for
the Ministry of Foreign Affairs," and added that "if
M. Herriot escapes the danger of the Vatican issue,
his next trouble will be over the question of finance."
As to danger to the Premier from the Communist
movement, the "Evening Post" representative said:
"Frankly speaking, there is no immediate political
danger to M. Herriot in the Communist issue. The
Nationalist movement, started by ex-President Millerand and General de Castelanau, although it parallels the feelings of a large mass of the public, is not
threatening to the Premier, because it is extra-Parliamentary, and the Chamber of Deputies will not
react to it unless something really catastrophic happens, which is unlikely."
Premier Herriot, according to a special Paris dispatch to the New York "Times," was able "to leave
his bed to-day [Dec. 25] and sat in a chair for several hours, although it will be some time before the
phlebitis in his left leg will permit him to walk
freely." The correspondent suggested that "Premier
Herriot did not find a very joyful Christmas present
[VOL. 119.
in the action of the Senate yesterday in its refusing
to vote for the amnesty bill, with which the Premier
has kept his line unified with the Socialists, whose
108 votes help constitute his majority in the Chamber. In amending the Chamber bill back into the
form which originally passed the Upper House, the
Senate three times voted against the Government,
which under ordinary circumstances would have
forced Herriot, if present, to pose a question of confidence and perhaps have resulted in his fall."
Jules J. Jusserand, French Ambassador to the
United States, has caused considerable adverse comment, both in Washington and in Paris, by a speech
that he made before the Current Events Class in
Washington on Dec. 22. He was quoted as saying,
as he had in New York a few days before, that
"France intended to pay her war debt to the United
States,.but that it was essential to include in any
debt-funding agreement reached at this time a provision that would postpone payments until his country
had had an opportunity to improve her financial and
economic Position." According to a special Washington dispatch to the New York "Times" on the
same date, "Ambassador Jusserand said that what
France required, if the debt was to be funded at this
time, was a moratorium, or breathing time, while she
worked out her financial and economic problems.
For that reason he had had talks with Secretary Mellon. France wanted to pay and intended to pay her
debts to the United States and the Ambassador was
confident the economic conditions of France, due to
the fact that she had stood the brunt of the World
War, would be taken into account by the United
States in the negotiations."
In a special Washington dispatch to "The Sun"
the next afternoon the correspondent said that "it
was indicated at the White House to-day that the
suggestion of Ambassador Jusserand'of France that
his country be granted a moratorium on its debts to
the United States made yesterday before a Current
Events Class here, had never been officially made to
the United States Debt Funding Commission." The
correspondent also stated that "the official Spokesman for the President said that inasmuch as the
statement was made to the people of the United
States and not to the Debt Funding Commission
there would be no reply by the Government. It was
said, however, that if any representative of the
French Government wishes to go before the Debt
Funding Commission and make a definite statement
of his country's desires in regard to the payment of
the debt the Commission and the President will be
glad to lay such a statement before Congress for
action. It was added that no doubt the Commission
would be glad to hear concrete suggestions from the
French." The observation was made in the dispatch
that "this statement from the White House is generally taken here as a definite confirmation of reports that the recent 'parleys' or 'negotiations' between Ambassador Jusserand and the Secretary of
the Treasury never got to the point where the French
made definite suggestions. Several days ago Representative Crisp of Georgia, a member of the committee, said the same thing in the House." Later the
same evening the Washington correspondent of the
New York "Times" declared that "considerable confusion was produced to-day by the intimation that
willingness of France to enter into an arrangement
for the payment of its war debt to the United States,
Dine. 27 1924.]
THE CHRONICLE
announced yesterday by M. Jusserand, the French
Ambassador, in an informal speech, had not been
communicated to the War Debt Commission by the
Ambassador or any representative of the French
Government." He added that "when this was made
known in French diplomatic quarters surprise was
expressed. The impression conveyed in these quarters was that the position of France on the debt had
been made known to the Debt Commission."
In a message on Dec. 23 a special Washington correspondent of the New York "Herald Tribune," in
discussing the Jusserand speech, said that "the reaction of American officials to this is entirely kindly.
They think, however, that it is desirable for the
French Government to know that only Congress can
modify the terms of the French debt as it now stands.
This supremacy of Congress is the one aspect of our
Government which foreigners seem to find most difficult to grasp, and failure to understand it has been
responsible for a good many things going badly in
fields other than the foreign debts." Evidently the
French Government was not pleased with its Ambassador's speech. In a cable message Wednesday
evening the Paris correspondent of the New York
"Herald Tribune" said that "Ambassador Jusserand's speech in Washington Monday on the French
debt to the United States has drawn a sharp rebuke
from the Herriot Government, it was learned tonight. The Premier was highly displeased, it is said,
and immediately cabled the Ambassador, demanding
that during the 15 days in which he is to remain in
Washington he shall maintain silence or expect to be
recalled." The correspondent added that "the official view on the debt situation in Paris is understood
to be that Jusserand's conferences with Secretary
Mellon were entirely on his own initiative and were
not authorized by the Foreign Office. The results
not only have been negative in the opinion of Government officials, but have had a bad reaction on Congressional circles."
2923
Tag.' After discussing the advisability of forming
the next Government from Nationalists, People's
Party and Centrists, discounting the probability,
amounting well nigh to a certainty, that the Centrists will abide by their refusal to enter such a coalition. 'Der Tag' says: 'It goes without saying that
the Reichswehr cannot remain indifferent to such a
development. It is in duty bound to uphold the Constitution. Should the Constitution be sabotaged the
Reichswehr is concerned in maintaining order and
constitutional government. Then the necessity will
arise to consider the situation independent of parties
and take steps toward bringing in a Government
compatible with order. It is possible to govern without the aid of manipulators behind the scenes and if
parties are unconscious of their responsibilities, then
they must be forced to a consciousness thereof, or
else be shoved aside. At such a juncture, if necessary, a Parliamentary Government can be entirely
eliminated.'"
Germany has communicated to the League of Nations terms under which she would be willing to join
that body. In a dispatch dated Dec. 19 the Geneva
correspondent of the Associated Press said that
"Germany made a new move to-night in connection
with her project to join the League of Nations, when
Herr Aschmann, the German Consul in Geneva,
called on Sir Eric Drummond, Secretary-General of
the League and delivered to him a note from Foreign
Minister Stresemann. The note requested further
information touching upon the operation of the Covenant of the League." It was added that "an agreement was reached between Sir Eric and Herr Aschmann that the text of the note should not be published before the beginning of next week." Three
days later the same correspondent declared that,
"opening up the whole problem of German armaments, Germany has sent a note to the League of Nations touching the question of Germany's joining the
League. In the note the Berlin Government declares
its view that if international conflicts arise Germany
, President Ebert of Germany, like Premier Herriot should remain absolutely free, under the League
of France, has many troublesome problems to solve. Covenant, to determine how far she should take an
It was found so difficult to form a new Cabinet that active part in such conflicts." He further stated that
the matter has been postponed until next month. In "the text of the note, which is published by the
the meantime the Cabinet headed by Chancellor League Secretariat to-night, shows that Germany deMarx, but which resigned last week, continues to sires an exceptional position as a member of the
serve, at the request of President Ebert. The latter League because of her lack of armed strength, though
was given a verdict in a libel suit that he brought she denies any intention of asking for special priviagainst Editor Rothardt of the "Mitteldeutsche Zeit- leges. Germany maintains that if she is obliged to
ung." Even the verdict was the cause of further participate in all of the League military sanctions
trouble with the President's political opponents. It she would be compelled to waive her right to neutralwas declared to have been largely a "hollow victory." ity—'the last defense of a disarmed people.'" ComOn the other hand, it was reported that on Wednes- menting upon the effect produced by the publication
day "the German Cabinet waited in a body on the of the note he added that "the reaction in League cirPresident and expressed unlimited trust in him and cles to the German note, which the Berlin Governgratitude for his unvarying patriotism."
ment also transmitted to all the Governments repreOn Dec. 22 the Berlin correspondent of the New sented in the Council, is that it will be certain to neYork "Times" cabled that "German Monarchists cessitate long negotiations with the Powers and preare openly threatening the use of military force to sumably delay the date when Germany will formally
get themselves into the next German Government if apply for admission to the League, if she ever does.
other methods fail. They are hinting that General It inevitably links the League question with the genvon Seeckt, Commander of the Reichswehr, Ger- eral problem of inter-allied control and future inmany's standing army, might back with the bayonets vestigations of German armaments which may be
of his regiments a Government composed of Nation- carried on by the League, the nature of which the
alists and Stresemann's People's Party, thus offset- Council now is endeavoring to define." According
ting such a Government's hopeless lack of a majority to the dispatch, "Dr., Gustav Stresemann; German
in the Reichstag." It was explained that "this threat Foreign Alinister, himself penned the note, which
comes from the reactionary and monarchical 'Der forms the second chapter of the negotiations inaugu.
2924
THE CHRONICLE
[VOL. 119.
rated when Germany dispatched her first communi- German occupied region
on Jan. 10, as conditionally
cation on the same subject direct to all the Powers set by the Versailles Peace Treaty,
is deemed imposhaving seats in the Council."
sible by the French Cabinet, in view of the reports
from the Inter-Allied Military Control Commission."
Soon after the publication of Germany's note, It was added that "at to-day's
Cabinet meeting the
word came from Berlin that the Council of Ambassa- Ministers approved a memorandu
m in which the
dors had received the report of the Inter-Allied Mili- French Government expressed this
conclusion. Pretary Control Commission, "representing the results mier Herriot, in submitting the document
to the
of the general inquiry in Germany." The report was Cabinet, read a note from the British
Government
said to have left Berlin on Dec. 21. The New York regarding maintenance of the occupation." The
cor"Herald Tribune" representative in the German capi- respondent further asserted that 'the French
memotal said in a long dispatch the next day that,"as fore- randum is based on the Control Commission
's official
shadowed in these dispatches, the report, while gen- report, already received, setting forth failure
in some
erally favorable as far as Germany's actual military respects by Germany to comply with disarmamen
t
establishment is concerned, contains several points conditions. The Cabinet, however, also
was inof serious complaint. These deal principally with formed of later facts regarding French discoveries
the industrial aspect of the problem rather than the of concealed arms, which strengthene
d the reasons
military. The German army authorities are accused advanced for refusal to evacuate the
Cologne district."
of obstruction in the conduct of the inquiry in failing
to facilitate properly the work of the Allied inspecAs might have been expected, the Germans took
tion officers." In further outlining the report, he strong exception to Premier Herriot's note. The
said: "One of the chief features with which the re- Berlin correspondent of the New York
"Herald Tribport is concerned is the facilities which, it is alleged, une" cabled Thursday evening that,"replying
to PreGermany still maintains for the manufacture of mier Herriot's statement yesterday that the Allies
heavy artillery. As a specified instance, it cites that would not evacuate the Cologne zone Jan. 10
because
the Krupp works still possess lathes for the manu- munitions camps had been discovered in Germany
by
facture of big guns, such as were used in shelling the Allied Military Control Commission, the German
Paris. These lathes should have been destroyed un- Government to-night issued a communique denying
der the provisions of the Versailles Treaty, the re- that any such camp had been found by the Commisport contends, demanding their immediate destruc- sion on its 1,800 inspection visits." He added that
tion. The report emphasizes the decentralization of "refusal of the Allies to evacuate the Cologne bridgethe German police force and their removal from the head, the communique said, had evoked a wave of informer military armories where they are now lodged. tense protest throughout the country."
It is understood that the Prussian Minister of Interior is bitterly opposed to this demand on the ground
Germany is not the only country that has laid
that its execution would jeopardize the efficiency of down terms to the League of Nations and
thereby
the police seriously."
added materially to the problems of that body. On
Dec. 23 it became known here through London cable
That the Allied Powers would take prompt action advices that "the delicate problem of the relations
of
with respect to the military situation in Germany the component parts of the British Empire
has been
was clearly indicated in Paris cable dispatches on raised anew by Ireland's throwing
down the gauntlet
Dec. 23. The New York "Herald Tribune" represen- of diplomatic revolt to the London Government
."
tative said, for instance, that "the Allies will dis- The Associated Press correspondent in the
British
patch a pointed note to Germany this week announc- capital said that"Ireland to-day added to the strenuing that the Reich's treaty obligations relative to dis- ous schedule of Christmas events already before the
armament have not been sufficiently carried out and League, through the Albanian and German problems,
as a result the evacuation of the Cologne area will by notifying the Geneva peace organization that she
not take place Jan. 10, as provided in the London entirely dissents from the views of Great Britain deagreement." He added that "the 'Herald Tribune' is nying Ireland's right to register with the League the
informed that the Allies are in complete agreement famous Anglo-Irish Treaty, which transformed Ireon this move and,furthermore, that no specific date land into a free State." He further observed that
will be fixed for the evacuation of the Cologne bridge "Ireland, in diplomatic phraseology, told the League
head." Continuing he said: "The dispatch of the that she does not desire to pursue the controversy
note was decided on after Marshal Foch, chief of the with Great Britain, yet makes it perfectly clear that
inter-Allied committee investigating Germany's she cannot be restricted as to League prerogatives by
armaments, had presented to-day a long report to the any limitation imposed by Downing Street." In disCouncil of Ambassadors. On the basis of this re- cussing the situation further, the correspondent
port, either the Council or the Allied nations, pre- said: The question involved is held to be far deeper
sumably the latter, will dispatch the note to Ger- than a ruling as to whether the Irish treaty is an inmany. From present indications, the inter-Allied ternational instrument capable of registration with
control of German armaments will not cease before the League. Ireland's move involves the entire relaMay, at which time the League of Nations will be tions of the various units of the British Empire with
called on to take up the task. Foch's report is in no the League, and, in the judgment of officials in
way sensational. It tells briefly of the discovery of Geneva, may settle how much independence of accaches of machine guns, rifles and other appurte- tion can be expected from the colonies and permitnances of war in barracks and elsewhere which are ted by the League itself. England's initiative conregarded as excessive. Germany's supply of big cerning Ireland, it is thought, will furnish a subject
guns, however, appears perfectly legal."
for debate at the forthcoming imperial conference,
According to a Paris Associated Press cablegram which at its last meeting laid down the principle of
on Dec.24,"the evacuation of the Cologne area of the diplomatic independence of the component parts of
DEC. 27 1924.]
THE CHRONICLE
the Empire, with mutual consultation, as the guiding
rule in foreign policies. Irishmen contend that no
agreement exists authorizing England to speak for
Ireland or the other Dominions without first obtaining their assent. They argue that Mr. Chamberlain
had no right to take his recent stand against Ireland's liberty of action; they remark that Canada refused to be bound by the Turkish treaty, in the negotiation of which she was not represented, and declared that not one Dominion would have accepted
League membership except upon the condition of independence."
2925
out approaching each other with the question:'What
about Trotzky?' While disinterested in the party
controversy itself, Trotzky's friends and foes feel a
great personal sympathy for his fate, and although
this is expressed verbally only, it, however, shows
what immense popularity he still enjoys in every
quarter despite the present attacks." Continuing,
he said that"those who know Trotzky's ambition and
his great will power predict he will remain in seclusion until a more opportune moment and won't even
engage in polemics until the campaign against him
will either slow down or be brought to an end by
some decisive issue. His absolute silence, whether
prompted by inability to engage in polemics owing
to his illness, or merely a tactical move on his part in
order not to furnish a fresh occasion for attacks, deprives his adversaries of a certain ground, but has
had no effect upon the campaign as a whole."
Dispatches from Moscow have made it plain that
the political enemies of War Minister Trotzky in the
Soviet Government of Russia have been waging a vigorous campaign against him. The New York "Times"
representative in that.centre on Dec. 19 cabled that,
"amid internal economic problems now seriously demanding the attention of the Communist Party and
Official discount rates at leading European centhe Government,the Trotzky controversy has wedged tres continue to be quoted at 10% in Berlin; 7% in
2% in Belitself in to such an extent that it is absorbing the Paris and Denmark;61/
2% in Norway; 51/
2% in Holland,
whole attention of the leaderst, who allege that gium and Sweden; 5% in Madrid;41/
Trotzky's policy and the perpetual renewal of inter- and 4% in London and Switzerland. Open market
nal discussions of party questions threaten to split discounts in London were firm and there was a furthe Communist Party." He added that,"while sym- ther advance to 3/
78@4% for short bills, against
pathy is expressed for Trotzky's inability to engage 3 13-16%, although three months' bills finished at
in polemics owing to his illness, neither Trotzky's si- 3 13-16(4)3'/
78%, the same as last week. Call money
him
nor
against
his
lence during the whole campaign
/8%. At Paris and Switzerland
was unchanged at 27
4% and
toeffect
slightest
the
Moscow
had
departure from
open market discount rates remained at 61/
since
to
levels.
is
he
subjected
attacks
the
previous
slackening
ward
3%, respectively, the
the publication of his article on 'the lesson of the
Socialist revolution.' There is hardly an acknowlThe Bank of England statement, usually made
edged Bolshevist leader who has not contributed to public on Thursday, will not the present week be
the press denouncing Trotzky without the slightest issued until to-day (Saturday), owing to the celebraregard to everything the Bolshevist revolution owes tion of the Christmas holidays.
to his genius as a political leader and organizer of
the Red army. Attacks upon him are so well organThe Bank of France continues to report small
ized by his adversaries that hardly an organization gains in its gold item, the increase this week being
affiliated with the Communist Party of Communist 109,875 francs. The Bank's gold holdings, therefore,
International here and abroad has failed to take a now aggregate 5,545,118,925 francs, comparing with
hand in throwing slurs on Trotzky by means of reso- 5,540,380,612 francs at this time last year and with
lutions censuring him in the most unscrupulous man- 5,534,829,194 francs the year previous; of the forener and pledging support to the Central Committee, going amounts 1,864,320,907 francs were held abroad
which leads the campaign. Every mistake, from the in both 1924 and 1923 and 1,864,344,927 francs in
Bolshevist orthodox viewpoint, Trotzky ever made 1922. During the week increases were registered
in speech or press during his 30 years of revolution- in the various other items as follows: Silver, 313,000
ary activities has been dragged out from history and francs; bills discounted, 340,672,000 francs; adexposed, in order to show him a foreigner to Bolshev- vances, 8,511,000 francs, and Treasury deposits,
ist ideology and the party. The list of indictments 3,007,000 francs. General deposits, on the other
against him is large and varied. He is held respon- hand, fell off 10,821,000 francs. Note circulation
sible for the failure of the first negotiations with registered an expansion of 85,546,000 francs, conGermany at Brest Litovsk resulting in Russia being trasting with a reduction of 49,512,000 francs in
obliged to sign unfavorable peace terms. He is ac- that item last week. The total of notes outstanding
cused of forwarding the policy of retention of war is now 40,603,965,000 francs, comparing with
communism, transferance of trade unions into State 37,905,433,895 francs at the corresponding date last
organizations, fighting against the policy of trade year and with 36,359,286,410 francs in 1922. Just
balance and for greater imports. He is blaimed for prior to the outbreak of war, in 1914, the amount
the failure of the German workingmen's rising in was only 6,683,184,785 francs. Comparisons of the
1923, and, above all, he is charged with an attempt to various items in this week's return with the statement
deprive Lenin of his glory and to appropriate Lenin's of last week and corresponding dates in both 1923
mantle for himself."
and 1922 are as follows:
Only three days later the same correspondent gave
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
quite a different side of the situation. He said that,
Dec. 25 1924. Dec. 27 1923. Dec. 28 1922.
for Week.
Francs,
Francs.
Francs.
Francs.
Gold Holdings—
"with the present development of the campaign In France
Inc.
109,875 3,680.798.018 3,676.059.704 3,670,484,267
1.884.320,907 1,864.320.907 1,864,344.927
No change
Abroad
against Trotzky, this remarkable figure of the RusInc.
109,875 5,545,118,925 5,540,380,612 5,534,829,194
Total
296,522,291
Inc.
313,000
305,740,000
289,464,199
sian revolution is watched with mixed feeling by all Silver
BllledIscounted—Inc.340.672,000 5,240,692,000 3,657,394,058 2,401,285,057
Inc. 8,511,000 2,930,215,000 2,402,525,706 2.082,076.079
sides of Soviet public opinion. In Communist and Advances
Ine. 85.546.000 40,603,965,000 37,905,433,895 36.359,288,410
Note eirculatIon
20,178,091
19.520.000
deposits...Inc. 3,007,000
20.481,872
non-Communist circles alike, Trotzky is the subject Treasury
Dec.10,821.000 1.959,371,000 2.362,724,446 2,288,985,390
General depoelta
of talk, and hardly two intelligent people meet with-
2926
THE CHRONICLE
The Imperial Bank of Germany in its statement,
issued as of Dec. 15, reported contraction in note cireulation, also in deposits held abroad, but a sharp
increase in other maturing obligations. In detail
the figures show a decline of 80,757,000 marks in
note circulation outstanding. Deposits held abroad
dropped 4,700,000 marks. Holdings of bills of exchange and checks decreased 90,617,000 marks and
loans from Rentenbank fell 99,981,000 marks. Increases are shown to have taken place of 1,050,000
marks in holdings of silver and other coins, of 9,708,000 marks in notes on other banks, of 9,099,000 marks
in advances, and of 80,959,000 marks in other assets.
"Other maturing obligations" increased 160,960,000
marks and other liabilities 30,853,000 marks. There
were the small addition of 26,000 marks in reserve in
foreign currencies, of 771,000 marks in investments
and of 79,000 marks in holdings of gold and bullion.
The bank's stock of gold now stands at 696,185,000,
of which 230,632,000 marks are held abroad. The
above figures are given in gold marks, one gold mark
being the equivalent of a trillion paper marks. The
outstanding note circulation is now 1,723,226,000
gold marks.
[voL. 119.
of members of the Federal Reserve Bank registered
a gain of $8,070,000, to $64,062,000. This, however,
is not counted as reserve. Reserves in own vaults of
State banks and trust companies increased $338,000
and the reserve of these same institutions kept in
other depositories increased $284,000. As a result of
the heavy drawing down of member bank reserves, in
combination with enlarged deposits, the actual loss
in surplus reserve reached $86,046,320, wiping out
last week's excess reserves and leaving a deficit of
$15,019,530. The figures here given for surplus are
based on legal reserves of 13% for member banks of
the Federal Reserve, but not including cash in vault
amounting to $64,062,000 held by these member institutions on Saturday last.
There was a flurry in call money in the local market on Tuesday which carried'the quotation up from
3/
1
2% at the opening to 5% in the afternoon. Naturally this caused some apprehension in speculative
stock circles with respect to the money market for
the rest of the month and year. The 5% rate followed a rather free calling of loans by the banks, and
this, in turn, could be attributed to a desire to correct the deficit of over $15,000,000 reported by the
Clearing House member banks in their statement of
last Saturday. That the desired end was reached
within a short time apparently was shown by the
fact that on Wednesday the one rate for call money
was 41/
2%. The same quotation prevailed yesterday.
It was definitely stated that the 5% quotation naturally brought to New York considerable out-of-town
money, and that on Wednesday and yesterday borrowers experienced no difficulty in obtaining the
funds they required. Although it was the last day of
the week for arranging call loans, there was nothing
disturbing about the money market yesterday. The
fact that the cash subscriptions to the recent offering
of long-term 4% Government bonds totaled $1,460,
530,550 gave some idea of the great amount of money
seeking investment even in a rather low rate medium.
The stock market naturally slowed down somewhat
with the close approach and coming of the Christmas
holiday, but still the transactions on the New York
Stock Exchange did not fall below 1,000,000 shares
in a single day, and even exceeded 2,000,000. Yesterday they were about 475,000 shares larger than on
Wednesday. The offerings of new securities made
still another good-sized total. Business throughout
the country continues to expand. Money is likely to
be fairly active, at least for the next few days.
Substantial additions to bills discounted and earning assets, and another loss in gold reserves were
the outstanding features of the weekly statements
of the Federal Reserve banks, issued at the close
of business Friday (yesterday) instead of on Thursday, owing to • the intervention of the Christmas
holiday. For the System as a whole gold holdings fell $42,000,000. Increased demands for money to
tneet holiday activity, were reflected in expansion in
rediscounting of all classes of paper of more than
$112,000,000, while holdings of bills bought in the
open market increased $52,700,000. In earning
assets there was a gain of $139,000,000, and in
deposits of $55,000,000, while Federal Reserve notes
in actual circulation showed an expansion of $70,300,000. Similar conditions prevailed at New York,
except that the local institution reported a gain in
gold of $8,000,000 at the expense of interior banks.
Rediscounts of Government secured paper increased
$61,500,000 and "other" bills • $19,600,000. Bill
buying in the open market was$11,300,000 larger.
Locally, earning assets were also heavily increased,
viz., $58,000,000, while deposits expanded $31,000,000 and the amount of Federal Reserve notes in
circulation increased $18,500,000. Member bank
reserve accounts made further gains, $8,000,000 for
the whole System, and $16,000,000 at New York.
The material expansion in deposits brought about
Dealing with specific rates for money, call loans
a lowering in the reserve ratio to 71.1%, 2.2% off, this week have ranged between 2@5%, which
at New York, and to 70.5%, a decline of 3.4%, compares with 23/2@3% last week. On Monday
for the System.
only one rate was quoted, namely, 23/2%, and all
loans on call were negotiated at this figure. Tuesday
Striking changes were shown in last Saturday's preparations to meet Jan. 1 dividend and interest
statement of New York Clearing House banks and disbursements, sent the rate up to 5%, although
trust companies, including among them sharp expan- renewals were 332%, which was the low for the day.
sion in loans and the complete elimination of surplus No loans were made above 43/2% on Wednesday, and
reserve as a result of a contraction in reserves of this was also the renewal basis as well as the minimum
member banks expanded at the Reserve Bank of no level. Thursday was a holiday (Christmas Day).
less than $82,135,000. Loans and discounts expanded Friday the market was stagnant; there was no range,
$48,180,000. In net demand deposits there was an 43/2% being the only rate named and the figure at
increase of $35,990,000, to $4,764,916,000, which is which renewals were made. In time money the
exclusive of $23,182,000 in Government deposits. general tone of the market was firm, although quotaThe latter item represents an addition of $9,038,000 tions remained unchanged for all but the shorter
for the week. Time deposits, on the other hand, fell maturities which were advanced to 33/2(4)3Y1% for
off $7,202,000, to $599,635,000. Cash in own vaults sixty days and 33
/
4% for ninety days, against a range
Dec. 27 1024.1
CHRONICLE
2927
sterling balances into dollars. Aside from holiday
dulness, which was intensified by knowledge of the
fact that the Christmas celebration will be prolonged
for several days in London and on the Continent,
dealers were reported as definitely "out of the market"for the present. It is understood that financial interests on this side of the Atlantic are awaiting further
developments in the matter of reparation payments,
also actual settlement of current political uncertainties in Europe before entering into new commitments.
With the resumption of business yesterday quoted
rates firmed up slightly, but without any accompanying increase in activity. Observance of Boxing
Day in London put an effectual stop to any attempts
at trading in this market.• An incident of the week
was the establishment of another new high record
4,
quotation for Indian rupees, which touched 353
mainly on improvement in India's financial outlook.
As to the more detailed quotations, sterling exchange on Saturday last was steady and practically
unchanged; the day's range was 4 70%@,4 70/ for
demand, 4 70/@4 713/i for cable transfers, and
4 683'@4 688
% for sixty days. Monday's market
was inactive with prices narrow at close to the levels
of the day previous; demand bills were quoted at
4@4 71%
4 703'@4 70/, cable transfers at 4 703
declines
Moderate
68%.
and sixty days at 4 68@4
in quotations were noted on Tuesday when the day's
range dropped to 4 69%@4 70% for demand, to
SPOT DELIVERY.
4
695
%@4 70% for cable. transfers, and to 4 66/@,
30 Days.
90 Days.
80 Days.
4
67/
for sixty days; the weakness was attributed to
301214
Prime eligible hint)
ig3
334153
FOR DELIVERY WITHIN THIRTY DAYS.
lowering in London cable rates and stiffening of the
334 bid
Eligible member banks
Wednesday pre-holiday dull334 bid local money market.
Eligible non-member banks
ness prevailed and trading came to a standstill;
There have been no changes this week in Federal quotations for demand, which were largely nominal,
Reserve Bank rates. The following is the schedule declined to 4 69%@4 69 15-16, cable transfers at
of rates now in effect for the various classes of paper 4 69 9-16@4 70 3-16, and sixty days at 4 66 13-16@
4 67 7-16. Thursday was a holiday (Christmas).
at the different Reserve banks:
Notwithstanding lack of activity on Friday, values
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
DECEMBER 28 1924.
were advanced slightly and quoted rates moved up
to 4 70@4 70/ for demand, 4 703'@4 713/i for
Paper Maturing—
After 90 After 8
cable transfers and 4 67Met4 68/
3s for sixty days.
but
Days. but
Within 90 Days.
Within 6 Within 9 Closing quotations were 4
6834 for sixty days,
FEDERAL RESERVE
Months. Months.
BANK.
4
703
4
for
for cable transfers.
demand
and
4
71
Coni'rcial Secured
Aerie': & by U. S Bankers' Trade Agricul.• Agricul.
4,sixty days
Commercial
sight
at
4 703
bills
finished
and
Livestock Govern'l Accep- Accepand
Obliges- tances, tances. Livestock Livestock
Paper
documents
for payat
4
663',
ninety
66,
days
at
4
lions.
n.e.s.
Paper. Paper.
seven-day
grain
and
ment
(sixty
days)
at
4
663
4
,
31§
314
Boston
334
334
334
314
3
3
3
New York
3
3
bills at 4 703/g. Cotton and grain for payment
34
Philadelphia
3t§
334
334
334
314
Cleveland
31§
314
334
334
334
314
4
4
Richmond
closed at 4 701
4
%.
4
Atlanta
4
4
4
4
4
4
4
4
Chicago
4
4
Gold
engagements
were considerably less this week,
4
4
4
4
4
St. Louis
4
4
4
4
4
Minneapolis
4
4
4
being for Hamburg by
the
only
reported
shipments
Kansas City
4
4
4
4
4
4
4
4
4
4
Dallas
4
4
and $2,500,000
P.
Morgan
$1,500,000
J.
&
Co.,
of
San Francisco
3%
314
334
314
314
334
•Including bankers' acceptances drawn for an agricultural purpose and secured gold, thus bringing the total already shipped up to
by warehouse receipts, do.
$20,000,000 on this movement;and also $150,000 gold
direct to India.
Trading in sterling exchange this week displayed
all the earmarks of Yuletide preoccupation, and the
In Continental exchange also inactivity prevailed
market during a large part of the time was at a and trading operations fell to a minimum. By compractical standstill. Transactions were few and mon consent traders appeared to have transferred
far between. As a matter of fact, for the first half their attention to Christmas shopping and the entire
of the week business was restricted to the filling of a foreign exchange list was in neglect. Most of the
limited number of necessitous orders for small limited 'business transacted was in francs and lire,
amounts. In keeping with this price variations were both of which currencies fluctuated a trifle irreguexceptionally narrow, the range for demand being larly and were inclined to sag. French francs were
4 70/@4 69%. On Tuesday fractional declines dealt in to a moderate extent and moved listlessly;
occurred, chiefly, it was reported, on selling of sterl- with a range of only 23 points—from 5.39 to 5.373.
ing in London, presumably for account of New York Financial interests are said to be following closely
banks who, because of the 'advance in local money the weekly statements of the Bank of France, with
rates, were believed to be converting some of their the expansion in note circulation, which is now close
of 3%@33
4% last week. Four, five and six-months'
money continued to be quoted at 3%.@4%, unchanged. Heavy calling of loans was mainly responsible for the firmness. Moreover, offerings were
smaller.
Commercial paper was quiet and steady and
trading was devoid of new feature. Country banks
continue to be the principal buyers. The bulk of
4%, with the
the limited business passing was at 33
range 332@3%% for four to six months' choice
names and 3M@4% for names not so well known.
New England mill paper and the shorter choice
names continue to be dealt in at 3327o.
Banks' and bankers' acceptances were firm, and
a trifle higher for the longer maturities, also for time
deliveries. Business was fairly active at the beginning of the week, but quieted down later on account
of the holiday season. The supply of prime bills
offering was light. For call loans against bankers'
acceptances the posted rate of the American Accept4%,from 23
4% a
ance Council was advanced to 33
week ago. The Acceptance Council makes the discount rate on prime bankers' acceptances eligible for
purchase by the Federal Reserve banks 3% bid
and 2/% asked for bills running for 30 days, Ws%
bid and 3% asked for bills running 60 and 90 days,
3/
8% bid and 33'I% asked for bills running 120 days
and 3%% bid and 3%% asked for bills running 150
and 180 days. Open market quotations were as
follows:
2928
to the legal maximum of 41,000,000,000frs. Italian
lire attracted some attention by a show of strength,
for a time gaining 23. points to 4.293/
2, though later
dropping to 4.26. The improvement was partly the
result of encouragement felt over announcement of
Premier Mussolini's intention of restoring the older
and more popular election methods which had been
set aside by the Fascisti some time ago. It is thought
possible that this action may have a quieting influence in Italy, where political feeling has been seriously
strained of late. The strength was not maintained,
however, the market proving unable to withstand the
pressure of selling brought out by the higher price
levels. Other usually less active exchanges remained
motionless. Reichsmarks varied M a point, ruling
between 23.813/ and 23.82. Austrian kronen con8. Belgian
tinue at the unchanged rate of 0.00143/
francs moved within narrow limits. The exchanges
of the minor Central European countries were firmly
held. Greek drachmae continued to rule at or near
1.81.
The London check rate on Paris finished at 87.25,
as against 87.25 last week. In New York sight bills
on the French centre closed at 5-.383/2, against 5.39;
cable transfers at 5.3932, against 5.40; cornmercial
sight bills at 5.373/2, against 5.38, and commercial
4 a week ago.
sixty days at 5.323, against 5.323
Closing rates on Antwerp francs were 4.9532 for
checks and 4.963/ for cable transfers, in comparison
with 4.98 and 4.99 a week earlier. Reichsmarks finished the week at 23.81, 'against 23.82 the week
previous. Austrian kronen were not changed from
4 for bankers' sight
0.00143/
8. Lire closed at 4.273
bills and at 4.283 for acble remittances. Last week
the close was 4.273/ and 4.283/2. Exchange on
Czechoslovakia finished at 3.023/
2, against 3.03; on
Bucharest at 0.52, against 0.51%; on Poland at
19h (unchanged), and on Finland at 2.53 (unchanged). Greek exchange closed at 1.80% for
checks and at 1.81% for cable transfers, which compares with 1.81 and 1.813/2 the preceding week.
As regards the former neutral exchanges, holiday
quiet reigned the same as in the sterling and major
Continentals, and trading was dull and featureless,
with price fluctuations unimportant. With the exception of Swiss francs, which ruled strong throughout, and Swedish crowns, that remained within a
point of 26.92 all week, small declines were recorded
and most of the list closed lower.
Bankers' sight on Amsterdam closed at 40.353/2,
against 40.37; cable transfers at 40.393/2, against
40.41; commercial sight bills at 40.293/2, against 40.31,
and commercial sixty days at 39.9332, against 39.95
last week. Swiss francs finished at 19.38 for bankers'
sight bills and at 19.39 for cable transfers, which
compares with 19.35 and 19.38 the week previous.
Copenhagen checks closed at 17.60 and cable transfers at 17.64, against 17.67 and 17.71. Checks on
Sweden finished at 26.92 and cable transfers at
26.96 (unchanged), while checks on Norway closed
at 15.023/ and cable transfers at 15.063/2, against
15.11 and 15.15 a week ago. Spanish pesetas finished
at 13.94 for checks and at 13.96 for cable transfers,
as contrasted with 13.96 and 13.98 at the close of
last week.
South American exchange, though usually inactive,
was featured by strength in Argentine currency,
which soared to new high levels as a result of the continued heavy exports of grain at prices far above those
[vou 119.
THE CHRONICLE
of a year ago. Lately wool and hide exports have also
increased. Argentine checks finished at 39.42 and
cable transfers at 39.47, against 38.87 and 38.92 last
week. Brazilian milreis, however, were a shade
easier and closed at 11.56 for checks and 11.61 for
cable remittances,in comparison with 11.57 and 11.62
a week ago. Chilian exchange opened firm but
sagged later and closed at 11.49, against 11.50,
while Peru was off, at 4 18, against 4 21 a week
earlier.
Far Eastern exchange was as follows: Hong Kong,
55%@56, against 55%@56; Shanghai, 7634:@7614,
against 76%@763/
2; Yokohama, 38%@39, against
38%@39; Manila, 49%@50, against 50@5014;Singapore,5534@5532(unchanged);Bombay,35M@35%
against 3534@353/2; and Calcutta, 353/@359/ (unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different
countries of the world. We give below a record for
the week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
DEC. 20 1924 TO DEC. 26 1924. INCLUSIVE.
i
Moneurr
Country and
Unit.
Noon Raging Eats for Cable Transfers in New York.
Value in United Stales Money.
Dec. 20. Dec. 22. Dec. 23. Dec. 24. Dec. 25. Dec. 28.
EUROPE8
Austria,krone
000014
Belgium, franc
.0497
Bulgaria, lev
.007350
Oseebosloyakla. kron .030253
Denmark, krone
.1762
England. pound ste
ling
4.7098
Finland. markka____. .025186
Prance.franc
.0539
Dermany,relehtimark• .2380
Greece,drachma
.018155
Holland, guilder
.4042
Hungary. krone
.000013
Daly, lira
.0428
Norway, krone
.1512
Poland,zloty..
.1918
Portugal.escudo.- .0487
Rumania,len
.005138
Spain, peseta
.1398
Sweden.krona
2895
Switzerland. franc_. .1937
Yugoelavia, dinar__. .014974
ASIACitilnaChefoo,tadl
.7671
Hankow,tael
.7659
Shanghai. tail.7507
Tientsin,teal
.7754
Hong Kong, dollar .5520
Mexican dollar... .5504
Tientsin or Pelyanz
dollar
.5535
Yuan dollar
.5629
India,rupee
.3546
Wan. yen
.3843
Singapore (8.S.)dolls .5408
NORTH AMER.Danada, dollar
.995479
.999766
Dube. peso
1,1esleci. peso
.489250
Newfoundland. dolls .993359
SOUTH AMER.krgentina, peso (gold) .8883
Brazil, milrels
.1148
Dhila, peso (paper)
.1143
.9634
DrtiguitY.Pes0
8
.000014
.0498
.007369
.030253
.1757
8
.000014
.0498
.007383
.030244
.1764
it
.000014
.0497
.007313
.030244
.1762
4.7092
.025193
.0539
.2380
.018169
.4042
.000013
.0430
.1505
.1919
.0486
.005149
.1396
.2696
.1938
.014996
4.7030
.025200
.0538
.2380
.018152
.4039
.000013
.0428
.1504
.1919
.0483
.005138
.1390
.2695
.1938
.015059
4.6993
.025198
.0538
.2380
.018118
.4038
.000013
.0427
.1504
.1918
.0483
.005141
.1391
.2695
.1930
.015098
$
8
.000014
.0497
.007314
.030238
.1764
4.7078
.025210
.0539
.2380
.018127
.4039
.000014
.0428
.1505
.1919
.0486
.005154
HOLT- .1396
DAY. .2698
.1939
.015117
.7683
.7681
.7532
.7800
.5522
.5516
.7638
.7644
.7491
.7754
.5521
.5494
.7604
.7619
.7459
.7729
.5502
.5490
.7604
.7609
.7483
.7729
.5500
.5490
.5538
.5633
.3546
.3840
.5408
.5517
.5608
.3551
.3840
.5408
.5521
.5608
.3551
.3843
.5408
.5521
.5608
.3549
.3848
54.19
.995850
.999609
.488933
.993375
.996816
.999635
.488833
.994470
.996943
.999531
.488833
.994809
.996121
.999375
.488167
.993438
.8916
.1148
.1146
.9890
.8896
.1149
.1146
.9771
.8895
.1144
.1142
.9767
.8910
.1150
.1143
.9723
•The new relehamark Is equivalent to 1 rentenmark or 1 trillion Paper marks.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained 43,047,810 net in cash as a result of the currency movements for the week ended Dec. 24.
Their receipts from the interior have aggregated
$4,236,810, while the shipments have reached 41,189,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ending Dec. 24.
Banks'interior movement
I
Gain or LOU
to Banks.
Into
Banks.
Owe!
Banks.
34.236.810
$1,189,000 Gain $3.047,818
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 Fed-
DEC. 271924.]
THE CHRONICLE
2929
eral Reserve Bank of New York was creditor at the such duties may work to their advantage. Mr. Baldwin's explanation of the reason for imposing "genClearing House each day as follows:
duties is not entirely clear, but apparently it is
eral"
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
the intention, in case the exceptional competition
Aggregate
Saturday, Monday, Tuesday, Wednesd'y, Thursday, Friday,
referred to is shown to exist with regard to any count
for Week.
Dec. 20. Dec. 22. Dec. 23. Dec. 24. Dec. 25. Dec. 26.
try,
to levy compensating tariff duties which shall
$
97,000.000 88,000,000 53,000,000 75,000,000 Holiday 93,000,000 Cr. 406,000,00 apply to all countries, whether the competitive condiNote._The foregoing heavy credits reflect the huge mass of checks which come tions
presented are acute or not.
to the 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,
The second part of the program has to do with imhowever,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 perial preference. An imperial economic commisdaily balances. The large volume of checks on Institutions located outside of sion is to be set up for the purpose of considering
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 "the possibility of improving methods of preparing
Bank for collection for the account of the local Clearing House banks.
for market, and marketing within the United Kingdom,food products of the overseas parts of the EmThe following table indicates the amount of bul- pire, with a view to increasing the consumption of
lion in the principal European banks:
such products in the United Kingdom in preference
to imports from foreign countries, and to promote
Dec. 26 1924.
Dec. 27 1923.
Banks of
the interests of both producers and consumers." The
Gold.
Total.
Gold.
Silver. _1 Total.
•
first articles to be dealt with, it is stated, will be
S
England__ 128,511,617
128.511,617 28,019,382
128,019,382
France_..147,231,921 12,200,000159,431,921 47,041,427 11,840,000158,881,427 meat and fruit. The amount of money to be devoted
Germany _ 23,277,650 d994,600 24.272.250 28,390,850 3,475,400 31,866,250
Aus.-Hun_ b2,000,000
b2,000,000 b2.000,000
62,000,000 to this object, estimated at the modest sum of £1,000,Spain ____ 101,398,000 26.128,000127,626.000 01,105,000 26,030,000127,135,000
Italy
35,582,000
35,309,000 3,420,000 38,729,000 000, is to be the "full money equivalent of the advanNothards 42,053,000 1,061,000 43,114,000 48,482,000
723.000 49.205.000
Nat. Belg_ 10,819,000 2,760,000 13,579,000 10.789,000 2.676,000 13,465,000 tages which would have been conferred upon the EmSwitserrd. 20,222,000 3,728,000 23,950,000 21,488,000 3,470,000 24,958,000
Sweden_
13,184,000
13,184,000 15,107.000
15,107,000 pire in respect of duties which were not retained."
Denmark 11,639,000 1,280,000 12,919,000 11,645,
182,000 11,827,000
Norway .._ 8,180,000
8,180.000 8,182,000
8,182,000 In other words, since the taxation of the "normal,
Total week544,098,188 51,525.600 95,623,788557,558,659 51,816,400609,375,059
Frey. week 543,915,867 51,523,600595,439,467557,562,891 51,643,400609,206,291 general and daily consumption" of food is not, in Mr.
a Gold holdings of the Bank of France this year are exclusive of £74,572,836 Baldwin's opinion,"practical politics" at the present
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
time, notwithstanding that without it any scheme of
Year are exclusive of E11,531,600 held abroad. d As of Oct. 7 1924.
imperial preference seems to him necessarily incomplete, the development of trade within the Empire is
Imperial Preference Within and Without—
to be encouraged by the annual expenditure of an
Mr. Baldwin's Program.
amount equivalent to that which would have been
Press reports of Mr. Stanley Baldwin's speech in available for imperial purposes if duties on food, for
the House of Commons on Dec. 17, outlining the new the time being on meat and fruit, had been levied.
economic policy which the Government will advocate, Whether or not it is expected that, under this plan,
are as yet too incomplete to admit of detailed discus- the cost of meat and fruit to the United Kingdom
sion of the plan at this time. For the details as well will be lowered does not appear.
as for the full outlines of the plan we must await, as
Mr. Baldwin's insistence that the new Safeguardindeed the British public itself must await, the in- ing of Industries Act is not intended to be an entertroduction of the Government bills when Parliament ing wedge for protection was at once denounced by
reassembles in February. It is apparent, however, Liberal and Labor Party leaders as a mere juggling
that the Baldwin Government has in mind some- with words, and unless the proposal contains importhing more than a large scheme of imperial prefer- tant provisions which the press summaries of Mr.
ence, important as that is for the future commercial Baldwin's speech do not show, it is hard to see why
relations of the different parts of the Empire, and the criticism is not well founded. The imposition of
that it intends to apply to the foreign trade and tariff duties for the express purpose of enabling a
domestic industry of the United Kingdom,in certain domestic industry to meet foreign competition due to
cases,both discriminating and protective tariff duties. lower costs of production is certainly protection in
Any such radical departure from the time-honored principle, whatever the name by which it may be
practice of free trade, especially when initiated by a called. So also, if substance rather than form be
Conservative Government, cannot fail to be of regarded, is imperial preference, provided the prefermarked interest to other countries as well as to Great ence is so contrived as to give to the Dominions a
Britain, and the general outlines of Mr. Baldwin's more advantageous market,for both buying and sellplan, together with some of the problems which it ing, in the United Kingdom than they can find elsewill have to meet, may well be considered now.
where. The main problems to be solved are, first, the
The proposed scheme falls into two main parts. development of such a varied and general economic
The first comprises a new Safeguarding of Industries demand in the Dominions as will enable the United
Act, under which any established industry of "sub- Kingdom to sell within the Empire enough of its own
stantial importance" and demonstrated "efficiency," manufactures to pay for the increased quantities of
if it can show that it is subjected to exceptional com- food and raw materials which the Dominions, under
petition by reason of depreciated exchange, bounties the stimulus of a preference policy, will be encouror subsidies, lower wages, longer hours, and perhaps aged to provide; and, second, the effect of a protecdifferences in taxes, in foreign countries, may receive tive policy, pending the development of this effecprotection through the imposition of tariff duties. tive demand for British goods in the Dominions,
Such duties, Mr. Baldwin insisted, ought to be "gen- upon British foreign trade in general, and the foreral" and not particular, aimed, that is, at all com- eign trade of competing countries which, for one
reapeting countries rather than at any one, partly in son or another, find themselves able to produce
at a
order to avoid infringing the "most favored nation" lower cost than prevails in the United
Kingdom.
privileges guaranteed by existing treaties, and partly
The first of these difficulties is illustrated rather
to insure a preference to the Dominions in so far as strikingly, as it happens, by a
proposal which has
2930
THE CHRONICLE
lately been submitted to the Royal Commission on
Food on behalf of the Australian Meat Council, suggesting that the importation'of foreign meats into
the United Kingdom be restricted to the quantity
which the United Kingdom itself or the overseas possessions cannot supply. It is admitted that the
United Kingdom and the Dominions are unable at
present to supply the demand, but it is argued that
the adoption of the plan would greatly encourage
both domestic and overseas production, while Australia, it is said, would be able in five years to furnish all the meat that the United Kingdom would require. Where, however, a dispatch from Buenos
asks, is a market to be found for the approximately
£5,000,000 worth of British goods that go to pay for
the meat now annually imported from Argentina,
The goods cannot be sold in Argentina if the British
market for meat is cut off, and the imposition of duties of a discriminating or compensatory character
on foreign goods under the proposed Safeguarding
of Industries Act can hardly be expected to open
wider markets for British goods abroad. Apparently, if the Australian proposal were adopted as
part of a general scheme of imperial preference, the
outlet for at least the larger part of the British manufactures which now go to pay for meat imported from
Argentina would have to be found in the Dominions,
and that implies not only a considerable increase in
the buying power of the Dominions over their present capacity, but also a scale of prices that will make
British goods more attractive to the Dominions than
goods of foreign production.
The far-reaching effects which the adoption of a
protective policy by Great Britain might have upon
world trade and world recovery appear when the
case of Germany is considered. It is a matter of
common knowledge that costs of production are in
general considerably less in Germany than in the
United Kingdom, and that two of the important factors in such lower cost are the prevalence of lower
wages and a longer working day. Germany, accordingly, presents in a conspicuous measure two of the
conditions of which the proposed Safeguarding of
Industries Act is apparently expected to take account. If, however,following the lead of Great Britain, the foreign markets for German manufactured
goods are to be seriously restricted by the imposition
of protective duties intended to offset differences in
costs of production, Germany will not long be able
to pay the reparations called for by the Dawes plan.
and the political and other difficulties which that
plan was designed to remedy will return. Goods, it
has always to be remembered, are paid for in goods,
and whatever disturbs the normal operations of international trade affects also the political relations
between nations.
These are some of the questions in regard to which
Mr. Baldwin will in due course doubtless have something further to say. In the meantime his proposal
of imperial preference is entirely in harmony, as far
as principle is concerned, with a movement which
has been going on within the Empire for twenty
years and more, and which is more important to-day
than ever because of the large measure of political
independence which the Dominions now enjoy, the
rapid although very unequal development of their
economic life, and the steady improvement of means
of imperial communication. Undoubtedly it is possible for the British Empire to become, to a far
greater extent than at present, economically self-sup-
[VOL. 119.
porting. If Mr. Baldwin can achieve some such result without stimulating imperial production beyond
imperial powers of consumption, without jeopardizing the market for the goods upon whose sale the
United Kingdom depends for its prosperity, and
without deranging either the general course of international trade or the arrangements embodied in the
Dawes plan, he will have made an interesting contribution to the theory and practice of economic government.
Finding Inspiration in the Years as
They Pass.
Among the things that have passed is the Carrier's
New Year's Address." Often written in verse, not
always of the highest order, it breathed the spirit of
good-will to all the world. Patrons of the paper
were afforded an opportunity to favor the newsboy
carrier with a contribution, which added much to his
happiness in a day when prices were lower and dollars fewer than they are in the present rushing and
tumultuous time. A gentle custom of a quiet day—
the few who now recall it are reminded of the strides
which the publisher has made in his effort to keep
pace with the modern advance which we still call
"Progress." So voluminous now are the folds of the
"Annual Review" that we often lose our bearings in
trying to find out what most we want to read. There
are more "sections" of the metropolitan newspaper
at this time than there were pages of the paper in the
days when the editor wrote his generous New Year's
greeting to his patrons and printed it on a separate
sheet in colored ink. No one then even dreamed of
printing pictures received by radio—but the newspaper of Franklin's time had an important influence
on life and affairs and men were not afraid to be
glad and good.
Not that they always were either glad or good, but
they had time for sentiment, and did not drive the
hard bargains with fate common to those who hold
and manage the enterprises of to-day. So that when
we come to this turning point which we name the
New Year, and are wont to reflect on the state of the
country and the conditions of life, we may ask ourselves in all earnestness: Are we not "paying dear
for the whistle" when we burn the candle at both
ends, and,in our haste, waste in a single year, in idle
pleasure, business speculation, and social show,
more, perhaps, than would have been the total wealth
of the people at the time, when, in an unknown wilderness, a few brave and wise minds fashioned the
fabric of a free government that protects and shelters our hundred millions now? And yet, though
according to general custom we make the advent of a
new year a time for reflection and resolve, we would
not take from our "civilization" a single one of its
starry achievements, we would not darken its splendors with sermons on economy and thrift. But we
would try to find in the human heart a recompense
for the glitter and gold that thinks in millions and
talks in billions!
What, then, as we follow the ancient custom of appraisal and forecast on this New Year's Day, are the
important things to cherish and preserve as we look
upon people and progress? Certain leading elements
start out of conditions that give us satisfaction and
pause. We have a free domestic commerce, by which
we live, unparalleled in our history, the marvel of
the world, happily recovering from the evil effects of
war, and promising to expand in the future into a
DEC. 27 1924.]
THE CHRONICLE
2931
foreign- trade that will be mutually helpful every- and joy. What we lack—what we must return.to—
where, spreading peace and good-will throughout the is the simplicity of a quiet satisfaction with life as
earth. We have a stable government,tested by time it is; as those are constrained to do who live it in the
and wars, tried in the fires of many political elec- light of obedience to the nature of things; and as it
tions, standing true to its intent and unshaken in was intended to be lived by the "Power that makes
essential principle by the onslaughts of vain theories for Righteousness'' that fashioned the human heart
and the selfishness of organized classes. And it is a for love and the human mind for light upon that love.
We speak of love without clear thought of its
government of liberty under law, capable of protectLove is not without sentiment, though
meaning.
sufficient
unto
all
our
maand
rights,
ing individual
Often we call that love
sentimentality.
that
lacking
great
'question
in
needs.
The
and
wants
terial
springs to mind is: What more is necessary to com- which actuates the reforms of the world. Again, it
plete happiness for all the people?. For we have is that living for others we name altruism. But love
more, much more, when we look about us. Chief of the heart is not calculating, rather it is the out,
among the facts that tend to worry and alarm is that flowing of the spirit divine implanted in man in the
we are not quite willing to rest our fate on this that beginning. It exists in all places and all times. It
we have a free domestic commerce and a protecting irradiates the social relations with refinement and
representative government. Knowing that all we joy. It transforms business into all the thousand
have and hold is attributable to these two factors in ends to which production reaches. It is the unconour common life, what more do we need? If we could scious rather than the conscious nature of man. It
in our thinking strip bare all our vain imaginings penetrates even government with respect for the inand theoretical analyses, and come into common con- dividual; softens justice with mercy;leavens the law
sent and accord upon these two broad bases of our that it lie lightly on a people; fills education and
national collective life would we not be able better to culture with a reeognition of the truth that "all men
enjoy the present and to look with confidence on the are created equal" in the potentialities of the personal life. It transcends place and justifies power.
future?
Here is our idea in a few words: If we would ac- In earlier times men felt it without knowing why.
cept these two great factors in "things as they are." They sought not to analyze it, but to expend it on
might we not turn away from speculation and tinker- others. They did not organize societies for its exing with government and business, and devote all our pression, they poured it out in the individual life.
Imperfect as is our attempt to convey the truth
thought to initiative and enterprise in individual life,
each in his own way, to our own good and the good that this love is passing from us in our tendency toof all? And then, having quenched one of the fires ward collectivism and socialism, a little reflection
that consume, might we not so temper our ardors for upon the olden time will show us that something eswealth and power, that the old social virtues of kind- sential to the full expression of man's being is lackliness and joyfulness reappear in the simplicity of ing in to-day. We strive so hard for ideals that sponthe days when a New Year's address gave thanks to taneous natural effort to be and do is dwarfed. We
patrons as to friends and neighbors, albeit news was are individuals, but strive to live by-classes, combinascarce and advertising small? Our huge achieve- tions and societies. If in other days we followed amments are likely to prove our undoing economically bition, if we fostered our own enterprises, if we
and socially unless we can rightly measure them by mapped out our own careers, there were those near
the primal virtues of the heart. And it is this thought and dear to us who were the motive and objective.
which must stir us to reflection and estimate while We were without the egotism of mind that stifles the
we pass the milestone of a New Year. Time not only heart. We wrought in competition, but co-operation
"flies" but it flows unceasingly—and before we can was the result; an intermingling of the results of
write the words of an hour it has gone forever. And work and wealth by which we attained to the civilizaso pass all things. The marvels of our inventive tion of to-day. In peace and contentment we must
genius, the graces of our arts, the mystic truths of return to this state if we would avoid the tyranny of
our science, together with our material productions ideas and ideals that would fashion us all alike. And
and exchanges, all pass, glittering like the shining as the years pass we shall renew our youth in each
patterns and figures in a kaleidoscope—only the new endeavor.
mind and heart of a generation remain. And if in
the thought which we embody in a thing, there is not
The Three Parties in Interest:
the vision of others, born of the heart that cherishes
The Railroads.
and chastens, then progress is but sounding brass
Senator Cummins is said to be working on new
and tinkling cymbal.
legislation intended to provide a means of reconciliaWe have set out upon a program of national econ- tion between railway employees and owners. It is
omy. We are looking forward to and longing for a to be hoped some good may come of it, but while
year of rest from legislation. We believe confidently present conditions remain our faith is not strong.
in the coming noonday of our present dawning pros- Objections there are to the necessary methods of the
perity. We are sick of the wavering shadows of Railroad Labor Board. It must act upon wages
wars. Our loosened energies in education, civics, without inherent knowledge of rates. Yet for the
art, science and letters, are consuming us by their first time it affords a means by which "the public"
material exactions. We have come so far that noth- appears in the settlement of controversies, a triparing daunts us. No sooner is the conception of public tite representation constituting its membership. To
improvement given to the people than community this Board union labor now objects—and what hope
after community adopts it, regardless of cost. Some remains in new legislation that a method can be deof our most useful inventions we distort into agen- vised to which union labor will not object? Nor does
cies of waste and destruction. And we are truly liv- union labor consent readily to appear before this
ing the pace that kills. Yet we would deprive our- Board. Some railroads are dealing directly
-with
selves of nothing that brings to us use and beauty organizations of employees, and successfully,
"inside
2932
THE CHRONICLE
[Vol. 119.
the plant"; but union labor demands that its own and aggravated by the assumed right of independent
form of collectivism alone be consulted. So long as self-constituted outside "labor unions" to fix wages.
this stand is taken there is little hope that legislation Wages are dependent on rates; rates are dependent
looking to complete representation of all parties upon wages. But both wages and rates are dependin interest can be devised or enacted, or be suc- ent upon management and operation, and thse are
cessful.
dependent upon "what the traffic will bear." We
We do not propose to argue the right of the public need not stop to show, it is a fact, that in many into appear in the settlement of differences between stances, competing articles in trade make their own
employers and employees. Looked at in one sense rates, and the road is compelled to haul the product
the representation of the public on the Railroad La- or article at a rate so established, or lose a tributary
bor Board is a concession to organized labor. Em- and legitimate part of its business without which it
ployer railroads do not demand that a third party be cannot successfully run. There is nothing heinous
asked to enter into settlements. It is because the in this obsolete phrase "what the traffic will bear,"
Government by law undertakes regulation and con- but we have so long followed the desolating practice
dilation that this feature enters into the constitu- of interference in the supposed interest of the public
tion of the Labor Board. And it would seem that that we have grown afraid of it. But the primal law
the interests of employers and the public are identi- of successful operation being service,if the road were
cal in so many cases that union labor has grown fear- left free to exert its full power, private ownership
ful of submitting its interests. What the railroads and operation would in course of time be compelled
demand is direct dealing; what the unions demand is to equalize rates, and wages would consequently folthat the roads deal with unions direct, outside low under the further natural law of a fair day's pay
unions, unions that are creatures of "labor's" at- for a full day's work. Here again the continued coertempt to control in the sole interest of these external cion of outside unions has constituted such an interorganizations. In the settlement of controversies ference that all sorts of factitious matters have come
between other employers and employees there is no to be recognized, such as overpay for overtime, an
such tribunal, though public service commissions eight-hour day, and rigid exactions as to the kinds of
labor employees shall perform.
appear in the law governing public utilities.
It follows that unless we can return in some deIt does not seem to be clear that the public has a
right to appear in controversies between roads and gree to natural rights and duties in the consideration
employees. In fact it is an attempt by the public of this tremendous problem we will be unable to disthrough law to appear in its own interests—interests entangle ourselves. The bald bare idea that a road
completely ignored by organized labor. Appearance must run, and concededly must make money to run,
lends color to the right of outside unions to control and yet must be forever between two fires, or forces,
by coercion independent of the consent of employers one controlling rates and the other wages, is preposor of unions inside the plant. But one intervention terous; and yet we have so long accepted the condicannot necessarily cure another. One interference tion that we are startled by even the statement.
only adds to the confusion created by another. In "Turn the railroads loose and let them charge what
fact, the only right action, so long as railroads are they please!" exclaims one, "why, that is preposterprivate property,is direct consultation between man- ous!" And yet no other purely business factor is so
agement and those special unions formed by the em- harassed by public, and by employees protected by
ployees of the respective roads. We cannot conceive public enactments, as these same railroads. And
of these inside unions thinking of the public interest right now this same public is aiding trolley lines and
other than in a general way, and that remotely. On truck companies in competitive hauling, forgetful of
the contrary, the management must constantly think any duty to or interest in these same railroads that
directly of the interests of the public because that have to live in competition with all corners and canway, and that alone, lies success. But in the tangle not for long charge excessive rates without destroyof "interests" how far we have grown away from this ing legitimately profitable tributary business. Is it
not time for the American people to see that we have
view.
The fact is that as long as employer and employee been upon the wrong plan, that we have so fostered
have independent rights of contract they become the regulation that it is pointing to destruction, that legsole parties to the settlement of wages. And as long islation has so coddled unionism that it threatens not
as the owners of the roads have the sole right of only the roads, but the public interests as well. Is it
operation, after concessions of right of way, fran- not time for those who make laws in the interest of
chise and acceptance of laws in the interest of life the people to liberalize control, to recognize rights
and property, the roads have the sole original right of contract as to wages, to deliver the roads to the
to fix rates. Operation of a railroad at this point necessary freedom of rate-making—lest a vast and
becomes a private right not to be interfered with by valuable property be rendered bankrupt; then, by
the public. Transportation is a business just as means of irremovable receivership, to fall into the
much as production. The public does not enter in in hands of the Government, a form of public ownertextiles, steel and iron, cereals, or lumber, to say how ship that must prove the greatest liability ever asmuch shall be produced, or how or when. But a road sumed by any people.
As matters stand now the railroads are returning
must operate or forfeit its charter, and that it agrees
to
loss,
it
normal. Handicapped as is private ownership
continuously
at
a
to do. It cannot operate
and
meet
operation there is shown increasing efficiency.
revenue
to
produce
must charge rates that will
interThe
any
ravages
of the war-time "taking over" are being
in
If
costs.
fixed charges and operating
are
conditions
repaired.
and
There
is as yet small reduction in rates
rights
vention of the public these
reduction in wages. The public
rights.
because
there
of
their
is
no
shorn
are
roads
disregarded the
an
that
of
rates regardless of condiright
assumed
clamors
for
lowered
the
with
starts
The trouble
Inter-State Commerce Commission,in the interest of tions, in its more serious moments will not forget
the public, to fix rates. It is further complicated that more than a billion dollars a year was added to
DEc. 27 1924.]
THE CHRONICLE
2933
appreciation each person, old or young, rich or poor,
great or small, is considered a distinct unit, having his life to live, his place to be determined, his
contribution to make to the total of well being, no
less than his account to render. What else than this
accounts for the great wave of democracy which is
sweeping over the world and marks the awakening
of new thoughts and new impulses in all peoples?
How else are we to interpret the innumerable
schemes of charity which in their scope and the vast
sums they have distributed are a feature of the
times? Perhaps most impressive of all, is the testimony given by the United States in the way in which
a great nation of 113,000,000 people has, through its
citizen voters in the recent election, as so many individuals, after prolonged discussion, made record of
its opinion on a number of important questions before the nation? In this day of extensive and dominant organization in every department of life, absorbing and submerging the individual, the dignity
and matter-of-course conduct of the election and the
Christmas and the New Year.
with which the results are accepted, is
contentment
However Christmas Day came to be observed, and
of the worth still recognized of
evidence
impressive
there is certainly no evidence that Jesus Christ was
possibilities which,in America
and
the
the
individual
born on the 25th of December, it has two distinctive
at
least,
are
his.
and permanent features; it is peculiar to ChristianTo this is to be added the contribution which our
ity and it is a day of good-will. As was pointed out
institutions are making to our lives as inAmerican
special
feagifts
is
its
by us last week, the giving of
dividuals.
These are so extensive and continuous
which
in
its
simyear
the
day
of
all
ture. It is the
plest form and even its casual observance is promo- that we take them as matters of course. The free
tive of good-will and it furnishes a helpful keynote atmosphere of our American life, so quickly recognized by foreigners; concern for the well-being of the
for the new year.
individual
and the class on the part of the community
It is, of course, a distinctive day in the Chrisand
the
evidenced in care for health,- for water
State
tian world. It pertains to Christianity and Chrissupply,
for
light,
for education, for fire protection,
tian civilization. That civilization is far from
for
cleanliness,
for
good roads and means of comperfected or complete; and Christianity is more than
munication,
for
protection
of person and property;
form
will
vary with the
ever aware that its specific
these
and
many
more
combine
to bring the possibildifferent
peoples.
Both
needs
of
and
circumstances
ity
of
civilized
life
within
the
reach
of all. And when
civilization
are
inseparably
conand
the
religion
the
nected with the personality whose name the day individuals or groups are discovered unable for any
bears. Jesus Christ gave the impulse and the mes- reason to profit by these advantages, innumerable
sage which created both, and is Himself their inspira- institutions representing the good-will of the people
tion and sustaining presence. Other great person- exist to meet the need and supplement such indialities have exerted an indelible influence in human vidual aid as is sure to appear. Christmas serves to
history; other faiths than His have shaped eras and bring into prominence the mutual helpfulness which,
established races. All have had their day. No one as the normal expression of our American life, is emof them, however excellent, is proved indispensable. bodied in its multiform institutional and organized
In all lands Jesus Christ holds the key to human activities. They may be accepted as uniting to carry
hearts; His name connotes the one power that will the spirit of Christmas on through the new year and
meet all needs; His cross is the imperishable symbol to aid it to reach every separate life.
There is also, this year to an unusual extent, the
of hope and the witness to the new life made possible
contribution
which the European nations are making
to every man who will accept it. Christmas Day has
to
our
well-being
and the more underlying grounds
a foundation for its joys surer and more real than
of
our
contentment.
There is everywhere an awakenany other holiday. It calls to us to think anew of
that first day of "glad tidings and great joy for all ing sense of international relationship. It found this
people"; since which the world has gone forward year and for the first time definite expression in the
and human life unfolded in ways innumerable. prevailing sense of fellowship in the September meetand without which we should find ourselves poor ing of the League of Nations. Testimony to it is as
unanimous as the fact was unexpected. As a conseindeed.
In the face of all the international difficulties and quence the various efforts making for economic reiLdividual perplexities which press upon us, and establishing, for disarmament, and for preventing
even the bitter memories of the war, the foundations future wars gained a new impulse. The better sense
stand. On those which we know as Christian the of the Christian nations is asserting itself, and
peace of the world and the progress and the re- Christmas has found with them all a better condition
wards which every man looks forward to as the than for a long time for genuine response to the feelresult of honest toil and right endeavor, stand ings which the day should arouse. After all, the important thing is not what others do for us but what
secure.
We must recognize three great benefits which have we do ourselves. The suggestions we have made have
accrued for all. One is the new and increasing vain • value to make life as it comes to us more worth while,
attached to the individual in the society of which we and to prepare us to face the real problems which are
are a part. It appears in many forms. With a new as yet unsolved.
the wage-charge during and immediately after the
war. (Can anyone believe that railroad labor was
underpaid to this amount?) Business conditions
have themselves been lame and halting, causing depreciation in the volume of returns. Credit has not
been all that could be desired, but stocks and bonds
have shown marked advances. Withal the outlook
is bright for private ownership and operation, if relieved from the menace of continued legislative tinkering and the threat of strike on the part of outside
unions. It is a good time for Congress to let the railroads alone. We are not saying Senator Cummins
cannot suggest improvements in present laws. He is
able, liberal, conservative. But we are saying that
the general public should return to the original viewpoint, and look upon this great industry as a fair,
free, independent, enterprise, capable of making its
own way and willing to risk its life upon the law of
service.
2934
THE CHRONICLE
[VoL. 119.
The New Capital Flotations in November and the
Eleven Months Since January 1
The new capital flotations in the United States during used for refunding in November $6,438,000 comprised longNovember were well below those of other recent months, not- term issues sold to refund existing long-term issues; $60,withstanding that the French Government loan for $100,000,- 000 was short-term obligations issued to refund existing longterm and the remaining $1,614,000 consisted of stock issues
000 was brought out here during the month. Our tabulasold to refund existing long-term Issues.
tions, as always, include the stock, bond and note Issues by
Industrial issues of importance during November were:
corporations and by States and municipalities, foreign and $15.000.000 Sinclair Consolidated 011 Corp. 3-year 1st lien
domestic, and also Farm Loan issues. The grand total of coll. 6s, "C," due Dec. 1 1927, offered at 98%, to yield about
the offerings of new securities under these various heads 6.55%; $5,750.000 One Park Avenue Building (N. Y. City)
during November reached no more than $427,218,524, even 1st mtge. Os, 1927-39, offered at prices to yield from 53'4% to
6%, and $5,000.000 Hotel La Salle Co. (Chicago) 1st mtge.
after the addition of the French loan. This compares with
51,4s, 1928-40, offered at par.
$733,665,611 during October, when the total included the
The principal public utility issues were as follows: $20,American portion ($110,000.000) of the German loan, with 000,000 Cities Service Power & Light Co. 20-year 6s, "A,"
$540,251.949 in September, with $454,483,973 in August, with 1944, offered at 94%,to yield about 6.50%; $11,500,000 Cleve$428,299,766 in July, with $649,602,434 in June, when the land Electric Illuminating Co. gen. mtge. 5s, "A," 1954, ofmagnitude of the awards by States and municipalities acted fered at par; $6,000,000 Winnipeg Electric Co. 30-year ref.
mtge. 6s, 1954, offered at 94%, to yield about 6.20%, and
to raise the total to unusual proportions (New York City
$7,785,700 par value capital stock of Edison Electric Illuminalone contributing considerably over $100,000,000 in that ating Co. of Boston, offered to stockholders
at $155 and Inmonth) and with $627,050.947 in May, when the month's volving a sum of $12.067,835.
total was swollen by the offering of $150,000,000 new stock
Railroad issues worthy of special notation comprised the
to its shareholders by the American Telephone & Telegraph following: $12,945,000 Illinois Central RR, equip. •tr. 4%s,
Co. In April the total of new issues coming on the market "K," 1925,39, offered at prices yielding from 4% to 4.70%;
$7,000,000 Chicago Union Station Co. guar. 5s, 1944, offered
was $480.889.016, in March $365.030,818, in February $535,at 98%, to yield about 5%%,and $12,600,000 par value leased
532,594, and in January $536,082,690.
line stock of Carolina, Clinchfield & Ohio Ry., offered at
The November financing of the present year also was 78%, to yield about 5/
1
2%.
smaller than that of the.same month of last year, but not
The total of foreign Government loans negotiated here
smaller than that of November in other recent years. At during November was of unusual size. Yet only two foreign
$427,218,524 for November 1924 comparison is with $530.812,- loans were brought out in this country during the month.
410 for Noveniber 1923, with only $207,225,424 for November The first consisted of the $100,000,000 French Government
25-year 7% gold bonds, due 1949, which found a ready sale
1922, with *365,182,697 for November 1921, with $222,478,at 94, to yield about 7.53%, and the other was an offering of
911 for November 1920, and with $379,733,015 for November $2,000,000 Province
of Buenos Aires (Argentina) 6 months'
1919; The drop to lower totals follows mainly as the result Treasury 5%s, due April 1 1925, which were offered on a
of smaller offerings under two main heads, namely those by 4.50% basis.•
Six Issues of Farm Loan bonds aggregating $7,450,000 were
corporations and those by States and municipalities. The
new financing by corporations in November 1924 reached an offered during the month at prices ranging in yield from
aggregate of only $243,367,569, against $418,447,480 in Octo- 3.85% to 4.80%.
The following is a complete summary of the new financing
ber 1924 and $375,040,902 in November 1923, while the
-corporate, State and city, foreign Government, as well as
awards of new State and municipal issues foot up but $70,- Farm Loan issues-for November and
the eleven months
790,955 for November this year, against $85,523,131 for Octo- ending with November, of the current calendar year. It will
be observed that in the case of the corporate offerings we
ber and $9&521,514 for November 1923.
New financing by industrial companies again predom- subdivide the figures so as to show the long-term and the
inated in the month's business, amounting to $108,636,202. short-term issues separately and we also separate common
stock from preferred stock.
This, however, compares with no less than $178,049,000 for
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANC NO.
October, but with an average monthly total of $89,768,716 for
the three months, July to September. Public utility flotaNew Capital. Refunding.
Total.
tions ranked next in volume during November, the total of
1924.
$
8
$
MONTH OF NOVEMBER$82,017,835, though, being considerably less than the Octo- Corporate-Long term bonds and notes_ 146,058.000
3,188,000 148,248,000
Short term
27,706,800
60,000
27,768,800
ber total of $133,280,480. Railroad offerings were on a relaPreferred stocks
9,093,672
364,000
9.457,672
45,772,097
1,250,000
47,022,097
tively light scale, aggregating only $52,713,532; in October Common stocks
Foreign, including Canadian
7,625,000
3.250,000 a 10,875.000
they totaled $107,118,000 and in September $130,813,000.
Total
235,255,569
8,112,000 243,367,569
Government
102,000,000
102.000.000
All corporate offerings, as already stated, aggregated Foreign
Farm loan issues
7,450,000
7,450,000
War Finance Corporation
$243,367,569 during November, and of this total $157,721,000, Municipal
69,618,403
1,272,652
70,790,955
Canadian, brought out in U. El
2.110,000
2,110.000
or slightly over 64%, comprised long-term issues, only $29,U.S. Territories and Possessions
1,500.000
1,500,000
166,800 was of short maturity, and the remainder, $56,479,Grand total
417,833,972
9,384,652 427,218,624
769, consisted of stock issues.
11 MONTHS ENDING NOV. 30ng term bonds and notes_ 1,774,271,723 361,878,377 2,136,150,100
The portion of corporate issues used for refunding purposes Corporate-Lo
Short term
264,913,800
39.956,000 304,869,800
Preferred stocks
262,973,949
27,264,223 290,238,172
In November amounted to only $8,112,000, or less than 4%.
Common stocks
480,112,566
6,750,000 486,882,566
Foreign,including Canadian 226,030,000
21.250,000 b247,280,000
In October $56,549,200, or 13%, was for refunding purposes.
Total
3,008,302,038 457,098,600 3,465,400,638
In September $39,058,800. or 12%, was for refunding pur- Foreign Government
559,945,555 177,059,445 737,005,000
Farm Loan issues
176,850,000
176,850,000
poses. In August $92,862,000, or 32%, was for refunding pur- War Finance Corporation
Municipal
1,262,167,100
14,121,406 1,278,591,506
poses, this unusually large percentage being due to the offerCanadian, brought out in U.S
128,864,785
16,650,000 145,514,765
U. S. Territories and Possessions
7,730.000
7.730,000
ing during that month of $75,000,000 Bait. & Ohio RR. Co.
Grand total
5344,159,458 664,932,451 5,809,091,909
1st mtge. 5s of 1948, the entire proceeds of which were used
a Includes 59,475,000 Canadian. b Includes 5105.000.000 Canadian
for refunding purposes. In July $46,184,000, or slightly over
In the elaborate and comprehensive tables, which cover
16% of the total, was for refunding purposes; in June the the whole of the two succeeding pages, we compare the foreamount was $63.221,300, or over 20%; in May $48,701,000, or going figures for 1924 with the corresponding figures for the
nearly 10%; in April only $25,803,900, or 9%; in March only four years preceding, thus affording a five-year comparison.
We also furnish a detailed analysis for the five years of the
$11,529,000, or less than 5%; in February $37,285,000, or
corporate offerings, showing separately the amounts for all
14%, and in January $27,792,400, or 9%. Of the
$8,112,000 the different classes of corporations.
SUMMARYnOF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF NOVEMBER FOR FIVE YEARS.
1924.
MONTH OF NOVEMBER.
New Capital. Refunding.
CorporateLong term bonds and notes__
Short term
Preferred stocks
Common stocks
Foreign, including Canadian_
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian brought out in U. S.
U. S. Territories dr Possessions
Grand total
1923.
Total.
1922.
New Capital. Refunding.
Total.
145.058.000
27,706.800
9,093.672
45,772.097
7,625.000
3.188.000
60.000
364.000
1,250,000
3,250,000
148.246.000
27.766,800
9.457.672
47,022,097
a10.875.000
215.147.000
1.265,000
47.822,450
44.580,452
1,100,000
62.126,000
235.255,569
102,000.000
7,450.000
8.112.000
243.367.569
102.000,000
7,450.000
309,014.002
25.000.000
23.250,000
69,518,403
2.110.000
1,500.000
1,272,552
70.790.955
2.110.000
1,500,000
417.833,972
9.384,552
427.218.524
New Capital. Refunding.
277.273,000
1.265.000
50,822,450
44.580.452
b1,100.000
76.580.000
2,000,000
16,699.400
2.540.540
250,000
34.413.000
65.126,000
375.040,902
25,000,000
23,250.000
98,069.940
18.000,000
12.125.000
96.753.014
1.768.500
9,000.000
98.521.514
0.000.000
451,917,916
75.894.500
530,812,416
3,000.000
1921.
Total.
New Capital. Refunding.
1920.
Total.
New Capital. Refunding.
Total.
$
48.69.rif
39.49;
)
.0
9.6';
24.4 i
b25.73 J00
110.993,000
2.000.000
16,699,400
2.778.540
b250.000
131.191.300
13,131,900
7.695,600
3,977.000
5.600,000
19.062.000
20.789.000
300,000
6,057,280
150.253.300
33,920.900
7.995,600
10.034.280
b5,600,000
44,595,000
31.028,490
9.626.050
24.412,254
750.000
34,651,000
132.720.940
18,000.000
12,125.000
161,595.800
20.500.000
8.940,000
46,208,280
207.80.1,080
20,500.000
8.940,000
110.411,794
10,000,000
37,565,000
147,976,794
10,000,000
41,973,879
2.405.605
44,379,484
119.348.617
8,250,000
340,000
119,688.617
8,250,000
57,040.120
6.900,000
561,997
57,602,117
6.900,000
170.168,819
37,056.605
207,225,424
318,634.417
46.548,280
365.182,697
184.351.914
38.126.997
222.478.911
238.000
4.100,000
8,465,000
25.000;1566
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF NOVEMBER FOR FIVE YEARS.
New Capital.
Long Term Bonds & NotesRailroads
Public utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land, buildings. &c
Rubber
Shipping
Miscellaneous
Total
Short Term Bonds & NotesRailroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land, buildings, &c
Rubber
ThIpping
Nliscellaneous
Total
Stocks.
Railroads
Public utilities
[ron, steel, coal, copper. &c '
Equipment manufacturers
Vlotors and accessories
)ther industrial & manufacturing
NI
..and, buildings, &c
lubber
;hipping
discellaneous
Total
Totaltaliroads
'ublic utilities
ron, steel, coal. copper, &c
lquipment manufacturers
lotors and accessories
other Industrial & manufacturing
.11
and, buildings, &c
M bber
hipping
Liscellaneous
$
33.786,000
56,990.000
6,450.000
2.900.000
500,000
10.775.000
Refunding.
$
788.000
5.600.000
50,000
38.257,000
6,438,000
4.000,000
2,500,000
$
34,574.000
62,590.000
6.450.000
2,900,000
500.000
10.825.000
Refunding.
1922.
Total.
$
71.630,000
91,935.000
1.550.000
3.650.000
$
4,440.000
56,572,000
$
76.070.000
148.507,000
1.550.000
3,650.000
16,311,000
2.500.000
26.521.000
714,000
17.025.000
2,500,000
26.521.000
New Capital.
Refunding.
1921.
Total.
$
3,505.000
20.241,000
5,300,000
$
4,000.000
27,822,000
$
7.505.000
48.063.000
5.300.000
4.100.000
15.984.000
2.591,000
4,100.000
18,575,000
9.050,000
1.625,000
2,150.000
400,000
2.550.000
17.750.000
157,721,000
216,247,000
62.126,000
278,373.000
76.830.000
4,000,000
' 2,500.000
150.000
150.000
' 1,115,000
1.115,000
•
1,750.000
19,625.000
150.000
9,950.000
34.413.000
New Capital.
Refunding.
1920.
Total.
New Capital.
Refunding.
Total.
$
8,454,300
98.640.000
5,285,000
1.880,000
$
5.655,000
10,432,000
800.000
$
14,109,300
109,072.000
6.085.000
1,880,000
$
4.500,000
9.250,000
400,000
400.000
6,475,000
272.000
12,925.000
1.400.000
7,875.000
272.000
13.200.000
27,450.000
600.000
945.000
27,450.000
600,060
945,000
275.000
$
25.000.000
2,900,000
$
29,500,000
12,150.000
17.750.000
2,860.000
500.000
3,360.000
2,200,000
1,200.000
3.400.000
111.243,000
136.791.300
19,062,000
155,853,300
45.345,000
29,100,000
74,445,000
20.000.000
789,000
10,381,900
20,000,000
789.000
1,135.000
4,465,000
10,381.900
3.000.000
.
18.700.000
6.000,000
155.000
5.600.000
3,000.000
60.000
1.750.000
19.625.000
210,000
1,500,000
1,500.000
2,500,000
2.500,000
2.038.490
29,106,800
60,000
29,166,800
1.265.000
1.265,000
2,000.000
2,000,000
13,131,900
20.789.000
33,920,900
31,028,490
18.139,532
14,177,835
1,250.000
18.139,532
15,427.835
12.022,4.50
43,113,552
119.400
12.022,450
43,113,552
119.400
3,399,800
3.637.800
7,137,600
6.057.280
13,194,880
7,020,650
7,020,650
23,891,404
551.550
560.000
1,459.700
1,081.800
100,000
18,858,402
500.000
100.000
364,000
500,000
250.000
1.081,800
238.000
1,000.000
1,000.000
7.852.400
7.852,400
14.300.000
20,000,000
950.000
2,640,000
2.640.000
2.847,500
3.000.000
17,300,000
20.000,000
987.740
987.740
. 2,847,500
6.000.000
6.000.000
54,865,769
1,614,000
56,479,719
92,402,902
3,000,000
95.402,902
19.230.940
238.000
51,925,532
75.167.835
8.950,000
3,000,000
500,000
31,383,402
19.625.000
39,357.000
788,000
6,850,000
52,713.532
82.017.835
8.950,000
3,000.000
500.000
31,797.402
19,625,600
39.417.0001
83,652.450
135.198.552
1.669.400
4,765,000
4,440.000
56,572,000
88,092.450
191,770,552
1.669.400
4.765.000
4,000.000
28,060.000
30,611,000
22.500,000
26,521.000
3.714,600
34.325.000
22.500,000
26,521.000
3.505,000
23.640,800
5.300.000
1.000.000
4.100.000
23.836.400
500.000
9.950.000
987,740
414.000
60,000
5,346,800
250,000
2.000.000
19.222,402
950,000
Total corporate securities
235,255,569
8,112,000
a Includes $9,475,000 Canadian. 6 All Canadian.
New Capital.
38.257,000
1,625.000
151,283,000
1923.
Total.
5.346,800!
I
243.367,569'
4.997.500
400,000
5,397,500
25.250.000
309,914,902
65.126,000
375,040,002
98,069,940
2,591.000
34.651,000
19.477.940
7,505,000
51.700.800
5.300.000
1.000.000,
4,100.000
26,427.400
500.000
9,950.000'
987.740
4.000.000
22.700,000
6,000.000
155.000
8,465,000
39,493,490
2,038,490
2,000,000
1,500,000
1.035,000
300,000
1,500,000
1.335.000
23,891,404
551.530
560.000
1.459.700
555.000
555.000
11,672.600
6,357,280
18.029.880
34.038,304
34,038,304
18,836.200
105.777,600
5.285.000
1.880.000
2.000.000
6.475.000
1,772.000
14.210.000
5.655,000
36.489.280
1.589.000
24.491,200
142,266.880
6,874.000
1,880.000
2.000.000
7.875.000
1.772.000
14.785.000
4.500.000
17,405,630
1.400,000
575,000
25.000.000
7,365,000
29.500.000
24.770.650
4,000.000
74.041.404
7,151.550
1.660.000
1.459.700
3.400,000
70.041.404
7,151,550
1.660.1)00
1.459.700
25,250.000
5,360.000
500,000
5,860,000
4.793.490
132.720.940
161,595,800
46,208,280
207,804.080
110.411.794
3,400.000
1.200.000.
37,565.000
5.993.490
147,976,794
)-9
0:1
aUDINO11110
1924.
MONTH OF NOVEMBER.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE ELEVEN MONTHS ENDED NOVEMBER 30 1924, FOR FIVE YEARS.
ELEVEN MONTHS ENDING
NOVEMBER 30.
1924.
New Capital. Refunding.
CorporateLong term bonds and notes__ 1,774.271.723
Short term
264,913.800
Preferred stocks
262,973.949
Common stocks
480.112,566
Foreign, including Canadian_
226,030,000
Total
3,008.302.038
Foreign Government
559.945.555
Farm Loan issues
176.850.000
War Finance Corporation
Municipal
1,262.467,100
Canadian brought out in U. S. 128,864.765
U. S. Territories & Possessions
7.730,000
Grand total
5.144,159.458
1922.
1923.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
1921.
Total.
New Capital. Refunding.
$
1,077,614,020
157,009,666
47,352.500
190,971,215
95,515,000
361,878.377 2,136,150.100 1.685.715,957
39,956.000 304,869.800
134,970.700
27.264,223 290,238.172
287.221,297
6,750,000 486.862,566
279,253,126
21,250,000 a247.280,000
53.731.600
402.925.543 2,088,641-.500 1,438,616,635
101,926,000
36.966.800 171.937,500
261,271,950
71,604,839 358,831,136
237,673,872
3,966,760 283,219,886
116,276,500
553,731,600
645,082,215 2,083,698,850
23,011,000 124,937,000
30,300.000 291,571.950
10,529,625 248,203,497
1,250,000 (117.526,500
457,098,600 3.465,400,638 2,440.892,680
186.845.000
177,059.445 737.005,000
176.850.000
335.368,000
515,468.942 2.956,361,622 2.155,764,957
416,305,000
56,000.000 242.845,000
326,665,000
55.032,000 390.400,000
710.172.840 2,865,937,797 1,568,462,401
15.000,000 431.305,000
298.270,000
42,000,000 368.665.000
118,190.000
14,124,406 1,276.591,506 1,012,544.934 • 17,928,980 1,030,473.914 1,006,641,539
16,650.000 145.514,765
26.308.000
98,984.534
23,941.6Z9
50.249,679
7.730,000
37,087,000
3,461,000
3,461,000
664,932,451 5,809,091,909 4,005,419,614
668.371,601 4.673,791,215 4,041.448.030
27,926.374 1.034,567,913
107.135,000 206,119,534
37.087.000
981.360,792
73.282.000
25,022.000
902,234,214 4,943.682,244 2 ma
447 102
1920.
Total.
New Capital. Refunding.
S
469,429,08C 1,547244.000
41.547,001 198,556,666
3,575,600
50,928,100
6,057,280 197,028,495
d95,515.000
Total.
$
905,221,245
494,565,742
457,882,237
492,533,192
147,720,655
$
3
76,262,755 981.484.000
100,739,248 595,304.990
21.268,533 479,150.770
14.629,830 507,163,022
30,500,000 (178,220.655
520,609,860 2,089.072.261 2.497.923.071
50,000,000 348.270,001
191,000,000
118,190,001
243.400.366 2.741.323.437
100,000,000 291.000,000
6,720,821
985,081,613
73,282,0 0
25.022.00
c77 220 041 2 nAl 017 07.1
618,095,278
37.255,232
16,015.000
2 200 000 Cal
9,616,346
7.498,000
627,711,624
44,753,232
16,015,000
qan =,.. ,,,, n
non onn non
coa
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE ELEVEN MONTHS ENDED NOVEMBER 30 1924, FOR FIVE YEARS.
1924.
New Capital. Refunding.
Long Term Bonds & NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_ _
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
$
652,513,800
657,590,423
105.962.000
15,160,000
4.960,000
127,489,000
16,516.500
271,656,000
400.000
3.800.000
97,504.000
Total
1,953,551.723
Short Term Bonds & NotesRailroads
56.250.000
Public utilities
102.232,000
Iron, steel, coal, copper, &c
4,175,000
Equipment manufacturers
1,000,000
Motors and accessories
9.000.000
Other industrial & manufacturing _
6.910.000
Oil
94.970.000
Land, buildings, &c
4.660.000
Rubber
Shipping
Miscellaneous
32,466.800
Total
311.663,800
StocksRailroads
55.963,269
Public utilities
448.147.704
Iron, steel, coal, copper, &c
. 21,734.160
Equipment manufacturers
2,062.100
Motors and accessories
8.381.760
Other industrial & manufacturing _
88,916,502
Oil
55.640,968
Land, buildings, &c
10.428,357
Rubber
1,600.000
Shipping
Miscellaneous
50.211,695
Total
743,086.515
TotalRailroads
764.727.069
1.207.970.127
Public utilities
Iron, steel, coal, copper. &c
131.871.160
18,222.100
Equipment manufacturers
22.341.760
Motors and accessories
223,315.502
Other industrial & manufacturing_ _
167,127,468
Oil
286.744.357
Land. buildings, &c
2,000,000
Rubber
3.800.000
Shipping
180.182.495
Miscellaneous
$
141.679,900
144,616,077
30,148,000
8,315.000
19.549.900
15.393,500
1,040,000
14.386.000
1923.
Total.
$
794,193,700
802,206,500
136,110,000
15,160.000
13,275.000
147.038.000
31.910.000
272,696,000
400.000
3,800,000
111.890,000
New Capital. Refunding.
$
415.949.500
512.655.471
238.818.139
11.860.000
22.562.000
156.932.447
69.716.000
200.495.000
1.335.000
2.568.000
106,556.000
375.128.377 2.328.680,100 1,739.447.557
19,000,000
20,041,000
650.000
3.200.000
5,005.000
60.000
47,956.000
24.105.223
200.000
9.709,000
75,250.000
122,273,000
4,825,000
1,000.000
9.000.000
10.110,000
99,975,000
4,720,000
9.237.500
42,262.200
9,850.000
1,945,000
15.496,000
5,500.000
44,814.000
1,330.500
32.466.800
1,000,000
3.535.500
359.619.800
134.970,700
55.963,269
472.252,927
21.734,160
2.062.100
8,581.760
98.625,502
55.640.968
10.428,357
1,600.000
27.322.450
173,670,058
28.131,646
50,211.695
34,014.223
777.100.738
160.679.900 925.406.969
188,762.300 1,396.732,427
30,798.000 162.669.160
18.222.100
8,515,000
30.856.760
32.458.900 255.774.402
20.398.500 187.525.968
1300,000 287,844.357
2.000.000
3.800.000
14.386.000 194.568,495
24,455.325
142.639.183
80,249,013
11,148,000
350.000
$
34,383,000
222,191,629
46,806.861
4,288.000
26.521,053
30,084.000
1,250.000
665.000
107,000
36.629.000
1922.
Total.
$
450.332,500
734.847,100
285.625,000
11.860.000
26.850.000
183.453.500
99,800,000
201.745.000
2,000.000
2.675.000
143.185,000
New Capital. Refunding.
$
442,616,380
414,476,539
115,885.000
$
116,723.570
198.894.661
1.750,000
16.450,000
16(1.337.581
73.384,300
130,094.000
3.600,000
19.810,000
1E3.539.335
2,500.000
71.352.419
143,220.700
8.530.000
26,200,000
1,500.000
75.660.865
402.925.543 2,142.373.100 1.540,193.135
9,850.000
15,712.800
19.087.500
57.975.000
9.850,000
1.945.000
25.100.000
7,300,000
44.814 000
1.330,500
32.351.800
18.245.000
404,200
1921.
Total.
$
559.339,950
613,371,200
117,635,000
$
258,919.720
333.739,000
31.125.000
8.075,000
15.400.000
160.702,300
147.922.000
42,825,000
77,500.000
2.335.000
89521.000
18.950.000,
231.690.000
216,605.000
138,624.000
29.800.000,
21.310.000
239.200.200,,
I
646.332.215 2.186.525.350 1.167,561.020
3,000.000
20,011,000
$
297,673.580
93.986.000
11,337,000
469,429.980 1.636.994.000
984.471.245
600.000
23.969.400
28.000.000
925.000
3.950.000
8,989.000
16.700,000
800.000
35.900.000
3,510.000
1.000.000
3.635.500
215.000
5.000.000
215.000
5,000.000
275.000
12.642.166
400.000
36,966.800
171.937.500
113.126,000
136.137.0001
159.199,666
11.076.000
4,896.760
27.322.450
184.746,058
33.028.406
26.968.100
237.590.220
38.186.250
10.006.000
12.660.000
57.609.102
41.820.410
5.480,000
5,162.740
78,508.748
1,000,000
35.625.000
25.790325
163.298.332
81.233.703
11,148,000
350.000
1.000,000
114.133,748
566.474,423
75,576,599
642.051,022
502,445,822
44,233.000
452.509.450
728.587,729 248.980,429
51,703.621
276,799.785
13.805.000
15,227,001)
62.513.325
48,980.202
305.071,630
194,779.013
31,068.690
1,250,000
212.973.500
665.000
1.685.000
1.107.000
3,568.000
188.600.248, 72.254,000
496.742.450
977,568.158
328.503,406
13.805,000
77.740.325
354.051,832
225.847.703
214.223.500
2.350.000
4.675.000
260,854.248
501.936,280
670.311,759
154.475,450
10,006,000
45.810,000
218,746.683
151.104.710
139.084.000
8.762,740
20.025,000
235.502.335
1.335.000
20,659,149
984,690
26.556.625
1,393.000
4.900.000
7.980,000
66,963.000
40,829.625
26.968,1001
264.146,8451
38.186.250
11,399,000,
17.560,000:
65,589.102
41.820.410
5.480.000
5.162,740
I
66.963.000!
500.000
36,623.000
789,000
5
54,000,000
9.057.000
12.394,000
----_
20,369,755
________
158.000
750,000
10.034.000
Total.
$
351,879,500
172.451,500
94,710,000
22.210.090
2,675.000
185.140.000
19.920.000
66,857.000
20,550,001
9.601,090
145,240.000
106.762,755 1,091,234,000
1.500,000
89.739,48
275.000
13.042.166
20,000.000
101.026.252
12.035.000
10,302,000
8.550.000
92.659.000
135.650.000
9.090.000
30.400.000
7,085.000
102.963.490
41,547.000
200.746,666
529,760,742
100.739,248
630,499,090
111.204.590
8.678,225
8,557.280
119,761.870
8.678,225
5.394 250
4.582.000
23.661.400
82.940.000
2.745.000
525.600
li.bab".'i:16
12,928.883
50,000
300.000
4,582,000
24.187.000
82.940,000
3,045,000
7.887.500
250.000
8,137.500
52.678.240
45.439,680
600,000
105.774.595
383.550,885
232.865.052
13.211,047
54.724,200
15.853.500
78.993.885
58.072,490
45.43(.680
600.000
119.814.325
396,479.768
232.915,052
13.211,047
54.799.200
15.853.500
82.404.385
35,898.363 1.019,589.447
735.010
2,500.000
14.500.500
59.995.000
44.789.000
225,000
4,700.000
8.250.000
49,375.000
5,595,000
543.275.4471
241.698.715
9.632.880
251,331:595
983,691,084
119.723.570 621.659.850
245,462.286 915.774,045
1,750.000 156.225,450
11.399,000
1.393.000
53.210.000
2.500.000
76.252.419 298.079.102
151.200,700 294.325.410
8.530.000 147.614,000
34.962,740
26.200.000
21,525.000
1.500.000
75.660.865 311.163.200
272.920.220
468.315.590
83.803.225
8.300,000
24.682.000
191,878,700
277.737.000
51.165.000
77,500.000
2.610.000
109.550,666
298,173.580
139.166.280
12.126,000
571,093,800
607.481.870
95.929.225
8.300,000
25.282.000
217.108.700
308.237.000
52.390,000
77.500.000
6.560.000
119.189.666
317.879.500
317.098.992
139.790.680
33.112.000
116.999,595
640.980.130
388.435,052
89.000.047
105.674.200
31,789,500
317.163.375
600,000
25.230.000
30.500.000
1.225.000
3.950.000
9.639.000
0 Ann 00q 040
RIR AAQ 0A0 0050001 099 0 155 70.1 057
710 179 42109 4R4 027 707 1 nniri Ann An,
COO ann
Total corporate securities
a Includes $105.000,000 Canadian. b Includes $29,631,600 Canadian. c Includes $35,831,500 Canadian. d Includes $80.365.000 Canadian. e Includes 5138,295.000 Canadian.
New Capital. Refunding.
$
297.879,500
163,394,500
82.316.000
22.210.000
2.675.000
164.770.245
19.920.000
66.699.000
20,550.000
8.851,000
135.206.000
14,000.500
23.372.000
44.000.000
225.000
4.700.000
7.515.000
46.875.000
5.595.000
23.011.000
Total.
$
556.593.300
427.725.000
42.462,000
8.075,000
16,000.000
184.671.700
175.922.000
43,750,000
77,500.000
6.285.000
98.010.000
35.351,800
38.256.000
404.200
....,- I
16.700.000
800.000!
35.900.000'
3,510.000
9,604.000
1,800.000
1920.
1
New Capital. Refunding.
oan 0 non ono oni
n An, non An,
7.000.000
1.250.000
1.250,000
75,000
------ 3.410.500
55.500.000
104.190.498
12.394,000
- - - ---_
14.039.730
40.298.638
1.300.000
1.408.000
75.010
750.010
13.444.500
21.500.00
190.765,5'0
12.035.000
10,302.090
8.550.000
99.659.000
136.900.000
10,340.000
30,400.000
7.085.000
102.963.490
373,379,500
421.289,490
152,184.680
33.112.000
131,039.325
681.278,768
389,735.052
90,408,047
105.749,200
32.539.500
330.607.875
OA, Ann ,nn 0 ,at ,fl, An,
arloixoullo aim
ELEVEN MONTHS ENDED
NOVEMBER 30. •
DEC. 27 1924.]
THE CHRONTCLE
2937
DETAILS OF NEW CAPITAL FLOTATIONS DURING NOVEMBER 1924.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads7,000,000 Construction of terminal
9836
4,600,000 Refunding; add'ns & betterments.
90
12,945.000 New equipment
288,000 Refunding
973.4
3,000,000 Purch. from U. S. RR. Admin...
1,350.000 New equipment
1,000,000 Purchased from Sterling Trust,
Ltd., London
103
1,826,000 New equipment
2,565.000 New equipment
To Yield
About.
Company and Issue, and by Whom Offered.
536 Chicago Union Station Co. Guar. 58, 1944. Offered by Kuhn, Loeb & Co., Lee. Higginson as
Co., National City Co., First National Bank, N. Y.,and Illinois Merchants Trust Co.. Chicago.
4.82 Delaware & Hudson Co. 1st & Ref. 45, 1943. Offered by Kuhn. Loeb dz Co. and First National
Bank, New York.
4.00-4.70 Illinois Central RR. Eq..Tr. 4368 "K." 1925-39. Offered by Kuhn. Loeb & Co.
6.20 Rumford Falls & Rangeley Lakes RR. Co. Mtge. 68. 1948. Offered by Fidelity Trust Co..
Portland, Me.
6.00 Sc. Louis-San Francisco Ry.6% (closed) Coll. MACS, March 11930. Offered by West dr Co. and
Lewis dr Snyder, Philadelphia.
4.25-5.20 Union Refrigerator Transit Co. Eq.Tr. 5e "E," 1925-31. Offered by Lee, Higginson & Co., N.Y.
5.81 Vicksburg Shreveport & Pacific Ry. Ref. & Imp.6s "A," 1973. Offered by Spencer Trask &
N. Y.; Canal-Commercial Trust dr Savings Bank and Eustis & Jones, New Orleans,
4.70-4.95 Wabash Ry. Eq. Trust 5s "D," 1028-38. Offered by Kuhn, Loeb dz Co.
4.25-4.95 Wabash Ry. Eq. Trust 55 "E," 1925-39. Offered by Kuhn. Loeb to Co.
34,574.000
Public Utilities750,000 Corporate requirements
9914
130,000 Construction;improvements
6.500.000 Acquisition constituent co's
9736
100
1,000,000 Acquisition constituent co's
100
20,000,000 Acq. utility prop. of Cities Service Co
5,55 Atlantic City (N. J.) Electric Co. 1st to Ref. 5345, 1954. Offered by Edward B. Smith & Co.
and Tucker, Anthony & Co.
6.20 Beaverton (Mich.) Power Co. 1st M.68"A," 1944. Offered by Livingstone, Higbie & Co.. Detroit.
6.00 Central Iowa Power & Light Co. 1st M. 6s "A," 1944. Offered by A. C. Allyn & Co.. Inc.,
Stroud & Co., Inc., and Parsley Bros. & Co.
7.00 Central Iowa Power & Light Co. Convertible General M. 7s, 1934. Offered by
A. C. Allyn to
Co. and Stroud & Co., Inc.
9436
6.50 Cities Service Power & Light Co. 20-year 65 "A," 1944. Offered by Dillon,
Read & Co.. Fede al
Securities Corp., Chicago. and A. B. Leach & Co., Inc.
5.00 Cleveland Electric Illuminating Co. Gen. M.55 "A," 1954. Offered by Dillon. Read &
Co.
5.00-6.00 Detroit United Ry. Gen. Eq. Tr.(is,"A," 1925-34. Offered by Watling, Lerchen
dz Co., Detroit.
6.40 Erie Railways Co. 1st & Ref. M.6s, 1954. Offered by Harper & Turner, Philadelphia,
Myron
and
8. Hall & Co.. New York.
500,000 Extensions dr improvements
100
6.00 Home Tel. & Tel. Co.(Ft. Wayne,Ind.) 1st M.68 "A," 1943. Offered by Fletcher
American
Co..
Indianapolis. Wm. L. Ross & Co., Inc . Chicago, and Security Trust Co., Detroit,
600,000 Additions; extensions
9934-967.15-7.60 Intermountain Water & Power Co. (Denver) 1st M. 75, 1926-35.
Offered by Frank C. Evans
Co.. Denver.
300.000 Additions; improvements
9836
6.10 Lockport & Newfane Power & Water Supply Co. let (closed) M. gs, 1954. Offered by
Frontier
Finance Corp. and Schoellkopf, Hutton & Pomeroy. Inc . Buffalo.
260,000 Additions
6.30 Milledgeville (Ga.) Lighting Co. 1st M.68"A,' 1949. Offered by Schibener. Boenning & Co.. Pb
96
1,750,000 Additions and extensions
5.70 Northern New York Utilities, Inc., 1st Lien & Ref. M.5.365"D." 1949.
9754
Offered by E. H.Rollins
& Sons and F L Carlisle & Co Inc
300.000 Additions: construction
9736
6.20 Page Power Co. (Stanley, Va.) 1st M.65, 1944 Offered by Chicago Trust Co.
4,000,000 Refunding; additions
94
5.40 Penn Public Service Corp. 1st & Ref. M. 58 "D." 1954. Offered by Harris, Forbes & Co. and
E. H. Rollins & Sons.
150.000 Capital expenditures
100
6.00 Sacramento Gas Co. 1st M.65, 1940. Offered by E. H. Rollins & Sons.
550,000 General corporate purposes
98
6.15 Sioux Falls (So. Dak.) Gas Co. 1st M.6s, 1944. Otto ed by Bond dr Goodwin,Inc., Boston;
Lane.
l'iper & Jaffrey. Inc., Minneapolis, and Maynard S. Bird & Co . Portland. Me.
5,000,000 Acq. control Cont. G .dr.E. Corp_
8.85 United Light & Power Co. Debenture 6368, 1974. Ponb ight to Co Inc., N . V.
95
200.000 Capital expenditures
5.50 Wausau (Wis.) Telephone Co. Ist M.536s "A," 1944. Offered by Blyth,
100
Witter & Co.
6,000.000 Refunding: retire current debt.... 0436
6.40 Winnipeg Electric Co. 30-Year Ref. M. 68. 1954. Offered by Kissel, Kinnicutt & Co., Spencer
Trask & Co., E. H. Rollins & Sons and Nesbitt. Thomson & Co.. Ltd.
1,100.000 Capital expenditures
Wisconsin
5.50
9734
Gas & Electric Co. 1st M.56"A," 1952. Offered by Harris, Forbes dr Co. and Spencer
Trask dr Co.
62,590,000
Iron, Steel, Coal, Copper, &c.
650,000 Additions, improvements, &c
10136-984.95-6.20 Clarkson Coal & Dock Co. 1st (closed) M.68, 1925-39. Offered by Minnesota Loan
& Trust Co.
800,000 Xe nisitions: co p. pu p
99
6.55 Great Western Coal Co. 1st M.6365, 1934. Offered by Hambieton & Co., Baltimore.
5,000,0(10 Acquisitions; working capital
9436
8.50 South Penn Collieries Co. 1st M.65"A," 1944. Offered by Lee, Higginson & Co.and Cassatt&CO.
11,500,000 Extensions: betterments
100
1,000,000 New equipment
1.000.000 Add'ne & Mune.: other corp. purl,. 95
8,450,000
Equipment Manufacturers1,000,000 Finance lease of equipment
1,900,000 Finance lease of equipment
42.5-6.10 National Steel Car Lines Co. Eq. Tr. 68 "F." 1925-32. Offered by Freeman
& Co.
4.25-5.20 Pennsylvania Tank Line Eq. Tr. 5s "X." 1925-31. Offered
by First National Bank, Sharon,Pa
Peoples Savings & Trust Co. and First National Bank, Pittsburgh.
2,900,000
Motors and Accessories500,000 Additional capital
101-99
Other Industrial & Mfg.2,200,000 Liquidate current obligations
100
2,000,0(10 Acq. Chapin-Sachs Corp.; wkg.cap. 98b
6-7.15 (John W.) Brown mfg. Co. (Columbus, 0.) 1st
(closed) M. 75, 1925-34. Offered by Maynard
11. Murcia & Co. and R. V. Mitchell & Co., Cleveland,
7.00 S. F. Bowser & Co., Inc., 1st M.78, 1934. Offered by
& Co. and Fenton, Davis to Boyle.
7.25 Chapin-Sachs, Inc., Coll. Trust 7s, 1934. Offered by Otis
Caldwell & Co., Frazier & Co.and Mark C.
Steinberg to Co.
850,000 Consolidation of properties
100
7.00 Hubbard, Eldredge & Miller, Inc., 1st M. 15-Yr. 75, 1939. Offered by
Bauer, Pond to ViV1211,
Inc., New York; Wm. L. Ross & Co., Inc., Chicago,
McCown to Co.. Philadelphia,
350,000 Additions & improvements
100.28-98.59 %-6.7 Indiana Board & Filler Co. 1st Mtge. 636s. 1925-34. and
Offered
by
Porter.
Skitt
to Co.. Chicago.
200.000 Reda.: ret. bk. loans: wkg. cap_
100
7.00 Jefferson Glass Co.(Follansbee. W. Va.) 1st Coll. 7s, 19:19 Offered
by Dinkey & Todd,Pittsb'gh.
500,000 Additions; working capital
100
7.00 Lydia Cotton Mills (Clinton, S. C.) 7s, 1927-45. Offered by Bank of Charleston,
S. C.
1.000.000 Development of properties
100
6.00 Mount Emily Lumber Co.(La Grande, Ore., and Merrill, Wisc.) 1st M.Guar.
6s. 1934. Offered
by Lacey Securities Corp., Chicago.
1,875,000 Additional capital
0,441
Pacific
6.12
9834
Mills, Ltd., Guaranteed Subordinated Mtge. 6s, 1945. Offered by Continental
cial Tru.st & Savings Bank, Anglo-London Paris Co. and 13lyth, Witter to Co.. San & Commer750,000 Equip. & complete plant
Francisco.
101-100
8-7 St. Andrews Bay Lumber Co. 1st (closed) M 7s, 1925-34. Offered by 'Whitney-Centra
l Banks,
Mortgage to Securities Co. and Sutherlin-Barry Co..
Orleans.
1,000,000 Acq. L.C.Smith & Bros.Typew.Co. 100
6.00 (L. C.) Smith & Bros. Typewriter, Inc.,(N. Y.) 1st New
M.68. 1939. Offered by City Bank to Trust
Co. and E. G. Childs to Co.. Syracuse.
100.000 Additional capital
100
6.50 Washougal (Wash.) Woolen Mills, Inc., 1st M. 8365. 1926-35. Offered
by Lumbermen's Trust
Co. Bank and Murphey, Fevre to Co., Portland, Ore.
$10,825,000
Land, Buildings, &c.
600,000 Finance construction of hotel
10034
6.95 Admiral Beatty Hotel Co., Ltd.(St. John, N. B.)
Baugert to Co., Phila.: Richmond Securities Co. 1st (closed) M.75. 1944. Offered by F1ncke,
Inc.. N. Y.: F. J. Carrig to Co., Inc., Buffalo,
Pond to Co., Inc., Boston, and Credit-Canada,
'
Ltd., Montreal.
50,000 Fund bank loans
100
6.50 All Church Press (Fort Worth, Tex.) 1st M.
Real Estate 6368. 1925-34. Offered by Mortgage to
Securities Co.. New Orleans.
200,000 Finance construction of hotel
100
7.00 Antlers Hotel Bldg. (San Bernardino, Calif.) 1st
M. 75, 1939. Offered by Banks, Huntley to
Co., Los Angeles,
375,000 Real estate mortgage
100
7.00 Bolton Square Improvement Co.(Cleveland) 1st
M.
Leasehold 7s, 1925-32. Offered by Tillotson
to Wolcott Co., Cleveland,
525,000 Real estate mortgage
5%-6 Bonebrake Theological Seminary (Dayton,
0.) 1st M. 6s, 1926-34. Offered by Missistdppi
Valley Trust Co., St. Louis.
475,000 Improvements to property
100
8.50 Brooklyn Properties Corp. 1st M.6365, 1925-39. Offered
by P. W.Brooks to Co.,Inc.,and Sweet,
Richards to Co., Inc New York.
1,000,000 Pay mtge,debt; gen. corp.
5.70 Charles C. Chapman Co. 151 (closed)
M. 68, 1934. Offered by California Securities Co., Les
Angeles.
500,000 Finance construction of building_
535-6 Chicago Riding Club Bldg. 1st M.6s, 1926-34.
200.000 Real estate mortgage
100
6.00 Christian Church Hospital Ass'n (Kansas City,Offered by S. W.Straus & Co.,Inc.
Mo.) 1st M.8s, 1926-34. Offered by Mississippi
Valley Trust Co., St. Louis.
600,000 Finance construction of building._ 100.68-100 536-6 Coal Exchange
Bldg. Co. (Huntington, W. Va.) 1st Si. 65, 1927-36. Offered
by S. W. Straus
to Co., Inc.
105,000 Finance construe, of apartment
100
7.00 Coleman Apts.(Cleveland) 1st M.75,
1926-30. Offered by S. Ulmer & Sons, Inc., Cleveland.
2,300,000 Real estate mortgage
100
6.50 Consumers Bldg.(Chicago) 1st M.Bldg. to Leasehold
836s. 1926-39. Offered by Greenebaum S0131
Investment Co., Chicago.
135,000 Finance construction of building._ 100
6.50 Dearborn Lodge (Chicago) 1st M.636e, 1926-34.
Offered
by the Straus Bros. Co., Chicago.
130,000 Real estate mortgage
100
6.50 Eberhart lildg. (Chicago) 1st Si. 636s, 1926-34.
Offered by the Straus Bros. Co., Chicago.
525,000 Finance construe, of apartment._.
5.60-6.00 Eliot Apt. Bldg.(Boston) 1st M.6s, 1926-39.
Offered by S. W.Straus to Co., Inc.
122,000 Finance construe. of apartment._. 1007.00 Euclid Court
Apt.(Cleveland) 1st M.Guar. 75, 1927-38. Offered by Wm. A. Busch
800,000 Finance construe. of apartment... 100
to Co.,Cleve.
5.50 55 East 86th Street (N. Y. City) Guar.
536% CDs., 1926-32. Offered by Prudence Co., Inc., N.Y.
2,000,000 Real estate mortgage
100
6.00 Fifty-Five Fifth Ave. Bldg.(N..Y City) 1st Si.
8s, 1944. Offered by A. B. Leach to Co., Inc.
325,000 Real estate mortgage
5-byi Frisco Bldg. (Joplin, Mo.) 1st M.5365, 1925-49.
Offered by Real Estate Mtge. to Trust Co. and
Taussig, Day, Fairbanks to Co.. Inc., St. Louis.
600.000 Finance construe, of apartment:
5.65-6.00 Gibson Apt. Bldg.(Flushing, L. I.) 1st Mtge.
68, 1925-34. Offered by S. W.Straus to Co.,Inc.
545,000 Finance construe, of apartment... 100
7.00 Haverford-Del Ray Apt.(Haverford, Pa.) 1st
M.75, 1928-36. Offered by G. L. Miller to Co.
250,000 Finance lease of property
100
6.00 Hirsch Realty Co.(Columbus,0.) Leasehold 51.08,
1926-37. Offered by Ohio National Bank and
City National Bank, Columbus, 0.
1,600,000 Finance construction of hotel
6-634 Hotel Alms (Cincinnati) 1st Si. 636s. 1927-39. Offered by S. W.
Straus to Co., Inc.
275,000 Real estate mortgage
6.50 Hotel Commodore (Chicago) 1st M.6365. 1927-36. Offered
5,000,000 Finance constr. of hotel: other cap. 100
5.50 Hotel La Salle Co.(Chicago) let M.536s, 1928-40. Offeredby Fidelity Bond to Mtge. Co., St. L.
by Halsey, Stuart to Co. and Kissel,
purposes.
Kinnlcutt to Co.
1,000,000 Finance construction of hotel
6-634 Hotel Martin Co.(Utica, N.Y.) 1st (closed) M.6345, 1927-39. Offered by
Mohawk Valley Inreatment Corp., Utica, N Y.
120,000 Finance construction of apartment Price on application Hyde Park Arms (Chicago) 1st Si. 7s, 1926-31.
Offered
by
Holzer,
Inc.,
Chicago.
1,250,000 Real estate mortgage
100
6.00 Insurance Exchange Bldg.(San Francisco) 1st Si. 65, 1927-44.
Offered by Wm.Cavalier to Ca,
San Francisco.
115.000 Real estate mortgage
100
7.00 Helen Kay Bldg.(Chicago) 1st M.78, 1926-31, Offered by Lackner,
Butz to Co., Chicago.
1,500,000 Finance construction of hotel
100
7.0 Libby's Hotel Corp. 1st M. 7s, 1926-38. ()Breed by American Bond &
Mtge. Co.. Inc.
600,000 Finance lease of property
100.93-100 534-6 McCrory Ohio Realty Co. 1st M.Leasehold 1311,
1925-34. Offered by Union Trust Co., Cleveland.
jai)
2933
Amount.
THE' 'CHRONICLE
P547pose of Issue.
7'o Yield
About.
Price.
[VoL. 119.
Company and Issue; and by Whom Offered.
Land, Buildings, &c. (Con.)800.000 Finance construction of hotel
100
7.00 Metropolitan Hotel Co. 1st (closed) M.7s, 1931-44. Offered by Bayley Bros., Bond Sr Goodwin Sr
Tucker, Inc.. and Drake. Riley & Thomas, Los Angeles.
5K-6 One Park Ave. Bldg.(N. Y. City) 1st M.65, 1927-39. Offered by S. W. Straus & Co., Inc.
ioo
. 6.50 Palmer Square State Says. Bank Bldg.(Chicago) 1st M.R. E. 6548, 1928-31. Offered by Lackner. Butz dr Co., Chicago.
.140.000 Real estate mortgage
6.00 St. Regis Hotel (Seattle, Wash.) 1st M.Is, 1927-34. Offered by Wm.P. Harper & Son, Seattle.
um
'1215.000 Finance construction of apartment 100
7.00 Stratford Apts.(Chicago) 1st M.78, 1926-31. Offered by Equitable Bond & Mtge. Co., Chicago.
140.000 Finance construction of apartment Ice
7.00 Surfridge Apts.(Chicago) 1st M. 7s, 1926-31. Offered by Leight, Helsel & Co. Chicago.
2.750,000 Real estate mortgage
100
6.50 Transportation Bldg. (Chicago) 1st (closed) M. Leasehold 654s. 1941. Offered by Pearsons•
Taft Co., Chicago, P. W.Chapman & Co.,Inc., New York,and Paul & Co.
350,000 Real estate mortgage
100
6.50 Tulsa (Okla.) Masonic Bldg. Ass'n let M. 6545, 1928-34. Offered by American National Co..
Oklahoma City.
1,250,000 Finance construction of building_ _ 100
6.50 Ure Theatre Store and Office Bldg.-Balaban 8r Katz's New Howard Street Theatre (Chicago)
1st M.654s, 1926-34. Offered by Geo. M.Forman & Co.
6.50 Wellington Arms Apts. 1st M.654s, 1927-36. Offered by Geo. M.Forman & Co.
2,100.000 Finance construction of apartment 100
.325,000 improvements to property
6-654 Wenonah Bldg. Co. (Bay City, Mich.) 1st M. 650, 1926-39. Offered by Harris, Small & Co.
Detroit.
265,000 Finance construction of apartment 100
6.50 Wiltshire Apts.(St. Louis,Mo.) 1st M.634s, 1927-36. Offered by Fidelity Bond & Mtge.Co., Chic,
100.48-100 6-654 Woodward Land Co.(Oakland County,Mich.) 1st M.6345,1925-34. Offered by Backus,Fordon
200.000 Improvements to property
& Co., Detroit.
38,2.57,000
Miscellaneous7.00 Columbia River Packers Assn.,Inc. 1st (Closed) M.7s, 1927-39. Offered by True, Webber & Co.,
1.250,000 Acq. Collumbla River Pack. Ass'n_ 100
Chicago; Ralph Schneelock Co., Portland, Ore.; Freeman, Smith & Camp Co., San Francisco.
and Lumbermens Trust Co. Bank, Portland, Ore.
634-7 Knight Sugar Co. 1st M.is. 1925-34. Offered by Palmer Bond & Mortgage Co.,Salt Lake City.
.275.000 Pay curr. loans; working capital__
7.00 Public Drug Co. is, 1927-37. Offered by W. B. Foshay Co.. St. Paul.
100
100.000 Additional capital
6,750.000 Finance construction of building_ _
150,000 Finance construction of building
1.625.000
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Purpose of Issue.
Xenounl.
Public Utilities-, 50,000 Additions and betterments
1,400,000 General corporate purposes
1.250,000 Addne.&Banta.;other corp. purr).
800.000 Consolidation of properties, &a
.500.000 General corporate purposes
Price.
To Yield
About.
100
1001(
9834
100
100
Company and Issue; and by Whom Offered.
7.00 Central Counties Gas Co.( Calif.) 5-Year Cony. 7s, Oct. 1 1929. Offered by Will. R. Stains Co.,
San Francisco.
4.87 Christiania Tramways Corp.(Norway) 2-yr. 5% notes, Oct. 11928. Offered by White, Weld &
Co.; Blair & Co., and Brown Bros. & Co.
6.55 Keystone Telephone Co.of Phila. 1st(Closed) M.Bond-secured 3-yr.6s, Nov. 11927. Offered by
Hemphill, Noyee & Co. and Love, Macomber & Co.
6.00 Platt Valley Pr. & Lt. Co.(Sioux City. Iowa) 2-yr. let lien 6s, Nov. 11928. Offered by Carman,
Fox & Snider, Inc., and PreLster. Quail & Cundy. Inc., Chicago.
6.50 Western Public Service Co.(Colorado Springs, Colo.) 1-yr. mtge. lien 6345,"A," Nov. 15 1925.
Offered by R. E. Wilsey & Co., Inc., Chicago.
4.000.000
Iron, Steel, Coal, Copper,&c.
10134
2.500.000 Acquire Alabama dto
5.55 Sloss-Sheffield Steel & Iron Co.5-yr. purchase money lien 6s, Aug. 1 1929. Offered by Goldman,
Sachs dr Co. and Lehman Bros.
Other Industrial & mfg.400,000 Retire curr. debt; working capital. 100-97.31 534-611 Columbia River Paper Mills (Vancouver, Wash.) Secured 5348, 1925-27. Offered by Lumbermen's Trust Co. Bank, Portland, Ore.
95
7.20 Consolidated Textile Corp. 5-yr. Income subordinated Cony. debenture 6s, Dec. 1 1929. Offered
550,000 Working capital
by company to stockholders; underwritten.
6.10 Standard Gas Equipment Corp. 1st (closed) M. 5-year 65, 1929. Offered by Hambleton & Co.
9934
800,000 Acquisition constituent cos
and Union Trust Co. of Maryland, Baltimore.
1.750.000
Oil- '
354-6 Louisiana 011 Refining Corp. serial deb. 554s, 1925-1929. Offered by Spencer Trask & Co., New
3.500,000 Addns.Sr knots.; working capital-York; Stevenson, Perry. Stacy & Co., Chicago, and Battles & Co., Philadelphia.
6.65 Sinclair Consolidated Oil Corp, 3-yr. 1st lien 6s, -C." Dec. 11927. Offered by Blair & Co., Inc.;
9814c
15,000.000 Reduce bank debt
Elmo, Kinnicutt & Co.: J. & W.Seligman & Co.; Spencer Trask & Co., and Janney & Co:
100
7.00 United Oil Co.(Callfo 1st M.5-yr. cony. is, 1929. Offered by company to stockholders; under1.125.000 Capital expenditures
written by Aronson & Co., Los Angelee,
19,625,000
Land, Buildings, &c.
100
6.50 Chancellor Hotel (Los Angeles) let M.654s, 1926-29. Offered by Lumbermcns Trust Co. Bent,
150,000 Finance construction of hotel
Portland, Ore.
5.50 Joyce Hord (Baltimore),guar. 1st M.5549,Oct.211927. Offered by Mortgage Guarantee Co..Bait. •
100
60.000 Refunding
210,000
Miscellaneous-800.000 Acq. & development of properties_
481.800 Acquire timber lands
554-634 Pacific Dock & Terminal Co. 1st M.& coll. tr. 65.48. 1925-29. Offered by First Securities Co. and
E. H. Rollins & Sons, Los Angeles.
100.57-4.40- (Cora E.) Wheeler lot M.5s, 1925-28. Offered by A. G. Becker & Co.
09.20 I.
5.22
1.081,800
STOCKS.
Par or
Ne.ofShare,
Purpose
of Issue.
Railroads1,168.000 keel.from Sterling Tr., Ltd., Lend
3.608.000 Acq. from Aroostook Constr. Co.
12,600,000 Acquired from private source
a Amount
Price
To Yield
Invoked. Per Share. About.
2,102,400 180
3,067,565
9,891,000
4234
7854
2;080,100 Acq.from Sterling Tr., Ltd.,Lond
1,497,672
72
2,773,500 Acq.from Sterling Tr., Ltd., Lend
1,580,895
57
Company and Issue, and by Whom Offered.
Alabama & Vicksburg Ry. Capital stock. Offered by Spencer Trask Sr Co., CanalCommercial Trust & Savings Bank and Eustis Sr Jones, New Orleans.
Bangor & Aroostook RR. Common stock. Offered by Hornblower & Weeks.
Kis Carolina, Clinchfield & Ohio Ry. Leased Line stock (Atlantic Coast Line RR. Co.
and Louisville & Nashville RR. Co. lessees). Offered by Blair & Co., Inc., Brown
Bros. & Co Equitable Trust Co. of N. Y., White, Weld & Co., Ladenburgh, Thalmann Sr Co., Cassatt Sr Co., Redmond Sr Co., Graham, Parsons Sr Co. and Joseph
Walker Sr Sons.
6.99 Vicksburg, Shreveport & Pacific Ry. 5% Non-Cum. Pref. Offered by Spencer
Trask Sr Co., Canal-Commercial Trust Sr Savings Bank and Rustle Sr Jones, New On,
.a. Vicksburg, Shreveport & Pacific Ry. Common. Offered by Spencer Trask Sr Co..
Canal-Commercial Trust Sr Savings Bank and Eustis Sr Jones, New Orleans.
18,139,532
Public Utilities*6,000 abs. General corporate purposes
1,250.000 Acquisitions; new construction
7,785,700 Refunding; addlas & extensions.
*30,000
Additions & Improvements
490.000
1,250,000
98
9354
12.087,835 155
1,620,000
54
15,427,835
Equipment Manufacturers-.
100,000 Acquisitions; additional equipm'tOther Industrial & Mfg.1,000,000 Working capital
100,000 102
7.85 Conley Tank Car Corp. (Pittsburgh) 8% Cum. Pref. Offered by McLaughlin,
MacAfee Sr Co., Pittsburgh.
1,000.000 100
7.00 American-La France Fire Engine Co. 7% Cum. Pref. Offered by company to stockholders; underwritten.
Botany Consolidated Mills, Inc., Class "A" stock. Offered by Blair Sr Co., Inn,
Brunswick-Balke-Collender Co. (Del.) Common. Offered by Goldman, Sachs Sr
Co. and Lehman Bros.
Continental Can Co., Inc., Common. Offered by company to Preferred and Common
stockholders; underwritten by Goldman, Sachs & Co., Lehman tiros. and C. D.
Barney Sr Co.
De Forest Radio Co. Capital stock. Offered by Jesse L. Livermore, N. Y.
__- Electrical Research Laboratories, Inc.Capital stock. Offered by Stein, Alstrin
SrCo. and Paul H. Davies Sr Co., Chicago.
7.00 Flint Mfg. Co.(Gastonia, N. C.) 7% Cum. Pref. Offered by R. S. Dickinson dr Co..
Inc., Gastonia, N. C.; J. W. Norwood, Greenville, N. C.; Dudes & Marc. Raleigh,
N. C.; Charleston (S. C.) Security Co. E. K. Powe Jr., Durham, N. C.; American
Trust Co., Charlotte, N. C., and First
'National Trust Col, Durham, N. C.
A. E. Hill mfg. (Atlanta, Ga.) Common. Offered by Brannan, Beckham Sr Co.,
Atlanta, Ga.
7.21 Imperial Sugar Co. (Texas) 7%•Cum. Panic. Pref. Offered by Sherwood Sr Co.,
Dunn Sr Carr, Neuhaus Sr Co. and R. D. Webb, Houston, Tex.
Pedigo-Weber Shoe Co. (Sc. Louis) Common. Offerea by Lorenzo E. Anderson
Sc Co., St. Louis.
Sleeper Radio Corp. Common. Offered by Moore, Leonard Sr Lynch and Bauer,
Pond Sr Vivian, Inc.. . Y.
6.68 Standard Paper Mfg. do. 7% Cum. Pref. Offered by Davenport Sr Co., Scott Sr
Stringfellow and State az City Bank Sr Trust Co., Richmond, Va.
3,000.000 Acq.cap.stk.of Botany Worst. M.
*130,000shs Recapitalization of company
2,790,000
8,435,000
4814
4954
*66.313 shs. Working Capital
3,580,902
54
*75,000 shs. Working capital
*26,000 shs. Working capital;expansion
1,575.000
598,
21
23
500,000 Retire current debt; wkg.capital.
65,000 Workingcapital
1.000,000 Refunding; working capital
*4,000 shs. Additional capital
*50,000 shs. Working capital; enlargements_ _ _ _
650,000 Additional capital
7.14 Arkansas Central Power Co. Preferred stock Cum. $7 per share. Offered by W. C.
Langley Sr Co. and Old Colony Trust Co., Boston.
7.48 Broad River Power Co. 7% Cum. Pref. Offered by Pynchon Sr Co., West Sr Co. and
Jackson Sr Curtis.
Edison Electric Illuminating Co. of Boston Capital stock. Offered by company
to stockholders.
7.40 Keystone Telephone Co. of Phila. Preference Stock Cum. $4 per share. Offered by
company to employees and customers; unsold portion offered by Hemphill, NoYee
Sr Co. and Love, Macomber Sr Co.. Philadelphia.
500,000 100
71,500 1.10
1,000,000
97
272,000
68
750,000
15
650,000 105
19,222.402
DEC. 27 1924.]
Par or
No.ofShares
THE CHRONICLE
Purpose of Issue.
Land, Buildings,
200,000 Purchased from Bush Term. Co.._
1.5008115. Finance construction of building__
a Amount
Price
To Yield
Involved. Per Share. About.
200,000
750,000
9806
(D)
2939
Company and Issue, and bit Whom Offered.
7.10 Bush Terminal Bldgs. Co. 7% Guar. Prof. Offered by F. J. USE111012 at CO., N. Y
504 Cleveland News Bldg. Site Land Trust Ctfs. Offered by Union Trust Co., Clevelmid.
950,000
Miscellaneous—
900,000 Working capital
, •
900,000 100
'50.0008118. Expansion of business
250,000
250,000 Expansion of business; new bldg.__
200,000 Additional capital
250,000
1,240.000
5
10(par)
31
7.00 (H. C.) Bohack Co.,Inc.(Brooklyn, N. Y.) 7% Cum,1st Prof. Offered by company
to public.
Liberty Radio Chain Stores, Inc., Capital stock. Offered by Frank C. Stanton
& Co., New York.
7.00 (Burnham) Stoepel & Co. (Detroit) 7% Cony. 1st Pref. Offered by Nicol-Ferd'&
Co.,Inc., Detroit.
Universal Theatres Concession Co. (III.) Class "A" Common. Offered by Stein,
Aistrin & Co., Chicago.
2,640,000
FARM LOAN ISSUES.
Amount.
Issue.
500,000 Atlantic Joint Stock Land Bank of Raleigh
N. C., 5s, 1934-54
3,500.000 Dallas (Tex.) Joint Stock Land Bank 5s,
1933-63
1,000,000 Denver (Colo.) Joint Stock Land Bank 5s,
1934-54
1,000,000 Federal Intermediate Credit Banks 3-Year
Debenture 4068, 1927
500,000 Pacific Coast Joint Stock Land Bank of
Portland, Ore., 5s, 1934-54
950,000 San Antonio Joint Stock Land Bank 5s,
1934-54
7,450,000
Price.
102
Yield.
Offered by.
4.75 Harris Trust & Savings Bank, Chicago.
103
4.60 Lee. HiggineOn & Co. and Illinois Merchants Trust Co.
102
4.75 L. F. Rothschild & Co.; West & Co.; and Guardian Savings & Trust Co.. Cleveland.
10206
4.68 White, Weld & Co.
10106
4.80 Hayden, Stone & Co., and Stevenson, Perry, Stacy & Co., Chicago.
3.85 Salomon Bros. & Hutzler, New York.
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
2.000,000 Province of Buenos Aires (Argentine) Six
Months Treasury 506s, April 1 1925
100.000,000 Government of the French Republic External Loan of 1924 Twenty-Five Year 7%
Gold Bonds, due 1949
102,000.000
Price.
Yield.
Offered by.
4.50 Blair di Co., Inc.; Illinois Merchants Trust Co.,and H1ilsey, Stuart & Co., Inc.
94
7.53 J. P. Morgan dr Co.; First National Bank, New York; The National City Co.: Brown
Brothers & Co.; Guaranty CO. of New York: Bankers.Trust Co., New York; Harris.
Forbes & Co.; Lee, Higginson & Co.; Kidder, Peabody & Co.; Dillon, Read & Co.;
Chase National Bank; National Bank of Commerce in New York; Mechanics *
Metals National Bank; The Equitabel Trust Co. of New York; New York Trust Co.;
American Exchange National Bang; Corn Exchange Bank; Bank of the Manhtttan
Co.; Chemical National Bank: Seaboard National Bank, American Trust Co.. Empire
Trust Co.. United States Mortgage & Trust Co.,'Fifth-Avenue Bank. Title Guarantee
& Trust Co.; Lazard Freres; E. H. Rollins & Sons:. Halsey, Stuart & Co Inc.
Spencer Trask & Co.; White, Weld & CO.; J. & W.Seligman .k Co.; Hayden, Stone
& Co.; Clark, Dodge dr Co.: Bonbright & Co., Ind,;•ehari. D. Barney & Co.; Hailgarten & Co.; Ladenburg, Thalmann Fs Co.; Hemph81, Noyes & Co: J. G. white
Co., Inc.; Kissel, KInnicutt & Co.; W. A. Harrirnifn & Co., Inc.; Redinona & Co.;
Marshall Field, Clore, Ward & Co.; Kean, Taylor & Co.: Callaway, Fish & Co.
L. •Shares
of no par value.
, • a Preferred stocks are taken at par, while in the case of common stocks the amountl a based on the offering Price.
0 A bonus of ten shares of no par value common stock accompanies each $1,000 bond.
c Holders of common stock of record Nov. 17 were given first opportunity to subscribe for the bonds.
$500 for each 1,500-tn interest in property.
Indications of Business Activity 1
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Dec. 26 1924.
The cold stormy weather has hurt trade in parts of the
West, while low temperatures have stimulated sales of some
goods. In some lines transactions are larger than normal.
Retail and holiday trade has not been uniformly good;
storms have impeded transportation. A significant thing is
that the big industries show more life and promise, the
most so in seven or eight months. Iron and steel trade is on
the up-grade at rising prices. Railroads are still good buyers and the automobile constructing, oil and canning industries are buying on a fair scale. The expectation is general
of a better business in steel after the turn of the year. Even
now, though the average operation is about 80% at the steel
mills, a specially favored few are running up to 100%. The
outlook for the iron trade is also to all appearances good.
Copper, tin, zinc and lead show an upward tendency with an
expanding trade. Collections are in the main somewhat better, with Western trade in the van. Talk of $2 wheat,$1 50
corn, $1 75 rye and 75c. to $1 oats grows louder. With its
vastly improved buying power since the grim days of 1920-21
and even as compared with a year ago, it is little wonder
that the West pays more promptly. The coal trade is more
active. Radio and electrical material is in larger demand.
Bid weather, I. e. sleet, snows and intense cold, has caused
regrettable cattle losses at the West. Taking trade as a
whole, advances in prices of commodities quadruple the declines. The distinct excess of advances over declines in
prices has been going on for many weeks past. It may be
partly due to inflation, but it is also in no small degree
traceable to a gradual expansion in trade. Failures have
recently shown a tendency to decline both in number and
amount fo liabilities. Mail order business makes a flattering showing. Jobbers have re-ordered goods on .a fair scale
under the pressure of a growing demand.
The showing in many lines for the week is on the whole
good and it would have been better but for the blowing down
of telegraph and telephone lines. But it is pointed out that
more seasonable weather in not a few sections, the payment
of large sums in the way of bonuses by banking and trading
concerns and the release by banks of Christmas savings
funds, have given an impetus to trade in many articles'in
many big centres. The lumber business has been better and
at the Pacific Coast the tone is cheerful. Car loadings have
continued on a large scale. Leather has been in good demand. Very severe weather has Interfered with building'in
parts of the West and Northwest. The shoe trade is quiet,
the woolen industry lags and wool has been firm but quiet.
Trade in wool is halted by the unsatisfactory condition of the
woolen manufacturing business. At the West retail sales of
most goods make an excellent showing. The steel industry
there is brisk. The indications point to a large demand for
rails, cars and other railroad equipment early in 1925. In
rails especially the outlook is for large Western transactions. One sign of Western trade'expansion is that money
is less plentiful; the slack is being taken up as buying increases under the stimulus of the steady improving financial
conditions. Money is in better demand because goods are in
better demand. The West is gradually returning to normal
conditions. The grain markets have risen during the week
some 2 to Sc. per bushel under the spur of a steady demand
and a belief that Europe must buy on a larger scale, notably
of wheat, of which the world's crop is estimated at some
440,000,000 bushels smaller than last year. It is believed,
too, that Europe will have to buy considerable quantities 'of
rye. It did buy nearly half a million bushels In a single day
and the price advanced some Sc. per bushel. Corn has also
been advancing and the rise would have been greater but for
the unfortunate fact that the crop was largely of a low grade
order and large deliveries of the commoner qualities are
feared. The price of oats has advanced, partly owing to very
cold weather and a larger amount of feeding on the fanas
and elsewhere. The tendency of hog products has also been
towards higher prices. Coffee has risen sharply, owing to
fears of insufficient supplies, rapidly rising Brazilian markets, and talk to the effect that the export duty on coffee
will be increased, perhaps materially, by the Brazilian Government. Moreover, it is said that the financial
conditions
2940
THE CHRONICLE
[VOL. 119.
In Brazil are better, a fact which naturally tends toward Manelta mills were closed all this week, but will reopen on
. greater stabilization of trade and prices. Sugar has de- Dec. 29. The Baldwin mills closed for only a day and a half.
clined with growing evidences of a good crop. The number The Eureka mills closed for three days. At Greenwood,
- of mills grinding in Cuba is noticeably greater than that of a S. C., the mills closed on Christmas eve and will reopen on
year ago. Cotton prices have been irregular, but end slightly Dec. 29. A movement looking toward the collection and
higher than a week ago. A noteworthy circumstance was publication of weekly cloth sales of Greenville, S. C., mills
that notices for delivery of nearly 150,000 bales here and in was launched there, according to a dispatch from that city.
New Orleans to-day were promptly taken up by important At Greenboro, N. C., the Cone group of mills closed for the
Interests, and there was a sharp demand for January. The holidays on Tuesday, Dec. 23, and will resume work on Monexports continue to make an excellent exhibit, though not so day, Dec. 29, but will not be closed for the New Year Day
large of late as at one time recently. The total thus far, holiday. These mills are running full' time and employing
however, exceeds that during the same period last year by about 2,500 persons. At Paterson, N. J., some of the mills
roughly 1,000,000 bales.
planned to close Dec. 20 and not reopen until after ChristThe cotton trade, too, is favored by the fact that some 30% mas. Others plan to do the same on Jan. 1 to take stock.
of the New England mills, according to the latest computa- As there is a good demand for spring silks, none will close
tion, are now benefited by a wage reduction of about 10%. for the entire week. A good movement on millinery fabrics
This certainly makes for a better position in the industry in Is reported. Slipper satins were moving in fair volume and
competing with the South, which has the benefits of close satins were active. Georgettes were wanted in three-thread
proximity to the cotton field and of cheaper labor. Man- construction, plain and combination floral and geometical
chester's prospects for business are also favorable, and this patterns. Printers report a good trade in all lines.
fact will inure to the advantage, naturally, of the American
In New England lighting equipment sales, industrial, comtrade. Also, American cotton continues relatively cheap, mercial and residential, are reported in good volume and
as compared with East India, and while its quality is better better business continues. There have been more active inthan that of the Orient. Moreover, Egyptian cotton is still quiries for quotations on large jobs in the New York district
very costly and it is suggested that some of the higher grade's than for a long time and good sales are generally reported.
of American cotton may have to be used as a substitute. In In the Southeast sales are quiet, but some good orders were
fact, that has already been done to some extent in the tire received from central stations for poles and pole-line hardtrade. Stocks have been active and advancing. To-day ware, and there is a good demand for safety switches. Busithere was another rise, with total transactions approximat- ness is still improving in the Middle West and there has been
. ing 1,500,000 shares, after declining on Wednesday to a little an active demand for cable. On the Pacific Coast building
over 1,000,000, which was not unnatural on the eve of Christ- continues very active, which is reflected in the increased
'mad Day, when so many leave town for the holidays. The business for the electrical trade.
prolonged and remarkable activity and advance in the stock
Marshall Field Co. of Chicago report that Christmas busimarket is widely believed to be not so much due to an un- ness this year has surpassed all records. New York departhealthy era of speculation as to a well-grounded expectation ment store sales in December increased 31/% over those of
of better times in trade, domestic and foreign, of the United last year.
States. Abroad the condition of foreign markets is encourChicago wired that it looks as though the heyday for agriaging both from the financial and commercial standpoint. cultural implement manufacturers is approaching. The
In politics it is noticed that France is going slow in the mat- timely advance in agricultural product prices this
ter of recognizing Soviet Russia. "Safe and sane" politics fall and the resultant recovery of farmers' economic
In fact is the word of order in two hemispheres.
conditions has already materially improved their poBoston wired: "With the reduction in wages lathe cotton sition. As a matter of fact, the industry has been
textile plants of New England a healthier state of affairs surprised with the promptness of buying. At Scranton,
follows. The mills get more business and so give more em- Pa., on Dec. 22 hopes for a break in the strike of 12,000 mine
ployment under the reduced costs. It seems to be only a workers of the Penn and Hillside Coal & Iron Co. got a setmatter Of a short time before all of the New England mills back when the striking miners at the Underwood colliery at
will be operating on the new wage schedule. The Nashua Olyphant refused District President Rinaldo Cappelini's remills and the Jackson mills of the Nashua Manufacturing quest to return to work. The Massachusetts State Board of
Co. have taken the inevitable step which competition is Conciliation and Arbitration has handed down a decision in
bound to force upon all the other mills sooner or later. Al- which the wages of the cutters in the Cutters' Local, Boot &
ready nearly 30% of the 18,500,000 New England cotton spin- Shoe Workers' Union, are reduced 10% in the Brockton disdles are on the new operating basis and fully 30% of the trict. This decision is in line with other cuts in the wages
190,000 operatives estimated to be normally employed are of the sole fasteners and edge makers. The decision affects
working under the reduced wage scale." At Chicopee, some 1,600 operatives employed in 29 factories in the soMass., the Dwight Manufacturing Co., cotton goods manufac- called Old Colony district.
turers, announced a shutdown effective at once for an inBradford, Eng., cabled that Worsted Spinners' Federation
definite period, believed to be about two weeks. The com- will take up the question of short time in woolen mills. It
pany employs 1,500 operatives. At Lawrence, Mass., wool is estimated that 40,000 operatives will be affected if short
men deny that they contemplate cuts in wages, despite the time becomes general in the mills.
statement by Thomas F. McMahon, U. T. W. head, that he
At Lander, Wyo., with 36 degrees below zero at 7 o'clock
had information that woolen mills would do so. At New Saturday morning, was then the coldest spot in the country.
Bedford the mills are, it is stated, running at 80% of normal. In the Southwest, Amarillo, Texas, reported 2 degrees below.
At Methuen, Mass., the Methuen mills now operating full At Chicago it was 6 below, at Kansas City zero, at Omaha
time at wage cut of 10%. It has been running on short time 4 below; at Valentine, Neb., 16 below, and at Oklahoma
for several months. A Providence, R. I., wire said that what City, St. Louis and Indianapolis 2 above. Trains in the
was once declared one of the strongest textile workers' Middle West were running from several hours to more than
unions in Rhode Island came to an end Thursday night, 24 hours late. Over Sunday the temperature dropped to
when remaining members of the Pawtuxet Valley branch of 14 degrees at New York. Intense cold weather following the
the Amalgamated Textile Workers of America voted to dis- blizzard, sleet and rain storms swept from the West to the
band. At Nashua, N. H., the Nashua and Jackson mills will Atlantic seaboard last Saturday and so greatly impeded the
go on a weekly schedule of five days beginning Dec. 29. wotk of restoring rail and wire communications that many
They employ 2,500 workers and have been operating three sections and localities were still virtually isolated on Dec. 20.
days a week. They have reduced wages. At Manchester, Radio aided many cities. The worst of the storm did not
N. H., the Araoskeag mills closed from Wednesday at 5.30 strike New York City.
On Monday it was 16 hero at 1 a. m. and 22 degrees at
• p. m. until next Monday. Claims by the labor leaders that
• the woolen and worsted mills of Lawrence, Mass., would cut noon. In the Northwest and Middle West the intense cold
wages and also increase working hours for all male em- was moderating with snow falls. On Tuesday it was 29
ployees at the first favorable opportunity were denied by here at noon and at 3 p. m. It was 20 at Chicago, 28 at
' representatives of the mills, who said they had -no knowledge Cincinnati, 22 at St. Paul and Kansas City and 18 at Clevewhatever that either a wage cut or an increase in hours is land. Latterly it has been much colder at the West and
even contemplated at their plants.
Northwest. On Christmas Day it was 2 degrees below zero
Greenville, S. C., wired that the Virginia Manufacturing at Milwaukee, 6 below at Chicago and Minneapolis and 20
Co. at Fork Shoals will begin night and day operations about at New York. To-day it was 11 degrees above zero here,
the the coldest Dec, 26 since 1872, when it was 5 above. It
Jan. 15 and asks- for more workers. At Lando,
THE CHRONICLE
November Chain Store Sales in Federal Reserve District
of New York Larger Than a Year Ago.
With regard to chain store sales, the Jan. 1 "Monthly Re-.
view of Credit and Business Conditions" by the Federal
Reserve Agent at New York will have the following to say:
November sales by most types of chain stores continued larger than a
year previous, due partly to the opening of new stores' Sales per store to
ten-cent, drug and dry goods chains were also larger than last year, but
those of grocery, tobacco, shoe and candy chains fell below a year previous.
The following table gives the detailed figures for November as compared
with November of previous years:
Per rent change in
Per cent change
Number of Stores -Dollar Value of Nov. Sales- in Sales per
Nov. 192310
(November 1923 = 100%.) Store Nov.1923
Type of Store.
Nov. 1924. 1920 1921 1922 1923 1924 to Nov. 1924.
Dry goods
+19.6
65
65
80 100 129
+7.8
Ten-cent
+ 7.4
73
74
86
100
113
+.5.4
Grocery
+16.5
71
69
83 100 112
- 3.6
Shoe
+23.8
104
90
93 100 112
- 9.9
Candy
78
74
83 100 103
+ 6.9
- 3.4
+ 4.9
Tobacco,.
100
93
95 100
103
- 1.7
Drug
- 1.6
88
88
93 100
100
+ 1.7
Total
+14.2
74
73
85
100 113
1.3
ville, Kansas City, Mobile, Omaha, Salt Lake City, Savannah and Springfield, Ill., 1%; and Baltimore, Little Rock, Richmond and Washington,
D. C., less than 5-10 of 1%. Memphis and St. Louis showed no change in
the year.
As compared with the average cost in the year 1913, food in November
1924 was 59% higher in Richmond and Washington; 58% in Chicago; 57%
in Baltimore and Birmingham; 56% in New York; 55% in Buffalo and
Providence; 54% in Boston and Detroit; 53% in Buffalo and Providence;
54% in Boston and Detroit; 53% in Charleston, S. C., and Scranton; 52%
in Pittsburgh; Ed% in Fall River, Milwaukee, New Haven, Philadelphia and
St. Louis; 50% in Dallas; 49% in Atlanta, Cleveland, Manchester, New
Orleans and San Francisco; 47% in Newark; 45% in Cincinnati, Jacksonville, Kansas City, Louisville and Omaha; 44% in Indianapolis, Los Angeles and Minneapolis; 41% in Little Rock and Memphis; 40% in Seattle;
38% in Portland, Ore.; 36% in Denver; and 34% in Salt Lake City. Prices
were not obtained from Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St. Paul, Savannah and Springfield,
Ill., in 1913, hence no comparison for the eleven-year period can 'be given
for those cities.
The following tables are also furnished by the Bureau:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE 'UNITED STATES.
Wholesale Trade in New York Federal Reserve District
of Smaller Volume in November This Year
Than a Year Ago.
The Jan. 1 "M mthly Review of Credit and Business Conditions" by the Federal Reserve Agent at New York will
contain the following item on wholesale trade:
November sales of reporting wholesale dealers in this district averaged
7% smaller than a year ago, partly due to fewer selling days this year than
last. Tits band's index of sales from 103% of the computed trend or normal in October to 91% in November.
The dezrease In sales was particularly large in women's apparel and shoes,
but declines occurred also in the sales of groceries, hardware, stationery,
cotton goods and jewelry. Trade in silks, drugs, machine tools, men's
• clothing and diamonds,on the other hand, was larger than a year ago. The
following table compares November 1924 sales with those of previous years:
-Dollar Value of November Sales
(November 1923 =100%1
•
Commo4tity1920
1921
1922
1923
1924
Diamonds
51
61
100
100
108
72
90
110
- Dry goo Is
100
107
(a) Cotton
77
93
105
100
91
(b) Silk
67
88
115
100
123
Machine tools
180
36
95
100
104
Drugs
79
87
99
100
103
Stationery
118
83
87
100
94
Groceries
110
86
98
100
93
Jewelry
116
77
105
100
92
Hardware
100
73
90
100
90
Clothing
78
85
105
100
89
(a) men's
73
100
100
100
104
(b) Women's dresses
81
65
110
100
80
(r) Women's coats and suits
81
84
107
100
78
Shoes
80
117
104
100
85
Weighted average
91
87
102 , 100
93
1922
anuary
?ebruary
darch
tern
day
rune
Filly
kugust
leptember
2ctober
sTovember
)ecember
139
139
141
143
148
151
154
154
152
151
147
145
kverage for yr. 147
1923
ianuary
146
146
February
147
VIarch
kpril
149
152
Vlay
158
rune
161
Flay
162
kugust
162
September
158
Dctober
November
153
152
December
136
135
138
141
146
150
153
153
151
148
144
141
135
134
136
138
141
142
144
142
142
141
139
138
119
118
121
122
124
126
127
125
125
124
123
121
106
106
107
107
107
107
106
104
104
106
105
105
139
140
144
147
147
150
150
150
150
151
151
149
137
140
149
157
164
161
164
167
173
174
157
140
164
173
185
188
191
193
194
189
180
177
172
169
145 139 123 106 157 147 181
142
141
142
145
148
155
159
159
159
154
148
148
123
122
123
123
124
128
130
130
131
130
128
128
139
139
139
140
142
145
148
147
148
146
143
143
107
106
108
105
106
104
106
105
108
108
107
107
140
137
135
135
143
142
149
153
175
163
138
126
147
146
145
145
145
144
145
145
146
146
143
139
168
167
167
168
169
171
171
172
173
172
169
166
97
101
109
107
108
109
109
109
109
111
111
111
173
173
177
177
177
173
168
164
164
163
159
158
145
140
92
92
97
99
104
108
130
157
187
193
108 169 129 125
110
110
110
111
109
109
108
108
113
118
120
120
162
167
168
169
170
166
163
162
164
163
158
157
161
134
112
100
102
103
108
120
141
150
192
188
149
149
149
145
139
141
143
144
145
154
161
168
148
155
161
161
161
161
158
155
148
145
145
148
157
154
155
155
157
157
157
155
155
155
155
154
153
148
146
143
140
140
144
145
147
149
151
154
130
130
130
130
127
130
130
130
130
130
130
133
000.0000000
Ilst..1,
00000
1922
January
February
March.
April
May
June
July
August
September
October
November
December
I
•
194
194
182
171
176
206
212
153
135
129
124
124
113
116
118
122
120
129
138
147
144
144
147
151
120
119
119
120
120
121
121
121
121
122
122
123
125
125
124
124
125
125
125
125
125
125
126
126
p
W.a...4.&WWWWWWWW
-..P.100...1...1WWWWWW
142
142
139
139
139
141
142
139
140
143
145
147
4 4:441.4=44RR
0 0000040N00000
0 VVVVVVVMMWMM
.
.00000
,
0 0000001
0 000000000000
.
154
151
150
150
156
131
128
135
144
147
154
157
All Articles
Coffee Tea Combined
Corn'Pot°
Year
and Month. Chese Milk Bread Flour meat Rice toes
165 132 121 125
Average for yr- 149 147
1923
124 151 124 126
169 154
During the month from Oct. 15 1924 to Nov. 15 1924, 21 articles on which January
124 158 126 127
February
170 154
monthly prices are secured increased as follows: Strictly fresh eggs, 14%; March_
129 185 127 127
168 153
147 193 128 127
storage eggs, 7%; coffee, 6%; lard, 5%; bananas, 3%; butter, flour, corn April
164 153
159 204 128 127
161 152
meal, rolled oats, cornflakes, canned corn and tea, 2%; plate beef, canned May
202 127 128
188
163 152
salmon, oleomargarine, bread, macaroni, rice, canned peas and canned to- June
247 191 127 128
July
164 153
matoes, 1%; and nut margarine less than 5-10 of 1%. Sixteen articles de- August
218 175 126 128
164 154
200 175 126 128
creased in price as follows: Pork chops, 16%; potatoes,
167 157
; cabbages and September
171 193 127 129
174 158
oranges, 5%; onions, 4%; sirloin steak, round steak, leg of lamb and October
153 187 127 129
171 161
November
hens, 2%; rib roast, chuck roast, fresh milk and rains, 1%; and ham, cheese December
153 189 127 129
171 161
and vegetable lard substitute, less than 5-10 of 1%. Seven articles showed
no change in prices in the month. They are as follows: Evaporated milk, Average for yr_ 167 155 155 142 137 109 168 184 127 128
1924
wheat cereal, navy beans, baked beans, granulated sugar and prunes.
January
169 160 155 136 147 113 165 185 128 131
For the year period Nov. 15 1923 to Nov. 15 1924 the decrease in all February
168 157 155 139 147 113 165 187 130 130
articles of food combined was approximately 1%.
March_
166 156 155 139 147 111 165 189 137 130
161 155 155 139 147 113 165 181 140 131
For the eleven-year period, Nov. 15 1913 to Nov. 15 1924 the increase in April
May
'
157
153 155 139 147 114 171 167 142 131
all articles of food combined was slightly more than 43%.
June
155.7 151.7 155.4 139.4 146.7 113.8 194.1 150.9 141.9 130.3
July
155.7 151.7 155.4 145.5 150.0 114.0194.1 152.7 142.3 130.1
Changes in Retail Prices of Food, by Cities.
August
155.7 153.9 157.1 154.6 156.7 117.2 152.9 149.1 145.6 130.3
During the month from Oct. 15 1924 to Nov. 15 1924 the average family September
156.6 156.2 157.1154.5 160.0 118.4 152.9 156.4 148.7 130.5
. 160.0 154.7 132.0
.
157.5156.2 157.1 160.6 166.7
expenditure for food increased in 47 cities as follows: Rochester, 3%; October
160.0 164.4 135.1
Birmingham, Buffalo, Louisville, New York, Norfolk, Philadelphia, Pitts- November __ 157.0 155.1 158.9 163.6 170.0 20.7 129.4
burgh, Portland, Me., Savannah and Washington, D. C., 2%; Baltimore,
Boston, Bridgeport, Butte, Chicago, Cincinnati, Columbus, Dallas, Denver,
Fall River, Houston, Kansas City, Little Rock, Manchester, Memphis, Milwaukee,. Newark, New Haven, New Orleans, Omaha, Peoria, Providence,
Richmond, St. Louis, St. Paul, Salt Lake City, Scranton and Springfield,
III., 1%; and Atlanta, Charleston, S. C., Detroit, Jacksonville, Minneapolis,
Mobile, San Francisco and Seattle, less th'an 5-10 of 1%. Two cities decreased: Los Angeles, 2%, and Cleveland, less than 5-10 of 1%. In Indianapolis and Portland, Ore., there was no change in the month.
For the year period November 1923 to November 1924 27 of the 51 cities
showed decreases: Fall River and Manchester, 4%; Boston, Bridgeport,
Cincinnati, Denver, Los Angeles, Newark, New Haven, Pittsburgh, Providence, Scranton and Seattle, 3%; Buffalo, Butte, Columbus, New York;
Philadelphia, Portland, lie., and San Francisco, 2%; Milwaukee, Portland,
Ore., and Rochester, 1%; and Cleveland, Indianapolis, Minneapolis and St.
Paul, less than 5-10 of 1%. The following 22 cities showed increases:
Houston, 5%; Birmingham, Dallas, Louisville, New Orleans and Norfolk,
; Atlanta, Charleston, S. C., and Peoria, 2%; Chicago, Detroit, Jackson-
118
120
120
118
117
117
119
115
122
133
143
157
Average for yr. 154 150 143 120 107 145 145 169 112 164 135 145
1924
154 149 144 129 110 130 138 166 118 162 158 160
January
152 148 143 128 110 127 136 165 114 165 144 157
February
153 148 144 129 110 128 134 164 111 169 101 151
March
156 151 146 131 110 137 134 165 109 169 93 131
April
May
160 155 148 133 112 142 134 166 108 172 95 120
June
160.2 156.1 148.5 132.5 109.1 143.8 134.1 165.8 107.0 168.5 . 126.9
160.2 155.2 147.0131.3 108.3 144.3 134.8 166.2 108.2 165.7 114.2 129.2
July
August
160.2 156.1 147.0 131.3 108.3 165.7 141.9 173.2 122.2 163.4129.3 126.1
September
188.3 153.8 146.5 130.6 109.1 170.5 145.6 174.3 126.6 165.7 150.4 126.8
155.9 151.1 144.4 129.4 108.3 178.6 148.5 175.1 135.4 164.8 173.0 125.1
October
November
152.4 47.5 142.4 127.5 109.1 150.5 148.5 194.7 141.8 162.0 197.4 127.
1
Increase in Retail Food Prices in November.
The retail food index issued by the United States Department of Labor through the Bureau of Labor Statistics shows
that there was an increase of about 1% in the retail cost of
food in November 1924, as compared with October 1924. The
Index number (1913=100) was 148.7 in October and 150.1
In November, says the Bureau, under date of Dec. 20. Continuing, it says:
SW' •,. , Rib Chuck PlatePorkBwYear
and Month. Stea Steak Roast Roast Beef Chops BaconNam Lard Hens'Eggs ter
...000000000 0 1
-..00WWWWWWW0 0
was 6 below in Chicago. At Reno,'!Nov., it,1wa448,1below.
It was the coldest Christmas at Chicago in 52 years. At
Rock Island, Ill., the Mississippi River is frozen 9 inches
thick.
2941
W
0
DEc. 27 1924.]
146
149
147
144
141
141
142.4
143.3
144.2
146.8
148.7
150.1
Department Store Sales in New York Greater in December of This Year Than Last.
Discussing retail trade the Jan. 1 "Monthly Review of
Credit and Business Conditions" by the Federal Reserve
Agent at New York will state that: "Reports from 17 leading
department stores in New York and Newark on holiday
business between Dec. 1 and 20 show sales 332% larger than
last year." The article will further state:
This increase, however, was due largely to gains reported by three stores,
some of which have increased floor space since a year ago. Sales of most
stores showed little increase or were below last year. In the case of apparel
stores a large increase in sales was due almost entirely to increased store
facilities, as it was generally reported that sales of apparel, especially women's, did not compare favorably with those...of a year.mgo.liAgatill
j
2942
THE CHRONICLE
Most stores also reported customers to be buying carefully and
to be showing a distinct preference for moderately priced goods
and such articles as
home furnishings, rather than jewelty and novelties.
Total sales for the year 1924 for all stores in the district will probably
be
about 4% larger than in 1923, compared with a gain in
1923 of8% over the
previous year.
Complete reports for November showed department store sales about
equal to those of the year previous, except in the large apparel houses, where
store facilities have been greatly expanded during the year. Stocks in
stores other than apparel stores on Dec. 1 were somewhat smaller than a
year previous. The following table compares sales and stocks in November this year with the corresponding month of previous years.
-Net Sales During November- -Stock on Hand Dec. 1(Novem1,er 1923 -- 100%3
(Dec. 1 1923 - 100%.)
1920 1921 1922 1923 1924 1920 1921 1922
-1923 1924
New York
92
88
92 100 100
98
90
91 100
99
Buffalo
106
93 102 100 105 108 101
98 100 103
Newark
88
81
92 100 104 101
88
100
94
103
Rochester
94
86
89 100 101 116
87 100 108
88
Syracuse
102
90
93 100
98 130
92
91 100
98
Bridgeport
107
89
98 100 101 104
97 100 100
99
Elsewhere, 2d
District
99
92
98 100 100
99
90 100
98
92
Apparrel
98
87
97 100 113
87
88 '100 141
84
All stores
94
87
93 100 102
99
90
91 100 104
Man order houses 103
67
91 100 109
-----The distribution of sales In November by major departments,as compared
with the year previous, is shown in the following table. The average sales
check was $3 18, compared with $3 21 in November 1923.
Per cent sales
Per cent change its of each Dept. to
sales over
sales of all
November 1923.
Departments.
Hosiery
+10.2
2.9
Woolen goods
+ 9.2
2.9
Furniture
Men's and boys' wear
+ 4.0
8.7
Women's ready-to-wear accessories
+ 2.8
12.9
Cotton goods
+ 2.5
2.4
Shoes
+ 0.3
3.0
Horne furnishings
- 0.9
18.6
Women's and misses' ready-to-wear
- 2.8
10.9
Silk goods
- 5.5
3.6
Miscellaneous
-F 1.4
28.5
Volume of Railroad Revenue Freight Continues to
Break All Records for the Season.
All previous records for this season of the year are being
broken in the number of cars loaded with revenue freight.
Total loading of revenue freight for the week which ended
on Dec. 13 was 956,761 cars, according to reports filed on
Dec. 22 by the railroads with the Car Service Division of
the American Railway Association. This was an increase
of 57,004 cars' over the corresponding week last year and
77,709 above the corresponding week in 1922. It also was
an increase of 230,687 cars above the same week in 1921 and
154,490 cars above 1920.
refNNW"
For the week of Dec. 13 the total was a decrease of 11,495
cars under the preceding week, due to the usual seasonal
decline in freight traffic at this season of the year. Since
the week of Sept. 21 12.365,004 cars have been loaded with
revenue freight, an increase of 251,681 cars, or 2% over the
corresponding period last year when freight traffic was the
heaviest in history. Additional particulars follow:
Livestock loading for the week totaled 43,210 cars, an increase of 247
cars over the week before and 2,410 cars above the corresponding week
last year as well as 4.707 cars above the corresponding week in 1922.
Grain and grain products loading amounted to 52.651 cars, a decrease
of 1,373 cars under the week before. but 1.981 cars above the same week
last year and 1,666 cars over two years ago. In the Western districts
alone grain and grain products loading totaled 32,493 cars, a decrease of
1,204 cars under the corresponding week last year.
Coal loading for the week totaled 191.854 cars, a decrease of 1,402 cars
under the preceding week, but an increase of 15.726 cars over the same
week in 1923. Compared with the same week in 1922 It was a decrease
of 3.397 cars.
Loading of merchandise and less-than-carload freight totaled 248,297
cars, 737 cars below the week before, but 8.394 cars above the same week
last year and 23,985 cars above the same week in 1922.
Miscellaneous freight loading totaled 325,847 cars, 8.460 cars below the
week before but 23.374 cars above the corresponding week in 1923 and
39,860 cars above the corresponding week in 1922.
Forest products loading totaled 71,855 cars, 1.431 cars under the week
before but 4,474 cars above last year. Compared with the corresponding
week two years ago it also was an increase of 12.027 cars.
Ore loading amounted to 11,734 cars, 1,243 cars above the week before
and 644 cars above last year. It also was 723 cars above two years ago.
Coke loading totaled 11,313 cars. 418 cars above the preceding week and
one car above the corresponding period In 1923. Compared wi.-12 the same
period In 1922, however, it was a decrease of 1,862 cars.
Compared by districts increases over the week before In the total loading
of all commodities were reported In the Allegheny and Pocahontas districts,
with decreases in all others. The Northwestern was the only district to
report a decrease under the corresponding week last year. while all reported
Increases over the corresponding week In 1922 except the Eastern and
Allegheny districts.
Loading of revenue freight this year compared with the two previous
years follows:
1923.
1924.
1922.
4 weeks of January
3,373,965
2,785.119
3,362,136
4 weeks of February - _ 3,617,432
3.361.599
3,027.886
5 weeks of March
4.581,176
4,088,132
4,607,706
4 weeks of April
3,764.266
2,863,416
3,499,210
5 weeks of May
4,876.893
3,841,683
4,474,751
4 weeks of June
4,047.603
3,414.031
3,625.472
4 weeks of July
3.252.107
3,940,735
3,526.500
5 weeks of August
4,335.327
4.843.404
5,209,219
4 weeks of September,.. 4,146,403
3.699.397
4,147.783
4 weeks of October
3.913,046
4,312.650
4.380.149
5 weeks of November
4.668.655
4.889.500
4,972,391
Week of Dec. 6
909.174
968,256
913.921
Week of Dec. 13
956,761
Total
46.980.571
48,319.067
41.677.025
[VoL. 119.
Life Insurance Sales in-November This Year, Though
1% Lower Than in November 1923, Forecast Record
Insurance Year.
Sales of ordinary life insurance in the United States for
November are 8545,152,000 or 1% lower than in November
of last yeas, according to figures just issued by the Life
Insurance Sales Research Bureau of Hartford, Conn. In
spite of the slight decrease, a further analysis of the situation
seems to bear out the forecast of last month-that 1924 wil
be the biggest insurance year in the history of lif2 insurance,
says the Bureau. It further says:
Of the nine geographical sections into which the country is divided,
the
West South Central group shows the greatest increase, 9%. The
New
England, Middle Atlantic. West South Central and Pacific States
also
show increases for November 1924 as compared to
November 1923. The
East North Central, West North Central, South Atlantic,
East South
Central and Mountain reflect the decrease shown in the United
States total.
The Bureau's survey is based on the reports of 81 companies,
which do 88%
of the life insurance business in the United States.
For the first eleven months of 1924, sales for the United States as a whole
are % in advance of those for the same period of last year.
The Middle
Atlantic and Pacific States lead with an increase of 12 and 10% respectively.
The East South Central States are the only ones showing a decrease for
this
period, while the West North Central maintains a record Identical'to that
of
last year.
For the 12 months ended Nov.30 1924. the gain for the United States as a
while is 7% over the similar period of a year earlier. In this comparison.
the
East South Central is the only group which shows a decrease. The Middle
Atlantic and Pacific States increased their sales 11%, the Pacific 10%.
the
East North Cencral and Mountain 6%, the West South Central and New
England 5%, the South Atlantic 2% and the West North Central 1%.
Philadelphia leads the large cities with an increase of 13% for November
1924 as compared with November 1923. For the first 11 months of 1924,
Detroit leads with an increase of 12%.
Factory Payrolls in New York State Gain Slightly in
November.
Wages paid to factory workers in New York State in
November were estimated at $34,248,000 weekly. This is a
gain of 2% over October, when holidays cut into payrolls.
Earnings averaged $27 66, the same as in November 1923,
when employment was 10% above the present level. This
statement is made public to-day (Dec. 27) by Acting Industrial Commissioner Richard j. Cullen of the State Department of Labor. His review of conditions follows:
The tables supplied by the Department follow:
Earnings of Men and Women.
Men were paid an average of $31. Those in the up-State district received $1 less than last year because some of the metal products plants are
still operating at a lower rate. Women's earnings for the State were $17.
an increase of 80 cents over last year. These figures are based on reports
covering 240,000 men and 37,000 women.
Payrolls Up in Metals and Textiles.
Payrolls followed the course of employment rather closely. Metals
and textiles were the main factors in the improvement. The chief expections to this were In the firearms, tools and cutlery division and heating
apparatus. In the latter payrolls dropped very much faster than employment and the workers averaged $3033 in November where they
had earned $33 15 In the previous months. In the foundries and machine
shops earnings rose over 80 cents. The increased activity in steel mills
and railroad equipment shops was evident in the large number of workers
who were taken on this month. Payrolls went up a little more than employment. In the equipment factories on the representative list over
$58.000 more was paid out in weekly wages although the total amount for
this division falls 10% below the figures for November 1923.
Cotton and woolen mills took on Imre operatives. Earnings in the latter
were 90 cents higher than a year ago. Women employed In the cotton
mills averaged $16 96, or $2 25 more than in November 1923, and men
received $1 more. Employees and payrolls In knitting mills and underwear
factories are on a lower level than last year.
The manufacturers of furniture and pianos report good conditions at
present and earnings compare favorably with 1923.
Leather factories continued to increase production gradually but shoe
factories were on the whole less active in November. Armistice Day cut
Into earnings. In the up-State shirt and collar factories women averaged
$13 63, where they had received $3 00 less a year ago.
Reductions in Some Food Industries.
The seasonal nature of some of the food industries of the State was
responsible for large reductions in employment. In the sugar refineries,
however, poor business conditions was also a contributing cause. l'ayrolls were 13% lower this month after a 20% decline in October. Canning
Is nearing an end for this year. The increase in cigar and cigarette factories
was not general. Average wages were about the same except for women
up-State whose earnings fell from $1833 to $13 81 over the year period.
Smaller Increase in Buffalo in November.
Payrolls In Buffalo went up 1%, whereas employment gained 2% over
the October figures. The amount paid out in weekly wages in representative factories in November was $1.816,000. Reductions in working time
went into effect in heating apparatus and automobile plants, but payrolls
In both these industries are higher than a year ago. Additions to the
forces of some machinery shops brought earnings down slightly. In spite
of the large increase in the nnmber employed in the steel mills, earnings
averaged the same as last month.
Increased activity in some of the chemical plants sent payrolls up almost
4% along with employment. Increased activity in slaughter houses resulted
in a $2 gain in earnings.
Activity in Railroad Shops Brings Up Payrolls of Capitol District.
Metals were important in the 2% increase in the payrolls of the Capitol
district. Greater activity in railroad equipment factories where the
weekly wage is $35, brought up the average. Most of the other metal
Industries reported reductions from October.
Some paper goods factories slowed up production but the textile mills
of the district reported a good rate of improvement. although they:still
Due. 271924.]
THE CHRONICLE
are considerably below 1923. Earnings for all textile industries advanced
45 cents from the October average and are 621 64, rather higher than In
November 1923.
Payrolls Rise a Little in Utica.
Payrolls in Utica did not show the same gain as'employment. Textiles,
particularly knit and silk goods, reported a 3% increase in payrolls where
employment had gone up over 4%. While average earnings for the district
are about the same as October, $23 20, they are about 75 cents below
November 1923. At the same time employment is over 10% lower.
Earnings in the brass and copper mills were $3 30 higher after a decrease
in October.
Armistice Day was the cause of a reduction in earnings in the Binghamton
district. Otherwise with the exception of a slight reduction in the shoe
factories there was little change.
Little Change in Syracuse.
Syracuse reported practically the same figures for November as for
October. Both payrolls and employment here are 18% below November
1923. The slight gain in the automobile industry this month made little
change in the unfavorable ratio over last year. For every 100 workers in
these factories in November 1923 there are now 60.
With the exception
of the steel industry which improved as in the rest of the State, metals did
not show an increase. Industrial chemicals lost very slightly in total
wage payments.
Apparels Off in Rochester and New York Ma.
The heaviest loss in the Rochester district came in apparels. Shoe
manufacturers here made rather severe cuts in employment, and payrolls
in the representative factories dropped over $10,000. Some of the reports
covered the week including Armistice Day, which, however, was not generally observed as a holiday. In the clothing factories the reductions this
month were mostly in working time. Earnings dropped from $26 40 to
821 37, which is about the same average as for November of last year.
In spite of seasonal reductions in canning and preserving. this branch of
the food industries of Rochester is well above 1923. Earnings in some of
the chemical plants went up slightly.
Seasonal reductions in the clothing factories of New York City were
most important in the employment situation. Payrolls in the clothing
factories fell off 11%, twice as much as employment. The dull seasons of
various sewing trades overlapped. Women's clothing manufacturers
started to curtail operations this month and modistes were less busy.
Almost all millinery shops reduced forcos, but a few making straw hats
employed more workers. Men's neckwear and shirts were still kept up
by the Christmas trade.
The metal industries here are 9% below November 1923 in employment
and a little more in payrolls, Factories making metal containers, hardware, valves, gas and electric fixtures were more active. Clock and lens
manufacturers reported that they were busier after rather dull recent
months. Jewelers not only used more workers, but paid out more in wages.
Earnings were $33 15 as compared with 631 50 for 1923.
Improvement in Metals in Brooklyn.
Improvement in the metal industries in Brooklyn offset employment
and payroll losses in clothing and food products. The 6% gain in payrolls indicates that factories are more active this month and is not due only
to holiday reductions in October.
Wood workers earned 626 66 where
last month they had received $2 less.
The following tables are furnished by the Department:
AVERAGE WEEKLY EARNINGS NOVEMBER 1924,
AU Employees Shop Mani..
Total N. Y. Total State.
IndustryState. City. Men. Women
Stone, clay and glass products
$2864 $37 13 $31 14 515 32
Miscellaneous stone and mineral products
31 42 49 35
Lime, cement and plaster
31 10 31 36 30 91 2027
Brick, tile and pottery
24 97 31 56 26 17 15 02
Glass
28 02 32 79 32 07 13 46
Metals, machinery and conveyances
30 14 29 47 30 90 17 74
Gold, silver and precious stones
29 87 33 15 32 73 18 54
Brass, copper, aluminum, dec
27 77 27 96 28 97 18 51
Pig Iron and rolling mill products
33 69
34 30 18 01
Structural and architectural Ironwork
32 56 36 65 .3080
•
Sheet metal work and hardware
27 77 26 57 30 06 15 62
Firearms, tools and cutlery
•
24 43
25 02 14 58
Cooking, heating and ventilating apparatus
30 42 31 40 30 23
•
Machinery (including electrical apparatus)
30 13 29 58 2085 18 59
Automobiles, carriages and aeroplanes
32 08 34 46 31 91 17 11
Cars, locomotives and railroad repair shops
32 65 33 39 32 56 24 11
Boat and ship building
31 86 31 50 31 47
Instruments and appliances
26 42 27 01 28 72 16 46
Wood manufactures
28 36 29 98 29 99 16 13
Sawmill and planing mill products
28 45 30 89 28 43 14 46
Furniture and cabinet work
28 43 34 40 29 35 16 14
Planes, organs and other musical Instruments
31 38 33 61 33 20 16 87
Miscellaneous wood and allied products
24 67 23 19 20 02 1580
Furs, loather and rubber goods
24 13 30 42 28 47 15 87
Leather
23 72
_
24 44 15 32
Furs and fur goods
40 04 4004
41 59 26 54
Boots and shoos
22 24 29 33 25 46 15 28
MIseellanemis leather and canvas goods
27 24 32 46 33 70 15 51
Rubber and Butts percha goods
27 77 27 59 31 49 17 42
Pearl, horn, bone, celluloid, hair, &c
22 98 24 87 25 59 13 94
Chemicals, oils, paints, dre
28 55 27 98 31 71 17 55
Drugs and chemicals
28 08 22 58 30 32 15 97
Paints, dyes and colors
27 15 27 87 27 42 15 31
Animal and mineral oil products
28 07 30 02 31 60 17 01
Miscellaneous chemical products
29 99 28 74 33 96 18 67
Paper
28 47
28 09 14 41
•
Printing and paper goods
'33 46 35 80 38 86 18 09
Paper boxes and tubes
25 00 26 78 28 60 17 10
Miscellaneous paper goods
25 86 27 59 27 28 1593
Printing and book making
36 37 38 63 40 68 18 89
Textiles
22 32 23 43 26 77 16 05
Silk and silk goods
1951.1.
21 01 27 74 14 94
Wool manufacturers
27 96 16 87
Cotton goods
21 91
22 30 16 96
Cotton and woolen hosiery and knit goods
18 83
2868 15 27
Other textiles and allied products
24 13 25 01 26 94 17 01
Clothing, millinery, laundering, dee
23 69 27 77 30 50 17 17
Men's clothing
24 87 30 70 27 83 15 53
Men's shirts and furnishings
18 63 27 44 27 82 14 77
Women's clothing
30 16 31 66 37 60 22 26
Women's underwear and furnishings
21 24 22 11 30 95 18 61
Women's headwear
27 62 27 62 31 27 21 09
Miscellaneous sawing
20 13 20 54 27 92 1651
Laundering, cleaning, dyeing, deo
19 57 20 63 28 62 15 15
Food, beverages and tobacco
25 69 26 13 30 47 16 90
29 94 29 50 29 42 14 66
Flour, feed, and other cereal products
Fruit and vegetable canning and preserving
21 19 35 15 27 38 13 25
29 42 30 37 32 53 15 17
Groceries not elsewhere classified
30 47 32 65 30 77 13 35
Meat and dairy products
25 RO 28 13 30 68 15 08
Bread and other bakery products
22 40 22 93 26 86 16 63
Confectionery and lee cream
32 70 38 14 32 53 12 40
Beverages
21 05 22 50 28 51 19 73
Cigars and other tobacco products
34 32 33 38 34 34
Water, light and power
•
• -ota!
$2766 $2942 $3101 $1701
weeki7 er.rrin-1 not computed because number of employees too small.
COURSE
2943
OF
EMPLOYMENT IN REPRESENTATIVE FACTORIESNOVEMBER 1924.
-Percentage of Change fromOctober. 1924.
November 1923.
EmPay-EmParIndustry-p145/eel, rolls. plovers.
rolls.
Stone. clay and glass products
-1.3 -1.3 -8.3 -12.0
Miscellaneous stone and mineral products*
+3.6
+1.7 -9.6 -11.2
Lime, cement and plaster
-0.6 -2.8 -6.6 -9.9
Brick, tile and pottery
-7.6 -6.1 -5.2 -13.3
Glass
+3.8 -11.8 -14.0
+2.7
Metals, machinery and conveyances
+3.4 -12.1 -13.9
+2.1
Gold, silver and precious stones
+3.9 -11.0 -14.4
+0.8
Brass, copper, aluminum, dee
+2.2
+8.4 -5.9 -4.9
Pig iron and roiling mill products
+8.4 -14.9 -16.0
+6.8
Structural and architectural Iron work
+1.2 -12.7 -14.6
+2-2
Sheet metal work and hardware
+3.0
+3.5 -12 5 -9.1
Firearms, tools and cutlery
-2.6 -5.9 -20.8 -26.5
Cooking, heating and ventilating appliances
-2.9 -9.7
+3.4 -3.6
Machinery (including electrical appliances)
+2.7 -7.1
+0.7
-9.4
Automobiles, carriages and aeroplanes
+1.0 -0 2 -20.1 -18.2
Cars, locomotives and railroad repair shops_.
+6.0
+6.2 -16.1 -19.3
Boat and ship building
+10.7 +31.4 -22.4 -31.8
Instruments and appliances
+2.7 -15.7 -16.2
Wood manufactures
+1.0
-7.4 -5.6
+4.1
Saw mill and planing mill products
-2.0
+3.2 -14.4 -15.6
Furniture and cabinet work
+1 6
+1.8 -2.6
+1.3
Pianos, organs and other musical instruments
+4.7 +10.4 -5.7 -3.0
Miscellaneous wood and allied products
-1.2
+0.9 -9.6 -8.4
Furs, leathers and rubber goods
-0.1 -6.4 -6.8 -6.0
Leather
+2.0
+2.6
+2.6
+0.5
Fur and fur goods
-1.1 -0.3 -10.5 -2.1
Boots and shoes
-12.2 -9.0 -8.0
Miscellaneous leather and canvas goods
+0.2 -0.8 -9.2 -7.7
Rubber and gutta pereha goods
+5.4
17.0 +16.4 +23.5
Pearl, horn, bone, celluloid, hair, ass
4.8 -11.0 -11.7
+2.1
Chemicals, oils, paints. dee
1.1 -7.8 -6.1
-0.2
•
Drugs and chemicals
-0.1
+1.1 -12 8 -11.1
Paints, dyes and colors
-0.9
+2.4 -0.3
+1.7
Animal and mineral oil products
+0.4
-8.2 -5.8
+1.1
Miscellaneous chemical products
-1.1
+0.6 -5.6 -1.6
Paper
-1.7 -0.9 -6.6 -4.4
Printing and paper goods
+4.9
+0.2
-3.8
Paper boxes and tubes
11.7 -6.1
-1.0
+0.2
Miscellaneous paper goods
3.7 -1.7
-1.4
+0.2
Printing and book making
5.4 -6.3 -4.7
+0.7
Textiles
+2.8 -13.3 -13.9
+2.0
Silk and silk goods
-1.3 -3.6 -21.8 -23.1
Wool manufactures
+2.2 -9.1 -11.1
+2.0
Cotton goods
4-6.6
-9.9 -8.4
+7.6
Cotton and woolen hosiery and knit goods
+2.6 -17.6 -22.2
+2.8
Other textiles and allied products
+1.1
+5.9 -8.6
-4.7
Clothing, millinery, laundering. dcc
-3.7 -10 4 -8.7 -6.4
Men's clothing
-6.7 -13.3 -1.9 -5.0
Men's shirts and furnishings
+4.7 -17.2
-7.8
+3.1
Women's clothing
-10.0 -22.9 -9.7 -9.4
Women's underwear and furnishings
-0.9 -0.6 -5.1
-1.7
Women's headwear
-2.6 -3.3 -6.3 -4.8
Miscellaneous sewing
+2.2
+6.2 -12.7 -7.6
Laundering, cleaning, dyeing. &e
+0.6 -7.6 -4.4
-0.2
Food, beverages and tobacco
-3.7
+0.9 -5.8 -3.5
Flour, feed and other cereal products
+2.0
+0.8
-0.1
+3.0
Fruit and vegetable canning and preserving
+4.4
-24.8 -`21.0 +11.8
Groceries not elsewhere classified
-10.8 -6.9 -6.7 -6.1
Meat and dairy products
+8.6 -6.2 -7.8
+0.4
Bread and other bakery products
-5.6 -2.4
Confectionery and lee cream
-3,2
-E.
Ittl -13.1 -7.9
Beverages
-16.3 -12.5 -10.5 -9.7
Cigars and other tobacco products
+2.3
+3.0 +13.7
Water,light and power
+0.7
+1.7 -2.4 -3.5
Total
+0.5 -9.6 -9.11
+0.1
Unless otherwise indicated, all changes are illerellaCe.
•Change of leas than 0.05%.
Advance Report by Federal Reserve Bank of Philadelphia on Steel and Iron Foundry Operations For
November.
The Federal Reserve Bank of Philadelphia, through its
Department of Statistics and Research, made public yesterday (Dec. 26) the following statistics of steel and iron
foundry operations in the Philadelphia Federal Reserve
District for November 1924:
Reports received by this bank from six steel furnaces located In the
Third Federal Reserve District indicate that during November total
production and tonnages of both shipments and unfilled ordes were slightly
less than they were in the preceding month. On the other hand, supplies
of raw materials all were heavier than they were in October, the greatest
increase occurring in stocks of pig iron. In the table below are shown the
various operating items of these foundries whose combined capacity output
of steel totals 6,850 tons per month.
STEEL FOUNDRY OPERATIONS,THIRD FEDERAL RESERVE DISTRICT.
November.
Capacity of furnaces
Production of steel castings
Shipments
Value of shipments
Unfilled orders
Value of unfilled orders
Raw stock:
Pig iron
Scrap
Coke
6,850 tons
4,070 tons
3,122 tons
$514,125
4,836 tons
81,071.570
October.
Per Cent
Change
6,850 tons
4,131 tons -1.5%
3.190 tons -2.1%
6538.240 -4.5%
5,501 tons -12.1%
8945.453 +13.3%
3,499 tons 1,911 tens +83.1%
11.970 tons 11,121 tons +7.6%
815 tons
628 tons +29.8%
In the table below are presented the principal operating statist ca of 31
iron foundries in this district whose combined iron making capacity totals
13,050 tons per month. It will be noted that during November,shipments
and unfilled orders, both in value and tonnage, were noticeably less than in
the preceding month. Practically the only increases noted occurred in
production of malleable iron and in stocks of pig Iron and scrap.
IRON FOUNDRY OPERATIONS,THIRD FEDERAL RESERVE DISTRICT.
November.
Capacity of furnaces
Production of castings
Malleable Iron
Gray iron
Jobbing
For further manufacture
Shipments of castings
Value of shipments
Unfilled orders
Value of unfilled orders
Raw stock:
pig iron
Scrap
Coke
October.
IMO
Per Cent
Change.
13,050 tons 13,050 tons
5,143 tons 6,019 tons -14.6%
789 tons +10.4%
871 tons
4,272 tons 5.230 tons-18.3%
2,916 tons 3,476 tons -16.1%
1.356 tons 1,754 tons -22.7%
4,066 tons 5,100 tons -20.3%
5707,654 $ 852,825 -17.0%
0,911 tons 3,302 tons-11.8%
$512,885 $560,577 -8.6%
9,093 tons 8.341 tons +9.0%
3,213 tons 3,002 tons +7.0%
1,967 tons 2,207 tons -10.9%
THE CHRONICLE
2944
Increase in November Sale of Life Insurance in Canada.
One million three hundred seventy-four thousand dollars of
insurance was sold in Canada each day during November,
according to figur s just published by the Life Insurance
Sales Research Bureau of Hartford, Conn. The actual
volume of sales, based on the reports of companies doing
83% of the Canadian business, if $34,357,000, an increase
of 1% over November of last year. Of the provinces, New
Brunswick shows the greatest gain, 29%, and British Columbia came next with a 22% gain. The Bureau adds:
For the first 11 months of 1924, the gain for Canada as a whole is 8%•
Ontario and Quebec show the greatest gains, 11% each.
For the 12 months ended Nov. 30 1924 as compared to the preceding 12
months the gain for Canada as a whole is 8%. New Brunswick leads the
provinces with a gain of 19%. Prince Edward Island and Saskatchewan
show decreases for this period as compared to last year.
Of the cities. Quebec shows the greatest gain over last year both for the
month of November and for the 11 months ended Nov. 30. The other large
cities all show gains for the 11 months of 1924 compared to 1923.
New Automobile Models and Price Changes.
The Gardner Motor Car Co. of St. Louis will introduce at
the New York Automobile Show a series of new straight-inline 8-cylinder models with 5-passenger enclosed types
priced at $1,995. The company previously manufactured
4-cylinder models exclusively, listed at from $995 up.
It is also announced that the Moon Motor Car Co. will
soon introduce a new line of straight 8-cylinder models to
augment their present line of 6-cylinder cars. The prices of
the new models have not been decided upon to date.
The Cadillac Motor Car Co. announced a new coach with
a Fisher body on the standard V-63 chassis, to sell at $3,185.
Quiet Prevails in Petroleum Markets.
Throughout the week little change of consequence occurred
except that on Dec. 20 the Humble Oil & Refining Co. reduced crude oil prices in the Ranger field to the same levels
as those fixed in September by the Prairie Oil & Gas and other
companies. The price is now $1 25 per barrel against the
former price of $I 35 per barrel for oil of 36 gravity and above.
Humble also posted $1 25 per barrel for the new Wortham
crude oil.
The Northwestern Pennsylvania refiners on Dec. 20
advanced the price of motor gasoline Xc. per gallon.
Oil Production Continues to Increase.
The American Petroleum Institute estimated that the daily
average gross crude oil production in the United States for
the week ended Dec. 20 was 1,986,400 barrels, as compared
with 1,977,300 barrels for the preceding week, an increase of
9,100 barrels. The current figure is also an increase of
42,150 barrels per day over that of the corresponding week
of 1923. The daily average production east of California
was 1,375,900 barrels, as compared with 1,374,300 barrels
the previous week, an increase of 1,600 barrels. California
production was 610,500 barrels, as compared with 603,000
barrels; Santa Fe Springs is reported at 49,000 barrels, against
50,000 barrels; Long Beach, 126,000 barrels, against 128,000
barrels; Huntington Beach, 40,500 barrels, against 41,000
barrels; Torrance,45,000 barrels, no change,and Dominguez,
54,500 barrels, against 45,000 barrels. The following are
estimates of daily average gross production for the weeks
indicated:
PRODUCTION.
Crude
[VoL. 119.
a notable revival of demand since early November, and now
the tin plate mills are promised a much fuller operation in
the next six months than there was reason to look for some
weeks ago, continues the "Age" report, giving further details
as follows:
Sheet mills have been actively operated this month, the American Sheet
& Tin Plate Co.running at 85% of capacity last week,and the independents
at practically the same.
Recent tin plate orders by the large can companies amounted to 6,300.000
boxes for shipment between February and June, and 1925 now has the appearance of an unusual tin plate year, especially in food container sizes, in
view of the short pack of 1924.
Output of steel will be at substantially to-day's rate through the holidays. except for a steel works shutdown on Christmas Day. In the Pittsburgh and nearby districts there will be a number of suspensions of rolling
mills, though not of steel works, in the two days following.
The Carnegie Steel Co. has started up one blast furnace each at its Edgar
Thomson, Farrell, Pa., and Bellaire, Ohio, works. The Pittsburgh Steel
Co. has put on its second furnace and the Pittsburgh Crucible Steel Co. will
start one next week.
While new buying of finished steel was not large, specifications have come
in well through the week,some consumers asking for January shipment of a
good part of the material bought for first quarter. '
Automobile companies have placed fair orders for sheets and strip steel.
some covering only for January and others for February or a full quarter.
Parts makers in some cases are increasing operations and ordering steel more
freely.
More oil tank work is coming out at Chicago, and 30,000 tons of plates
will go into tanks for the new Wortham, Texas, field. Chicago also has
the first plate inquiries from shipyards in months-3.000 tons for a Lake
vessel and 4.000 tons for a Pacific liner.
The Southern Pacific's order for 55,000 tons of rails is expected to go to
the Colorado and Alabama mills. There is also more than 10,000 tons of
track supplies. The Pere Marquette has placed 10,000 tons of rails, the
Soo Line 10.000 tons, and the Kansas City Southern 6,000 tons. The
New York Central has placed 10,000 tons of tie plates.
The Steel Corporation has secured a 6,000-ton rail order from the South
African Railways, at a price indicating that European mills have advanced
their quotations several dollars a ton in recent weeks.
Following the reported purchase of 3,000 tons of Belgian rails by the
Detroit Toledo & Ironton is the further report that the order is to be or
has been increased to several times the original amount.
Prospective increase in cost, owing to the advance in wages of workers in
the Connellsville coke region, was the chief factor in advances of pig iron
prices ranging from 50c. to $1 per ton. Buying has continued in some
centres and for the week included a round tonnage—variously put at
30,000 to 60.000 tons—taken by a radiator company. 25,000 tons of basic
by a Kentucky steel company. 40,000 tons of various grades sold in the
Cleveland district and about 25,000 tons in the East. Part of the buying
was for delivery in the second quarter of next year.
Sellers look on some of the inquiry that is still up for second quarter iton
as speculative, and are not hastening to close. There are indications also
that speculative buying was a factor in the largo sales of November.
The improved position of pig iron sellers is reflected in the statistics of
the American Pig Iron Association. Sales in November were 874,000 tons,
and shipments. at 348.000 tons, were 27.000 tons more than output.
Unfilled orders on Nov. 30 were 1.432.000 tons, against 872.000 tons on
Oct. 31. Stocks at merchant furnaces were 867,000 tons at the end of
November, compared with 895,000 tons on Oct. 31 and 918.000 tons at the
end of September.
In Germany a semi-finished steel syndicate has been formed, which will
function from Jan. 1. Syndicate for bars, rails, plates, shapes. &c., are
nearing completion.
Pig iron, according to the "Age," composite price, has advanced to
$22 09 from $21 67 last week. $2 80 higher than in midsummer.
Finished steel is higher, the composite price advancing from 2.531c. last
week to 2.546c. per pound.
The usual composite price table is as follows:
Dec. 22 1924. Finished Steel. 2.546c. per Pound.
iDec. 16
,,2.531c.
Based on prices of steel bars, beams,tank1924
2.517c.
plates, plain wire, open hearth rails. Nov. 25 1924
2 775c.
black pipe and black sheets, constitut- Dec. 24 1923
tog 88% of the United States output__ 10-year pre-war average. 1.689c.
Dec. 22 1924, Pig Iron, $22 09 per Gross Ton.
$21 67
Based on average of basic and foundry Dec. 16 1924
20 54
irons, the basic being Valley quotation, Nov. 25 1924
21 85
the foundry an average of Chicago. Dee. 24 1923
10-'ear pre-war average __ 15 72
Philadelphia and Birmingham
1924 to date—finished steel: high, 2.78 c., Jan. 16: low, 2.460c.. Oct. 14.
1923, high. 2.824c.. April 24; low. 2.446c.. Jan. 2. Pig iron-1924 to date,
high, 1t22 88, Feb. 25; low. $19 21, Nov. 3; 1923: high, $30 86. March 20:
low, $20 77, Nov. 20.
The iron and steel industry is winding up 1924 with production on a high plane, with bookings heavy and active and
with prospects, altogether, the most promising of any year
since the war, declares the "Iron Trade Review" on Dec.
25. Mills and furnaces are filled with orders to the extent
that the present or a greater gait of operations is assured for
the first quarter at least. In some lines, certain mills are
obligated with 50% more tonnage than one year ago. Compared with 1923 and 1924, which also began with promises
that were not fully realized the new year is starting with an
unusually favorable combination of fundamental factors
Steel promising strong business, continues the "Review," adding:
DAILY AVERAGE
Dec. 20 '24. Dec. 13 '24. Dec. 6 '24. Dec. 22 '23.
(In Barrels.)
374.700
526.550
529.300
520.100
Oklahoma
71.050
86.800
86,300
85.650
Kansas
66.250
90,900
92.200
92.350
North Texas
176.600
176.300
178.850
200.050
Central Texas
54.550
55.450
51.250
North Loui.iana51.550
118.150
110.950
110.350
110.
Arkansas
Gulf Coast and South93.100
132.300
132.450
132,600
west Texas
111.500
105.500
109.000
108.500
Eastern
Wyoming, Montana and
152.000
89.050
84,300
74.000
Colorado
726.350
598.000
603.000
610.500
California
1,944,250
1.974,800
1.977,300
1.906,400
Total
Continue in Iron and
Markets.
As the year draws to a close, steel mills and steel markets
continue to give evidence of firmness in prices, and of the
improved position of order books and mill schedules. The
more confident leaders in the industry now speak with more
assurance concerning the first six months of 1925, whereas
recently their expressions were limited to the first quarter,
says the "Iron Age" on Dec. 25.
The expectation of a continuance in the early months of
1925, of the rail and car demand of the railroads is one reason
for increasing confidence. The sheet industry also has seen
•
Favorable
Conditions
Works activities have continued to expand and their normal modification
at the holiday season will be less this year than usual. The Carnegie Steel
Co. is putting on 3 more blast furnaces. making 7 in all added in two weeks.
Three more stacks have been started at Chicago where ingot output Is
averaging 57%. Youngstown sheet mills will reopen Dec. 29 with 100%
of capacity active. General steel production is placed at 80 to 85%•
The "Iron Trade Review" composite of 14 leading Iron and steel products
closes the year with another gain which raises it to $40 70, the highest point
since June. One year ago the composite stood at $43 03 and two years ago
at $40 65.
Steel prices are gathering strength steadily. Semi-finished material has
grown scarcer for first quarter delivery and has advanced $2 or more.
Leading makers of sheet bars are well sold up to April 1. One round lot
went in the week at $38. Pittsburgh, a later tonnage at 539 and small quantities at $40. Various producers now are asking $40. Plates are firmer with
DEC. 27 1924.]
2945
THE CHRONICLE
$1 advance this week by a leading Pittsburgh producer to 1.ft5c., minimum.
Most mills are holding at 2.00c.
English and domestic makers of ferromanganese have advanced prices
to $110 seaboard, duty paid, following liberal sales of the alloy at the old
figure of $105.
Plate bookings at Chicago have been unusually brisk, originating from
railroad car and oil tank requirements. A number of other lots of this
character are in the market. Chicago tin plate mills are filled up for the
first half with the result that consumers there are applying to Pittsburgh for
tonnage at a cost substantially $3 higher.
Building steel awards again have gone to a high total this week or 54,795
tons. Three jobs, alone call for 37.000 tons including 18,000 tons for a
bridge at Pittsburgh and 10.000 and 9,000-ton buildings at New York.
The volume of work actively pending or definitely planned is heavy, aggregating several hundred thousand tons. At least 75,000 tons is in prospect at
Chicago with a like total pending in the East.
Indications are at least 10,000 more cars will be placed before January by
the Missouri Pacific, Burlington, Baltimore & Ohio and other roads. New
car orders include 2.000 by the Louisville & Nashville. The Baltimore &
Ohio has inquired for 3,000. The Soo Line and the Pere Marquette have
bought 10.000 tons of rails each and the complete Southern Pacific order
calls for 60,000 tons. The leading producer at Chicago this week booked
26,000 tons of tie plates in addition to other track fastenings.
The coke market is higher and unsettled. Spot and first quarter coke is
quoted from $4 25 to $5, following the wage advance.
Scrap buying has been active at higher prices. Heavy melting steel is
bringing $22 at Pittsburgh and Youngstown where sales the past week are
estimated from 100,000 to 125,000 tons.
Higher coke prices have given pig iron another boost and a further advance of 50c. to $1 per ton is general this week. Buying is pressing forward
into second quarter, the most notable instance being the 60.000 tons placed
by the American Radiator Co. but on account of the uncertainty over coke
masts, the furnaces are acting warily so far ahead. Chicago prices are up to
$23 50 with $24 in sight.
We suggest further that the Department of Commerce establish a service
in Brazil for receiving this statistical information of coffee,from the Federal
and State Governments, assuming that their co-operation will be obtained,
and transmitting it periodically together with any pertinent information
obtainable through their own efforts.
An official information service *ill place the -United States distributer on
an intelligent trading and working basis and will automatically eliminate
much of the speculation and manipulation of the coffee market, which is so
often a disturbing factor. If this suggestion seems an undue tax on the
Department's Brazilian representatives as compared with the claims of other
Industries, is it not justified by the outstanding position of coffee over all
the other interests?
Second.-That the Department of Commerce suggest to the Brazilian
or Sao Paulo Government, the establishment of a permanent Brazilian
service in.this country through which the coffee interests of Brazil might be
kept correctly and fully.informed at all times of the public's attitude and or
marketing comditions here, and which would keep in close personal touch
with all matters involved in coffee distribution. This would doubtless lead
to policies founded on far more solid ground than present policies.
Third.-That the Department of Commerce approach Brazilian or Sao
Paulo authorities with the suggestion that some revision in present policies
be made for the bestinterests of the coffee trade in both countries. We are .
unwilling.to go on record in any way as favorind artificial regulation of
supply but. If regulation is deemed necessary by Sao Paulo it should be •
flexible enough to prevent such wide price fluctuations as the present or extreme 10vr of 1921. &condition offixed supply and variable demand must
result in: wide fluctuations. Without doubt some further revision of the
present policy can be made which would eliminate these wide fluctuations.
Nothing is more important to the Brazilian planter or moreirnportant in the
full development of the industry than that there may be at all times an ,
ample flow of coffee to the United States consumer at a fair and reasonable
cost.
Fourth.-That the Department of Commerce encourage increased coffee
production in the known producing countries and investigate the possibilities
in Porto Rico, Cuba, Hawaii and countries not now producing and if these
are favorable, urge upon American capital the development of these possihilities: We are too dependent now on Brazil for Our coffee needs. Our
eggs are too much in one basket. To assure ourselves of the necessary
supply to meet the constantly growing demand at a,fair and reasonable
price, we should encourage coffee production in other countries.
Secretary of Commerce Hoover Urged by National
Coffee Roasters' Association to Assist Trade in
Remedying High Coffee Costs.
A brief in which the Department of Commerce at Wash•
•
ington is requested to "assist the American coffee trade in
Lumber Production for Year 1923.
seeking any possible remedy for present high costs of coffee,"
The National Lumber Manufacturers Association on Dec..
has been presented to Secretary of Commerce Hoover by 15 issued certain statistics on the production of lumber durFelix Coste, Secretary of the National Coffee Roasters' Asso- ing the year 1923. The report was• sent out from Washingciation. The brief suggests that the Department of Com- ton, and reads as follows:
merce "approved the Brazilian Federal Government or the
Lumber production in 1923, as reported by the Bureau of the Census in a
Sao Paulo Goveinment or both for co-operation in making recent release, of 37,165,540 M feet for 14,302 mills, confirms the estimate
made by the National Lumber Manufacturers' Association just one year ago,
available to United States coffee distributors . . . of- of
38,000,000 lf feet to 40,000,000 Id feet for the country as a whole, the
ficial and hence reliable statistical information:" further, total number of sawmills operating being probably between 22,000 and
25,000.
The proportion of the output of mills reporting to the Census Buthat the Department suggests to the Brazilian or Sao Paulo
to the estimated total, has been about 90% in past years.
Government "the establishment of a permanent Brazilian reau,
This estimate of the National Lumber Manufacturers' Association was.
service in this country through which the coffee interests of based on the reports of subscribing associations which are published in the
Brazil" might be informed "of the public's attitude and of "National Lumber Trade Barometer."
The following is taken from the report of Census of. Manufactures, 1023,
marketing conditions here:" thhd, that the Department
of Commerce, issued for release Dec. 15 1924:
approach Brazilian or Sao Paulo authorities with the sug- Department
The Department of Commerce announces that according to the data colgestion that some revision in present policies be made for the lected by the Bureau of the Census in co-operation with the Forest Service,
best interests of the coffee trade in both countries:" and Department of Agriculture, the production of lumber, lath and shingles in
the United States during 1923 was as follows: Lumber, 87,165,540 11 feet
fourth that the Department encourage increased coffee b.
m., an increase of 17.7c as compared with 1922; lath, 8,328,013 thouproduction in the known producing countries and urge upon sands, an increase of 18.2%; shingles, 7,506,869 thousands, a decrease of
American capital the develoPment of these possibilities. 7.7%.
The lumber cut for 1923 in the West Coast States was the largest ever .
Mr. Coste in a statement regarding his action, made public reported,
and the total output for the United States was,the largest since
Dec. 20, said:
1916.
I have Just returned from Washington where on behalf of the National
Coffee Roasters Association I presented to Secretary of Commerce Hoover a
brief containing a request that the Department of Commerce assist the
American coffee trade in seeking any possible remedy for present high costs
of coffee. With the brief we presented a number of recommendations comprising a plan which we believe, if carried out, will be of great benefit to the
coffee interests of this country and Brazil.
At the conclusion of the conference Secretary Hoover stated that other
organizations of coffee distributors had consulted him and that he considered the matter one of great public interest. He expressed himself destrolls of a thorough analysis by the Department of the delegation's suggestions.
The delegation which called upon Mr. Hoover included Alfred Beckman,
Secretary ol the Nat.onal Chain Store Grocers' Association, Bcrent Friele,
manager of the coffee department of the Atlantic and Pacific Tea Co.,
F. R. Seemann of Seemann Brothers, who represented the National Wholesale Grocers' Association and myself.
As a result of the conference. Dr. William L. Schurz, United States Commercial Attache to Brazil, who has been in this country on leave of absence,
has been ordered immediately back to Brazil, and will sail from New York
to-morrow on the "Western World." Upon his arrival at Rio, he will go at
once to Sao Paulo to confer with the State authorities there upon the suggestions made by the American coffee men.
The National Coffee Roasters Association presented to Secretary Hoover
the following plan as part of a brief which states that if the plan is carried
out it would prove a great help to the coffee interests of America and Brazil:
First.-That the Department of Commerce approach the Brazilian Federal Government or the Sao Paulo State Government, or both, for cooperation in making available to United States coffee distributors (Brazil's
and Sao Paulo's best customers) official and hence reliable statistical information, so absolutely necessary to intelligent trading. This should include
entire facts as to stocks in the port warehouses and the Interior warehouses,
weather conditions, condition of growing crops. etc.: also official and conscientious estimates of plantation stocks, if any, and of prospective yield of
the coming crop, etc. There can be no objection to furnishing this information to the last detail, when it is once realized in Brazil that the large interests of the coffee industry are Joint interests. In the long run the Brazilian
and United States coffee interests prosper or suffer together, dependent
upon the right or wrong policies of either. The trade here is too large, too
important, to continue longer on the unsound basis, due to lack of facts, on
which it is now and any policy that will make possible intelligent sound
trading in this country must bring ultimate_benefit also to the Brazilian
producer.
The two predominating woods were Southern yellow pine, which con,ear, and Douglas fir,
tributed 34.8% of the total production reported for the)
which contributed 22.1%, their nearest competitor being Western yellow
pine, with 7.5%. With the exception of cypress, the cut of which decreased
5.7%, all the principal species showed increases for 1923 as compared with
the preceding year.
Stocks of lumber on hand at the mills Jan. 1 1923 were reported as
9,749,769 31 feet, and Dec. 31 1923 as 10,648,087 H feet.
Detailed statistics are presented in the following tables. The figures for
1923 are preliminary and subject to such correction as may be found neeessary upon further examination of the returns.
PRODUCTION OF LUMBER BY STATES IN 1923 AND 1924.
Na. of Mills.
State.
.
United States
Washington_
Oregon
Louisiana
Mississippi
California and Nevada_b
Alabama
Texas
Arkansas
Georgia
Florida
North Carolina
Idaho
South Carolina
Wisconsin
Michigan
Virginia
Tennessee
West Virginia
Minnesota
Montana
Maine
Pennsylvania
New Hampshire
New York
Kentucky
Indiana
Missouri
Ohio
All other States.
1.923. 1922.
Lumber Cut (Feet B. M.).a
1923.
1922.
Inc.(+)
or
Dec.(-)
14,302 13,166 37,165,540,000 31,568,888,000 +17.7%
499 519
-459 464
310 282
785 715
214
222
1,038 765
244
240
535
540
962
729
221
194
1,080
872
168
144
484
434
268
264
172
185
970 837
502
618
283 285
151
147
117
100
400
406
752
708
255 221
698 794
348
339
332 318
.301
284
344
345
1,294 1.311
6,677,656,000
3,966,083,000
3,554,212,000
2,690,976,000
2,118,094,000
1,786,493,000
1,559,263,000
1,537,533,000
1,149,391,000
1,110,333,000
1,095,925,000
1,072,930,000
1,070,397,000
1,007,414,000
833,295,000
770,771,000
661,436,000
639,514,000
551,592,000
426,917,000
375,678,000
361,068,000
255,009,000
235,993,000
196,033,000
189,415,000
178,810,000
151,522.000
941.787.000
5,836,277,000 +14.4%
3,023,768,000 +31.2%
3.386,000,000 +5.0%
2,267,695,000 +18.7%
1,720,556,000 +23.1%
1,457,608,000 +22.6%
1,542,708,000 +1.1%
1,382,032,000 +11.3%
809,391,000 +32.0%
980,014.000 +13.3%
936.248.000 +17.1%
857,581,000 +25.1%
854,799,000 +25.2%
775,540,000 +29.9%
656,952,000 +26.8%
617,493,000 +24.8%
485,979,000 +36.1%
554,277,000 +15.4%
511,744,000 +7.8%
303,458,000 +40.7%
362,224,000 +3 7%
333,289.000 +83%
180,706,000 +41.1%
222,257,000 +6.2%
210,360,000 -6.8%
148,569,000 +27.5%
201,849,000 -11.4%
136,877,000 +10 7%
812.(137_11(10 -1-is am.
a Not Including production of m lls cutting less than 50,000 ft. b Not shown
separately in order to avoid,disclosing the operations of individual mills.
2946
THE CHRONICLE
PRODUCTION OF LUMBER, BY KINDS OF WOOD. 1923 AND 1922.
1923.
Kind of Wood.
Yellow pine
Douglas fir
Western yellow pine
Oak
Hemlock_
White Pine
Red gum
Maple
Cypress
Spruce
Redwood
Cedar
Yellow poplar
Larch
Birch
Chestnut
White fir
Sugar pine
Elm
Beech
Tupelo
Basswood
Cottonwood
Ash
All other
1922.
% DisQuantity
% MsQuantitY
(Feet, B. M.). tributton .(Feet, B. M.). tribution
12,948,687,000 34.8% 11,500,771,000 36.4%
8,222,860,000 22.1% 6,831,580.000 21.6%
2,804,632,000 7.5% 2,080,994,000 6.6%
2,027,704,000 5.5% 1,605,154,000 5.1%
1,872,739,000 5.0% 1,534,641,000 4.9%
1,571,598,000 4.2% 1,382,755,000 4.4%
808,461,000 2.6%
1,016,279,000 2.7%
639,781,000 2.0%
842,046,000 2.3%
868,952,000 2.8%
819,260,000 2.2%
731,371.000 2.3%
757.749,000 2.0%
565,965,000 1.8%
592,500,000 1.6%
334,083,000 1.1%
364,829,000 1.0%
273,971,000 0.9%
353,156,00
1.0%
274,589,000 0.9%
351,538,000 0.9%
263.094,000 0.8%
351,244,000 0.9%
310,801,000 1.0%
349,671,000 0.9%
297,727.000 0.9%
329,792,000 0.9%
194,067010 0.6%
228,556.000 0.6%
142,702,000 0.5%
205,780,000 0.6%
163,448,000 0.5%
190.907,000 0.5%
158,938,000 0.5%
174,912,000 0.5%
134,168,000 0.4%
173,169,000 0.5%
113,829,000 0.4%
157.939,000 0.4%
130,735,000 0.4%
148,974,000 0.4%
226,311,000 0.7%
309,019.000 0.9%
[Vol,. 119.
stove in popular demand, the keenness of the call for the latter being less
noticeable, due in part to the breaking down of egg by some producers.
Pea continues sluggish and steam sizes move slowly. With the double
purpose of taking care of the demand for chestnut and moving pea coal,
one of the large companies has introduced what it calls "special chestnut,"
a mixture of two-thirds chestnut and one-third pea, quoted at $8 30 per
gross ton f.o.b. mine.
The "Coal Age" index of spot prices of bituminous coal advanced one
point during the last week, standing on Dec. 22 at 170, the corresponding
price for which is $2 06, compared with 169 and $2 04, respectively, on
Dec. 15.
A marked reaction in activity was in evidence at Hampton Roads during
the week ended Dec. 18, when dumpings of coal for all accounts totaled
400.188 net tons, compared with 479,099 tons in the preceding week.
Production of Coal in November.
The following table from the records of the United States
Geological Survey presents the best figures now available
on the production of coal in November and during the first
11 months of 1924 with comparative figures for the 11
preceding years. In studying these figures it should be
remembered, it is pointed out, that the figures for 1923 and
1924 are estimates based on preliminary reports of cars
Total
37.165,540,000 100.0% 31,568,888,000 100.0%
loaded and are subject to revision upon completion of the
STOOKS OF LUMBER ON HAND AT MILLS.
Quantity (Feet, B. M.). final annual figures as reported by the operators. The
Dale9,749,769,000
Jab, 1 1923
10,548,087,000 figures in the table for years prior to 1923 have been revised
Dee. 31 1923
and now stand as final. Experience has shown that the
margin of error in the estimated annual totals has usually
No Change in • Coal Trade Conditions-Demand
been
in the neighborhood of 2%, but that in years of unusual
Continues Dull. •
depression or activity, or in which important strikes occur,
bituminous
during
the
past
markets
of
the
country
.The
it might be as high as 3 or even 3.5%.
Week have dragged along as they have- been dragging for
PRODUCTION OF COAL IN NOVEMBER AND DURING THE FIRST
many weeks with nothing of interest to report. • The in11 MONTHS OF THE LAST 12 YEARS.
ventory period and- the approaching New Year have reduced
Bituminous (Nil Tons).
Anthracite (Net Tons).
what little momentum the market had. But there is no
Year.
Total
to
Total to
generally,
pretty
felt
that;
amount
of
pessimism.
It
is
great
November.
Nov. 30.
November.
Nov. 30.
business will show improvement in 1925, declares the "Coal
1913
43,233,000
436,915,000
7.668,000
84,021,000
Trade Journal" on•Dec. 24, adding:
1914
33,392,000
386,842,000
7,878.000
83,244,000
396,812,000
8,514,000
44,737,000
80,933,000
In New York cot:Willem remained 'virtually the same as they have been. 1915
1916
44,927,000
458,423,000
7,790,000
80,321,000
There was possibly a greater tendency towards firmer prices, but spo.; buying 1917
507,754,000
a8,453,000
47,690,000
a92,252,000
was all that took place:there was no real business. Zero weather in Chicago 1918
539,202,000
a6,803,000
43,895,000
a91,430,000
glutted
prepared
coal
but
Eastern
1919
gave the domestic market a better tone.
428,625,000
19,006,000
7,870.000
80.003,000
52,576,000
515,410,000
7,527,000
81,195,000
. the market. Screenings, however, from all fields were scarce and with 1920
1921
36,805,000
384,272,000
7.110,000
84,270,000
bevy demand Continuing prices should show further advances. There 1922
8,695,000
46,900,000
374,180,000
45,940,000
was no improvement. in sales in the Boston market, but a slightly firmer 1923 b
42,911,000
505,564,000
7,746,000
87,744,000
40.734.000
423.184.000
6.776.000
82.838.000
tone In tidewater bituminous-prices due to cleaning up distress tonnage. 1924 5
Hail coal was still slow. Trade in Baltimore continued dull. Pittsburgh
a Years of unusually large washery production. b Subject to revision.
reported new business lagging and coal shipments gaining. The PhilaIf the November rate of output is maintained during
delphia market was also dull, as were those of St. L011iff. Columbus and
Louisville. The demand for mriblreresi continued in Cincinnati, but the December, the preliminary estimate of total production in
rest of the market was weak. Superior-Duluth, however, reported a 1924 will be approximately 464 million tons. The records
Continuance Of good business with the Head of Lakes dock companies
busier than they have been for several years. In that section the demand show that in only 5 of the 11 preceding years has production
for Pocahontas is still a feature.
been that low. Examination of the table shows that up
The Lake season virtually- closed in the week that ended Dec. 14. During
to the end of November 1924 it was
that week 76,824 net tons of.bituminous coal were dumped. 73,871 of
14,000,000 tons behind 19131 6,000,000 tons
19l9136,000,000 tons ahead 1914
cargo.coal and 2.953 of vessel fuel. In the corresponding week of 1923 35,000,000 " " 1916192,000,000 "behind
" 1920126,000,000 " " 1915
duppings totaled 48,567 tons. From the beginning of the season to Dec. 14 85,000,000 " " 1917183,000,000 " " 1923139,000,000 " " 1921
cumulative dunapingS totaled'22;947:798 tons, a decreaseof 6,776.522 tons, 116.000.000 " " 19181
149,000,000 " " 1922
or 23%. Compared with the average of the four preceding years, however,
the decrease was only a slight one.
At Hampton Roads duinpinge of bituminous coal for the week that ended Bituminous Coal and Coke Outputs Gain-Anthracite
Dec. 13 totaled 413.997 net tons, a decrease of 49,335 tons. This decrease
Declines Because of Holiday.
wait dime principally to a failing oif in export tonnage of 22.873 tons and in
production
of both bituminous coal and of coke during
The
tons.
14,399
England
of
New
' cargoes consigned to
The anthracite markets remained'quiet. In New York tile'thermometer the week ended Dec. 13 made slight gains, the former an
dropped on Saturday last, stimulating the detnand for domestic coal and increase of 111,000 tons and
the latter 18,000 tons, aeccording
helping the retail trade. But the demand was too recent to be reflected
In the wholesale market as this is written. In Boston there was no improve- to statistics just issued by the U. S. Geological Survey. The
ment in demand. Philadelphia reported no change and the holiday lull ottput of anthracite, on the other hand,fell 42,000 tons below
has spread lethargy throughout most of the other anthracite consuming
the record for the previous week, owing to the obserVance of
, •
sections.
With the end of'the yeafin sight the usual pre-inventory a church holiday on Dec. 8. Further details of interest
attitude of hesitancy pervades the coal market-no one, which appeared in the Survey are appended hereto:
The rate of production of soft coal changed but little in the week ended
apparently, desires to place any orders that can possibly Dec. 13. and appears to have found a level near the
10,700,000-ton mark.
hold
off
This
disposition
to
month.
next
estimates place the total output at 10.723,000 net tons, an
until
Preliminary
be,deferred
tons.
111,000
increase
of
attendant
haa created a condition of oversupply with all the
The number of cars loaded daily shows that production on Tuesday,
evils of no bills, distress coal and a softening tendency in Dec. 9 was curtailed by the miners' election day in the Central Western
important
factor,
is
an
course,
States.
prices. the weather, of
The average daily rate of output now stands at the 66610 level as that
and this at last seeras in a fair way to come, at least tempo- late
in February and close to that for the corresponding week of 1922.
almost
after
an
man
coal
harassed
the
rarily, to the rescue of
It is still far below that for 1920.
untirecedented stretch of mild temperature, abcording to Estimated United States Production of Bituminous Coal (Net Tons) Including
Coal Coked.
which on Dec. 25 issued the
924
923
• the "Coal Age" of New York,
Cal. Year
Cal. Year
following resume of market conditions:
One of the most interesting developments of the season in the bituminous
coal industry was the announcement last week of a 25% increase in wages
by independent operators in the Connellsville region of Pennsylvania,
bridging the scale to the peak level of 1920. Special significance attaches
to the action of these producers in view of the effect it will have on the
miners in adjacent regions, who will le less likely now than ever to ask for
an abrogation of the Jacksonville agreement and a lower Wage such as will
enable the mines to resume active operation. Orders for the blowing in
of nearly 2,500 ovens by the Connellsville plants have been given, which
would seem to substantiate In striking fashion the reports of steady improvement in the Iron and steel trade. The note of confidence in the
Inditstrial prospect gains steadily in strength, Judge Gary being one of the
latest prophets of prosperity just ahead.
'Prade in anthracite on the whole lacks strength, demand being such
' that supplies are More than sufficient to take care of requirements. Lower
temperatures 'a;nd Mirtailment of output by labor difficulties have been
, .steadying influentesIn independent prices, tAtip evep they could not prevent
•slight sag in quotations from last week. Chestnut has forged ahead of
Week.
to Date.
Week.
to Date.a
Nov. 29
9.640,000 423,185,000
8.943.000 504,371,000
Daily average
1.865.000
1.504.0001,767,000
1,793.0,
Dec.6
10,612,000 433,797,000
9,829,000 514,200,000
1,791.000
Daily average
1,769,000
1,510,000
1,638.600
Dec. 13 b
10,723.000 444,520,000
9,9:36,000 524.136.000
1,788.000
Daily average
1,787,000
1.515,000
1,656,000
a Minus one day's production in January to equalize the number a
days in the two years. b Subject to revision.
Production of soft coal during the first 293 working days of the calendar
year 1921 was 444.520.000 net tons. In the six preceding years it was
as follows:
Years of Depression.
Years of Activity.
441,016,000 not tons
1918
559,857.000 net tons 1919
398.548,000 net tow
1920
541.658.000 net tons 1921
399,679.600 not tons
1923
524,136,000 net tons 11922
This it is seen that from the viewpoint of soft coal production, 1924
stands far behind each of the years of industrial activity. In considering
these figures, however, It should be remembered that a considerable part
of the output In those years was added to storage, whereas during the
DEC. 27 1924.]
THE CHRONICLE
•
present year coal has flowed steadily out of storage. Compared with the
year 1919 there has been an increase in production of about 3,500,000
tons, and with the years 1921 and 1922, when production was sharply
curtailed by an acute industrial depression and a miners' strike of long
duration, there has been an increase of about 46,000,000 tons.
ANTHRACITE.
2947
lines of the principal coke carriers place the total output at 192.000 get
tons, an increase of 18.000 tons, or more than 10%. The recoils slum
that this was the largest weekly output since'May 1. The present rate bf
production, however, is still 20% below that prevailing a' year ago.
According to the Connellsville "Courier," production in the Connellsvilie
region was marked by a sharp gain and totaled 141,260 tons. The
"Courier" notes that while the gain was shared by both the furnace slid
merchant plants, the furnace plants showed a much larger increase fn
output.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1924
1923
Dec. 13 Dec. 6 Dec.. 15
to
to
1924.b
Date.
1924.a
1923.
Date.c.
Pennsylvania & Ohio__146,000 127.003 192.000 6,916.000 14.022,000
West Virginia
10,000 12.000
479.000
16.000
1.006.000
Ala Ky., Tenn.& Ga. 19,000 20.000 15.060
802.000 • 1,044.000
Virginia
8,000
8,000
8.060
398.000
703,000
Colorado & N Mexico_ 5,000
4.000
249.000
5.000
357.000
Washington & Utah_
4,000
3,000
4.000
200.000
259.000
The production of anthracite declined to 1,772,000 net tons in the week
ended Dec. 13. This decrease of 42.000 tons appears to have been due
largely to the celebration of a church holiday on Dec. 8. and shipments
on that day were but little more than half a normal Monday's loadings.
Work was resumed promptly on Tuesday, and the total loadings on the
five days remaining exceeded somewhat those of the corresponding days
of the preceding week. Comparison with the corresponding week of
1923 shows that the present level of weekly production is 175,000 tons
below that last year.
Estimated United Slates Production of Anthracite (Net Tons).
1924
1923
United States total 192,000 174,000 240.000 9,134,000 17,391.000
Yr. to Date
Week Ended—
Week.
Week.
Yr. to Date
Daily32.000 29,000 40,000
31.000
58,000
Nov.29
1.611,000 82,838,000
1,691,000 86,115.000
a
Subject to revision. b Revised from last report. c Less one day's
Dec. 6
1,814.030 84,652.000
1.837.000 87.952.000
Dec. 13
1,772.000 86,424,000
1,947,600 89.899,000 production in New Year's week to equalize production for the two years.
Cumulative production of beehive coke during 1924 to Dec. 13 stood at
BEEHIVE COKE.
9,134,000 net tons. Figures for similar periods in earlier years are asfollows:
The production of beehive coke continued to improve in the week ended 1920
20,079,000 net tons 1922
7.473,000 net tons
Dec. 13. Estimates of the total output based on shipments over the 1921.
5,387,000 net tons 1923
17,391.000 net tons
. •
Current Events and Discussions
The Week With7the Federal Reserve Banks.
for these member banks aer always a week behind those for
The consolidated statement of condition of the Federal the Reserve banks themselves.
Reserve banks on Dec. 24, made public by the Federal . All classes of loans and discounts show increases for the
Reserve Board and which deals with the results for the twelve week; loans on U. S. Government securities, $12,000,000;
Federal Reserve banks combined, shows an increase of loans on corporate securities, $3,000,000, and "all other,"
$112,600,000 in holdings of discounted bills and of $52,700,- largely commercial,loans and discounts,$2,000,000. Due to
000 in acceptances purchased in open market, together with the issuance of U. S. Treasury bonds on Dec. 15, holdings of
a reduction of $26,300,000 in Government security holdings. these bonds went up $289,000,000. Holdings of Liberty
Total earning assets went up $139,100,000 to $1,331,900,000, bonds were reduced by $50,000,000, Treasury notes by
Federal Reserve note circulation went up $70,300,000 and $129,000,000, and certificates of indebtedness by $124,000,total deposits $54,900,000, while cash reserves went down 000. Investments in corporate securities show an increase
$51,100,000 and non-reserve cash $2,800,000.
of $3,000,000.
An increase of $81,100,000 in discount holdings is reported
Loans and discounts of the New York City members were
by the Federal Reserve Bank of New York; Boston reports $11,000,000 higher than the previous week; increases of
an increase of $12,700,000, Philadelphia of $12,300,000, $8,000,000 in loans en U. S. Government securities and of
San Francisco of $5,500,000 and Richmond of $3,000,000. $9,000,000 in loans no corporate securities being offset in
The Cleveland Bank shows a.decline of $5,200,000 in its part by a decline of $6,000,000 in "all other"iloans and disdiscount holdings, while the remaining banks show relatively counts. Investments of these bans in U. S. Treasury bonds
smaller changes for the week. Holdings of paper secured were increased by $153,000,000 and in corporate securities
by U. S. Government obligations increased by $80,800,000 by $4,000,000, while holdings of Liberty bonds were reduced
to $239,200,000. After noting these facts, the Federal by $47,000,000, Treasury notes by $87,000,000, and certifiReserve Board proceeds as follows:
cates of indebtedness by $81,000,000. Further comment reLarger holdings of acceptances purchased in open market are shown by garding the changes.shown by these member banks is as folall Federal Reserve banks, except Philadelphia and Minneapolis, which
report a total decline of $700.000. The largest increases in acceptance lows:
holdings for the week are as follows: New York 811.300,000, San Francisco
$9,500,000, Chicago $7,400.000. Dallas 85,500,000 and St. Louis 55,400.000.
The System's holdings of Treasury certificates declined 837,500.000, while
holdings of U. 8. bonds went up 810,200,000 and those of Treasury notes
$1,100.000.
All Federal Reserve banks show the usual holiday expansion in Federal
Reserve note circulation, the increase aggregating 870,300,000 for the
System as a whole. The principal increases in this item were as follows:
New York 518.600,000, Cleveland 810.900,000, Boston, $3,300,000, Philadelphia $8,500,000, San Francisco $5,600,000, Atlanta $4,800,000 and
Richmond $4,500.000.
Of the aggregate reduction of $44,000,000 in net demand deposits, $13,000,000 each is shown for the Philadelphia and Chicago districts. $9,000,000
for the Richmond district, 88,000,000 for the Cleveland district, 57,000.000
each for the Boston and Minneapolis districts, 56,000.000 for the New
York district and $2,000,000 for the San Francisco district. These reductions were partly offset by small increases in the St. Louis, Kansas City,
Dallas and Atlanta districts. Time deposits show a decline of 510.000.000
and Government deposits an increase of $95,000.000. The New York
City membersreport increases of $2,000,000 in time deposits and of512,000,
000 in Government deposits.
Reserve deposits with the Federal Reserve banks were Increased by
$25.000,000 and cash in vault by $17,000,000, the New York City banks reporting increases of $33,000,000 and 58,000,000. respectively, under these
heads.
The statement in full, in comparison with the preceding
week and with the corresponding week last year, will be
found on subsequent pages, namely, pages 2986 and 2987.
On a subsequent page—that is, on page 2987—we give the
A summary of the charges in the principal assets and liabilities figures in full contained in this latest weekly return of the
of the Reserve banks during the week and the year ending member banks of the Reserve System. In the following is
Dec. 24 1924 follows:
furnished a summary of the changes in the principal items as
Increase (i) or Decrease (—)
compared with a week ago and with last year:
During
Week.
Year.
Total reserves
—$51,100.000 —$140.000.000
Gold reserves_
--41,300,000 --158,300.000
Total earning assets
+139.100.000
+34,200.000
Bills discounted, total
+112.600.000
—460,700.000
Secured by U. 8. Govt. obligations
+80,800.000
—202,600,000
Other bills discounted+31.800.000
258,100,000
Bills bought in open market
+52.700.000
+53.200,000
U. S. Govt. securities total
—26,300.000
+433.700.000
Bonds
+10,200.000
+51.200,000
Treasury notes
+1,100,000
+277.300,000
Certificates of indebtedness
—37,500,000
+105,200,000
Federal Reserve notes in circulation
+70,300.000
—398.600,000
Total deposits
+54.900,000
+373.300,000
Members' reserve deposits
+8,100,000
+348,400,000
Government deposits
+49.600,000
+15,300,000
Other deposits
—2,800,000
+9.600,000
Borrowings of all reporting institutions from the Federal Reserve banks
increased from $110.000,000 to $133.000,000.
Increase (+) or Decrease (—)
D ring
Week,
Year.
Loans and discounts total
+517,000,000 +51.033.000.000
Secured by U. S. Govt. obligations— +12,000.000
—34.000.000
Secured by stocks and bonds
+3.000,000
+777.000,000
All other
+2.000.000
+290.000.000
Investments, total
—11.000,000 +1.061,000,000
U. S. bonds
+239.000,000
+678.000.000
U. S. Treasury notes
—,129.000,000
—323.000.000
U. B. certificates of indebtedness
—124,000.000
+20.000,000
Other bonds, stocks and securities
+3,000.000
+686.000.000
Reserve balances with F. 11. banks
+25.000.000
+339,000.000
Cash in vault
+171000.000
+3.000,000
Net demand deposits
—44,000,000 +2,066.000.000
Time deposits
—10,000,000
+758.000.000
Government deposits
+95,000.000
—15.000.000
Total accommodation at F. R. banks
+23.000.000
—337,000,000
with the Member Banks of the Federal
Reserve System.
Increases of $6,000,000 in loans and investments, of $95,000,000 in Government deposits and of $23,000,000 in accommodation at the Federal Reserve banks, together with Premier Baldwin Outlines Scheme to Protect British
Industries—Subsidy on Empire Food.
a decline of $54,000,000 in net demand and time deposits,
are shown in the Federal Reserve Board's weekly consoliPrime Minister Stanley Baldwin outlined his scheme for
dated statement of condition on Dec. 17 of 739 member developing empire trade in an address in the House of Corn• banks in leading cities. It should be noted that the figures monS, Dec. 17. In the main, he proposes the
enactment of
The
Week
2948
THE CHRONICLE
[VOL. 119.
In publishinethe above, the New York "Times," in its
• the imperial preference resolutions adopted at the last
Imperial Economic Conference, and the extension of the issue of Dec. 23 said in part:
The statements made'by M. Jusserand went far to clear up doubts
scope of the Safeguarding of Industries Act so that any Which
may have existed concerning conversations between the Ambassador
Industry which can prove itself "substantial and efficient" and Secretary Mellon and discussions of the French debt problem before
comthe
American World War Debt Commission, particularly as Treasury
will be entitled to "general protection against unfair
officials admitted to-day that the willingness of the United States to
petition due to depreciated currency, longer hours of labor, grant
a moratorium had been one of the main points under consideration.
or lower wages." Special cable advices to the New York
Discussing the attitde of President Coolidge toward the
"Times" reported Mr. Baldwin's speech in the following intimations of a moratorium, the New York "Journal of
manner
Commerce" had the following to say in part is Washington
After declaring that the Trade Facilities Act and the export credits
23:
scheme would still stimulate trade, he announced the introduction of a new advices Dec.
Safeguarding of Industries Bill next year. There was no intention, he said,
to use this as a wedge for the introduction of protection, but it Would be
based on the following Principles:
Any industry desiring to be safeguarded must be one of substantial importance and must be efficient. It must be subjected to exceptional competition arising from such things as depreciated exchanges, bounties or
subsidies, lower wages or longer hours in foreign countries. It might also be
fair to take into account differences in taxation.
"Any duty, in my view,levied under the Safeguarding of Industries Act,"
said Mr. Baldwin, "should be general and not particular. One method of
discriminating duties against a particular country has its drawbacks in
working.
"If you put on a general duty there is no breach of the most favored nation
clause in treaties. It would certainly be our intention in any duty we imposed under the Safeguarding of Industries Act:that the preference on those
duties should be given to the Dominions.
"So far as the proteetion of any industry goes in this Parliament, the only
avenue open to them is the avenue through the Safeguarding of Industries
Act."
Notice was served on France to-day by President Coolidge that the
time has come to talk plainly with respect to the funding of that nation's
war debt to the United States and to abandon informal conversations
on the subject. It was indicated at the White House that the Administration did not intend to respond to French feelers on the question of a funding
arrangement.
With reference to a speech made here this week by Ambassador Jusserand, in which he stated, in effect, that France must have a moratorium
and preferential treatment in order to liquidate its debt to this country,
the President let It be known that he could not comment upon statements
made to the people of the United States by the French Ambassador,
American Debt Policy.
White House spokesmen pointed out that the American debt policy
was stated in the law creating the Funding Commission, but added that
this policy had been modified in order to obtain a debt settlement with
Great Britain and that it had been wise to do so. Mr. Coolidge feels,
It was reported, that it would be for the American Debt Commission to
decide whether any further modifications in the present policy should be
made.
that the specific
Proceeding, Mr. Baldwin proposed to allocate L1,000,000 Emphasis was placed at the White House upon the fact
for funding terms with France had been made by M. Jusper annum to the development of trade within the empire, • suggestions
Coolidge let
Mr.
Debt
Commission.
the
to
serand in a speech and not
• with the special view of increasing in the United Kingdom the It be known that if the French Government would make funding proposis
to the Commission it would then be possible to Indicate whether they
consumptioit of food produced in the Empire. He said:
President could
• We all rec.ffIze that whatever may happen in exchange or imports from should be submitted to Congress. But it was stated the
other countries in the world, the tendency of exchange is to get Imports not comment upon a speech made to the people.
us.
from
more
and
more
from the Dominions and for the Dominions to buy
Moratorium Discussed.
And, apart from that, anything that can ease the Situation for this country
Furthermore, it was pointed out that while there have been no forma'
general
our
in
us
help
to
fall
cannot
York
New
from
by diverting exchange
proposals on the part of France, the French Ambassador has discussed
trade and in the payment of our debt.
informally with various members of the American commission the question
So, broadly speaking. what I shall propose is that the full money equivaof a possible moratorium and the probability of France seeking to obtain
lent of the advantages which would have been conferred on the empire in
preferential treatment in the funding of its debt to the United States.
a
to
devoted
should
be
retained
not
are
which
duties
, respect of any of those
Thus, it was contended. the French Ambassador in his speech said nothing
scheme for developing the trade of the empire and in the first case developwhich had not already been taken up with the commission informally and
ing schemes of marketing.
quite generally reported as the burden of the conversations between M.
imate it may be passible to allocate for this purpose is
The money we
•
Jusserand and Secretary Mellon.
• around £1,000,000 a year, and we think that with an economic eommittoe of
Moreover, it is understood that the White House expressions are not
. the kind we halm in view, with the expert members from this country and
as a rebuko to M. Jusserand in French diplomatic circles here.
construed
from the Dominions,:it may be possible to open up entirely new and untried
In those quarters the view is held that what is in the mind of the President
, ways of developihg trade with the empire, trade which will bring in empire
is that there has been enough of informal discussion of a settlement of the
stuff in lieu of foreign stuff, and which may be, and I hope will be, of far
French debt and that there should be now some definite and formal prosmall
three
or
those
two'
than
themselves
Dominions
tVe
greater benefit to
posals made looking to the negotiation of a funding agreement. This is
taxes which we proposed a year ago at the Empire Conference.
the view which, it is understood, will be transmitted to Paris and it is
expected that as a result of the statements made to-day at the White House
Ambassador Jusserand on Need of France for Mora- •the matter of the French debt to the United States will shortly be brought
to ahead,
torium—Says France Will Pay Indebtedness—
The first official statement to come from the White House
as to the Ambassador's remarks was issued as follows on
Dec. 24:
The need of a moratorium for France—"a breathing
It was said at the White House to-day that it was well understood that
time" in which e'repay her War indebtedness to the United Ambassador Jusserand has made known his views to Secretary Mellon
this was communicated to
States was urged by the French Ambassador, Jules J. as to the French debt some time ago, and thatbeen
given out at the White
commission. Nothing to the contrary has
Jusserand, in an impromptu address before the Current the
House. The comment of yesterday was simply a refusal to discuss in any
The
22.
Associated
Dec.
on
Washington
Events Class at
way a recent address of the Ambassador.
Press accounts of what he had to say follow':
In our issue of Dec. 13 (page 2712) we gave an account of
audience
an
told
Ambassador,
French
Jules J. Jusseratd, the retiring
speech by Ambassador Jusserand at the Town Hall,
a
could
spell'
a
for
"breathing
moratorium
a
here to-day that France after
He
States.
United
the
to
debt
war
her
of
York, in which he was quoted as saying that France
repayment
New
begin
would
and
made it plain, however. that France expected preferential treatment as would "pay to the last cent," and in the same issue (page
debtor
war
other
compared with terms granted by the United States to
and blood, 2709) we referred at length to the discussion at a meeting
• nations because, he said, France suffered the greatest loss in life
France was of the World War Foreign Debt Commission of the refunding
the greatest in fortune comparatively and. finally, "because
the battlefield."
of the French Government's war indebtedness to the United
"What we need," the Ambassador said. "Is a certain moratorium—a
Secretary
the
During the discussion in the House of Representawith
States.
here
Wks
some
had
breathing time. That is why I have
of the Treasury. Various versions of those talks have gained currency. tives on Dec. 16 on the bill providing for the setdement of
negotiations.
Sometimes they have been called conversations,and sometimes
States, Reprepaid. the indebtedness of Poland to the United
But the upshot of it all is that we mean to pay. We have always
to pay. sentative Crisp of Georgia (Democrat), a member of the
want
We
you.
with
We are one of the nations that mean to settle
We paid our enemies after 1871. The more we are determined to pay our Foreign Debt Commission, had the following to say regardfriends.
be taken into account. ing the French Government's indebtedness:
• "I am confident our particular conditions will
equitable
I do want to say to you, notwithstanding what you may have read in
We are not hoping for a different settlement, but rather for
Statement by Representative Crisp of Debt
'Funding. Commission.
that take
of
terms. It is simply fair terms that we seek—fair in sense terms
the things that
our situation into consideration. A moratorium is one of
we need which the others do not.
We sup"We supplied more blood to the common cause than anyone.
on our national wealth.
plied more money than any other nation, based
the United
We supplied the battlefields. If the war had taken place in
or in England
States over an area stretching from South Carolina to Maine,
would have paid her
over a territory reaching from Dover to York, France
debts already."
determination to
France's
The French Ambassador spoke vigorously of
was a real or a grave
hurl back communism. He said he did not believe it
danger.
French revolution
"We are a steady nation," he said. "The soil of the
to give
is not the soil of modern France. There are no centuries of abuses
the Germans at
to
said
we
As
rise to n Red revolution there to-day.
and the ComVerdun, 'Thou shalt not pass.' we say to the Bolsheviki
munists,'You shall not come.'"
According to the New York "Times" the following statement was obtained at the French Embassy in Washington
• after the delivery of the Ambassador's address:
•
The French Ambassador said what he never has ceased to say, that
whether granted to other nations or not, a moratorium was indispensable
to France.
the press, that France has made no concrete, definite proposition to this
Government relative to funding her indebtedness. I have been a member
of the commission for two years and during that period no representative
of the French Government has appeared before the commission. A few
weeks ago the French Ambassador had several conversations with Secretary Mellon, who is the Chairman of the World War Debt Commission.
and Secretary Mellon very courteously called a meeting of the Debt Commission and apprised us of the substance of those conferences. I do not
consider that I am at liberty to go into the details as to what transpired,
but I can say to you that the French Ambassador merely sought to ascertain
how the commission would view certain proposals. There was no definite
indebtedness
proposition made, no suggestion made for the funding of the
by this
of France to the United States that for a moment would be accepted
not meet
country. The suggestions were of such a nature that they did
did not
with the approval of the Debt Funding Commission, and certainly
the settlemeet with mine, so that there is nothing definite pending as to
ment of the French indebtedness with the United States.
that France will
The Debt Funding Commission is earnestly hoping
authorized reproalmost immediately, if not instanter, through her duly
definite proposition
sentatives, make to the Debt Funding Commission a
Funding Comfor the settlement of the French indebtedness, for the Debt
funded.
indebtedness
mission is most anxious to have the French
the actions and
Now, a good deal has been said in the newspapers as to
to the
discussions in England relative to the statement that was broadcast
DEC. 27 1924.]
THE CHRONICLE
effect that France was making a proposition to settle her indebtedness to
the United States. Now, gentlemen, I want to say to you that I have respect and admiration for his Britannic Majesty's Government. The
English Government has always observed all of its obligations and agreements, whether those agreements were by treaty to aid an ally in defense
against an unjust war or whether it was to pay her financial obligations.
Great Britain is our largest creditor. Right after the armistice, or within
a reasonable time thereafter, Great Britain entered into negotiations with
this Government to fund her indebtedness.
Negotiations were concluded, and the present Premier of England, Mr.
Baldwin, as Chancellor of the Exchequer, conducted the negotiations for
Great Britain, and England has met every payment under the terms of that
agreement. She was the first nation, being our greatest debtor, to fund her
indebtedness. I think she is entitled to our highest respect and admiration.
I may say in passing that Great Britain to-day pays the highest taxes of
any nation on earth. Great Britain will keep her covenant and pay every
cent she owes the United States.
Now, it is perfectly natural that Great Britain should desire to have
France settle with her. and Great Britain is doing exactly as you or I would
do if we had a debtor who was proposing to settle with some of his creditors
—you and I would want to take steps to see that our indebtedness was also
paid. Many people have been put into bankruptcy court for trying to
give preference to some creditors over others.
Now. England is in nowise interfering er attempting -to interfere with
any settlement this country may make with France. She has no right to
do it, and I, In common with all the citizens of the United States, would
resent such an unjustifiable interference with us in the conduct of our own
affairs. England simply wants to have her own Indebted-floss also settled.
and I don't think she is censurable in the least for pursuing that course.
It is the duty of every Government to protect its own interests and to look
after the welfare of its own citizens, and this alone I conceive to be England's object.
I believe a just, honorable and fair basis for the settlement of all our
foreign indebtedness is the English settlement. and I do not see how our
debtors can ask for or expect more liberal terms. The Congress of the
United States has approved that basis of settlement: the country as acquiesced in It, and it is honorable and generous on our part. We hold the notes
of these debtor nations for the principal due, with 5% interest, and all of
the obligations are long since past duo. We all know the nations cannot pay
those colossal sums at once, so the generous Government of the United
States has agreed to fund them over a period of 62 years and has reduced
the rate of interest from 5 to 3%1,5, and I do not see how any of our foreign
debtors could ask more liberal terms. And speaking to you., my colleagues.
I say to you I will not, either as a member of the Debt Commission or as a
Member of this House, vote to settle the indebtedness of any of these other
countries in any way which will substantially vary from the basic settle!neat made with Great Britain.
2949
To Pay Reparations in Railway Equipment—Arrangement Said to be Asked by French Railways
without German Objections.
In its issue of Dec. 21 the New York "Times" said:
Indicating that Ambassador Jusserand had received
instructions from France to discontinue his utterances on the
subject of the French debt, the New York "Herald-Tribune"
in a copyright cablegram from Paris, Dec. 24, said:
Ambassador Jusserand's speech in Washington Monday on the French
debt to the United States has drawn a sharp rebuke from the Herriot Government, it was learned to-night. The Premier was highly displeased, it is
said, and immediately cabled the Ambassador, demanding that during the
fifteen days in which he is to remain in Washington he shall maintain silence
or expect to be recalled.
In his speech Ambassador Jusserand declared that after a "breathing
spell" France could and would begin payments, but he indicated that she
would expect preferential treatment because the war was fought largely in
France.
The official view on the debt situation in Paris is understood to be that
Jusserand's conferences with Secretary Mellon were entirely on his own
Initiative and were not authorized by the Foreign Office. The resulst not
only have been negative in the opinion of government officials, but have had
a bad reaction on Congressional circles.
Finance Minister Clementel. who might have been expected to touch on
the question, however lightly, In his Christmas message to the American
people prepared to-day for "The Herald-Tribune," did not mention war
debts.
The French newspaper "Nord Industrial" quotes the French manufacturers of railway cars as expressing the wish that, in the reparation
conferences between France and Germany, deliveries of railway rolling
stock as reparation payments in kind should be arranged for. According
to the managing director of the Association of Industrialists of Ardennes,
Germany is also desirous of making this arrangement, because during
the last few years she has been able not only to repair and reconstitute
her own worn-out rolling stock, part of which,has been scrapped or surrendered to the Allies, but has moreover increased to a very large extent
the amount owned by her before the war, notwithstanding the reduction
of her territory. New construction since 1919 included 453.237 freight
cars, 25,598 passenger cars. and 18,249 engines, not to mention the adoption
of the continuous Kunze-Knorr brake on all good trains, involving altogether an expenditure of three milliards of gold marks.
The French companies, on the other hand, are far from having even
contemplated a program of work that would make up for the shortage of
railway material, which is daily becoming more acute, although the industry is still in a position to supply all requirements and is loud in its
complaints of niggardliness of the railway companies, who from time to
time are content to place a few orders for wagons on the market instead
of producing a large program of new construction to be spread over several
years, with a view to meet gradually all the requirements of the traffic.
As a matter of fact, since 1919 they have placed orders for only some 30.000
wagons, or one-fifteenth that of Germany.
Resumption in Germany of Trading in Grain Futures.
The Department of Commerce at Washington makes the
following announcement under date of Dec. 19:
Germany—Trade in Grain Futures.
According to Trade Commissioner Miller at Berlin in a report to the
Department of Commerce dated Nov. 24. it is officially announced that
after Dec. I trade in grain futures will be allowed on the Berlin Boerse.
This has been prohibited since the end of July 1914. The Boerse will be
open for dealing in futures from 12:30 each working day with the exception
of Saturday. The following grain futures will be dealt in: Wheat, rye,
oats, corn, rye flour. In December future quotations beyond May will
not be allowed, but otherwise any intervening month can be quoted.
Allotting the German "Reparations Burden"
Slightly Over 17% of Industrial Corporation
Capitalization Technically Mortgaged.•
The following copyright advices from Berlin Dec. 21 are
taken from the New York "Times":
The Finance Ministry has finished allocation of the "reparation bonds
burden," and has just announced that it will be placed on the basis of
17.1% of the capital of industrial corporations as measured by property
tax assessments for 1923. Total property of the burden corporations is
valued at 29,240.000,000 marks.
The proposed 6% annual payment for interest and amortization of the
bonds will work out a fraction over I% on each corporation's capital.
Ultimately the real burden will be smaller, because non-Industrial concerns,
commercial banks and insurance companies and other similar institutions
will be obliged to share the burden with the industrial companies proper..
Rentenbank Changed to Land Credits Bank.
The following from Berlin appeared in the "Wall Street
Journal" of Dec. 20:
The famous Rentenbank organized to meet German currency shortage
and to fill the gap until the Reichsbank was organized instead of being
disbanded has been converted into a farmers-credit bank. It has not yet
been decided whether it will remain a semi-public institution or be made a
private bank. Its credits will be the farm part of the combined levies
on farmers and industry as capital for the Rentenbank. It is estimated
Its capital in the first year will be 250,000,000 marks in profits carried
Berlin to Lift Ban by Germany on Money Exportation
Jan. 1.
, Through a copyright cablegram from Berlin, Dec. 24, to over from the Rentenbank.
the New York "Herald-Tribune" it is learned that announcement is made that thelaw prohibiting the exportation of capital November Receipts from Revenues Pledged for Hunfrom Germany will not be extended after its expiration Dec.
garian Loan.
31. The cablegram further states:
An announcement under date of Dec. 24 by Speyer & Co.
After that date Germans will be permitted to send as much money as says:
they please to foreign countries.
This announcement emphasizes again Germany's gradual return to normal
financial conditions, as no danger now exists of capital being smuggled
abroad, as was the practice prior to the Dawes settlement. On the contrary,
as foreseen by the Experts' Committee, capital from abroad is now flowing
back to this country simultaneously with the influx of the proceeds from
the international reparation loan and foreign credit.
President Schacht of Reichsbank Says Gold Value of
New Mark Will Be Sustained.
The following copyright advices from Berlin Dec. 21
appeared in the New York "Times" of the 22d:
President Schacht of the Reichsbank last week assured the Bankers'
Congress the gold parity will be maintained for the new reichsmark at
all costs. The bank, Schacht added, has now 2.000.000.000 marks' worth
of gold and foreign exchange. It has accumulated this large reserve in
order to meet possible foreign withdrawals on account of maturing shortterm loans. In regard to the general financial situation, he announced
that the accumulation of capial is proceeding rapidly in Germany. In
particular. he estimated that deposits in savings banks and other banks
have doubled themselves during 1924 and have now reached 6,500 million
marks.
Among the bankers there is no expectation that Germany will lose
any of her gold in the coming year. Gold export is, by law, forbidden,
except under special license, whihc gives the Government control of the
situation. It Is thought that Germany will meet her expected balance
of foreign payments through payments in exchange, of which the German
banks have plenty on hand.
The latest monthly report of Hon. Jeremiah Smith Jr., CommissionerGeneral for Hungary to the League of Nations, shows that the receipts from
revenues pledged for the 714% loan were about $4,457.000 for November,
or about 70% of the entire year's interest and sinking fund requirements.
The monthly receipts of the current year show a progressive increase and
were as follows:
$2,289,000
July
2,674,000
August
3,059,000
September
3,849.000
October
4,457,000
November
$16,328,000
Total
The receipts for the five months were more than two and one-half times
the full year's service requirements of the loan.
Profits of Hungarian State Railways—Reserves of
National Bank of Hungary 53%, Against 20%
Requirement.
Under date of Dec. 19, Speyer & Co. state:
Reports just received from Jeremiah P. Smith, Commissioner-General
of Hungary,show that In the third quarter of the current year the Hungarian
State Railways earned a profit of about $1,060,000.
The Hungarian State Railways constitute a system of about 4,450 miles,
of which about 43% are owned directly by the Government. The administration of the railroads is entirely separate from other State undertakings and is conducted by an organization of its own which is responsible
to the ministry of commerce.
2950
THE CHRONICLE
[Vox.. 119.
The weekly returns of the National Bank of Hungary, which was created
During the month of November the value in gold of the Danish crown has
under the reconstruction plan of Hungary, and which has a monopoly of Increased still more,in continuation
ofthe tendency ofthe preceding months.
note issue, shows that at the end of November the ratio of reserves to notes as the average
of all quotations in November was kronen 5.72 for one dollar
and net current liabilities was 53%, as against minimum statutory require- (equal to 17.40c. for one
crown) and kronen 26.28 for one pound sterling
ments of 20%.
against respectively kronen 5.78(equal to 17.30c. for one crown) and kronen
25.89 in October.
Stabilizing Plan for New Danish Currency—Finance
On the whole conditions on the exchange have been more quiet during
the
greater part of November than in the preceding months,as a result of the
• Minister Describes Proposed Use of a "Dollar
increasing stabilization which is marking both the money market and the
Credit."
business world and which has shown Itself, among other ways, in the favThe following appeared in the New York "Times" of Dec. orable trade balance of the last months.
It has therefore also been possible in the month of November for the
21:
Nacional Bank to decrease its loans by 19 Mill. Kr. from 512 Mill. Kr. to
In presenting the new currency stabilization plan to the Danish Legis- 493 Mill. Kr. At the same time the note circulation is decreased by 16
- lature, the Finance Minister summarizes its main provisions as follows: Mill. lir. from 495 Mill. Kr. to 479 Mill. Kr. The loans of the three main
The Nadonal Bank shall be relieved from the obligation to redeem its notes private banks have also been decreased, namely from 1389 Mill. Kr. to
with gold for the next two years. In order to maintain the prearranged 1389 Mill. Kr.
dollar rate, a loan of $40,000,000 (or about 227,000.000 crowns) is to be
The transaction in stocks and bonds on the Copenhagen Exchange is still
taken up under the guarantee of the State. The obligations arising from small, but it has, however, been somewhat larger in November than in
this guarantee are to be eventually covered by a State loan.
October, as the average weekly circulation was 2,0 Mill. Kr. for stocks,
A financial committee of twenty-one members is to be formed, which is to 2.3 Mill. Kr. for bonds (October 1,8 Mill. Kr. and 20 Mill. Kr.). The
watch over all occurrences in connection with the stabilization. This index in exchange quotations also show a decrease in November as well
committee will have the right to bring into operation, within a month, all for stocks as for bonds, as the stock index was 91.8 (October 92.1) the bond
measures passed by both Chambers. In order to provide the means for a index 95,7 (October 96.9) when January 1924 is Heed at 100.
reduction of the note circulation of the National Bank, a single valuta tax
The price index in the "Finanstidende" (The Financial Times) is 232 at
will be imposed in connection with the income and property tax, which the end of November against 231 at the end of October.
it is expected, will cover to some extent the forty million crown loan, which
The trade balance is still very favorable—especially as a result of the high
• the State has taken up with the National Bank for the purchase of preference prices received for agricultural export products and the great amount of
shares of the Landmandsbank.
these products which are exported, at the same time as the import is on the
The valuta tax will be imposed for the taxation year, 1924-25—pro rata whole unchanged. The main figures for October are the same as for Benof the aforementioned taxes: in relation to the income tax for individuals tember as the import amounted to 200 Mill. Kr. and the export to 204 Mill.
%,and companies 2-5%, and in regard to the property tax, 3.%. The Kr. and the export in excess of import was thus 4 Mill. Kr. against an imProceeds of this tax are estimated at 44,000,000 crowns, of which 17,000.000 port in excess of 26 Mill. Kr. in October 1923.
will be provided by the tax paid by individuals, 6,000,000 by companies
For January-October inclusive the surplus import was only 149 Mill.
and 21.000,000 on the property tax. The National Bank has expressed Kr. on account of the continued improvement in the trade balance through
agreement with the form of this plan. The date when the stabilization several months, against 303 Mill. Kr. in January-October 1923, in spite of
the fact that the price level was considerably higher this year than last year.
measure shall become operative has not yet been decided upon.
The value of export in October was divided with 13 Mill. Kr. for cattle,
45 Mill. Kr. for pork and meat, 64 Mill. Kr. for butter, milk and cheese.
Polish Bank Reviews Currency Reforms—Based on 22 Mill.
Kr.for eggs,lards, etc.
12% Discount Rate and 70% Metal Cover for Notes.
The agricultural export in November was almost the same as in October
with regard to butter and pork, but somewhat less for eggs and cattle.
In its issue of Dec. 21 the New York "Times" printed the The average weekly export amounted to 22.032 hkg. of
butter (October
following:
21,134 hkg.). 667.400 score eggs (907,200 score), 37,278 hkg. of bacon and
The new National Bank of Poland, which began operations at the begin- pork (37,209 hkg.), and 8,927 hkg. of cattle (11,138 hkg.). The prices
ning of the year with the exclusive right of Issuing bank notes, reviews the received for the exported products were still satisfactory—somewhat higher
work of the year in an official statement, which sets forth that "within the than in October for pork and especially for eggs, but somewhat lower for
limits of the above statutory rights the Bank of Poland has from the very butter and meat; the average of the weekly official notations was kronen 555
beginning of its existence pursued a very careful policy of issue, having in for butter (October Kr. 587) per 100 kg. 250 cre for bacon (245 cre) per kg.
view before everything else the maintenance of the absolute stabilization of 425 cre for eggs,(346 cre) per kg. and 103 cre for meat (108 cre) per kg.live
weight.
the valuta.
There is Anneal unemployment than last year as the percentage of unem"The metal covering of the valuta. of which the minimum according to the
statute amounts to 30%, is now maintained by the bank at about 70%. ployed at the end of November was 8,6% against 11.4% at the end of NoThis, in practice, with the active foreign bill policy that is pursued, is vember 1923. In the industries the percentage was 8.0% against 9.0% in
entirely sufficient for keeping up the exchange of the zloty without fluctua- November 1923.
The Government receipts of taxes on articles of consumption was in
tion for a long time ahead. In this connection the credit policy of the bank
likewise is noticeable for its great caution. The rate of discount, amounting November 15,8 Mill. Kr. (November 1923 17.5 Mill. Kr.) of which the
at present to 12%, is for the time being not an absolutely sufficient brake custom receipts were 6.5 Mill. Kr.(November 1923 8.4 Mill. Kr.).
for the increase of Issue by discount bills.
"Nevertheless, the making contingent of credits granted to separate
customs, and the severe censuring of bills (especially the refusal of all French
Court Rules That Russian Branch Banks in
material not issuing from actual commercial transactions, and having as
France Have No Legal Standing—Order Against
their aim only the securing of a money loan) have proved until now to be a
quite successful means of stopping the flow of bills to the bank in such
Banque Generale Pour le Commerce Avec
quantities as might unfavorably alter the relation of the metal valuta coverL'Estranger.
ing to the circulation of bank notes. This cautious policy has not had any
unfavorable influence on providing the market with means of circulation,
Russian branch banks in France were declared on Dec. 23
since it is notable that at the present time there are bank notes in circula- to
have no legal existence by a French court, which annulled
tion in Poland amounting to about 450 million zlote, while in January of
this year the circulation of Polish marks reckoned in zlote amounted to not the Government's sequestration order against the "Banque
quite 100 million riots."
Generale Pour to Commerce Avec L'Entranger," says a
cablegram to the New York "Evening Post." It is added:
The court held that this bank, which had appealed from the GovernSpain to Put Out Treasury Bonds Amounting to
ment's action, apparently was French, but probably in reality was Russian.
1,255,093,000 Pesetas.
It decided that it could not be sequestered, however, until its nationality
According to a Madrid cablegram, Dec. 22, published in was established. The Russian branch banks, the court added, were organized
under the old Czarist laws, which are now obsolete.
the New York "Journal of Commerce," a royal decree
authorizing the issue of Treasury bonds of the value of
1,255,093,000 pesetas (about $176,000,000) was published Russian Soviet
Gold Imports Laid to Cash Trade-to-day. The bonds are to run for four years and bear interest
Secretary Hoover Says Russia Has Developed
at the rate of 5%. A sinking fund is to be established to
Favorable Balance.
provide for annual amortization of the bonds, all of which
The recent imports of gold Russia has been receiving, as
will have been redeemed by Jan. 11929.
reflected in current figures on the world movement of that
metal, in the opinion of Secretary Hoover, are a result of the
Delivery of Japanese Government External Government "cash and carry" character of Russian foreign trade, says a
Bonds in Exchange for Definitives.
Washington dispatch, Dec. 23, appearing in the New York
It is announced that J. P. Morgan & Co. will be prepared "Evening Post," which goes on to state:
The Secretary expressed the opinion that the amount of gold Russia
to deliver, on and after Jan. 5 1925, Imperial Japanese Govmight
ernment external loan of 1924 30-year sinking fund 63'% small. be expected to obtain, under the circumstances, probably would be
gold bonds dated Feb. 1 1924 in definitive form, in exchange
Unofficial reports received from London are that last week all the gold
for outstanding temporary bonds, with Feb. 1 1925 coupon exported from the United States to England, amounting to over $7,000,000
was re-shipped to Russia.
attached. For the convenience of bondholders, J. P. Mor- "Russia has lately been developing a favorable balance of trade under its
gan & Co. will accept the temporary bonds on and after State trading arrangements," Mr. Hoover said. "The population of Russia
deprived of the opportunity of purchasing commodities which it would
Dec. 26 1924, in order that they may promptly deliver the is
naturally consume under free conditions while at the same time a steady
definitive bonds beginning Jan. 5 1925.
outflow of grain, furs and some mteals, such as manganese and platinum, is
Economic and Industrial Conditions in Denmark
During November 1924.
The National Bank of Copenhagen and the Statistical
Department of the Danish Government have issued a statement of economic and industrial conditions in Denmark
during the month of November 1924, which says in part:
maintained. All of Russia's sales are paid for in cash and there are also
purchases of imports such as cotton, for which that country has paid in
cash obtained from their sales.
"The imports have not sufficed to consume all the credit balance built up
by its export trade, and in consequence Russia has lately taken the difference
in cash."
The situation concerning the supply of wheat which might be considered
a necessity of life to Russia is obscure, Mr. Hoover said, but a people 95%
agricultural can be expected to subsist on a remarkably low level ofconsumption of manufactured products for a long period.
DEC. 27 1924.]
THE CHRONICLE
2951
year. Three large wireless stations are being built by the Halo Radio Co.—
one in Coltano, one in Rome and one in Milan. A new direct transatlantic
cable between Rome and New York will be inaugurated in February and a
cable between Rome and Buenos Aires in March, he also announced. He.
reaffirmed the Government's intention to impose on any company which
may eventually take over the State telephones not to raise rates over the
present level.
As for the merchant marine, he said new steamship lines are everywhere in
Russia may face the necessity of importing grain before the next harvest, operation, but the Government by the new contracts has saved almost
an
of
because
not
is
This
to-day.
said
Sokolnikoff, Commissar of Finance,
200.000,000 lire in subventions. Traffic is continually on the increase, while
actual shortage for supplying the population of the districts where crops 80,000 tons of new shipping are being built. which places Italy in the third
have failed, but for the purpose of increasing reserves in order to permit the place among European nations in this field.
Government to manipulate prices of grain in the internal market.
Sokolnikoff said the Government would be able to effect the Importation
Mexico Cancels $50,000,000 Loan Venture of
without resorting to the emission of currency since it possesses enough gold
In the reserve fund accumulated from exports. He said the Soviet financial
J. L. Arlitt.
situation was growing better every month.
Announcement that the Mexican Government had notified
The Government is going to increase the funds of the State bank by
50,000,000 rubles and assign a special reserve fund of 40,000.000 rubles for J. L. Arlitt that the contract for a loan of $0,000,000 to
imports.
the Mexican Government had been cancelled was made on
This is necessitated by England's refusal of a loan to Russia, which now
Dec. 20 in a statement issued as follows at the office in Nevi
has to rely on her own resources.
The council has authorized the State Sugar Trust to import 8,000,000 York of the financial agent of the Mexican Government,
poods ofsugar owing to the failure of the beet crop. The bulk of this will be
Arturo M. Elias, the successor of Alberto Mascarenas, who
purchased in America.
Russian Plans to Increase Reserve to Permit Manipulation of Grain Prices—Increase in State Bank
Funds.
In a wireless message ftom Moscow, Dec. 20, to the New
York "Times," states:
signed the loan contract:
Italy Plans to Pay a United States Loan in February—
Redemption of Loans from Brazil, Canada, Sweden
and Netherlands.
Rome Associated Press advices, Dec. 21, state:
The Chamber of Deputies adopted the budget by a vote of 240 to 17
last night just before adjourning until Jan. 3. The vote followed a review
of the state of Italian finance by Alberto Di Stefani,Minister of Finance.
According to the Minister's figures, the deficit for the fiscal year et
1922-23, amounting to 3,029,000,000 lire, was reduced to 418.000,000
In 1923-24, which, he said, was 205,000,000 better than indicated in his
estimates presented to the Chamber last summer. This was accomplished
by practicing rigid economy in the Government services.
The Government reduced the internal debt from 1,614.000,090 lire to
1,114,000.000. and now another reduction of 762,000.000 was possible.
With reference to the trade balance. Signor Di Stefani noted an improvement of 1,464,000,000 lire in the first ten months of 1924, as compared with
the same period last year. Exports this year exceeded those of last year by
2,732,000,000 lire, while imports increased 1,268,000.000 lire.
During 1922-23 Italy redeemed loans from Brazil, Canada. Sweden and
the Netherlands amounting to 100,920.500 lire, gold'and next February will
pay back an American loan amounting to 51.694.069 lire, gold.
"Considering this improvement in the balance of trade," said the Minister, "we may look upon the present movement of the dollar without preoccupation, as due rather to the general situation of money than to our
demands."
The Minister concluded by reassuring the Chamber that the Government
had stabilized the budget and that the matter of reducing circulation was
being carried out.
The Mexican Government, through Financial Agent Arturo M. Elias.
has notified Mr. J. L. Arlitt that the contract of Sept. 20 1924 for a loan
of $50.000,000 to the Mexican Government has been rescinded by the
Mexican Government for failure on the part of Mr. Arlitt to comply with
the terms and conditions of this contract. The notofication of Mr. Arlitt
is in the following form:
"John L. ArliU, Austin, Texas:—
"I notify you on behalf of the Mexican Government that it hereby
rescinds and terminates the agreement between the Mexican Government
and yourself and signed by you the twentieth day of September 1924 for
the reasons, first, that, notwithstanding the repeated demands made upon
you to furnish the guaranty bond of $100,000 provided by Article XII
of the agreement, you have failed to comply with this material provision.
Second, that you have delayed unreasonably beyond the terms fixed by
the contract for delivery of the bonds by you to the financial agency of
my Government in New York. No further extension of time can be
accorded in view of the fact that my Government is making every effort
to accomplish Its purpose by introducing in every branch of its administration the maximum economies compatible with the maintenance of the
Indispensable public services, As a result of this policy, my Government
expects to be able shortly to meet its requirements from its own Federal
fiscal resources, the only basis to sustain solidly in the future its interior
and exterior credit. Based on these considerations the President of the
Republic hereby cancels said agreement. I am further direcad by my
Government to inform you of its appreciation of the sincere efforts you
have personally made to endeavor to carry out the agreement.
ARTURO M. ELIAS, Financial Agent of Mexico."
The $50,000,000 offering in September of United States of
Mexico oil tax external loan 6% gold dollar bonds by Mr.
Arlitt of Austin and New York, was, as we indicated in our
issue of Oct. 4, page 1573, more or less of a mystery in
Italy Wipes Out Railroad Deficit—Minister of Com- Wall Street.
munications Shows Total Savings to Government
of 2,000,000,000 Lire.
Offering of Bonds of Pacific Coast Joint Stock Land
Economies totaling well over 2,000,000,000 lire in the
Bank of San Francisco.
Ministry of Communications, which manages postal, teleOn Dec. 17 Harris, Forbes 8: Co. and the bond departgraphic and telephonic services, railroads and mercantile ment of the Harris Trust & Savings Bank of Chicago offered
marine, were announced on Dec. 15 to the Italian Chamber at 103 and interest to yield over 4.60% to the optional date,
by Minister Ciano, according to a wireless message (copy- $500,000 5% bonds of the Pacific Coast Joint Stock Land
right) to the New York "Times" from Rome, Dec. 15, which Bank of San Francisco. This new issue is dated March 1
says that these economies were everywhere greeted with 1924, will become due March 1 1954 and will be redeemable
liveliest satisfaction as another evidence of the great work of
par and accrued interest on any interest date on and after
restoration of Italy's public finances and public services March 11934. The bonds are in coupon form, fully registerwhich, as even the most hardened opponents of the Fascist able and interchangeable, in denomination of $1,000. PrinGovernment are ready to admit, has been accomplished by cipal and semi-annual interest (March 1 and Sept. 1) will be
the Facist Go.vernment.• The message adds:
payable in New York, Chicago or San Francisco. The Pacific
This most satisfactory result has been obtained by completely wiping out
Stock Land Bank of San Francisco was organized
the railroad deficit, which under previous Governments had reached 1.400.- Coast Joint
000,000 lire yearly, by changing the postal, telegraphic and telephonic in 1922 and is restricted by its charter to loans in California
deficit, which under previous Governments had reached 500.000 lire yearly, and Nevada. Its officers and directors are for the most part,
into a surplus of 25,000,000, and by decreasing the deficit due to subvenPacific Coast bank and trust comtions of privately operated steamship companies by nearly 200.000,000. It officers of the following
has been rendered possible, as Minister Ciano himself pointed out, partly panies and the bank is controlled by the stockholders of these
by good management, partly by re-establishing of discipline among Gov- banks and trust companies, which have combined resources
ernment employees and partly also by increasing the prosperity of the country which, by augmenting traffic, has raised the revenue of the state-owned of more than $500,000,000.
public utilities to a point far in excess of what was imagined possible before
the advent of the Fascist Government.
Railroad estimates for the present fiscal year, said Minister Ciano, at
first foresaw a deficit of 194,000.000 lire. This figure was later reduced to
only 110,000,000, but he is now in a position to state that the deficit this
year will disappear completely. In the first four months of the fiscal year
revenue from the railroads has exceeded estimates by over 100.000,000 lire,
while another saving of 50,000,000 has been rendered possible by falling
prices of coal.
Railroad traffic, he said, is now 30% greater than it was before the war.
Part of this Increase, however, is due to expanding of the railroad net, but
even allowing for this last year's traffic for each mile of railroad showed an
Increase of 10% over pre-war, while the first four months of this year mark
another increase of 18% over last year. Passenger traffic has also expanded
to such an extent as to render it necessary to run 11% more trains than last
year. He also announced that 400 miles of new electrified railroads will be
IOW
completed within the next three years.
Minister Ciano strongly deeded the Fascist railroad policy which has
been attacked in various opposition quarters. To cite one branch of its
activities, he mentioned that through its efforts sums which the Government
railroad administration has lost through thefts of various kinds had been
reduced from over 50,000.000 lire yearly to less than 2,500,000. This fact
alone, he said, would make the Fascist railroad policy financially profitable,
as its total cost is well Under 50.000.000 lire.
The postal, telegraphieqind telephonie budget, he c6htinued, Showed a
surplus of over 10,000,000 lire for the first four mofiths of the present fiscal
Mercantile Trust Company of California, San Francisco; Security Trust
City;
& Savings Bank, Los Angeles; Walker Brothers, bankers, Salt Lake
The First National Bank, Los Angeles; The National Copper Bank, Salt
Lake City; Pacific-Southwest Trust & Savings Bank, Los Angeles; The Utah
State National Bank, Salt Lake City; The First National Bank. Portland;
Deseret National Bank, Salt Lake City.
The Pacific Coast Joint Stock Land Bank has $4,098,000,
of bonds outstanding. The following is the statement of
of Pacific Coast Joint Stock Land Bank of San Francisco
(as officially reported Nov. 30 1924):
Acres of real estate security loaned upon
Total amount loaned
Appraised value of real estate security
Average appraised value per acre
Average amount loaned per acre
Percentage of loans to appraised value of security
103,024 00
$4.107.900 00
S9,866.083 00
$95 78
839 87
41.64%
Amendment to Constitution of New York Stock
Exchange Providing for Changes by Majority
Vote of Governing Committee.
An amendment to the constitution of the New York
Stock Exchange under which the Governing Committee niz4
2952
THE CHRONICLE
by a majority vote make additions, alterations or amendments to the constitution, was adopted by the Governing
Committee on Dec. 23. The adoption of amendments by
• the Govelning Committee shall stand as the law of the
Exchange unless disapproved by a majority vote of the
entire membership of the Exchange within two weeks after
its adoption by the Committee. It is stated that the
amendment results from the fact that less than half the
members of the Exchange vote on any resolution. The
New York "Times" of Dec. 25 said:
The Exchange has approximately 1,100 members. In the recent
proposal to increase the membership fees there was not a majority
of the
Exchange members which voted for it. Nevertheless, the majority did
not
disapprove and the increase was put into effect. The present change in
the constitution will give the active members considerably more voting
power than heretofore,
(you 11.:.
The principal stocks are:
ill
United States liberty bonds
$43,500
First National Bank
105,000
New York Central
22,000
Phoenix Horseshoe
39.268
International Harvester
33,300
Quaker Oats
20,000
Oklahoma Belt Ry
15.000
American Radiator
125,001
Bank of Nova Scotia
22,500
Northwestern Bank, Minneapolis
25,000
Securities Bank, Chicago
3.700
Societe Flanciere Franco-Americaine
38.600
Chicago Terre Haute & Eastern By
10,000
First State Pawners'Society
7.000
Fidelity & Deposit Co. of Maryland
5,000
Mrs. Forgan was granted a $25,000 widow's award pending the final
probate of the estate.
The amendmant, which will become eftective in two
weeks unless disapproved by the members of the exchange, Heavy Trading Wall Street Results in Payment of
$1,332,602 to State in Transfer Taxes.
follows:
Albany advices as follows under date of Dec. 16 were
Strike out Article XXXIX and insert in lieu thereof the following:
ARTICLE XXXIX.—The Governing Committee may make additions, reported by the New York "Times:"
alterations or amendments to the constitution by a majority vote of all its
existing members. Every proposed addition, alteration or amendment
must be presented, in writing, at a regular meeting of the Governing
Committee, and referred to the Committee on Constitution, which shall
report thereon at the next regular meeting of the Governing Committee, or
at a special meeting called for the sole purpose of considering it. Action
thereon may be postponed to a fixed date by a vote of two-thirds of the
members of the Governing Committee present. Such additions, alterations
or amendments when adopted by the Governing Committee shall be posted
on the bulletin board of the Exchange and be submitted to the
Exchange,
and if not disapproved by a majority vote of the entire membership within
two weeks after the adoption thereof by the Governing Committee, shall
stand as the law of the Exchange; Provided, however, if there shall be
recorded three hundred and fifty or more votes against such addition,
alteration or amendment, it shall not go into effect unless and until it is
thereafter approved by a vote of two-thirds of the e.cisting membership
of the Governing Committee.
No alteration of Article XVIII shall ever be made which will impair, in
any essential particular the obligation of each member to contribute, as
therein provided, to the provision for the families of deceased members.
The recent heavy trading in the stock markets netted the State of New
York $1,332,602 72 in stock transfer taxes for November,it was announced
to-day by John F. Gilchrist, President of the State Tax Commission.
The
total for November was said to be the largest since October 1919,
when
the State collected $1,630,309 54, as trading reflected rehabilitation after
war depression.
Stocks carrying a tax of $2 made up the largest sales, according to Mr.
Gilchrist, while sales of stocks carrying $20 stamps were the lowest. It was
explained that under the tax each share of stock transferred, sold or assigned
is subject to tax of 2 cents per $100 of par value. On stock of no par value
the tax 1s2 cents a share.
The tax collected so far this fiscal year totals $4,005,318 DC Mr. Gilchrist
said, an increase of $1,563.403 54 over a similar period last year.
Organization of Clearing House Association by Banks
in Dunkirk and Fredonia, N. Y.
The organization of a clearing house association by bankers of Dunkirk and Fredonia, N. Y., with the Jamestown
Ruling of New York Stock Exchange on Question of Clearing House as a model, is reported in the Jamestown
Commissions to Security Salesmen on Sales of
(N. Y.) "Journal", which in a Dunkirk dispatch, Dec. 17,
says:
Listed Stocks.
The organization took place Tuesday afternoon and the following officers
Under a ruling of the New York Stock Exchange proposed
were elected: President, Robert J. Gross, President Merchants National
by the special committee appointed to study the question Bank
of Dunkirk; Vice-President, A. P. Chessman, President National
of commissions, and adopted by the Governing Committee Bank of Fredonia; clearing house committee Chairman,
Alfred J. Lunt,
on Dec. 23, "no commission may be given by a member of President Lake Shore National Bank of Dunkirk; Harry L. Cumming,
Cashier Citizens' Frust Company of Fredonia; R. R. Dew. Secretary and
the Exchange or firm registered thereon to their security Treasurer Dunkirk Trust Company.
salesmen on sales of listed stocks which they own, unless
The Merchants National Bank was chosen as clearing house manager.
such stocks are of original issue, that is to say, purchased It :shall act as Treasurer, and any of its officers shall serve as Secretary of
all meetings and committees. Meetings will be held there and a room prodirectly from the company by such member or firm."
vided with suitable desks to be made expressly for clearing house work.
It is stipulated, however, that upon application to the
Articles of association and by-laws were agreed to and passed upon and
Jamestown method of forms, making exchanges settlements, return
the
Committee on Quotations and Exchange, the latter may in
items
reports was adopted as recommended by the clearing house
its discretion permit such offering under the same conditions sectionand
of the American Bankers' Association of New York and the Marine
as if it were an original issue. The ruling is described by the Trust Co. of Buffalo.
For some years the banks have been considering the desirability and
Exchange as merely a clarification and interpretation of advantages
of having a clearing
which would tend to strengthen the
Article 34 of the Constitution. Announcement of the ruling banks in their community and behouse
a benefit to their customers as well, but
not
until yesterday was this consummated. Its President, R. J. Gross, is
is made as follows by the Exchange:
Referring to Section?, Article XXXIV.,of the constitution, which reads also President of the Chautauqua County Bankers' Association.
as follows:
"When any member of the Exchange, or any firm with membership on
the Exchange, engages in transactions in which the member or firm is acting
Annual Banquet of Trust Companies of United States
as a dealer in securities of original issue and for investment. the Commission
Law shall not apply to those particular transactions when contracted off
to Be Held Feb. 19.
the Floor of the Exchange. •
"The power to determine when transactions are legitimately of this
Lucius Teter, President of the trust company division,
character shall be exercised by the Committee on Quotations and Commissions, subject to the approval of the Governing Committee, and any American Bankers' Association, announces that the Comattempt to evade the Commission Law under cover of this privilege
shall mittee on Arrangements for the 14th Annual
constitute an act in violation of Section 6 of Article XVII. of the constiBanquet of the
tution."
Trust Companies of the United States, has decided to hold
No commission may be given by a member of the Exchange or firm regis- the affair
at the Hotel Commodore, New York City, Thurstered thereon to their security salesmen on sales of listed stocks which they
own, unless such stocks are of original issue,that is to say, purchased directly day evening, Feb. 19 1925. The speakers will be Sir Henry
from the company by such member or firm, except that when upon appli- Thornton, Chairman and President Canadian
National
cation by any member the Committee on Quotations and Commlisions
Railways and President Ernest Martin Hopkins of Dartshall determine that It is not against the interest of the Exchange to offer
off the Floor of the Exchange publicly by advertisement, or by circular, mouth College,
any stock that may have been purchased by such member or firm, even
though not an original issue, said Committee may in its discretion permit
such offering ender the same conditions as if it were an original issue. Composition Offer of Day & Heaton Approved by
Where such offering is permitted and a member or his firm desire to syndiCourt.
cate or to form a selling group in such stocks which are not of original issue,
At a meeting of the creditors of the failed firm of Day &
the following must be observed:
1. The syndicate or selling agreement must have a fixed and reasonable Heaton, held in the chambers of Federal Judge
William
date of termination and must cover a definitely stated amount of stock.
2. A member or firm offering stocks for sale through a selling group or Bondy on Dec. 20, a composition offer previously presented
syndicate containing non-members or paying a commission to salesmen
must have a firm financial commitment for a substantial amount of the stock by the bankrupt firm was agreed to by a majority of the
to be offered.
creditors, and approved by Judge Bondy. The composition,
3. If it Is the intention of a member or firm to form a selling group containing non-members, where no financial obligation is incurred by the mem- as stated in the New York "Times" is as follows:
bers of the group except that of making payment for the stock purchased
Alfred C. Coxe. the receiver, is to liquidate all of the assets and distribute
by them, or of paying a commission for disposing of the stock, any members
of the Exchange shall upon application to the selling group be allowed such the proceeds on the basis of 60% to those having debit balances on Sept. 18
a Commission as will enable them to sell the stock to their customers at the last (the day the firm failed) and the
remainder to be divided among the
same price as members of the selling group are authorized to sell to the pubother creditors. The estimated value of the assets is $1,400,000 and the
lic.
liabilities amount to $2,850.000.
If the defaulting member of the firm, George R. Christian. who disapStocks Held by Late J. B. Forgan.
peared leaving the firm without sufficient capital to continue the business, is
found,
any of the assets discovered in his possession will be distributed
The following is from the Chicago "Post" of Dec. 15:
among the creditors. When the schedules of the firm were filed on Nov. 13
The stocks in which James B. Forgan, late dean of Chicago bankers,
last the assets were placed at $1.148,128 and the liabilities at $2,909,501.
invested his $1.200,000 estate were made known to-day when the inventory
Our last reference to the aaffirs of the failed fin-n was in
of his property was filed before Joseph F. Cleary, assistant to Probate Judge
Horner.
the "Chronicle" of Nov. 15 1924, p.
2247.
I
DEC. 27 1924.]
THE CHRONICLE
Boston Clearing House Association's Rule Imposing
Charge on Checking Accounts Upheld.
The following is from the Boston "Transcript" of Dec. 16:
oner Joseph 0.
Attorney-General Jay R. Benton and Bank Commissi
rule of the Boston
Allen, directed by the Legislature to investigate the
per month for handling
Clearing House Association for a charge of one dollar
$300, have reported that
checking accounts where the balance is less than
the charge appears to be
the rule is not a violation of any statute and that
justifiable.
Benton, whose report
Mr.
by
The legal aspects of the rule were covered
into by Mr. Allen.
was brief, while the justification question was looked
says:
The bank commissioner, after careful investigation,
is 1.5 cents, each
"The average cost of handling each check deposited
and each collection
check paid 2.4 cents, each coupon envelope 7 cents,
the direct cost of these
item 23.7 cents. These figures are based only on
persons actually handing
items, and as a rule Include only the salaries of the
If these latter expenses
them. They do not include overhead expense.
increased from 1.5 cents
were included the cost per item handled would be
to approximately 8 cents."
the levying of the
Continuing, the commissioner reported that prior to
account with an average
service charge the net loss to a bank for carrying an
balance of
average
an
balance of $300 was $10 50 a year, and the loss on
deposits with an average
$250 was $12 75 a year. He stated also that while
in Boston banks.
balance under $300 constitute 48% of the total accounts
they represent only 1.65% of the total deposits.
2953
and fifty-three, or
41%. with capital less than $25,005. Feur hundred
and seven, or nearly.
65.5%, had capital of $25,000 and less. Five hundred
and ninety-nine, or
74%, with capital less than $50,000. Five hundred
nearly 87%, with capital of $50,000 and less.
The bill was referred to the Committee on Banking and
Currency.
of
All Records Broken in Clearing House—A Total
for
t
Highes
the
16,
Dec.
ged
$1,615,000,000 Exchan
a Single Day in History.
The following is from the New York "Times" of Dec. 17:
yesterday to exchange
The New York Clearing HOU30 was called upon
for New York banks, which
$1.615,000,000 in checks and llke instruments
total of exchanges ever made
are its members. This figure is the highest
in a single day by the Clearing House.
last July 1, when the
reached
was
The former high record of exchanges
under the transactions
total turnover was $1,443,000,000. or $173,000,000
bankers said yesterday, has
of yesterday. In no other city in the world,
New York record. Clearthe volume of business come close to the latest
an hour.
000
ances yesterday were at the rate of $323,000,
balance of $96,000,000
Bank balances totaled $129,000,000 and a credit
in the Federal Reserve
was left to the credit of the Clearing House members
Bank of New York.
bankers to be part of
by
said
Shattering the records in bank clearings was
t. Three Government
the heavy week in cash transfers and its equivalen
mark during the last seven
operations alone ran up to the billion-dollar
000 face amount of
days, these including the cash payment for $100,000,
United States Governnew French Government bonds, the receipt by the
the British Government,
ment of $91,655,000 in cash or its equivalent from
the settlement of its own
and in a turnover of upward of $800,000,000 in
received by the banks in
Government accounts. In addition, there were
representing interst paybehalf of depositors a large number of checks
ments or dividends by corporations.
made by the Clearing
Not the least part of the day's increased exchanges
the result of profit-taking in
House represented checks which in turn were
of Christmas, and in
the security and commodity markets. In advance
to take care of their families and
preparation for the usual Christmas drain
portion of stocks in which
riends, it was said that speculators had sold a
they had reaped profits and had called on their brokers to furnish them with
checks for all or part of these profits.
Louis M. Kardos Jr., of Failed Brokerage House of
Cardos & Burke, Convicted of Trading Against a
Customer, Given Indeterminate Sentence
and Fined—Case to Be Appealed.
which lasted more than a week in the Court of
trial
After a
General Sessions, before Judge Charles C. Nott, Louis
Montgomery.Kardos Jr.,former head of the brokerage house
of Kardos & Burke of this city, which failed in February
1922 with losses of upward of $2,000,000, was convicted on
Dec. 23 of trading against the account of a woman customer.
The jury, it is said, was out twelve minutes. On the follownce
ing day (Dec. 24) Judge Nott sentenced the defendant to an Dividend Declarations of Metropolitan Life Insura
.
of
Dollars
fine
a
pay
Million
to
34
and
iary
Exceed
penitent
to
Company Next Year
indeterminate term in the
t of the
litan
Metropo
the
of
nt
Preside
Fiske,
Haley
$2,000. The court added that in default of paymen
According to
iary
$2,000 fine Kardos was to spend a day in the penitent
Life Insurance Co., "dividend declarations by the Metrogranted
tely
immedia
to
,
for each dollar. Judge Nott, however
politan Life Insurance Co. payable next year will amount
former
the
released
and
says:
Fiske
doubt
Mr.
le
"
reasonab
dollars.
of
te
of
a certifica
millions
te thirty-four and a half
meeting of the board
broker in $25,000 bail pending an appeal to the Appella
Of this amount there were apportioned at to-day's
te
certifica
the
In addition to the
Division of the Supreme Court. In granting
of directors for the Industrial department $12,779,000.
nt
departme payable next year,
so
did
ordinary
he
that
the
d
in
declared
specifie
already
0
Nott
$7.000,00
Judge
of reasonable doubt
0 as dividends. and
to-day's meeting there were set aside $2.600,00
passed on at the
"with the distinct understanding that the case will be argued at
for a reserve to cover dividends which will be
00
$12,700,0
e
and disposed of before the Appellate Division of the Suprem next meeting.
in the ordinary
of
One of the most interesting features of the dividends
Court before Jan. 31." John Burke, formerly Treasurer
0 to wipe out all the liens placed on
$2,100,00
of
the
sum
is
nt
departme
now
,
Dakota
assumed a few
the United States and thrice Governor of North
of the Pittsburgh Life Co. which the Metropolitan
of policies
cash rather than
years ago, and returning to policyholders in cash who paid
a Supreme Court Justice of that State, was a partner
an- agree to liens at the time of the assumption, and restoring full value to
Kardos at the time of the failure. After the crash he
h Life.
holders of matured endowments and annuities in the Pittsburg
of
nounced that he had lost all his money through the failure
On industrial policies there is an increase of dividends over last year
60% on certain policies as comand that he had no knowledge of the manner•in which the $2,000.000, being an increase of from 10 to
four to twentypared ith last year, and amounting to premiums of from
firm was being operated. He aided District Attorney Ban- six
weeks.
indictthe
to
up
led
policies as comwhich
ation
ordinary
on
in
investig
the
ton, it is said,
It is assumed that the increase of dividends
20%.
ment of Kardos. We last referred to the affairs of Kardos pared with last year will amount to about
Pittsburgh Life policies
The payments made to the holders of the old
& Burke in the "Chronicle" of Aug. 4 1923, pages 506 and will
policies originally issued
place them on the same bitAls as the holders of
up of the situation
507.
by the Metropolitan and will mark the final clearing
with
Senator Dial's Figures on Failures of Banks
$25,000 and $50,000 Capital—Would Amend
Capital Requirements of National Banks.
Senator Dial of South Carolina, calling the attention of
the Senate on Dec. 8 to the number of failures among banks
having a capital of $25,000 and $50,000, offered a bill
amending certain Acts relative to the capital stock of national banks. Senator Dial's statement before the Senate
follows:
on
the Pittsburgh comcreated by the impairment in 1917 of the reserves of
the request of the
pany. The Metropolitan at that time, acting upon
of the Pittsburgh Life,
Pennsylvania authorities, assumed the policies
equivalent to the 27 Ji%
subject to a lien upon their cash or surrender value
impairment of reserve.
at that time was
The total amount of Pittsburgh Life policies in force
holders. Endow$118.000,000 distributed among approximately 30,000
paid subject to the lien,
ments or annuities maturing meanwhile have been
by the insured. The
except where this has been offset by cash payments
amount of the lien are
the
to
action taken by the board means that checks
policies.
now going forward to several hundred beneficiaries of matured
dividends to be
Severnl million policyholders will participate in the larger
paid by the company in 1925.
I introduce a bill which I ask to have referred to the Committee
Banking and Currency. I desire to say in this connection that during the
ast 12 months the country has been greatly disturbed about the number
of bank failures in the United States. I have Investigated the subject,
and I find that it is apparently caused largely by the capitalization of small
banks at $25,000 and less. By this bill I ask to change that. The business
of the country ha.s been greatly disturbed about the number of failures,
of
and I am inclined to believe that the disturbance has been greatly out
proportion to the actual facts.
From Jan. 1 1924 down to Dec. 1 1924 there have been 691 bank failures.
Five hundred and ninety-nine, or nearly 87% of these failures, were of
hundred and eighty-one
banks having a capital of $50,000 and less. Twoless
than $25,000. So I
of these banks. or about 41%. had a capital of
matter, and
hope the Committee en Banking and Currency will act on this
that we will have less failures in the future.
I sympathize very much with small communities, but I feel that it is a
justify
great mistake to organize banks where there is not enough business to
too
proper attention to their management. I feel that we have entirely
te, thereby
many banks in the country now. They ought to consolida
capital and making it safer
securing better business management, stronger
who deal with them.
for the depositors and all those
e on Banking and Curthe
Committe
to
I ask to have the bill referred
in the "Record."
rency, and that the statement be published
The matter referred to is as follows:
1 1924 down to Dec. 1.
There have been 691 bank failures from Jan.
members of the
One hundred and forty-four banks, or about 21%. were
and eighty-one, or about
system (118 national, or 17%). Two hundred
Annual Report of War Finance Corporation—Improved Conditions in Agricultural Districts—.
Loans and Repayments.
Stating that "although the outlook in some sections of
the country was far from encouraging during the early part
of the year," the annual report of the War Finance Corporation, presented to Congress Dec. 19, points out that
"the past six months have witnessed a noteworthy improve_
ment in the agricultural situation, which in turn has brought
about a substantial improvement in the condition of many
country banks." While, says the report, "this is particularly true of the wheat-growing States of the MiddleWest
and Central Northwest," the improvement has not been
confined to wheat alone. The report adds that "the prices
of many other grains have reached high levels, bringing
returns to the farmers considerably larger than those of
1923." Altogether the corporation, since its creation, has
mlide advances totaling $689,691,000-4306,758,000 under
its war powers, $85,001,000 for export purposes and $297,-
2954
THE CHRONICLE
934,000 for agricultural and livestock purposes. Of the
aggregate amount advanced, says the report, $62,623,000
(principal amount) was outstanding on the Corporation's
books on Nov. 30. The report also states that "the Corporation on that date had on deposit with the Treasurer
of the United States $495,726,807, and repayments received
since then will bring the amount to more than $500,000,000,
the original capital of the Corporation. The report says:
[voi-119.
The Sioux Falls agency continued in operation until April 15 1924, when
Its functions were transferred to the Minneapolis agency.
The Agricultural Credit Corporation.
On Feb. 4 1924 the President called a conference in Washington on
Northwestern agriculture and finance. One of the concrete results of
the conference was the formation, by business and financial interests of
the country, of the Agricultural Credit Corporation, with a capital of
$10.000,000. privately subscribed, to supplement the work of other agencies.
private and governmental, in meeting the emergency in the agricultural
districts of the Northwest. The steps leading up to the creation of the
It is impossible to state at this time just what balance ultimately
will be corporation and tne results accomplished by it are fully described in the
returned to the Treasury, but there is every reason to believe that,
when annual report of the Secretary of the Treasury.
the remaining assets of the Corporation—that is, its outstanding
It was understood that, in case of necessity, the Agricultural Credit
loans—
have been liquidated and after deducting operating expenses
and such Corporation would be able, within certain limits, to rediscount some of its
losses as may be sustained. the Government will receive in addition
to the agricultural paper with the War Finance Corporation. It did not find it
original capital of $500,000,000, a return approximating the cost
to the necessary. hoVever, to utilize the facilities of the War Finance Corporation,
Treasury of the money used in the operation of the Corporation.
as the funds derived from capital stock subscriptions were sufficient to
Discussing the business transacted during the past year, take care of all its requirements.
the work of the Agricultural Credit Corporation, advances
to the L ye Stock & Agricultural Loan Co. of New Mexico,
&c., the report says:
Improvement in the Agricultural Situation.
Although the outlook in some sections of the country was far from
encouraging during the early part of the year, the past six months have
witnessed a noteworthy improvement in the agricultural situation, which
in
turn has brought about a substantial improvement in the condition of
Business Transacted During the Year.*
many
country banks. This is particularly true of the wheat growing
Since Nov. 30 1923 the Corporation has approved 561 applications for
new agricultural and live stock loans in an aggregate amount of $12,227,000, States of the Middle West and Central Northwest, where the farmers
a substantial reduction from the preceding year and evidence of the general have enjoyed an unusually good season.
On an acreage, according to the estimate of the Department of AgriImprovement in the agricultural situation as well as in the condition of
country banks. Of the sum approved, $4,670,000 represented advances culture, of 54,209,000, approximately 9% less than the 1923 acreage, the
authorized to 201 banking and financing institutions and $7.557,000 to 24 nation produced a wheat crop of 872,000,000 bushels, 75,000,000 bushels
live stock loan companies. Under these commitments, as well as under greater than that of 1923, and there has been an active market at good
commitments made prior to Nov. 30 1923, $3,142,000 was actually advanced prices practically from the beginning of the harvest season. In the four
to banking and financing institutions, $6,463,000 to live stock loan com- States—Minnesota, North and South Dakota, and Montana—the wheat
panies, and 8589,000 to co-operative marketing associations, making a total acreage was 15,809,000 and the production 256,937,000 bushels, compared
of $10,194,000, compared with $22,142,000 during the preceding year. with an acreage of 17,634,000 and a total crop of 170,018,000 bushels in
In addition, the Corporation approved during the year 1,838 applications 1923. In other words. in 1924 these States raised 86.919,000 more bushels
from banks and 242 applications from live stock loan companies for the on 1,825,000 less acres than in 1923. The wheat farmer, therefore, has
renewal of outstanding loans totaling $45,194,000. It also received and received increased returns from higher acre yields, which means lower costs
approved applications for the renewal and substitution of notes held as col- per bushel, as well as from better prices. The farm value of the 1924
lateral in the face amount of approximately $86,570.000 and for the release wheat crop, on the basis of Dec. 11924. prices, has been estimated at more
than $1.100,000,000, compared with $736.000.000 on Dec. 1 1923.
of the proceeds of the sale of live stock and wool totaling $4,929,000.
• The improvement has not been confined to wheat alone. The prices of
From Dec. 1 1923 to Nov. 30 1924 the repayments received by the
Corporation on its agricultural and live stock loans aggregated $40,942,000, many other grains have reached high levels, bringing returns to the farmers
of which 821,392,000 was repaid by banking and financing sInstitutions, considerably larger than those of 1923. While the corn crop was short,
$16,983,000 by live stock loan companies, and $2.567,000 by co-operative due to frost damage and other unfavorable factors, the total farm value on
Marketing associations. In addition, $1,065,000 was repaid on the Cor- Dec. 1 1924 exceeds by nearly $190,000,000 that of the preceding year.
The tobacco crop was approximately 272.000,000 pounds less than the
poration's export loans and $10,211,000 on its war loans, bringing the total
repayments during the year to $52,218,000, or an average of $4,351,000 1923 production and, while the industry has been handicapped to some
extent by carry-overs from former years, it has maintained a relatively
per month.
On Nov. 30 1924 the loans outstanding on the Corporation's books totaled satisfactory position. The cotton growers produced a crop approximately
3,000,000
bales more than the 1923 output and, although prices have
S62.623.000 (principal amount), as follows: War loans, $16,975,000, and
agricultural and live stock loans, $45,648,000. All export loans, those made ruled somewhat lower, the total farm value, on account of the larger producprior to the suspension of business in May 1920 as well as those made after tion, probably will approximate that of last year. The sheep and wool
Industries have been receiving good prices for their products, and the swine
the resumption of operations in January 1921, have been liquidated.
growers have had, on the whole, a favorable year.
Authority to Make Loans Extended,
In short, most of the important agricultural districts of the country are
The Agricultural Credits Act of March 4 1923. which made provision for
the establishment of the Federal Intermediate Credit banks, extended until in better shape than they have been for several years. Bank deposits have
Feb. 29 1924 the authority of the War Finance Corporation to receive ap- Increased, bank reserves are being restored, business has greatly improved
plications and until March 31 1924 its authority to make advances for agri- and the farmers generally are making excellent progress in cleaning up the
cultural and live stock purposes,in order to give the new agencies time to set burden ofindebtedness under which they have been laboring and in strengththeir machinery in motion and perfect their organization. The difficulties ening their economic position.
The prices of range cattle have not followed the trend of prices of other
which developed in the wheat-growing sections of the Northwest, resulting
in part from low yields and low prices and intensified by a considerable agricultural commodities, and conditions in the breeding end of the industry
are
still unsatisfactory. In some sections, particularly in western Texas,
number of bank failures, as well as the conditions prevalling in the breeding and the live stock industry, made it desirable, however, that the Cor- southern New Mexico and Arizona, as well as in portions of California,
poration should continue to function for an additional period. Tre Frost- Nevada,and Idaho, the difficulties of the ranchmen have been accentuated
fent, therefore, in a special message to the Congress on Jan. 23 1924, recom- by severe drought, making it necessary in many instances to incur considermended that the Corporation's authority to make advances be extended un- able expense for the purchase offeed or for moving the stock to other ranges.
it has been the policy of the Corporation, with respect to the loans held by
til the end of the year and also that some extension be granted of the period
It in the drought-stricken areas, to stand by the situation and to render such
for which existing loans could be renewed. The recommendation was
adopted by the Congress and embodied in the Act of Feb. 20 1924, which assistance as seemed to be feasible and practicable with the view of preserving the breeding herds and of giving the stockmen an opportunity to
reads as follows:
work out of their difficulties wherever it appears that they have a reasonable
"That the time during which the War Finance Corporation may make chance to do so.
advances and purchase notes. drafts, bills of exchange, or other securities
Total Agricultural and Livestock Loans.
under the terms of Sections 21. 22. 23 and 24 of the War Finance Corporation Act, as amended, Is hereby extended to and including Nov. 30 1924:
Since the passage of the Act of Aug. 24 1921 the Corporation has apProvided, That if any application for an advance or for the purchase by the proved 8,715 advances
for agricultural and livestock purposes totaling
War Finance Corporation of notes. drafts, bills of exchange, or other securities is received at the office of the Corporation in the District of Columbia $479.734,000—$189,508.000 to banking and financing institutions, $92.on or before Nov. 30 1924, such application may be acted upon and ap- 899,000 to livestock loan companies and $197,327,000 to co-operative
proved, and the advance may be made or the notes, drafts, bills of exchange, marketing associations.
or other securities may be purchased at any time prior to Dec. 31 1924.
Of the amounts approved, $297.934,000 had been actually advanced to
"Sec. 2. That paragraph 3 of Section 15 of Title 1 of the War Finance
Corporation Act, as amended, be amended by striking out at the beginning Nov. 30 1924—$172,850,000 to banking and financing institutions, $86,of said paragraph the words 'beginning April 1 1924, and inserting in lieu 559.000 to livestock loan companies and $38,525,000 to co-operative
thereof the words 'beginning Jan. 1 1925.'
marketing associations.
"Sec. 3. That paragraph 4 of said Section 15 be amended by striking out
The total repayments received by the Corporation to Nov. 30 1924 on
at the beginning of said paragraph the words 'After April 1 1924' and inaccount of these loans aggregated $252,386.000, which represents 84.7%
serting in lieu thereof the words 'After Jan. 11925.'
"Sec. 4. That the Corporation may from time to time, through renewals, of the amount originally advanced. Of the total, $147,398,000 was resubstitutions of new obligations, or otherwise, extend the time of pay- paid by banking and financing
institutions, $67.584,000 by livestock loan
ment of any advance made under authority conferred in Section 24 of the
War Finance Corporation Act, as amended, but the time for the payment companies and $37,304,000 by co-operative marketing associations, leaving
of any such advance shall not be extended beyond Jan. 1 1926, if such ad- a balance outstanding of $45.648.000, or 15.3%. as follows: From banking
vance was originally made on or before Jan. 1 1923. or teyond three years and financing institutions, $25,452.000: from
livestock loan companies,
om the date upon which such advance was originally made,ifsuch advance $18,975,000;
from co-operative marketing associations, $1,221,000.
as originally made after Jan. 1 1923."
In accordance with the terms of the Act, the corporation ceased to
Loans to Banks.
In all the Corporation has made advances for agricultural and livestock
receive applications for new loans on Nov. 30 1924. In may, however.
during the current month act upon, and snakes advance against, any purposes to 4.,317 banking and financing institutions in 37 States. Of
applications received at the corporation's offices in Washington on or these 674. or 15.6%. were national banks and 3,643, or 84.4%, wore State
before that date, and after Dec. 31 1924 it will still have authority, in banks. Of the State banks 213 were members of the Federal Reserve
proper cases, to renew or extend outstanding loans within the limits pre- System. The loans to national banks, amounting to $33.744,000. conscribed by the statute, as well as to incur expenditures incident to the stitute 19.5% of the whole, and the loans to State banks, totaling $139,orderly liquidation of its assets.
106,000, equal 80.5%.
On Nov. 30 1924 3,063 banks (558 national and 2,505 State), to which
Establishment of Agency at Sioux Falls.
a total of $117,849.000 was advanced, had completely repaid the CorIn the early part of the year, an acute situation arose in South Dakota poration.
In other words. 70.9% of the banks to which the Corporation
on account of the failure of several large banks in Sioux Falls, which carried made loans,
Including 82.8% of the national and 68.8% of the State banks,
the reserves of a large number of country banks. These reserves were have liquidated
in full their indebtedness to it. The remaining banks,
tied up when the Sioux Falls banks suspended business and, as a result. numbering
1,254 (116 national and 1.138 State), had repaid $29.549.000
many of the country banks were placed in an embarrassing position. The out of total
advances to them amounting to $55,001,000, leaving a balance
resources of the corporation were brought closer to the situation through outstanding on
Nov. 30 1924 of $25,452.000 ($2.711,000 to national banks
the establishment on San. 24 1924 of a temporary agency at Sioux Falls to and
$22,741,000 to State banks), which represents 14.7% of the amount
operate in conjunction with the Minneapolis agency of the corporation.
originally advanced to all banks.
During the year 526 banks, to which a total of $17,709,000 was originally
* The figures given in this report reflect the business of the Corporation
as shown by its books on Nov. 30 1924, and do not include the items in advanced, repaid in full, or completed the repayment of, their indebtedness
transit from the agencies and custodian banks on that date.
to the Corporation.,
DEC. 271924.]
THE CHRONICLE
2955
represented advanced authorized on
Of the amount approved. $5,778,000
n of prevalent
on cotton, $3,126.000 on other
,000
$40,759
,
The Act of Aug. 24 1921 was designed to meet a conditio
tobacco
on
000
extended condition among grain, $3,246,
000 on manufactured articles.
$5,471,
and
s,
product
agricultural distress coupled with a seriously
ural
agricult
ties. The deposits
these commitments a total of
many of the banks serving the agricultural communi
There was actually advanced against
, they muld not
financing institutions. $7,547,000
of country banks had declined, their reserves were depleted
138,654,000-128,469.000 to banking and
to
position
a
in
not
ng associations. All
were
$2,638,000 to co-operative marketi
collect on their loans and their correspondents
ondents_were compelled to exporters, and
ed.
liquidat
been
extend further credit. In many cases the corresp
have
s
advance
these
country banks In turn
ion's export authority prior to the
to press the country banks for liquidation, and the
The loans made under the corporat
before Nov. 30 1922.
effective way to render assists in May 1920 were paid in full
were forced to press the farmers. The most
activitie
of
ion
suspens
perhaps
while
which,
ance was to advance funds through country banks
War Powers.
the
sufUnder
in
Loans
security
and
assets
sound
extended and low in reserves, possessed
ion under its war powers, $16,975.000
enabling the country banks to
Of the loans made by the corporat
ion on
ficient amount to warrant advances, thus
such additional loans (principal amount) was outstanding on the books of the corporat
make
to
and
period
longer
a
for
carry the farmers
since the corpora. Even where a hank, because Nov. 30 1924, a total of $58,549,000 having been repaid
justified
ties
communi
their
of
needs
,000
as the
possible in a large majority tion resumed operations in January 1921. Ofthe latter amount 110,211
of adverse conditions, ultimately closed, it is still
out of the orderly liquidation was received during the past year.
of cases to obtain repayment of the advance
s.
steam
railroad
to
d
tion advance
Under its war powers, the Corpora
of the collateral.
of
advances. 580 have either direct or through the Director-General of Railroads, a total
made
ion
corporat
the
which
to
banks
4,317
Of the
since repaid their indebted- 1204.794.520. all of which has been repaid.
subsequently closed. Of this number, 116 have
d or have had their
1921.
ness to the corporation in full, and 17 have reopene
Summary of Operations Since January
addition, repayments
obligations assumed by solvent institutions. In
ns in January 1921 it has approved
the Corporation resumed operatio
bank loans not yet fully
Since
closed
upon
received
been
stock purposes and
have
000
live
$9,320,
totaling
ural and
closed banks aggre- loans aggregating $479.734,000 for agricult
paid. The corporation still has outstanding loans to 447
s, making a total of $538.108;000.
purpose
6
banks
to
0
export
$106,00
for
ing
,000
aggregat
$58,374
advanced to
gating $8,659.000, in addition to loans
the
d. $336,588,000 had been actually
under
approve
and
ed
amount
suspend
the
rily
Of
tempora
and
s
are
purpose
which, while not technically closed,
and live stock
of these loans is Nov. 30 1924-1297,934,000 for agricultural
supervision of State banking departments. Repayment
$38.654,000 for export purposes.
0,000.
proceeding in an orderly manner.
Nov. 30 1924 totaled $290,94
The repayments on these loans to
agricultural and livestock
Loans on Livestock.
$252,286,000 was repaid on the
amount
Of
this
ed. In addition, the
es in 20
export loans have been liquidat
In addition to the loans to banks, 114 livestock loan compani
repayments totaling $58.
On loans, while all the
tion.
1921,
Corpora
January
Finance
War
since
the
from
,
s
received
States have received advance
Corporation has
the
,000 was adwar powers. and $35,636,000 on
Nov. 30 1924. 58 loan companies, to which a total of 119,770
on the loans made under its
ns
ion; and 549,000
prior to the suspension of operatio
Vanced, had completely repaid their indebtedness to the corporat out of' loans made under its export authority
ion
loans since the resumpt
,000
bringing the total repayments on all
the remaining companies, numbering 56, had repaid $47,814
1920,
in
May
balance outtotal advances to them amounting to $66,789,000. leaving a
ns to $385,125,000.
of the of operatio
Discontinued.
standing on Nov. 30 1924. of $18,975,000, which represents 21.9%
Agricultural Loan Agencies
Alogether
amount originally advanced to all livestock loan companies.
ding loans, the Corporation, in
outstan
of
volume
24
Aug.
the
of
in
Act
With the decline
consolithe corporation, since the passage of the Agricultural Credits
ns, has followed the policy of
operatio
k
of
livestoc
y
of
econom
head
00
of
8,600,0
the interest
feasible to do so
1921, has provided financing for approximately
agencies wherever it seemed
loan
ural
agricult
its
dating
es.
undue inconthrough livestock loan compani
was without sacrificing efficiency or safety or without causing
During the year, 19 loan companies, to which a total of $9,771,000
d to it. Three agencies--at
indebe
es
compani
their
loan
of,
nt
or
venience to the banks
originally advanced, repaid in full, or completed the repayme
Va.—were discontinued
have taken over Detroit, Mich.; Indianapolis, Ind., and Richmohd.
Ky.; Jackson,
indebtedness to the corporation. In many instances, banks
1922; four—at Louisville,
30
because
Nov.
ion
corporat
ended
the
by
year
held
the
loans,
during
the year ended
livestock loans, particularly sheep
n in Miss.; Columbus, 0., and Salt Lake City. Utah—during
ments had
they are now in a position to finance the requirements of the stockme
the last annual report, arrange
Nov. 30 1923; while, as stated in
their localities.
five others—those at New Ornue
disconti
of
to
fall
in
the
y,
date
necessar
latter
been made on the
As stated in the Annual Report for 1922, it was
and those at Montgomfor a loan com- leans, La., and Springfield. Mass., on Dec. 15 1923.
Doc. 31 1923.
that year, on account of the severe drought in New Mexico,
& ery, Ala.. Little Rock, Ark., and San Francisco, Calif., on
ck
Livesto
es—The
advanc
large
made
ion
pany to which the corporat
Columbia, S. C.. and Wila considerable num- Since then the agencies at Chattanooga, Tenn..
move
—to
Mexico
of
New
y
Compan
and Nov. 1
Loan
15
ural
July
Agricult
water were avail- mington, N. C., have been discontinued—on June 30,
ber of cattle to sections of Mexico where adqeuate feed and
outstanding loans transferred to
and
records
mately
their
approxi
and
nd
nt
ively—a
moveme
1924, respect
able. The corporation gave its consent to the
N. M., was moved to
ua leased by the Atlanta agency. The agency at Albuquerque,
the Los Angeles
33,000 head were sent across the border to ranches in Chihuah
n, Santa Fe. N. M., on June 13 1921. and the business of
conditio
good
in
are
and
there
thrived
have
cattle
The
red to
y.
the loan compan
to one company, was transfer
agency, with the exception of the loans
a full calf crop having been produced this year.
g
retainin supervision over
former
the
12
8
1924,
to
from
d
28
extende
s
Aug.
the Santa Fe agency on
By joint resolution of March 4 1923, the Congres
therewith could be
d to this country the loans in question until certain matters in connection
Minneapolis—
months the time during which the cattle could be returne
the completed. On March 14 1924 the work of the custodian in
25
1924,
Jan.
of
on
resoluti
joint
by
and
duty,
of
t
without the paymen
olis agency.
had hoped the Federal Reserve Bank—was taken over by the Minneap
agency on
time was further extended to Dec. 31 1924. The corporation
discontinue the Oklahoma
country during
Arrangements have been made to
and expected that the cattle could be brought back to this
outstanding loans to the Kanand
months
records
fall
and
its
summer
the
transfer
during
Dec. 31 1924. and to
the current year but, unfortunately,
. The ranges. sas City agency.
large areas in New Mexico again suffered from severe drought
g expenses have been greatly
has been necesit
and
cattle
the
receive
to
n
The Washington organization and operatin
in
conditio
not
e,
were
1 1924
therefor
steers reduced during the past year. The staff in Washington on Dec.
sary to retain the bulk of them in Mexico. Slightly more than 5.300
while the rate of expendi1923,
1
ns
Dec.
conditio
on
the
where
265
with
cases
numbered 159,compared
have been brought back and sold, and in a few
expenses.
d ture per annum, on the basis of the November 1924 operating
s
were satisfactory a total of approximately MOM head have been returne
on the basis of similar expense
was $276,000 less than the rate per annum
to the home ranges.
ns have been made also in the
In the circumstances, it is recommended that the Congress extend the for November 1923. Substantial reductio
organization.
ns
terms of the joint resolution of Jan. 25 1924. so that, if conditio permit personnel and expenses of the field
and it seems desirable to do so, the remaining cattle, as well as cattle sent to
Personnel.
Mexico prior to May 11925, may be returned at any time prior to Dec. 31
Director expired on May 17 1924.
George R. Cooksey, whose term as
by
1925, without the payment of duty.
May 17 1924 and was confirmed
on
t
Presiden
the
by
ated
referred
was
renomin
Mexico.
May 24 1924.
The Livestock & Agricultural Loan Company of New
took the oath of office on
He
1924.
the
23
by
on
May
1924,
16
Senate
the
May
on
receiver
a
to above, was placed in the hands of
on Aug. 15 1924 and
- Wm. Ontjes, Assistant to the Directors, resigned
United States District Court for the District of New Mexico. Arrange
resigned on Sept. 151924.
co- R. Walston Chubb, Assistant General Counsel,
ments have been made, with the approval of the court, for the closest
Conclusion.
tion in all
operation between the receiver and the War Finance Corpora
adminby the Act of April 5 1918
matters relating to the protection of the corporation's security and
War Finance Corporation was created
The
been
Its original purpose was to give
istration of its loans, the necessary funds for those purposes having
as a part of the program of war finance.
under
operations were "necessary or con
advanced by the corporation against receiver's certificates issued
financial support to industries whose
institutions which
court order. On Nov. 30 1924, all such receiver's certificates had been tributory to the prosecution of the war," and to banking
also to make advances
repaid out of proceeds of security. In addition, a net liquidation of $349,000 aided in financing such industries. It was authorized
to buy and sell obligahad been received- since the date of the receivership on the loans to the to savings banks and building and loan associations,
ial
to issue its own bonds. Its
company. The receiver has perfected arrangements for a substant
tions of the United States Government, and which was subscribed by the
all of
reduction in the expense of carrying the cattle in Mexico.
paid-in capital was fixed at $500.000.000,
The drought in western Texas, southern New Mexico. and Arizona made Government.
to
in
order
Mexico,
nt
to
s was held on May 17 1918.
moveme
the
Director
it necessary to formulate plans for
The first meeting of the Board of
al
provisinos of Section 14. wa.
provide feed and water and to prevent large death losses, of an addition
the Corporation, in accordance with the
and
20 1918. It was
number of cattle against which the corporation made advances through authorized by the President to commence business on May
in
armistice was signed, but within
the
before
other loan companies. In some cases, the cattle have been shipped and
months
six
e
only
existenc
in
of business. When hostilities
others they will probably go forward in the near future.
that short period it handled a large iolume
but in the spring of
were contracted automatically,
ns
operatio
its
ceased,
ions.
ng
Associat
Marketi
tive
Loans to Co-opera
financing the railroads.
upon to undertake the burden of
called
was
it
1919
authhas
It
1921.
ns
in
January
fact that no funds had been proSince the corporation resumed operatio
then under Federal control, in view of the
orized loans totaling E202,590,000 to 33 co-operative marketing associations vided by the Congress for the maintenance of their operations.
in 20 States to finance the orderly marketing of wheat, cotton, tobacco,
the Corporation was authorized
BY amendment approved March 3 1919.
rice and other staple agricultural commodities. Of this amount, $5.262,000 to make advances to the extent of $1,000,000,000 to American exporters
of
Aug.
Act
Credits
financed American exports.
was authorized prior to the passage of the Agricultural
and to American banking institutions which
241921,and $197.327,000 subsequent thereto. Altogether, the associations This authority was exercised until May 10 1920. when the Corporation's
actually used only $41.162.000 of their commitments with the corporation activities were suspended at the request of the Secretary of the Treasury.
on directing the
as they were able to finance the greater proportion of their requirements
In January 1921 the Congress passed a joint resoluti
g in the financthrough the normal banking channels.
to resume operations "with the view of assistin
tion
Corpora
totaling
d
loans
approve
ion
s to foreign counDuring the season of 1921-22 the corporat
ing of the exportation of agricultural and other product
was
,000
and
ions
$19,198
associat
ng
ed by the
marketi
tive
broaden
164.340,000 to co-opera
tion were greatly
d to tries"; and the powers of the Corpora
d
called for. For the season of 1922-23, the loans approve amounte
ural Credits Act of Aug. 24 1921. The
as
Agricult
the
known
ent
amendm
of 1923-24
ural
5126,250.000,of which $19,412,000 was used, while for the season
tion authority to make advances for agricult
,000, of which $2,552.000 was latter Act gave the Corpora
k loan
the loans authorized aggregated $12,000
purposes to banking and financing institutions, including livestoc
season.
current
the
during
received
been
that
d
have
called for. No applications
tive marketing associations. and provide
tie marketing associations, companies, and co-opera
purpose,
Of the $41,162,000 advanced to co-opera
the aggregate advances remaining unpaid at any one time, for any
ding on Nov. 30 1924.
outstan
was
3%,
than
less
or
000,
$1.221.
should not exceed $1,000,000,000.
operations
The Act of April 5 1918 required the Corporation to cease active
Loans for Export Purposes.
tion of the war, the date of
corporation since it resumed operations at the expiration of six months after the termina
the
by
d
approve
ent of
loans
amendm
export
The
00 to banking and financ- such termination to be fixed by the President. The
in January 1921, totaled 158,374,000—$43.379,0
however, authorized the Corporation to make ad3
1919,
March
tive
to
000
co-opera
and
$5,252,
s,
exporter
ing institutions, $9 733.000 to
vances for export purposes until the expiration of one year after the
marketing associations.
2956
THE CHRONICLE
termination of the war, as fixed by proclamation of
thefPresident, while
the Act of Aug. 24 1921 limited to June
30 1922 the period during which
advances could be made. This period was extended to
June 30 1923 by the
Act approved June 10 1922; to March 31 1924
by the Agricultural Credits
Act of 1923; and to Dec. 31 1924 by the Act
approved Feb. 20 1924.
Altogether the Corporation since its creation has made advances
totaling
.$689,691,000—$306,756,000 under its war powers,
$85,001.000 for export
purpsses, and $297.934,000 for agricultural and livestock
purposes. Of
thelaggregate amount advanced. $62,623,000 (principal amount) was
outstanding on the Corporation's books on Nov.
30. The Corporation on
that date had on deposit with the Treasurer
of the United States $495.726,806 79, and repayments received since then, including items
in transit,
will bring the amount to more than
$500,000,000, the original capital of
thefeorporation. It is impossible to state at this time just what
balance
ultimately will be returned to the Treasury, but there is every
reason to
believe that, when the remaining assets of the Corporation—th
at is, its outstanding loans—have been liquidated, and after deducting
operating expenses and such losses as may be sustained, the Government
will receive, in
addition to the original capital of $500,000,000, a return
approximating the
Ma to the Treasury of the money used in the
operations of the Corporation.
[VOL. 119.
sand business men. Mr. Young, who is Chairman of the
Board of the General Electric Co., and who returned from
Europe on Nov. 20, had served as ad interim Agent-General
for Reparations Payments. His speech at the dinner follows:
Mr. Chairman, Ladies and Gentlemen:
From my own experience and from observation, I have learned that unless
one is an historian or a philosopher and a master of discriminating speech,
it
is unwise to talk of things which have happened or are to happen. It was
with this in mind that on my arrival in this country I made a firm resolve,
and by the way of better moral security, a public announcement, that it
was my intention to come home, take up my job and keep quiet. Here I
stand a defaulter on my own resolve. Compelled as I am to choose between
seeming to be ungrateful or speaking, I choose to speak. Wherever these
words may go, however, this warning must go with them. I speak only my
personal views as a private citizen. I hold no warrant to speak either
directly or indirectly for the Government or for the Citizens of the United
States.
The report is signed by A. W. Mellon, Chairman; Eugene
There must be no doubt in your minds of the gratitude I feel for this
Meyer Jr., Managing Director; Geo. R. Cooksay, Fred public expression of your appreciation and your confidence. I feel guilty,
too, in stealing one more evening from your all-too-busy lives. What I
Stank and F. W. Monde11,.
should like most to say is "I thank you from my heart—let us all go home."
That would be taking myself too seriously. This celebration to which you
have so generously responded is your testimonial of gratitude that there
Owen D. Young, Co-Author of Dawes Plan, Felicitated promises
to be some tranquillity in Europe and some healing of the wounds
at Dinner in His Honor—Discussion of Plan.
of war.
It
is
your
expression of satisfaction and of pride that America, at last,
At a dinner in his honor held at the Waldorf-Astoria,
this after a period of hesitation and of doubt, has played her part in an effort of
city, on Dec. 11, tendered by leading business men of New peace as she previously did in the effort of war.
York, Owen D. Young, co-author of the Dawes reparations
Selling Dawes Plan in Advance.
plan, was the receipient of many tributes for the part played
Let me express my regret that General Dawes is unable to be present
by him in the formulation of the plan, messages from Presi- to-night. His absence, however, enables me to say something which his
presence might have
He has F.0 generously given credit to his
dent Coolidge, Secretary of State Hughes, Premiers Musso- associates for the planprevented.
that the truth should now be told. I remember somelini of Italy, Herriot of France, Theunis of Belgium
time during the first two weeks in Paris when the name of "Experts Comand
Baldwin of Great Britain, as well as from General Dawes. mittee" was gradually giving way to the name of "Dawes Committee," and
when things did not look very hopeful, the General said, "Well, let them call
Mr. Young, in addressing the gathering, discussed the
plan it the Dawes Committee, some one has to stand up and take the garbage or
and the objects sought by the experts in drafting
the garlands." Let me say that at the time when the name "Dawes" became
it and attached
to the committee, it looked as if the bouquets would all be of the
declared that "the plan would not have been created
or backdoor variety.
adopted without America." He asserted that "as stated in
Every one of my industrial associates knows that his business is composed
of two important departments and that the men who are successful in one
the plan the restoration of Germany is not an end in
itself, are seldom qualified for the other.
One is manufacturing, the other is sales.
it is only a part of the larger problem of the reconstructio
n It is not enough to manufacture a product, even a good product. It must be
of Europe." "It is not," he added,"German credit and Ger- sold. The installation speech of General Dawes which was published in full
man currency alone which need to be restored in order that in the newspapers of all the principal countries of the world created at once
a change in the public opinion of Europe. His directness, his clearness, his
financial stability may return to the world. Our low bank determination
and his courage, suddenly dispelled despair and doubt and
rates and our greatly increased gold snpply will, if used gave hope and confidence to the masses of people of Europe and a feeling of
pride
the
people
to
of America. From that time on the committee was no
wisely, enable us not only to aid our neighbors but to help
longer the "Experts Committee,"
was the "Dawes Committee." The man
ourselves. By restoring foreign credits we will increase our with the pipe who was unafraid. it
export markets particularly for our excess food supplies;
Politicians of all countries knew well how to get away with an "experts"
by stabilizing foreign currencies we will restore throughout report. They looked with anxiety on the approaching Dawes report. The
point I desire to make is that the committee
the best commercial
the world the free flow of commodities, including gold. and financial practice by having its goods soldfollowed
before they were manufacWhen that shall have been done we shall hear less in this tured. In the language of the advertiser a "consumer demand" was built up
country, and rightly so, of artificial price levels and arbi- for the Dawes report before anybody knew what it was to be and before a
line of it had been put on paper. General Dawes was the sales department
trary bank rates." Mr. Young observed that "the Dawes of our concern. In that department he had no assistants or associates and
committee did not approach the problem of reparations in he needed none.
Greatest Contribution Made by General Dawes.
the spirit of imposing a penalty on Gemany. . . . GerThe other members of our committee will testify that the greatest conmany was asked by our plan to assume and pay, or at least
tribution of any individual member of the committee was made
General
show her willingness to assume and pay annually her fair Dawes. The remaining members of the committee, with GeneralbyDawes
as
leader,
were
manufacturing
in
the
all
department. We made our product
share" of the cost of the war. Pointing out that "the plan
conscientiously and with the best knowledge and skill at our disposal. Each
itself dealt only with the economic problem of reparations," natinoal delegation had its aides, experts
and assistants, and from them came
he said, "it does not deal with its military and political as- guiding information and helpful suggestions. On the committee itself were
men
of great ability and highly specialized training. I associatt myself unpects." "It recognized that the political and economic unity
reservedly with what General Dawes has said of them. With a manufacturof Germany as established by the treaty must be restored ing department
thus set up, it would have been a reflection indeed if we
and that the occupation of the Ruhr must be made consis- could not have made a relatively simple article which would meet the retent with credit requirements. It did not state when or quirernents of a well advertised market already prepared to receive it.
Character of Report.
how. The conference of London was to deal with all of the
Now, Mr. Chairman, let Inc say a word about the character of the report
problems necessary to make the plan effective except the itself.
One listening to its enthusiastic advocates would think it an inRuhr evacuation." In a tribute to France Mr. Young said spired document which, taking account of the great international
racial,
that "by her commitment to the protocol, and by her acts in financial and social currents of the world, had solved completely, and perhaps forever, those great problems. One listening to its worst enemies
execution of it," that country "effectively denied to the would
feel that the plan was a mere superficial veneer which was bound to
world that she preferred dismemberment of Germany' and crack and disintegrate with the burning passions and the freezing selfishthe military domination of Europe to payment of repara- ness which it concealed. Let me say that in my view both of these estimates are wrong.
members of our committee well knew that human
tions and her resulting financial and physical restoration." minds are too smallThe
to comprehend such great forces and to make a plan
Mr. Young described the Dawes plan as having been sold in which unchanged would be permanently effective to control them.
The committee set about its work in quite a different spirit. It was in the
advance, saying that "In the language of the advertiser a
spirit of the scientific research worker from whom we are all learning so
'consumer demand' was built up for the Dawes report before much. Knowing that great forces exist, he does not try out
of hand to
anybody knew what it was to be and before a line of it had build a machine which will harness them and then it back and say that the
machine
finished
is
time.
for
all
Not
at
He
all.
tries
out
to
find
the charbeen put on paper." He termed General Dawes "the sales
acter of the forces and something about their nature, direction and intensity.
department of our concern" and in his praise of the Gen- So our committee sought to make a machine which would indicate, and in
eral he said "the other members of our committee will tes- some degree measure the extent and direction of these international economic)
forces with which we had to deal, and we tried also to insulate the machine
tify that the greatest contribution of any individual mem- so
far as possible from the cross currents of domestic politics in order that
ber of the committee was made lly General Dawes." Be- the measurements might be more correct.
sides commending the heads of the various allied Governments for their part in the London Conference, Mr. Young
lauded for their share in the work in connection with the
plan Henry M. Robinson, Rufus Dawes and George P. Auld,
and referred to those now identified with the carrying
through of the plan, viz. Thomas Nelson Perkins, S. Parker
Gilbert, Gates W. lelcGarrah and Mr. Sterrett. A. C. Bedford was at the head of the committee which had arranged
the testimonial which was attended by more than one thou-
Germany's Ability to Pay.
To be precise, we preferred not to speculate on that Germany could pay;
we sought a machine which would demonstrate both her ability and her will
to pay. Whether Germany would pay could only be ascertained by discovery, first, of her willingness to pay; second, of her ability to produce, and
third, of the capacity of the markets of the world and of the creditor nations in particular to absorb her goods. There was much debate and many
doubts as to her willingness to pay. That was a political question which
could only be answered by sixty millions of German people acting through
their political agencies. There was a difference of opinion as to her ability
to produce. That was and is a question which depends not so much on the
size of her plants and her available capital supply as on the spirit and disci.
Dnc. 27 1924.1
THE CHRONICLE
2957
Approval of Dawes Plan by Germany.
to receive
ag for
pline of her labor. And as to the capcity of foreign markets
Chancellor and his associates asked the Reichst The
the
y
German
t
In
divergen
German goods, the economists of the world made such widely
Two parties were in opposition.
nt.
agreeme
London
the
of
l
statisapprova
reliable
all
forecasts that they conclusively proved the inadequacy of
sts, opposed the plan as a new machine
winged students Extreme Left, namely the Communi
tics on that question. Our committee did not step in where
Right, the monarchists and reactionof capitalistic bondage. The Extreme
its burdens were too heavy, and
feared to tread.
that
ground
the
on
plan
the
ons in the aries, opposed
The Dawes committee did not approach the problem of reparati
c politics, because the position of the
domesti
of
matter
a
as
ally,
the
fix
incident
to
attempt
spirit of imposing a penalty on Germany. It did not
be strengthened.
ne the total amount Central Democratic parties would
blame for the war. It was not permitted even to determi
nations
allied
Bank of Issue.
the
Central
that
the
fact
found
of Germany's obligation. It merely
ds, appeared on
were strugof the Reichstag, but less than two-thir
had become heavily burdened with debt and that their citizens
majority
large
A
necessary to deal with
of this great cataswas
It
cost
the
to
pay
plan.
taxation
the
of
dented
favor
unprece
in
be
an
to
gling under
votes
and pay, or at least to the initial
Central Bank of Issue, the impositrophe. Germany was asked by our plan to assume
three subjects: the reorganization of the
y, and the transy her fair share.
000,000 of bonds on the industries of German the creation of
$1,250,
show her willingness to assume and pay, annuall
of
tion
y and
her people to a burden
s of Germany to a private compan
railroad
Germany was asked to submit her industries and
the
of
fer
ly commensurate with the
e bonds on the railroads for repof taxation for debt-paying purposes reasonab
than $2,500,000,000 of first mortgag
tion the necessary bills for
upon their industries and their more
Constitu
to
impose
had
rs
German
neighbo
the
her
Under
which
account
taxtion
arations
As General Dawes well said in his
zation of the Reichsbank and the creation
reorgani
the
namely
two,
people in order to pay their war debt.
first
not be expected and less the
were voted by a majority.
letter of transmittal, "More than this limit could
German industrial bonds', could be and
hardship and give her an of the
than this would relieve Germany from the common
Bill
d
Railroa
unfair advantage in the industrial competition of the future."
had
a two-thirds vote, and neither of the
There was one specification of the plan which the committee always
The Railroad Bill, however, required
it a practical success. When first two bills had received so large a majority. The Chancellor entered the
in mind. It was this specification which made
with my neighheld the decree of the Presidena of GerI am in the country, my chief occupation is to trade cows
Reichstag for this final vote, lie
of an arduous
ent in his pocket and frankly stated if
whole
the
spent
Parliam
having
of
Europe,
ion
for
left
I
dissolut
before
Just
bors.
many for the
ag would be dissolved and an
r as he seemed
Bill were not voted the Reichst
morning in a most difficult negotiation, I said to my neighbo
Railroad
the
elections in behalf of the plan.
answer was,
would be made to the country in new
about to leave, "Abe, will you buy that cow?" Ills
appeal
ballot, a white ballot meaning "yes"
to leave." The
The vote in the Reichstag is taken by
"Well, she's most too dear to take and she's most too cheap
would
each
ist Party as opponents to the plan
s,
National
ed
countrie
interest
the
to
The
put
when
"no."
that
be
such
plan had to
and a pink meaning
to leave.
slips meaning "no" upheld in their right
pink
with
box
ballot
the
to
feel that it was most too dear to take and most too cheap
walked
ee having sat
them put in white ballots so that the RailAnd so the plan was issued on the 9th of April, the committ
hands. With their left enough of
its issue, the
single political party in Germany did
Bill was carried. The strongest
continuously from the 16th of January. A few hours after
road
their
country on the propriety of their acwithin
it
was
as
the
far
80
to
plan
the
go
and
accepted
reject the plan
Reparations Commissioners
is shown by the elections on last
Ger- not dare
action.
for
ents
justified
ve
Governm
was
respecti
t
their
to
it
judgmen
nded
their
recomme
and
power
That
parents in tion.
strengthened the position of the Central
which
election
That
many immediately responded favorably, and the creditor Governm
both in Sunday.
and Left, would seem to show that GerEurope, although delayed somewhat by elections bitterly fought
greatties at the expense of the Right
the
world is convinced of that, then
France and Germany moved forward to the conference of London.
many has the will to pay. If the
removed.
of reparations will have been
Plan Dealt Only With Reparations.
est barrier to a final settlement
It
ons.
Signing the Protocol.
The plan itself dealt only with the economic problem of reparati
ed that the
Powers finally signed the protodid not deal with its military and political aspects. It recogniz
the representatives of all the
30
Aug.
On
must
treaty
by
the
hed
as
establis
y
of
German
after due hearing and full discuswar,
political and economic unity
the
since
time
first
the
nt with col and for
, the
be restored and that the occupation of the Ruhr must be made consiste
of the terms in their home capitols
ce of sion, after separate consideration
on equal terms,
credit requirements. It did not state when or how. The conferen
world. Germany included, meeting
the
of
nations
plan
great
the
to
make
y
London was to deal with all of the problems necessar
.
d at the same time agreed. The plan was adopted
the Continent sent their money into
effective except the Ruhr evacuation. This was arrange
and England the countries of
America
of
France,
ents
Governm
the
between
ce,
conferen
based on the faith that commitments
but technically outside the
ion
restorat
c
economi
her
y on the other. Germany for
security. The French and Belgian armies
and Belgium on the one side, and the Government of German
entry into the of great nations are still good
railroads of the Ruhr
England maintained her position that, having protested the
on the industries, mines and
hold
their
shed
agreerelinqui
to
an
party
a
g
promised to complete it within
Ruhr, she would not recognize its propriety by becomin
their homeward march. They
began
and
of her will to
ment for its evacuation.
y gave continuing evidence
y
the Versailles twelve months provided German dramatic chapter closed and a new one
All of the nations who were creditors of German under
this
So
ons.
obligati
were present also under perform her
Treaty participated in the London conference. There
of September 1924.
Kellogg, our began two days later, on the 1st
limited instructions but carrying most weighty influence, Mr.
Account by Germany.
in
observer
on
al
s
our
unoffici
Payment
Ambassador at London, and Col. James A. Logan,
had not yet received its loan
Powers
the German Government which
Paris, representing the Government of the United States. The great
day
that
On
y
d
minorit
d in the Reichsbank to the
so-calle
by
ted
deposite
were
represen
y
made,
German
be
and
of England, France
es that it would
20,000,000 gold marks, and
Ministers had in or assuranc
ons
Prime
three
reparati
of
these
one
no
to
say
for
is
l
That
ments.
-Genera
Gocvern
Agent
spoke. Under credit of the
During the month of September
his own party a majority of the Parliament for which he
later an additional 20,000,000.
not yet having received her
Prime Ministers to ten days
or through payments, Germany,
such circumstances, it was not only necessary for these
credits
000
through
ly had to
-General something like 90,000,
satisfy themselves and their party principles, but they constant
paid for the account of the Agent
loan,
83,000,000 which, under
the
of
Berlin.
and
Paris
in
excess
London,
houses
in
ent
ially
Parliam
the
substant
of
feel the pulse
a sum
pay during the month of
on from gold marks,
Under such difficulties, the London conference dragged slowly
Conference, she had undertaken to
when her
protocol was the London
large sums more, and finally,
paid
she
October
the 16th day of July to the 16th day of August, when the final
In
er.
placed in the Reichsbank,
s went Septemb
ed, 800,000,000 gold marks were
Initialed by the Secretaries of the different Powers, and the delegate
negotiat
was
loan
the extent reGovernment, but under the control
home to seek the assent of their respective Parliaments to
technically to the credit of the German
with such credits as will naturtogether
sum,
This
.
quired.
of the Agent-General
in excess of the total of 1,000,ially
substant
ce.
is
y,
Conferen
London
in
ants
German
to
Particip
to
Credit
ally be given
the plan. So
of her during the first year of
Let me say in connection with the London conference that too great credit 000,000 gold marks required
Germany has in subed, we may assume that
concern
are
s
payment
as
far
given—
cannot be
his stance completed her obligations up to September 1925.
First, to Mr. MacDonald, as presiding officer of the conference, for
views
in Kuhr.
fairness and his tact, and as Prime Minister of England for his liberal
Co-operation of France and Belgium
of
in the Ruhr coon the one side and his devotion to the continuity of the foreign policy
military and civil authorities
Belgium
and
French
The
other.
the
the Agent-General to make
his country on
enable
to
reserve
without
- operated heartily and
Second, to M. Ilerriot, the Prime Minister of France, who stood through
producers for deliveries in kind.
the plan available these large sums to German
point of the
out the conference on the ground that all disputes arising under
no longer to be taken at the
were
kind
in
es
in
deliveri
lay
security
best
er
Thereaft
book.
should be submitted to arbitration and that France's
taken at the point of a check
be
to
s,
were
payment
ons
they
;
reparati
proper
bayonet
through
ion
l
restorat
her economic and financia
commitment to the protocol and by her
herd
So it was that France, by her
and in the development of a more democratic Government in Germany
denied to the world that she preferre
ely
effectiv
it,
of
acts in execution
self.
military domination of Europe to paythe
and
y
German
of
his
difficult
met
erment
who
dismemb
Third, to Herr Marx, the Chancellor of Germany,
l and physical restoration. By
an open- ment of reparations and her resulting financia
ip of England and
problems, both at home and abroad, with dignity and courage, and
that she valued the friendsh
showed
had
also
y
France
German
at
last
that
feel
act
one
made
which
this
mind
of
ness and fairness
of a hostile sentiment against
go far to prevent the growth
debts.
her
would
pay
and
she
to
work
ready
was
and
that
sabres
g
clankin
her
aside
laid
States.
M. Theunis, the wise Prime Minister of Belgium, was one of the ablest her in the United
Chairman, that in return we will, without
May I express the hope, Mr.
ty which recogand most tactful participants in the conference.
toward France with a generosi
act
others,
ent,
provided
to
e
Governm
of
her
head
the
by
injustic
ted
doing
Italy, though not represen
justice, taking into account
and satisfies our feeling of
le.
es
equities
invaluab
thmselv
they
her
made
that
all
and
alert
able
nizes
so
were
who
spokesmen
real friendship?
- our historical obligations and our traditional and
I cannot close this reference to the London conference without congratu
on
the
contribu
great
England's Help.
lating you and the Government of the United States
and
notwithstanding the competition of Gertion made to the success of that internalonal meeting by Mr. Kellogg
England, too, made it clear that
their
where
position
in
a
difficult
were
as
they
Placed
in those outside, she would use her money
and
Colonel Logan.
markets
own
her
in
goods
of independent and man
reorganization of Germany so that turmoil on
merest suggestion came with the backing of 110,000,000
. to help finance the industrial
and finance might be reprosperous people, they showed discriminating judgment, tact and fairness
cease and stability of trade
might
nt
Contine
,
the
their
presence
for
but
that
unemployment in her counIt would be readily agreed by all participants
did this when there was great
England
stored.
a
success.
been
ce
could
have
not
depression, and when
conferen
serious
the
speaking for America,
es were suffering
by a large try, when her great industri
a sportsmanship which can teach us all
The Parliament of France sustained M. Herriot'a commitments
with
had,
she
this
all
of
face
nt in the House saying in the
majority. In England, Mr. Baldwin made a stateme
debts in principle and in practice.
ood a lesson, scrupulously met her
,
in substance that he hoped Mr. MacDonald, the Prime Minister underst
Plan.
for Credit in Development of
of
parties
all
backing
the
Claim
he
had
effect
in
United States
that in his efforts to put the plan
hope of a new day
real
a
were
there
if
as
n,
in the Government
And so it looks, Mr. Chairma
beings in all countries may live peacein the world. A day in which human
Plea for Definite Foreign Policy of United States.
save.
and
work
and
develop
and
to hope that some day fully
or adopted without America. The
Mr. Chairman, may I pause to ask is it too much
The plan would not have been created
policy and maintain its continuity free
credit for this new
we may establish a definite foreign
of the United States justly claims
ent
Governm
present
g
rations.
changin
Administ
with
even
c polities
suggestion of the Experts
from the horse-play of domesti
in international affairs. The original
advance
the
of
lity
and
tranquil
peace
the
and
country
this
distinguished Secretary of State. The Department
If so, the interests of
After all, is it true, Mr. President. Committee came from our
head is here to-night, furnished the largest
world would be advanced and insured.
eminent
whose
ce,
Commer
of
parof different racial ingredients they will not
tion for the formulation of the plan. Our disthat because our people are
informa
helpful
of
amount
foreign
and
isan
non-part
ous, definite
and understanding with
ticularly support a wise, courage
Ambassador to Germany made contact
of America? Perhaps we need to put our State tinguished
London and Colonel Logan
policy of the United States
Germans possible. Our able Ambassador in
the
memg
,
includin
all
citizens
that
position
isan
non-part
the President
Department in such a
l to the success of the London Conference. Even
speak and act in foreign affairs with individual were essentia
without interest in the choice of an Amerinot
were
bers of the Senate, may
State
of
y
Secretar
and
politor charge of being traitor to the
ion for the purpose of admitsIndependence, free from the thought
can citizen to sit on the Reparations Commiss
ical party of the affiliation.
2958 '
THE CHRONICLE
istering the plan. In a word,
let me
ernment has done everything which say that in my opinion the present Govmulation and to insure the adoptio could properly be done to aid in the forn of the Dawes plan. Personally,
a different political faith, I
being of
feel like killing the fatted calf.
Participation by Private Citizens.
Private citizens have done their
share. Henry M. Robinson, first
member of the Second Commit
tee of Experts, and later, in the install as a
of the plan itself, rendered
ation
services of a kind which would be hard
to duplicate. Those who knew him
will understand the propriety and the
this simple statement. Rufus
force
Dawes in charge of the office in Berlin, of
and
George P. Auld, who established the
accounting service of the Agent-General,
both acting as volunteers, made
my work easy. We have sent Thomas Nelson
Perkins to become a member of the
Reparations Commission, S. Parker Gilbert to act as Agent-General, Mr.
Sterrett to act as member of the Transfer
Committee and Gates McGarrah to
sit as director for the Reichsbank and
the Industrial Bank. To the
citizens
would add to the esteem in which of New York, I can say nothing which
they are already held. To those of you
who are listening in, may I say
that no better men could have been found
to administer the plan.
Advances to Germany by Banking Firms.
Mention should also be made of the
great banking firms which have
aided the execution of the plan through
advances to Germany both on public
and private credits. These advanc
es should continue in such amounts as may
be deemed from time to time
safe and wise under the circumstances then
existing. They should not be overdone.
It would be desirable for America if
she could act in such a way that our
total advances might be from time to time
ascertained and known to be
conservative. If this were done we would
make the German credit situation
steady rather than fluctuating, and
we would
ture of the world to the strain of quick advanc not 'subject the credit struces and quick withdrawals. A
steady, firm and conservative policy is better
after all, we must remember that the ravagesfor Europe and for us, because,
social demoralization cannot be repaired overnigof ten years of economic and
ht. The surest rehabilitation
of Germany will be a slow and steady
and healthful growth. There should
be no encouragement for her to react
from this great depression into an unhealthy boom.
[VoL. 119.
D. Young is written between the
lines of the protocol concluded at
don conference.
the LonThe economic value of the plan
is plain enough, but what is even
important is its psychological
more
effect. The door of hope for indust
peoples has been opened. Once
more people are thinking in terms rious
operation instead of enmity
and strife. No artificial formulas can of cotain peace without the disposi
maintion to adjust differentes and the
acumen to
find agreeable methods of
adjustment. The best security since the
for the peace of the world
armisti
ce
has been found in this plan which is so
the result of American skill
largely
and in particular of Owen D. Young's
intelligence.
The greatest difficulty that we
have in making democratic institutions
work is in securing play for
are too often over-powered expert ability. Paradoxical as it may seem, we
by feebleness. In this instance talent
has had
opportunity, not to determine but
to inform them. Here is a lesson to advise, not to bind Governments but
of our perplexities. The checks of which we may take advantage in many
and balances of governmental institutions
are needed for our security
against rashness, ignorance and passion
.
But we can always enlist the
despite our seeming neglect of service of expert advice, and, after all,
it, there is no more compelling force than
sound opinion. One great
obstacle
disinterestedly. In this expert studyis that rarely is advice demonstrated
of the economic problems of Europe,
we have had recognized
compet
of the United States. Nothin ence backed by relative disinterestedness
g could be more persuasive than that.
My cordial greetings to Mr.
Young, of whom all America is proud and
whom all she world is in debt.
to
Secretary of Commerce Herbert Hoove
r was also one of
the speakers at the gathering.
Federal Reserve Board Studying
Quest
ing Handling of Non-Cash Colle ion of Prohibitction Items by
Reserve Banks—Hearing Given to
Committee
of American Bankers Associatio
n.
—According to Associated Press advic
es from Washington
Dec. 22, the first important chang
e in the Federal Reserve
Board's regulations in several months
appeared possible that
night with announcement that it was
giving consideration to
amending regulations to prohibit the
handling of non-cash
collection items by the Federal Reserve banks
. Continuing
the dispatches stated:
Restoration of Germany Part of European Reconstruction
Problem.
Then, too, as stated in the plan, the
restoration of Germany is not an end
in itself, it is only a part of
the larger problem of the reconstruction
of
Europe. It is not German credit and German
currency alone which need to
be restored in order that financial
stability may return to the world. Our
low bank rates and our greatly increas
ed gold supply will, if used wisely, enable us not only to aid our neighbo
rs but to help ourselves. By restoring
foreign credits we will increase our export
markets, particularly for our
excess food supplies; by stabilizing
foreign currencies we will restore
Announcement that the Board was studyi
throughout the world the free flow of commod
ng the question came immediities, including gold.
When ately after It had heard a committee of the
that shall have been done we shall hear
American Bankers Association,
less in this country, and rightly so, which appeared to
advoca
te that the Reserv
of artificial price levels and arbitrary bank
rates.
such Items as acceptances and bills of lading e banks discontinue handling
for their member banks. The
Co-operation by People of United States.
bankers' committee asked and was given
permission to file a brief with the
Board in support of its argument.
The plan cannot succeed without the co-operation
of
the
people
of
America. Have we at last realized the responsibilities
Members of the Board have held differe
which are the counterpart
nt views in the past on restricting
the amount of free service which the
of our own riches? The plan is an economic progra
Reserve banks should perform for their
m.
It
Is
not
politica
a
l
one. It requires for its execution the continued
economic support of the member banks and consequently for the public. Some of the members
United States. It does not require any direct politic
have declared that the Reserve banks
al support or involve
had definite obligations to the public
and should carry them through
any political entanglement.
without exacting too great a charge for
them, which obviously must be
Our agencies of business must all co-operate in suppor
passed
t of the plan. Our the
men of commerce, industry, agriculture and finance,
customers. There are on the other on through the member banks to
including the Federal
hand some members who feel that
the assessment for labof and service
Reserve System, must aid in the restoration of the
credit and currencies of
by the Reserve banks is justified and
there should be no hesitancy in making
the principal commercial nations. We may debate
political participation in
the necessary charges.
the affairs of the world as we will, but we must partici
Inasmuch as the committee from the Banker
pate in its business,
s' Association has taken the
and business, like science, knows no political boundar
stand
it
did
before
the
Board,
the belief prevailed that sufficient Influence
ies and in its dictionary
there is no such word as isolation.
had been expected to make the suggested
And so, Mr. Chairman, I pray that this favored nation
of the Board declared, however, that do amendment possible. Members
decision had been reached. It was
sponsibilities of her great position. I ask that busines may meet the re- indicated nevertheless that an
early conclusion might be expected.
s
may
be
carried
on
internationally, without sentiment, but with vision
and with courage. I ask
that the spirit behind that business may be a worthy
expression of the character of our people and worthy in the sight of God.
Federal Reserve Board on Branch
Banking in
Tributes to Owen D. Young from President Cooli
dge
and Secretary Hughes.
As we indicate above, the dinner,in honor of Owen
D.
Young on Dec. 11 was marked by messages of tribut
e from
President Coolidge, Secretary Hughes and others; that of
the
former, addressed to George W. Wickersham, forme
r Attorney-General, who presided, was as follows:
My Dear Mr. Wickersham:—I was pleased to learn that you
the dinner which is to be given to-morrow evening in honorwould attend
of the Hon
Owen D. Young as a testimonial to his services as a membe
r of
Commission on the Economic and Financial Concerns of Germathe Expert
ny.
The Commission's work is now recognized as a great
contribution to
re-establish economic order in Europe,and the distinguished
part
Young bore has earned for him the gratitude of peoples on both which Mr.
sides of the
Atlantic.
I wish you would express my felicitations on this occasion.
Very truly yours,
CALVIN COOLIDGE.
Secretary Hughes, who addressed the gathering by telephone from Washington, stated that he had never doubted
that if the way were opened for men "of the highest competence to bring their impartial judgment to the solution of
the economic problems of Europe" America would be ready
to supply talent of the highest order. The "Times" from
which this is quoted further reported him as saying:
But something more was needed than talent, and that was willing
ness to
serve when the crisis was severe and opposing views seemed
to be irreconcilable. In this emergency Charles G. Dawes, Owen D.
Young and Henry
M. Robinson voluntarily went to the front with as
firm a resolve and as
self-sacrificing a devotion as ever inspired patriotic effort. This
was a
triumvirate which was the best possible representation of Americ
an experience. wisdom and energy, and we got results. Theirs
what
is
Roscoe
Conkling called the arduous greatness of things done.
It is no disparagement to others to give signal and approp
riate recognition
to the eminent and constructive ability and tact,
rather I should say the
genius, of Owen D. Young, which made possible the foruml
ation and adoption of the Dawes plan. That plan has
stood the test of both economic and
political analysis and the best tribute that could possibl
y be paid to Owen
the
United States.
Extended discussion of the subject of
branch banking in
the United States is contained in the Feder
al Reserve "Bulletin" for December, the Federal Reserve
Board in its treatment of the subject dealing with its devel
opment, the Limitations Upon Federal Control of Branc
h Banking, the Administrative Policy of the Board, Branc
h Banking Within
and Without the System, etc. The propo
sed amendmenta to
the national banking laws affecting branc
h banking occasion
the discussion, a part of which we print
herewith:
Recent growth of
branch banking in this
sideration of the place of branch bankin country has given rise to a conand to proposals for legislative regulat g in the American banking system
ion. At its last session Congress had
under consideration a bill proposing to
liberalize the statutory provisions
under which national banks operate
in the several States and at the same
time to impose some restriction upon State
banks in the exercise of branch
banking privileges within the Federa
l Reserve system under State charter
s.
Specifically the bill proposed to author
ize national banks located in States
which grant similar privileges to compet
ing State banks and trust companies
to establish branches within the corpor
ate limits of the town or city in which
the parent bank is located; and furthe
r to require State banks applying for
membership in the Federal Reserve
system to relinquish branches outside
the home town or city of the parent
bank. Proposed amendments to the
bill would restrict the exercise of these
limited branch banking privileges by
national banks to States which at
the time of passage of the Act permit
State banks to establish branch
es, and similarly would require applyi
ng
State banks to relinquish all branches
in States which do not at the time
of
passage of the Act permit intra-city
branch banking. These amendments
are intended to hold branch banking
within the Federal Reserve system to
the territory in which it is permit
ted at
to prohibit any extension of this territothe time of passage of the Act and
ry in the future under State legislation. Inasmuch as this bill and
the amendments—which propose important modifications of our Federal
banking laws—will undoubtedly come up
for further consideration, the followi
ng survey of the Federal Reserve
Board's administrative policy, of
the legal status of branch banking in the
several States, and of the extent
of branch banking in this country is presented.
Limitations Upon Federal Control of Branch
Banking.
On Nov.7 1923, the Federal Reserv
e Board adopted a resolution defining
the policy which it would pursue
in the future in respect to admission to
membership in the Federal
Reserv
branches outside of the city of the e system of State banks operating
parent bank (or territory contiguous.to
r 11_20
DEC. 27 1924.]
THE CHRONICLE
for permisthat city) and in respect to applications of member State banks
sion to establish additional branches within the system.
the
The problem presented to the Board at this time was one to which
years. It
Board had given more or less continuous consideration in past
branch
of
demerits
or
was not one primarily involving the relative merits
rather a
banking as compared with independent unit banking, but was
would in a measure
problem of developing an administrative policy which
discrimination among
eliminate what was conceived to be an inequitable
member banks in the exercise of branch banking privileges.
branch banking under
restrict
to
The Federal Reserve Board has no power
restrictive conditions
State laws, except to a limited extent by imposing
Federal Reserve system
upon such State banks as freely elect to join the
as the Board may
and comply with such restrictive conditions of membership
setup.
Federal Reserve
Only in the case of national banks is membership in the
national banks are
system compulsory, and under our national banking Act
to operate
not permitted to establish branches, although they are permitted
branches estabbranches acquired by merger with State institutions, and
parent bank.
lished under State charters prior to nationalization of the
however, preEven these very restricted branch banking privileges are,
of the least
cisely defined in the Federal statute, and are not susceptible
Reserve
modification through any administrative action of the Federal
e.,
Board. So that in respect to the great majority of member banks—I.
non-member
in the case of 8,080 out of 9,650 member banks— as well as of
branch bankbanks the Federal Reserve Board has no original control over
2959
time to interest the public in this campaign. Many Christmas gifts of
money are given by the banks' customers to employees and friends. The
Treasury requests the banks to endeavor to persuade them to make these
gifts in the form of silver dollars, which may be obtained in any quantity
d
desired from the Federal Reserve banks of each district in new, uncirculate
1924 Peace dollars.
Death of George W. Norton, Director of Louisville
Branch of Federal Reserve Bank of St. Louis.
George W. Norton, a director of the Louisville Branch of
the Federal Reserve Bank of St. Louis, capitalist and noted
philanthropist of Louisville, died of heart disease an Dec. 10
after a prolonged illness. Mr. Norton, who was fifty-nine
years of age, was born in Russellville, Ky. In addition to
being a director of the Louisville branch of the Federal
Reserve Bank of the Eighth District, Mr. Norton at the
time of his death was a director of B. F. Avery & Sons, the
Price Chemical Co. and the Louisville Railway Co.
Subscriptions to United States Treasury Bonds Totaled
$1,992,760,550—Allotments.
ing activities.
conState
under
entirely
are
Total subscriptions of $1,992,760,550 were received to the
Since the 18,818 non-member State banks
privileges,
trol, while the 8.080 national banks have their branch banking
of 4% United States Treasury bonds of 1941 1.5,
offering
by
in so far as they may exercise any such privileges, defined and limited
Board
according to an announcement made by the Treasury DeFederal statute, it follows, as noted above, that the Federal Reserve
system, partment on Dec. 23. The cash subscriptions amounted to
can, through prescribing conditions of voluntary membership in the
ly small
represented by Third
directly affect the branch banking privileges only of a comparative
member $1,460,530,550, while $532,230,000 was
number of State institutions. In June 1924. of the 1.570 State
permit Liberty Loan bonds of 1928 and Treasury notes and certifibanks, approximately one-half were located in States which do not
authority cates maturing on March 15 next, which were offered in
branch banking, and since the Board would, of course, have no
in
to confer branch banking privileges upon any State member bank located
exchange. The combined cash and exchange allotments
a State which did not permit its own institutions to exercise such privileges,
affect amount to $756,743,500. Bonds to the amount of $200,000,
any branch banking regulation formulated by the Board could in fact
banking 000 or thereabouts were offered for cash subscription, and the
only some 700 to 800 banks located in States which permit branch
out of the total of 28,468 banking institutions in the country.
cash allotments amounted to $224,513,500. All of Third
Under these conditions the formulation of any general branch banking
ruling Liberty bonds and other Government securities maturing
ive
administrat
an
than
more
something
require
clear,
is
it
policy will,
can in
by the Board. It will require legislation by Congress. and even that
next March, offered in exchange for the new Treasury issue,
face affect directly'barely one-third of the banks in the country.
were accepted and allotted. The Treasury Department
stated that cash subscriptions of $1,000 or less were allotted
Federal Reserve Board on Treasury Department's Move in full, and those of $1,000 and up to $10,000 were allotted
to Restore Silver Dollars as Circulating Medium.
65%. All cash subscriptions for amounts over $10,000
Treasthe
in
banks
member
were rejected.
In urging the 'cO-operation of
The largest subscription came from the Federal Reserve
ury Department's plan to re-establish the circulation of silver
"BulleDecember
its
in
of New York,its subscriptions totaling $865,327,100,
Bank
District
dollars, the Federal Reserve
time
te
of which $517,497,800 were on a cash basis, while $347,829,tin" states that the Christmas period is "an appropria
4%
that
out
Pointing
."
campaign
were submitted as exchanges, viz.:$165,302,600 in 43
300
this
in
public
the
to interest
banks'
the
by
given
Treasury notes, $112,082,500 in 4% Treasury certificates of
many Christmas gifts of money are
Liberty bonds.
customers to employees and friends, the banks are requested indebtedness, and $70,444,200 in Third
rs in the
subscribe
cash
of
the
case
in
gifts
the
in
these
allotment
make
to
total
customers
The
to endeavor to persuade
district,
Chicago
The
be
00.
may
$46,050,5
which
New York district was
form of new uncirculated.1924 Peace Dollars,
an
received
000,
$210,644,
the
for
what
ions
quote
subscript
We
banks.
submitted
Reserve
which
Federal
the
obtained at
$164,of
ions
subscript
cash
its
for
00
$53,356,5
allotment of
"Bulletin" has to say herewith:
exchange basis.
The Treasury is endeavoring to restore the standard silver dollar to the 820,100, and was allotted $45,823,000 on an
the
this
doing
In
Dec. 23, the New York
on,
place which it formerly held in the currency structure.
Washingt
from
dispatch
a
In
Treasury is actuated by two motives: First, to improve the quality of the
to "Times" said:
paper money, particularly in the one-dollar denomination: and,secondly,
Liberty bonds and
There was much interest in the extent to which Third
effect, in this way, a material saving in the expense ofsupplying the country
offered in exchange. In all
with fit currency.
securities maturing next March would be
of the 4% certifiFollowing the violent fluctuations in the price of silver during 1920. there $270,430,900 in the 4%% Treasury notes. $168,599,500
Liberty Loan bonds were
was a substantial declinelii the number of silver dollars in the hands of the cates of indebtedness, and $93,199,600 in Third
districts.
public: and since that time the number of these coins in circulation has offered in exchange by the twelve Federal Reserve
more than $5,000.000
New York was the only district which exchanged
been considerably below the level maintained during and prior to the war.
of the 4%%
$31,737,700
circulating
exchanged
the
Chicago
of
In its desire to re-tetabllsh the silver dollar as part
of the Third Liberty bonds,
. Chicago also
medium the Treasury is actuated by certain conditions which have arisen notes, and none of the other districts more than 820,000,000
and none of
s
in the manufacture ,of paper money and have resulted in a reduction in the exchanged 811,062,500 of the 4% certificates of indebtednes
.
life of the dollar bill. The extraordinary demand on the Bureau of Engrav- the other districts except New York more than $10,000,000
bonds is undering and Printing for the various issues of Liberty bonds during the war
New York's subscription of $70,444,200 in Third Liberty
in by the First
period, when more than 200,090,000 pieces were printed, and the increased stood to consist mainly of a single exchange offering sent
are said to
demand for currency during that period and after the armistice, consumed National Bank of New York. Several New York banking houses
were rejected.
all reserve stocks of paper money. Furthermore,the inability of the manu- have sent in cash subscriptions in large amounts, all of which
for notes and certififacturers of distinctive paper to obtain linen rags necessitated a change in
The total exchange from all Federal Reserve districts
satisthe composition of the distinctive paper from a 100% linen basis to a 100% cates maturing on March 15 next was $439,030,400. This was entirely
notes and
cotton basis: and this in turn resulted in the elimination of the sizing process factory to the Treasury, as it reduced by that amount the total
it not been
which was formerly,given to paper money before it was put into circulation. securities which would have required refunding at that time had
next
By the elimination of this sizing process, the life of the paper currency was for the exchanges now made. It is now believed that maturities
by the
materially reduced.
March can be handled without an extensive financing program
The great demand for paper currency necessitated the expediting of its Government, as the total maturities have been practically cut in half.
manufacture to such an extent that the currency was printed and placed
Following the closing of exchange subscription books at
In the hands of the public without being properly seasoned, the period of
only
close of business on Dec. 20, the Treasury Department
Not
the
weeks.
to
three
manufacture being reduced from three months
does the unseasoned paper currency have a much shorter life than when it on Dec. 21 issued the following statement indicating that the
is properly seasoned, but in order to supply the constantly growing demand
total issue of new bonds would be "something over $750,for currency the Federal Reserve banks have been forced to lower the stande
consequenc
000,000":
ard of quality of the $1 bills paid back into circulation, with the
The Secretary of the Treasury announced to-day that exchange subscripthat there is much currency of this denomination of a very poor quality now
public.
tions for the new Treasury 4% bonds of 1944-54 closed Saturday. Dec. 20
the
of
in the hands
ns were closed Dec. 4.
To bring back the currency to the standard of fitness maintained prior 1924. As previously announced,the cash subscriptio
will aggregate nearly
to the war it will be necessary to build up reserve stocks as well as to increase The total subscriptions, both cash and exchanges,
yet completed, but the total
the output of the currency. It is difficult to accomplish both of these $2.000,000,000. The final figures are not
things at the same time, and therefore the Treasury Department desires to issue of new bonds will be something over 8750,000.000.
one
The retirement of the GoNernment securities maturing March 15 next,
put into circulation about 40,000,000 silver dollars, which will replace
successfully relieved the
month's supply of paper dollars, thus permitting the accumulation of a presented in exchange for the new bonds, has
stock
a
reserve
Treasury of the burden of excessively heavy financing next March, although
reserve stock in process of seasoning. Aside from creating
the life it is expected some additional financing will still be necessary at that period.
and thereby building up the standard of fitness of the currency,
Of the exchanges received, over $91,000,000 were Third Liberty Loan 4%%
of the paper money will be increased by four or five months.
circulation bonds and some $435,000,000 were Treasury 4%% notes and Treasury 4%
The cost to the Government of manufacturing and keeping in
if a month's supply of certificates maturing March 15 1925. These exchanges will mean a saving
$1 bill is 1.7 cents. It is therefore evident that
of an to the Government in interest for the three months' period to March 15
silver dollars. which have an almost indefinite life, can take the place
will 1925 of over $550,000, and for the remaining three and a half years' life of
equal amount of paper dollars. an annual saving of about $1,000,000
the Third Liberty Loan bonds a further saving of nearly $800,000.
accrue to the Government.
If the Treasury is to succeed in its plan to re-establish the circulation of
The following table showing the cash subscriptions by disthe
member
of
banks
the silver dollar, It must have the co-operation of
and the allotments made, as 'also the exchange subtricts
be
an
will
appropriate
period
Christmas
Federal Reserve system. The
2960
THE CHRONICLE
[Vox. 1111.
seriptions by districts, was made public in the Treasury DeThis estimate is required to meet an emergency which has arisen since the
partment's announcement of Dec. 23:
transthission of the budget for the fiscal year 1925.
District,
Cash
Allotments.
3
148,872,500
517,497,800
125,121,200
135,633.900
40,709,700
28,805,000
164,820,100
70,509,100
29,988,300
54,403,300
44,185,150
99,984,500
$
31,508,100
46,050,500
20,144,000
17,650,900
6,245,800
5,368.500
53.356,300
16,228,700
7,820,300
2,916,550
3,335.550
13,888,300
$
21,732,400
347,829,300
25,151,700
28,265,700
2,976,800
1,610,300
45,823,900
4,363,000
7,217,000
14,188,950
10,399.950
21,019,700
1,651,300
$
53,240.500
393,879,800
45,295.700
45,916,600
9,222,600
6,978,800
99,180,200
20,591,700
15,037,300
17,105,500
13,735,500
34,098,000
1,651.300
1,460.530.550
224.513.500
532.230.000
756,743,500
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
Taut Amt.of
Exchange 4% Treasury
Subscriptions. Bds. of 19441954 Allotted.
Cash
Subscriptions.
The details of the exchange subscriptions received and
allotted by districts (including exchanges in the form of
Third Liberty bonds maturing in September 1928, 43%
Treasury notes maturing March 15 1925, and 4% Treasury
certificates of indebtedness maturing March 15 1925) by
Federal Reserve districts, follows:
Reserve District.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
434% Treasury
Third Liberty
Notes, Series
Loan 414%
4-1925, MaBonds Tendered luring Mar. 15
in Payment. 1925, Tendered
in Payment.
4% Treasury
co.afindebt..
Series TM-1925
Maturing Mar.
15 1925 Tend-d
in Payment.
$4,591,300
70,444,200
1,820,800
4,855,000
433,600
489,700
3.618,500
1,180,800
516,500
1,370,050
1.174.050
1,398,000
1.307.100
$11,849,600
165,302,600
18,183,400
13,737,700
1,519,200
501,100
31,142,900
1,507,200
2,081,000
10,138,400
4,121,900
10,079,200
267,700
$5,291,500
112,082,500
5,147,500
9,673.000
1,025,000
619,500
11,062,500
1,675,000
4,619.500
2,680,500
5,104.000
9,542,500
76,500
893.199.600
8270.430.900
8168.599.500
President Coolidge, in Letter to Congress, Asks for
Appropriation of $50,000,000 for Tax Refunds.
A supplemental appropriation of $50,000,000 for tax
refunds in the fiscal year ending June 30 1925 is asked for in
a communication from President Coolidge, transmitted to the
House on Dec. 17. Accompanying the President's letter was
one from Brig. Gen. H. M. Lord, Budget Director, stating
that $43,405,446 57 had been refunded during the first four
months of the current fiscal year, but that $94,011,300
additional would be needed before the year's end. The
$50,000,000 would pay claims until March 11925, he indicated.
In his letter General Lord said that in the last four fiscal
years refunds had been made as follows:
1921, $28,656,457 95; 1922, $48,134,127 83; 1923, $123,992,820 94; 1924, $137,006,225 65. He said:
During the first four months of the present fiscal year, or for the period
„July 1-Oct. 311924, inclusive. $43.405,446 57 has been refunded, including
$17,326,582 74, representing 25% reduction of individual income taxes for
the year 1923.
•
Mr. Lord stated that to provide for the latter payments
there was included in the Second Deficiency Act of 1924,
which failed to pass the Senate in the last session, an item
of $16,140,000. Continuing he said:
Subsequent te the failure of this bill, the Controller General on June 21
1924, decided that certain appropriations for refunding taxes illegally collected were available for making the 25% refunds, and payments were
therefore made as above stated. The Second Deficiency Act of 1924 was
enacted into law on Dec. 5 1924, and the amount therein appropriated for
the 25% refunds has since been transferred to the credit of appropriations
for refunding taxes illegally collected, which was used for making the
refund.
The effect of these payments, however, seriously reduced the appropriations for refunds. In November of this year the amount of claims allowed
and on hand awaiting payments amounted to $16.986.281 78. against which
there were unencumbered appropriations balances as follows:
Refunding taxes illegally collected in 1924 and prior years, 82.020,787 16;
for same purpose in 1925 and prior years. $354.473 73: total, 82.375,260 89.
These appropriation balances, together with the $16,140,000 recently
credited by the Controller General, will permit of the payment of the claims
on hand and ready for payment on Nov. 1, and leave a balance of $1,528,979 11. The Bureau of Internal Revenue has estimated, however, that
claims to the amount of $94,011.300 will be allowed for payment during
the period from Nov. 1 1924 to June 30 1925.
It is important that funds should be made available for the payment of
the claims as they are allowed, particularly in view of the new interest provisions contained in Section 1019 of the Revenue Act of 1924. which stipulates that interest at the rate of 67, per annum shall be allowed and paid on
an internal revenue taxes which have been erroneously or illegally assessed
or collected from the date of payment of such tax to the date of allowance
of the refund by the Commissioner of Internal Revenue, or in the case of a
credit, to the due date of the amount against which a credit is taken.
It is desirable that the expenses of at least the first half of the fiscal year
1925,or that period from July 1 to Dec.31 1924,should be available before a
supplemental estimate for the full year is prepared for transmission to Congress. In view of the above facts, however, the Bureau of Internal Revenue
requested that 850.000,000 be appropriated at this time, which amount it
believes should be sufficient promptly to pay all claims allowed until March
1 1925, and has submitted an estimate therefor.
James M. Beck Suggests that United States Supreme
Court Be Clothed With Powers to Serve Executive
and Legislative Departments in Advisory Capacity.
In a speech delivered on Dec. 20 under the caption, "The
Problem of the Supreme Court," James M. Beck, SolicitorGeneral of the United States, suggested that legislation be
enacted to provide for the co-operation, in an advisory capacity, of the Supreme Court with the executive and legislative departments of the Government. Mr. Beck referred
to the fact that "in every other country the judiciary cooperates with the other departments of the Government and
the Administration can always have the advice of the
judges." "I recognize," he said, "that the Constitution imposes no duty on the court to give such advisory opinions, but
it does not forbid such useful co-operation, and the
great end
of our constitutional development should be to
bring the
three departments into closer co-operation, and not
widen
the gulf that now separates them." In advancin
g his suggestion, Mr. Beck said:
If Congress by a joint resolution signed by the
President, requested the
Court to give an advisory opinion as to whether a
proposed law is within the
competence of the Government, is it so clear that
the Court should decline its
aid ? Its power to refuse such aid cannot be questioned.
I recognize that if
a hare majority of Congress should thus drag the
Supreme Court into any
current of political controversy its prestige would be in danger;
but if Congressmen of both parties, sincerely dubious of their power
to pass a law,
could by resolution passed by a largely preponderating
majority of Congress
—say two-thirds—and signed by the President, request such
advice, I am
not so clear as many others that such an advisory opinion,
under great and
exceptional circumstances, and resting solely in the discretion
of the Court,
would be prejudicial either to the Government or to the Court.
To give such
an opinion would rest in the sound discretion of the Court, which
could
refuse, except where a clear question of power was involved in a
concrete
case and the proposed law was not a political issue in the partisan sense.
Mr. Beck observed that "if the court is to continue to resist ever-recurring crises in its existence there must be
greater public interest in its deliberations." Mr. Beck
pointed out that "the Supreme Court not only lacks plenary
power to invalidate every unlawful act of the Executive or
of the Congress, but proceeding most conservatively it licks
the disposition to do so except upon the very clearest cause."
"Thus," he said, "a great deal of legislation of doubtful constitutionality—like the Adamson law—is placed upon the
statute books." Mr. Beck declared that "the Supreme Court
is,,in my judgment, the greatest and noblest court that the
world has ever known," and he added "of all the features of
our Government it has been the most successful." He expressed it as his belief that "the ever lessening interest of
the public in the Supreme Court is due to a profound error,
not of the framers of the Constitution, but of the American
people in applying that Constitution." Referring to the
La
Follette movement during the recent campaign to
impair the
powers of the Supreme Court, Mr. Beck said "the
attack in
the last political campaign on the Supreme Court
was an
attack upon the Constitution itself, and the result
gives us
renewed faith in the perpetuity of our institutio
ns. This
speech was delivered at the dinner of the Pennsylva
nia Society held at the Waldorf-Astoria, at which he
was the guest
of honor. His address in full follows:
I can best repay your great kindnese by saying nothing
of myself. In
searching for a theme suitable for the dignity of
the occasion It occurred to
me to discuss a subject, with which I as Solicitor
-General have some passing
familiarity, namely the Supreme Court of the United
States, and more especially its true place in our governmental system.
The subject is timely, for once again the Supreme
Court has survived a
real crisis in its existence. A distinguished Senator,
leading a new party
movement, made his chief objective in the recent
campaign the impairment
of this balance wheel of our governmental machinery.
Like Dagon in the Old Testament, the La Follette
party put an impious
hand on the ark of the covenant, and like flagon it
was stricken by the
lightning of public indignation. Nevertheless, four
million citizens supported this destructive proposal, and such a dissent to
a vital part of an
institution cannot be ignored by thoughtful men, for
nothing is more certain than that this is not the last assault upon the Supreme
Court.
As all of our governmental institutions, the Supreme
Court, in the last
analysis, rests not upon a written charter of government
but upon the confidence of the people in its essential wisdom and justice.
This was pointed out nearly a century ago by one
of the profoundest
political philosophers of any age. In his classic work,
"Democracy In
America," de Toqueville thus described both the function
of the Supreme
Court as well as the foundation of its power. He said:
"The peace, the prosperity, and the very existence of the Union were
placed in the hands of these judges.
their active co-operation
the Constitution would be a dead letter.Without
The Executive appeals to them
for assistance against the encroachments on
legislative powers. The
the
legislature demands their protection from the designs
of the Executive.
They defend the Union from the disobedience of the States,
the Slaw
from the exaggerated claims of the
public
Union.
against
the
interests of private citizens, and the conservative spirit interests
order against
the fleeting innovations of democracy. Their power isofenormous,
but
it is clothed in the authority of public opinion.
are the all-powerful
guardians of a people which respects law, but They
they would be impotent
against popular neglect or popular contempt."
To strengthen public confidence in the Supreme Court is therefore
allimportant How can this be accomplished?
Dine. 27 1924.]
THE CHRONICLE
2961
Let me give several illustrations of the baleful effects of a too rigid appliThe cause of conservatism is ill-served by assuming that any human instication of the doctrine.
tution is perfect. The Supreme Court is, in my judgment, the greatest and
It has prevented any parliamentary government in the true sense of the
noblest court that the world has ever known. Of all features of our Governword. Some Presidents have sat austerely at one end of the avenue and the
ment it has been the most successful. It is the final conscience of the nato Congress at the other, and there is too often a lack of team work, due to the
tion in matters of constitutional morality; and no fact is more creditable
mistaken belief that each is an independent department of the Government
the American people than that, in maintaining this great court in its integ- How can they be independent, when the Constitution has blended their
rity, the people have shown that self-restrain which is the best guarantee of
powers?
the perpetuity of our institutions.
As a result, Congress, which at one time discussed and determined great
This great ideal of a "government of laws and not of men" has not been
questions of constitutional law, no longer makes any pretense of so doing.
realized without a struggle. The Supreme Court has from the very beginThe members, forgetful of the fact that under their oaths of office they, too,
ning been the target of an attack by large and influential minorities.
must support the Constitution in its integrity, and therefore preliminarily
There is this significant distinction between the attacks on the Supreme
democracy, interpret it, pass, without discussion, any law, however plainly in excess of
Court and those upon other departments of the Government. In a
the their powers, on the theory that the duty of interpreting the Constitution is not
no department of government can escape criticism, but the attacks upon
in- their concern but that of the Supreme Court. The Supreme Court not only
temporary
the
upon
been
generally
have
Legislature
the
Executive and
lacks plenary' power to invalidate every unlawful act of the Executive or of
cumbents of those departments, and rarely upon the institution of hte Exre- the Congress, but, proceeding most conservatively, it lacks the disposition
ecutive or of the Congress as such. With respect to the judiciary the
except upon the very clearest cause. Thus a great deal of legislaverse is true. The attack has rarely been upon the Justices as individuals. to do so
ac- tion of doubtful constitutionality—like the Adamson law—is placed upon the
Only once has a Supreme Court Justice been impeached, and he was
books. Moreover, the same idea tends to weaken in the minds of the
quitted. While the Justices, as individuals, have thus been more exempt statute
the true sense of constitutional morality. In the last analysis the
from personal attack than any other servants of the people, the attack upon citizen
of the Constitution depends upon the people. They, too, as in
the Supreme Court as an institution has been continuous from the beginning maintenance
the Republic should guard the Constitution, for "eternal
of the Republic. This persistent hostility, while primarily due to the un- the earlier days of
price of liberty."
willingness of a minority in a proud democracy to submit to the wise re- vigilance is [still] the
And yet the people will too often support any fad, however clearly it may
straints of the Constitution, is chiefly due to the method of deciding conon the theory that if it be unconstitutional the
stitutional issues, whereby after a law has been enacted and acquiescd in, transgress the Constitution;
Supreme Court in good time will say so. Thus the spirit of constitutional
it is subsequently nullified in the course of private litigation.
our institutions will one day perish, gradually ebbs
In this connection I venture to submit, interrogatively, two suggestions morality, without which
for public consideration. I express no definite conclusion, and my sugges- away.
From the beginning the Supreme Court, obedient to the Montesquieu doetions, intended to excite discussion, are like Mr. Guppy's declaration of
only determine great constitutional questions in
marriage "without prejudice." If the Court is to continue to resist ever- trine, has held that it could
this idea has been generally accepted, especially
recurring crises in its existence there must be greater public interest in its litigated cases. Hitherto,
in its truth. The time has come in my
deliberations. Increasingly, it is becoming more and more a monastic insti- by my own profession, as axiomatic
it is an absolute or only a qualified truth
tution. The members of the Court are expected to be political recluses. judgment to consider whether
freely concede; for if the Supreme Court, indeLess and less interest is taken by the people in the activities of this most That it is a general truth I
pendent of the ordinary processes of litigation, could be involved in every
Important department of our government.
be speedily destroyed.
Time was when the Supreme Court shared with the Congress the interest political controversy its prestige would
In every other country the judiciary co-operates with the other departments
of the people. It was in the early days of the Republic the greatest forum of
Adminiaration can always have the advice of the
Intellectual discussion, not only because of the exceptional ability of the of the Government and the
great gladiators who contended in the arena, but because of the surpassing judges.
I recognize that the Constitution imposes no duty upon the court to give
magnitude of the questions which were discussed.
does not forbid such useful co-operation, and
A century ago the great case of Gibbons vs. Ogden wan argued in that such advisory opinions, but it
constitutional development should be to bring the three
Court, which involved the right of the State of New York to grant a monop- the great end of our
co-operation and not widen the gulf that now sepoly of the right of navigation over the waters of the Hudson. The whole departments into closer
nation was as much interested in what was called the "Steamboat Case" as arates them.
The question first arose in the Administration of President Washington,
they were in the great debate in the Senate between Webster and Mayne.
The who was confronted with a serious question as to whether a treaty, which
Last week I argued for two days the counterpart of Gibbons vs Ogden.
the this country had made with Louis XVI, was binding when France had passed
United States sought to restrain the city of Chicago from diverting into
864,000,- under the government of the Jacobins. Conformably to the practice of the
Mississippi watershed the waters of Lake Michigan to the extent of
Hundreds of mother country, he turned to the Supreme Court for advice as to what the
000 cubic feet per day. It was a clash of gigantic interests.
Mississippi Government's responsibilities were. Chief Justice Jay then said to the great
millions of dollars were involved. Four sovereign States of the
States, President that, no matter how imperative the public need might be, the SuValley supported the claim of the State of Illinois and seven sovereign
had de- preme Court would not give any opinion except in a litigated case.
Including New York, supported that of the United States that nature
A little later, Virginia and Kentucky passed the first resolutions which
signed the waters of the Great Lakes to flow unvexed to the sea.
cases asserted the right of nullification. The very existence of the country was
Measured by the magnitude of the interests involved, few greater
apparat stake. Alexander Hamilton, then Secretary of the Treasury, appealed to
have been argued in recent years, and yet not an Eastern newspaper
the Supreme Court to join with the Executive and Legislative Departments
ently made the slightest reference to this notable case.
States in protesting against the doctrine of these resolutions. Again the Supreme
May I say, in passing, that the willingness of these great sovereign
manner so quiet Court declined to express any opinion, as to the right of nullification and
to dispose of a great issue by the methods of reason and in a
demonstrations sixty years later a great Civil War was fought to decide it.
striking
most
the
of
one
is
comment
public
any
escape
to
as
of the Supreme
About a century ago, the Court for the first and only time in its history
of the value of our institutions and the peculiar efficacy
divert the gave an advisory opinion. The question at issue was the power of the FedCourt, of which lhave any knowledge. Suppose France were to
Mediterranean. eral Government to make appropriations for improvements wholly within a
waters of the Rhine from their present destination to the
sword?
State. President Monroe was of the opinion that it lacked such power.
Would such a question be settled by any other resort than to the
Supreme
Congress had under consideration the Cumberland Turnpike Bill. PresiI believe that the ever-lessening interest of the public in the
but
Constitution,
dent Monroe turned to the Supreme Court for an opinion, and that Court for
Court is due to a profound error, not of the framers of the
the first and only time in its history authorized one of the Justices to advise
of the American people in applying that Constitution.
in this case favored the power that
About forty years before the Constitutional Convention met, the great the President as to their views, which
French jurist and philosopher, Montesquieu, published his "Spirit of the was in dispute.
assumed, that the Court should
imhitherto
have
more
Is it quite so clear, as we
Laws" It immediately became a classic and no people were
of the Government and thus
pressed by its political philosophy than the American statesmen of the Colo- not thus co-operate with the other departments
people? At present, all our coo-taunial period. In an age of almost universal tyranny, Montesquieu searched for be brought into chaser contact with the
This, undoubtedly, has advanthe true foundation of liberty. lie found it in the principle, that "when the tional questions are determined in litigation.
legislative and executive powers are united in the same person, or in the tages, but it has very great disadvantages.
The most striking illustration of the latter was the Missouri Compromise.
same body of magistrates, there can be no liberty. . . . There is no libCongress in 1820 had passed a law limiting slavery to certain portions of
erty if the judiciary power be not separated from the legislative and the
the Territories. It was a great political settlement. Both parties acquiesced
executive."
of a fugitive slave named Dred
When after the Revolution the Thirteen Colonies formed their own State In it. Thirty-seven years later, in the case
by the Supreme Court. No
constitutions, they wrote in large characters in each of them this principle Scott, the Missouri Compromise was nullified
fratricidal war in history than
of Montesquieu, and the rigid separation into independent departments of the single cause did more to precipitate the most
the Bred Scott decision.
great trinity of governmental powers became a political axiom in America.
law.
Take, for example, the more recent case of the so-called Commodities
These statesmen, many of them eminent jurists, failed to see what a mere
that owned coal mines
soldier later perceived, that the Montesquieu doctrine could not be wholly Congress had passed a law which required the railroads
sustained, the railreconciled with the realities of government, for on the eve of the XVIII Bru- to sell them. Suppose, fearful that its validity might be
roads had sold the mines at a loss of a thousand millions of dollars, and then
maire Napoleon Bonaparte said:
in a case between John Doe and Richard Roe, the Supreme
"Notwithstanding our pride, our thousand and one pamphlets, our ten years later,
How could the railroads obtain any
endless speechifying, we are very ignorant 01 politIcal and social science. Court had decided the law was invalid.
and
legbdative
We have not yet defined what we mean by the executive,
for gigantic losses which they had thus needlessly sustained?
reparation
Attorney-General took
Judicial powers. Montesquieu's definitions are false. In fifty years I
The hardship of this situation was such that the
can see but one thing that we have defined clearly and that Is the sovcase justifiable, course of suspending the law until
ereignty of the people, but we have done no more toward settling what the unusual, but in this
that the Attorney-General
the Supreme Court had acted; but it is obvious
Is constitutional than we have in the distribution of powers."
this case was that
has no such power, and the only excuse for its exercise in
I fear this is true of America as of France.
injustice.
gigantic
and
possible
a
to prevent
When the framers of the Federal Constitution met in Philadelphia in 1787, of reasonable necessity
an War the
Let me cite another case. At the end of the Spanish-Americ
they, like Napoleon, would not accept the Montesquieu doctrine in all its
itself confronted with the novel problem of colonial
rigidity. Apparently, no reference to Montesquieu was ever made in the four American nation found
impracticable to retain them if the provisions of the
months of the convention. This was so because the framers were little influ- dependencies. It was
which requires that all taxes be uniform, applied to the
enced by the spirit of doctrinarianism. They were not empiricists, but very Constitutions,
Rico. Whether the Constitution in all respect followed
practical men. They had learned a rude and terrible lesson in the anarchy Philippines and Porto
and doubtful question. If Congress before taking
which had followed the War of Independence. For phrase making they had the flag was a very novel
the dark could have asked an advisory opinion of the Supreme
a positive contempt. They were not concerned about Montesquieu's theories a leap in
could have avoided a possible injustice; but under our governor Rousseau's social contact, but were grealty concerned as men of property Court it
method, due to the Montesquieu doctrine, Congress could only pass
to restore law and order. Hard realities and not impossible and generous mental
developments. Hundreds of millions of dollars worth of
abstractions interested them. They drafted a Constitution, in which there the law and await
merchandise were imported on the faith that the law was valid. Some 3ears
was not a wasted word, and which is as passionless as a problem in mathelater, the Supreme Court, with most of the judges disagreeing as to reamatics. Its mandates are as simple and direct as the Ten Commandments.
the validity of the law in a case that involved the importaWhile they did divide the powers of Government into the executive, legis- sons, sustained
of some lemons. As Mr. Dooley said, after the Judges
individual
an
by
tion
as
or
either
possible
desirable
accept
to
declined
they
judicial,
lative and
had rendered their individual opinions, the plaintiff was observed to arise
advocated.
any such rigid demarcation as Montesquieu had
of the States, one of and say: "May it please your Honors, do I get my lemons back"? If the
When the Constitution was submitted to the peoples
was that the new Constitution law had been declared invalid, think of the irreparable injury to thousands
the principal arguments against ratification
and both Madison and Hamilton of business men I
did not observe the Montesquieu doctrine,
Now that the danger of the La Follette attack on the Supreme Court is
Papers to argue that Montesquieu had
found it necessary in the Federalist
happily passed, is it not a good time to determine whether in this and In
been taken too literally, and that the new Constitution did at least observe
other respects the Court canot be brought into more harmonious co-operation
the spirit of his great axiom.
2962
THE CHRONICLE
with the other departments of
the Government and into closer contact with
the people? Our institutions
are not static. They are always in process
of development. The founders of
the Republic did not claim for themselve
s
infallibility, and we, their successors
, can profitably be as modest The last
word on constitutional development
has not been spoken.
If Congress, by a joint resolution
signed by the President, requested the
Court to give an advisory opinion as to
whether a proposed law is within
the competence of the Government,
is it so clear that the Court should decline
Its aid? Its power to refuse such
aid cannot be questioned. I recognize that
If a bare majority of Congress could
thus drag the Supreme Court into any
current political controversy its prestige
would be in danger; but if Congressmen of both parties, sincerely dubious
of their power to pass a law,
could by a resolution passed by a
largely preponderating majority of Congress—say two-thirds—and signed by the President
, request such advice, I
am not so clear as many others that
such an advisory opinion, under great
and exceptional circumstances, and resting
solely in the discretion of the
Court, would be prejudicial either to the Governme
nt or to the Court. To
give such an opinion would rest in the
sound discretion of the Court, which
could refuse, except where a clear question of power
was involved in a concrete case and the proposed law was not a political
issue in the partisan sense.
In Massachusetts, Maine, New Hampshire, Rhode
Island, Florida, Colorado
and South Dakota the Courts and the Governme
nt by advisory opinions
and this is true of many European States.
President Washington, who presided over the Constitutional
Convention,
and was its greatest inspiration, was the first
to request such an advisory
opinion, and it is significant that the propriety of his request never
occurred
to him until Chief Justice Jay declined to give the opinion.
Possibly Washington and not Jay, was right.
"Something too much of this." I cannot conclude without saying that
I
yield to no one here in my deep respect and admiration for that great
Court,
with which I have been connected as an advocate for 28 years, and
in which
I have argued more than 100 cases. It has always seemed to me as a great
lighthouse, and through all the storm and stress of political strife its great
lamp, like that of another Pharos, has illumined with its benignant
rays
the troubled surface of the waters of our political life.
In the last analysis, the attack in the last political campaign on the Supreme Court was an attack upon the Constitution itself, and the result gives
us renewed faith in the perpetuity of our institutions.
The La Follette party assault reminds me of an incident that happened
to me many years ago when I made my first visit to Switzerland. I was
in
the lovely valley of Lauterbrunnen. Shut in by towering mountain
s of
eternal granite, it is noted for a wonderful echo. The four notes of the common chord were sounded on an Alpine horn, and as the tones reverbera
ted
from cliff to cliff they intermingled until they sounded like the strains
of
a majestic organ. Then a little brass cannon was fired. The result
was
startling. The smoke drifted across my eyes and obscured the snowy summits of the 13ernese Alps, while the echo was so deafening that it truly
seemed as if the mountains had fallen from their bases into the valleys and
primeval chaos had come again. Soon the smoke cleared from my eyes and
theireverberations died away on the distant snow fields, and outlined against
the infinite blue, untouched and unimpaired was the white summit of
the
Jungfrau.
Similarly, we had last autumn for many months a popular upheaval
that
fora time seemed to obscure our vision and deafen our ears with its
terrifying noise; but as the smoke of the battle cleared and the noise
of the
tumult died away, there was outlined against the infinite blue of the future,
like a snow-clad mountain upon a pedestal of eternal granite, the Constitut
ion
of the United States.
[VoL. 119.
"Any suggestion of Mr. Beck's," said
Senator Pepper, "I'd want to consider before expressing a definite
opinion. However, offhand, my
first
impression is unfavorable.
"When a question of unconstit
utionality or constitutionality arises,
it
doesn't present irself as an abstract
question. Instead, it arises in connection with the settlement of private
rights.
"The questions which actually
raise, in practice, after a statute has been
enacted, often are so different from
what could have been foreseen that their
solution requires the test of experienc
e instead of the test of prophecy. The
test of experience is needed to
determine in what light the statute should be
viewed.
"A litigated case, thoroughly
debated in the courts, would be more likely
to result in a wise decision than
would abstract discussion of the whole sub..
bet when the statute itself is under
consideration.
Exchange of Notes Between Great Britain
and United
States Regarding War Claims of Latter
Under
Dawes Plan.
Regarding the claims of the United States
for reimbursement on account of Rhine against Germany
Army Costs and
claims of American citizens, as to which
there has been a
recent exchange of notes between the
United States and
Great Britain, the New York "Journal of
Commerce," in
indicating Washington holds that these
claims are fully
protected, had the following to say in a Washin
gton dispatch,
Dec. 22:
American rights for the payment of
claims against Germany are fully
protected both by the Dawes settlemen
t and the Treaty of Benin, it was
declared here to-day in Administration
quarters. Reports from Paris that
the British Government challenges
the right of thsi country to participa
te
In reparation payments to the extent
of the claims of American citizens
against Germany and for the cost of
the Rhine tropps were met with a
strong affirmation that the United
States.believes its position is Just and
equitable.
In outlining the outstanding points of the
American position It was pointed
out authoritatively that the Berlin treaty,
negotiated between this country
and Germany after the United States Senate
rejected tIh Versailles Treaty,
provided fully for this country sharing in
reparations, and no one has questioned the validity of the Berlin treaty.
Claims in Two Classes.
It was added that the American claims
were in two classes, those embracing the cost of the American army occupyin
g the Rhine and the claims arising out of actual loss and injury, and
that the Rhinefarmy costs had been
provided for in the armistice agreement,
though it was necessary for this
country to make some pointed represent
ations before they actually were
paid. But it was said to-day that part of
the American claims has been
paid, and there now remains in the other class
all property adjudicated or
being adjudicated, and that these are
provided for in the treaty with
Germany.
On this point it is this country's position
that the Benin treaty is not
challenged, and that it cannot rightly be challenge
d,for the reason that had
France, Belgium and Italy,for example, made
a treaty with Germany which
Great Britain was not a party to, that
country most certainly would not
Beck's Court Plan Received With Reserve—Washington permit the three treaty powers to leave Britain out
in settling their claims,
which is precisely the American situation, and,
Inclined to Believe Solicitor General's Suggestion
it is stated, for this country
to pursue any other course, or for any power
to do so. Is unthinkable.
Is Impracticable.
Call United Stales Position Sound.
The following is from the Philadelphia "Ledger" of Dec.22:
It is felt that the American position is so
equable on this score that it will
The novel suggestion of Solicitor General James M. Beck, that the
readily be understood, and in this connectio
n it was said to-day by AdminisSupreme Court act as "adviser" to Congress when constitutional questions
tration leaders that it is not accurate to
state that this country would not
are raised in connection with proposed legislation was received with interest
participa
te
in
the
forthcom
ing
January conference unless it has an
In Washington to-day, but the first reaction was that the idea was not wholly
advance
agreement with Great Britain on these points.
practicable, even if members of the Court thought the procedure compatible
It was added it is the desire of America that
with the judicial function.
this country's position should
not be aggrandized too strongly,since it is
one ofsuch soundness.
Mr. Beck's proposal, made in an address before the Pennsylvania Society
of New York, was based on the belief that the question of the Supreme
According to Washington advices to the
New York
Court's authority, brought into the 1924 campaign by Senator La Follette, "Times
," Dec. 18, Secretary of State Hughes on
will recur as an issue.
that day
The fact that 4,000,000 Americans voted for the "distinguished Senator authorized a denial of the report that the Americ
an Governleading a new party movement" cannot be ignored. Mr. Beck said, "for ment had made an offer to
reduce the amount of its war
nothing is more certain that this is not the last assault upon the Supreme claim
against Germany it demanded the Allies
Court."
should pay
out of reparations. The "Times" advices stated:
Against Court Itself.
No such suggestion or intimation has ever been
Attacks on the Executive and upon Congress, Mr. Beck asserted, almost
given by this Government
Invariably have been attacks upon individuals, while the fire upon the to the British or other Governments interested.
The United States insists upon payment
Supreme Court has been trained against the institution and not the memof the full amount of tho claims
as awarded by the Mixed Claims Commissi
bers.
on and that the money shall
The Solicitor General's acknowledgment that there is no power to require come out of the sums to be paid by Germany into the
reparation fund under
the Supreme Court to give advice to Congress upon the constitutionality of the Dawes plan.
The report from Paris to the effect that
legislation prior to its enactment was taken here, for all practical purposes.
in his recent note to Secretary
to mean that the Court would refuse such a request even though it were Chamberlain, Secretary Hughes had proposed a
compromise, under which
made in the form of a Joint resolution, passed by two-thirds of Congress and the United States would realize only part of her
claims, puzzled State Department officials, who commented that
duly approved by the President.
this mistaken view of the facts
Members of Congress at once failed to see how the procedure proposed by was evidently due to some misunderstanding of the American
position.
Secretary Hughes did indicate in his note
Mr. Beck could be kept free of politics and were not inclined to believe it
to the British Government that
Possible for Congress and the President to present any questions to the the United States Government had no desire to be
unreasona
ble in making
Supreme Court that would not oblige the Justices, bound by the knowledge Its arrangements for the payment of these claims out
of reparations, which
of their impartial functions, to decline to be interested until the question it was intimated could be spread over a period of
years, and this statement of
the position of the United States is believed
was brought before them by litigation.
to have been misunderstood so
as to inspire an erroneous belief that the
United States might be willing to cut
Attempted Once 1k-fore.
down
the amount of the claims.
It was recalled that Congress, years ago, sought to have a question of the
The Wadsworth agreement under which
constitutionality of pensions decided by requiring the members of the Court
German payments to the United
to act as "pension commissioners." The Court inunediately put Congress States in reimbursement for the American Rhine Army Costs are to be
paid
out of reparations, spreads the payment
in its place.
of a total of $255,000,000 over a
Mr. Beck's charge that the American public fails to interest itself in the period of a decade. The United States is willing to do likewise with respect
proceedings of the Supreme Court met with approval. Too often, it was to its claim for injuries suffered by Americans, approximately $300,000.
000•
The United States Government, it Is
pointed out, the public receives the impression that the Court deals with
emphasized, is not asking Germany
great national issues, typified by legislation, upon their merits and not, as to pay the "claims" of American citizens, but for payment of the "awards"
It Invariably does, with the purely legal and constitutional phases involved. made by the Mixed Claims Commission, after examination of every claim
Senator George Wharton Pepper, speaking yesterday of the suggestion advanced, and that in the negotiations in which Secretary Hughes is now
engaged he is simply advancing the
made by Solicitor General Beck that conference between the legislativ
right of the United States to share in
e,
executive and judiciary regarding the constitutionality of contemplated reparations to the extent of our just claims against Germany on the basis
legislation take place in advance of Its passage,instead of leaving the matter of legal right and equity.
to the slow process of Judicial determination by the Supreme Court after
A copyright cablegram from Paris to the New York
the
statute has been enacted, was noncommital.
"Times
" Dec. 19 stated that the British Government is
Senator Pepper is especially interested in constitutional problems, benot expected by American officials in Paris to reply before
cause of his long experience as a member of the bar and as, for many
years.
a professor in the law school of the University of Pennsylvania.
the meeting of the Allied Finance Ministers in Paris
Jan. 6
DEc. 27 1924.]
THE CHRONICLE
2963
to Secretary Hughes's recent note. The following is from will shrivel into the insignificance of Horace Greeley's
a Washington account to the "Times" Dec. 22:
editorials against Lincoln's policies, or the futility of the
Officials declared that the suggestions in Paris that Secretary Hughes early century pamphleteers against Thomas Jefferson as
had intimated that the United States would not Join the Finance Minsters'
conference unless the legality of the American claims were recognized was iconoclast and Antichrist, and his mere detractors will
not accurate. Colonel James A. Logan, the American observer in Paris, themselves either attain a repellent fame as detractors of
has been instructed to participate in the conference and his orders have greatness or else they will pass out of memory." President
not been changed.
With regard to a quotation in the Paris dispatch [this dispatch appeared Coolidge and his entire Cabinet participated in the exercises,
in the "Times" the previous day—Ed." from Secretary Hughes's New as did also Chief Justice Taft and other members of the SuMaven speech, it was asserted that what Mr. Hughes said in that speech
preme Court. Mrs. Coolidge, accompanied by the White
related to "general reparations," which the United States has not claimed
against'Germany, and to the enormous categories in the Versailles Treaty House Military Aide, sat in the Executive gallery. Mrs.
relating to pensions, allowances, dependents, &c., making up a large Wilson occupied a front seat in the reserved gallery in front
amount of certain claims of the Allies, which the Washington Government
of the speaker's stand. The late President's daughter,
has never sought.
Correspondents were reminded to-day that Secretary Hughes's New Miss Margaret Wilson, was also present at the exercises.
Haven speech was made on Dec. 29 1922, but that in the previous August Coincident with the service, Representative La Guardia
Mr. Hughes had already negotiated an agreement with Germany for the
settlements of American claims and a commission had been organized for (R., N. Y.) introduced a resolution to authorize payment of
the purpose of their ascertainment.
a $5,000 annuity to Mrs. Wilson. In part Dr. Alderman's
The American Government, it was emphasized, did not do that as a
address follows:
matter of mere words, but with the expectation that when the claims
In the year 1910, Woodrow Wilson withdrew from university direction
and entered active politics. His last service to education was an effort.
far from successful, to give to American universities what he considered a
democratic regeneration in spirit, and to bring it about that the "voices of
common men should murmur in their corridors." His first political declaration was an avowal that the time had come to reconceive the liberties
of America, to break the dominance of cliques and machine, to confer on
candidates for high office power and responsibility for leadership, to secure
for all men a fairer adjustment of human relationships; and further, that he
was entering the field of politics in a new era, with no pledges to bind him
no promises to hinder him. Upon such a platform he was elected GovIt is reported that the notes between Great Britain and and
ernor of New Jersey, and in that office, and through his policies and printhe United States will not be published.
ciples, set forth in public speeches, this historian of his country, this Southern-born Scotch-Irish Presbyterian teacher, an awkward circumlocution
but a deadly definition of stubborn idealism, became, in 1912, the nominee
No Bribery in Connection With Postal Pay Increase of the Democratic Party for President, received a great majority in the
Electoral College, and became President of the United States on March 4
Bill—Attorney-General Stone Absolves Senate
1913.
Employee.
In 1916, he was renominated and re-elected in the very midst of the greatsecular history of mankind. I am conscious that I am sumThe charge that an employee of a Senate committee had est crisis in thebald
sentences, revolutionary transformations in the career
ming up. in
accepted $2,600 from representatives of postal employees and fortunes of an American citizen such as have seldom happened to any
as a bribe to use his influence in obtaining passage of the man in our annals, and never before to the teacher or scholar—the nearest
in breathless action being the transfer of Abraham Lincoln from
Postal Pay Increase Bill (see report in last week's issue, aapproach
main-street second-story law office to unimagined burdens of authority.
page 2838) was investigated during this week by Attorney- Both stories will forever enrich and adorn the epic of democracy.
Woodrow Wilson once said that the true teacher or the true artist or hisGeneral Stone, who found that no law was violated. The
must always work for the whole impression. Working in this spirit.
Attorney-General declined to make public any of the details Itorian
can not, at this time and place, attempt even to enumerate the legislative
of the can.
measures which, under his leadership, went forward in the Sixty-third Congress; but I venture to claim that no such well thought out program offinanCongressional Memorial to Late President Wilson—Ad- cial, social and industrial reform, no such inspiring spectacle of Governmental efficiency and concentrated energy, no such display of fearless devotion
dress by Dr. Edwin Anderson Alderman.
to public interests, moving high above the plane of partisan advantage or
In a eulogy of the late President Woodrow Wilson, at a of private gain, has been spread before the eyes of this generation as is afby the list of enduring enactments which crowned the accession to
memorial service in Congress last week, Dr. Edwin Ander- forded
power of Woodrow Wilson; and I set up the further claim, that a President
son Alderman, President of the University of Virginia, de- had come upon the great scene, at a time of one of those strange failures of
clared that "I do not envisage Woodrow Wilson as a failure Government to redress public grievances, who had not only the will and
purpose to change the note of industrial life in the nation, and to halt the
as he came back to these shores bearing in his hand the Cove- domination
of American politics by its privileged financial interests, but
nant of the League and the imperfect treaty itself. I envis- also the sense of direction and skill to carry to some sort of fulfillment a
age him rather as a victor and conqueror as he returned to program of emancipation from materialism, and the restoration of equality
opportunity. The Congress thatfurnished the teamwork in this memoraAmerica, untouched by sordidness or dishonor, unsurpassed of
ble period of legislative energy was admirable and intelligent; but leadership
n moral devotion, and offering to his country leadership in lay in the President, not by use of patronage or by social amenities, but
the broadest and worthiest cause in all the story of human by the steady drive of intellectual force which his opponents, within and
his party, could not resist.
struggle for a better life." Under a resolution adopted by without
The new President concluded his first inaugural with these words:
the House on Dec. 2, the Senate concurring, Dec. 15 had
The nation has been deeply stirred; stirred by a solemn passion, stirred
ibeen "set aside as the day upon which there shall be held a by the knowledge of wrong, of ideals lost, of government too often debauched and made an instrument of evil. The feelings with which we
joint session of the Senate and the House of Representatives face this new age of right and opportunity sweep across our heartstrings
some air out of God's own 'presence, where justice and mercy are
for appropriate exercises in commemoration of the life, char- like
reconciled and the judge and the brother are one. We know our task to
be
no
mere task of politics, but a task which shall search us through and
acter and public service of the late Woodrow Wilson, former
through, whether we be able to understand our time and the need of our
President of the United States." The resolution read fur- peole, whether we be indeed their spokesmen and interpreters, whether we
have the pure heart to comprehend and the rectified will to choose our high
ther:
course of action. This is not a day of triumph; it is a day of dedication.
That a joint committee, to consist of five Senators and seven members of I summon all honest men, all patriotic, all forward-looking men. to my side.
the House of Representatives, to be appointed by the President pro tempore God helping me. I will not fall them,if they will but counsel and sustain me.
of the Senate and the Speaker of the House of Representatives, respectively,
Passionate sincerity shines out of these moving words. It was a spiritual
shall be named, with full power to make all arrangements and publish a moment in our history. Men were looking at life with kinder and juster
suitable program for the joint session of Congress herein authorized, and to eyes. A new spokesman of humanity had appeared in our politics, with a
issue the in citations hereinafter mentioned.
will and a purpose and a program. An eager and a nipping air seemed to
That invitations shall be extended to the President of the United States, blow away the
atmosphere of materialism which had in varying degree
the members of the Cabinet, the Chief Justice and Associate Justices of the hung over the Capital since Lincoln's day. Not since Jefferson had a leader
Supremo Court of the United States, and such other invitations shall be with such a program dwelt at Washington. Ifin seventeen months a World
issued as to the said committee shall seem best.
War had not come to turn the thoughts of mankind to the defense of civilizaThat all expenses incurred by the committee in the execution of the pro- tion itself, it is not
immoderate to believe that the great reforms already
visions of the resolution shall be paid, one-half from the contingent fund of inaugurated would have been followed by others equally ;vital, and the
the Senate and one-half from the contingent fund of the House of Repre- domestic policy of the nation ordered in accordance with the best liberal
sentatives.
thought of modern, self-governing communities.
But war came, apparently falling out of the blue,like some tragic drama
In his tribute to the late President Dr. Alderman said:
the high gods, upon a busy and peaceful people, bent upon working out
"Surely the fame of Woodrow Wilson does not rest upon an of
here in a favored land some scheme of life by which every man should have
instrument the orderly growth of which into final usefulness liberty, without hindrance, to be what God made him. In reality, there
may so change its structure and modify its form as to cause had arrived the moment of explosion of confined passions and forces long
gathering through the ages, the awful fruitage of centuries of human greed
it to become another and an even better instrument. It and incompetence,
of malignant nationalistic ambitions,ofscientific progress
depends upon an unconquerable idea, so greatly conceived diverted from high ends to purposes of destruction, of vain and feeble puppets
in
places
of
power,
of a European polity based on fear and balance of
must
it
continue
to
grow
into newer and
and set forth that
power, rather than reason and concert of action. In the twinkling of an
finer form, and his fame must grow with it into whatever eye, our gain-getting age became a brawling age of terror and revolution,
bright renown it may attain." He added: "His ambition to be thought of hereafter as the end of an old epoch and the beginning of a
new epoch in human annals.
to serve his country was as intense as Cromwell's. .
It has been often predicted that this greatest drama in history must needs
The pride of righteousness sometimes froze the more genial be one day really written as a drama by some Aeschylus who will paint
the
darkening
sky, the rushing of the wind, the tension of the time, as catascurrents of his soul, but he was willing to die, and did
trophe
leapt
to
catastrophe,
the
movements
of the bewildered antagonists
die, to guarantee to humble men a fairer chance in a juster amid the muttering of the storm and the
lightning. In
a drama alone
world, and therefore the savage assaults of his enemies could one hope to find a just portrait ofthe peace-loving such
figure of the Amer-
should have been adjudicated they would be paid in accordance with the
agreement which the United States had made with Germany.
It was learned in an informed quarter that Great Britain had not challenged the making of the Berlin treaty. The only point raised is the suggestion that under the Treaty of Verasilies there was a first lien and an exclusive charge upon all the assets of Germany, and that, as America did
not ratify the Versailles Treaty,she could not affect that lien. The American answer to that was that the Allies could not make a treaty with Germany which would exclude other Powers from their just claims against
Germany.
2964
THE CHRCiNICLE
[Vol.. 119
lean scholar-President, as he lifts his shoulders to the burdens, seeks to reJustice between nations in the minds of men; and it is not easy to ostracize
adjust his mind and nature to the tasks of the dreadful hour.and with tragic such
ideas. Its timelinees, as well as its strength, gives to this document
loneliness and patience grapples with events.
a place among the great charters which have marked the progress of
10. I saw Woodrow Wilson for the last time in the fullness of his strength on mankind. Our other great papers, the Declaration, the Farewell Address,
the evening of April 2 1917. He was standing at this desk, speaking the Virginia
Bill of Rights, the Constitution, were local or continental in
momentous words which were to lead this democracy into war,and to teach their
application. This paper, and the complimentary addresses following
to all free peoples, then bewildered and depressed, the meaning of the con- it,
aimed at nothing less than to endow the broken and weary nations
flict, and to lift up their hearts. An mankind was his audience. The air with a new
order and a new life. Desperate peoples for an hour looked
of this hall was tense with emotion, and the dullest sensed the historic sig- Into the
shining face of Hope, and had sight of an old heaven and a new
nificance of the great scene. There were then etched into my mind, in earth, arising out of
horror, but ennobled by the self-sacrifice of millions.
lines never to be erased, the face and form and manner of Woodrow Wilson In Btu:Ice's vivid
phrase, he was now the Lord of the Ascendant; his speeches
—the lithe figure, the bony structure of the forehead, the lean, long visage had the strength of
battalions along the front of battle; his voice was the
as of a Covenanter,somber with fixed purpose. The culture of generations voice of free
peoples; and all over the earth, in the great capitals, among
was in his tones, the scholar's artistry in his words, the inheritance of a gen- the tribes of
the desert, in the islands of the sea, men felt the molding
tleman's breeding in his manner, and calm courage in his discerning eyes. of his thought and sensed the
grandeur of his aims.
I was somehow reminded of the unbending lineaments and figure of Andrew
The conversion of American energies into war energies, the transformaJackson, whom Woodrow Wilson resembled physically; and, in the very tion of the American spirit and
philosophy of life into war spirit and war
soul of him, morally exhibiting the same grim resolution, as of a stranger to philosophy, the actual throwing
into the furnace of modern war, across
- the fear that weaklings feel.
3,000 miles of sea, the resources of men and money and resolution of the
The direction of American affairs, as the Republic swept into the current American peoples, takes rank among the greatest practical enterprises
ofthe Great War, was in the hands of a liberal statesman, bred ofdemocracy, of mankind. It may well be conceded
that mistakes were made and
firm of will, jealous of his country's honor, gifted with power to argue with that judgments went wrong;
but "it is the grim silence of facts that counts."
cogency, capable of seeing far ahead the movements of social progress, in- Military experts impartially chosen, not political generals,
commanded
• capable of fear, unmoved by passion or greed of conquest, intent upon jus- armies in this war. No congressional committees,
as in former wars,
tice, dreaming of peace and the righting of immemorial wrongs. I do not directed its strategy, and confused its
processes. No serious bickerings
Intend a resume of the events of the two years and eight months intervening or scandals or conflicts marred the unity of its course. Far-seeing fiscal
• between the onset of war and the entrance of America into the struggle, but and economic legislation gave steadiness to the nation in the vast underrather an analysis of what Prof. L. P. Jacks, a thoughtful English scholar taking. Men and materials flowed to the armies in the field. The genius
to whom I am indebted for a better understanding of Woodrow Wilson, of the army displayed itself in battle. The genius of
the President struck
once called the "war mind" of Woodrow Wilson. To have taken any other down the enemy morale and laid the foundations of peace. No
democracy
primary step than the issuance of a declaration of neutrality in August, in history and few autocracies have ever given such an exhibition of efficient
1914, would have been the act of a madman or a superman,and Mr. Wilson co-operation or earned such triumphant success.
. was merely the trustee of the most powerful country on earth hitherto
The logic of events, to which Wilson's matchless skill in exhortation
dedicated to the tradition of its own non-intervention in foreign affairs and and argument had contributed so much, now decreed that in ton months
• the non-interference of European nations in cisatlantic problems.
ancient dynasties would abdicate and flee, and that under American
The country was unfamiliar with European complications and unaware leadership the mighty war would come to an end. an armistice would be
of the new international position decided for them, in Theodore Roosevelt's declared, and a peace conference come into being. Long generations
words, by fate and the march of events. Even the intellectuals who hence we shall warm our hearts at the fire of the glory that then shone
. grasped the truth that the war VMS a conflict between two opposing schools about this Republic, won for it by the genius of its President, the unity
of civilization would have been shocked by any other initial policy than of its people, the disinterestedness of its purposes, and the valor of its
the policy of neutrality. Military glory as an end in itself held no lure youth unafraid to die.
for President Wilson and no power to confuse his judgment, as his course
On Dec. 12 the George Washington, steaming through long lines of
. In Mexico and his Mobile declaration had shown. I have little doubt gray battleships over a gray sea amid the roar of guns and shoutings,
- as to where lay his sympathies from the first hour of the conflict, but dropped anchor at Brest, and an American President, for the first time,
he was not the man in a position of vast responsibility to be swayed by appeared in Europe to take part in a parliament of nations assembled to
• sympathy or prejudice or self-interest. Rather, he was the man, careless determine for years to come the course of history. Whether he should
, of fleeting judgments, to seek the position of moral responsibility imposed have gone at all, or only once, or by whom he should have been accomupon the United States and to so place its power at the service of mankind panied is a sea of fascinating but futile conjecture, upon which I shall
that other ages would hold it in grateful remembrance. I have read the not embark. Woodrow Wilson was not a master of manipulating men
speeches of President Wilson from the beginning of the war to its end, or of dramatizing himself, but a master, and in some sense, a slave of
and I find in them an amazing strength and unity. I am not troubled ideas and ideals. It seemed to him that it was his moral responsibility,
,by the inconsistency of his early advocacy of peace and his later proclama- under God, to go to Europe, heedless of the rocks ahead of him and the
- Mon of "force to the limit." for there is no inconsistency.
whirlpools behind him. It was a fearful responsibility to assume, for
.
As Lincoln planted his policy not on slavery but on union, Woodrow all the peace congresses of civilization. from Westphalia and Vienna to
. Wilson tied his policy to the idea that the United States, the most powerful Paris, had satisfied nobody and had generally 'broken their creators. This
of all States, should be a servant not a master among the nations. Never Congress was the gigantic legatee of the failures of all past congresses,
• before in the history of mankind has a statesman of the first order made and in none of these congresses of the past did any one man ever occupy
the humble doctrine of service to humanity a cardinal and guiding principle a position of such terrible greatness.
, of world politics. As long as he thought this principle was best served
I am sure Aristotle's fine summary of tragedy must often have visited
by neutrality, we kept out of the war. The long series of diplomatic his mind as his ship wended her way across the seas—
papers, the patience that endured the barbarism of the Lusitania and
Tragedy, in its pure idea, shows us a mortal will engaged in an unequal
bore without flinching the contumely of foes and the misgivings of friends struggle with destiny, whether that destiny be represented by the forces
within or without the mind. The conflict reaches its tragic issue when the
may justly be thought of as mere incidents in the evolution of this great individual
perishes; but, through his ruin, the disturbed order of the world
Idea. When at last the insolent brutality of the renewal of submarine Is restored and the moral forces reassert their sway.
warfare taught him that force alone could advance his doctrine, he took
Three underlying ideas and purposes, all born of American daring and
us into war. His much derided notes to the Imperial German Government
experience, guided his mind and drove him on. The first was
deserve rank among the enduring documents of international history; American
faith
in the whole kindling length and logic of democracy itself; faith in
and constitute one of the most decisive arguments ever addressed to the
conscience of civilization, to illustrate the solemn hesitation that ought men, faith in the supremacy of spiritual force, given now sacredness by
what saw about him of suffering and death. The second was the essential
to mark the course of rulers who carry nations into war, to give proof
democratic idea of the right of men everywhere, to determine their own
that in such a collapse of civilization, at least one nation should retain
affairs.
The third was the idea of co-operation of peoples, the partnership
Its poise, and to unite his countrymen while he taught the world.
of opinion among democratic nations, which once had welded discordant
When on March 5 1914, before the war, in discusing the Panama toile,
States in a new world into a Federal Union, and might again weld dishe said:
cordant peoples in an old world into a parliament of man.
• We are too big, too powerful, too self-respecting a nation to interpret
For six months, at the Congress of Paris, in an alien air surcharged with
with too strained or refined a reading the words of our own promises, just
• because we have power enough to give us leave to read them as we please— cynicism and suspicion, almost singlehanded he fought for these prin'he made clear all that subsequently possessed his mind. When a year later ciples, buyoed and sustained in the first period of his struggle by high
tides of hope and faith that surged up to him out of the bruised hearts
. he said:
We do not want anything that does not belong to Us. Is not a natio of peoples who trusted him to lead them over the failure of brute force
in that position free to serve other nations?
Into God's peace, and in the second period buffeted by the ebb tides of
he revealed the heart of his policy; and so when, on the memorable night fading enthusiasm, of disintegrating unity, of selfish dominion, and ancient
of April 2, he asked Congress to acknowledge a state of war, it was to a fears.
He had gone to Paris with the "fourteen points of peace," accepted
crusade, not to a war, that his steadfast policy had brought his countrymen;
and they could not doubt that the diplomatic victory was his, the moral alike by his Allies and by the Central Powers, as the basis for the coming
victory was his, that a mighty people were behind him, that the leader- settlement. The "fourteen points" lived in his mind as a doctrine of
ship of mankind rested where democracy on a continental scale bad begun, international justice and the League of Nations was an integral part thereof,
conceived as the medium to interpret and administer those principles of
in the American Republic.
In December 1916 the President bad sought through a statement by justice, and to introduce into the relations of modern States the idea of
of
peace
basis
might
if
any
be
discover
found.
alms
to
organic
international co-operation based on reason. No man could have
war
of
its
each side,
This inquiry exhibited diplomatic genius of' the first order, for it enraged achieved this program in its entirety, or secured a perfect peace of justice
the Germans and aided the allies to consolidate their moral position before at Paris. The Versailles Treaty, though a huge advance over any one
the world. The groat achievement was obscured for a moment by a of the five great treaties since Westphalia in sympathy and counsel with
storm of obloquy from superheated patriots who misread the grim humor the peoples concerned, in the redress of bitter wrongs, in consideration for
and misinterpreted his precise language when he declared that all sides, the weak and thought of the future, proved to be not God's peace. It
according to their own general statement to their own people, had the was a peace shot through with the fear and resentment of suffering and
Ill-used men; a settlement corrupted by previous bargains among the
same aims.
Again on Jan. 22 1917 Mr. Wilson for the last time sought mediation Allied Powers made under the lure of traditional policies and the stern
conditions
of
fundamental
a
permanent
the
def;ned
necessities of war and inconsistent with the high purpose of the charter
which
he
In a speech in
peace. No greater State paper than this exists in the records of modern which Wilson had presented for the guidance of the Congress.
When the odium of nations and races began to beat upon him because
States. The result of this masterstroke was to bring us nearer war, but
also nearer to lasting peace, to establish him still more closely as the one he could not perform a task beyond mortal achievement. Wilson saw
bring
upon
him
again
an
outburst
to
himself
and
mankind,
confronted with the alternative of world-wide chaos and disdispassionate voice of
of condemnation for his noblest pro-war utterance in which he used, but integration, or an imperfect peace with the League of Nations. He could
explained none too skillfully, the phrase "peace without victory," by not, with his vast sense of political and social institutions, postpone by
which he meant that only a reconciled Europe could be a tranquil and headstrong and wilful conduct the normal and peaceful ordering of men's
stable Europe, and that community of power must succeed balance of lives.
Woodrow Wilson was not a revolutionist. Political reform by "red
power.
Still preoccupied with the thought of lasting peace, Mr. Wilson appeared ruin and the breaking up of laws" was not in his blood. He chose the
before the Congress in the early winter of 1918. at the darkest moment League of Nations, surrendering, in the anguish of compromise, such
of the Allied fortunes and formulated fourteen points of peace. These gen- portions of his doctrine of international justice as he could not get. I
eralizations were almost revolutionary in their scope and idealism and am of those who believe that he gained more than he sacrificed at Versailles,
ultimately formed the general basis of the peace to be drafted; but they and I know that he alone among mortal men could have salvaged out of
carried, too, a political adroitness aiming directly at putting an end to that sea of passion the League of Nations, the bravest and most reasonable
the fighting. They planted new seeds of aspiration and new hopes of effort to rationalize national relations in political history. The statement
DEc. 27 1924.]
THE CHRONICLE
2965
conand unconquerable idea. so greatly conceived and set forth, that it must
sometimes made that he fell beaten down by the superior adroitness
tinue to grow into new and finer form, and his fame must grow with It
Intelligence of his European colleagues is a piece of analysis entitling Its
was into whatever bright renown it may attain
author to a high place in any hierarchy of inferior minds. What
Posterity will be eager to have knowledge of the personality and the salient
put
liberal in the Versailles Treaty Wilson's faith and courage helped to
qualities of a statesman set apart to play such a role in the world's affairs.
strength,
his
of
limit
the
to
against
fought
he
reactionary
there. What was
will reI shall picture him as I knew him—not the Wilson whom mankind
and accepted only to gain an instrument which he believed had in it power
Wilson,
member as the stern war leader of a mighty nation; but another
to purge and correct.
courtesy.
handsome
and
their known to me—a Wilson of sprightliness and humor
He had the heart to match the moral hopes of mankind against
with power to "beguile
faith to inspire of kindly countenance and fascinating conversation
birthpassions. He sought to give the twentieth century a
you into being informed beyond your worth, and wise beyond your
It and to justify the sacrifice of millions of lives, and if there was failure,
cannot
right." The sensitive shyness and reserve that clings to men who
It was humanity's failure. To make him, the one undaunted advocate
Intihim.
to
clung
him capitalize their personal advantages to win friends,
of those hopes, the scapegoat of a world collapse, is to visit upon
relations to his spirit, but these intimacies could not
sacred
were
macies
Therefore.
unreason.
its
OV711
of
perish
must
it
injustice so cruel that
his heart on his
to these overflow into inveterate amiability. He did not wear
I do not envisage Woodrow Wilson as a failure as he came back
demeanor with those
imperfect sleeve for daws to peck at; but tenderness governed his
shores bearing in his hands the covenant of the League and the
as he re- he trusted; and he wore about him a quiet grace of dignity.
treaty itself. I envisage him rather as a victor and conqueror
not underWoodrow Wilson was a deeply religious man. Men who do
unsurpassed in
turned to America, untouched by sordidness or dishonor,
him. No man
broadest stand the religious spirit need not even try to understand
the
in
leadership
his
country,
to
offering
and
devotion,
moral
Gladstone, was so profoundly
better life. in supreme power in any nation's life, since
sturdily
and worthiest cause in all the story of human struggle for a
by the Christian faith as Woodrow Wilson. He was
What statesman in the history of world adjustment in defense of a code penetrated
God Almighty in earnest as the Supreme
took
He
Christian.
and
mystically
stoutly
more
himself
borne
ever
had
and
of shining, if unattainable, idealism,
and he carried Him into his home and saw His immanence
or battled with such foes or achieved, with so little support at home or Reality,
prayer, and he
guidance in private and public life. He had the habit of
abroad, so astounding a result?
the English Bible. Through all his speeches flamed the
When President Wilson first sailed for Europe in December 1918, read and reread
in
belief that morality and politics should march hand
American sentiment. Irrespective of party, generally approved his de- glory of an insistent
perhaps the most of them that occasioned
tendencies,
his
of
league
Many
of
hand.
sort
some
peace
of
treaty
in
the
incorporate
dared purpose to
There was
dream. debate and censure, sprang from his pragmatic belief in God.
covenant. The heart of the time was then in tune with the age-old
as God's will to this man; and when he thought he
The President of the United States had a right to assume that the American actually such a thing
he was
and
had divined that will, he knew the right, the absolute right,
people were behind him. Eight years before, in 1910. in his Nobel lecture,
him or he parted company
deserted
if
friends
that,
on
stand
to
prepared
said:
Theodore Roosevelt himself
fell. "Interest divides men;
bent on with friends, if applause came or if the blow
of his great
It would be a master stroke if those great Powers honestly
peace among what unites them is the common pursuit of right," was one
peace would form a league of peace, not only to keep the
by utterances, and not unlike the stout-hearted old mediaeval bishops, he
themselves, but to prevent, by force if necessary. Its being abroken
"God
condition
face.
his
others. The man or statesman who should bring about suchtitle to the stood ready to wield sword or bludgeon if the foe showed
would have earned his place in history for all time and his
compromise," "Let's stop being merely practical, and find
from
save
us
gratitude of all mankind.
out what's right," were phrases often on his lips.
him
It was the Christian philosophy at work in his spirit that placed
A list of eminent Americans of all parties then in line with that proagainst the privinouncement in 1918 would be an illuminating contribution to the hgher almost instinctively on the side of the common man and
and
aloof
was,
sometimes
leged and the powerful. Wilson could be, and
mpulses of Oa a
in the mass, never
When he returned, a different spectacle met his eyes. The great cause unrelenting to this or that friend or foe; but mankind,
would have gone
for which he had even then given his life had become c- nfused with a failed to soften his spirit and awaken his emotions. He
Wil- to the stake to protect mankind, as a whole, from tyranny and injustice;
group of political policies given by his enemies the generic name of
stirred him slightly.
sonism, and about this raged the wrath, despair, and hatred of the over- but the ambitions of any individual man,even a friend,
from human constrained time. The tired warrior of the common good, who had kept His greatest defect as a leader of men was this shrinking
the tacts at close range. When he had proved the rightness of his case and
the faith, fought the fight, and won a victory, instead of hearing
and loyalty to the overacclaim of his own people, "Well done, thou good and faithful servant," stated it boldly, a strange, moral fastidiousness
by
lordship of reason prevented him from seeking to win men to his side
saw himself ringed about with foes of mind to rend and destroy him.
was talking it over in whispers or by sweet and soothing persuasiveness. As
I can not give time here to determining whether Wilson himself
for Augustine Birrell said of Carlyle. "It seemed to him to be his duty to teach
to blame, in tactical judgment alone, or how much he was to blame
left him a master of ideas. but not
the change in American opinion; nor do I deny that honest men opposed not to tickle mankind." This inhibition
admiration and respect for love
the League and the Treaty: nor do I undertake the task of apportioning a master of using men, and substituted
of his followers.
"sweiter'd
mass
the
of
and
nature
heat
the
of
in
cauldron
the
for
enthusiasm
responsibility
and
the
justice
with nice
or James G.
in which
Wilson evoked no such popular devotion as did Henry Clay
venom" of deadlock and indecision, of partizanship and passion,
propheticsquality rarely do.
his
of
bubbled.
and
Men
Blaine or Theodore Roosevelt.
for weary months this largest question of modern times boiled
permitted Edmund Burke once said of Charles James Fox, with a deep sigh, "He
Other ages will make that solemn appraisement. I may be
no doubt. stirred in Woodrow
the reflection that something less of malice in the hearts of his enemies. was made to be loved." That sigh often,
far as personal glory or profit
and something more of compromise in his own heart, and something more Wilson's heart. He was a selfless man in so
kept the was concerned. It was "perfection, not renown" that allured him. It
of political genius and firm purpose in the hearts of those who
ambition
was God's praise, not men's praise, that gave him strength. The
faith, and there might have been another world
might which drove him to pre-eminence was the ambition to create new ideals
I have lately been reading, and I wish all of his countrymen
belong
not
fateful or to reillumine old, neglected ones. Intellectually he does
one day quietly read, the 30 speeches made by the President on that
but he had a brain
Western tour, which he undertook in September 1919 In order to secure with Kant or Burke or Hamilton or John Marshall;
for of high order, functioning in a different atmosphere and a broader field.
from the American people the stamp of approval which he desired
to a brain which worked straight and quick; and he suffered ill, fools and those
his work in Europe, and which the American Senate was unwilling
gifts the power to look
give. There is no series of political speeches, made under circumstances of untidy minds. I should call his greatest mental
propositions in due order.
of such strain. In our annals attaining a higher level of oratory and ex- Into the future, to assemble facts, to marshal his
s with such terseness and
position. He was forewarned, as he fared forth, that his ife might be to generalize fairly, and to state his interpretation
the forfeit of his enterprise. He replied, "I would forfeit my life to attain soundness, that they sank into minds that listened.
Napoleon or
As an Executive, he was not an incarnation of action like
the end I seek." and he meant it; for he was incapable of melodramatic
his manner; but his
pose, and the consecration of that statement runs like a thread of gold Roosevelt. The lightning decision was not after
and men could
industry was tireless, and his mind did its own thinking,
through the sustained appeal.
of a tenacious
Undeterred by the stabbing of physical pain and falling strength Woodrow not frighten or deceive or cajole him. The possession
dispense with threshWilson here reveals the scope and depth of his conviction that national memory enabled him to keep the whole before him, to
No dogmatism or
isolation for America or any country is forever ended; that the outlawry ing around, and to dread irrelevance and bombast.
approached his problem
of war is democracy's next great task: that suicide hovers over civilization abruptness controlled his relations to men who
who worked with
In the present system of the relation of States and the present potentialities from the same angle. He gave his entire trust to those
against slander
of destructive warfare: that the hour has struck for the creation of an in- him, defended them against injustice, and upheld them
strument to gather behind It the organized manhood of the world, bent or misrepresentation.
imagining and
discerning,
The world used to be full of people busy in
upon evolving a clearer International conscience, a firmer International
Dogmatist and hermit,
law substituting reason for passion in human affairs, and that the covenant cataloguing the faults of Woodrow Wilson.
dreamer and drifter were
of the League of Nations is such an instrument, if mankind will but adapt rhetorician and pacifist, egocentric and ingrate,
enemies. Well,
It to its uses. But all this force and eloquence and martyrdom were to some of the milder coinages of his more civil and restrained
his faults. Some
avail nothing. Woodrow Wilson fell stricken as If in battle at Pueblo. he had his faults. I am not here to portray or to defend
and others
strength,
physical
strength
of them were protective devices to conserve
Colo., on Sept. 25 1919 and came home shorn of his unmatched
born of pride
lay buried deep in the impulses in his blood; but inhibitions
to persuade and move the hearts of his countrymen.
learn to forget and to
The American Senate, in the plain discharge of Its constitutional duty, and courage and high ambition are such as nations
incurious about the
discussed the Treaty for a period of eight months, during five months of forgive, and even to love and cherish. Posterity is
with the flaws
it
minor faults of its heroes. England does not concern itself
which period the President struggled against mortal illness, rejected
Andrew Jackson's
on March 20, and elected to remain outside the first organized scheme of of Nelson and William Pitt. Men do not remember
fire of his
stubbornness and prejudice. They recall only the fury and
international co-operation in modern history.
The last words spoken to the people at Pueblo by the President were purpose to preserve the Federal Union.
and
histrionic
volubility
His countrymen will not forever remember the
these:
of the
arts of Theodore Roosevelt, but they will never let die the memory
Now that the mists of this great question have cleared away. I believe
There is one thing valiant force of him penetrating the Nation's spirit, increasing the sum
that men will see the truth, eye to eye and face to face. their
hand to. and
youth to high adventure, and stridently proclaimthat the American people always rise to and extend
that of Its energies, awakening
about Washington'.
that is the truth of justice, liberty and peace. We have accepted
into pastures ing the glory of upright living. They do not tattel
truth, and it is going to lead us. and through us the world, out
blazing profanity at Monmouth, but see his stately figure riding into the
of quietness and peace such as this world never dreamed of before.
he would fain
nation
new
a
of
flag
storm of battle beneath the tattered
The prophecy of the stricken advocate of reason has not yet come true. bring into the world. They do not whisper about Lincoln's choice of comIs
It
true.
There are those who hope and believe that it will never come
or his taste in anecdotes or his cunning in politics; but they read
but panions
not seemly that I should here attempt any controversial discussion;
incised on white marble walls the sacred poems which his literary genius
an
as
not,
did
I
if
to
interpret
seek
I
man
the
of
courage
I should lack the
left to posterity, behold him in the night watches correcting his mismay has
American citizen, cry out, even in this chamber, God grant that It
takes and using even his humility as a sword with which to carve out the
its imminent
victory of his cause. And so it will be with Woodrow Wilson in the long
come true, and gain new authority to protect mankind against
dangers.
perspective of the years. The destiny in his blood decided that he should
wrapped
is
Wilson
of
Woodrow
rank
historic
the
that
possess—
It is commonly said
be merely
will
rank
fails,
his
it
if
that
covenant;
the
of
destiny
The unconquerable will
up in the
reach exceeded his grasp, and if it
And courage never to submit or yield
that of one more radiant spirit whose
And what is else, not to be overcome.
glib
too
formula
find
the
I
succeeds, his apotheosis in history is secure.
Apotheosis
envelop.
to
presumes
it
Ideas
and
and automatic for the forces
Fits ambition to serve his country was as Intense as Cromwell's. It
that ill fit our poor flesh, so foredoomed
and Immortality are weighty words
of Woodrow Wilson was not easy for him to forget or to forgive. The pride of righteousn
fame
the
surely
but
oblivion;
earthly
of
to the iniquity
of his soul, but he was willing to
orderly growth of which into final sometimes froze the more genial currents
does not rest upon an instrument the
a
and modify its form as to cause die, and did die to guarantee to humble men fairer chance in a Juster
usefulness may so change its structure
of
his enemies will shrivel into the
depends upon an world, and therefore the savage assaults
It to become another and an even better insrtument. It
2966
THE CHRONICLE
[VoL. 119.
insignificance of Horace Greeley's editorials against Lincoln's policies,
or fulness and disregard of essential
values. Oil, of which our resources are
the futility of the early century pamphleteers against
Thomas Jefferson limited, is largely taking the
place of coal, the supply of which seems to
as iconoclast and antichrist, and his mere detractors will
be
themselves either unlimited, but coal cannot take the
place of oil in most of its higher
attain a repellent fame as detractors of greatness or else they
uses.r.on
will pass out land or sea, or in the air.
of memory and no one will ask
A. C. Bedford, Chairman of the Standard Oil Co. of
Who or what they have been
New
More than he asks what waves
Jersey, approved the President's action in these words:
Of the midmost ocean have swelled,
The President's appointment of a Federal conservatio
Foamed for a moment and gone.
n board to study
The four'closingyears in the life of Woodrow Wilson were harsh, un- the Government's responsibilities toward the petroleum industry and to
enlist
the co-operation of its representatives in approachin
heroic, uninspiring years in public affairs, such as generally follow
g
a solution to the
the conservation problem is viewed
favorably by the Standard Oil Co. of New
emotional climaxes of war, and it is a commonplace to describe them
as
Years of personal tragedy to him. A vast disillusionment, a timorous Jersey.
From a brief summary of President Coolidge's letter
distaste for bold action, a kind of shamefacedness and cynicism in the
to the Secretaries of
recolletion of its dreams, and faith in the triumph of moral ideals, seemed War, Navy. Interior and Commerce, it is evident that the program of this
newly
created
board
is
one
of constructive co-operation, laid out in businessto hold the Nation in its grasp. As far as Woodrow Wilson himself was
concerned, it is well perhaps not to confuse the bodily pain, the palsied like manner and has our positive indorsement.
side and all the cold malignities of the time with the essential meaning
of those years. Adversity had been wanting in his career, and now it was
United States Government Counsel Ask for Postpone
come upon him, and he was to have acquaintance with its sublime refinement of Teapot Dome Trial to Obtain Importan
ment, and the country was to gain knowledge of its power to smite the
t
hearts of just men with love for the baffled fighter who had known none too
Evidence Relating to Alleged Treasury Bond
much of popular affection in his career of self-reliant conquest.
Delivery to Albert B. Fall.
Be carried his head high in the dying days of his public service, omitting
no duty his strength could bear, meeting the gracious courtesy of his sucAtlee Pomerene and Owen J. Roberts, United States
cessor at the end with an equal courtesy, as they rode away from the White
Government counsel in the suit to cancel the Teapot
House, so deeply associated in American history with memories of sorrow
Dome
and pain, as well as pomp and power, while unseen of human eyes to each naval oil reserve leases to Harry F. Sinclair, filed
Dec. 20
of them alike, "tragedy with sceptered pall comes sweeping by."
a motion with Federal Judge T. Blake Kennedy at
CheyIn the days left to him as the first private citizen of the Republic, unlike
Burke, he did not waste his strength in windy opposition or factious con- enne, Wyo., asking that trial of the annulment case, fixed
troversy. He wrote no memoirs. "With my historical sense, how could for Jan. 6, be postponed to allow Governme
nt counsel to
I be my own biographer?" he said. He exploited in no way his wide fame, obtain essential
evidence from H. S. Osler, former President
uttered no complaint, suffered no pity, displayed no vain glory. It was
as if a great gentleman, "weary of the weight of this unintelligible world," of the Continental Trading Co., who is in Africa, and against
sought his peace at last in a quiet home luminous with love and perfect whom Toronto Supreme Court recently
issued a decision
care, and shut out at last from the noises and the storm. From this sanc- calling upon
him to give the testimony desired (see elsetuary, day by day, it was given him to behold the processes of his own
immortality, as simple men and women gathered about his home and per- where in this issue). Counsel also ask for additional time
ceived in his wan image the poignant symbol of their great days and the in which to obtain evidence from
James E. O'Neill, exhistoric link forever binding them to noble enthusiasms.
President of the Prairie Oil & Gas Co., and H. M.Blackmer
The very depth and dignity of his silence won through to the imagination
,
of men, and when he spoke, the world stood at attention heartened to have President of the Midwest Refining Co., both of whom
are
knowledge that his high hopes for mankind were undimmed, and that in France. Their evidence is
said to concern the alleged
there was no faltering in that firm faith of his that liberty guided by reason
delivery of $90,000 worth of United States Treasury bonds
and not by force was the contribution of his century to human advancement.
I doubt not that regrets visited his mind for lost opportunities that might to Albert B. Fall, former Secretary of the Interior,
as oil
have been better used; but a durable satisfaction must needs have fortified dividends said to have been distribute
d by the Continental
his soul in those long sequestered days, that even the devil's advocate
Trading
Co.
Messrs.
Pomerene and Roberts worded their
must bear witness that—
adjournment motion as follows:
He had loved no darkness,
Sophisticated no truth,
The District Court of the United States for the District
of Wyoming.
Allowed no fear.
United States of America, plantiff, vs. Mammoth Oil
Co., a corporation
A grace which his heart craved came in the exaltation and excitement
of the State of Delaware; Sinclair Crude Oil
Purchasing
of the vision of a valiant new generation on the march, intent to light
poration of the State of Delaware, and Sinclair Pipe Line Co., a corCo., a corits torches at the still burning fire of his purpose to substitute for the poration of the State of Maine, defendants. In
Equity No. 1,431.
arbitrament of war and death the reign of law, to restore to the land of his United States of America. District of Columbia,
as.
love and his loyalty its surrendered ascendancy, and to guarantee to the
Atlee Pomerene and Owen J. Roberts, having been
duly sworn according
principles he had fought for eternal validity. The puzzle and complex to law, do depose and say:
of his dual nature seemed at last to fall into a mould of simplicity and con1. That they are of counsel for plaintiff In the above
cause.
sistency. "We die but once, and we die without distinction if we are not
2. That during the summer and autumn of 1924
certain information
willing to die the death of sacrifice. Honor and distinction come only came to them, leading them to the belief
that pursuant to the conspiracy
as rewards for service to mankind." Thus Woodrow Wilson has spoken alleged in the bill of complaint herein certain
United States bonds had been
in the days of his strength to high-hearted American youth, and now he delivered to Albert B. Fall by Harry F. Sinclair
or some one acting on his
could of right claim the supreme distinction as his very own. And so behalf.
even as death enfolded him in its shadows, men paused in their busy lives
3. That said information was not obtainable within the
time allowed for
and came to comprehend that a man of great faith had lived in their era, taking depositions on behalf of plaintiff, though
deponents prosecuted their
revealing to them its beauty and dignity, that a prophet had guided their investigation with all diligence.
country and stirred the heart of mankind in an hour of destiny, and that
4. That upon the application of counsel for plaintiff
your honorable
an incorruptible liberal aflame with will to advance the slow ascent of Court issued a commission to take the
testimony of certain witnesses in
man had joined those whom men call immortal and stood among that Toronto, Canada, which witnesses, or some
of them, deponents believe
high fellowship,
can give relevant evidence connecting said Harry
F. Sinclair with the delivConstant as the Northern Star.
ery of said bonds to Albert B. Fall.
Of whose true, fixed, and lasting quality,
That
said
5.
witnesses
appeared
before the Commission
There is no fellow in the firmament.
appointed by
your honorable Court, but refused to be sworn or testify;er
whereupon contempt proceedings were brought against them to compel
them so to testify.
President Coolidge Appoints Commission to Study
6. That at said time this case was set for trial Oct. 7
1924, and because
of the necessity to obtain said testimony, as
Conservation of Oil—Action Commended by A. C.
represented to this Court,
said cause was continued and fixed for trial Jan. 6
1925.
Bedford of Standard Oil of New Jersey.
7. That said witnesses then for the first time
made the contention
In creating an Oil Conservation Board, consisting of Sec- that the provisions of the Ontario Evidence Act, under which they had
been ordered to appear before the Commissioner
and give evidence, were
retaries Weeks, Wilbur, Work and Hoover, administrators of void
as being ultra sires the
Legislature—and this despite
the Departments of War, Navy, Interior and Commerce the fact that the Evidence Act ofProvincial
the Dominion of Canada contains similar
provisions.
respectively, President Coolidge, under date of Dec. 19,
addressed identical letters to each of the four Secretaries,
pointing out the need for altering the wasteful methods
employed in "capturing our oil deposits." The board, it is
stated, will act in co-operation with the commission appointed by President Coolidge last March to study the future
supply of fuel oil for the navy, and will seek the full co-operation of the oil industry in conserving the national supply.
President Coolidge wrote as follows:
It is evident that the present methods of capturing our oil deposits is
wasteful to an alarming degree, in that it becomes impossible to conserve
oil in the ground under our present leasing and royalty practices if a neighboring owner or lessee desires to gain possession of his deposits.
Developing aircrafts indicated that our national defense must be supplemented if not dominated by aviation. It is even probable that the supremacy may be determined by the possession of available petroleum and its
products.
I am advised that our current oil supply is kept up only by drilling many
thousands of new wells each year, and that the failure to bring in producing
wells for a two-year period would slow down the wheels ofindustry and bring
about serious industrial depression.
The problem of a future shortage in fuel and lubricating oil, not to mention
gasoline, must be avoided, or our manufacturing productivity will be curtailed to an extent not easily calculated.
We are not to-day, however, facing an under supply of oil. The production of our 300.000 wells is in excess of our immediate requirements. That
over-prfouction in itself encourages cheapness which in turn leads to waste-
8. That deponents, believing that said contention was
made solely for
purposes of delay, and being advised that however
little merit it might
have, appeals from court to court founded upon
such contention might
consume months, applied to your honorable Court for
a new commission
under the laws of Canada, thus obviating and
removing said cause of
objection.
9. That said new commission was issued, and an
order obtained from
the Supreme Court of Ontario for the attendance
of said witnesses; that
pursuant to said order and to notice duly
given
by the Commissioners,
said witnesses appeared before the Commission
ers in Toronto on Nov. 25
1924, and were severally sworn, but refused to
answer many questions
put to them, and which the Commissioners ruled
they should answer.
(One of said Commissioners Is a Toronto
barrister of standing and experience.)
10. That contempt proceedings were promptly
instituted against said
witnesses in the Supreme Court of Ontario,
and on Dec. 13 1924 Mr.
Justice Riddell rendered a judgment in said
proceedings adjudging that
the witnesses must answer all of said questions.
11. That deponents are advised by their solicitors
in Toronto that said
witnesses propose to appeal from said judgment
to the Appellate Division
of the Supreme Court of Ontario; and that
such appeal cannot be heard
at the earliest before the middle of January
1925, thus requiring the atilt:n=21ment of the hearings before the Commissioners beyond
that time.
12. That in said contempt proceedings deponents filed their affidavit
touching certain facts and information obtained by them. Deponents
attach hereto a true copy of said affidavit, and ask that it
be taken as a
part of this affidavit; and aver the facts therein set forth to be true.
13. That in September 1924 deponents learned that one James
E.
O'Neill and one H. M.Blackmer had information and could
give testimony
vital to the issues in this cause and having to do particularly with
the
DEc. 27 1924.1
THE CHRONICLE
2967
Continental Trading Co., Ltd., and the possession and delivery of the
Of course it would be a matter of importance to prove that the ContinenUnited States bonds delivered to said Albert B. Fall; that deponents made tal Co. directly or indirectly caused to be delivered to Fall the bonds which
inquiry as to the whereabouts of said persons, and only about Dec. 1 have already been mentioned as being in his possession.
1924 located them in France.
On application made to the United States District Court. the plaintiffs
14. That deponents at once communicated to them through official were authorized to examine Mr. Osier and certain members or employees of
channels that the United States desired their presence for the trial of this his firm, and on Sept. 15 1924 my brother Wright ordered the witnesses
cause, and that the reply of O'Neill was that his health would not permit to attend for examination. This order was not appealed against, but the
of his return to the United States, and the reply of Blackmer was that witnesses appearing before the Commissioner refused to be sworn. A
he could not state whether his engagements would permit of his return, motion then being made, my brother Middleton driected the attendance
but that he would advise later as to this. Deponents have since been and examination of the said witnesses before Mr. Shantz, who had been
informed that Blackmer states his counsel advises him that an application named as the sole Commissioner in the previous order, and G. W. Mason.
Is to be made for postponement of the trial, and his final decision with K.C., a member of our bar, it being stipulated that the rulings as to law
respect to request for his return to America for the purpose of testifying by Mr. Mason were to be accepted by his brother commissioners.
will not be made until the results of the aforesaid motion are known.
The witnesses named appeared before the Commissioners and refused to
15. That it is essential to plaintiff's case that the evidence of these two answer certain questions that were put to them, whereupon this motion is
witnesses as well as the other evidence above referred to. be obtained and made to commit the witnesses for contempt of Court, or for such further or
counsel for plaintiff are about to apply to this honorable Court for such other order as the Court may deem proper.
orders as may be necessary to procure the same.
Upon the opening of the matter I inquired whether the purpose actually
16. That as a result of certain facts disclosed to deponents in October 1924 was to commit, but was informed that that was not the purpose. What
deponents are making a further investigation, which they believe will was desired was an opinion of the Court as to the propriety of the refusal On
disclose facts and documentary proofs which are vital to plaintiff's case, the part of the witnesses to answer the questions specified.
and that such investigation cannot be completed by Jan. 6 1925.
An affidavit was tendered which had been made by one of the counsel for
the plaintiffs after the service of the notice of motion. I refused to admit
it
so
far as it was to be used upon a motion actually to commit, holding that
Toronto Supreme Court Decides H. S. Osler Must
such a motion was strictissimi juris; and following my own decision in re
Testify Before United States Government Oil
Greenwood (108) 11 O. W. R. 182. approved in Smith vs .Steen (1905)
II. 0. W.R.762.1 offered to accept it so far as it would bear upon a motion
Counsel—Teapot Dome Developments.
simply to obtain the opinion of the Court, but only subject to the right of
Developments in connection with the United States Gov- defendants to cross-examine if so advised, in which case an adjournment
ernment suit to cancel the leases in the Teapot Dome naval would be granted.
Counsel for the plaintiff submitted to my ruling and proceeded With the
oil reserve lands in Wyoming ,granted to Harry F. Sinclair,
came to light Dec. 14 when Justice Riddell of the Supreme motion.
Sole Object of the Motion.
Court of Toronto issued a decision calling upon Henry Smith
It is quite plain that the sole object of this motion is to obtain the name
Osier, Toronto attorney and former President of the now of the person for whom the Continental Co. was acting and the names of
persons to whom the very substantial sums which accrued to the
defunct Continental Trading Company, to appear before the
Continental Co. were paid. This for the very obvious purpose of connecting
United States Consul Shantz as commissioner and answer such principal and such payees with the scheme of fraud alleged.
questions put to him by U. S. Government oil counsel. The
Supreme Court decision is the outcome of an affidavit (see
"Financial Chronicle" dated Oct. 4, pages 1586 and 1587)
filed by said counsel, consisting of Altee Pomerene and Owen
J. Roberts, in an effort to compel certain witnesses to
testify. The affidavit alleged that Liberty bonds of a value
of $90,000, traced to Albert B. Fall, former Secretary of the
Interior, represented dividends distributed by the Continental Trading Co., whose extensive profits, it continued,
were wholly the proceeds of a three-cornered oil deal between
the Humphreys Mexia and Humphreys Texia Cos., the
Continental Trading Co. and the Sinclair Crude Oil Purchasing Co., the latter jointly with the Prairie Oil & Gas Co.
On previous occasions Mr. Osler refused to disclose the name
of the person for whom he, as President of the Continental
Trading Co., declared he had acted confidentially. Justice
Riddell's decision was made public in the form of a statement
in which he gave a summary of the case to date,from the point
of view of the United States Government. He opened by
saying:
Justice Riddell then explained the "privilege" claimed by
Mr. Osler as exempting him from answering the required
questions. The "privilege," said Mr. Osler, was that of
silence on the part of an attorney regarding the affairs of his
client. Justice Riddell quoted from a statement made by
Mr. Osier, setting out a description of the oil deals referred
to heretofore, and of the destruction of all documents in
connection with the transactions. Justice Riddell proceeded
as follows:
The privilege which is set up by the witnesses derives from the facts thus
set out by Mr. Osier, who is a barrister and solicitor in active practice in
the City of Toronto:
"About the middle of November. 1921, I met a gentleman in New York
In connection with this matter. Prior to meeting him I had no information
of the nature of the business which he subsequently discusses with me and
which, as will appear from this statement, was legal professional business
and had to do with the purchase and sale of a very large quantity of crude
oil.
"This being an extremely speculative commodity, and the oil business
being operated under most competitive conditions, the necessity for confidence in connection with the matter was apparent, and, in fact, my said
client informed me at the outset that he wished it understood as the basis
of his consultations with me on the subject that the business was of a
confidential nature and that he did not wish his name disclosed under any
This motion arises out of the notorious Teapot Dome transaction which circumstances.
He also told me later that he had associates who were inhas agitated the United States for some time.
terested with him in the matter and whose names he desired me not to
The United States of America filed a bill in the District Court of the
disclose. They then, according to my understanding, became my clients.
United States for the District of Wyoming against the Mammoth Oil Co..
"Since the present inquiries were commenced I have communicated with
the Sinclair Crude Oil Co. and the Sinclair Pipe Line Co., the bill of comthis client and have received his instructions that his confidence should
plaint setting out after the manner of our statement of claim the facts
be in every way respected, including his original instructions as to the nonalleged by the plaintiff and the relief sought.
disclosure of his name and the names of his said associates.
"In view of this I am bound to refuse to give evidence of facts of which
Facts Stated by Court.
I obtained knowledge solely from statements made to me by my clients or
The facts as alleged may be summed up as follows:
by
carrying out my confidential instructions, except in so far as may be
Albert B. Fall, who was Secretary of the Interior at Washington, being
desirous of obtaining the power of granting to certain persons a lease of necessary to state facts upon which such claim of privilege rests.
very valuable oil lands, the property of the United States, persuaded the
Alexia Oil Sale Cited.
President, Mr. Harding, through false presentations, to make an Executive
"In the course of the conference above referred to, my client informed
order removing these oil lands from the Secretary of the Navy and placing me that a Colonel Humphreys was
the owner of a property in Mmda.
their disposal in the hands of Fall.
Texas. which numerous interests had desired to purchase, and that all
This being done. Fall, acting as Secretary of the Interior, along with previous negotiations
to that end had failed, but that arrangements had now
another Cabinet officer, executed a lease to the Mammoth Oil Co. The been made for the purchase of a
large quantity of crude oil, the amount
Mammoth Oil Co.took possession of the property and have been working it. mentioned being
30,000.000 or 33,000,000 barrels, to be delivered as
The charge is that Fall and Sinclair, the latter acting on behalf of the produced on the said
properties in Mexia or any other properties that the
Mammoth Oil Co., entered into a conspiracy to defraud the United States Humphreys interests
owned.
by bringing about the lease already mentioned.
"My said client further stated that arrangements had also been made for
The other defendants are rather incidentally concerned, so far at least a resale of the said
oil at an advance of 25 cents per barrel to the Prairie
as the present motion is concerned. The relief is substantially to have the Oil & Gas Co. and
the Sinclair Crude 011 Purchasing Co., and that it was
lease set aside and for incidental and consequent relief.
desired that I should act as counsel in preparing and settling the said
An affidavit then is filed by the attorneys for the United States in which contracts. He further
stated that Humphreys had imposed very onerous
they set out what they believe to be facts, and they have obtained evidence conditions as to delivery, storage
and transportation of the said oil, and
and particulars thereof, which may be summarized as follows:
that, as litigation with him was obviously possible, it was also desired that
About the time of the making of the lease Fall came into possession of I should take charge of the receipt
and payment of all moneys as legal
certain bonds known as first 3% Liberty Loan bonds of the United business so that I might be on the alert to avoid
litigation.
States; that these bonds, just prior to their possession by Fall, were pur"In the course of the discussion with my client on the subject of the
chased by the Dominion Bank, New York agency, at the special instance receipt and payment of moneys. I reached the conclusion that if litigation
and request of H.S. Osler, President of the Continental Trading Co., Ltd.: should take place as apprehended, or even if it should be seriously threatenthat these bonds were delivered to Mr. Osier and by him distributed among ed, my position would be difficult and embarrassing unless the business
the stockholders and holders of the share warrants in the Continental Co.
were incorporated, and I so advised him, advising him at the same time
that the incorporation of the company would not prevent me from carrying
Deals Among Companies.
out my instructions and conducting the business as confidential legal
They further say that one Humphreys, the President of the Humphreys business.
Texas Co. and Humphreys Mexia Co., having a large quantity of crude
"The incorporation of the company having been agreed to by the Humoil on hand, met certain parties in New York, among them one Blackmer, phreys interests. the Continental Trading Co.. Ltd.. was incorporated on
and agreed to sell to Blackmer's principals one-half of his production up to application made through my office, the officials being all members or
30,000,000 barrels; that it was arranged at a meeting at which Blackmer, employees of my firm and the company being in effect merely a
corporate
Osier and others were prment, that, instead of the sale being made direct clerk in my office.
to Blackmer's principals, it should be made to the Continental, who, with
"The business of the company was conducted consistently with this
Blackmer's principals, should guarantee the performance of the contract position. No director, clerk, official or officer of the company
outside
by the Continental; that Osier was the President and acted throughout for my office ever was appointed, and I remained in entire charge
of the matter
the Continental, and that the Continental subsequently became entitled to as effectively as if no company had ever been formed.
the delivery of a large quantity of oil, and finally assigned its contracts to
"No meeting of the shareholders of the company was ever held for busione of the defendants and went out of business.
ness purposes, the only meeting held being formal meetings of registered
2968
THE CHRONICLE
[vol. 119.
shareholders required by law to be held In connection with the organization they are therefore bound to refuse to give evidence touching the said matter
In the same way and to the same extent as I am bound to refuse to give
and winding up of the company.
"No notice or advertisement directed to shareholders was ever issued or evidence with regard to the same confidential business.
"The said witnesses have not, nor has any of them, In their custody or
published, and no distribution of any cash or assets of the company to the
-shareholders thereof ever took place, except in accordance with my said possession any books or papers, the statement above made by myself covering all books, papers or documents which any of the said witnesses ever could
Instructions.
The incorporation of the company did not in any way alter the nature have had in their custody or possession."
or effect of the said business or the way in which it was carried on. and
Justice Summarizes Osler's Statement.
I am advised and believe that the position in respect of the confidential
This, being boiled down, reduces to about the following:
nature of the said business was not thereby altered and that! am bound
1. Mr. Osier met a gentleman in New York, whom, for convenience, I
to refuse to give evidence with regard to the affairs of the Continental Trading Co. exactly in the same way and to the same extent as!would be bound shall call Mr. X. How,it does not appear, but the meeting could scarcely
to refuse to give evidence regarding the same confidential business ifsuch have been casual.
2. He seems to have known Mr. X before. At all events, he does not
company had not been incorporated.
know his
For the same reason. I would be bound to refuse to produce the books say or suggest that he met him for the first time and did not
and papers of the said company. The fact, however. is that,except as below name upon that occasion.
3. Mr. X told Mr. Osier that he had a scheme requiring secrecy, and he
stated. I have no books or papers relating to said company or to said business. the same having been destroyed with other "dead" files in the ordinary stipulated that his name was not to be disclosed.
4. There was an implied promise on the part of Mr. Osier not to disclose
course of business, such destruction having taken place in my absence.
exception
By way of explanation. I would add that my firm's office lease having the name. This, however, was necessarily subject to the implied
done.
been about to expire in this present year. 1924, and storage accommoda- that if the law called upon him to disclose the name it would be
formulated.
persons
some
5. The scheme was in some way and by
tion in my firm's office for old papers having long been over-filled, those in
6. Mr. Osier, In order to carry out the scheme, formed a company which
charge of the office took up. soon after the first of this year. the question of
in the parlance of the street be called a "fake" company ostensibly
would
the
files.
to
As
encumbering
getting rid of all useless and dead material
what Mr. Osier
records of the Continental Trading Co., it appeared that in the early part to carry on business as a company, but In reality to do
of 1923 the whole business of the company had come to an end, and that all himself would have done to carry out the scheme. Of course, the company
the
secrecy.
for
greater
was
simply
formed
proceedings had been taken to bring about, as far as legally could be done,
7. The profits which the company was in form to make were the profits
the dissolution of the corporation, and that the charter of the company had
a
been returned to the State Department at Ottawa with the request that it of X and his nominees, Mr. Osier himself to have percentage.
8. Mr. Osier, those in his office associated in the scheme, and the commight be canceled if and when this could legally be accomplished.
his scheme,
accomplish
to
X
of
in
hands
the
instruments
mere
pany were
Company's Papers Destroyed.
surrounded by apparent safeguards to avoid his identity being known.
Thereupon, and for no other reasons, these papers were destroyed, toIn deciding that Mr. Osler must answer the questions
gether with large quantities of other papers, being the files in at least
Justice Riddell quoted several precedents in order
ninety-seven other matters which for one reason or another appeared to be involved,
no longer useful. I was not in the country at the time or for several months to dispose of Mr. Osler's claim of privilege. He quoted
thereafter, and I had no part in the matter of the destruction of these papers, from the case of Parkhurst vs. Lowten in Swanst, 194,
but If I had been present I should not then have been able to suggest any
occasion saying: "The witness demurreason for keeping them or any possibility that they would ever be called for. Lord Eldon on that
I returned to this country at the end of May or the beginning of June ring on the ground that his answer would violate the confi1924. and soon thereafter inquiry was made from me by persons purporting dence reposed in him as attorney must name the party to
to act for the United States of America, and I immediately sent for the files
his
of the Continental Trading Co. when I was for the first time informed that whom he was attorney." Justice Riddell concluded
thus:
the destruction of the said records had taken place.
statement
The exception above indicated arises in this way. After a careful search
Discusses Plaintiff's Rights.
for the purpose of ascertaining whether any books or papers relating to this
On these facts and other facts of the case it is now to be considered
matter escaped destruction, I have found that there Is in the office the
right, if any, the plaintiffs in this case have to disclosure on the part
ordinary record of work done and disbursements made in the matter, and what
of Mr. Osier.
also several stenographer's notebooks.
We may leave to one side the old theories of "the privilege of the solici"I would like to put in there what I see should have been put in, that
as it is commonly called. Originally it seems to have been based
the earliest date of any such stenographer's notebook is June 1923. I tor,"
the honor of the solicitor and a consideration for his oath, but that
mention that merely by way of completion. It is of no importance upon
theory has gone by the board for a century and a half, and now there can
otherwise.
no question that the privilege is not the privilege of a solicitor at all;
"I have carefully considered all entries in the above, and find such be
It Is the privilege of the client and of the public (Wright vs. Mayer (1801),
entries either refer to prviate matters in which the firm alone is interested.
Yes.
Jr., 281), and the basis for such privilege is the benefit of the public,
6
or to matters obviously irrelevant to the issues therein, or to matters of
well known that the confidence reposed by the clients in hia
confidence covered by the claim of privilege above indicated. And for in that it is
solicitor should not be weakened because the injury which would result
• the same reasons I must therefore, refuse production thereof.
to the public from such a rule would be greater than the benefit derived
Takes Up Bond Question.
for the correct disposal of litigation (Wigmore on Evidence, 2d Ed.(1923),
"I am now informed that the matter in respect of which this Com- Vol. 6, Paragraph 2285)•
The first point to be considered is whether the solicitor can be compelled
mission has been issued is the disposition made of certain United States
bonds, amounting to 890,000, which are said to form part of the bonds to disclose the name of his client. In this matter there can be no question
my
by
company
the
as to the ordinary rule in litigation. "Each litigant is entitled to know
delivered to the said company and receipted for by
signature in April or May 1922, amounting altogether to $700,000, and against whom he is fighting, and it has never been considered that the name
that what Is desired is evidence as to the person or persons who received of the client in litigation can be concealed. That is not disputed. But
in this case it is said that the client is not litigating, he is not concerned in
the said $90,000 of bonds from the company.
"It is suggested by counsel for the plaintiffs in affidavits filed In the the litigation. The United States has no claim against him, and he is
amounting
bonds,
said
the
of
whole
making no claim against the United States; consequently, the United States
matter of this Commission that the
to $700,000, and including the said 890,000, of bonds, were delivered to is not entitled to have his colicitor disclose his name.
According to the rule as laid down in the Duchess of Kingston's case
shareholders of the said company. This necessarily involves an inqeiry
Into the ownerohip of shares of the said company. These shares were (1776). 20 How St., Tr., at Page 614, by Lord Mansfield, the privilege Is
share
coupon
by
limited to "what is revealed to them by their client in order to take their
represented throughout the operations of the company
warrants, transferable by delivery to bearer and entitling bearers thereof advice or instruction with regard to their defense." The last three words,
to receive any distribution of cash or securities in exchange for the appro- of course, are not applicable in the present case, but the rule is fairly well
priate coupon or for the warrant in the case of winding up and final dis- established that it is only what is revealed to the colicitor by his client that
the solicitor is not to disclose.
tribution.
"I have no knowledge except as above stated, as to the original owners
Says Osier Knew Client's Name.
persons
the
of
know,
list
no
I
as
far
so
and,
warrants,
share
of the said
In the present case it does not appear that Mr. Osier was given his name
entitled to the shares was ever made.
the
with
or the first time by his client, but the name of the client was "a fact in
"I have never at any time had any dealings in this matter
persons named by any said client as aforesaid, or any of them, except in his own knowledge and not a matter of secrecy committed to him by his
1122. I
She course of carrying out my instructions and on the basis of confidence client" (Reporter's note in R. V. Watkinson (1740), 2 Strange,
but that
both as to any business transacted and the use of their names in con- think that the decision in that case would not now be followed,
the reporter's query properly Indicates what the law is. See Doe vs.
- neaten therewith.
P., 287;
Buller'.
N.
L.
Case,
Seale's
and
Owners.
Say
Andrews, Cowper, 846; Lord
Says lie Never Knew
vs. Fenerick, 4 T. R.,432.
"I have not now,and never had, any knowledge or information as to the Cobden
Even if I could find the fact to be that Mr. Osier was given the name of
ownership of shares of the said company at any time or as to the receipt
his client by himself, and that he did not know his name from such inforby any such owners of any assets of the company except that obtained by
seems strong enough that the name should be disclosed.
confidential statements made to me by any said client, or by carrying out mation, the case
I do not propose to deal with cases in which the client is a litigant, but
• his confidential instructions and exclusively by reason of such instruccases in which he Is a witness. Lord Eldon in the case of Parkhurst vs.
tions, I am therefore advised that I am not at liberty to give evidence only
Lowten, in Swanst 194, says:
with regard to any such matter.
"The witness demurring on the ground that his answer would violate the
"With regard to the other witnesses named in the order of the Hon.
as attorney must name the party to whom he was
Mr. Justice Middleton of 30th October 1924, and the appointment of the confidence reposed in him
attorney."
follows:
said Commissioner therein, dated 14th November 1924. I say 88
This was approved in the well-known case of Bursil vs. Tanner (1885) 10
"The said witnesses are all members or employees of my firm, as flows:
signed against a married woman in
• Britton Osler, King's Counsel, member of the firm; N. E. Strickland, Q. B. D. 1. There judgment had been
separate estate. The
barrister, member of the firm; Morley H. Breuls, law student, employee of an action. An inquiry was directed concerning her
trustees of her marriage settlement,on being examined,stated
the firm; Harold E. Boston, law student, employee of the firm; and Louis solicitor to the
that the deed of settlement was in his possession as solicitor to the trustees.
Samuel, law student, employee of the firm.
judgment Lord Esser
"The above-named witnesses have severally and from time to time, but He refused to state the name of the trustee. In his
not continuously, occupied the position of director of the Continental says, at page 4:
refuse to disclose
could
solicitor
"With regard to the question whether the
Trading Co., but did so entirely in the capacity of their said relationship
the ground that they were communicated to him
to my said firm and for the purpose of carrying out instructions given by the names of the trustees on
stands thus: He is in this predicament. Be must
• me in the conduct of the matters above referred to, which matters, as above in confidence, the matter
allege that the communication was privileged because the trustees, his
toted, always remained in my sole .charge.
'
he cannot refuse to say who
"The witness named in the said order and appointment, Sunerva Margaret clients, made it to him in confidence, and then
expressed by James, L. J., in
Fordyce, is my confidential secretary, and in that capacity only, and not these clients are. I agree with the opinion
fact who the clients were was
otherwise, acted as Secretary of the said Continental Trading Co. for the ex parts Campbell, in re Cathcart, that the
not the subject of a professional confidence. The client does not consult
• purpose of carrying out my instructions in the matter.
his professional advice as to whether
"None of the witnesses above named had,or could have any knowledge of the solicitor with a view to obtaining
solicitor or not."
the matters in question, except that which they obtained in the course of he shall be his own
Cotton, L. J., at page 5 says:"The mere fact who are the trustees cannot
carrying out instructions given by me for the purpose of carrying out my
matter communicated to the solicitor confidentially for the
.,confidential instructions in the matter, and I am advised and believe that be said to be a
DEC. 27 1921.]
THE CHRONICLE
'purpose of obtaining his professional advice, or, at any rate, it is highly
Improbable that it should be so. There is also another ground for compelling the disclosure of their names. The solicitor claims this privilege as
that of his clients. He must then state the names of the persons for whom
he claims the privilege. On both these grounds I think he was bound to
answer the question and to give the names and addresses": while Lindley,
L. J.. quotes very briefly the words of Lord Eldon, already mentioned.
It is just possible that this rule would not be held to extend to cases in
which the name was communicated confidentially for the purpose of being
advised by the solicitor. At all events, that seems to be the rule when the
residence of the client is asked for. Re Arnott (1889). 60 L. T. R. 109, at
page 110, per Cave, J.
Here, however, there is no contention that the name was communicated
to the solicitor for the purpose of being advised by the solicitor.
When to Respect Confidence.
2969
Southern Pacific Co. reached a harmonious conclusion as to the problems
under discussion at 3 p. m. The agreement resulted in increases per day
for the men of 24 cents in passenger service, 36 cents in freight service.
32 cents in yard service and 32 cents for hostllng service. There was no
change made in present working rules."
Inter-State Commerce Commission to Begin Hearings
into Class Rate Readjustment February 4.
The first hearing in the investigation by the Inter-State
Commerce Commission into the subject of the readjustment
of class rates in official classification territory will begin at
Washington on Feb. 4. In its announcement of this on Nov.
28, the Commissioner, through Commissioner Eastman, said:
"It will not be the primary purpose of the inquiry either to
add to or subtract from the aggregate revenues of the carriers, but rather to adopt a class rate structure which will
be as simple as it can be made . . . and which will serve
the purposes that class rates ought to serve. This does not
mean, necessarily, that proposed rates will be rejected upon
the ground that they increase or decrease aggregate revenues." The Commission's order follows:
I am not prepared to say that if a case were to occur in which a person,
wholly unknown to a solicitor, were to come to him and say,"I require your
advice, and to obtain that advice I must give you my name; It is necessary
that you should know my name in order to give the advice, and I conse• quently give it to you in strict confidence not to be disclosed to the rest of
the world"—in such case, I say, I am not prepared to decide that the confidence must not be respected. But that is not the case.
The authorities seem to be uniform that it is only facts which come to
the knowledge of a solicitor from his client, and not acts obtained on information ahunde, that are excluded from disclosure.
This rule applies also to the acts of the solicitor. The facts of the solicitor
are facts which indeed may proceed from the instructions of the client, but
are in no wise confidential communications by the client to the solicitor.
By order entered May 13 1924 the Commission, upon petition of carriers
I have no doubt whatever that what was done by Mr. Osier, his associates operating in official territory and of many interested shippers, instituted
In his office, and by the company in the way of obtaining money, disburs- an investigation into the inter-State class rates all-rail and (or) partly
ing it, the persons to whom it was paid, and all the particulars about such by rail and partly by water between points in official territory. including transactions, must be disclosed and are not covered by the privilege.
the charges resulting therefrom (but not including classification rating
I do not think it necessary to cite the cases in support of this conclusion, or rules, exceptions to the classification, or minimum carload weights),
but I may say that on the whole case, upon this point, as well as others, I with a view to determining whether the said rates and charges are unhave read and considered all the cases mentioned in Wigmore on "Evidence," reasonable or otherwise in contravention of the Inter-State Commerce
in Foley and Cordery on "Solicitors" and in Halsbury. I have also seen a Act, and to making such findings and orders as may be necessary in the
few others. The result of my investigation is as already stated.
premises. By Fourth Section Order No. 8914 of May 20 1924, 89 I. C.0.
The result is that I think the questions which have been objected to must 470. relief from the fourth section with respect to said class rates has
be answered, and the plaintiff will have costs.
been denied, following a hearing at which the carriers failed to justify
the existing departures and stated that they expected to propose revised
Counsel of Mr. Osier, it was announced Dec. 17, has rates
in conformity with the fourth section, subject to such relief as present
served notice of appeal against the decision of Justice Riddell, facts may warrant. By a notice issued with the order of investigation,
and the appeal will come before the Appelate Court at the carriers in official territory were requested to publish and distribute
their plans for the revision of their class rates as soon as possible, in order
Toronto next month.
that all interested parties might be advised thereof in advance of thehearings.
Pursuant to this request the carriers have published their proposals
Subscriptions to United Hospital Fund.
for the readjustment of class rates: (a) within Eastern trunk line ter(b) between Eastern trunk line and New England territories and
James Speyer, Chairman, and Walter E. Frew, Treasurer, ritory;
Central territory;(c) within Central territory;(d) between Central territory
of the "Bankers' and Brokers' Committee" of the United east of the Indiana-Illinois line and Mississippi River and Illinois points:
Hospital Fund of New York, report total subscriptions to (e) within New England; and (f) between New England and Eastern trunk
territory.
date of over $65,000. Those subscribing $1,000 and over are: line
The first hearing in this investigation will be held at Washington. D. O.,
$10,000, J. P. Morgan & Co.; $5,000, Kuhn, Loeb & Co., beginning Feb. 4 1925. At this heating the respondent carriers will be
Speyer & Co.; $2,500, George F. Baker, George F. Baker Jr., expected to submit consecutively such proposals and evidence as they
may wish to offer with respect to all the rates under investigation. For
Marshall Field; $2,000, Mr. and Mrs. George Blumenthal; the convenience of all concerned, they are requested to announce as soon
$1,500, Hallgarten & Co.; $1,000, American Exchange as possible the order in which the various topics or rate adjustments will
be presented and the dates on which it is expected that the evidence under
National Bank, Bank of the Manhattan Company, Otto each
head will be submitted.
T. Bonnard, Clarence Dillon, Farmers' Loan & Trust Co.,
Following the presentation of carriers' evidence and cross-examination,
an
adjournment
will be taken for a brief period to afford added time for
Halle & Stieglitz, Harris, Forbes & Co., Lazard Freres,
study of the carriers' proposals. The time and place of further hearings
Hayden, Stone & Co., J. B. Mabon, Henry K. McHarg, for
the introduction of shippers' evidence and carriers' rebuttal evidence
•J. & W. Seligman & Co., Title Guarantee & Trust Co., will be announced later. At these hearings, further opportunity for
cross-examination of carriers' witnesses will be afforded if that appears
Albert H. Wiggin and Mrs. Anna Woerishoffer.
necessary.
It will not be the primary purpose of the inquiry either to add to or
subtract from the aggregate revenues of the carriers, but rather to adopt
United States Railroad Labor Board Refuses Plea 'of a class-rate structure which will be ris simple as it Can be made, with due
regard for the public interest, and free from undue prejudice, and which
Western Railroad Managers to Suspend Wage
will serve the purposes that class rates ought to serve. This does not
Agreement of Southern Pacific Company.
mean, necessarily, that proposed rates will be rejected upon the ground
According to newspaper dispatches from Chicago, Dec. 23, that they increase or decrease aggregate revenues. Before the proceeding
closed it will be the purpose of the Commission to determine revenue
-the United States Railroad Labor Board refused that night Is
effect, as nearly as may be, by some form of traffic test. In appraising
the request of the conference committee of managers of revenue effect, the intra-State rates will be taken into consideration,
Western railways that the Board suspend the operation of a and evidence in regard to such rates will be freely admitted at the hearings,
although they are not directly in issue. It is hoped to have the co-operation
-wage agreement between the Southern Pacific Co. and the of
the State Commission in the inquiry.
'Brotherhood of Locomotive Engineers and the Brotherhood
The order instituting the investigation, since it contains no reference
.of Locomotive Firemen and Enginemen. The committee to "foreign commerce," will be construed as excluding consideration of
Import aqd export class rates.
had asked the Board to act under a provision of the Transportation Act allowing it to do so when wage or salary raises
tend to increase rates. According to advices from Chicago,
Dec. 22, the committee of managers in its brief alleged that
-the settlement with the brotherhoods.had been forced upon
the railroad "under threat of an interruption of transporta,tion," and declared that "other railways may also be forced,
'In order to avoid interruptions of transportation service, to
make similar settlements." It set forth that the settlement
directly tended to make necessary an advance in railway
rates in Western territory. Regarding the settlement,
Associated Press dispatches from San Francisco, Dec. 16,
said:
The differences between the Southern Pacific Co. and its engine workers,
which resulted recently in an overwhelming vote to strike, have been
amicably settled, according to an agreement made public to-day by the
company.
The agreement will mean a total wage advance of about $500.000 a year
on the Southern Pacific System, the company announced. The new agreement is retroactive to Sept. 1.
The strike vote recently taken by the 6,000 men showed 96% in favor
of a strike, according to statements of the brotherhood chiefs. The corn.
.pany's announcement of the settlement said:
"The meeting of the representatives of the Brotherhoods of Locomotive
'Engineers and Firemen and Enginemen with the management of the
Questions to be Considered.
Some of the questions which should be considered in this investigation
are as follows:
(1) Do conditions warrant a single level of class rates throughout ofllcia
territory? If not, what exceptions, territorial or by classes of carriers,
should be made, and by what differences in traffic, transportation or commercial conditions are such exceptions justified?
(2) Should all class rates throughout official territory be on a distancescale basis? If not, should the rates for hauls within each of the three
divisions of that territory and for the shorter inter-division hauls be on
a distance basis, with the inter-division rates for longer distances en a
specific or group basis; and if so, should the specific or group rates be
based upon a distance scale using the averages distances to and from the
groups, or how should they be determined? At this point attention is
called to the fact that the carriers' proposals covering inter-division rates
between Eastern trunk line and New England territories and Central
territory provide for the preservation of substantially the present port
and percentage group adjustments. If this plan be followed, what if
any changes in the existing group boundaries should be made?
(3) If distance-scale rates are adopted in whole or in part, on what
plan should the distances used in determining such rates be computed:
by what considerations should the Commission be guided in fixing the
rates for the initial distance; and what should be the rate of progression
and why? This involves the proper relationship between rates for .he
longer and rates for the shorter hauls.
(4) How many classes should there be and what should be the percentage relationships of the lower clases to first class, and why? In the
rates proposed by the carriers, the same number of classes that now exist
in official territory have been used and the relationship between the classes
is that followed in C. F. A. Class Scale Case, 45 I. Cl. C. 254. and Pro-posed Increases in New England, 49 I. C. C. 421. It should be understood, however, that the Commission is not committed to any particular
number of classes or to any particular percentage relationship of classes
and that evidence should be presented to indicate the adjustment
fitted to meet the present and future needs of commerce. While beet
the
2970
THE CHRONICLE
classification is not in issue, additional classes could be provided with an
appropriate re-numbering of existing classes, such additional classes to be
utilized in connection with subsequent changes in classification, subject,
of course, to review by the Commission. It is possible that such additional classes might afford a convenient substitute for certain commodity
scales and classification exceptions of broad application.
(5) A desirable result of the investigation would be the lessening of
complaints of discrimination and prejudice as between competing points
or traffic, not only within official territory, but as between that territory
and adjacent territories. Should rates within official territory be constructed in such manner as to harmonize as nearly as possible with rates
In adjacent portions of Southern and Western territories and between
official territory and such other territories? The number of classes,
percentage relationship of classes, rate of progression and the general
level of the rates all appear to be of interest in this connection. The
question may also arise whether proportional rates lower than the locals
should be established to and from certain territorial gateways. Attention
is directed to allegations made public by certain shippers that the carriers'
respective proposals are not consistent one with another. At the first
hearings, carriers should either defend their present proposals in this
respect, or substitute other proposals which they are prepared to defend.
(6) Where adjustments of present rates appear to be indefensible from
the point of view of transportation conditions, to what extent may the
commission properly be influenced in its action by the fact that the adjustment is one of long standing and that a change would cause disturbance
in business conditions?
(7) Fourth Section Departures. If relief is desired from Section 4 in
connection with any rates that may be proposed by carriers or others,
irrespective of whether relief has been granted or denied as to existing
rates, the situations in which such relief is desired and the justification
therefor should be presented. Information required by the Commission
in passing upon applications for relief from Section 4 is set forth in Fourth
Section Order No. 8900. In this connection attention is called to the
limitations in that section with respect to relief, particularly to the following:
"but in exercising the authority conferred upon it in this proviso the.
Conunission shall not permit the establishment of any charge to or from
the more distant point that is not reasonably compensatory for the service
performed."
To meet this requirement and to prevent wasteful transportation which
may result from the routing of traffic over unduly circuitous routes, it
may be necessary for the Commission to impose restrictions. For this
purpose two forms of limitation have been suggested, as follows:
"(1) That the relief shall not apply to circuitous, routes that are more
than a certain per cent longer than the short line between competitive
points, the percentage varying according to the length of haul involved:
for example, 125% longer when the short-line distance does not exceed 25
miles; 100% where the distance by the short line is 26 to 50 miles, and
80% where the short-line distance is from 50 to 100 miles., &c., or
"(2) That the relief shall not apply when the rate which is to be established by the circuitous line to meet short-line competition is less than
a certain per cent of the rate under the distance scale, where one is prescribed, for the mileage of the circuitous line: for example, if the rate
under the scale for the distance over the circuitous route is 30 cents, the
relief would not apply if the rate proposed to meet short-line competition
is less than 80% of such normal rate of 30 cents,"
Consideration should be given at the hearings to these suggestions,
and to other plans of limitation that may be offered as substitutes therefor,
Testimony with respect to particular routes or situations will not be
expected at the first hearings, except to illustrate and make clear the
character of relief desired, and with this exception will perhaps not be
needed at all.
(8) Rail and Water Rates. Should rates of this character be construct d on the basis of a differential relationship with the corresponding
all-rail rates or on the basis of a distance scale using constructive mileage
for the water haul? If the former, what should be the measure of the
differentials to be used and how determined? If the latter, what constructive mileages should be used, and why?
Particular attention is called to the fourth section, in connection with
these rates, and to the necessity that the carriers either propose rates in
conformity with that section or justify such relief as may be sought. It
may be that a mere desire to maintain existing relationships to all-rail
rates will not be deemed sufficient justification for departure from the
fourth section.
The above suggestions are offered as indicative of some of the important
lines of information which, in the opinion of the Commission, should
be developed by the investigation, but are not intended to exclude evidence upon any other points.
Since the record promises to be lengthy, every effort should be made
by the representatives both of the carriers and of the shippers to condense
their evidence into the smallest possible compass. Explanations of exhibits which duplicate at length what is shown on the face of the exhibit
should be avoided. Discu:sion of past decisions of the Commission should
ordinarily be reserved for brief and argument. Evidence which is merely
cumulative should be avoided, cross-examination should be directed to
the development of the facts and not allowed to degenerate into argument.
Copies of exhibits should be available for all parties of record, and this
will necessitate a generous supply. It has been suggested that the investigation will be facilitated and expedited'by a daily transcript of the testimony,
prepared and distributed at the place of hearing. All who desire such a
daily transcript are requested to so state to the Commission as soon as
possible, in order that it may be determined whether there is sufficient
demand to warrant such procedure.
JOSEPH B. EASTMAN, Commissioner.
[VoL. 119.
The report itself, a document of 150 pages, was prepared
by Ben M. Selekman, a member of the Foundation's staff,
who conducted the investigation. "The significance of this
experiment, in so far as industry generally is concerned,"
declared Miss Van Kleeek, "lies in the fact that the partnership plan was introduced under such unfavorable conditions
in the Dutchess Bleachery that its success in this plant indicates the possibility of securing equally, if not more,favorable
results in almost any industrial property through equally
sincere and efficient efforts."
Mr. Selekman found that the partnership plan of the
Dutchess Bleachery not only affords representation to employes in determining the conditions of their employment,
but admits a representative of the wage-earners in the mill to
the board of directors, turns over entirely to a board of workmen the administration of the company's houses for employes' families, assigns definite responsibility for shop
management to a board of managers composed of six officers
of the company and of six wage-earners, and provides employes with the information concerning the financial condition
and conduct of the business.
Three years of such co-operation, Mr. Selekman says, has
transformed a community of dilapidated and unsanitary
houses into a town of clean, comfortable and happy homes,
and has at the same time revolutionized the attitude of
employes toward production to such an extent that the
company earned comparatively high dividends during two
years when other plants in the same industry were idle because of the business depression. The report says:
As managers, the representatives of the operatives have displayed good
business judgment. Not only have they utilized the machinery of the
partnership plan to present and adjust grievances, but they have co-operated
in the constructive tasks of running a factory. They have gusgested such
methods of increasing efficiency as time clocks, foremen's conferences and
mass meetings. Together with representatives of the stockholders, they
elected the present manager and superintendent. The whole tenor of their
participation has been not "How much can we get out of the bleachery for
ourselves?" but "What can we do to make this a successful and efficient
business enterprise for everyone concerned r
The conclusion of the report is in this statement:
Because of the sincerity of those who devised the plan in seeking a more
democratic as well as a more personal basis for human relations in industry
than has hitherto prevailed, and because of their courage in putting it into
operation, the Dutchess Bleachery has achieved a place of leadership. We
hope that this record of co-operation and partnership between management
and operatives in the bleachery may lead to equally far-seeing experiments
in other industrial establishments.
• MIP • .4111011
The publication of this report reveals that the Russell
Sage Foundation has had underway since 1919 a series of
investigations covering,in addition to the partnership plan of
the Dutchess,Bleachery, the Rockefelleulan of employes'
representation as practised in the steel mills and coal mines of
the Colorado Fuel & Iron Co., the Works*Council plan of the
United States Government arsenal at-R7iro rsland—
, IlLand
the employment policies of William Filene's Sons Co. in their
store in Boston. The report of the Foundation's investigation into the workings of the Rockefeller plan of employes'
representation—the next in the series—will be issued probably within a month. This series of studies was undertaken
after interviews with a number of outstanding engineers,
social workers, investigators, government officials, employers
and representatives of labor, whose advice had been sought
as to how the Foundation could most effectively contribute
Partnership Plan Giving Employes Share in Manage- toward the improvement of human relations in industry.
Each study, it is stated, consisted of a first-hand investigament and Profits of Industrial Property Suggested
tion of the plants involved, extended conversations with
in Report of Russell Sage Foundation—Report
both employes and employers, examination of records, and
Based on Partnership Plan of Dutchess
finally the checking up of all doubtful or disputed points.
Bleachery, Inc.
A partnership plan which gives the employes of an indusAnnual Meeting of American Economic Association to
trial property a share in management and profits, equal, it is
Be Held in Chicago Dec. 28-31.
said, in many respects to that enjoyed by the owners, is
Almost
every
phase of the economic and social life of the
industry
generally
in
a
consideration
of
suggested for the
nation will be considered by leading economists, statisticians
report on "Sharing Management with the Workers," issued
and sociologists when they meet in Chicago from Dec. 28 to
at New York on Dec. 18 by the Russel Sage Foundation.
31. Among those who will take part in the discussions are:
The report is based on a study of the partnership plan of the
Dutchess Bleachery, Inc., at Wappingers Falls, New York, Wesley C. Mitchell, President of the American Economic
which, in the opinion of Mary Van Kleeck, director of the Association; Irving Fisher; David Friday; Alonzo E. Taylor,
department of industrial studies of the Foundation, is "one food expert; Morris L. Cooke, industrial engineer, and T.E.
will be
of the most significant of the several hundred current experi- Gregory of the London School of Economics. Sessions
and
ments in giving workmen a share in the management of held morning, afternoon and evening at the Congress
public. The
Auditorium
Hotels.
They
will
be
open
to
the
business."
associations holding their annual meetings in Chicago this
In making the report public, Miss Van Klee& said:
year are: American Economic; American Statistical; AmenThe Dutchess Bleachery experience indicates affirmative answers to the
much discussed questions: Is it financially safe for a company to premit its can Farm Economic; American Association for Labor Legiswage-earning employes to vote on questions of shop management Do work- lation; American Sociological Society; American Association
ers desire to have this share of responsibility? Lacking technical training
of University Instructors in Accounting, and the National
and experience in administration, is their judgment valuable concerning
questions of general policy? Will they have consideration for the interests of Community Center Association.
stockholders? The further point is made that in this case, when given power
Business men will be particularly interested in four questo determine policies, the employes did net use it to advance their own wages
and decrease working hours regardless of the financial state of the business. tions to be discussed at the meeting of the American Eeo-
DEC. 27 1924.]
THE CHRONICLE
nomie Association. These are: The Economiceof Advertising; Population and Natural Resources; The World's Monetary Problem; Psychological Problems in Industry. Other
topics will be transportation, highway economics, marketing
and "giant power." The meetings of the American Farm
Economic Association will be given over to the development
of an American agricultural policy. This is the subject now
being studied by the Agricultural Commission appointed by
President Coolidge. "The Trend of Our Civilization" will
be the topic of the sociologists. The statisticians will focus
their figures and charts on population problems, including
labor supply and immigration.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
An increase in the capital of the Liberty National Bank of
New York has been approved by the Comptroller of the Currency. The capital of the Liberty National Bank of New
York is now $1,500,000, which gives the institution a combined capital and surplus of $2,000,000. Prior to the increase
the bank had a capital of $500,000. The new stock has all
been sold and paid in at $150 per share.
2971
Announcement is made of the resignation of Samuel W.
Reyburn, President of Lord & Taylor and President of the
Associated Dry Goods Corporation of Virginia, as a member
of the board of directors of the Guaranty Trust Co. of New
York because of his election as a Class B Director of the
Federal Reserve Bank, a position which precludes membership on any other bank directorate. Mr. Reyborn was formerly President of the Union Trust Co. of Little Rock, Ark.
He came to New York in 1914 and has won an outstanding
position here in business and financial circles.
All the officers of the New York Trust Co. joined on Dec.
22 at the-Union League Club in tendering a farewell dinner
to Edward J. Whalen, who is resigning as Assistant Treasurer of the company on Jan.1 to devote his entire time to the
Bank of Sheepshead Bay, of which he is President and director, and to'affiliated interests. Mr. Whalen, who is one of the
best known of New York's junior bank executives, joined the
Scandinavian Trust Co. at the time of its organization in
1917. When that trust company was absorbed by the Liberty National Bank in 1919 Mr. Whalen continued with that
bank as Assistant Cashier. With the merger of the Liberty
with the New York Trust Co. in 1921 he was appointed Assistant Treasurer of the new company. Mr. Whalen was
one of the organizers of the Bank of Sheepshead Bay. The
bank began business in November 1922 with a capital Of
$100,000 and a surplus of $50,000. It now has 4,000 depositors and deposits of $1,350,000. Mr. Whalen was also one of
the organizers of the First National Bank of Park Ridge,
N. J., of which he is also a director.
Arthur W. Loasby, President of the Equitable Trust Co.,
of New York announced to its officers and employees this
week the adoption of a pension plan. The features of the
plan have been under consideration. for some months by a
committee of officers of the institution. The plan as adopted
is believed by Mr. Loasby to constitute the fairest means of
caring for employees who have grown old in the service of
the company. The Equitable has been following for some
time a general policy of pensioning, but it is felt that this
William J. Wittman has be- en appointed Assistant Trust
new plan will be more effective in promoting the welfare of
Officer of the United States Mortgage & Trust Co. of New
all employees. Some of the principal features of the plan
York.
are:
An old age retirement allowance.
The International Acceptan- ce Bank, Inc., announces the
Ordinary and accidental disability allowance.
removal of its °flees to its new building at 52 Cedar Street.
Ordinary and accidental death benefit.
Employees leaving the service of the company will have returned to them
the entire total of their contribution under the plan with interest.
Th plan provides that employees deposit with the company a percentage of their salaries based on an age at entrance of service. On this money the Equitable will pay 4%
compounded annually and will add to the total of each employee at retirement a sum equal to employee's total contriblitions with interest. Each •employee will then receive an
.annuity purchasable with the total amount thus obtained.
The company will also contribute an amount estimated to be
required to meet disability and death benefits under the provisions of this plan. It is estimated that the pension plan
will produce approximately 11h% of the average salary of
an employee during his or her last ten years of service multiplied by the total number of years of the employee's service.
Henry L. Doherty & Co. have purchased control of 60 Wall
Street Corporation and have acquired ownership of the
building at 60 Wall Street. Included in the purchase is a
smaller building in the rear at 69 Pine Street. The property
was acquired from the International Banking Corporation,
which is owned by the National City Bank. The purchase
price was not disclosed; the assessed valuation of the properties in 1924 was $2,605,000. The building at 60 Wall
Street is a 26-story office structure erected in 1905. In 1905
Mr. Doherty came to New York from Denver and located in
the building which his firm has just purchased, the office
consisting of two rooms on the 14th floor. Since then the
Cities Service Co., its subsidiaries and the entire Doherty
organization headquarters located in New York have been
adding continually to their office space. In addition to the
building at 60 Wall Street, the Doherty Co. owns the Chesebrough Building, the Battery Park Building, the Maritime
Building, besides 50,000 square feet of partly improved land
with buildings on Battery Park, held for future development.
The trustees holding the c-ommon stock of the Standard
National Corporation have voted to distribute these shares
to the stockholders of the Standard Bank of this city, share
for share, without payment therefor. The Standard National Corporation was organized two years ago, to do a
general investment security business. As $80 is bid for each
share, it is equivalent to a dividend of that amount on the
stock of the bank. Last month the directors increased the
regular dividend of the bank to 8% besides declaring an
extra year-end distribution of 1%%, while two years ago a
stock dividend of 100% was distributed. The bank in its
announcement says:
So successful has the bank been in less than five and one-half years since
its incorporation that a purchaser of ten shares at that time for $1,500 has
received $605 in cash and would now have shares of a market value of
$7,600. This represents over 80% a year in cash and appreciation.
Straus & Co., members of the New York Stock Exchange,
are offering an additional 4,000 shares of Standard National
Corporation preferred stock at $100 a share, to yield 7%.
The employees' year-end bon- us announced by the Standard
Bank, for distribution this month, runs from 2% to 7%,
arrived at by paying 2% of the annual salary at the end of
the year to all employees, plus 1% additional for each full
year of service. This plan, adopted last year, has proven to
be most practical as rewarding long service, as opposed to
a flat percentage payable to all.
The Bigelow State Bank
of this city announced on Dec. 20
that after the close of business Dec. 19 it became the Eastern Exchange Bank. The institution is located at Broad
Street, corner of Exchange Place.
The Standard Bank of Cana- da (head office Toronto) has
declared a dividend for the current quarter ending Jan. 31
1925 at 3%, being at the rate of 12% per annum upon the
paid-up capital stock of the bank, and which is to be payable
At a regular meeting of the board of directors of the Sea- on and after Feb. 2 1925 to shareholders of record as of Jan.
board National Bank of New York a bonus of 10% of a year's 16 1925. The annual general meeting of the shareholders
salary was declared for distribution among its employees.
will be held at the head office of the bank in Toronto on
Feb. 25 next at 12 o'clock noon.
The Directors of the East River National Bank of this
Two one-act intermezzos had their first presentation in
city have recommended that hte capital be increased from
$2,100,000 to $2,500,000. Stockholders of the bank will be America on Saturday night, Dec. 20, in the grand ballroom of
asked to approve the proposed increase at the annual meeting the Hotel PennSylvania. The occasion was the annual
on Jan. 13 1925. It is planned to offer the new stock at $225 musicale given by the Manufacturers Trust Co. of New York
per $100 share. The increased capital will become effective in honor of its stockholders. The intermezzos were produced
by Giuseppe Bamboschek of the Metropolitan Opera Co., by
April 1 1925.
permission of Giulio Gatti-Casazza, and the cast was corn-
2972
THE CHRONICLE
[VoL. flat
up to $5,000, four shares; up to $5,999, five shares, and in excess thereof,
six shares. All classed by head office as junior officers, irrespective of salaries, shall have the right to subscribe for ten shares.
The subscribers shall agree to the deduction from their ea/Aries of $5 73
per month for 48 months in the case of those receiving salaries not in excess of $2,000, and $11 46 per share per month, for 24 months, in the case
of those receiving salaries of over $2,000. For ease in accounting, such
monthly deductions will be adjusted to eliminate penny figures.
Shares subscribed for shall be carried for the subscriber's account by trustees, and the payments above mentioned will be turned over to the trustees
to apply on the stock purchased. The subscriber will himself receive,
throughout the period, all dividends upon the stock for which he subscribes.
As additional compensation to subscribers, for the purpose of assisting
them to save for the purchase of shares, the bank, the National City Co.,
the International Banking. Corporation, and the other affiliated institutions
and corporations will contribute an amount monthly payable to the trustees
to reduce the cost of the stock and to pay the interest carrying charges, so
that the net cost of the shares to subscribers will be in the amount of the
individual's monthly savings as above stated, aggregating in every case $275
per share. The subscribers will be entitled to receive their stock from the
trustee free and clear when savings deducted from salaries, in accordance
with the foregoing schedule, shall equal $275 per share, which will be at the
expiration of two years in the case of all subscribers receiving salaries in
excess of $2,000 per year, and four years in the case of subscribers receiving
salaries thereunder. Subscribers who may die or whose employment may
The growth of our institution during the year has been, as usual, steady otherwise be terminated before they have become entitled to receive their
and progressive. On Jan. 1 1924 the deposits were $104,000,000, while on stock, shall be entitled to the return of all sums deducted from their salaries,
Jan. 1 1925 they will undoubtedly show approximately $115,000,000—an with interest thereon at 6% per annum.
increase of 11 to 12%, which compares favorably with that of other similar
Full details with respect to subscription privileges will be furnished to
institutions. There has been no change in the capital stock, and whereas the staff through managers and department heads as soon after Jan. 1 as
the surplus and undivided profits on Jan. 1 1924 were $5,100,000, it is possible.
confidently expected that on Jan. 1 1925 the same item will show approxiWhile the advantage to the individual, as well as to the institution, I.
mately $5,500,000. This increase of $400,000, after allowing for the 16% obvious in the ownership of shares and participation in profits of the instidividend paid on the stock, and after paying under our profit-sharing ar- tution through such ownership by the entire staff—and this fact will outrangement the same percentage to employees on their salaries that stock- weigh all others—nevertheless, we trust that employees will fully realise
holders have received on their holdings, which payment to employees that the cost of stock to them under this plan is substantially below any
amounted to approximately $210,000, would mean approximate earnings for market value that has prevailed over many years, that the income return on
the year of 28% on the capital stock.
this cost is exceedingly high for an investment of this character, and that the
One year ago the market for our stock was quoted at $275 per share bid,
system of voluntary saving provided by the plan is of large personal value.
while the quotation now is $310 to $315 bid and none offered. We have a
We hope, therefore, that none will fail to take advantage of the opportunity
long waiting list of customers who woad like to become stockholders with
that is given.
us, and are very sorry that we have not yet been able to supply their deIt will be noted that the plan as outlined herein has no reference to the
mands. Stockholders, therefore in addition to receiving their 16% annual
participation by senior officers of the bank or affiliated companies. A cerdividends, have also had a steady increase in the market value of their stock
tain amount of stock will be acquired by the trustees for distribution among
eme.h year.
this class, and announcements with relation thereto will be made directly to
class. The price of stock for this class, however, will be substantially
Plans whereby the employees of the National City Bank that
higher than offered to the general staff as outlined in this notice.
CHARLES E. MITCHELL,
of New York will be accorded an opportunity to acquire
posed of Metropolitan Opera Co. stars in the persons of Ellen
Dalossy, Nanette Guilford, Rafael° Diaz, Armand Tokatyan,
Alfredo Gandolfi and James Wolfe. The first presentation
was "La Veglia" ("The Wake"), in Italian, the book having
been written by Carlo Linati from a drama by J. M. Synge,
with music by Arrigo Pedrollo. The second presentation was
"Le Furie Di Arlecchino" ("Harlequin's Jealous Rage"), a
farcical intermezzo in Italian, with book by Luigi Orsini and
Adriano Lualdi and the music by Adriano Lualdi. The Metropolitan Opera orchestra was conducted by Giuseppe Bamboschek and Maximilian Pilzer. A surprise feature of the
program was a tableau designed by August Berger, ballet
master of the Metropolitan Opera Co., in which 25 of the
young women of the Manufacturers Trust Co. participated,
each one representing a letter composing the name of the
company. Nathan S. Jonas, President of the Manufacturers Trust Co., presented a report to the stockholders of the
progress of the company during the year 1924, saying:
stock in the bank were announced this week. As was noted
In our issue of Dec. 6 (page 2610), the bank is arranging to
Increase its capital from $40,000,000 to $50,000,000, approval
by the stockholders awaiting the annual meeting on Jan. 13.
President Charles E. Mitchell in his announcement regarding the offer to employees, states that for purposes of cash
distribution certain of the large shareholders have agreed
to sell their rights substantially below the current market
value, and the directors have helped to make the proposed
plans possible by authorizing contributions to the savings
plan involved in the share acquisition by the staff. It is
figured that after the stock increase has been effected the
value of the shares will be equivalent to approximately $410
a share. Under the proposed plan the cost to employees will
total $275 a share. Payment will be on an installment basis
.of $573 a month in the case of those receiving salaries not
In excess of $2,000, and $1146 per share per month where
the salaries exceed $2,000. President Mitchell is quoted as
.saying:
This is not a Christmas present and it is not a gratuity. It represents
merely a desire on our part to bring our 8,000 employees into more direct
contact with the management of the bank and to give them a larger voice
in the ownership of the bank.
His announcement of the plans follows:
The directors have recommended to shareholders that at the annual meeting to be held on Jan. 13, they authorize an increase in the capital of the
National City Bank of New York from 400,000 shares to 500,000 shares,
each holder of four shares of the old stock now selling at approximately
$460 per share being permitted to purchase one share of new stock at
$200 per share. On the basis of the present market for old shares and the
present market for "rights," the full 500,000 shares, after the increase has
been effected, would have an equivalent market value of approximately
$410 per share. The sham of the bank, which include pro rata interest in
National City Co., have carried a dividend of 20% per annum, and there is
no present indication that this rate of dividend will be changed with respect
to the enlarged capitalization.
We have long cherished the wish that every member of our organization
might be a shareholder of the institution, but in light of the scarcity of stock
of
in the market, the large amount of money involved in the market value
a single share, and in view of the fact that our organization, since the war,
has been completing a settling process, no definite arrangements for this
accomplishment have seemed feasible. The present increase in share capital,
purthe co-operative attitude of certain of the large shareholders who, for
below
poses of staff distribution have agreed to sell their rights substantially
the current market value thereof, and the generous action of the boards
of directors of the bank and of the affiliated companies in authorizing contributions to the savings plan involved in share acquisition by the staff,
have now made it possible for us to achieve the desired end, all, of course,
contingent upon its approval by shareholders of the increase in capitalization.
The plan which we now announce is one so favorable to participants that we
believe the result will be that practically every salaried employee of the
National City Bank, the International Banking Corporation, the National
City Co. and all affiliated companies will elect to exercise the privilege and
become a shareholder.
In accordance with a schedule based upon salaries as of Jan. 1 1925, those
of the staff receiving an annual salary (in dollars or foreign currency equivalent) up to $2,000 shall have the right to subscribe for one share; those
receiving annual salaries in excess thereof and up to $3,000 shall have the
right to subscribe for two shares; those receiving up to $4,000, three shares;
George Whitney, of J. P. Morgan & Co., has been elected a
trustee of the Bank for Savings, at 280 Fourth Avenue to succeed the late Elliot C. Bacon.
An attractive illustrated br- ochure is being distributed by
the Citizens Bank of White Plains, N. Y., announcing the
enlargement of its banking facilities at 130 Main Street.
The Citizens Bank was organized by local men in 1907 with
a capital of $100,000 and opened for business with headquarters in the Realty Building. In 1912 the institution
moved to larger quarters at 83 Railroad Avenue, now 180
Main Street, its present home. In 1917 an addition was
made to the building and in 1920 the capital of the institution was increased to $150,000. The recent improvements
In the bank consist of an addition at the rear of the building
of a space 40 by 50 feet, which allows of a commodious enlargement to the lobby and cages, a new burglar-proof vatlt
with all modern safety devices, a safe deposit vault on the
first floor, a silver vault below, and a second-story accounting and auditing room which extends over the bank as well
as above the adjoining building at the right, which will, in
time, be incorporated in the bank premises. At the close of
business Sept. 29 1924 the bank's combined capital, surplus
and undivided profits was $377,384, with deposits of $4,987,089 and total resources of $5,417,925. The officers are Hon.
George T. Burling, President; Frank L. Park, John Burling
and Charles W. Hallock, Vice-Presidents; Philip Osborn,
Cashier, and Edward H. Doepel and Isaac Carpenter Jr.,
Assistant Cashiers.
Co., Bronxville, N. Y., has elected
The Bronxville Trust to membership on its board, Owen Coogan, President of the
Owen Coogan Corporation, and Theodore F. Merseles, President of Montgomery-Ward & Co. Mr. Merseles is a director
of the Seaboard National Bank of New York City, the Continental Commercial Bank & Trust Co. of Chicago and the
Northern Pacific Railway Co.
At a meeting of the director-s of the Lincoln-Alliance Bank
of Rochester, N. Y., on Dec. 19, David C. Barry, for the past
two years in charge of the finances of Levy Brothers &
Adler-Rochester, Inc., was made a Vice-President of the institution and Raymond F. White, heretofore Senior Assistant
Cashier, was elected Cashier to succeed A. J. Meisenzahl,
who formerly held the office of Vice-President and Cashier,
but who hereafter will devote his entire time to his duties
as a Vice-President. Mr. Barry, the new Vice-President,
will have charge of the bank's credits and will resign his
position with Levy Brothers & Adler-Rochester, Inc. Mr.
Due. 271924.]
TH Pi
CHRONICLE
2973
White, the new Cashier, entered the employ of the bank as "Tribune," James T. Shepherd, the bank's Cashier, was ara messenger in 1905.
rested on the morning of that day (Dec. 12) for receiving
deposits when he knew the bank was insolvent. Later on
John C. Heyer, a Vice-President of the Federal National the same
day he appeared before Judge L. W. Royse, pleaded
Bank of Boston and Prominent in banking circles in the "guilty"
and was sentenced to serve from two to fourteen.
East, died of pneumonia at his home in Brookline on Dec. 18 years in the Indiana
State Penitentiary. The dispatch went •
after an illness of ten days. Mr. Heyer, who was one of on to say, in part:
Boston's youngest bank executives, was born in that city in
The Farmers' State Bank of Milford was organized eight years ago by
1882 and educated in its public schools. In 1900 he entered Shepard, then principal of the Milford High School. The capital stock of
the employ of the American Trust Co. of Boston as a dis- $25,000 was distributed among 19 persons. It had deposits of $280,000.
Recently the directors of the bank became suspicious of the institution's
count clerk and remained with that institution for eight finances and last Sunday night a private audit was made. This showed •
years. He then entered the State service as an Assistant shortage of $82,000. Monday morning the State Banking Department was
•
to make an audit.
Bank Examiner, but resigned after one year to become asked
New shortages have been disclosed as patrons of the bank have presented
Actuary of the Mechanics Trust Co. of Boston. Upon the receipts for bonds and securities which are missing. These bonds and sealconsolidation of the Mechanics Trust Co. with the Federal rities, it is said, were used by Shepard as collateral for loans.
One farmer residing near Milford to-day presented a receipt for bond'
Trust Co. Mr. Heyer was made a Vice-President of the en- totaling
$14,000 which he gave to Shepard for safe keeping in the bank and
larged bank and continued as a Vice-President when the which have disappeared.
Mr. Shepard also was the main promoter of the Tippecanoe Lake Country
Federal Trust Co. subsequently became a national instituClub of Tippecanoe Lake. This consists of a new clubhouse just completed
tion under the title of the Federal National Bank. During at
a cost of more than $100,000 and golf course said to be one of the finest
the war Mr. Heyer rendered conspicuous service as a direc- in the Middle West, and estimated to have cost nearly $50,000. It is betor of numerous activities immediately connected with wel- lieved that much of the money which he obtained was spent in this project.
Milford business men who were patrons of the bank, as well as the stockfare work, the Liberty bond and other patriotic drives, and holders,
are facing financial ruin as a result of the failure.
was Secretary of the Associate Members of the 101st InA special dispatch from Warsaw on Dec. 17 to the Indianfantry which was Boston's own regiment, and went out with apolis "News" reported that Dr. Frank Peterson of Milford,
the 26th Division overseas. At the time of his death Mr. a director of the failed bank, had been arrested on Dec. 16
Heyer was a member of the American Bankers Association, on two indictments returned by the Kosciusko County Grand
Bank Officers' Association, Association of Credit Men; Bos- Jury for alleged violations of the State banking laws. This
ton Chamber of Commerce, Boston Press Club, etc., etc.
dispatch further stated:
According to the Boston "Transcript" of Dec. 11, announcement was made by Joseph C. Allen, the State Bank Commissioner, that a dividend of 10% would be paid on the following day (Dec. 12) to depositors in the commercial department of the defunct Cosmopolitan Trust Co. of Boston.
This dividend, it is understood, brings the total received by
the commercial depositors up to 26%. Our last reference to
the affairs of the Cosmopolitan Trust Co. was in the "Chronicle" of Nov. 15, page 2253.
The directors of the Colonial Trust Co. of Pittsburgh, Pa.,
at their annual meeting on Dec. 24 made John A. Bell, for
many yews President of the institution, Chairman of the
Board of Directors and appointed James C. Chaplin, heretofore a Vice-President, Chief Executive in his stead. Other
promotions at the meeting were the election of A. D. Robb,
the company's Secretary, as a Vice-President and Secretary;
of John W. Chalfant, formerly Trust Officer, as a VicePresident in charge of sales, and the appointment of Grant
Curry, heretofore Assistant Trust Officer, as Trust Officer
In lieu of Mr. Chalfant. Mr. Bell, the new Chairman, has
been President of several out-of-town banks and is a leading
coal and oil operator, while Mr. Chaplin, the new President,
Is an officer and director in banks in Meadville, Coraopolis
and Farrell, Pa., and is also active in the management of
numerous corporations in the Pittsburgh district. Other
officers of the bank, all of whom were re-elected for the coming year, are George A. Young, Treasurer; N. G. Eyster,
Assistant Secretary; A. H. Wilharm, Assistant Treasurer;
Paul Tessmer, Second Assistant Treasurer; George R. Haas,
Auditor; G. H. Matz, Assistant Trust Officer, and Harry C.
Bell, Manager of the Bond Department. ,
Dr. Peterson, who is a dentist at Milford, owned $6,300 worth of the
bank's $25,000 stock. He was associated with James T. Shepard fa the
promotion of the Tippecanoe Lake Country Club.
The Capital State Savings Bank, Chicago, announces the
opening of a bond department in charge of James M. Gray,
formerly of Hill, Joiner & Co.
A small Minnesota bank, the Farmers & Merchants State
Bank of Lancaster, with deposits of $106,000, was closed on
Dec. 22.
George W. Hunter, former Cashier of the defunct Williamstown National Bank, Williamstown, W. Va., who has
been a fugitive from justice since 1916, was arrested on
Dec. 10 in Washington, D. C., for alleged embezzlement of
approximately $30,000 of the bank's funds, according to
newspaper advices from the latter city. After his arrest
by Department of Justice agents, Hunter pleaded "not
guilty" before United States Commissioner McDonald, and
was held in default of $15,000 bail. He has been granted a
further hearing on Jan. 3 1925 in order to permit preparation for his defense. R. M. Corbitt of Waverly, W. Va., a
former director of the failed bank, identified Hunter, it is
said, as the former Cashier.
The Bank of Charleston, N. A., Charleston, S. C. (capita/
$1,000,000), has acquired a controlling interest in the Exchange Banking & Trust Co. of that city( capital $150,000),
according to newspaper advices from Charleston on Dec. 25.
The combined resources of the two banks are in excess of
$12,500,000. A purchase price of $17320 per share (par
value $100 per share) was paid for the stock of the Exchange
Banking & Trust Co., it is said, exclusive of a dividend of $6
a share to be paid Jan. 1 1925. Robert S. Small is President
Holiday greetings somewhat out of the ordinary in that
of the Bank of Charleston and W. King McDowell, President
recognition is accorded to the loyalty of its friends, has been
of the Exchange Banking & Trust Co. The institution was
issued in engraved form by the Lorain Street Savings &
founded in 1891 and Mr. McDowell has been its President
Trust Co. of Cleveland. The greetings are as follows:
for the last 20 years, it is stated.
In the belief that the joy of human relationship
constitutes a great and
perhaps the greatest satisfaction in business, we approach the end of the
year with a deep appreciation of how fortunate we have been in the loyalty of
our friends.
We extend to you, as one of our friends, our cordial Christmas greetings
with best wishes for your happiness and prosperity in the New Year.
The directors of the Hibernia Bank & Trust Co. of New
Orleans at their regular meeting on Dec. 17, in addition to
declaring a quarterly dividend on the stock of the bank,
declared also a dividend on the salaries of employees. This
The following changes were made in the personnel of the dividend on salaries has been declared quarterly for the
American Loan & Trust Co. of Detroit at the recent annual past several years and is in the nature of additional salary,
meeting of the directors: Richard G. Lambrecht, who has based on a graduated scale, depending upon length of service.
been President of the bank since its organization, was
In order to meet the many requests for a detailed outline
elected Chairman of the Board, a newly-created position, and
U. Grant Rice, an attorney, was elected President to suc- of the plans designed to give the employees of the Bank of
ceed him, while J. K. Fitzsimmons was advanced from As- Italy, at San Francisco, control of the institution through
sistant Treasurer to Treasurer to fill a vacancy caused by stock ownership, the bank has prepared a booklet incorporating the full text of the proposal. A copy of the booklet
the retirement of Gustav Dietrich.
has been sent to us by the President of the bank, James A.
The Farmers' State Bank of Milford, Ind., was closed on Bacigalupi. The first few pages of the brochure are devoted
Dec. 8 with a shortage officially estimated at $82,000 but to an introduction, following which the plan is outlined unwhich may reach, it is said, $200,000. According to a spe- der the following captions: Extra Compensation; Savings
cial dispatch from Warsaw, Ind., on Dec. 12 to the Chicago Provision; Special Compensation; Application of Funds 133,
2974.
For... 119.
THE CHRONICLE
Trustee; Delivery of Trust Certificates and Certificates of
Stock; Termination of Rights and General Provisions. The
remaining pages are given over to a description of Sickness
Disability Benefits; Vacations; Life Insurance; Pension
Fund and Suggestion Plan. The plan will go into effect
Jan. 1 1925 and by the end of 1925 every employee of the institution will have become a part owner of the business. A
brief description of the plan was given in these columns in
the "Chronicle" of Oct. 25 1924.
The distribution of $225,000 at the holiday season to the
employees of the Bank of Italy at San Francisco has been
authorized by the board of directors of that institution, under the provisions of the bank's extra compensation plan.
'The operation of our extra compensation plan will not be
Interrupted by the recently adopted stock ownership arrangement," said James A. Bacigalupi, President of the bank.
"The provisions of our various employee benefits have been
framed so that each one is a unit in itself, yet all are in a
measure interdependent." He adds:
Our extra compensation plan gives to each one participating in it, a definite percentage of the employee's salary, starting at 5% for those who have
been associated with the bank for one year, and increasing 1% each year up
to 10%. Front that point on the amount remains fixed at 10% each year.
In addition to its stock ownership and extra compensation
plans, the Bank of Italy provides sick benefits for its employees, as well as a pension plan for the retirement of those
who have an extended record of service. Group life insurance is also a feature of the plans prepared for the bank's
personnel.
We have been favored with a copy of the annual report of
the National Bank of Scotland, Ltd. (head office Edinburgh)
for the fiscal year ending Nov. 1 1924 as presented to the
proprietors of the institution at their annual general meeting on Dec. 18. After providing for all bad and doubtful
debts, net profits for the twelve months were £291,583, which
when added to £65,959, representing balance to credit of
profit and loss brought forward from the preceding fiscal
year, made the sum of £357,542 available for distribution.
Out of this amount it was resolved to appropriate the following sums: £136,400 to pay a dividend at the rate of 16%
(this being exclusive of income tax of £39,600) ; 050,000 to
reserve fund; £75,000 to the officers' pension fund; £5,000
to the bank's annuity fund and £25,000 to heritable property
account, leaving a balance of 166,142 to be carried forward
to next year's profit and loss account. The bank's total
resources are shown in the report as £36,976,612. The subscribed capital of the institution is 15,000,000, of which
£1,100,000 is called up, £900,000 uncalled and £3,000,000 reserve liability, while the reserve fund now stands at £1,300,000. The National Bank of Scotland, Ltd., is affiliated with
Lloyds Bank, Ltd. The Duke of Montrose, K.T., is Governor
and William Carnegie, General Manager.
smallest day's sales since Election. Railroad shares were
again active, Norfolk & Western being in strong demand.
Price movements were irregular on Tuesday and many
declines of from two to five points .were recorded at the
cloSe of the day. Trading was again comparatively light,
scarcely above the million mark. General Electric made
a new high record at 2985%, but closed at 2903/2. American
Can and American Locomotive also were in strong demand
in the first hour, but declined from 3 to 4 points near the
close of the market. The motor shares were the noteworthy
feature of the trading on Wednesday, interest in this group
developing rather late in the day, General Motors leading
with a brisk advance of 25
% points to a new high for the year.
All of the Exchanges were closed on Thursday in observance
of Christmas Day. The market opened buoyant on Friday,
new high prices being recorded by many active issues, particularly in the industrial and specialty groups. United
States Steel common was in strong demand and reached its
best price in several years at 1193
%. Republic Iron & Steel
and Gulf States Steel also stood out prominently in this group.
In the specialty group, United States Cast Iron Pipe &
Foundry made a new high record at 163, and Worthington
Pump made a brisk advance of five points to 77. Railroad
shares were in moderate demand, New York Central reaching
a new high at 1193
4, and Norfolk & Western advancing to
131. Motor shares continued to improve, General Motors
crossing 64 and Studebaker reaching new ground at 46.
The final tone was strong.
COURSE OF BANK CLEARINGS.
Bank clearings for the country as a whole still continue to
show substantial gains over a year ago. As before, the improvement follows largely from the expansion at New York
City, the exchanges at this centre showing an increase for
the five days of 26.9% over 1923. 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. 27) aggregate bank exchanges for
all the cities of the United States from which it is possible
to obtain weekly returns, will register an increase of 16.2%
over the corresponding week last year. The total stands at
$7,982,563,217, against $6,869,913,380 for the same week in
1923. Our comparative summary for the week is as follows:
Cleartngs-Returns by Telegraph.
Week Ending Dee. 27.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1924.
1923.
Per
Cent,
$3,588,000,000
454.825,383
388.000,000
258,000,000
94,519,624
110,838,587
112,100,000
*105,000,000
120,215,599
104,087,797
74.282,163
65,986,244
54,658,002
32,810,452,342
419,921,041
380,000,000
238,000,000
96,303,701
102,818,401
108,700,000
103,616,000
115,232,761
91,956,458
70,803,282
66,706,248
56,981,578
+28.9
+8.3
+1.7
+8.4
-1.9
+7.8
+3.1
+1.3
+4.3
+13.1
+4.9
-1.1
-4.1
-Bank, Ltd., of London, recomThe directors of the Ionian
mend a final dividend of 3s. per share with a bonus of 2s.
per share, both free of income tax, subject to audit, making
Total 13 cities, 5 days
35,486,513,379 34,641,491,812 +18.2
1,165,622,635
1,083,436,005
+7.6
the interim dividend a total of 8% for the year ending Aug. Other cities, 5 days
Total all cities, 5 days
66,652,136,014 $5,724,927,817 +16.2
S1 1924, as against 7% last year.
All cities, 1 day
1,330,427,203
1,144,985.563 +16.2
•
27 AR2 Ma 217 la MA 0111 2110 4.15 9
On Dec. 22 the shareholder- s of Molsons Bank, Montreal, Total all cities for week
*Estimated.
at a special meeting, unanimously ratified the agreement
Complete and exact details for the week covered by the
with the Bank of Montreal, providing for the sale of the undertaking, assets and rights of the bank to the latter institu- foregoing will appear in our issue of next week. We cannot
tion, referred to in these columns in the "Chronicle" of furnish them to-day, inasmuch a.: the week end: to-day
Nov. 1 1924.
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly,.in the above the last day
THE WEEK ON THE NEW YORK STOCK EXCHANGE. of the week has in all cases had to be estimated.
The advent of the holiday week, together with a reacIn the elaborate detailed statement, however, which we
tionary price tendency, caused a slowing up of speculative present further below, we are able to give final and complete
activity in the New York stock market during the present
results for the previous week-the week ended Dec. 20. For
week. Trading has been in smaller volume than for several
weeks. On Monday and Tuesday averages in railroad and that week there is an increase of 20.6%, the 1924 aggregate
industrial stocks declined a point or more, but improved of the clearings being $10,756,652,039, and the 1923 aggrelater in the week. Sharp declines, followed by moderate gate $8,915,634,474. Outside of New York City, however,
upward rebounds, have been of frequent occurrence, but on the increase is only 8.0%, the bank exchanges at this centre
Friday prices improved all around. At the half-day session having recorded an expansion of 31.4%.
We group the cities now according to the Federal Reserve
on Saturday moderate gains were recorded by a number of
the more active market leaders. Railroad issues, particu- districts in which they are located, and from this it will be
larly Norfolk & Western and Atlantic Coast Line, were in noted that every one of the Federal Reserve districts, withstrong demand at improving prices and oil shares as a group out exception, shows an increase as compared with the corcontinued to improve. The market opened slow on Monday responding period last year. In the Boston Reserve District
with little change in prices from Saturday's close. Total there is a gain of 8.3%, in the New York Reserve District
transactions were below 13/i million and represented the (including this city) of 30.5%, and in the Philadelphia Re-
DEC. 27 1924.]
------- --•
THE CHRONICLE
---- •
serve District of 18.5%. In the Cleveland Reserve District
the totals are larger by 6.9%, in the Richmond Reserve
District by 6.6%, and in the Atlanta Reserve District by
6.8%. The Chicago Reserve District has an improvement
of 6.6%, the St. Louis Reserve District of 5.0%, and the
Minneapolis Reserve District of 17.9%. The Kansas City
Reserve District has an increase of 3.5%, the Dallas Reserve
District of 19.9%, and the San Francisco Reserve District
of 2.6%.
In the following we futnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ending Dec. 20 1924.
1924.
Federal Reserve Districts.
(1st) Boston
11 cities
(2nd) New York
11 "
(3rd) Philadelphia
9 "
(4th) Cleveland
(5th) Richmond
6 "
(6th) Atlanta
11 "
(7th) Chicago
19 "
(8th) St. Louis
8 "
(9th) Minneapolis
7 "
(10th) Kansas City
12 "
(11th) Dallas
5••
(12th) San Francisco_ _.17 "
1923.
$
552,459,536 510,052,279
,466,106,831 4,955,784,522
670,109,977 566,054,257
414,142,590 387,543,193
219,526,977 205,898,729
240,795,793 225,508,260
940,535,531 882,667.686
247,905,466 236,080,325
153,514,068 130,191,271
257,694,963 248,979,979
86,639,801 72,263,978
507,220,506 494,609,995
Inc.or
Dec.
1922.
1921.
+8.3 404,505,442 336,492,975
+30.5 4,554,140,222 4,164,256,525
+18.4 565,169,614 444,712,781
+6.9 370,640,560 318,408,329
+6.6 189,424,977 142,041,534
+6.8 188,238,867 154,489,112
+6.6 821,977,608 685,760,440
+5.0 81,741,601 60,338,963
+17.9 136,995,270 108,837,300
+3.5 247,299,124 220,864,297
+19.9 61,625,265 56,448,847
+2.6 412,473,93 335,845,981
Grand total
125 cities 10756652,039 8,915,634,474 +20.6 8,034,232,622 7,028,497,084
Outside New York City
4,423,511,471 4,096,123,849 +8.0 3,599,192,027 2,971,048,929
Canada
29 cities 392,295,472 377,716,525 +3.9 356,269,480 370,155,979
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Dec. 20.
Clearings at1924.
Inc. or
Dec.
1923.
First Federal Reserve Dist net-Boston
Me.-Bangor___
663,070
775,106 -14.5
Portland
3,214,606
2,999,468 +7.2
Mass -Boston. _ 500,000,000 460,000,000 +8.7
Fall River_ _ _ _
2,530,069
2,417,541
+4.7
Holyoke
a
a
a
Lowell
1,251,407
1,385,794 -9.7
Lynn
a
a
a
New Bedford..
2.095.678
1,516,200 +38.2
Springfield -.
5,470,030
4,580,995 +19.4
Worcester
3,806,000
3,817,000 -0.3
Conn.-Hartford
13,314,826
12,269,954 +8.5
New Haven_ _ _
7.038,150
6,742,821
+4.4
R.I.-Providence
13,074,800
13,547,400 -3.5
Total(11 cities)
552,459,536
510,052,270
Second Feder al Reserve
istrIct-New
N. Y.-Albany _
6,158,560
4,197,743
Binghamton.._
948,100
1,004,600
Buffalo
454,836,817
52.069,923
Elmira
791,760
734,020
Jamestown_
c1,471,917
1,137,663
New York_
6,333,138,568 4.819,510,625
Rochester
11,625,150
11,291,516
Syracuse
4,943,416
4,169.934
Conn.-Stamford
c3,087.248
3,277,159
N. J.-Montclair
813,014
476,903
Northern N. J.
48,292,281
57,914.436
+8.3
1922.
1921.
813,667
3,042,282
356,000,000
2,644,398
a
1,421,080
a
1,641,871
5,085,110
4,328,000
11,388,117
5,873,517
12,267,400
650,850
L806.000
298,000,000
1,920,383
a
1,218,297
a
1,539.684
3,867,644
3,946,000
8,286,445
4,565,772
10,691,900
404,505.442
336,492,975
York
+46.7
4,416,899
3,571,837
-5.6
1,074,446
1.114,600
+5.3
45,912,070
38,217,289
+7.9
715,528
+29.4
1,139,132
1,112,576
+31.4 4,435,040,395 4,057,448,155
+3.0
9,180,763
7,538,326
+18.5
3,619,102
3,645,718
-5.8
3,231,258
3,605,917
+70.5
503,819
432,212
-16.6
49,306,810
47,569,895
Total(11 cities) 6,466,106,831 4,955,784.52
2 +30.5 4,554,140,222 4,164,256,525
Third Federal Reserve Ohs trict-Phlia
delphia
Pa.-Altoona._ _
1,452,341
1,425.403
+1.9
1,364,509
912,176
Bethlehem _ _ _
Chester
1,410,733
1,660,584 -15.0
1,186,313
990,634
Lancaster
2,570,456
3,111,566 -17.4
2.737,698
2,089,244
Philadelphia_. 641,000,000 539,000,000 +18.9
541,000,000 425,000,000
Reading
3,307,644
3,694,846 -10.5
2,973,214
2,456,480
Scranton
6,752,930
6,100.807 +10.7
5.318,227
5,099,843
Wilkes-Barre. _
44,337,559
3,455.260 +25.5
3,550,466
3,011,872
York
1,806,525
1,426.806 +26.6
1,483,309
1,157,387
N.J.-Trenton_ _
7,471,789
6,178,985 +20.9
5,555,878
3,995,145
Del.-Wilming'n.
a
a
a
a
a
Total(9 cities)_ 670,109,977 566,054,257 +18.4
565,169,614 444,712,781
Fourth Feder al Reserve D 'strict-Cie veland
Ohio-Akron__ _
49,146,000
7,662,000 +19.4
5,603,000
5,912,000
Canton
4,824,869
4,713,789 +2.4
4,783,567
3,084,801
Cincinnati __
77,169,809
68,688,267 +12.3
70,575,918
54,427,107
Cleveland
119,894,867 111,919,035 +7.1 100.682.608
87,480,622
Columbus
14,417,800
15,933,800 -9.5
14,872,500
14.297,300
Dayton
a
a
a
a
a
Lima
a
a
a
a
Mansfield
41,913,535
1,880.599
1 1.8
.1,500,000
1,189,204
Springfield__ _ a
a
a
a
a
Toledo
a
a
a
a
a
Youngstown
44,538,609
3,890,639 +16.7
3,588,634
3,017,295
Pa -Erie
a
a
a
a
Pittsburgh_
182,237,101 172.855,064
5.4 169.034,375 •149.000,000
Total(8 cities) _ 414,142,590 387,543,193 +6.9 370,640.502
318,408,329
4-
-I!
Fifth Federal Reserve Dist rice - Rich
W. Va.-Ilunt'on
1,740,134
2.238,763
Va.-Norfolk
11,044,895
9,598,043
Richmond
68,041,000
61,005,000
S .C.-Charleston
43,393,552
2,819,629
Md.-Baltimore _ 108,988,548 106,893,294
D.C.-Washing'n
26,318,848
23,344,000
mond
-22.3
+15.0
+11.5
+20.4
+2.0
+12.7
2,425,030
8,568,599
53,312,135
2,091,822
101.291,942
21,735,449
1,723.024
7,546,966
46,132,517
2,817,995
65,009,030
18,812,002
+6.6
189,424,977
142,041,534
Sixth Federal Reserve Dist Het- Atlan taTenn.-Chatt'ga.
47,649,024
7,764,946 -1.5
Knoxville
3,154.000
3,390,815 -7.0
Nashville
23,085,987
21,053,195 +9.7
Ga.-Atlanta
76,386,530
64,620,697 +18.2
Augusta
2,688,353
2,110,724 +27.4
Macon
2,054,477
1,959,329 +4.9
Savannah
a
a
a
Fla.-Jacks'nville
19,779,783
16,572.610 +19.3
Ala.-13Irming'm.
32,412,820
31,504,685 +2.9
Mobile
2.173,057
2,004,152 +8.4
Iss.-Jacluion _
1,163,146 +25.6
1,461,000
Vicksburg
598,343
441,656 +35.5
La-New Orleans
69,352,419
72,922,305 -4.9
6,802,704
2,991,357
18,639,000
55,567,519
1,971,537
1,559,164
a
11,713,279
30,047,248
2,083,776
821,211
394,437
55,647,635
6,285,812
1,950,000
19,005,068
46.115,843
1,986.899
1,434,415
a
10,004,002
19,209,753
1,874,870
835,099
313,214
45,474,137
188,238.867
154,489,112
Total(6 cities).
Total(12 cities)
219,526,977
240.795,703
205,898,729
225,508,260
+6.8
2975
Week Ended Dec. 20.
Clearings at
1924.
Inc. or
Dec.
1923.
1922.
1921.
$
$
Seventh Feder al Reserve D Istrict-C hi cagoMich.-Adrian
258,838
226,796 +14.1
195,176
160,975
Ann Arbor _ _ _ _
902,305
831,808 +8.5
745,495
395,000
Detroit
161,434,007 166,325,982 -2.9 136,995.727 118,089,000
Grand Rapids_
b
Lansing
2,271,980
2,538,879 -10.5
2,107,576
1,646,000
Ind.-Ft. Wayne
2.704,864
2,422,265 +11.7
2,716,163
2,085,800
Indianapolis--17,798,000
10,102.000 -11.5
21.084,000
16,203,000
South'Bend_
3.591,000
2,540,000 +41.4
2.683,500
1,534,725
Terre Haute__ _
4.904,867
5.877,330 -16.5
Wis.-Milwaukee
39,245,275
34,974,526 +12.2
32,168,370
26,115,008
Iowa-Cot Rap_
2,575,030
2,445,125 +5.3
2,308,943
1,751,122
Des Moines._ - 411,238,000
10,602,432 +6.0
9,157,263
9,401,883
Sioux City__ -7,244,304
7,021,496 +3.2
5,678.375
3,950,421
Waterloo
1,561,035
1,537,935 +1.5
•1,200,000
1,151,868
Ill.-Bloom'gton
1,637,186
1,622,418 +0.9
1,389,910
1,136,065
Chicago
671,097,691 612,289,479 +9.6 593,077,952 493,777.215
Danville
a
a
a
a
a
Decatur
1,714,340
1,341,572 +27.8
1,321,739
1,186,053
Peoria
5,224,168
4,762,674 +9.7
4,586,022
3,193,000'
Rockford
2,402,036
2,580,679 -6.9
2,156,134
1,806,594
Springfield_
2,730,605
2,624,290 +4.1
2,405,263
2,176,709
Total(19 cities) 940,535,531 882,667,686 +6.6 821,977,608 685,760,410
Eighth Federa Reserve Dis trict-St. Lo
Ind.-Evansville
45,272.267
5,268,291
Nio. St. Louis.. 154,959,794 154,051,835
Ky.-Louisville__
36,534,265
32,905,334
Owensboro _ _
727,963
690,031
Tenn.-Memphis
31,296,911
27,942,787
Ark.-Lit. Rock.
17,190,623
13,519,351
521,176
336,235
Quincy
1,402,467
1,366,461
uis+0.1
+0.6
+11.1
+5.5
+12.0
+27.1
+55.0
+2.6
4,712,009
4,976,136
32,829,689
861,657
28,059,135
13,450,771
331,347
1,496,993
24,917,996
980.286
18,855,116
9,279.873
289,842
1,039,714
Total(8 cities). 247,905,466 236,080.325
Ninth Federal Reserve Ohs trict - Min
Minn.-Duluth _ 412.707.568
8,356,532
Minneapolis.-96,854,633
75,115,516
St. Paul
36,746,167
39,186,773
No. Dak.-Fargo
2,067,833
1,956,921
S. D.-Aberdeen.
1,575,368
1,431,069
Mont.-Billings _
524,583
538,897
Helena
3,037,916
3,605,563
+5.0
81.741,601
neapol is8,264,755
+52.0
80,484,881
+28.9
39,836,455
-6.2
+5.7
1,902,387
+10.1
1,335.339
-2.7
596,014
-15.7
4.575,439
60,338,963
Total(7 cities). 153,514,068 130,191,271 +17.9 136,995.270
Tenth Federal Reserve Dis trict- Kan sas Cit
VNeb.-Fremont _
4404,463
413,463 -2.2
492,455
Hastings
457,637
538,678 -15.0
485,734
Lincoln
4,140.896
3,900,659 +6.2
3,683,966
Omaha
40,097,922
39,654,854 +1.1
40,434,305
Kan -Topeka _ _
2,835,216
2,525,641 +12.3
3,273.241
Wichita
48,124,000
7,395,868 +9.8
10,426,120
Mo.-Kan. City. 137.453,881 138,045,648 -0.4 141,163.546
St. Joseph_
47,921,570
7,581,853 +4.5
Okla.-Muskogee
a
a
a
a
Okla. City__ _ - 433,340,273
26,376,279 +26.4
24,673.912
Tulsa
a
a
a
a
Colo.-Colo .Spgs
1,038,445
1,095,122 -5.2
1,170,822
Denver
20,809,337
20,599,469 +1.0
20,600,139
Pueblo
e1,071,323
852,445 +25.6
894,884
108,837,300
Total(12 cities) 257,694,963 248.979.979
Eleventh Fede ral Reserve District Texas-Austin._
1,801,964
1,877,516
Dallas
48,103,645
41,513,682
Fort Worth_ _ _
16,534,131
12.920,461
Galveston
14,427,099
10,784,559
Houston
a
a
La.-Shreveport.
5.772,962
5,167.760
Total(5 cities) _
86,639,801
72.263,978
Twelfth Feder at Reserve D Istrict-San
Wash.-Seattle._
41,979,090
39,790,147
Spokane
11,562,000
13,204,000
Tacoma
a
a
Yakima
1,311,406
1,340,564
Ore -Portland..
36,558,408
39,423,867
Utah-S.L.City.
18,512,668
20,530,790
Nev.-Reno _ _ _ _
a
a
Ariz.-Phoenix _
a
a
Calif.-Fresno...
4.070,785
5,669,992
Long Beach_ _ _
7,816,704
9,126,046
Los Angelee
154,448,000 153,098,000
Oakland
20,115,315
16,821,574
Pasadena
5,936,870
6,328,098
Sacramento _ _ _
48,770,453
8,160,173
San Diego....
4,181,989
4,266,410
San Francisco_ 183,900,000 168,600,000
San Jose
2,321,351
2,107,003
Santa Barbara_
1,202.016
1,273,114
Santa Monica_
2,027,551
2,197,517
Stockton
c2,505,900
2,672,700
6,981,735
61,747,216
33,130,329
1,771,454
1,085,836
579,252
3,541,478
346,779'
416,013
2,720,016
30,414.959
2.726,955
10,617,418
132,438,445
a
20,739,053
a
903.458
18,818,783
722,413
+3.5
247,299,124
220,864,297
-4.0
+15.9
+28.0
+33.8
a
+11.7
1,559,217
33,416,250
11,724,434
9,910,30
a
5.015.000
1,531,496
30,519.000
11,999,320
8,189,532'
a
4.209;499
+19.9
61,625.265
Franci sco+5.5
33,321,085
-12.4
11,500,000
a
a
-2.2
1,321,327
-7.3
32,098,086
-9.8
17,781,838
a
a
a
-28.2
4.801,969
-14.3
6,786,286
+0.9 119,290.000
+19.6
14,238,868
-6.2
4,399,192
+7.5
6,964,055
.3,500.000
--2.0
+9.1 150,400,000
+10.2
2,318,083
-5.6
1,109,641
-7.7
-6.2
2,643,500
35,830,586
9,766,952
a
1,450,206
28,750,186
16,458,192
a
a
4,920,884
3,531,388.
84,129,000
11,209,854
3,115,044
5,713,552
2.467.373
123.500.000
2,041,256
789.008
56,448,847
2.172,500
Total(17 cities) 507.220,506 494,609,995 +2.6 412,473,930 335,845,981
Grand total (125
citlea)
10756652,039 8,915,634,474 +20.6 8.034.232,422 7.028.497.08
Outside New York 4,423.513,471 4,096,123,849 +8.0 3,599,192.027 2,971,048,924
9
Week Ended Dec. 18
Clearings at
1924.
CanadianMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax _ _ _
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_
New Westminster
Medicine Hat_ _ _
Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert_ _
Moncton
Kingston
$
124,346,111
114,623,296
77,380,471
15,221,346
6,766,835
6,123,677
2,784,170
4,977,141
8,529,033
2.280,229
1.694,296
2,872,837
4,586,877
4,490,475
805,343
668,886
1,677,934
1,320,299
1,039,619
1,242,700
607.239
422.239
746,208
766,441
1,222,654
2,994,693
362,806
930,903
810.714
1923.
Inc. or
Dec.
$
%
109,070,521 +14.0
120,921,883 -5.2
65,768,809 +17.7
15,151,785 +0.5
7,773,305 -12.9
5,947,849 +3.0
2,845,726 -2.2
6,209,230 -19.8
8,741,721 -2.4
2,698,677 -15.5
2,021,886 -16.2
3,088,728 -7.0
4,900,124 -6.4
4,847,714 -7.4
789,062 +2.1
855,051 -21.8
.2,300,000 -27.0
1,557,098 -15.2
1,264.985 -17.8
1,422,071 -12.6
588,780 +3.1
426,635 -1.0
888,304 -16.0
829,060 -7.6
1.202,912 +1.6
3,395,585 -11.8
406,157 -10.7
1,052.167 -11.5
750,700 +8.0
1922.
109,573,056
114,758,980
55,933,378
14,123,589
8,203,090
5,585,046
3,070,217
5,773.527
5,884,461
2,546,451
2,112,936
3,156,735
4,634,126
4,579.784
846.770
795,689
1,793,825
1,493,485
1,092,302
1,000,576
464,403
375,672
831,182
797,483
1,140,842
3,324,102
396,919
1,290,157
690,697
1921.
$
.
120.126,939
108,280,314
60,674,802
14,435,853
7,787.038
5,585.259
3,595.162
5,974,944
6,097,189
3,238.826
2,649,740
3,395,492
5,632,777
4,370,117
863,632
751.584
2,011,928
1,745,861
1.231,281
1,001,408
625,834
503,980
907.188
873,237
1,095.817
4,346,509
352,040
1.034,318
966,910
Tot. Can.(29)_ 392,295,472 377,716,525 +3.9
356,269.480 370.155.979
a No longer report clearings. b Do not respond to requests
foe figures. c Week
ended Dec. 17. 4 Week ended Dec 18. e Week ended
Dec. 19. 5 Estimated.
[VOL. 119.
THE CHRONICLE
2976
has taken place on account of China. The pronounced appreciation of the
currency pound has not materially affected the tone of the silver market.
THE CURB MARKET.
which has been characterized by only small supplies. The Continent has
in
reflected
was
The celebration of the Christmas holiday
been a seller, and intermittent sales have been made by America. The
Curb Market trading this week in a diminished volume of immediate future of prices is uncertain. Unless India continues to give
it is possible that the improvement in the exchange with the
business and a reactionary tendency to prices. With few support,
United States will make itself more felt.
utility
exceptions prices moved to lower levels. Public
No allotments were made of India Council bills and T. Ts. Applications
for 13 lacs of
Issues suffered the most. American & Foreign Power were received for 5 lacs of deferred T. T.s at Is. 5 31-32d. and
lacs will again be offered.
dropped from 443z to 38% and recovered finally to 41. immediate T. T.s at Is.5 31-32d. Next week 100
INDIAN CURRENCY RETURNS.
American Gas & Electric sold down from 1233/2 to 118 and
Nov.15. Nov.22. Nov.30.
(/n Lacs of Rupee1.)
declined
18066
18034
common
18088
up to 121. American Power & Light
Notes in circulation
8489
8462
8543
in
India
and
bullion
Silver
coin
from 683
% to 64 and sold finally at 68%. Commonwealth Silver coin and bullion out of India
2232
2232
2232
in
India
and
bullion
Gold
coin
to
back
sold
but
122
to
points
Power common lost eleven
Gold coin and bullion out of India
ell(
5713
9334
to
99
5713
Securities (Indian Government)
13234. Lehigh Power Securities was off from
1599
1600
1600
Securities (British Government)
ult.
but recovered to 1003/2. Radio issues held somewhat better.
30th
No silver coinage was reported during the week ending
and
67
to
51.900,000
63
about
of
from
inst.
consisted
6th
the
on
The stock in Shanghai
Dubilier Condenser & Radio advanced
ounces in sycee, 39,000,000 dollars and 2,280 sliver bars, as compared with
ends the week at 673. Hazeltine improved from 42% to about
ounces of sycee, 39,000,000 dollars and 870 eilver bars
5
Centrifu- on the 52,600,000
453/2, reacted to 44 and finished to-day at 44%.
29th ult.
Btu Gold
close
the
• -Bar Silver Per Oz. Std.gal Cast Iron Pipe was down from 2734 to 2134,
Per Oz. Fine.
2 Mos.
Cash.
Quotationsstock,
A
Class
89s, 24.
Baking,
3334d.
Continental
15-16d.
32
23.
at
being
4
Dec.
to-day
89s.
3334d.
32 15-16d.
5
% to 111. Ford Motor of Canada dropped
was off from 1143
33 1-16d.
3334d.
6
8d.
88s.
3344d.
333dd.
8
from 524 to 475. Ward Baking, Class B, weakened from
88s. 54.
33 5-16d.
33 3-16d.
9
were
8d.
88s.
stocks
3-16d.
Oil
33
1-16d.
43.
to
33
finally
10
453/2 to 40% and recovered
8861.9.4d.
33.208d.
33.052d.
decidedly dull and price changes were without significance. Average
each
are
The silver quotations to-day for cash and two months' delivery
Indiana Pipe Line sold up from 7034 to 74 and at 7334 Hd. below those fixed a week ago.
62.
to
from
down
6934
finally. New York Transit sold
Ohio Oil lost two points to 62 and closed to-day at 6234.
ENGLISH FINANCIAL MARKETS-PER CABLE.
Prairie Oil & Gas fell from 210 to 203 and ends the week at
The daily closing quotations for securities, &c., at London,
52%,
to
523j
205. The new stock, after an advance from
reported by cable, have been as follows the past week:
as
Oil
Penn
South
513/2.
at
being
to-day
close
the
sank to 51,
Frt.
Wed. Thurs.
Mon. Tues.
Sat,
London,
Oil
Standard
130.
to
Dec. 20. Dec. 22. Dec. 23. Dec. 24, Dec. 25. Dec. 26.
Week ending Dec. 26.
lost 434 points to 127, but recovered
3-16 32 1-16 Holiday Holiday
32
4-16
32
3234
d
os
per
Silver,
88s.5d. 88a.6d. 883.6d. Holiday Holiday
(Indiana) declined from 62 to 60%, and closed to-day at Gold, per tine ounce
Holiday Holiday
6734
5734
5734
Consols, 234 per cents
Holiday Holiday
61%.
10134
10134
10134
British,5 per cents
Holiday
Holiday
9734
9734
9734
MARKET.
CURB
British, 434 per cents
DAILY TRANSACTIONS AT THE NEW YORK
Holiday 50
to
50
50
French Rentes (in Parts)....fr.
STOCKS (No. Shares).
Week Ending Dec. 26.
mimes.
IndAtifis
Saturday
Monday
Tuesday
WeeinNsday
Thursday
Friday
123,380
171,915
147,390
106,980
Total
687,145
137,480
BONDS (Par Value).
Domestic. Form Goo.
93.340 8524,000
52,265
160,330 1,078.000
80,561
926,000
190,110
72.940
623,000
100,520
64,560
H OLIDAY
589,000
205,000
53.330
552,000
32,000
105.000
86.000
749,300 53,740,000
5355,000
323.656
80,000
French War Loan (In Parls)fr.
62.05
Silver in N.Y., per oz.(eta.):
6734
Foreign
6734
62.05
61.80
Holiday 61.80
The price of silver in Now York on the same days has been:
6734
6634
Holiday 6634
gompurcial ittl Th1iscellancons4ews
New York City Banks and Trust Companies.
All prices dollars per share.
Ask Trust Co.'s MO Ask
Banks
I Bid
As*
Ma
Bun ke---N.Y
New York
Manhattan •-1472 177
imeries• . 250
400
killer Exch :345 355 Meth & Met-:392
of N Y
Bank
00
Mutual•____.21
Amer Union 165
& Trues Coz587
Nat AmericanI 140 155
525
Bowery •._
Trustly445 486
Bankers
459
Cityr454
National
155
Broadway Cen
51
62 Central Union z685
Rights
Bronx Boro•_ 250
12299
Empire
New Neth •-z160
Bronx Nat.__ 150
2445 455 Equitable Tr :242 247
Park
Bryant Park • 176
L & Ti. lx740 760
Butch dc Drov 135 140 Penn Each,..,1 105 115 Farm
Fidelity Inuit 235
178
Cent Mercan_ 215 220 Port Morris_ :448
z380
Fulton
:409 415 Public.
Chase
809
Ti. 05
500
Guaranty
2490
Seaboard
302
z297
Phan_
&
Chat
BankIrving
98
ave.1
Seventh
Chelsea Esche, 168
Columbia Tr 3238 242
To-day's (Friday's) actual rates for sterling exchange were 4 673@ Chemical _ 2585 595 Standard -2300
:430 440 Law Tit & Ti x257
State--4 683's for sixty days, 4 70@4 70% for cheques and 4 7O@4 7134 for Coal & Iron_ :230
etropolltan_ls365 875
144 150
Trade•
:140
cables. Commercial on banks sight 4 69% ®4 7034, sixty days 4 65% ® Colonial• _
utual(W
200
rademen's•
:382
.
Commerce
chaster) 1.x140
4 6614. ninety days 4 65H ®4 6634 and documents for payment(60 days) Cotaliwealth• 285
3d Ward •.. _ _ 190 200
Y Trust._ 409 416
200 iio United States' 203
4 66€44 6634. Cotton for payment 4 69% ®4 7034 and grain for pay, Continental
Ills Cu & Trz500 510
Corn Exch.., 448 458 Wash'n Htae. 205
Went 4 6934@4 7034.
SMtg&Trx326
116 125 Yorkville• 1200
To-day's (Friday's) actual rates for Paris bankers' francs were 5 31% ® coemolften*. z215
salted Sta 1620
not East River_
estehes Tr. 250
Brooklyn
3234 for long and 5 37@5 38 for short. German bankers' marks are
1600
"
Avenue
Fifth
Brooklyn
Coney Wands 180
:255
yet quoted for long and short bills. Amsterdam bankers' guilders were Fifth
Ti. 05 720
450
Brooklyn
First
2225
2150
First
39.9334 for long and 40.2934 for short.
Kings County 1200
Mechanics' •_ 175
1200
francs
Garfield
87.25
range
week's
franca;
87.25
London
Exchange at Paris on
185
Manufacturer 307
130 140 Montauk •
I
Gotham
People's
_ 305
high and 87.45 francs low.
Nassau
Greenwich• I 390
270
1950 7: Peoples .
Hanover. _
The range for foreign exchange for the week follows:
166
176
Oueensboro•
Cables.
Cheques.
I 465
Sixty Days.
Harriman
Sterling Actual4 71 X
47034
46814
High for the week
•Banks marked with (• are State bunks. (2) Ex-dividend. (t) New stook.
4 69 9-16
4 66 13-16 4 69 5-16
Low for the week
New York City Realty and Surety Companies.
Paris Bankers' Francs5.40,
5.3934
5.33
AU prices dollars per share,
High for the week
%
5.38
5.31
5.3734
Low for the week
Bid Ask
Bid Ask
Ask
Rid
Germany Bankers' MarksMtge Bond. 2118 --- Realty Assoc
&Mance RIO 115
23.82
23.82
153
High for the week
(Bklyn)eem
203
2200
Nat
Surety,
122
117
tmer
23.81
surety
23.81
90
86
Low for the week
1st prat..
395 415 N Y Title &
4ond & M
so
78
2d prof..
Amsterdam Bankers' GuildersMortgage :290 --City Investing 104 109
40.44
260
Westchester
40.40
Casualty,
39.98
8
101
_
_
Preferred
High for the week
250
40.38
Tr
&
Guar
Title
40.34
250
125 Title
39.92
Lawyers Mtge 198
Low for the week
81,000
Domestic Exchange.--Chicago. par. St. Louis, 15 ®25c. per
discount. Boston, par. San Francisco, par. Montreal. $3 75 per 81.000 Quotations for U. S. Treas. Ctrs. of Indebtedness, &c.
discount. Cincinnati. par.
Int.
Int.
Maturity.
Rate. Bid. Asked.
Rate. MA. Asked.
Maturity.
FOREIGN EXCHANGE.
•
Sterling exchange was dull, business being for the time
set aside by the Christmas holiday celebrations both
here and abroad. Rates, however, were steady at close
to the levels of last week. The Continental exchanges were
likewise neglected, although here the trend was toward
slightly lower levels, and small declines were noted in nearly
all of the major currencies.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 10 1924:
GOLD.
on the 3d inst.
The Bank of England gold reserve against its note issue
on the previous
amounted to £126,671,775, as compared with £126,669,300
offer this week
on
came
Wednesday. Only a very small amount of gold
and was absorbed by Indian and trade demand.
Mining Congress,
According to a recent general bulletin of the American
there are thouCapt. F. B. Bassett, hydrographer of the U. S. Navy,states
in a concentration
sands of millions of tons of gold dissolved In ocean waters
of gold in
worth
$10
or
of from half a grain to one grain per ton of water,
every 250 to 500 tons of water.
•
SILVER.
moderate
The market has been rather quiet during the week. Some
covering
bear
of
buying orders have come from India and a certain amount
!Aar. 15 1925...
Mar.15 1926Dec. 151925...
Sept.15 1926_
June 15 1925- .
434%
44%
434%
434%
44%
10034
10134
10134
101
10034
10034
10134
1014
10134
101
Dec. 15 1927...
Mar. IS 1927_
Mar. 15 1925_
Sept. 15 1925.-
4t4% 102
434% 102
4%
30034
234% 991816
102%
102%
100%
1001n
National Banks.-The fo lowing information regarding
national banks is from the office of the Comptroller of the
Currenty, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Mass
$100,000
Dec. 18-The Methuen National Bank, Methuen,
Correspondent, John D. Emerson, Methuen, Mass.
N. J
25,000
Dec. 18-The First National Bank of Allendale,
Correspondent, Edward Hamilton. Allendale, N. J.
25,000
Dec. 20-The First National Bank of Utica. Mich
Correspondent, Edgar F. Schulz, Utica. Mich.
Succeeds the Farmers & Merchants Bank, Utica, Mich.
Dec. 271924.]
THE CHRONICLE
Dec. 20-The Stockmen's National Bank of Alexander, No. Dak__ 25,000
Correspondent, Robert Norheim, Alexander, No. Dak.
Dec. 20-The Rivera National Bank. Rivera, Texas
25,000
Correspondent, Sam Fimble Jr., Riviera, Texas.
Succeeds the Riviera State Bank, Riviera, Texas.
APPLICATION TO ORGANIZE APPROVED.
Dec. 20-The Broadway National Bank of Paterson, N. J
$200.000
Correspondent. David G. Smith, Paterson, N. J.
APPLICATION TO CONVERT RECEIVED.
Der 18-The National Bank of Eureka Springs. Ark- _
$25,000
Conversion of the Bank of Eureka Springs, Ark.
CHARTERS ISSUED.
Dec. 17-12609-First National Bank of Glen Rock, N. J
$60.000
President. Henry C. Smith; Cashier, Charles Horne.
000.120-12610-First National Bank in Hamburg, Iowa
50.000
President, John Lingo; Cashier, N. W. Irwin,
VOLUNTARY LIQUIDATION.
Dec. 18-12116-The First National Bank of Centrahoma. Okla_ $25.000
Effective Dec. 1 1924. Liquidating agent, A. M.
Stuart, Centrahoma, Okla. Absorbed by First
National Bank in Coalgate. Okla., No. 12529.
CONSOLIDATION.
Dec. 20-4605--The National Bank of the Republic of Chicago. Ill
$2.000.000
and 8532-The National City Bank of Chicago, Ill- 2,000,000
Consolidated under the Act of Nov. 7 1918 as of close of business Dec. 20 1924, under the charter and title of "The
National Bank of the Republic of Chicago" (No. 4605)
with capital stock of 24,000,000.
2977
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
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Shares. Stocks.
$ per sh. Shares. Stocks.
Per sit.
$13,000 United Zinc & Chem.Co.
$491.66 Rathbone Bard & Co. A)
1st Mtg. 5s. 1928. May '22
34 int. under assignment of thei
& subsequent coup. attached. _
recovery in the following actions:
20 Elec. Rubb. Mfg. Co., prof _ _
Henry Kaelin & Son, Inc., vs.
10 El. Rubber Mfg. Co.,cons__ _ _
U.S.(Ice King); Henry Iraelin 4c
55 Smith Motor Truck, pref
Son, Inc., vs. U. S. (Insomnia);
200 Smith Motor Truck, corn.,
Henry Kaolin & Son, Inc., vs. 550
par $10
U.S.(Ida Pulaski); Henry Kaolin lot
500 Interstate Petroleum, par $5.
& Son, Inc., vs Frank B. Martin
10,500 Continental Oil & Rig.,
as receiver of the French AmeriPar $1
can Line. in which Burlington,
5 The Margaret Co.,Inc
Veeder, Masten & Foamy are At200 Big Five Oil Co., par I cent_ _
torneys for Henry !Iselin & Son,
2,175 Tilbury Oil& Ref., par $1_ _
Inc
12 Second Avenue RR.Co
.10 Household UM.Corp.. prof.....)
2,900 Saillir Oil ,k Gas., par $1_
$1,200 10 Household 11111. Corp. corn- $71ot
18,200 Glen Oil Prod., par 20 Vs_ lot 6,972 Copper Canyon Mining Co.,
5,000 Investors Oil& Gas, par $1.
Par Si
$1601ot•
100 Atlantic Sh. Line Ry., let pt_
4,000 Mammoth 011 Co. Class A,
( I
25 Atlantic Shore Line Ry., corn.
no par
50c penal
50 Midland Engineering, DIV-15.000 Dolores Esperanza Coe.,Inc.
'
100 Midland Engineering, corn..
Maine, par $2
264. pets
100 Connecticut Realty Co., pfd_
123 Southwestern Cities Elec. Co..
St. Louis Stock Exchange:
common, DO par
-Record of transactions at 125 Colony Adv.Co., Inc.. pref.354 pert
100 Sierra Slate Corp., pref
38,000 Atlas Min., corn., par 52.550010
St. Louis Stock Exchange Dec. 20 to 'Dec. 26, both in- 100
Sierra Slate Corp.corn, no par
25 Piggly Wiggly common
2
clusive, compiled from official sales lists:
25 American Silk Co., prof
50 Amer. Writing Paper pref
454
13 American Silk Co., common..
100 Lucey Mfg. Co.. Class A__ _ _$10 lot
04MT
300 Haller Car & Locom.,corn
506 Castle Kid Co., Inc., prior
'
Lail' Week's Range for
Range since Jan. 1.
720.000 Shure Grip Tire, par $1..
Preference, par $100
4334
Sale
of Price.
Week.
2 Albany Curling Rink Assn., par
10 Lido Corp., par $100
$1 lot
StocksPar. Price. Low. High Shares.
Low.
$25
High.
2 Nassau Hotel & SS. Co., Ltd.,
5 Albany Stove Co
par
$10
$5 lot
Jefferson Bank
20734 20734 20734
Sept
196
2 Chicago Gas Co
192 Brokaw 011 Co., par $100
$1 lot
Nat Bank of Commerce._ _ 144
144 145
July
135
50 Cimetar Pub.Co.. par $50
10
Purl
Tone
par
Phones.,
8100_
_$.2
lot
State National Bank
172 172
160
7,123 M Columbus Constr. Co_
July
125 Comstock Tunnel Co., par 82- _SI kit
Mercantile Trust
400
395 400
288
50 Commercial Knitting Mills, pf.
Aug
Producing
10
Nassau
Co
lot
$I
St Louis Union Trust
240 240
225
Apr
2 Delehanty Mfg. Co. of Albany.
300 Kemp Bend Co.8% cum. pref_21 lot
United Rye common
2c
Sc
2c Dec
50 Diamond Truck & Car Gear_
1,574 Kemp Bend Co.corn., no Dar_ 51 lot
Preferred
4
334 4
9
20 Elberon Hotel & cottage, prof.
Dec
450
Terms Gravel, com., no par $1 lot
Preferred 0 D
4
3
4
134 Nov
5 Empire Curling Club of Albany.
1,228 Gray Tractor, Inc.. no par $2 lot
Beet Clymer Co
40
par $10
4134
May
1834
Int.
Marine Mfg.. no par
100
$1 lot
Brocton Heel Inc common.
4034 9834
85 June
4 Gentlemen's Driving & Field
50 Liberty Starters 7% cum.pref._51 lot
Brown Shoe common
70
70
70
40 June
Club of Monmouth Co.,.N. J.,
100 Liberty Starters corn., no par_ _31 lot
Certain-teed Prod Is pref..
86
86
70
par $50
July
3,572 Manhattan 011 Prod., no par_S1 lot
Ely & Walker Dr Gds corn_ 2234 2234 2234
2034 July
10,000 Goldfield Daisy Mining
316 Wasson Piston Ring Co
$2 lot
let preferred
104 104
101
May
Syndicate, par $1
500 Prizma, Inc., pref
$2 lot
Fulton Iron Works corn.
37
37
30 June
673 Kingston dr Pembroke Iron
750 Prizma, Inc., Com.,no par...$i lot
Preferred
100 100
92
Aug
Mining Co., par $25
$9,000 Subscription to receipt the
Hamilton-Brown Shoe_
46
4634
41
Nov
.0473 Maxwell Motor Co., Inc.,
Photo Machine Co
Si lot
Hydraulic Press Brick corn_
554 634
311 Sept
1st preferred
1,350 Clinchfield Prod., pref._ _ _$400 lot
International Shoe com_ __ 11434 114 11434
73 May
.0248 Maxwell Motor Co., Inc.,
3,121
Prod.,
Clinchfield
..$l00
corn..
lot
Preferred
11934 1 934 1934
115 May
2d preferred
20 Cement Appliances
$1 lot
Laclede Steel Co
150 150
100
July
.1618 Maxwell Motor Co., Inc.,
5510$
1,34334 Bully Hills Mines
Missouri Portland Cement_
153 153
94
Apr
common
3,145 Shasta Zinc & Copper Co $40 lot
National Candy common__ 10434 9934 106
80 May
155 Metallic Street Ry. SONO
400 Butterwotrh Judson Co.,preL$21 lot
Scruggs V-11 DO let pref._
85
85
81
Apr
Co., par $50
100 E. Cahill Telharmonic, pref_A$2 lot
Southwestern Bell Tel pref. 10634 10634 107
103 May
1.667 Nevada Mining & Reduc'n
50 E. Cahill Telharmonlc, corn. .J
Wagner Electric common
2734 28
20 May
Co. of Albany, par $1
Continental 011 & Ref
$not
12,500
Wagner Electric Corp pref.
79). 82
Nov
76
13,400 Nevada Utah Mines di
507 Consolidated Petroleum Co_.520 lot
Boyd Welsh Shoe
40
375.4 Dec
393k 40
Smelting Co., par $10
2,381 Lyons Petroleum Co
$255 lot
Johansen Shoe
4234 4134 4234
4034 Dec
20 N.Y.Stratton Albany & Schen.
300 International Prod., corn., Inc. rug
Securities Inv
4334 43
4334
4234 Dec
RR. Co
Maryland, no par
30e.
Pidico Weber Shoe
9214 9234 93
85
Oct
25 N.Y.Canadian Pacific Ry.Co. 51,000 1,835 Lucey Mfg. Corp. common.
Johnson Shoe
110 110
35
Jan
200 N.Y.Electric Ry.Co
par
Class A, par $50
$100 lot
50 N.Y.& Mont. Min. & MIlL.
750 United Equities Corp., com__$12 lot
Bonds500 N.Y. Standard Telep. Co...
49 Central Syndicate Bldg. Co_ _ _ 10 ,
E St Louis & Sub Co &L._ __ __ _ 85)4 8834
77% Feb
545 North New York Ltg. Co_
23,200 Sovereign Porcupine Mines,
United Rye 4s
75i4 7434 76
Mar
71
Ohio
4,833
dz
Indiana Consol.
Ltd., par $1
$850105
La fl fl
•PI Le
71( IL
Al
Me••
Natural & 111111n. Gag Co
100 Lime & Stone Products Corp.,.
15 Perry Stove
of Albany_. _
common, par $10_,
$4 kit
We also add the record of transactions on the St. Louis 20 Perry Stove Co.
Mfg.Co. of South I
100 Lime & Stone Products Corp.,
preferred, par 810
Stock Exchange for the week from Dec. 15 to Dec. 19, Pittsburgh, Tenn
$25105
50 Photogenic Paper Co
1,000 Imports Advancement Corp..$1 lot
which could not be transmitted to us last Friday because of 10 Photogenic Pap.Co.of Albany
3,055 Seaboard Finance & Invest- 1111
interruption of telegraphic communication with the West 137 Porter Teletype Co
ment Co., no par
$10101
100 Rowe & Sons, W.H., pref.__
All right, title & int. in 4c to certain
due to a severe sleet storm.
100 Rowe & Sons, W.H.,corn...
real and personal property located
50
Security
Warehousing
Co_ __ _
at Porto Rico. more particularly
:quay
Sales
6,250 South American Mining &
to be described at the sale, withLast Week's Range for
Rana since Jan. 1.
Milling Co., par $I
out warranty
$4,000 lot
Sale.
of Prices.
Week.
2,000 South Pacific Mining Co.,
the Indebtedness due from AreAll
StocksPer. Price. Low. High. Shares.
Low.
High.
Par $1
cibo Fruit Co.to a certain corpor100
State
Line
Gold
Mining
Co.
ation to date, in an amount to be
Boatmen's Bank
140 140
140
Dec
No.2, par $25
announced at the sale, without
First National Bank
208 208
196
Sept
100 State Line Gold Mining Co.
warranty and without recourse.
Nat Bank of Commerce... __ ---- 145 147
135
July
No.3, par $25
Mercantile Trust
81,000 lot
395 395
388
Oct
100
Stevens
Construction
Co.,
40
El Comercio Pub. Corp., prof._510 lot
United Railways tom
8c
Sc
72o Nov
John F
Preferred
30 El Comercio Pub.Corp.. pref__$10 lot
234 234
24
Dec
50 Tammany Pub. Co., par $10..
100 El Comercio Pub. Corp., pref-$10 lot
Best Clymer Co
40
4034
1834 May
4,057.4528 United States Motor
100 N. Y. & Md. Pulp & Paper,
Brown Shoe corn
70
73
40 June
Co., preferred
Preferred, par $25
Preferred
52010$
9734 91)
85 June
4.589.3758 U.S. Motor Co.corn.
Certain-teed Prod lot pref.
400 N. Y. & Md. Pulp & Paper
86
86
70
July
2,500 Voelker Light Co
Class A common,no par
$1101
2d preferred
77
77
65
July
566 Williamsburg Trust Co
100 N. Y. & Md. Pulp & Paper
Chicago Ry Equip corn_ _ _ _ ______ 65)4 4534
Jan
35
600 Am. Krupp System-Dlesel EnClass B common,no par
Preferred
$1105
2634 2634
25
Feb
gine Co., common
Emerson Electric pre!
UM lot 50 Distinctive Picture Corp. V.1.0. 2
98
9834
90 June
10 American Philippine Co., pref.
50 Cole Motor Co.of N.Y
954
Ely & Walker Dry Oda aim
2234 2234
203
July
temp. ctf
$110 lot 4 Beaver Coal Co
251
let preferred
103 103
101
May
76 Atlantic Coast Lumb., pref._5950 lot 112 2-5 Amer. Dan Bottle Seal, pf_ 100.
2d preferred
82
82
79 June
56 All. Coast Lumb., common_ _5450 lot 8 Connecticut Silica Corp
Fulton Iron Works com..... ______ 36% 37
1
38 June
10 Beaumere Realty Co., par 550 $100 lot 5 Copper Range, corn., par $25-. 2534
Preferred
97
97
92
Aug
16
Central
Hudson
Steamboat
Hamilton-Brown Shoe..... 4534 44
Simms
pref
Magneto
510
Co.,
$50
lot
4634
41
Nov
preferred
7,216 Simms Magn. corn. v.it. c...$60 lot
Hydraulic Press Brick coin.
8
434 6
38 Sept
40 Chattanooga Estates Co., preDutch
Royal
Preferred
Co.,
Tex.,
500
par
$545o.
7634 7434 7634
Jan
6134
ferred "A"
$1001ot 200 Internat. Dry Milk Co
Indep Breweries let pret
812105
1
1
1
1
Dec, 293
Chattanooga Est. Co., 00111_8100 lot 200 McLaughlin Dessicating Procinternational Shoe com
114
11354 11534
73 May
50
National
Weekly
Corp
$100
Preferred
Co.,
lot
Inc
est
119 120
52105
115
Jan
306 Nyanza 5.8. Co.,Ltd., pref _$100 lot 50 Chronicle Co., Ltd., par 810_
Laclede Steel Co
150
145 150
$4 lot
100
July
625 Nyanza S.S.Co.,Ltd.,corn_ _550 lot 21 Columbia Phonograph Co.v.1.cAll ce1
152
Mo Portland Cement
150 153
94
Apr
210 Osage S. S. Co., Ltd., pref...$100 lot
no par
Nat Candy com
12
9934 99 100
80 May
625 Osage S.S. Co., Ltd., common.
21 America Canadian Properties
II
109 109
let preferred
105
Feb
no
par
88100101$1001ot
Corp.
v. t. c., no par
Rice-fitix Dry Gds lat pref.
7
10934 10934
106
Apr
320
Southwest
Metals
Co.,
no par
Seruggs-V.-B. D. G. let pf
1,000 Greene-Gold Silver, par 81.._53 lot
85
85
81
Apr
53 Slocum, Avram az Slocum Lab200 Stewart Mining Co., par$E-82 lot
Southwestern Bell Tel Did_
10754 10834
103
Mar
oratories, prof
$100 lot 300 Blograph Co
Wagner Electric corn
2734 2734 28
$45 lot
20 May
225 Morristown Trust Co_$22534 per sh. 50 Bar Principal Mining, par SlO__SI lot
Preferred
8034 8034 82
76
Nov
1,500 Amer.Krupp System-Diesel)
30 sweet Water Hyg.Ice., Par $50-81 lot
3734 395.4
Bond Welch & Bros
3734 Dec
Engine
Co
14
Hodgman Rubber pref
4134 4054 4134
Johnson Shoe
$85 lot
4034 Dec
70 Amer.Freight Audit dr Storage I
60 Leapyear 011, Del., no par
92
89
92
Pedigo Webber
25 lot
85
Oct
150 Atlas Advertising Agency, pt. I
405 Hower Rubber corn., no par..-1$5 lot
Johnson 8& 8 Shoe
9934 100
35
Jan
Atlas
Adver.
75
Agency,
corn.... I
110 Howe Rubber, pref
4234 43
Securities Invest corn
423.4 Dec
10 Cast Steel Ship Co., pref
42.000 360 Duplex Engine Governor Co.,
20 Cast Steel Ship Co.,common I lot
Inc
Bonds1
76 Gallaudet Aircraft Corp., pref. I
416 Memphis Gas & Elec. Co. of
110 110
St Louis & Suburban Ry 85
965.4 Feb
166
Gallaudet
Aircraft,
common.
Delaware,
corn
83
Gen intim 5s
8334
64
Apr
$75105
Hercules
9,583
Ray
Mines
844 Golden Reward Comet. Gold
United Railways 45
7534 73
61
7534
Mar
$33,330 Ray Hercules bonds__ J
Mining & Milling Co.of So.Dak.,
pp 4s Mrs of dee
7234 7334
61
Mar
700 Amer.011 & Eng. Corp. $8 per
par $10
Independent Breweries 65. 29
29
29
29
Dec
510
share paid
.
$5
11
0 ot 38 Bon Air Coal & Iron Co. of 104
Kinloch Telephone 6s
103 103
10134 Feb
225 Bitter Root Valley Irr1g. Co__
Wsaner Elortrin Nita In
Maine. Prof
101 101
97 May
$355
50 Central Alabama Coal Co
$35 lot 20 Bon Air Coal & Iron Co. of lot
•No par wane.
1.000 Tidewater Oil& Gas Co
$1 lot
Maine,com
820lot
2978
[VoL. 119.
THE CHRONICLE
•
Shares. Stocks.
$ per sh. Shares. Stocks.
$ PET sh.
800 Horn Silver Mines Co., par $1.E26 lot 50,000 Chicago Montana Mining
$100 lot
25 Coast Salvage Corp.,Inc., N.Y.,
Co
no par
$50 lot
$2 lot 6,000 Bankers Oil Co., pref
350 Gotham Corp., pref., Delaware)
$25 lot
3,750 Bankers 011 Co., corn
Corp
18170 8 Hotel Realty Co., Trenton, N.J_ 20
650 do Common,no par
1 lot 4 Hotel Realty„Co.,Trenton, N.J.,
11
no par
10,000 Lamb-McGraw 011 Corp.,
par $I
$30 lot 1 Vive Ignition Engineering Co.,
20 Amer. Russian Consol. Corn-830 lot
Inc., no par
$1 lot
270 Walker M. Levett Co., corn.,
418 American Fuel Oil & Transportation Co., Inc., pref., par
Par $10
$500 lot
10 Associated 011 Develop. Co.,)
$5 lot
$10
251 do corn., par $10
E4 lot
Wichita Falls, Texas Joint Stk.!
Ass'n, unincorP. members elf. of) $1 10 Northwest Oil Exploration Co.
81 101
of Canada, Ltd., pref
interest
I lot
69 Locomobile Co., Inc., Del., comJ
1,040 Batopilas Mining Co., par
$30 lot
820
652 General Syndicate, Inc., Del.,
110 par
$100 lot do Degnon Realty & Terminal
6
Improvement Co
100 Ivers Lee Co., Inc., 8% pref.,
7
Delaware
$1,500 lot 40 New York Rubber Co
175 Price-Campbell Cotton Picker
200 Ivers Lee Co., Inc., corn.,
Corp., com. v.t. c
$15101
Delaware, no par
$200 lot
10 Punch Bowl Realty Co., par M. 1
813 Seaboard Finance &Investment
Co., Inc., Delaware, no par_ _.8100 lot 100 Ivers Lee Co., pref;300 do corn.,
no par
$1.90010t
1,500 Bozart Rug Co., Inc., Mass.,1
$14101
common, no par
MOO 1,500 Candelaria Mines
500 Bozart Rug Co., Inc., Mass., lot 462 Waldorf Astoria Corp., com 3160 lot
500 Automatic Tomato Peeler
preferred
Corp., pre(
$2 lot
Syndicate Manager's receipt, dated
150 American Securities Corp.--.810 lot
Jan. 161920, for 5,000 shs. of
$3 lot
stock in Harqua Hata Mines Co_$10 lot 500 Knickerbocker Motors
200 Single Service Package Corp. 81 lot
Notes of Dr.A.F.Lesler for $8,000,
66,667 Tuxbury Oil & Ref. Corp_ _810 lot
due Oct. 3 1923, and all right,
200 Old Kentucky Syndicate
title and interest in Prudential
El lot
500 Shashta Zinc & Copper Co.,
Insurance Co. of America, policy
no par
$75 lot
No. 3,454,093, and Prudential
600 National Rubber Co. of N. Y.,
Insurance Co. of America Policy
par $10
$25101
No. 1,871,114 on life of Dr.A.F.
Lesler
$5101
$550 lot 25 Blograph Co
3,250 Revere Oil Co., par $1
1,815 10 National Nassau Bank in liquidation, 4th div. paid
162 Revere 011 Co.. par $I
88 lot
Jlot
1,000 Walcott Clothing Corp.,corn.,
60 Walker Hotel (Wash.. D. C.).
no par
6% preferred
$100101
1
1,000 Walcott Clothing Corp.,corn.,
12 952 Fifth Avenue Corp
$600 lot
no par
10 Commonwealth Bond Corp.,)
1
All the right, title & interest which
no par
1E650
10 do Preferred
)lot
Fanny Ellinger has to the last
Payment of $25,000 due or to be25 Roadless Patents Holding Co.,
corn., V. t. c
come due to her under the pro$225 lot
visions of a certain agreement
9 Chive' Planters Assn., corn.,)
189101
entered into the 21st day of Dec.,
Inc., Arizona
9 Chival Planters Assn.. pref., I
1923, between herself & the other
then existing stockholders of the
Inc., Arizona
)
5,500 Armstrong Oil Co., no par_ _85 lot
United Vegetable 011 Refinery
Co.,Inc
$30 lot 10,825 Trident Oil Co., no par.._.$30 lot
12,440 James Mfg.Co.of Delaware,
CU. of partici!). of the National
$20 lot
no par
Thrift Bond Corp., dated March
24 1919 for 15-30,000 in the)
24 Kenosha County Club Land
$5101
Co., Inc., Wisconsin
syndicate
50 Blanchite Co., Ltd.,corn
10 National Thrift Bond Corp__ _
181 lot
4 Blanchite Co.,Ltd.,pf„par $25_ - J
$1,500 Nat. Thrift Bond Corp.8%
1,500 Roamer Motor Car Co.,com.,
Income notes. All coupons atno par
$25 lot
tached
821
$25 lot
150 McNab dr Harlin Mtg. Co., lot 1,870 Link(MCorp.,v.t. c
800 Link Oil Corp., v. t. c
$10101
common
20 Asbestos Corp.of America,pref.,
33 McNab & Harlin Mfg., pref.
and 20 shares common
$40 lot
8 Deep Sea Fisheries, Inc., v.1. C.10 Pemberton Production Co.,Inc.,
1 The El Dorado Ref. Co. corn. _
pref., and 30 shares common...840 lot
25 United Cigar Stores,'
Ltd., of
575 The Derby 011 dr Refining
Canada, common, par 85
Corp.,common
$1,800 lot
aoo Denver & Rio Grande RR.Co.,
pref., ctf. of dep
• ES lot 5,000 San Toy Mining Co.. Inc.,
Maine,$1 each
$225 lot
$5 lot
50 Lord Electric Co., 1st pref
500 Standard Silver-Lead Mining
100 J. T. Perkins Co., Inc., corn..110
Co., Inc., Washington,El each _ 840 lot
1,261 Lewis Oil Corp.,corn., Cl"A"
par $10
$110 lot 100 Federal Dyestuff & Chemical
160 Burke Construction Corp., no
Corn., v. t. c. no par
$6 lot
& Chemical Corp.
Par
$10 lot 265 Union Dye'
stock trust ctfs., $10 each, and
350 Trinity 011 Corp., pref
$1 lot
350 Trinity 011 Corp.,com., no par.$1 lot
$3 75 scrip for fractional interest
in common shares
$10 lot
547 Allied Grocers, Inc., pref; 2.275
do com.and $7,100 do notes_ 15 lot 8 Kingsport Color Corp., Inc., Virginia, no par
$5 lot
60 Depollier Watch Co., Inc., 8%
60 Yolo Water & Power Corn.,pref
1st pref.; unsecured claim against
trust certificates
.'$5 lot
Depollier Watch Co., Inc. for
122 8-10 American Consol.011,Inc.,
$3,000 de Inc.; claim against
'Decommon,$10 each
$1 lot
Miller Watch Co., Inc. for $10,122 8-10 American Consol.011.,Ine.,
2d Mtge.
000 dc int., secured by'
pref. $10 each
$1 lot
on premises No. 316 Herkimer
$1,550 lot 26.907 Montana Consol. Copper Co.
St., Brooklyn, N.Y
$1 each
$8 lot
All right, title dc int. in agreement
1,250 Nyanza SS. Co., Ltd., corn.,
between J. Alexander Dingwall,
$1001ot
no par
82 lot
Jr., & Miss Mary Bement
612 Nyanza SS. Co., Ltd., pref._ _$501ot
100 Ansco Photoproducts, 1st pref. 46
1,260 Osage SS. Co., Ltd., corn.,
100G. Siegle Corp. of America 8%
$100101
no par
$1,500 lot
cum. 1st pref
420 Osage SS.Co., Ltd., pref_ _ _.8100 lot
300 Allied Oil Corp., cl."A" corn..
$6 lot 2,226 Interboro Consol. Co.,com_I$4 lot
par $10
2,460 Interboro CO12801. Co., pref-1
1,060 Magdalena Gas & Petroleum
$10 lot 400 Tezultlan Copper Mining &
Co.,Inc., par$1
$100101
Smelting Co., no Par
100 R.E.Seamons Co.. Inc., pref.,
10c,
SS lot 1,430 Independent Corp
Par $10
800 Halmack 011 Co., Inc., Dela20 R. E. Seamons Co., Inc., corn.,
$25101
ware, no par
$1 lot
Par $10
255 Florida Humas Co., v. t. o.,)
3,400 MacLaren Electric Appliance
par $10
Corp., par $5
' $10 lot
$5 lot 255 Alpha Co., v. t. c., par $10_ 1E50 lot
10 Churchward Int. Steel Co
600 Rio Plata Mining Co., Par $5.-$5 lot $5,000 Alpha Co.8% gold bonds,l
due Jan. 11948; Jan. 1924 and
605 Universale Water Lift Co.,
subsequent coupons attached..
$2lot
Par $1
1,218,750 Nome Sunset Mines,Inc..
300 Waterproof French Window
$20101
par $1
$5101
Co
1,846 Alaskan Inv. Corp.,par $101
250 Delta Certificate Co. of the
$1 101 1,260 Teller Lighterage & Cora- I
U.S., par $10
320 lot
menial Co., no par
2 Club War Farms, Inc. par $50.31 lot
406,250 Nome Sunset Mines,Inc.i
16,000 Argyle Silver Mining Co.,
par $1
$5101
par 10 cents
1
64 Gun Hill Rarity,common
4,000 National 011 Co. of N. J.,
$5 lot 300 Lackawanna County Coal Co.,
Par $10
lot
$13
York,
New
par
$10
Inc.,
Oil
cic
29,705 Scottish-American
Transport Co.,Soltraco vot.tr.8300 lot 2,000 Investors Oil & Gas Co.,Inc.,
$1101
Arizona, par El
Assignment of mtge. made by
200 Smith Motor Truck, Inc., VirWendell P. Barker to Independginia, comm.temp. ctf., par $10_82 lot
ence Indemnity Co. of Phila..
5,000 Superior Copper Mines Co.
$25,Pa., to secure payment of
$5 lot
certif. of deposit, par $1
000, dated June 18 1924-affect8
200 Vivaudou, Inc., corn
ing real property situate in the
483-4
RR.,
pref
Susq.
Buff.
dr
100
city of Yonkers. County of West83
100 Buff. dr Sum. RR., corn
chester, N.Y., more In particular
500 New Mexico & ATIZODB Land
described in said assignment
44
Co.. par $1
recorded in office of Register of
328 West India Sugar Finance Corp.
the County of Westchester in
20
common
llber 2242 of Mtges, page 219.83,000 lot
$2 lot 45 units of Rubber Products World
500 Choralcelo Co
Rights Option Syndicate (each
$5 lot
60 Grant Oil Co
unit representing 1-1,000 of the
4,600 Economy Mines Co., par $1.45 lot
total syndicate and having no
$100 lot
72,750 Economy Mines Co
$5 lot
fixed par value)
100 Gulf States 'Oil dr Refining 1
95 Nova MotorsCorp.,no par_ _ _1820 lot
Corp.,class"A"
Engine
Co.)
Uni-Cycle
Amer.
950
200 Consol. Nevada-Utah Corp__ I $80
$100 do 8% cony, gold bond,) lot 10,000 Ranger Refining & Pipe Line
845101
Co.,common,par $I
due July 1 1919. Jan. 1918 and
910 Midwest & Gulf 011., par 810.810 lot
subsequent coupons attached_ _
$5 lot
50 Riorden Co., Ltd., pref
26 Deep Sea Fisheries, Inc., v. t. c.,
$3101
15 Rlorden Co., Ltd.. pref
common
Shares. Stocks.
$ per sh.
100 The Devon Bank & Trust Co.,
Devon, Conn
25
100 American Bank of Commerce,
Scranton,Pa
$1101
895 Crotch Island Granite Corp_$100 lot
32 Mexican Gulf Steamship Co_ _ _810 lot
25 Aiken Tow Boat dr Barge Co,.
Pensacola, Fla., 6% pref
$10 lot
100 N. Y.Trap Rock Corp., corn- 73.4
200 Mercer Motors Co., temp. ctf.,
no par
$15101
Bonds.
Per Cent.
$46,000 Georgia & Florida Ry. Co.
1st Mtge. 50-year gold 6%
bonds, maturing Nov. 11956... 30%
$14,000 Georgia dr Florida Ry. Co.
Gen. Mtge. 20-year 6% bonds,
maturing Feb. 1 1932
10%
$129,000 Atlantic & Gulf Petroleum
Co. 1st Mtge. 6% 10-year gold
bonds, matur.July 1 1926_820,000 lot
$250,000 State of North Carolina
special tax ctfs. 6% due Apr. 1
1899 (repudiated)
$110 lot
$55,000 Habirshaw Electric Cable
Co.ctf. of dep.of Guaranty Trust
Co. of N. Y., 7% s. f. gold deb.
"B" bonds, due March 1 1935,
with Sept. 1 1921 and subsequent coupons attached.._ _820,000 lot
825,000 note of Production Enterprise, Inc., dated New York I
Nov.91924,duel yr. aft. date'
$15,000 note of Production Enterprise, Inc., dated New York
Oct.141924,duel yr. aft. date 182,500
$50,000 note of Production Enter-I lot
prise. Inc., dated New York I
Dec.2 1924, due 1 yr. aft. date
$11,500 note of Production Enterprise, Inc., dated New York
Dec.131924,duel yr. aft. date
$10.000 Intsrborough Metropolitan
Co. coll. trust 43-4% gold bonds,
receipt for ctf. of deposit
$50 lot
$5,000 The Kemp Bend Co. prior
lien 1st Mtge.,3-yr. 8% bonds,
due Dec. 1 1925; June 1923
coupons attached
$55 lot
$10,000 The Kemp Bend Co. 1st
Mtge. 5-yr. 8% gold bonds, due
July 11926;coup. No.3affixed_ $25 lot
$16,000 The Kemp Bend Co. 1st
Mtge. 5-yr. 8% gold bonds, due
July 11926;coup. No.2 atfixed_ $40 lot
$10,050 demand notes of the To$23 lot
bacco Machinery Mfg. Co
$12,500 demand notes of El Cornmercio Publishing Corp
811,19950demand notes ofEl Com$76
mercio Publishing Corp. _,,
811,131 85 demand notes of El Corn-1 lot
mercio Publishing Corp
$37,78348 demand notes of El Corn-I
mercio Publishing Corp
$270,000 North Laramie Land Co.
8% 10-yr. gold deb. bonds, due
Oct. 1 1923
5%
$40,000 demand note of the California Mining & Dredging Syn$15 lot
dicate, dated Feb 1 1917
Bonds.
Per cent.
83,226 Cornucopia Mines Co. 7%
notes, due Dec. 1 1925
8125 ot
$6,000 30-day note of Steel Utilities,)
Inc., dated Nov.20 1914,in favor I
of G. G. Frelinghuysen
$9,000 30-day note of Steel Utilities,I
Inc.. dated Jan.27 1915, in favor) $30
I lot
of G. G.Frelinghuysen
$12,093 43 30-day note of Steel
Utilities, Inc., dated Deo. 31
1919, in favor of G. G. Frelinghuysen
Certificate No.18 receipt for $6,800
subscription under plan, dated
Dec. 28 1921, addressed to the
holders of Gulf Florida & Ala.
Ry. Co.reorganization syndicate;
receipts and participating rec'ts35 lot
$10,000 Island Refining Corp. 7%
participating bonds, due Apr. 15
1925; Oct. 1922 coup.attached 839510$
$4.765 32 Cornucopia Mines Co.
850 lot
6% notes, due Dec.1 1925
29,000 rubles Russian internal loan
of 1916, 536% bonds
826
$2,000 promissory note of the Davis
Transportation Lines,Inc.,dated
600lot
Dec. 14 1923
8
$4,200 American Wringer Co.,Inc.,
lat Mtge.7% 15-yr.(r. f.bonds- 55%
$21,400 Sterling Tire Corp.(Rutherford, N.J.)8% 10-yr.a. f. bonds- 46%
$2,000 Lucey Mfg. Corp. 8s, 1930,
certificate of deposit
G. E
$11_30 lot
Demand note of Dudley
dridge, Inc., dated July 2 1924, •
for $44,417 80, with int. at6% $460108
$40,000 notes (8) of Dudley G.
Eldridge, Inc., dated Feb. 15
1923, with interest at 5%, all
00 lot
Past due
Demand note of the Oriental Gold
Mining Co., dad
dated Jan. 6 1923,
$1,001) lot
for 842,514 86
$45,000 Shawnee Tecumseh Traction Co. 1st Mtge. 5% 10-20year gold bonds, due 1926; June
20%
1922 coupons on
$10,000 Atlantic Paper & Pulp
5%
Corp.6s, due Nov. 1925
$15,000 Novia Scotia Steel & Coal
30%
Perpetual 6% debentures
ynnOgirp
o.
f ta
hg
egBo
reg
ua
tt
hienrgn M
$9e5n
,
Suh
na
dd
re
926 26;list at auctioneer's office $20108
$18.000 note of I. H. Aiken Transportation & Towing Co., dated
Jan. 21 1922, due 1 year after
date with int., secured by mtge.
$4,800 note of I. H. Aiken Trans-portation & Towing Co., dated $500
Jan. 21 1922, due 1 year after lot
date with int., secured by mtge.
$7,200 note of I. H. Aiken Transportation & Towing Co., dated
May 10 1922, due 1 year after
date with int., secured by mtge.
An interest of $232,000 in a ctf. of
dep., dated Apr. 18 1911 of the
Trust Co. of America, for $481,000 Development Co. of America
6% collateral trust bonds._ _.$125 lot
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
130
17 Brookside Mills
60
19 Salmon Falls Mfg. Co
13734
6 Exeter Mfg.Co
.178
26 Farr Alpaca Co
*137
10 West Point Mfg. Co
138
2 Pepperell Mfg. Co
5234
20 Saco-Lowell Shops-Corn
10 Saco-Lowell Shops, 2d pref.__, 75
14034
1734 Pilgrim Mills
100 Strathmore Worsted Mills,
$1 lot
corn. v. t. ctfs
$1 lot
50 Fiskdale Finish Co., met
300 B.& M.RR. 1st pt., class C_ _ 3134
102
10 American Powder Mills
48-503-(
60 Eastern Mfg. Co., pref
585 Crowell dr Thurlow SS. Co-1660 lot
25 Greene Cananea Copper Co_ _ _ 1834
100 Marshall-Jones Co. 7% pref. 81 lot
125
2,000 Centrifugal Gun Corp
$5 lot
100 Eastern Machine Works
21
155 National Transit Co
72
10 India Pipe Line Co
14 Calumet dr Heels Cons. Copper_ 17
72 Lafayette Motor Corp.. 2d Pf 55 lot
10 Wickwire-Spencer Steel Corp.,
25
pref
7634
6 First Peoples Trust. units
27
60 J. I. Case Thresh. Mach. Co
$1 lot
30 Pacific Develop. Corp
136 Herschell Spillman Motor Co_il lot
$ per sh•
Shares. Stocks.
9 Draper Corp
*16934
21
50 National Translt Co
45 Howes Bros., bat pf ser. B._- 60
113.8
80 Bosch Machine Tool Co
103 Mass. Security Corp. 615 do
4
pref. on pre(
42 Frank Mossberg Co. and 49 do.•
50
pref (lot)
125,395 Boston Mexican Petroleum,
$600 lot
ordinary shares
Per cent.
Bonds.
$3,000 Island Refining Corp. 7s,
10
1929, ctf. of dep
$3,000 Chicago Utilities 1st Es, Apr.
4
1942, series A
100,000 marks City of Berlin 48,
100
1929, lot
$5,000 Imperial Russian Govt.6348,
123.
1919, ctf. of dep
$500 Chemical Co. of America 1st
10%
S. F. Is, May 1933
Receipt .for 8,000 rubles Russian
Govt. Internal 4% rents,lot.,.. 11
Receipt for 40,000 rubles Russian
Govt. Internal 4% rents, lot_ _ _ 42
$2,000 National Motor Corp. 7%
Deb. tr. notes, July 1925, lot.
* Ex-dividend.
By Messrs. R. L. Day & Co., Boston:
$ per oh.
Shares. Stocks.
10 First National Bank _ _ _ _324%,ex-div.
28434
1 Old Colony Trust Co
1334
300-7 Old Colony Trust Co
$500 lot
60 Metropolitan Trust Co
2 Bay State Nat. Bank, Lawrence,
187
Mass
1 Merchants Nat. Bank, Worces-)
ter, Mass
120034
1 Merchants Securities Co., Wor-i
seater, Mass
1 Merchants Trust Co., Lawrence,
191
Mass
30 Sequoia Mills, Inc., Class B..$l lot
5 Boston Mfg. Co., pref.__ .9434 & div.
110
25 Lancaster Mills, corn
13 Lowell Bleachery
13
200 Connecticut Mills, corn., Class
A, v. t. c., par 810
3%
10 Naumkeag Steam Cotton Co.
1933-4, ex-div.
10 Worcester Consol. St. Ry. Co.,
1st pref., par $80
28%, ex-div.
20 Boston Revere Beach & Lynn.. 75%
8,845 Androscoggin aa Kennebec
Ry. Co., 2d pref., v, t, c_85,000 lot
44
10 Springfield Rys.,
13 Worcester Cons.St.
profest Ry.Co., 1st
28%,ex-div
pref., par $80
40
10 Springfield Ice Co., pref
25 New Eng,Cold Stor. Co.. pref. $5 lot
5 New Eng. Cols Stor. Co., corn_4
100Lamson & Hubbard Cana-)
425 lot
dian Co., Ltd.,Prof
15 Needham Tire Co., pref
1 Needham Tire Co.,common.._I
$ per sh.
Shares. Stocks.
200 Penn Seaboard Steel, V. t. c--- 134
60 New England Equitable Insur$20 lot
ance Co., par $50
79 St, Louis Coke &Iron Co., corn_ 1%
1 Boston Athenaeum, par $300.... _626
6 Heywood-Wakefield Co.,1st pret.107
1,000 Handy Dandy Mfg., par 81)81.12
214 La Zacualpa Hidalgo Rubber) lot
)
Co., par $5
1 Boston Athenaeum, par $300_ -825
125 Seven Metals Min. Co., par UM lot
100 Pacific Tungsten Co.,Par $1..._J
10 New Eng, Cold Stor. Co., pref_A$234
734 New Eng. Cold Stor. Co.,corn 1 lot
25 American Glue Co., common_ _. 50
134 Fall River Elec. Lt.Co.,par$25 8634
128 Lowell Elee. Lt. corp., par S25
54-54%
25 Bausch Machine Tool Co..con__ a
20 Wright Wire Co., common..... i
aress
teirn States 011 & Land Co.,
32pW
ot
t
1. lo
811
3 LaFayette Motors Co.,cora-. $
prefa_
hil
d ng
o,2
&
. Mining
naC
thors
te M°C
l
a lluato
una
2
10
"
20 GF
I
Milling Co., Par $8
800 Equitable Finance & Develop- MOO
lot
ment Co., par $1
30 Guanajuato Development Co._) P g
125
5 Lawtence Morris Plan Co
18
10 Durant Motors, Inc
1,400 Crowell & Thurlow SS. Co., WM
$1 lot
par $10
$5 lot
2,000 Pacific Tungsten
10 Boston Confectionery, 1st prof..81 lot
DEC. 27 1924.]
THE CHRONICLE
Shares. Stocks.
Bonds.
per oh.
Per cen
Boston Woven Hose dz Rubber
2500 Island Refining Co.78, Apr.15
Co.. corn
1929
81%
6 flat
Draper Corp., par $10_.169%,ex-div. $2,500 Port Wentwor
th Term.Corp.
8 Phoenix Ins.Co.of Hand',Conn.523%
8s, Oct. 1950, ctf. of dep
flat
16,
10 Graton & Knight Mfg., pref.. - 38% $2,000 Savanna
h Az Atlanta Ry.68,
10 Wickwire Spencer Steel Corp.,
May 1 1935
6, flat
1st pref
25
$1,000 Seneca Copper Corp. 181
500 Manhattan Oil Products Co_ _ _ 100. cony.
7s, July 1 1933 coupon
139 Engel Shoe Co., pref
25
July 1 1924 on
20,flat
100 Ranier Motor Corp.. Prof
1
$5.000 Atlantic Fruit Co. 78, Dec.
1,000 Ucan Safety Hair Cutter
1934 certif. of deposit.$220 per $1,000
Corp.. par $10
$325 lot $15.000 Estabrook Gold Dredging
25 Crowell & Thurlow 88.,par$101
Co.65, 1927
$5 per $1,000
20 Inter-Coast Steamship Co_
$26,000 Brooklyn Ferry Co., N.Y..
50 Atlantic Coast Co
855 lot
1st 5s, Aug. 1948 certif. of dep__536 lot
20 Acme Fishing Tool Corp
$47,000 The Electric Corp.78, Apr.
10 B. B. Az R. Knight, Inc., pref.)
1992
$1 lot
18 Boston Belting Corp.,Pf.,Par550 28
55,000 Argo Tunnel coll. trust 6%.
200 Boston Corbin Mining, Par 551
April 1 1919
$100 lot
150 Contact Conner Co., par $25_
$1,000 Waterloo Cedar Falls & Nor.)
50 Boston Gold Copper Smelting'
Ry. Co. s. f. 5s, Jan. 1940 certif.)
Co., par $10
1$1 lot
of deposit
)5150
140 Home Pyritic Smelt., par $10_
$4,000 Girardville Gas 1st 65, May lot
200 Int. Belanger Spinning Ring
1943
1,000 United Oil Producing, par $1
$2,000 participating operating Ors.
40 Puritan Brick Co., par $50
10
of Consumers Serv. Stat'n, Cons.
4,275 Alvarado Mining & Milling
$250 lot
Co., par $20
$5,025 lot $5,000 Lustron Synd. partic. ctf _$155 lot
25 F. M.Hoyt Shoe Co., pref
73% The following demand notes of the
300 Superior Boston CoPper,par $10 1%
2,000 Pinto Valley Copper, par $1_ Mc. Crompton Scoville Mfg. Co.: $2,dated Jan. 14 1924; $500
417 Western Sheep dz Wool Co__ _ 10c. 000
Mar.27 1924; $116 Apr. 23 1924;
28 Boston Belting, pref., par $50.28-28%
$655
7-100
June 14 1924; $135
20 Beaver Board Co., Pref., v. t. c_ 37
Aug. 19 1924; $165 73-100 Oct.6
20 Beaver Board, corn.. Class B
7
1924; $5.000 Nov. 5 1924;
5 B.B.& R.Knight, Inc., pref.
8%
$77 01-100 Nov. 10 1924;$250
6 Lamson & Hubbard Corp., pref.. 34
Dec 16 1924; $15,000 Dec. 22
20 El Dorado Refining Co., pref.
1924.
16 flat
8 El Dorado Refining Co., corn..
$10,000Jackson Motors Corp.let
3 Lamson dr Hubbard Canadian
78,
Jan.
1922
Co.. common
lot 325 sba. Jackson Motors Corp., $15 lot
2 John West Thread,corn., Cl. B $10
corn., par $10
70-100 Van Camp Packing Co.,
$2,500 Motors Trust Fund 8%
Inc., pref
1921 trust receipts
_ I
I
I
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
Per oh. Shares. Stocks.
$ per sh.
45 National Bank of Commerce__ _154
1,000 Lebanon Iron Co., no par_ _
10 Market St. Nat. Bank
295
50 Nat. Paper Tube Co., pref.__ _5251lot
10 Commonwealth Title, Ins. &
10
Nat.
Paper Tube Co., corn_ -$10 lot
Trust Co
376% 46 Oval Basin Coal Co., pref___$47 lot
25 Manayunk Trust Co., par $25_ _ 90
27 Oval Basin Coal. corn., no par,$28 lot
10 Cobbs Creek Title & Tr., par 550
73
2.500 Tubize Artificial Silk Co. of
20 Bank of Nor. Amer. Az Tr. Co...284
America,preferred
95
26 Community Trust Co.,Par M.- 45
Bonds.
Per Cent.
5 Pilgrim Trust Co., par $50
$500 Benevolent Protective Order of
65
25 Jefferson Title & Tr., par $50_
65
Elks.
Phila.
Lodge
No. 2 gen.
1 Perpetual membership, Mercantile
65, 1942
9234
Library of Philadelphia
65
$2,000 Ind. Colum. Az East. Trac.
12 Meters Corp. of N. Y., pref....52
lot
eon.
&
ref. 58, 1926, ctf. of den...54 lot
1 Garland Steamship Corp.,Par $3.$1 lot
$6.000 Detroit Bay City & Western
200 Atlantic City Tire & Rubber
RR. lot 5s, ctf. of deposit
$55 lot
Corp., Pref.. par $10
lot $3,000 National Properties Co.
750 Atlantic City Tire & Rubber$6
(Americ
an Rys.), Coll. Tr. 4-6s
Corp., pref., par $10
$,31 lot (Stamped), 1946
$2 lot
50 Brown's Mills-in-the-Pines. __ _$25
Martinsburg Az Charleston
33 Hare & Chase, Inc., corn., no par 20lot $1,000
(W. Va.) Gas Az Water Co. let
25 Hare & Chase, Inc., prof
89
Os, 1939 (ctf. of deposit)
$60 lot
250 Craig Oil Co., par $1
$5 lot $1,000 Lehigh Valley Transit ref. IL
100 Trexler Co. of Amer., par $10.5,4
impt. 5s, 1960
793(
90 P.J. Ritter Co., pref. v.t. c.._ _ 61lot $1,000
Lehigh Valley Coal Co. 1st
18 Victory Ins. Co., par $50
101
58, 1933
8 Philadelphia Lfe Ins. Co., par $10 11
10034
$1,000
Lehigh Valley Transit Co.
6 Autocar Co., common
54
1st 55, 1935
10 Staunton Gas Co., pref
$5 lot $2,000 Lehigh & New England 95
5 Staunton Gas Co.. common
lot
RR. gen. 58, 1954
5 Keystone Tel. Co.of Phila., pref $3
50 $2„000 Wilson Martin Co. 20 7s,100
71 Beam-Fletcher Transp., pref 511ot
(51,000 Ser. F, due 1926; $1,000
125 Beam-Fletcher Transp., corn_ _$1
lot
Series D, due 1936
300 Tramrick Co., par $10
Si lot $3.000 Ind. Colum.& East.Tr. Co. 66
27 Vulcan Charcoal Iron & Steel_ 35
lot
gen. & ref. 58, 1926 ctf. of dep363 lot
130 Phila. Newtown & N.Y. RR
$5,000 Springfield Congo'. Water
McIntosh Morello Orchards, 1
Co. 1st 5s, 1958
Inc., 2d pref
9234
4 Philadelphia Bourse, common 520 lot $5.000 City of Victor, Colo.. 58.
20
Ser. A,1928(August 1920 and all
4 Philadelphia Bourse, common.__
..
subs, coupons attached)
4 Philadelphia Bourse, common__ 20
$160 lot
$5,000 Wladikawkas Ry. Co. of
1,004 Bergner & Engel Brew., pref. 20
Russia 4s
650 Bergner Az Engel Brewing, corn 2%
$125 lot
$20,000 Ala., Fla. & Gulf RR.,
150 T. M.O'Brien Co
$100 lot
1941
300 Princess Iron Corp., prof....5100
$220 lot
lot $15,000 Iowa Central By. 1st 58,'38
1.650 Princess Iron Corp.,corn_ _$500 lot
$200
High Twelve Realty Corp. 5634
100 Chiapas Timber dc Ckicle......515 lot
5s, reg. 1942 ($10 pieces)
2 United States Automotive, pref.,
$30 lot
$5.000 The Cherokee Co. 1st 86.'38
with 2 shares corn "A"
1
2 Di Giorgio Fruit Co., pref., with$1 lot $220,000 Due Bills of the Ace Motor
Corp
6 shares common
$1,000 lot
$65 lot $20,000 Mid-Co Petroleum
2 Stevens Duryea. Inc., pref., with
Co. 1st
Ea. ctf. of deo
2 shares common "B"
50
1 Continental Clay Co.. pref.. with$3 lot $5,000 Choate Oil Corp. let cony.
8%
notes,
1925
1 share common "A"
$6 lot
$5 lot $5,000 Raritan Ref. Co. 7%
1 West Indian Fruit Importing Co.,
notes
1929. ctf. of deposit
pref., with 1 share common A._541
$25 lot
$10,000 Green Star SS. Co. lot
496 Storck Coal Mining, W. Va_8175 lot
lot
s. f. 7s, 1924
40 Canyon Creek Devel. Corp__.830 lot
13
$10,000
Alleghen
y
Tank Car Co.
400 Union Trac. of Ind., com_$350 lot
8s, 1931
400 Union Trac. of Ind.2d prof._5550 lot $6,000
25
St. Lawrence Pulp & Lumber
250 Financial Corp. of America
Co. 1st serial Os
(60)4% Paid)
1
$20,000 U.S.of Brazil 78, 1962.... 50
85
4534
DIVIDENDS.
Dividends are grouped in tiVo separate
tables. In the
first we bring together all the dividends announ
ced the current week. Then we follow with a second
table, in which
show
we
the dividends previously announced, but
which have
not yet been paid.
The dividends announced this week are:
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atlanta & West Point
334 Dec. 31 Dec. 20 to Dec. 30
Atlantic Coast Line Co. (extra)
Jan. 15 *Holders of rec. Dec. 81
*$2
Belt RR.& Stock Yards IndianapolisComfnon (guar.)
3
Jan. 1 Dec. 21 to Dec. 31
Preferred(guar.)
134 Jan. 1 Dec. 21 to Dec. 31
Boston RR.Holding Co.. Preferred
2
Jan. 10 Jan. 1 to Jan. 9
Central RR. of New Jersey (extra)
*2
Jan. 15 *Holders of roe. Jan. 5
Delaware Lackawanna & West.(guar.). *$1.50 Jan. 20
*Holders of rec. Jan. 2
Extra
"rrl
Jan.
20 *Holders of rec. Jan. 2
Gulf Mobile dc Nor., pref.(guar.)
Feb. 16 Holders of rec. Feb. 2
New York Ontario & Western
1
Jan. 28 Holders of rec. Jan. 8a
Norfolk & Western, adj. pref.(guar.)
Feb. 19 *Holders of rec. Jan. 31
.- *1
PeansYlvania Company
53
Dec. 31 *Holders of roe. Dec. 23
Name of Company.
134
Name of Company.
Railroads (Steam) (Concluded).
Rich. Fred.& Potomac. corn.& div. obit.
Texas& Pacific Ry.,pref
Western Ry.of Alabama
2979
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
3% Dec. 31 Dee. 23 to Jan. 1
(1) Dec. 31 *Holders of rec. Dec. 31
3% Dec. 31 Dec. 20 to Dec. 30
Public Utilities.
Adirondack Power dr Light,7% pi.(qu.) 134 Jan.
1 Dec. 20 to Jan. 1
8% preferred ((Plan)
2
Jan. 1 Dec. 20 to Jan. 1
Arizona Power,7% pref.(guar.)
Jan. 2 *Holders of rec. Dec. 24
•13(
8% preferred (quar.)
"2
Jan. 2'Holders of rec. Dec. 24
Bell Telephone Co.of Pa.,cora
2
Dec.
Holders of rec. Dec. 30a
Binghamton Lt., Ht.& Pr.,7% pf.(qu.) 134 Jan. 31
2 Holders of rec. Dec. 20
Six per cent preferren (guar.)
134 Jan 2 Holders of rec. Dec. 20
Boston Consolidated Gas. pref
334 Feb. 2 Holders of rec. Jan. 15
Buffalo General Electric (guar.)
2
Dec. 31 Holders of rec. Dec. 15a
Central Power, pref.(guar.)
134 Jan. 15 Holders of rec. Dec. 31
Chicago City Ry. (guar.)
•134 Dec. 30 'Holders of rec. Dec. 26
Chickasha Gas& Elec.,com.(quar.).... 1
Jan. 1 Dec. 24 to Jan. 1
Preferred (guar.)
1% Jan. 1 Dec. 24 to Jan. 1
CM. Newp1 & Coy. Lt.& Tr.,com.(qu.) •1%
Jan. 15 *Holders of rec. Dec. 31
Preferred (guar.)
'
1 34 Jan. 15 "Holders of rec. Dec. 31
Cuban Telephone, corn.(guar.)
2
Dec. 30 Dec. 16 to Dec. 30
Preferred (guar.)
134 Dec
Dec. 16 to Dec. 30
Eastern Kansas Power, pref. (guar.).- 134 Jan. 30
1 Holders of rec. Dec. 20
Eastern Texas Elec. Co., corn. (guar.). $1.25 Jan. 2
Holders of rec. Dec. 220
Preferred
334 Jan. 2 Holders of rec. Dec. 22a
Edison Elec. Ilium, of Brockton (extra) 50c.
Dec.
31
Holders
of rec. Dec. 220
Electric Light & Power Co. of Abington
& Rockland (guar.)
Jan. 2 Holders of rec. Dec. 23a
50c.
Elmira Water,Light & RR., 1st pi.(qu.) 134 Dec. 31 Holders
of rec. Dec. 20
Second preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 20
Harrisburg Light & Power, pref.(quar.)_ I%
Dec. 31 Holders of rec. Dec. 18
Houston Gas & Fuel, pref. (quar.)
134 Dec.
Holders of rec. Dec. 13
Internat. Utilities, pref., cl. A (guar.).- .8734c Jan. 31
"Holde.s of rec. Jan. 6
Kansas Electric Power, pref. (guar ).-- 134 Jan, 15
1 Holders of rec. Dec. 20
Kings County Lighting. 7% pref. (qu.). 4.
134 Jan. 1 *Holders of rec. Dec. 23
Long Island Lighting, pref. (guar.).134 Jan. 2 Holders of rec. Dec. 22
Lowell Elec. Light Corp. (extra)
75c. Dec. 31 Holders of rec. Dec. 240
Manchester Trac., Light Az Pr. (quar.)_ 2
Jan.
Holders of rec. Jan. 2
Memphis Power & Light, pref.(guar.).._ "134 Jan. 15
1 'Holders
rec. Dec. 20
Michigan Gas dz Elec.,7% prior pt.(qu.) *134 Jan. 1: Holders of rec.
of
Dec. 31
Six per cent preferred (guar.)
e134 Jan. 2 Holders of rec. Dee. 31
Montreal Telegraph (quar.)
2
Jan. 1. Jan. 1 to Jan. 15
Mountain States Power, pref. (guar.)- 134 Jan. 2,
Holders of rec. Dec. 31
New Jersey Power & Light. pref.(guar.) 134 Jan. : Holde.s of
rec. Dec. 20
Porto Rico Telephone, corn. (guar.). -- 2
Dec. 3 Holders of rec. Dec. 31a
Public Service Co. of Okla., corn. (qu.).
Jan. 1 Dec. 24 to Jan. 1
2
Prior lien stock (quar.)
134 Jan. 1 Dec. 24 to Jan. 1
Preferred (quar.)
134 Jan,
24 to Jan. 1
Public 8en Ice Co.of Okla., prior pt.(gu) •134 Dec. 31 Dec.
Holders of rec. Dec. 28
Preferred (guar )
Dec.
Holders of rec. Dec. 28
Public Service Elec. Power, pref. (guar.) '1(4 Feb. 3. Holders
•134
of rec. Jan. 15
Quebec Power, corn
Jan. 1: Holders of rec. Dec. 31
4
Preferred (guar.)
134 Jan. 1. Holders of rec. Dee. 31
Rutland Ry.. Lt. dz Pr., pref. (Czar.)..
134 Jan. 1. Holders of roe. Dec. 20
Savannah Elec. & Power, deb. A (qu.).
•2
Jan.
of rec. Dec. 13
South Pittsburgh Water, pref. (guar.).- *134 Jan. I:k 'Holders
'Holders of rec. Jan. 2
Southwestern Bell Telep., pref. (quar.). 134 Jan.
k Holders of rec. Dec. 20
Texas Electric Ry.. corn. (quar.)
1
Mar. 1 Holders of rec. Feb. 15
First preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 24
Second prefened (guar.)
134 Feb. 1 Holders of rec. Jan. 15
United Gas dr Elec. Co., preferred
234 Jan. It Holders of rec. Dec. 31
Western Power Corp
ref. (quar.).... 134 Jan. 11 Holders of rec. Jan. 8
Williamson Electric ..do., pref. (quar.).. 2
Jan. 1 Holders of rec. Dec. 20
York Rys., corn. (guar.)
•75c. Jan. lb 'Holders of rec. Jan. I
Preferred (guar.)
'6234c Jan. 31 'Holders of rec. Jan. 21
Banks,
Bigelow State (quar.)(No.2)
1
Dec. 31 Dec. 21 to Dec. 31
Federation (guar.)(No. 1)
*2
Dec. 31 'Holders of rec. Dec. 31
Fifth National (guar.)
234 Jan. 2 Dec. 24 to Jan. 1
First National (Brooklyn)(guar.)
3
Jan, 2 Holders of rec. Dec. 19
Extra
2
Jan. 2 Holders of rec. Dec. 19
Garfield National (guar.)
3
Dec. 31 Holders of rec. Dec. 27
Extra
3
Dec. 31 Holders of rec. Dec. 27
International Bank,Washington,D.C5
Jan. 15 Holders of rec. Jan. 1
National (Brooklyn)(guar.)_
3
J"n.
2 Holders of rec. Dec. 358
Extra
3
Jan. 2 Holders of rec. Dec. 30a
Peoples Commercial (guar.)
134 Dec. 31 Dec. 21 to Jan. 1
Peoples Narrolutt (iroordyn)
Jan. 2 Holders of rec. Dec. 230
Extra
Jan. 2 Holders of rec. Dec. 230
1
•
Trust Companies.
Westchester Titled: Trust
5
Jan. 6 Holders of rec. Dec. 31
Miscellaneous,
Alabama Fuel & Iron (quar.)
2
Jan.
Dec. 21 to Dec. 31
Alles & Fisher, Inc., corn. (guar.)
50c. Jan.
Holders of rec. Dec. 230
Preferred (guar.)
2
Jan.
Holders of rec. Dec. 23a
American Can, common (guar.)
1% Feb. 1 Holders of rec. Jan. 31a
Common (extra)
2
Feb. 1 Holders of roc. Jan. 31a
American Hardware (guar.)
3
Jan. 1 Dec. 18 to Jan. 1
Extra
3
Jan. 1 Dec. 18 to Jan. 1
American Ice, common (guar.)
1% Jan. 26 Holders of rec. Jan. 5a
Preferred (guar.)
Jan. 26 Holders of rec. Jan. ba
134
American Spinning
5
Dec. 31 Holders of Tee. Dec. 27a
Anaconda Copper Mining
750. Feb. 16 Holders of rec. Jan. 17
Androscoggin Mills
Jan,
3
2 Holders of rec. Dec. 230
Arlington Mills (guar.)
2
Jan. 2 Holders of rec. Dec. 23a
Arundel Corporation, corn. (guar.)
Jan.
"$2
1
*Holders of rec. Dec. 27
Common (extra)
"al
Jan. 1 *Holders of rec. Dec. 27
Atlas Powder, pref.(guar.)
Feb.
1%
2
Holders of roc. Jan. 208
Auburn Automobile, pref.(guar.)
1% Jan. 1 Holders of rec. Dec. 20a
Augusta Knitting,common (guar.)
134 Jan. 1 Holders of rec. Dec. 31a
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 310
Balaban & Katz, corn. (monthly)
25c. Jan. 1 Holders of rec. Dec. 200
Bancitaly Corporation (guar.)
2
Jan. 2 Dec. 14 to Jan. 1
Barker Bros., first preferred (guar.).
- 1% Jan. 1 Holders of rec. Dec. 15
Second preferred (guar.)
134 Jan.
Holders of rec. Dec. 15
Belton Mills, common
Jan.
Dec. 21 to Dec. 31
Preferred
3% Jan.
Dec. 21 to Dec. 31
Black & Decker Mfg., corn. (quar.)._.
2
Dec. 3 Dec. 27 to Jan. 1
Common (extra)
2
Dec. 31 Dec. 27 to Jan. 1
Preferred (guar.)
2
Dec. 31 Dec. 27 to Jan. 1
Bliss(E. W.) Co.. common (guar.)
•25c. Jan. 2 *Holders of rec. Dec. 22
First preferred (guar.)
*$1
Jan. 2 *Holders of rec. Dec. 22
Preferred B (quar.)
•15c. Jan. 2 'Holders of rec. Dec. 22
Blumenthal (Sidney) & Co.. pref.
(qtr.). 1% Jan. 2 Holders of rec. Dee. 156
Borden (Richard) Mfg.
(quay.).... 134 Jan. 2 Holders of rec. Doe, 23a
Boston Morris Plan Co. Co.
(guar.)
1% Deo, 18 Holders of rec. Dec. 15a
Boston Sand & Gravel,common
(guar.). 2
Jan. 1 Holders of rec. Dec. 204
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 200
First preferred (guar.)
2
Jan.
1 Holders of rec. Dec. 200
Browning Company, preferred (guar.)._
134 Jan. 1 Holders of roe. Dec. 206
Canada Salt (guar.)
Jan. 2 Dec. 22 to Jan. 1
Canadian Industrial Alcohol
(guar.)32c. Jan. 15 Holders of rec. Dec. 31
Chicago Pneumatic Tool
Jan. 26 'Holders of rec. Jan. lo
Chicago Ry.Equipment,(guar.)
common (qu.). *75c. Dec. 31 *Holders of rec.
Dec. 20
Preferred (guar.)
'
134 Dec. 31 "Holders of rec. Dec.
20
Cleveland Union Stock Yards
Jan. 2 Holders of rec. Doc. 19
(gnarl-, 2
Coleman & Bell Co.. partic. pref.
(guar.) 1% Dec. 31 Holders of rec. Dec.
Columbia Sugar (guar.)
31
•1yi Jan. 2 *Holders
of rec. Dec. 20
Commercial Credit, common (quar.)...
$1.50 130e. 31 Holders of roe. Dec. 20
Preferred (guar.)
144
Deo,
31
Holders
of rec. Dec. 20
Preferred B (guar.)
2
Dec. 31 Holders of rec. Dec. 20
Concrete Steel, preferred
$3.50 Jan. 2 Holders of rec. Dec. 26
Corn Products Refining, corn. (guar.)._ .50c.
Jan. 20 'Holders of rec. Jan. 6
Preferred (quay.)
Jan. 1 *Holders of rec. Jan. 5
Cudahy Packing, common (guar.)
1
Jan. 1 Jan. 6 to Jan. 15
Davis Coal &'Coke
Jan. 1 *Holders of rec. Dec. 31
Eisenstadt Mfg., pref. (guar.)
1% Jan. 2 Holders of rec. Dec.
22
Nano of Company.
(VoL. 119,
THE CHRONICLE
2980
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Beats Closed.
Days Inclusive.
Railroads (Steam)(Concluded).
Miscellaneous (Concluded).
$10 Dec. 29 Holders of me. Dec. 196
Mahoning Coal RR.,corn. (guar.)
Jan. 2 Holders of rec. Dec. 20
2
Hader Mfg., 1st pref. (quar.)
$1.25 Jan. 2 Holders of rec. Dec. 19a
Preferred
Feb. 2 *Holders of rec. Jan. 15
*2
Hen National Watch (quar.)
Jan. 29 Holders of rec. Jan. 24
10
1
Central
Michigan
Jan.
to
25
Dee.
1
Jan.
$1
Bstey-Welte Corp.. common
134 Feb. 2 Holders of rec. Jan. lba
Missouri-Kansas-Texas, pref. A (No.1)
Jan. 1 Dec. 25 to Jan. 1
4
Preferred
Jan. 2 Dec. 2 to Jan. 1
2
&
Birmingham
Mobile
20
Dec.
rec.
of
*Holders
1
Jan.
•154
Falcon Steel, pref. (guar.)
414 Jan. 2 Holders of rec. Dec. 90
9
Morris & Essex
Federal Food Stores, Inc., preferred_- 334 Jan. 10 Jan. 1 to Jan. 27
314 Dec. 80 Holders of Tee. Dec. 16a
Mobile& Ohio
Dec.
Flrestone-Apeley Rubber, preferred.... 334 Jan. 1 Holders of rec. Dec.
134 Feb 2 Jan. 3 to Jan. 28
20
New York Central RR.(guar.)
Jan. 1 Holders of rec.
$2
Florence Stove, common (guar.)
134 Jan. 2 Holders of roe. Nov. lbe
&
St.
(qu.)
&
Louis,
Pf.
com.
Chic.
20
N.Y.
$1.88 Jan. 1 Holders of rec. Dec.
Preferred (guar.)
$2.50 Jan. 2 Holders of roe. Dec. 154
corn,and pref._
Harlem.
&
20
New
York
Dec.
rec.
of
Holders
1
Jan.
20c.
corn.
(qu.)
Machine,
de
Bros.
Gear
Foote
Jan. 2 Holders of rec. Dec. 13a
1%
(guar.)._
Weetern
&
20
Y.
Dec.
N.
Lackawanna
rec.
of
Holders
20e. Jan. 1
Common (extra)
Jan. 15 Holders of rec. Dec. 310
$2
Northern Central
134 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
134 Feb. 2 Holders of roe. Dec. 31a
Pacific
(guar.)
22
Northern
Dec.
rec.
of
Holders
1
Jan.
75c.
Foster(W. C.) Co.. common (quar.)
Jan: 10 Dec. 25 to Jan. 11
Northern Securities (guar.)
134 Jan. 1 Holders of rec. Dec. 22
Preferred (quar.)
•14f Jan. 1 *Holders of roc. Dee. 13
Old Colony RR.(guar.)
3754c. Jan. 1 Holders of rec. Dec. 22
Preferred (extra)
1
Jan. 2 Holders of roe. Dec. 150
(guar.)
7
common
Pere
Marquette,
Jan.
rec.
of
*Holders
*50c. Jan. 15
General Refractories (guar.)
114 Feb. 2 Holders of me. Jan. 120
Prior preference (quer.)
Dec. 20 Holders of rec. Dec. 10
$3
General Tire & Rubber, corn. (extra)
134 Feb. 2 Holders of ree. Jan. 130
cent
20
preferred
per
Dec.
Five
(guar.)
rec.
of
Holders
1
Jan.
134
General Tire & Rubber, pref. (quar.)_ _ _
Dec. 30 *Holders of rec. Dec. 15
Philadelphia Baltimore & Washington_ _ ca
Jan. 15 Holders of rec. Jan. 2
Hoe (R.) & Co., Inc., Class A (guar.).- $1
234 Jan. 10 Jan. 1 to Jan. 11
Philadelphia & Trenton (quar.)
*134 Feb. 1 *Holders of rec. Jan. 20
• Hood Rubber, preferred (guar.)
2 Holders of rec. Doe. 100
Jan.
(quay.).
154
Wayne
&
Ft.
Chic..
corn.
3
Pitts.
Jan.
rec.
of
*Holders
15
.2.40 Jan.
Illinois Brick (guar.)
134 Jan. 6 Holders of rec. Doe, 10a
Preferred ((suer.)
*2.40 Apr. 15 *Holders of rec. Apr. 3
Quarterly
$2.50 Feb. 2 Holders of Fee. Jan. 12a
Pittsburgh & Lake Erie
3
July
rec.
of
*Holders
15
July
*2.40
Quarterly
Pittsburgh McKeesport& Youghiogheny $1.50 Jan. 2 Molders of roe. Dec. 15
*2.40 Oct. 15 *Heider& of rec. Oct. 3
Quarterly-,
Pittsouren a West irwinia pref. tuner.) 134 Feb. 28 Holders of rec. Feb.2'254
Jan. 1 Holders of rec. Dec. 20
. India Tire & Rubber, common (extra)_ - 1
$1
Feb. 12 Holders of roe. Jan. 1542
24
Dec.
Reading Company,common (quar.)
rec.
of
Holders
2
Jan.
• Industrial Acceptance Corp.,1st pf.(eu.) 154
50o. Jan. 8 Holders of rec. Dee. 230
23
Second preferred (quar.)
rec. Dec.
Kendall Manufacturing, pref.(guar.).-- 134 Jan. 1 Holders of
4
Jan. 2 Holders of roe, Dec. 15a
& Saratoga
Rensselaer
20
Dec.
rec.
of
*Holders
1
Jan.
•134
Liberty Steel, preferred (guar.)
St. Louis & San Francisco, COM.(No. 1) 134 Jan. 15 Holders of rec. Jan. 2.
254 Jan. 15 Holders of rec. Jan. 3
Lord & Taylor, common
1%
Feb. 2 Holders of roe. Jan. 15a
Preferred, Series A (guar.)
Feb. 1 Holders of rec. Jan. 19
2
Second preferred (guar.)
134 May 1 Holders of red. Apr. 156
Preferred, Series A (guar.)
134 Jan. 19 Holders of rec. Jan. 3
Maple Leaf Milling, preferred (guar.)._
Aug. 1 Holders of roe. July lba
155
(guar.)
A
22a
Series
Dec.
Preferred,
rec.
of
Marlin-RockweIrCorp., pref. (guar.).- 134 Jan. 2 Holders of rec. Dec. 22
155 Nov. 2 Holders of roe. Oct. 15a
Preferred, Series A (guar.)
13 Jan. 2 Holders
McCaskey Register, let pref.(quar.)
Dec.
31 Holders of rec. Dec. 150
(guar.)._
pref.
154
Louis
Southwestern,
22
Bt.
Dec.
rec.
of
Holders
Jan. 2
2
Medart (Fred.) Co., pref.(quar.)
1% Jan. 2 Holders of reo. Nov.2130
Southern Pacific Co.(guar.)
Jan. 10 Holders of rec. Dec. 31
Miles Detroit Theatre Co.(guar.)._ _ *4
common (quar.).___ 134 Feb. 2 Holders of roe. Jan. 100
Railway,
22
Dec.
Southern
rec.
of
Holders
Jan.
2
134
Nashua Manufacturing, pref. (guar.).156 Jan. 15 Holders of rec. Jan. 2a
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 20
Naumkeag Steam Cotton; Co.(quar.)... 3
6
Jan, 15 Holders of rec. Dec. 26a
Troy Union Railway
*45o. Dec. 31 *Holders of rec. Dec. 20
Newton Steel, common (quar.)
214 Jan. 2 Holders of roe. Dec. 1
Pacific.
20
corn.
(guar.)
Dec.
Union
rec.
of
*Holders
31
Dec.
*154
Preferred (quar.)
Jan. 10 Dec. 21 to Dec. 31
(guar.)
214
Cos.
Canal
&
5
United N.J. RR.
234 Jan. 15 Holders of rec. Jan.
New York Dock, preferred
2% Jan. 2 Holders of me. Dee. lea
Valley RR.(N. Y.)
Jan. 2 Holders of rec. Dec. 20
New York Title a, Mortgage Co.(quar.). 3
4
common
Dec. 81 Holders of rec. Dec. 20
2
Railway,
Jan.
Virginian
rec.
of
*50c. Jan. 15 *Holders
New York Transportation (quar.)
Western Pacific RR.Corp., prof.(guar.) 114 Jan. 6 Holders of rec. Dec. 230
*15c. Jan. 20 *Jan. 1 to Jan. 18
Nipistang Mines, Ltd.(guar.)
18
Jan.
to
1
*Jan.
20
*15e. Jan.
Extra
Public Utilities.
75c. Apr. 1 Holders of rec. Mar. 16
Owens Bottle, corn. (guar.)
154 Jan. 1 Holders of roe. Dec. 20
Alabama Power, preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 16
Preferred (quar.)
154 Jan. 14 Holders o rec. Dee, 310
Cables(QUM%)
America
20
Dec.
All
rec.
of
154 Jan. 2 Holders
Penick & Ford, Ltd., preferred (guar.)._
$1.75
(qu.)
Jan. 2 Holders of rec. Dec. 16s
pd.
full
.
pf
AM:W.& Foreign Pow.,
Jan. 2 Holders of rec. Dec. 20
Preferred (account accumulated diva.) 61
eds.)
c. Jan. 2 Holders of rec. Dee. is.
4354
allot.
paid
31
(25%
Dec.
Pref.
rec.
of
*Holders
15
Jan.
Pennsylvania Salt Manufacturing (qu.). •$1.25
1%
15 Holders of rec. Jan. 24
Jan.
(guar.)
Gas
American
rec. Dec. 20
Parker-Young Co., preferred (guar.)... 134 Jan. 1 Holders of
(guar.)._
250. Jan. 2 Holders of rec. Dee. 10
Feb. 2 Holders of rec. Jan. 15a American Gas St Electric. corn.
$2
Philadelphia Insulated Wire
stock)
Jan.
2 Holders of rec. Dec. 10
com.
(o)
in
payable
(extra
Common
26
Dec.
rec.
of
Dec. 31 *Holders
•$2
Pilgrim Mills, common (guar.)
Common (special pay. in com.stock). (0) Jan. 2 Holders of rec. Dec. 10
•154 Jan. 20 *Holders of rec. Jan. 9
Pittsburgh Coal. preferred (quar.)
154 Feb. 2 Holders of rec. Jan. 10
(guar.)
1
Jan.
Preferred
rec.
of
*Holders
20
Jan.
•154
Plymouth Cordage (User.)
American Power & Light, pref.(guar.)._ 1% Jan. 2 Holders of rec. D.16
of rec Dec. 25
Rice-Stix Dry Goods, corn. (quar.)_... 134 Jan. 2 Holders
American Public Service. pref. (guar.).- 154 Jan. 2 Holders of rec. Dec. 15
144 Jan. 2 Holders of rec. Dec. 26
First and second pref. (quar.)
20
Public Utilities, prior pref.(qu.). 15-4 Jan. 2 Holders of rec. Dee. 150
Dec.
Amer.
rec.
of
Holders
154 Jan. 2
Riehman Bros. (guar.)
134 Jan. 2 Holders of roc. Deo. 16
Participating preferred (guar.)
's12 Jan. 15 Holders of rec. Dec. 31
St. Lawrence Paper Mills, pref
20
Telephone & Telegraph (guar.)._ 234 Jan15'25 Holders of roe. Dec. 206
Dec.
Amer.
rec.
of
Holders
2
Jan.
3
Scruggs-V.. B. Dry Goods, 1st pref
Ap15'25 Holder*,of rec.Mar.17'26a
254
20
Dec.
Quarterly
rec.
334 Jan. 2 Holders of
Second preferred
134 Dec. 31 Holders of rec. Dec. 15
Amherst Gas (guar.)
Dec. 31
Sharon Steel Hoop. preferred (guar.).- *2
2 Holders of rec. Dec. 19
Jan.
(guar.)._
154
pref.
Power,
Central
10
Arkansas
rec.
of
Jan.
Holders
20
Jan.
Smith (Howard) Paper Mills, pref.(qu.) 2
Arkansas Light de Power. pref.(quar.)-- 1% Jan. 1 Dec. 18 to Jan. 1
Spanish River Pulp & Paper Mills,
8e. Dec. 31 Holders of rec. Dec. 106
Gas (quar.)
31
Dec.
Natural
rec.
of
Arkansas
Holders
15
Jan.
154
common and preferred (guar.)
154 Jan. 2 Holders of rec. Dee. 17
of roe. Dec. 26
Asheville Power & Light, pref.(quar.)_
Sterling Oil de Development (extra).. .40c. Dec. 31 *Holders
10
Associated Gas & Elec., pref.(guar.).- 87%e. Jan. 2 Holders of roe. Dec.
Feb. 2 *Holders of rec. Jan. 15
•$1
Sterling Products (quar.)
12540. Apr.1'25 Holders Of MC. Mar. 16
5
(extra)
Jan.
rec.
of
Preferred
Holders
15
Jan.
$1.50
Superheater Co. (guar.)
lb
roe.
June
of
Holders
12540.
July1'26
Preferred (extra)
Jan. 3 Holders of rec. Dec. 23
$4
Extra
12340. Oct.1'35 Holders of red. Sept.15
Preferred (extra)
75c, Feb. 2 Holders of rec. Jan. 16
Superior Steel,common (guar.)
Dee. 15
rec.
of
Holders
Jan1'26
125515.
4
Jan.
(extra)
rec.
of
Preferred
*Holders
Traneue & Williams Steel Forg.(guar.) •75c. Jan. 15
$1.25 Jan. 2 Holders of rec. Dec. 15
Baltimore Electric, preferred
35c. Jan. 1 Dec. 21 to Jan. 1
Trumbull Steel. common (quar.)
10
Bangor Ry.& Electric. prof.(quer.).- - 134 Jan. 2 Holders of rec. Dec.
134 Jan. 1 Dec. 21 to Jan. 1
Preferred (guar.)
Jan. 16 Holders of roe. Dec. 23
2
(guar.)
Canada
10
Bell Telephone of
Dec. 23 *Holders of rec. Dec.
*2
Union Ice (Pittsburgh)
20
Dec.
•5114
rec.
of
Jan. 15 *Holders
Bell Telephone of Pa., pref. (quar.).....
154 Dec. 31 Holders of rec. Dec. 20
Union Twist Drill, pref. (quar.)
200
Binghamton Light, Heat & Power, cont. 255 Jan. 2 Holders of rec. Dec.
Dec. 31 Holders of.rec. Dec. 10
U.S. Bobbin & Shuttle,common (guar.) 61
154 Jan. 2 Holders of roc. Dec. 204
Seven per cent preferred (guar.)
54 Dec. 31 Holders of rec. Dec. 10
Preferred (guar.)
1)4 Jan. 2 Holders of rec. Dec. 200
(guar.)
preferred
cent
31
Dec.
rec.
per
of
Six
Holders
15
Jan.
75e.
U. S. Can, corn. (Oust.)
154 Jan. 2 Holders of rec. Dec. 180
Boston Elevated,common (quar.)
154 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 113a
First preferred
134 Dec. 31 Holders of rec. Dec. 23
U.S. Paper Goods, preferred (quar.).
Jan. 2 Holder* of rec. Dec. 18a
355
20
Dec.
Preferred
rec.
of
Holders
1
Wagner-Electric Co.. preferred (guar.).- 134 Jan.
1 Holders of rec. Dec. lfra
(qu.)
Jan.
pref
154
Brazilian Traci., Light & Pow.,
334 Jan. 2 Holders of rec. Dec. 24
Ware Radio Corp...preferred
-. 50o. Jan. 10 Holders of rec. Doe, 31a
(quar.).
Gas,
COM.
Borough
20
Dec.
rec.
of
Brooklyn
Holders
Jan.
2
$1
Warren Brothers Co., common (quer.).2
Holders of rec. Dec. 244
Jan.
154
Preferred (quar.)-134 Jan. 2 Holders of rec. Dec. 20
First preferred ((suar.)
310
Brooklyn-Manhattan Transit. pf. (eau.) $1.50 Jan. 16 Holders of rec. Dee.
154 Jan. 2 Holders of rec. Dec. 20
Second preferred (guar.)
of rec. Dec. lle
Holders
2
Jan.
Si
Gas
Union
(guar.)
Brooklyn
9
Dec.
Warner Bros. Pictures,cl. A (qu.)(No.1) .3754c Jan. 2 *Holders of rec. Dec. 20
rec.
of
Holders
1
Jan.
114
(guar.)._
C.
Capital Tract., Wash., D.
*354 Dec. 31
Welsbach Company, preferred
rec. Jan. lb
Carolina Power& Light,common (guar.) 1% Feb. 2 Holders of
$1.50 Jan. 31 Holders of rec. Dec. 31
17
DOC.
Westinghouse Air Brake (quar.)
rec.
of
Holders
2
Jan.
154
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 27
2
rec. Dec. 15
Winnsboro Mills, common (guar.)
Central Illinois Light,6% prof.(qua?.).. 155 Jan. 2 Holders of
134 Jan. 2 Holders of rec. Dec. 27
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 115
Seven per cent preferred (quar.)
rec. Dec. 316
of
Holders
15
Jan.
.50
$1
(quar.)_
pref.
Cent. Illinois Pub. Serv..
131 Jan. 2 Holders of rec. Dec. 10
pref. (qu.)_
Below we give the dividends announced in previous weeks Central Staten Elec. Corp..
rec. Dec. 170
of
Holden
1
Jan.
(eu.)
pf.
Milw.,
&
1)4
anShore
dividends
North
Chicago
and not yet paid. This list does not include
154 Jan. 1 Holders of rec. Dec. 17a
Prior lien preferred (guar.)
Jan. 1 Holders of rec. Dec,16a
nounced this week, these being given in the preceding table. Chicago Rapid Transit, pilot p1.(mthly 65c.
660. Feb. 2 Holders of rec. Jan. 134
Prior preferred (monthly)
65c Mar. 2 Mailers of rec. Feb. 106
Prior preferred (monthly)
Books Closed.
When
Per
to Jan. I
$1
Jan. 2 Dec 21
(qu.)
Telep.
Bell
Suburban
c.
Cincinnati
Days Inclusive.
Cent. Payable.
1
Name of Conspany.
Citizens Passenger By., Phila. (guar.).- $3.50 Jan. 1 Dec. 21 of to Jan.
134 Dec. $31 Holders roe. Dec. 12
Railway (quar.)
Cleveland
150
Dec.
rep.
of
1
Railroads (Steam).
Holders
Jan.
154
(guar.)
A
pref.
Elec.,
Coast Valley Gas de
Holders of rec. Jan. 16
Alabama Great Southern, preferred- - 334 Feb. 16
134 Jan. 1 Holders of rec. Dec. 16
Preferred B (guar.)
434 Jan. 2 Holders of rec. Dec 15a
Albany & Susquehanna
corn.(qu.). 254 Jan. 2 Holders of rec. Dec. 13
10 Holders of rec. Dec. 220 Columbus Electric & Power,
Jan.
2
154 Jan. 2 Holders of rec. Dec. 13.
Special
First preferred, Series A (guar.)
Jan. 1 Holders of rec. Dec. 200
3
Allegheny Western
154 Jan, 2 Holders of rec. Dec. 13a
Second preferred (guar.)
254 Feb. 2 Holders of rec. Dec. 310
)
Ori..pkqu
154 Dec. 31 Dec. 11 to Jan. la
Atchison Topeka & Santa Fe, pref
New
P..
&
L.
334 Jan. 10 Holders of rec. Dec. 15a Consumers El.
Atlantic Coast Line RR., common
Power.6.6% pref. (mthly.) 56e. Jan. 2 Holders of rec. Dec. 15
Consumers
10a
Jan.
rec.
of
Holders
2
Mar.
134
Baltimore & Ohio,common (quar.)
151 Jan. 2 Holders of rec. Dec. lb
(guar.)
preferred
6%
100
Mar. 2 Holders of rec. Jan.
1
154 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
7% preferred (guar.)
1 Holders of roe. Dec. 200
1.65 Jan. 2 Holders of rec. Dec. 15
Bangor & Aroostook, common (quar.)-- 154 Jan.
(guar.)
preferred
6.6%
lba
Dec.
rec.
of
154 Jan. 1 Holders
Jan. 2 Holders of rec. Dec. 16
Balt..com.(qu.)
Preferred (guar.)
Pr..
50c. Jan. 2 Holders of rec. Dec. 15a Cons.Gas El. L.& (guar.)
Jan. 2 Holders of rec. Dec. lb
2
Beech Creek (quar.)
Preferred Smite A
roe. Nov.29
of
Holders
31
Dec.
234
2 v Holders of ree. Dec. lb
Boston & Albany (quar.)
Jan.
154
(quar.)
B
Series
15a
Preferred
Jan. 2 Holders of rec. Dec.
154 Jan. 2 Holders of rec. Dec. 15
Boston, Revere Beach & Lynn (quar.)-- 134
Series C (quer.)
Preferred
10a
Dec.
rec.
of
Holders
30
Dec.
151
760.
)
1'26
Holders of rec. Dee. 130
(qu
•
Jan
corn
Buffalo & Susquehanna, corn. (quar.).- 2
Corp.,
El
le
Ga.
nental
'oral
10a
it
Dec.
rec.
of
Dec. 30 Holders
Preferred
Common(payable In common stock) nee. Jan 1'25 Holders of rec. Dec. 130
155 Feb. 2 Holders of rec. Jan. 20
1'25 Holders of rec. Dec. 13a
Jan
Canada Southern
(quar.)
154
preferred
la
Dec.
Participating
roe.
of
Holders
31
234 Dec.
Canadian Pacific, corn. (guar.)
11 Jan 1'25 Holders of rec. Dec. 136
Participating preferred (extra)
Jan. 1 Holders of rec. Dec. ba
2
e% Jan 1'25 Holders of rec. Dec. 130
Chesapeake & Ohio, common
Panic. pref.(Payable in corn.stock)
334 Jan. 1 Holders of rec. Dec. 5n
154
Preferred
Jan 1'25 Holders of rec. Dee. 130
(guar.)
27
Dec.
Preferred
rec.
of
254 Jan, 10 Holders
154 Jan 1'25 Holders of rec. Dec. 130
Chicago Indianan. & Louisville, com
cninr nreferred (quar.)
Jan. 10 Holders of rec. Dee. 27
2
Preferred
Jan. 2 Holders of me. Dee. 20a
1
com.
(guar.)
Light.
&
la
Power
Dayton
Dec.
rec.
of
Holders
31
Dec.
2
Chicago & North Western, com
134 Jan. 2 Holders of roe. Dee. 200
Preferred (guar.)
31 Holders of rec. Dec. la
Dec.
354
2
Jan. lb Holders of rec. Dee. 200
Preferred
ba Detroit Edison (guar.)
354 Dec. 31 Holders of rec. Dec. 50
31
Chic. R. I. & Perin*, 7% preferred
Dominion Power & Transmis'n, p1.(au) 134 Jan. 15 Dee. 22 to Dec.
Dec. 31 Holders of rec. Dec.
3
i
Six per cent preferred
Jan. 2 Holders of rec. Dec. 16a
(guar.).
Dec. 31 Holders of rim. Dec. la Duluth-Superior Traction, pref.
Holders of rec. Dec. 31
15
Chic., St. Paul. Minn. & Omaha, pref._ 6
Jan.
134
A
pref.,
Cl.
Water,
(guar.).Bay
2
East
Jan.
rec.
of
Holders
20
154 Jan. 15 Holders of rec. Dec. 31
Cleve. C.C.& St. I... corn.& pf (qu.).. 154 Jan.
Preferred, Class B (qua?.)
Dec. 31 Dec. 14 to Jan. 1
2
Colorado & Southern, let preferred
Dec. 31 Holders of rec. Dec. 16
2
Easthampton Gas (guar.)
Dec. 31 Dee. 14 to Jan. 1
4
Jan. 15 Holders of rec. Jan. 20
261 preferred
154
A
pref.
(guar.)
Co.,
Electric
'25••
15
Paso
El
Jan
rec
Febl'25 Holden of
3
Jan. 15 Holders of rec. Jan. 24
154
Cuba RR.. preferred
Preferred B (guar.)
Jan. 15 Holders of rec. Jan. 8a
3
Detroit River Tunnel
662-3 Jan. 1 Holders of roe. Dec. lbs
Empire Gas & Fuel (monthly)
255 Feb. 2 Holders of rec. Dee. 26a
Great Northern Railway, preferred
Jan. 2 Holders of rec. Dec. 16a
$1
(guar.)
cont.
Dec. 31 Holders of rec. Dec. 6a Federal Light & Traction.
2
reo. Dec. lba
Hocking Valley RR
Common(pay.In 6% cum. pref.stk.) m75o. Jan. 2 Holders of
Jan 2 Dec. 12 to Jan. 4
2
Jan. 2 Holders of ree. Dec. 204
/Illinois Central, leased lines
154
240
pref.
(guar.).Service,
Public
Dec.
Florida
rec.
Holders of
5
Jan.
144
to
Jan. 1
2
Dec.
1
Jan.
&
(guar.)
Joliet Chicago
Jan. 15 Holders of rec. Dec. 310 Frankford & Southwark Pass. By. NUJ- $4.60 Jan. 2 Holders of rec. Dec. 15
Kansas City Southern By.,pref.(guar.) $1
$2
Jan. 2 Holders of rec. Dec. 6a General Gas& Elec. Corp.,el.A pf (qu.) $1.76
1
of
Dec. 15
rec.
Holders
2
Jan.
Lackawanna RR. of N. J. (guar.)
Class B. preferred (guar.)
8755c Jan. 2 Holders of rec. Dec. 13a
Lehigh Valley, common (guar.)
Jan. 1 Holders of ree. Dec. 204
2
$1.25 Jan. 2 Holders of rec. Dec. 13a Os Ry.& Pow, I st pref. cum.8% (qu.) 151 Jan. 1 Holders of rec. Dec. 204
il-eferred (guar.)
2
Feb.
(guar.)
cum.
7%
First
pref.
rec.
Feb. 16 *Holders of
Loulav. Head. & St. Louis, pref. (ann'l) *4
Germantown Passenger fly,. Phila.(g u) $1.31 Jan. 6 Dee. 18 to Jan.
Feb. 10 Holders of rec. Jan. 15
3
Louisville & Nashville
DEC. 27 1924.]
name of ComPanr.
THE CHRONICLE
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Gold & Stock Telegraph (quar.)
•134 Jan. 2 *Holders of roe. Jan.
2
Greenfield Elec. Light & Pow.,oom.(qu) 2
Dec. 81 Holders of rec. Dec. 15
Employees' stock
200. Dee. 31 Holders of rec. Dec. 15
Preferred (gear.)
38e. Dec. 31 Holders of roe. Dec. 15
Haverhill Gas Light (quar.)
57e. Jan. 2 Holders of rec. Dec. 15
Houston Gas & Fuel. pref. (guar.)
134 Dec. 31 Holders of rec. Dec. 13
Illinois Bell Telephone(guar.)
2
Dee, 31 Holders of rec. Dec. 30a
Illinois Power & Light,7% pref.(qu.)
134 Jan. 2 Holders of rec. Dec. 10
Participating preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 10
Minola Traction, preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 20
International Telep.& Teleg.(quar.)134 Jan. 15 Holders of rec. Dec. 27a
Jersey Cent.P.& I.. Corp., part. p1.(qu) 134 Jan. 1 Holders of rec. Dec. 17
Kansas City Pow. & Lt. pref. A (guar.) $1 .75 Jan, 1 Holders of rec. Dec. 160
Kansas Gas & Electric do., pref.(guar.) 134 Jan. 2 Holders of rec. Dec. 20
Kentucky Securities, common (Quar.)-- 134 Jan. 2 Holders of rec. Dec. 22a
Preferred (guar.)
136 Jan. 15 Holders of rec. Dee. 220
Mackay Companies,common (quar.)_
1M Jan. 2 Holders of rec. Dec. (la
Preferred (guar.)
1
Jan. 2 Holders of rec. Dec. 6a
Manila Electric Co., common (guar.)_
6234c Dec. 31 Holders of rec. Dec 180
Manufacturers Light & Heat(guar.)_ _ _ _ $1 Jan. 15 'Holders of rec. Dec. 31a
Massachusetts Ltg. Cos..6% prof. (qu.) 134 Jan. 15 Holders of rec. Dec. 26
Eight per cent preferred (guar.)
2
Jan. 15 Holders of rec. Dec. 26
Metropolitan Edison, preferred (quar.)_ $1.75 Jan. 2 Holders of rec. Dec. 200
Middle West Utilities, pref. (quar.)
134 Jan. 15 Holders of rec. Dec. 31a
Minnesota Power & Light, pref. (quar.)_
134 Jan, 2 Holders of rec. Dec. 15
Mississippi Power & Light, pref. (guar.) 2
Jan. 1 Dec. 16 to Jan. 14
Mississippi River Power, pref. (guar.).
134 Jan. 2 Holders of rec. Dec. 200
Missouri Power & Light, pref. (guar.)_ _ $1.75 Jan. 2 Holders of rec. Dec. 20a
Mohawk Valley Co.(guar.)
*2
Jan. 2 *Holders of rec. Dec. 22
Extra
*4
Jan. 2 *Holders of rec. Dec. 22
Monon. W.Penn.Pub.Ser.7% Pf.(qu.) 4334c. Jan. 2 Holders of rec. Dec. 1545
6% preferred (guar.)
37350. Jan. 2 Holders of rec. Dec. 15a
Montana Power,com.(guar.)
1
Jan. 2 Holders of rec. Dec. 12a
Preferred (guar.)
134 Jan. 2 Holders of roe. Dec. 12a
Narragansett Electric Lighting (quar.)_. $1
Jan. 2 Holders of rec. Dec. 13a
National Fuel Gas(guar.)
Jan. 15 *Holders of rec. Dec. 31
Nat. Power dr Light. Preferred ((Mar.)- $1.75 Jan. 2 Holders of roe. Dec. 10
Nevada-California Elec., pref.(guar.)._
134 Feb. 2 Holders of rec. Dec.d30a
New England TeleP. & Tales. (guar.)-- 2
Dec. 81 Holders of rec. Dec. 10
New Orleans Public fiery., Inc., p1.(qu.) 134 Jan. 2 Holders of rec.
Doc. 20
Newport News & Hampton Railway.
Gas & Electric, preferred (guar.). -- 1)4 Jan. 1 Holders of rec. Dec. 150
New York State Railways, pref.(quar.)_
114 Jan. 2 Holders of rec. Dec. 26a
New York Telephone, prof.(guar.)
134 Jan. 15 Holders of rec. Dec. 20
Niagara Falls Power, preferred (Quar.)-- 4334 Jan. 15 Holders of rec. Dec. 31a
Niagara Lockp.& Ont. Pow., corn.(qu.) 50e. Jan. 2 Holders of rec. Dec. 15
Common (extra)
25c. Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
13.4 Jan. 2 Holders of rec. Dec. 15a
North Amer. Light & Pow..7% IA.(qu.) 13i Jan. 2 Holders of rec. Dec. 20
Northern Indiana Gas & Elec.. pf.
.A (qu) 194 Jan. 14 Holders of rec. Dec. 31
North. Ohio'Frac.& Lt.,6% Pt. (guar.) 134 Jan. 2 Holders of rec. Dee. 15
Seven per cent preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Northern States Power(Del.),corn.(qu.) 2
Feb. 2 Holders of rec. Dec. 31
Preferred (guar.)
134 Jan. 20 Holders of rec. Dec. 31
Northern Utilities, prior lien (guar)
*81.75 Jan. 2 *Holders of rec. Doe. 15
Northwestern Telegraph
$1.50 Jan
Dec. 16 to
Jan. 1
Ohio Bell Telephone, pref. (guar.)
Jan. 2 Holders of rec. Dec. 20
Ohio Edison, 6% preferred (guar.)
$1.50 Mar. 1 Holders of rec. Feb. 15
6.6% preferred (guar.)
$1.85 Mar. 1 Holders of rec. Feb. 15
Seven per cent preferred (guar.)
$1.75 Mar. 1 Holders of rec. Feb. 15
Ohio River Edison Co., 7% pref.(guar.) 4.1% Jan. 2 *Holders of rec. Dec. 22
Oklahoma Natural Gas (guar.)
500. Jan. 20 Holders of rec. Dec. 26a
Ottawa Light, Heat& Power,corn.(qu.) 1% Dec. 31 Holders of rec. Doe. 15a
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 16a
Ottawa Traction (guar.)
1
Jan. 2 Holders of roe. Dec. 15
Bonus
1
Jan. 2 Holders of roe. Dec. 15
PacificGas & Electric Co., corn.(guar.). 2
Jan. 15 Holders of rec. Dec. 31a
Pacific Teloph. & Teleg., Pref.(guar.)._
134 Jan. 15 Holders of rec. Dec. 3Ia
Panama Power & Light Corp., prof.(qu.) 134 Jan. 2 Holders of rec. Dec. 20
Penn Central Light &Pow.,corn.
3730 Jan. 2 Holders of rec. Dec. 10a
Common (extra)
100. Jan. 2 Holders of rec. Dec. 10a
Preferred (guar.)
$1
Jan. 2 Holders of rec. Dec. 1045
Preferred (extra)
10c. Jan. 2 Holders of rec. Dec. 10a
Pennsylvania 1.:(11son, pref.(guar.)
$2
Jan. 2 Holders of rec. Dec. 200
Pennsylvania Power & Light, pref. (qu.) $1.75 Jan. 1 Holders of rec. Dec. 15
Pennsylvania Water & Power (quar.)
2
Jan. 2 Holders of rec. Dec. 19a
Peoples Gas Light & Coke (guar.)
2
Jan. 17 Holders of rec. Jan. 3a
Philadelphia Rapid Transit (Qua?.)
750. Jan. 31 Holders of rec. Jan. 15a
Phila. & Western RI., Pref.(QUar.)-6234c Jan. 15 Holders of rec. Dec. 310
Pine Bluff Co., pref. (guar.)
136 Jan. 1 Dec. 16
Portland Elec. Pow.,8% let pref. (qu.) 136 Jan. 2 Holders to Jan. 14
oi rec. Dec. 18
Prior preference (guar.)
134 Jan. 2 Holders of rec. Dec. 18
Porto Rico Railways. Ltd.. pref.(guar.) 134 Jan. 2 Holders
of rec. Dec. 15
Providence Gas (guar.)
$I
Jan. 1
Public Service Corp. of N.J., corn.(qu.) $1,25 Dec. 31 Holders of rec. Dec. 15
Holders of rec. Dec. 12a
Eight per cent preferred (guar.)
2
Dec. 31 Holders of rec. Dec. 120
Seven per cent preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 12a
Puget Sound Pow. & Lt., corn. (qu.)
1
Jan. 15 Holders of rec. Dec. 20a
Prior preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 20a
Six per cent. preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 200
Reading Traction
75e. Jan. 1 Dec. 11 to Dec. 31
Ridge Ave. Pass. Ry., Phila. (guar.)._
$3 Jan. 2 Dec. 16 to Jan. 1
Rutland Ky.. Light & Power, pf.
134 Jan. 2 Holders of rec. Dec. 20a
Savannah Elec. & Pow..deb. let Pf.(qu.) 12
Jan. 2 Holders of rec. Dec. 13a
Sayre Electric Co., pref. (guar.)
1% Jan. 2 Holders of rec. Dec. 20a
Second & 3d Sta. Pass. Ry.. Phila.(cm.) $3
Jan. 1 Dec. 2 to Jan. 1
Shawinigan Water & Power(guar.)
1 M Jan. 10
Southeastern Power & Light, pref.(qu.) $1 75 Jan. 15 Holders of rec. Dec. 23
Holders of rec. Doc. 31a
Southern Canada Power, pref.(guar.)._
136 Jan. 15
Springfield Railway az Light. pref. (qu.) U( Jan. 2 Holders of rec. Dec. 31
Standard Gas & Electric, corn.(guar.)._ 75e. Jan. 26 Holders of rec. Dec. 15a
Holders of rec. Dec. 310
Seven per cent prior preferred (guar.). 1 M Jan. 26 Holders
of rec. Dec. 31
Standard Gas Light, New York, pref.__ 2
Dec. 31
Tennessee Elec. Power,7% 1st pf. (qu.) Hi Jan. 2 Holders of rec. Dec. 230
Holders
of
rec. Dec. 12
Six per cent first preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 12
Toledo-Edison Co., pref. (guar.)
2
Jan. 2 Holders
Turners Falls Power& Elec.,corn.(quar.) 1 M Dec. 31 Holders of rec. Dec. 15
of rec. Dec. 15
Employees stock (guar.)
15c. Dec. 31 Holders of rec. Dec. 15
Twin City Rap. Tran., Minncap.,cam
2
Dec. 31 Holders of rec. Dec. 16a
Preferred (guar.)
'
134 Dec. 31 Holders of rec. Dec. 16a
Union Passenger 11.37.. Philadelphia
$4.75 Jan. I Holders of rec. Dec. 15a
Union Traction. Philadelphia
11.50 Jan. 1 Holders of rec. Dec. 9a
United Gas & Elec. Corp., pref.(guar.). 134 Jan. 1 Holders
of rec. Dee. 16
United Gas Improvement,common(qu.) $1
Jan, 15 Holders of rec. Dec. 3Ia
Pref.(guar.)
8734c Mar.14 Holders of rec. Feb. 230
United Light & Power, corn. A & B (qu.) 40o. Feb. 2 Holders of
rec. Jan. 15a
Preferred class A (guar.)
81 62 Jan. 2 Holders of rec. Dec. 150
Preferred class B (guar.)
$1 Jan. 2 Holders of rec. Dec. 15a
Utah Gas & Coke, p1.& part. pr.(guar.) $1.75 Jan. 2 Holders of rec.
Dec. 15a
Utah Power & Light, preferred (guar.)
Jan. 2 Holders of
Vermont liydro-Elec. Corp., Pt.(MI.)._ 1( Jan. 2 Holders of rec. Dec. 10
rec. Dec. 20a
Virginia Ky.& Power,pref.(guar.)
Jan.d2I Holders of rec. Jan. 2
Washington Wat. Pow., Spokane (qu.)
2
Jan. 15 Holders of rec. Dec.
West Kootenay Power & Light. PI.(qu) 1M Jan. 2 Holders of rec. Dec. 240
23a
West Penn Co.. cont.(guar.)
$1
Dec. 31 Holders of rec. Dec. 15a
West Penn Power Co..7% pref.(guar.)
1% Feb. 2 Holders of reo. Jan. 15a
West Philadelphia Passenger RI
26
Jan. 1 Holders of rec. Dec. 15a
Wcetera States Gaa & Elec., pref.(qu.)
1M Jan. 15 Holders of rec. Dec. 31
Western Union Telegraph (qua?.)
134 Jan. 15 Holders of rec. Dec. 24a
Winnipeg Electric Railway,corn.(guar) 1
Feb. 1 Holders of rec. Jan. 15
Preferred (qua?.)
Jan. 1 Holders of rec. Dec. 15
Yadkin River Power,preferred (guar.)._ 1% Jan. 2 Holders of rec. Dec. 17
Banks.
America. Bank of (guar.)
American Exchange National (qua?.)
4
Amer.Exch.Scour. Corp. Class A(MO- 2
Chase National (guar.)
4
Chase Securities Corporation (guar.).- - $1
Chatham & Phenix Nat. Bank (guar.)-- 4
Chemical National (hi-monthly)
• 4
a
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
2
2
2
2
2
2
2
Dec. 16 to Jan. 13
Holders of rec. Dec. 24a
Holders of roe. Dec. 13
Holders of rec. Dec. 18a
Holders of rec. Dec. 180
Dec. 14
to Jan. 1
Holders of rec. Dec. 20a
Name of Company.
Banks. (Concluded).
Coal & Iron National (guar.)
Colonial (guar.)
Extra
Commerce, National Bank of (quar.)....
Commonwealth
East River National (guar.)
Europe. Bank of (guar.)
Extra
Fifth Avenue (guar.)
Fifth National (guar.)
First National (guar.)
First Security Co.(guar.)
Greenpoint National (Brooklyn)
Greenwich (guar.)
Extra
Hanover National(guar.)
Lebanon National(NO.1)
Manhattan Co.(Bank Of the)(guar.)
Mechanics, Brooklyn (guar.)
Extra
Mechanics de Metals National(qua?.).....
Mutual (guar.)
Extra
National City (guar.)
New Netherland (guar.)
Park, National(guar.)
Peninsular Nat. Bank (Cedarhurst)
Puonc National (guar.)
Richmond Hill National(Brooklyn)._
Seaboard National (guar.)
Standard (guar.)
Extra
Standard National Corp.,corn.(qua?.)..
Preferred (guar.)'
State (guar.)
United States, Bank of (guar.)
Washington Heights, Bank of(guar.)._ _
Yorkville (guar.)
Extra
Trust Companies.
American (guar.)
Bank of N.Y.dc Trust Co (guar.)
Extra
Bankers (qua?.)
Brooklyn (qua?.)
Extra
Central Union (guar.)
Extra
Empire (guar.)
Extra
Equitable Trust (guar.)
Fidelity-International (guar.)
Fulton
Extra
Guaranty (qua?.)
Irving Bank-Columbia Trust(guar.)
Lawyers Title & Trust (qUIVr.)
Extra
Manufacturers(guar.)
Metropolitan (guar.)
Mldwood
Mutual of Westchester County (qua?.)...
Extra
New York (guar.)
People's (Brooklyn) (guar.)
Title Guarantee & Trust (guar.)
Extra
Extra
U.S. Mortgage & Trust(guar.)
United States (guar.)
Fire Insurance.
Continental
Fidelity-Phenix Fire
Roesia (guar.)
2981
Per
When
Cent. Payable.
3
3
8
4
5
334
3
4
II
s234
10
5
8
3
2
6
8
$2
3
2
5
3
5
4
2
IS
8
4
2
4
2
1.34
34
134
a
234
134
734
30
Books Closed,
Days Inclusive.
Jan. 2 Holders of roe. Dee. 10a
Jan. 1 Holders of rec. Dec.d20a
Jan. 1 Holders of roe. Dee.d20a
Jan. 2 Holders of roe. Dec. 19.
Jan. 15 Holders of roe. Dee. 31.
Dec. 31 Dec. 27 to Jan. 11
Jan. 2 Holders of rec. Dee. 221
Jan. 2 Holders of roe. Dec. 22.
Jan. 2 Holders of rec. Dec. 1115
Jan. 2 *Dec. 24 to Jan. 1
Jan. 2 Holders of rec. Dec. 81.
Jan. 2 Holders of rec. Dec. 31.
Jan. 1 Des. 21 to Jan. 1
Jan. 2 Holders of rec. Dee. 20a
Jan. 2 Holders of rec. Dec. 20a
Jan. 2 Dec. 21 to Jan. 1
Jan. 2 Holders of rec. Dec. 20.
Jan. 2 Holders of rec. Dec. 19a
Jan. 2 Holders of rec. Dec. 20a
Jan. 2 Holders of rec. Dec. 20a
Jan. 2 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dee. 23
Jan. 2 Holders of rec. Dec. 23
Jan. 2 Holders of rec. Dec. 15a
Jan. 2 Holders of rec. Doe. 20a
Jan. 2 Holders of rec. Dec. 22.
Jan. 2 Holders of rec. Dec. 31
Dec. 31 Holders of rec. Dec. 20
Dec. 31 Dec. 28 to Jan. 1
Jan. 2 Holders of rec. Dec. 23e
Jan. 2 Holders of rec. Dec. 24
Jan. 2 Holders of rec. Dec. 24
Jan. 2 Holders of rec. Dec. 24
Jan. 2 Holders of rec. Dec. 24
Jan. 2 Holders of rec. Dec. 200
Jan. 2 Holders of rec. Doe. 20.
Jan. 1 Dee. 31 to Jan. 1
Dee. 31 Holders of rec. Dec. 20
Dee. 31 Holders of ree. Dec. 20
134 Dee. 31
J.
an 2
5
Jan. 2
1
Jan. 2
5
6
Jan. 2
8
Jan. 2
Jan. 2
8
Jan. 2
4
Dee. 31
3
3
Doe. 31
Deo. 31
3
234 Dec. 31
Jan. 2
5
2
Jan. 2
3
Dec. 31
Jan. 2
3
2
J.
an 2
1
Jan. 2
4
Jan. 2
4
Dec. 31
8Dec.
3
D
Jan.
3
Jan. '
2
Jan.
5
Dec. 3
6
Jan. 2
3
4
Jan. 2
4
Mar.31
4
Jan. 2
1234 Jan. 2
Holders of roe. Dec. 205
Holders of rec. Dec. 194
Holders of rec. Dec. 19a
Holders of rec. Dec. lba
Holders of rec. Dee. 26a
Holders of rec. Dec. 23a
Holders of roe. Dec. 22a
Holders of rec. Dec. 22.
Holders of rec. Dec. 20a
Holders of rec. Dec. 20a
Holders of rec. Dec. 22
Holders of rec. Dec. 19
Holders of rec. Dec. 22
Holders of rec. Dec. 22
Holders of rec. Dec. 19
Holders of rec. Dec. 19
Holders of rec. Des. 224
Holders of rec. Dec. 224
Holders of rec. Dee. 20e
Holders of rec. Dec. 19.
Dec.25
25 to Jan. 1
Holders of rec. Dee. 31a
Holders of rec. Dee. ale
Holders of rec. Dec. 20.
Holders of rec. Dec. 30.
Holders of rec. Dec. 22
Holders of rec. Dec. 22
Holders of rec. Mar.21
Holders of rec. Dec. 270
Holders of rec. Dec. 200
$8
Jan. 10 Holders of rec. Doe. 29e
$3
Jan. 10 Holders of rec. Deo. 290
81.50 Jeui. 2 Holders of rec. Dec. 15.
Miscellaneous,
Abitibi Power & Paper, pref. (guar.)._
134 Jan. 2 Holders of rec. Dec. 20
Adams Express (guar.)
$1.50 Dec. 31 Holders of rec. Dec. 16a
Advance-Rumely Co.pref. (qu.)
The. Jan. 1 Holders of rec. Dec. 154
Aeollan Company, preferred (quar.)_134 Dec. 31 Holders of rec. Dec. 20.
Air Reduction Co.(guar.)
Jan. 15 Holders of rec. Dec. 31a
$1
Allied Chemical & Dye Corp., pref.(qu.) 134 Jan. 2 Holders of rec. Dec. 154
Allis-Chalmers Mfg., pref. (guar.)
136 Jan. 15 Holders of rec. Dec. 24a
American Art Works. corn. & pref.(qu) 134 Jan. 15
American Bank Note,corn.(extra)
$7
50
.5
.0 Dec. 31 Holden of rec. Dee. 156
7
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 15a
American Beet Sugar.common (guar.)
1
Jan. 31 Holders of rec. Jan. 10.
Preferred (guar.)
136 Jan. 2 Holders of rec. Dec. 13.
Amer. Brake Shoe& Fdy.,coin.(guar.)_ $1.25 Dec. 31 Holders of rec. Dee. 19a
Preferred (guar.)
1% Dee. 31 Holders of rec. Dec. 194
American Can, pref.(guar.)
134 San. 2 Holders of rec. Dec. 17.
American Car & Foundry, corn. (guar.)_ 3
Jan. 1 Holders of rec. Dec. 154
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15.
American Caramel, preferred
2
Jan. 1 Holders of rec. Dec. 100
American Chain, Class A (qua?)
50c. Dec. 31 Dec. 21 to Jan. 1
American Cigar, preferreil (guar.)
136 Jan. 2 Holders of rec. Dec. 16a
American Cyanamid, common (guar.)._
Jan. 2 Holders of rec. Dec. 15
1
Common (extra)
35 Jan. 2 Holders of rec. Dec. 16
Preferred (guar.)
Holders Of MC. Dec. 16
134
American Express (guar.)
81.50 j
Jan
an.. 2 Holders of rec. Dec. lie
American Hawaiian Steamship (guar.)._
Sc. Jan. 1. Holders of roe. Dec. 194
Amer.La France Fire Eng.,corn.(guar.) 25c. Feb. 16 Holders of rec. Feb. 2m
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 221
Amer. Laundry Machinery,corn.(guar.) 75c. Mar. 2 Feb. 22 to Mar. 2
Preferred (guar.)
134 Jan. 1 Jan. 7 to Jan. 16
American Locomotive, common (qua?.). $1.50 Dec. 3 Holders of rec. Dec. 12.
Preferred (guar.)
134 Dec. 3 Holders of rec. Dec. 12.
Amer. Manufacturing Co., corn. (quar.) 134 Dec. 3 Dec. 18 to Jas. 1
Preferred (quar.)
134 Dec. 3 Dec. 18 to Jan. 1
American Multigraph, pref. (guar.)._
164 Jan.
Holders of rec. Dec. llei
American Piano, common (guar.)
2
Jan
Holders of rec. Dee. 15
Preferred (guar.)
134 Jan.
Holders of rec. Dec. 16.
Amer.Pneumatic Service, 2d pref
75c. Dec. 31 Holders ef rec. Dec. 170
American Radiator, common (quar.)
Dec. 31 Holders of rec. Dec. 16.
$I
Common (in common stock)
AO
Dee. 81 Holders of rec. Dec. 154
American Railway Express (guar.)
$1.50 Dee. 31 Holders of rec. Dec. 15a
American Rolling Mill, corn. (guar.)... 50c. Jan.d16 Holders of rec. Dec. 31a
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15a
American Sales Book, corn.(guar.)
$1
Jan. 2 Holders of rec. Dec. 16
American Screw (guar.)
134 Jan. 2 Holders of rec. Dec. 226
Extra
1
Jan. 2 Holders of rec. Dec. 224
Amer.Seeding Mach., pref.(guar.)
134 Jan. 15 Holders of rec. Dec. 31.
American Shipbuilding, cam. (guar.)... 2
Feb2'25 Holders of rec. Jan. 15'25
Common(guar.)
2
M'yl'25 Holders of rec. Apr. 16'26
Common(qua?.)
2
Ang.125 Holders of rec July 1525
Preferred (guar.)
134 Feb. 2 Holders of rec. Jan. 16a
American Snuff. common (guar.)
3
Jan. 2 Holders of rec. Dec. 12.
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 120
American Stores. common (guar.)
25e. Jan. 1 Dec. 21
Jan. la
American Steel Foundries, corn.(guar.). 75e. Jan. 16 Holders of to
rec. Jan. 24
Preferred (guar.)
1% Dec. 31 Holders of rec. Dec. IS.
Amer. Sugar Refining, pref. (quar.)
1% Jan. 2 Holders of rec. Dec. la
American Surety (guar.)
31.60 Dec. 31 Holders of rec. Dec. 204
American Textile Co.(guar.)
81
Jan. 2 Holders of rec. Dec. 24a
Amer. Tobacco. pref.(guar.)
1)4 Jan. 2 Holders
Amer. Type Founders,corn.& pref.(qu.) 1% Jan. 15 Holders of rec. Dec. 10a
of rec. Jan. 10a
American Vitrified Product, corn
1
Jan. 15 Dec. 20 to Jan. 8
American Wholesale Corp.,prof. (guar.) 13.4 Jan. 1
Holders
of
ree. Dec. 20a
American Woolen. preferred
1% Jan. 15 Dee. 16
to Dec. 28
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Amer.Window Glass Mach.,coin.(qu.)- 134 Jan. 2 Holders of rec. Dec. 19a
Jan. 2 Holders of rec. Dec. 190
1
Common (extra)
154 Jan. 2 Holders of rec. Dec. 19a
Preferred (guar.)
Archer-Daniel-Midland Co., pref.(qu.)_ '134 Feb. 1 *Holders of rec. Jan. 21
134 Jan. 1 Holders of rec. Dec. 15
Armour & Co. of Illinois. pref. Marl
Armour & Co.of Delaware. pref.(guar.) 134 Jan. 1 Holders of rec. Dec. 150
134 Jan. 2 Dee. 18 to Jan. 2
Armstrong Cork,common (guar.)
134 Jan. 2 Dec. 18 to Jan. 2
Preferred (guar.)
Asbestos Corp. of Canada, pref.(guar.). 134 Jan. 15 Holders of rec. Jan. 20
Jan. 15 Holders of rec. Jan. lba
Associated Industrials, pref.(guar.).- 2
37340 Jan. 26 Holders of rec. Deo. 310
Associated 011 (quar.)
134 Dec. 31 Holders of roe. Dec. 20
Atlantic Steel, common
134 Jan. 2 Holders of rec. Dec. 150
Ault& Wiborg Co., pref.(guar.)
Austin, Nichols dr Co., pref. Marl__
134 Feb. 1 Holders of rec. Jan. 150
Baker(11. J.) & Co., Inc.,c1. A.com.(qui 50e. Jan. 1 Dec. 16 to Dec. 31
134 Jan. 1 Holders of rec. Dec. 20a
Babcock & Wilcox Co (quar.)
Jan. 2 Holders of rec. Dec. 20
3
Extra
134 Apr. 1 Holders of rec. Mar.200
Quarterly
*25c. Feb. 1 *Holders of rec. Jan. 20
Balaban & Katz, corn.(monthly)
.25e. Mar. 1 *Holders of rec. Feb. 20
Common (monthly)
*250. Apr. 1 *Holders of rec. Mar.20
Common (monthly)
*144 Apr. 1 *Holders of rec. Mar.20
Preferred (quay.)
334 Jan. 1 Holders of rec. Dec. 60
pref_
&
Baldwin Locomotive, common
134 Jan. 1 Holders of rec. Dec. 29a
Barnet Leather, preferred (guar.)
Barnhart Bros. & SpindlerFirst and second preferred (guar.).-- 134 Feb. 1 Holders of rec. Jan. 260
Baesiek Alemite Corp., corn.(quarl_ _ *500. Jan. 2 *Holders of rec. Deo. 20
134 Jan. 15 Holders of rec. Dec. 31
Bayuk Cigars, lot pref. (guar.)
Jan. 15 Holders of rec. Dee. 31
2
Second preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31
Convertible preferred (guar.)
Beatrice Creamery, COut111011 (quar.)__ 51.25 Jan. 2 Dec. 21 to Jan. 1
134 Jan. 2 Dec. 21 to Jan. 1
Preferred (guar.)
60c, Jan. 15 Holders of rec. Dec. 310
Beech-Nut Packing, corn. (guar.)
154 Jan. 15 Holders of rec. Deo. 310
Preferred (quar.)
Belgo-Canadian Paper,common(No.1)_ 134 Jan. 10 Holders of rec. Dec. 310
134 Jan. 2 Holders of rec. Dec. 12a
Preferred (guar.)
Bessemer Limestone&Cement,com.(qu.) 134 Dec. 31 Holders of rec. Dec. 200
Jan, 2 Holders of rec. Dec. le
Bethlehem Steel Corp.,8% pref. (quar.) 2
134 Jan. 2 Holders of rec. Dec. la
Seven per cent pref. (guar.)
50c. Jan. 2 Holders of rec. Dec. 20a
Bingham Mines Co
134 Jan. 2 Holders of ree. Dec. 15
Bird & Son. Ltd.. pref. (guar.)
50c. Jan. 1 Holders of rec. Dec. 20a
Borg & Beck (guar.)
Deo, 31 Holders of rec. Dec. 10a
3
Boston Wharf Co
50c. Jan. 2 Holders of rec. Dec. 26
Boyd-Welsh Shoe (guar.)(No. 1)
Quarterly
500. Apr. 1
Bond & Mortgage Guarantee (stock dlv.)'e662- Feb. 5 *Holders of rec. Jan. 21
Brandram-Henderson. Ltd., pref. (qu.). 134 Jan. 2 Holders of rec. Dec. 1
134 Jan. 1 Holders of rec. Dec. 20
Bridgeport Machine, preferred (quar.)_ _
50c. Jan. 2 yDec. 23 to Dec. 31
British American 011 (guar.)
500. Jan. 2 yDeo. 23 to Dec. 31
Bonus
Jan. 19
See note to
British-American Tobacco.ordinary...- to
See note to
Jan. 19
to
Ordinary (Interim)
Brown & Williamson Tob., corn.(qu.)_ •134 Jan. 1 *Holders of rec. Dec. 20
*134 Jan, 1 *Holders of rec. Dec. 20
Preferred(quar.)
Brgnswick-Balke-Collender. pref. (qu.). 134 Jan. 2 Holders of rec. Dec. 200
134 Jan. 2 Holders of rec. Dec. 20
Bucyrus Company, pref. (guar.)
Jan. 2 Holders of rec. Dec. 20
Preferred (in full of all accum. di vs.)_ 86
Burns Brothers, prior pref. (quar.)
134 Feb. 2 Holders of rec. Jan. 23a •
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 190
750. Dec. 31 Holders of rec. Dec. 15
Burroughs Adding Machine (quar.)Preferred (quay.)
134 Dec. 31 Holders of rec. Dec. 15
234 Jan. 15 Holders of rec. Jan. 20
Bush Terminal Co.. common
Jan. 15 Holders of rec. Jan. 2a
3
Preferred
Bush Terminal Bldgs.. pref. (guar.)... 154 Jan. 2 Holders of rec. Dec. 170
234 Jan, d2 Holders of rec. Dec. 20a
By-Products Coke, pref. (guar.)
Jan, 1 *Holders of roe. Dec. 24
C.G. Spring & Bumper, pref. (guar.)._ *2
California Petrol Corp.. pref. (quar.). 134 Jan. 2 Holders of rec. Dec. 200
Jan. 2 Dec. 17 to Jan. 1
1
Canada Bread,corn.(quar.)
154 Jan, 2 Dec. 17 to Jan. 1
Preferred (guar.)
134 Jan. 16 Holders of rec. Dec. 31
Canada Cement,corn. (quar.)
75e. Jan. 15 Holders of rec. Dec. 20
"Canada Dry" Ginger Ale. Cl. A (qu.)
Jan. 16 Holders of rec. Deo. 31
3
Canada Iron Foundries, Ltd., prof
Canadian Car & Foundry, pref. (quar.)_ 134 Jan. 10 Holders of rec. Dec. 28
Pref.
.(acct.& in full of serum. diva.).... 8534 Jan. 10 Holders of rec. Dec. 26
_ 2an. 2 Holders of rec. Dec. 15
Canadlan Conn. Mills, pref.
Canadian Consol. Rubber, pref.(guar.). 154 Dec. 31 Holders of rec. Dec. 15
Jan. 5 Holders of rec. Dec. 23
Canadian Cottons, Ltd., corn. (quar.)-- 2
14 Jan. 5 Holders of rec. Dee. 23
Preferred (guar.)
Canadian General Elec., Ltd., pref.(qu.) 134 Jan. 1 Holders of rec. Dec. 13
Jan. 1 Holders of rec. Dec. 20
Canadian Locomotive,common (guar.). 1
134 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
134 Dec. 31 Dec. 21 to Jan. 4
Canfield 011, corn. (guar.)
134 Dec. 31 Dec. 21 to Jan. 4
Preferred (guar.)
21.50 Jan. 2 Holders of rec. Dec. 26
Central Aguirre Sugar (guar.)
Jan. 10 Jan. 1 to Jan. 9
51
Central Steel,corn.(guar.)
Jan. 1 Dec. 21 to Dec. 31
2
Preferred (quar.)
Certain-teed Prod., 1st dr 2d pref.(gul- 134 Jan. 2 Holders of roe. Dec. 190
75e. Jan. 2 Holders of roe. Deo. 200
Chandler Motor Car(guar.)
6234e. Dec. 29 Holders of roe. Dec. 9a
Chesebrougb Mfg.,corn.(guar.)
134 Dec. 29 Holders of roe. Dec. 9a
Preferred (guar.)
62340 Jan. 2 Holders of rec. Dec. 16a
Chicago Fuse Mfg.(guar.)
134 Jan. 1 Holders of reo. Deo. 20a
Chicago Mill & Lumber, pref.(gnarl_
Chicago Nipple Mfg., Class A (quar.).__ 750. Jan. 2 Holders of rec. Dec. lba
33 1-3c an. 2 Holders of rec. Dec.20a
Chicago Yellow Cab (monthly)
33 1-3o Feb. 2 Holders of rec. Jan. 200
Monthly
33 1-3 Mar 1 Holders of rec. Feb. 200
Monthly
62340 Dec. 29 Holders of rec. Dec. 3a
Chill Copper(quar.)
Cities Service Co.pH Jan. 1 Holders of rec. Deo. 18
Common (mthly. pay.In cash scrip)_
Corn.(mthly. Pay. In corn. stk. scrip) el M Jan. 1 Holders of rec. Deo. 15
34 Jan. 1 Holders of rec. Dec. 15
Preferred and preferred B (mthly.)___
City Dairy (Toronto), corn. (quar.)____ 750. Jan. 2 Holders of rec. Deo. 16
134 Jan, 2 Holders of rec. Dec. 15
Preferred (guar.)
234 Jan. 2 Holders of rec. Dec. 27
City Investing, corn. (guar.)
134 Jan. 2 Holders of rec. Dec. 27
Preferred (guar.)
1(4 May. 1 Holders of roe. Feb. 150
Cleveland Stone (1111.)
134 June 1 Holders of roe. May 16a
Quarterly
134 Sept. 1 Holders of rec. Aug. 150
Quarterly
Jan. 1 Holders of rec. Dec. 220
134
prof.
(quar.)-Co..
&
Peabody
Cluett,
81.75 Dec. 30 Holders of rec. Deo. lba
Coca-Cola Co., cone. (guar.)
334 Dec. 30 Holders of rec. Deo. 150
Preferred
50c. Dec. 31 Holders of reo. Deo. 130
Colt's Patent Fire Arms Mfg.(quar.)
•134 Jan, 2 *Holders of rec. Dee. 20
Colum bin Sugar(gnarl
Dec. 31 *Holders of rec. Deo. 31
'3734c
(guar.).corn.
Co.,
Credit
Commercial
•134 Dec. 31 *Holders of rec. Dee. 31
Preferred (guar.)
Deo. 31 *Holders of rec. Dec. 31
*2
Preferred class B (guar.)
154 Jan. 1 Holders of rec. Dec. 15a
.(au
Commercial Invest.Trust.,1st pf.
Jan. 1 Holders of rec. Deo. 20
Commercial Solvents corp., el. A (qu.)_ SI
Jan. 1 Holders of roe. Dee. 20
2
First preferred (guar.)
50c. Jan. 2 Holders of rec. Dec. 20a
Connor (John T.) Co., common
334 Jan. 2 Holders of rec. Dec. Rio
Preferred
Jan. 15 Holders of rec. Dec. 31
Consolidated Mining dr Smelt.of Canada 3
Jan. 2 Deo. 19 to Jan. 1
Continental Baking Corp.,c1.A com(qu.) 32
Jan. 2 Dec. 19 to Jan. 1
2
Preferred (quar.)
134 Jan. 2 Holders of rec. Dee. 200
Continental Can, pref.(quar.)
*50c. Jan. 2 *Holders of rec. Dec. 15
Corona Typewriter, corn. (guar.)
Jan. 2 *Holders of rec. Dec. 15
*2
First preferred (guar.)
'134 Jan. 2 *Holders of rec. Dec. 15
Second preferred (quar.)
Dec. 31 Dee. la to Dec. 8,
3
Craddock-Terry Co.. common (guar.)Dee. 31 Dec. 16 to Dec. 81
3
First and second preferred
Dec. 31 Dec. 16 to Deo. 81
334
Class C preferred
Deo. 31 Dec. 17 to Jan. 1
Cramp(Wm.)& Sons S.& E. Bldglqu.) 1
Jan. 15 Holders of rec. Jan. 2
1
Crane Co., common (extra)
50c. Jan. 10 Holders of rec. Jan. la
Creamery Package Mfg.,corn.(gnarl
134 Jan. 10 Holders of rec. Jan. la
Preferred (quar.)
310
Cresson Cons. Gold M.& M.(guar.).- 100. Jan. 10 Holders of rec. Dec.
Jan. 15 Holders of rec. Dec. 310
31
Crex Carpet
Jan. 31 Holders of rec. Jan. 154
1
Crucible Steel, corn. (quar.)
134 Dec. 31 Holders of roe. Dec. 150
Preferred (guar.) '
750. Jan. 2 Holders of roe. Deo. fla
Cuban-Amer. Sugar, corn. (guar.)
134 Jan. 2 Holders of rec. Dec. 60
Preferred (quar.)
•
[VOL. 119.
THE CHRONICLE
2982
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
$1 Deo. 29 Holders of rec. Dec. lba
Cuyamel Fruit (quar.)
34 Jan. 10 Dec. 26 to Dec. 31
Detroit Brass & Malleable Wks.(mthly.)
Jan. 2 Holders of rec. Dec. 154
Detroit & Cleveland Navigation (guar.). II
Devoe dr Raynolds. Inc., corn.(guar.)._ $1.25 Jan. 2 Holders of rec. Dec. 20
Common (extra)
25c. Jan. 2 Holders of rec. Deo. 20
First and second preferred (quar.).__ 1% Jan. 2 Dec. 21 to Jan. 14
Dictograph Products Corp.,corn.(No.1) Sc. Jan. 20 Holders of rec. Dec. 310
Jan. 15 Holders of rec. Dec. 31a
2
Preferred (quar.)
Dec. 31 Dec. 23 to Jan. I
2
Dixon (Jos.) Crucible (guar.)
•134 Jan. 1 *Holders of rec. Dec. 9
Doehler Die-Casting (guar.).
134 Dec. 31
Dold (Jacob) Packing. pref. (guar.).
50o. Jan. 20 Holders of rec. Dec. 31
Dome Mines, Limited (guar.)
Dominion Canners, Ltd., pref.(quay.)... 1,4 Jan. 2 Holders of rec. Dec. 18
Dominion Glass,com,and pref.(guar.). 154 Jan. 2 Holders of rec. Dec. 15
4
Jan. 1 Holders of rec. Dee. 11
Dominion Stores. preferred A
Jan. 2 Holders of rec. Dec. 15
Dominion Textile, Ltd., corn.(guar.)._ $1
134 Jan. 15 Holders of rec. Dec. 31
Preferred (qoar.)
25c. Deo. 31 Holdes of rec. Deo. la
Douglas-Pectin Corp.(guar.)
Douglas(W.L.) Shoe, preferred
334 Jan. 1 Holders of rec. Dec. 15
Jan, 1 Holders of rec. Dec. 6
3
Draper Corporation (guar.)
du Pont(E. I.) de Nemours & CoDebenture stock (quay.)
114 Jan. 26 Holders of reo. Jan. 100
du Pont(El.)de Nem.Powd.,com.(qu.) 1(4 Feb. 2 Holders of roe. Jan. 190
134 Feb 2 Holders of roe. Jan. 19a
Preferred (guar.)
Jan. 24 Dec. 16 to Jan. 1
$1
Eastern Rolling Mill, common
Jan, 24 Dec. 16 to Jan. 1
2
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 270
Eastern Steamship, first pref. (guar.)._
8734 Jan. 15 *Holders of rec. Jan. 80
Preferred (no par value)
3% Jan. 31 Holders of rec. Dec. 31
Eastern Theatres(Toronto), pref
$1 .25 Jan. 2 Holders of rec. Nov. 290
Eastman Kodak, coin. (guar.)
Mc. Jan. 2 Holders of rec. Nov.290
Common (extra)
134 Jan. 2 Holders of rec. Nov.29a
Preferred (quar.)
Edmunds & Jones Corp., corn.(quar.)__ 50c. Jan. 1 Dec. 21 to Dec. 31
Jan. 1 Dec. 21 to Deo. 31
50e.
Common (extra)
1,4 Jan. 1 Dec. 21 to Dec. 31
Preferred (quay.)
Edwards (Wm.) Co. (quar.)
1)4 Jan. 2 Holders of ree. Dec. 20
Elsenlohr (Otto) & Bros.. pref.(quar.)... 134 Jan. 1 Holders of rec. Dee. 200
Electric Auto-Lite. common (guar.).- - $1.50 Jan. 2 Holders of rec. Dec. lba
Electric Controller & Mfg., corn,(guar.) 31.25 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 190
Electric Storage Battery,corn.& Pf.
.(qu.) El
Jan. 2 Holders of roe. Dec. 190
$1
Common and preferred (extra)
Elgin Nat Watch (extra)
32.50 Jan. 20 Hold,roof reo. Jan. d3a
Jan. 2 Dec. 16 to Jan. 15
Elliott-Fisher Co.,com..1.4B corn.(au.). 31
Common and Series B common (extra) 31.50 Jan. 2 Dec. 16 to Jan. 15
134 Jan, 2 Dec. 16 to Jan. 15
Preferred ( our.)
Holders of rec. Dec. 20
134 Ian.
Emerson Electric, pref. (quay.)
114 Dec. 30 Holders of rec. Dec. 230
Empire Safe Deposit(quar.)
Endicott-Johnson Corp.. corn. (quar.)... 31.25 Jun. 2 Holders of rec. Deo. 130
134 Jan. 2 Holders of reo. Dec. 130
Preferred (guar.)
Fairbanks. Morse dr Co., corn. (guar.)._ 65o. Dee, 31 Holders of reo. Dec. lba
Jan. 2 Holder, of roe. Dec. 154
82
Famous Players-Lasky Corp.,corn.(qu.)
2
Feb. 2 Holders of req. Jan. ,15a
Preferred (quar.)
30c. Jan. 2 Holders of rec. Dec. 200
Federal Motor Truck (quar.)
Firth Avenue Bus Sec. Corp.(guar.). •16c. Jan 15 *Holders of rec. Jan. 2
3% Jan. 1 Holders of reo. Deo. 27
Firestone-Ansley Rubber. prof
Firestone Tire & Rubber.common(qu). d$1.50 Jan. 20 Hollers of rec. Jan.d10a,
134 Jan. 15 Holders of rec. Jan. dla
6% preferred (quay.)
154 Feb. 15 Holders of rec. Feb 1
7% preferred (guar.)
Jan. 1 Holders of rec. Dec. I90
Fisher Body Ohio Corp., pref. Of oar.).- 2
750. Jan. 4 Dec. 16 to Dec. 31
Fleishmann Co., common (guar.)
Jan, 1 Dec. 16 to Dec. 31
50o.
(extra)
Common
1,4 Jan, 1 Dec. 20 to Jan. 1
Foote-Burt Co., pref.(quar.)
81.60 Jan. 2 Holders of roe. Dec. 230
Francisco Sugar (guar.)
$1.50 Apr. 1 Holders of rec. May. 210
Quarterly
31.60 July 1 Holders of rec. June 200
Quarterly
31.50 Oct. 1 Holders of rec. Sept.21a
Quarterly
Frontenac Breweries, Ltd.. pref.(guar.) 1,4 Jan. 2 Holders of rec. Dec. 15
Dec. 31 Holders of rec. Dee. 15a
31
Galena-Signal 011, common (quar.)
Dec. 31 Holders of rec. Dec. lba
82
Preferred and new preferred (guar.)
General American Tank Car, corn.(qu.) 81.50 Jan. 1 Holders of rec. Deo. 15a
1H Jan. 1 Holders of rec. Deo. lba
Preferred (guar.)
31.60 Jan. 2 Holders of roe. Dec. 200
General Baking, common (guar.)
Jan. 2 Holders of rec. Dec. 200
$2
Preferred (guar.)
(quay.)...
. Jan2'25 itoio,q-- or rev. Dee. 230
31
General Cigar, debenture pref.
2
Jan. 15 Holders of ree. Dec. 3a
General Electric, common (guar.)
15o. Jan. 15 Holders of roe. Dec. 30
Special stock (quay)
General Fireproofing, common (quay.)... •30e. Jan. 1 Holders of rec. Dec. 20
*40c. Jan. 1 Holders of roe. Dee. 20
Common (extra)
154 Jan2'20 Holder* of rec Dec.,20
Preferred (guar.)
1,4 Feb. 2 Holders of rec. Jan. ba
General Motors,7% pref.(quar.)
Six per cent debenture stock (quay.).. 134 Feb. 2 Holders of rec. Jan. 60.
134 Feb. 2 Holders of rec. Jan. 50
Six per cent pref. (quar.)
Jan. 1 Holders of roe. Dec. 20
General Railway Signal, common (quar.) 1
1
Jan, 1 Holders of rec. Dec. 20
Common (extra)
134 Jan. 1 Holders of rec. Dec. 20
Preferred (quay.)
1,4 Jan. 2 Holders of rec. Dec. 20
General Tire & Rubber, pref.(quay,)
1,4 Feb. 1 Holders of rec. Jan. lba
Weibel Brothers, preferred (guar.)
Glidden Company, prior pref. (quay.).. 1,4 Jan. 2 Holders of roe Dec. 160
154 Jan. 2 Holders of rec. Deo. 20.
Goodrich (B. F.) Co.. pref. (guar.)
134 Jan. 1 Holders of reo. Dec. 20
Goodwin's, Ltd., pref. (guar.)
Jan. 1 Holders of roe. Dec. 200
Goodyear Tire dr Rubber,prior prof.(gm) 2
Goodyear Tire & Rub.of Can., pf.(au.)_ 1,1 Jan. 2 Holders of roe. Dec. 17
154 Jan. 2 Holders of rec. Dec. 17
Prior preferred (quar.)
Goesard(H. W.)Co..common (mthly.). 250. Jan. 2 Holders of rec. Dec.d20
250. Feb.
Holders of rec. Jan 420
Common (monthly)
250. Mar, 2 Holders of rec. Feb.220
Common (monthly)
Goulds Manufacturing.common (guar.)_ 134 Jan. 2 Holders of rec. Dec. 20
2
Jan, 2 Holders of rec. Dec. 20
Common (bonus)
1,4 Jan. 2 Holders of reo. Dec. 20
Preferred (guar.)
2
Jan. 1 Holders of roe. Dec. 200
Grant(W.T.) Co., pref.(quay.)
2
Dec. 31 Holders of roe. Dee. lba
Orasselli chemical, common (quar.)
14 Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
*31.50 Jan. 2 *Holders of roe. Dec. 20
Great Lakes Steamship (guar.)
Great Lakes Towing, common (quar.)__ 134 Dec. 31 Holders of roe. Deo. 15
134 Dec. 31 Holders of roe. Dec. 15
Preferred (guar.)
Jan. 1 Holders of rec. Dec. lba
Great Western Sugar, common (quar.)_. $2
Preferred (quay.)
154 Jan. I Holders of rec. Dec. 15
Greenfield Tap & Die,6% prof.(guar.). 1,4 Jan. 2 Holders of roe. Deo. 13
2
Jan. 2 Holden of rec. Dec. 13
8% preferred (quay.)
Grennan Bakeries, Inc., common (guar.) 25c. Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
154 Jan. 1 Holders of rec. Dec. 15
2
Jan. 2 Holders of rec. Dec. 15a
Guantanamo Sugar. prof.(gear.)
Gulf 011 Co.(guar.)
37,40. Jan. 1 Deo. 21 to Dec. 24
Gulf States Steel. corn. (guar.)
134 Jan. 2 Holders of roe. Deo. 150
134 Jan2'25 Holders of reo. Dec. 150
Firat preferred (quar.)
Second preferred (guar.)
1(4 Jan2'25 Holders of reo. Dec. 152
Hamilton-Brown Shoe,common (extra). 25c. Jan. 2 Dec. 17 to Jan. 1
Hammermill Paper, preferred (quar.)._. 134 Jan. 2 Holders of roe. Dec. 200
Hanes(P. H.) Knitting, pref.(guar.)._ 1,4 Jan. 1 Holderkof rec. Dec. 20
Harbison-Walk. Refract.. pref. (quay.). 134 Jan. 20 Holders Of rec. Jan. 100
Harris Automatic Press (quar.)
750. Jan. 1 Holders of rec. Deo. 20
Hawaiian Pineapple (extra)
Dec. 31 *Holders of rec. Dee. 24
.31
1,4 Jan. 1 Holders of rec. Dec. 29
Heath (D. C.) dr Co., pref.(quar.)
Helms (George W.) Co., coin. (quay.).. 3
Jan. 2 Holders of roe. Dec. 16a
Common (extra)
15
Jan. 2 Holders of rec. Dec. lba
Preferred (guar.)
134 Jan. 2 Holders of rec. Deo. 150
Hibernia Securities Co.. pref.(guar.)._ _
1,4 Jan. 2 Holders of roe. Dec. 26
Hillcrest Collieries, common (guar.)._ 134 Jan. 15 Holders of rec. Deo. 31
Preferred (quar.)
134 Jan. 15 Holders of rec. Dec. 31
Hollinger Consold. Gold Mines
1
Deo. 31 Holders of rec. Dec. 11
Holly Oil
250. Deo, 31 Holders of roe. Deo. 15
(guar.)
Holmes(D. H.) Co., Ltd.
334 Jan. 2 Holders of rec. Deo. 26
Holt, Renfrew & Co.. pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 27
Dec. 81 Deo. 21 to Jan. 1
Hood Rubber.common (quar.)
$1
Hotel Gibson Co.(CincInnati) com.(qu.) 134 Jan. 1 Holders of roe. Dee. 17
Jan. 1 Holders of reo. Deo. 17
Common (extra)
2
1(4 Jan. 1 Holders of roe. Dec. 17
Preferred (quay.)
50o. Jan. 2 Holders of rec. Deo. 110
Household Products (extra)
750. Jan. 2 Holders of rec. Deo. 152
Hudson Motor Car (guar.)
300. Jan. 1- • Dec. '18'- to Deo: $1-Humble 011 & Refining (guar.)
.
DEC. 27 1924.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Hydraulic Press Brick, pref.(guar.).- 134 Jan. 2 Holders of rec. Dee. 20
2
Jan. I Holders of rec. Dec. 150
Ide(Geo.P.)& Co.,Inc., pref.(quar.)
Dec. 11 Nov.30 to Dec. 25
6
Illinois Pipe Line
Dec. 30
Imperial Tobacco of Canada,ordinary.._ *1
* 31 Dec. 30
Ordinary(interim)
25c. Dec. al Holders of rec. Dee. 12e
Independent fill& Q.a (quar 1
% Jan. 2 Dee. 21 to Jan. 1
Independent Pneumatic Tool (quar.)_.- 13
Feb. 14 Holders of rec. Jan. 20
$I
Indiana Pipe Line (guar.)
1
Jan. 1 Holders of rec. Dec. 201
India Tire & Rubber,common (guar.)._
1 51 Jan. 1 Holders of rec. Dec. 20a
Preferred (guar.)
IR Jan. ,2 Holders of rec. Dec. 20a
Indian Motocycle, pref.(guar.)
Jan. 2 *Holders of rec. Dec. 15
*3
Ingersoll Rand Co., preferred
151 Jan. 1 Holders of rec. Doe. 15a
Inland Steel. preferred (guar.)
$ .25 Jan. 1 Holders of rec. Dec. 18
Interlake Steamship (guar.)
11.25 Apr. 1 Holders of rec. Mar. 18
Quarterly
Jan. 10 Holders of rec. Dec. 23a
International Business Machines (quar)_ $2
1
Jan. 2 Holders of rec. Dec. 15
Internat. Buttonhole Machine (quar.)
Dee. 31 Holders of rec. Dec. 15a
$1
Internat. Cement,common (guar.)
Dec. 31 Holders of rec. Dee. lha
Common (payable in common stock). /10
131 Dee. 31 Holders of rec. Dec. 15a
Preferred (quar)
131 Jan. 15 Holders of rec. Dec. 24a
International Harvester, corn. (guar.)._
134 Jan. 2 Holders of rec. Dec. 15a
International Salt (guar.)
International Shoe, common (guar.)._ _ $1.25 Jan. I Holders of rec. Dec. 150
Jan. 1 Holders of rec. Dec. 15n
SI
Preferred (guar.)
131 Jan, 2 Holders of rec. Dec. 150
International Silver, prof. (guar.)
h31 Jan. 2 Holders of rec. Dec. I5a
Preferred (acct. accum. diva.)
Jan. 2 Holders of rec. Dec. 15
Intertype Corporation, first pref.(guar.) 82
Jan. 2 Holders of rec. Dec. 15
$3
Second preferred
Jan. 1 Holders of rec. Dec. 190
$2
Island Creek Coal. common (quar.)_
Jan. 1 Holders of rec. Doe, 190
$1
Common (extra)
$1.50 Jan. 1 Holders of rec. Dec. 19a
Preferred (guar.)
.750. Jan. 1 *Holders of rec. Dec. 20
Johns-Manville Co.. corn.(guar.)
Jones & Laughlin Steel, prof.(guar.)._
1 31 Jan. 1 Holders of rec. Dec. 15a
75e. Dec. 31 Holders of rec. Dec. 20/2
Jordan Motor Car,common (quar.)
131 Dec. 31 Holders of rec. Dec. 20a
Preferred (guar.)
KaUfmann Dept. Stores. pref. (guar.).- 151 Jan. 2 Holders of rec. Dec. 20
Kaynee Co., pref.(guar.)
131 Jan. 1 Holders of rec. Dec. 20
Jan, 2 Holders of rec. Dec. 26a
Kayser (Julius) & Co.. pref. (guar.).2
Jan. 1 Dec. 21 to Jan. 1
Kelley Island Lime & Transport (guar.). 2
Kelsey Wheel, common (quar.)
134 Jan. 2 Holders of rec. Dec. 200
Kennecott Conner Corporation (guar.) 75e. Jan. 2 Holders of rec. Dec. 50
Kirshbaum (A. B.) Co., pref.(guar.)--- 131 Jan. I Holders of rec. Dec. 20u
Dec. 31 Holders of rec. Dec. I5a
Kresge (3. S.) Co., common (quar.)__ $2
IR Dec. 31 Holders of rec. Dee. 150
Preferred (quar.)
Jan. 1 Holders of rec. Dec. 15a
Kresge Department Stores, prof. (guar.) 2
131 Jan, 2 Holders of rec. Dec. 20
Kress (S. H.) Co.. Preferred (quar.)
Kuppenheimer (B.) & Co., Ins., corn
Jan. 2 Holders of rec. Dec. 24a
51
IAelede Steel (guar.)
Jan. 2 Holders of rec. Dec. 23
2
Laurentide Co., Ltd.(guar.)
154 Jan. 2 Holders of rec. Dec. 15
Lawton Mills (guar.)
234 Dec. 31 Holders of rec. Dec. 24
Lawyers Mortgage Co. (quar.)
234 Dec. 31 Holders of rec. Dec. 19
Lehigh Valley Coal (No. 1)
*31.25 Jan. 3 *Holders of rec. Jan. 15
$2 Jan. 2 Holders of rec. Dec. 11
Lehigh Valley Coal Sales (guar.)
Jan. 1 *Holders of rec. Dee. 20
Lehigh & Wilkes-Barre.common (extra). 413
!Abbey-Owens Sheet Glass, com. (extra) 550e. Jan. 2 *Holders of rec. Dec. 21
Library Bureau, common (guar.)
134 Jan. 2 Dec. 23 to Jan. 1
Common (extra)
Jan. 2 Dec. 23 to Jan. 1
2
Preferred (guar.)
Jan. 2 Dec. 23 to Jan. 1
2
Liggett & Myers Tobacco. pref.(guar.). 151 Jan. 2 Holders of rec. Dec. 15a
50c. Doe. 30 Holders of rec. Dec. 130
Loew's, Incorporated (guar.)
IR Feb. 1 Holders of rec. Jan 20
Loew's Boston Theatres, corn. (guar.)._
500. Dee. 31 Holders of rec. Dec. 180
Lone Star Gas (guar.)
•
Jan, 1 Holders of rec. Dec. 24
4
Long Island Safe Deposit
Loose-Wiles biscuit, first pref.(quar.).. 131 Jan, 1 Holders of rec. Dec. 18a
131 Feb. 1 Holders of rec. Jan. 19a
Second preferred (guar.)
Jan. 2 Holders of rec. Doe, 15a
3
Lorillard (P.) Co., common (quar.)__.
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 15a
50c. .150. 2 Holders of rec. Dee. 200
Ludlum Steel (guar.)
MacAndrews & Forbes Co..corn.(guar) 239 Jan. 15 Holders of rec. Dec. 31a
Jan. 15 Holders of rec. Dee. 314
4
Common (extra)
134 Jan. 15 Holders of rec. Dec. 310
Preferred (guar.)
Mack Trucks, Inc.. common (guar.)._ $1.50 Dec. 31 Holders of rec. Dee. 150
131 Dec. 31 Holders of rec. Dec. 150
First and second preferred (guar.)._
Macy (R. H.) & Co.. pref.(guar.)
131 Feb. 1 Holders of rec. Jan. 170
*1
Jan. 5 *Holders of rec. Dec. 23
Magnolia Petroleum (guar.)
Mager Car Corp., corn.(guar.)
250. Dec. 81 Holders of rec. Dec. 24
141 Dec. 81 Holders of rec. Dec. 24
Preferred (guar.)
Mallinson(H R.) & Co., Inc., pref.(qUA
2 Holders of roe. Dec. 22a
131 Jan
Manati Sugar,common (guar.)
131 Mar. 2 Holders of rec. Feb lea
Common (quar.)
131 June 1 Holders of rect. May 16a
Common(guar.)
131 Sept. 1 Holders of rec. Aug. 15a
Preferred (guar.)
I% Jan. 2 Holders of rec. Doe. 16
Manhattan Electrical Supply (guar.)._ $I
Jan. 2 Holders of roe. Dec. 200
Manhattan Shirt. prof. (quar.)
131 Jan. 2 Holders of roe. Deo. 15a
Manning. Maxwell & Moore, Inc.(QUA
134 Jan. 3 Holders of rec. Dec. 310
Mathieson Alkali Works, pref. (guar.)__
131 Jan. 2 Holders of rec. Dee. 200
May Department Stores, pref (gnarl- 131 Jan. 2 Holders of rec. Dee. 15a
McCall Corporation, preferred (guar.)._
IR Jan. 2 Holders of rec. Dec. 150
Preferred (account accum. dividends). h334 Jan. 2 Holders of rec. Dee. 15a
McCord Radiator Mfg.,class A (qu.)._. 75c. Jan. 2 Dec. 21 to Jan. 1
McCrory Stores Corporation, pref.(go.) 134 Feb. 1 Holders of rec. Jan. 200
Preferred (guar.)
131 May 1 Holders of rec. Apr. 200
Preferred (guar.)
131 Aug. 1 Holders of rec. July 20a
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 20a
Merchants & Min. Transport. (guar.).. 2
Doe. 31 Holders of rec. Dec. 15a
Merck & Co., preferred (guar.)
Jan. 2 Holders of rec. Dec. 17
2
Mergenthaler 1.1notype (guar.)
234 Dee. 31 Holders of rec. Dec. 3a
Merrimac Chemical (guar.)
$1.25 Doe. 31 Holders of rec. Dec. 13
Metropol. Paving Brick Co., pref.(quar) '131 Jan. 1 *Holders of rec. Dec. 15
Mexican Petroleum, common (quar.)
$3
Jan. 20 Holders of rec. Deo. 300
Preferred (guar.)
Jan. 20 Holders of rec. Dec. 30a
32
Midland Steel Products, corn.(guar.)._ $1
Jan. 1 Holders of rec. Dec. 16
Preferred (guar.)
Jan. 1 Holders of rec. Doe. 160
2
Mill Factors Corporation (guar.)
134 Jan. 2 Holders of rec. Dee. 20
Montgomery Ward & Co., pref. (quar.)_
131 Jan. 1 Holders of rec. Dee. 200
1.75 Jan, 1 Holders of rec. Dee. 20a
Class A stock (quar.)
Mother Lode Coalition Mines
3734e. Dec. 81 Holders of rec. Dec. 12a
Mountain Producers (goat.)
200. Jan. 2 Holders of rec. Doe. 15a
25e. Jan. 1 Holders of rec Dec. 150
Extra
2
Jan. 2 Dec 21 to Jan. 1
Murray Mfg. Co.,common (guar.)
Common (payable in common stock) /2
Jan. 2 Dec. 21 to Jan. 1
Preferred (guar.)
2
Jan. 2 Dee. 21 to Jan. 1
*2
Murray Ohio mfg., pref.(guar.)
Jan. 1 *Holders of rec. Dec. 20
Metropolitan Filling Stationa,com.(gu.). 2
Jan. 2 Holders of rec. Dec. 15
2
Common (extra)
Jan. 2 Holders of rec. Dec. 15
2
Jan. 2 Holders of rec. Dec. 15
Common,Class A (quar.)
2
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
2
Dec. 31 Holders of rec. Dec. 22
Mortgage-Bond Co.(quar.)
Nashua Gummed & Coated PaP..Pf (qU.) 131 Jan. 2 Holders of rec. Doe. 12
75e. Jan. 15 Holders of rec. Dee. 3Ia
National Biscuit. corn. (guar.)
National Breweries, common (goat.)... $1
Jan. 2 Holders of rec. Dec. 15
131 Jan. 2 Holders of rec. Dec. 16
Preferred (guar.)
National Dairy Products Corp. (guar.). 75e. Jan. 2 Holders of rec. Doe. 20a
_
1% Dec. 31 Fl oilers of roe. Dee. 1 lo
Nat. Enamel & St pu.. pre(
Jan. 15 Holders of rec. Jan. 2
2
National Fireproofing, preferred
131 Apr. 15 Holders of rec. Apr. I
Preferred
2
Dec. 31 Holders of rec. Doe. 12
National Lead, common (qum.)
2;4 Jan. 8 Holders of rec. Dee. 24
National Licorice,common
134 Doe. 31 Holders of rec. Doe, 24
Preferred (altar.)
Jan. 15 Holders of rec. Dec. 30a
2
National Paper & Type. pref.(quar.)
Jan. 2 Holders of rec. Dec. 15
National Refining, preferred (guar.).__ 2
131 Jan. 2 Holders of roe. Dec. 8
National Sugar Refining (guar.)
National Supply of Delaware,Pref.(go.) 134 Dec. 31 Holders of rec. Dec. 20a
231 Jan. 2 Holders of rec. Dec. 17a
National Surety (guar.)
$2
Jan. 2 Holders of rec. Dec. 15a
National Tea, common (guar.)
Jan. 2 *Holders of rec. Dec. 20
Naumkeag Steam Cotton Co.(guar.)._ *3
Jan. 1 Holders of rec. Dee. 15
New England Equity Corp., pref.(guar.) 2
25c. Jan. 2 Holders of rec. Dec. 17
New England Fuel 011 (guar.)
Feb. 2 Holders of rec. Jan. 7a
$1
New York Air Brake,common (gust.)
$1
Apr. 1 Holders of rec. Mar.10a
Claw A (guar.)
Jan2'25 Holders of rec. Doc. aa
CI
Clan. A stunk (guar.)
2983
TITP, CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
New York Canners, Inc.Feb. 2 Holders of rec. Jan. 154
Common (payable in common stock). /3
334 Feb1'25 Hold. of rec. Jan.22'250
First preferred
Febl'21 Hold . of rec. Jan.22'25a
4
Second preferred
1cm
.
d. 15
5 Holders of rec. Nov.29
New York Mortgage Co., corn. (guar.). 50
Jan.
Holders of rec. Nov.29.
Preferred (guar.)
Jan. 2 Holders of rec. Doe. 264
N.Y.State Realty & Term.(annual).__ 6
New York Steam Corp., prof.(guar.)... 131 Jan. 2 Holders of rec. Dec. 154
Jan. 2 Holders of rec. Dec.;20
New York Title & Mortgage Co.(guar.) 3
50o. Jan. 15 Holders of rec. Dec. 190
New York Transit (guar.)
50e. Jan. 15 Holders of rec. Jan. 2a
New York Transportation (guar.)
131 Jan. 2 Holders of rec. Dee. 20
Nichols Copper, preferred (guar.)
*6234c Jan. 1 *Holders of rec. Dec. 24
North American Car, Class A (guar.)
North American Co.,corn.(In corn. stk.) (x) Jan. 2 Holders of rec. Doe. 5s
134 Jan. 2 Holders of rec. Dee. 60
Preferred (quar.)
North Star Oil& Ref.. Ltd.,Pref.(guar.) 131 Jan. 2 Holders of rec. Dec. 17
Jan. 1 Holders of rec. Dec. 8
3
Northern Pipe Line
50e. Dec. 31 Holders of rec. Dec. 15a
Nunnally Co
Jan. 2 Holders of roe.'Doe. 22
3
Ogilvie Flour Mills (guar.)
Ohio Fuel Corporation (guar.)(No. 1)._ .50c. Jan. 15 'holders of rec. Dec. 31
*2
Jan. 1 *Holders of rec. Dec. 20
Ohio Leather, 1st pref. (guar.)
Jan. 1 *Holders of rec. Dec. 20
ohld Oilecond fpdrdea
fer.
rced (acct.accum. diva.). h2
250. Dee. 31 Nov . 30 to Dec. 21
OlpymreplaTjeatresn
Inc.,Co.(guar.)._ 50e. Jan. 15 Holders of rec. Jan. 2
1% Jan. 15 Holders of rec. Jan. 2
Preferred (gear.)
Jan. 2 Holders of rec. Dec. 200
2
Omnibus Corp.. pref. (guar.)
*131 Dec. 31
Open Stair Dwellings (quar.)
Orpheum Circuit, common (monthly)... 1234c Jan. 1 Holders of rec. Dec. 20a
Jan. I Holders of rec. Dee. 150
2
Preferred (guar.)
Jan. 15 Holders of rec. Dec. 3I0
Otis Elevator, common (guar.)
31
31.50 Dec. 29 Holders of rec. Dec. 12a
Common (extra)
134 Jan. 15 Holders of rec. Dec. 310
Preferred
OvermanrCushion
Cushion
Tire,Inc.,corn.(guar) 1 R Jan. 20 Holders of rec. Dec. 310
334 Jan. 10 Holders of rec. Dec. 314
Preferred
334 Jan. 10 Holders of rec. Dec. 31a
Second preferred
134 Jan. 20 Holders of rec. Dec. 31a
"X" preferred
ed (guar.)
760. Jan. 1 Holders of rec. Dec. 16a
Owens Bottle. common (guar.)
Holders of rec. Dec. 16a
131 Jan.
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 17
Pacific-Burt Co., common (guar.)
1% Jan. 2 Holders of rec. Dec. 17
Preferred (guar.)
Jan. 20 Holders of rec. Dec. 15a
1
Pacific 011
Packard Motor Car,common (quar.)
30c. Jail. 31 Holders of rec. Jan. Is
Page & Shaw, Inc., corn.(in corn,stock) *1100
Paige-Detroit Motor Car,com.(guar.).- 30e. Jan. 2 Holders of rec. Dec. 20a
131 Jan. 2 Holders of rec. Doe. 154
Preferred (guar.)
Pan-American Petroleum & TransportJan. 20 Holders of rec. Dee. 30a
$1
Common and common B (guar.)
Park City Mining & Smelting (qua?.)-.- *15e. Jan. 2 *Holders of rec. Dec. 15
Pelz-Greenstein Co., preferred
334 Jan. 1 Holders of rec. Dec. 29
Penney (J. C.) Co.. preferred (guar.).- 134 Doe. 31 Holders of ree. Dee 200
rermanent Mtge. Co., preferred (ex,ra)• I% Feb-116
Pettibone-Mulliken Co., 1st & 26 pf.(gu) 134 Jan, 2 Holders of rec. Dec. 244
Jan, 2 Holders of rec. Deo. 200
$1
Phelps, Dodge Co.(guar.)
50c. Jan. 2 Holders of rec. Dec. 15a •
Phillips Petroleum (guar-)
Jan, 2 Holders of rec. Dec. 15a
Pierce-Arrow Motor Car, prior pf.
.(go.). $2
Pick (Albert)& Co., common (guar.).- 400. Feb. 2 Jan. 21 to Feb. 1
131 Jan. 2 Dec. 24 to Jan. 1
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 150
2
Pittsburgh Plate Glass (guar.)
2
Jan. 31 Holders of rec. Dec. 310
Prairie Oil & Gas(guar.)
Jan, 31 Holders of roe. Dee. 31a
2
Prairie Pipe Line (guar.)
Premier Gold Mining
*8c. Jati. 3 *Holders of rec. Dec. 25
Price Bros. dr Co., Ltd.. (guar.)
34 Jan. 2 Holders of rec. Dec. 17
Procter & Gamble Co..8% prof.(guar.) 2
Jan. 15 Holders of roe. Dec. 244
50c. Jan. 15 Holders of ree. Dec. 31a
Pro-phylactic Brush common (guar.)
Provincial Paper Mills. corn. (guar.).- 131 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 15
Pure 011. 5K% Prof. (guar.)
.25 Jan. 2 Holders of rec. Dec. 150
$1134
Six per cent preferred Mat.)
Jan. 2 Holders of rec. Doe. 154
Eight per cent preferred (guar.)
Jan. 2 Holders of rec. Dec. 160
2
Quaker Oats Co., common (guar.)
3
Jan. 15 Holders of rec. Dec. al's
Preferred (guar.)
1H Feb. 20 Holders of rec. Feb. 2a
Radio Corp. of America, pref. (guar.)
Holders of rec. Dec. 1
134 Jan.
Railway-Steel Spring. corn.(guar.)
2
Dec. 3 Holders oi rec. Dec. 170
Real Silk Hosiery (guar.)
75e. Jan.
Holders of rec. Dec. 200
Realty Associates, letProfa
Jan. 15 Holders of rec. Jan. 5
Reece Button Hole Machine (guar.)
Jan, 2 Holders of rec. Dec. 15
3
Reece Folding Machine (guar.)
Jan.
1
Holders of rec. Dec. 15
Remington Arms, first preferred (guar.) 131 Jan.
Holders of rec. Dec. 201
Remington Typewriter, 1st prof. (guar.) 131 Jan.
Dec. 21 to Jan. 1
First preferred, Series S (guar.)
Doe. 21 to Jan. 1
lit Jan.
Reo Motor Car (guar.)
15e. Jan.
Holders of rec. Dec. 150
Extra
Holders of rec. Dec. 15a
35e. Jan.
Republic Iron & Steel, Prof.(quar.)
Holders of rec. Dec. 16a
134 Jan.
Reynolds Spring. class A & B (quar.)
Holders of rec. Dee. 15
134 Jan.
Reynolds(R.J.)Tob.,com.di com.B.(qu.) 75c. Jan.
Holders of rec. Dee, 180
Preferred (guar.)
Holders of rec. Dee. I80
Jan.
Richmond Radiator. preferred (guar.)._ $175
1% Jan. 15 Holders of rec. Dec. 9a
Preferred (quar.)
134 Apr. 15 Holders of rec. Mar.3Ia
Preferred (guar.)
134 July 15 Holders of rec. June 30a
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
131 Jan1526 Holders of rec. Dec. 31a
Robers(Wm.A.) Co., preferred (guar.)_
134 Jan. 2 Holders of rec. Dec. 17
Royal Baking Powder.cons.(guar.).- 2
Dec. 31 Holders of rec. Dec. 150
Common (extra)
2
Dec. 31 Holders of rec. Dec. 15a
Preferred (guar-)
134 Dec. 31 Holders of rec. Dec. 150
St. Joseph Lead (guar.)
50c. Mar.20 Mar. 10 to Mar.20
50c. June 20 June 10 to June 21
QQuaruarteterrliyy
50o. Sept.21 Sept. 10 to Sept.21
50c. D'e21'25 Dec.10'26 to Dec.21 '25
.rte'cir
Rocky
y Mt.& Pao. Co..corn.(go.) I
St?L
ua
Deo, 31 Ifolders of rec. Dee. 150
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 15a
St. Maurice Paper( oar.)
134 Dec. 29 Holders of rec. Dec. 22
Salt Creek Consol 011 (guar.)
150. Jan. 1 Holders of rec. Dec. 200
Savage Arnus Corp., first prof. (guar.)... 134 Jan. 2 Holders of rec. Dec. 15a
Second preferred (guar.)
131 Feb. 16 Holders of rec. Feb. 2a
Schulte Retail Stores. preferred (guar.). 2
J an 1'25 Holders of rco. Dec. 150
Schwartz(Bern.)Corp..com. A & B (gu.) 25e, Jan. 2 Dec. 11 to Dec. 14
Sefton Mfg. Co., preferred (quer.)
131 Jan, 1 Dec. 21 to Jan. 11
shell Union Oil, corn,(guar.)
250. Doe. 31 Holders of rec. Dec. 10a
Sherwin-Williams(Canada),com.(guar.) 134 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 15
Shredded Wheat (guar.)
Dec. 31 Holders of rec. Dec. 20
2
Extra
1
Dec. 31 Holders of rec. Dec. 20
Silver King Coalition Mines Co.(guar.). *20e. Jan, 2 *Holders of rec. Dec. 2()
r•lmmons Company, common (guar.).- 50e. Jan. 2 Holders of rec. Dec. 15a
Common (payable in common stock)_ /8
Jan. 2 Holders of rec. Dec. 1150
Simms Petroleum (guar.)
50c. Jan. 2 Holders of rec. Dec. 15a
voi Dec. 3 *Holders of rec. Dec. 10
Singer Manufacturing (guar.)
Extra
Deo, 3 *Holders of rec. Dec. 10
*2
Sloss-Sheffield Steel & Iron, pref.(guar.) 131 Jan. 2 Holders of rec. Dec. 20a
Soden (G. A.) Co., corn.(guar.)
Jan.
*31
*Holders of rec. Dec. 17
•1% Jan.
First preferred (guar.)
*Holders of rec. Dec. 17
Preferred (guar.)
Jan,
*2
*Holders of rec. Dec. 17
0.34 Jan. 1 *Holders of roe. Dec. 17
Second preferred (extra)
Soul h Porto Rico Sugar,com.(guar.) _
134 Dec. 3 Holders of rec. Dee. 10a
Preferred (guar.)
Dec. 3 Holders of rec. Doe. 10a
2
South West Penn. Pipe Lines (guar.).- $1
Dec. 3 Holders of rec. Dee. 15
Sparks-WithingtOn Co. (guar.)
50e. Jan. 2 Holders of rec. Dec. 15
Extra
50c. Jan,
Holders of rec. Dec. 15
Spartan Mills
4
Dec. 3 Holders of rec. Dec. 20a
Spicer Manufacturing, pref. (guar.)._ _ _
2
Jan,
Holders of rec. Dec. 20a
58
Standard Coupler, preferred
Jan.
*Dec. 25 to Jan. 13
Standard 011(Kentucky)(guar.)
Dec. 3 Dec. 16
$I
to Jan. 1
Standard 011 (Ohio). coin.(guar.)
2% Jan.
Holders of rec. Nov.28
Standard Plate Glass. 7% pref. (guar.)_
134 Jan.
Holders of rec. Dec. 22a
itim Jan,
Prior preferred (guar.)
*Holders of rec. Dee. 22
Standard Screw, common (guar.)
3
Jan.
Holders of rec. Dec. 15
Preferred
Jan.
3
Holders of rec. Dec. 15
Stanley Company of America (guar.)
131 Jan.
Holders of rec. Dec. 20
Steel Co. of Canada, coin. & pf. (gu.)
134 Feb.
Holders of rec. Jan. y
Sterling Coal (guar.)
I
Jan.
Holders of rec. Dee. 20
THE CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[VOL. 119.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
Steen Brothers. common (guar.)
1
Jan. 2 Holders of roe. Dec. 15a
The following shows the condition of the New York City
Stetson (John B.), corn
•$3.75 Jan. 15 *Holders of rec. Jan. 1
Preferred
Clearing House members for the week ending Do.20. The
•51
Jan. 15 *Holders of rec. Jan. 1
Stromberg Carburetor (gmar.)
51.50 Jan. 2 Holders of rec. Dec. 15a
figures for the separate banks are the avergaes of the daily
Sullivan Machinery (guar.)
$1
Jan. 15 Jan. 1 to Jan. 14
Swift & Co. (guar.)
2
Jan, 1 Dec. 11 to Jan. 8
results. In the case of the grand totals, we also show the
Syracuse Washing Machine,com.(quar.) $2
Jan. 2 Holders of rec. Dec. 20
Common (payable in common stock). (u) Jan. 2 Holders of rec. Dec. 20
actual figures of condition at the end of the week.
Common (extra)
$2
Jan. 2 Holders of rec. Dec. 20
Common (extra, Payable in com.stock) (a) Jan. 2 Holders of rec. Dec. 20
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Telautograph Corp., pref.(guar.)
•131 Jan. 10 *Holders of rec. Dec. 31
(Stated in thousands of dollars-that U. three ciphers 10001 milled.)
Terse Company (qua?.)
75c. Dee. 31 Holders of roe. Dec. 50
Textile Banking (guar.)
•2
Jan. 2 *Holders of rec. Dec. 24
Thompson (J. R.) Co., com.(monthly). 25e. Jan. 2 *Holders of rec. Doe. 230
New
Common (monthly)
Sperm
Capital.'Profits. Loans.
25e. Feb. 2 Holders of rec. Jan. 23a
Common (monthly)
with
Time Bast
Na)
count. Cash
250. Mar. 2 Holders of rec. Feb. 230 Week Ending
Preferred (gar.)
Dec. 20 1924 Nat'l, Oct. 10 InvestDe- Mts.
its
Legal Demand
134 Jan. 1 Holdesr of rec. Doe. 23a
Tide Water OH (guar.)
State. Nov. 15 molts. Vault. Dermal- Deposits. posits. la1
Dec. 31 Holders of rec. Dec. Ihri
TIntle Standard Mining (extra)
(000 omitted.) Tr.Cos.Nov.15
ckc.
tortes.
ties.
*30c. Jan. 2 *Holders of rec. Dec. 17
Tobacco Products Corp., corn.(guar.)._ $1.50 Jan. 15 Holders of rec. Jan. 2a
Tonopah Extension Mining (guar.)
Members of Fed. Res. Bank. Average Average Averag
Average Average Alr(Id.
5c. Jan. 1 Holders of rec. Dec. 11
Torrington Co. (guar.)
Bank of N Y &
$
$
6231c Jan. 2 Holders of rec. Dec. 19
Extra
928 7,613
54,742 10,462
Trust Co__ 4,000 12.462 75,001
$2.50 Jan. 2 Holders of rec. Dec. 19
Tower Manufacturing,common (guar.). 750. Jan. I Holders of rec. Jan. 1
126,622 22,870
Bk of Manharn 10,000 13.874 152,082 3,026 17,478
Tuckett Tobacco, common (guar.)
179,886 10,122 "Nit
Meeb & Met Bk 10.000 16.020 184,902 4,031 24.439
1
Jan. 15 Holders of rec. Dec. 31
87,134 1,919 13,083
Preferred (gar.)
94,518 6,282
Bank of America 6,500 5,412
134 Jan. 15 Holders of rec. Dee. 31
Underwood Computing Mach., pl.(g) 134 Jan. 1 Holders of rec. Dec. 200 Nat City Bank. 40.000 54,355 642.150 5,002 75.596 *683,231 98,487
956
Underwood Typewriter, corn.(guar.)._ 75e. Jan. 1 Holders of rec. Dec. 6a Chem Nat Bank 4,500 16,857 136,901 1,490 17,286
348
129.774 3,865
Preferred (guar.)
874
102
7,300
262
5,827
228 495
154 Jan, 1 Holders of rec. Dec. 60 Nat Butch & Dr 1.000
Union Carbide & Carbon (guar.)
Amer Ere)) Nat 5.000 8,074 115,122 1,092 13,378
102,976 8,626 4,962
$1.25 Jan. 1 Holders of rec. Dec. 5a
Union Twist & Drill. preferred (guar.).- •154 Dec. 31 *Holders of rec. Dee. 20
350.050 15.799
Nat Bk of Corn,. 25.000 39,854 365.965 1,236 45.854
United Alloy Steel Corp.. pref.(quar.)
Pacific Bank_ __ 1.000 1.708 33,123 1,385 4,579
31,192 3,109
'134 Jan. 20 *Holders of rec. Jan. 1
United Cigar Stores, coin. (guar.)
138.134 35,092 s;oio
50o. Dec. 31 Holders of rec. Dec. 150 Chat& Phen Na 10.500 9.357 173,269 5,029 20,166
685 15,361
290
112.963
Common (Payable In common stock) 1115 Dec. 31 Holders of rec. Dec. 15a Hanover Nat Bk 5,000 23,098 126,310
United Drug, first preferred (guar.).- 134 Feb. 2 Holders of rec. Jan. 15a Corn Exch Bank 10.000 13,493 208,478 9,415 28.612
191,980 27.963
Second preferred (guar.)
140,015 10,175 8,558
131 Mar. 2 Holders of rec. Feb. 160 Nat Park Bank. 10,000 23,870 176,474 1,082 18,511
United i wiewouti. pref. (guar.)
30,708 1.105 3.724
499
23,599 7.273
131 Jan2'25 Holders of roe. Dee. 150 East River Nat_ 2.100 1.952
509 37.201
United Fruit (guar.)
259.556 24,994 7,463
2'4 Jan.2'25 Holders of rec Dec.6a First National._ 10,000 62.690 333,364
Quarterly
284.102 28,369
231 Apr. 1 Holders of rec. Mar. 60 Irving Bk-Col Tr 17.500 12.417 286,229, 4,583 37,858
958
174
7,6151
Quarterly
452
6,120
234 July 1 Holders of rec. June 6a Continental Bk. 1,000 1.066
• Quarterly
381,343 22,739 1,094
•
231 Oct. 1 Holders of rec. Sept. 5a Chase National_ 20,000 25,141 382.778 4,852 59,334
500 2,704
962 3,379
25,195
24.080'
Quarterly
231 Jan 2'26 Holders of rec. Dec 5a Fifth Ave Bank
600 1.099
482 1,478
13,2041
United Profit Sharing, common
10,640, 2,935
15
Jan. 2 Holders of rec. Dec. I la Commonwealth.
538 2.7.51
16,553
Garfield Nat.._ _ 1.000 1,680
396
16,5201
245
United Shoe Machinery, corn. (quar.)... 6231e Jan, 5 Holders of rec. Dec. 16
250 3,054
19,263.1
Fifth National_ 1.200 1,301
244
19,909 1,315
Preferred (guar.)
3731e Jan. 5 Holders of rec. Dec. 16
66
United Verde Extension Mining (guar.). 50c. Feb. 2 Holders of rec. Jan. 3a Seaboard Nat__ 4.000 7,788 107,002 1,375 13,240
100,288 4,942
598 2,440
21.784'
412
17,452 3.167
U. S. Distributing Corp.. pref
335 Jan. 1 Holders of rec. Dec. 20a C,oal & Iron Nat 1.500 1,341
Bankers Trust. 20.000 26,514 322.691' 1,333 38,689 *287.107 43,803
U.S. Gypsum,common (guar.)
$1
Dee. 31 Dee. 6 to Dec. 21
976 6,532
51.562 7,227
U S Mtge & Tr. 3,000 4,619 59.552
Common (special)
Dec. 31 Dec. 6 to Dec. 21
$5
Guaranty Trust 25.000 19,180 498.829 1,712 53,493 *481,803 51,958
Common (payable in common stock). 135 Dec. 31 Dee. 6 to Dec. 21
515 2,443
21,557
18,436 1.863 Fidel-InterTrust 2.000 2,117
Preferred (guar.)
134 Dec. 31 Dec. 6 to Dee. 21
992 19,883
148,806 30.876
U. S. Industrial Alcohol, pref. (guar.)._
154 Jan. 15 Holders of rec. Dec. 31a N Y Trust Co__ 10.000 19,147 180,708
556 5,596
42,201 3,510
• U.14 RoiItv * Damon., pref.(guar.).. I% Feb. 2 Holders of rec. Dec. 50 Metropolitan Tr 2,000 4.129 46,5I4
543 16.467 •123,119 26,359
Farm Loan & Tr 5.000 17.370 143,177
U. S. Safe Deposit
*5
Jan. 2 *Holders of rec. Dec. 31
Equitable Trust 23,000 11.262 267,478 1,7361 32,536 *311,527 26,045
U.8. Sheet At Window Class. pref.(qu.) *2
Jan. 2 *Holders of rec. Dec. 23
United States Steel Corp., corn.(guar.)_
13.4 Dec. 30 Nov. 29 to Dec. 1
Total of averages 291,900 462,2245,265,277 60,193639,886 c4,640.20C 540,15232,251
Common (extra)
15 Dec. 30 Nov. 29 to Dec. 1
U.S. Tobacco, common (guar.)
75c. Jan, 2 Holders of rec. Dec. 15a
Preferred (guar.)
131 Jan. 2 Holders of rec. Dee. 15a Totals, actuate'don Doe. 2)5,300,479 64,082604.974 c4.652,316 532.525 32,288
Totals, actual condition Dec. 135,253,848 55,992687,109 c4,617.598 539,768 32,409
Universal Leaf Tobacco, pref........... 2
Jan. 2 Holders of rec. Dec. 20
Upson Co.,common (extra)
2
Jan, 2 Holders of rec. Dec. la Totals, actual condition Dec. 65,327,06S 53,461'599,094 c4,632,748 549.541 32,363
Stare Banks Not Me mbers f Feda Reeve Bank.
Preferred (guar.)
2
Jan
2 Holders of rec. Dec. 15a
21,213 1,927 2,118
848
21,377
Utah Copper (guar.)
SI
Dec. 31 Holders of rec. Dec. 120 Greenwich Bank 1,000 2,434
344
461
250
897
2,689 1,988
Bowery Bank__
5,377
Utah-Idaho Sugar, corn. (guar.)
•60. Dec. 31 *Holders of rec. Dec. 19
el"( Dec. 31 *Holders of rec. Dee. 19
34,583 61.047
98,850 4,140 2,154
State Bank__ 3.500 5,134
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 22
Van Dorn Iron Works. pref.(quar.)_
58,649 63,883
Total of averages 4.750 8,467 125,440 6,411 4,733
Victor Talking Machine, corn. (guar.)._ $2
Jan. 15 Jan. 1 to Jan. 5
Preferred (guar.)
134 Jan. 15 Jan. 1 to Jan. 5
59,590 63,941
Virginia Iron. Coal & Coke, pref
234 Jan. 2 Holders of rec. Dec. 130 Totals, actual condition Dec. 21 126,168 6,598 4,740
58,041 63,775
131 Jan. 20 Holders of rec. Jan. 90 Totals, actual condition Dec. 13 124,884 6,380 4,411
Vulcan Detinning. pref.(guar.)
57,248 63,722
Pref. (acct. accumulated dividends)._ 51
Jan. 20 Holders of rec. Jan. 9a Totals, actual co nditIon Dee. 6 123,815 8,426 4,542
Preferred Class A (guar.)
131 Jan. 20 Holders of rec. Jan. 9a Trust Compan les Not Members of Fed I Res'v a Bank
36,691 2,436
Wabasso Cotton (quar.)
Title Guar & Tr 10,000 15,9081 59,253 1,607 3,916
51
Jan. 2 Holders of rec. Dec. 15
838
16,249
890 1,568
Wani Company, pref. (guar.)
154 Jan. 1 Holders of roe. Dec. 26a LawyersTlt&Tr 6,000 6.311J 27,545
Waldorf System, common (guar.)
3134c Jan. 2 Holders of rec. Dec. 20
52,940 3,274
First and preferred (guar.)
22,220 88,798 2,497 5,484
20e. Jan. 2 Holders of rec. Dec. 200 Total of averages
Wanner Malleable Casting, Class A (qu.) 62150 Jan. 1 Dee. 25 to Jan. 1
86,635 2,597 5,526
Ward Baking Corp.. pref. (guar.)
Totals, actual condition Dec. 21
53,010 3.169
131 Jan. 2 Holders of rec. Dec. 15
Totals, actuate ndition Dee, 13 86,370 2,477 5,571
53,287 3,294
Warren Bros.. corn. (guar.)
*El
Jan. 2 *Holders of rec. Dec. 20
86,802 2,466 5,759
Totals, actual c ndition Doe. 6
53,469 3,465
First preferred (guar.)
•750. Jan. 2 *Holders of rec. Dec. 20
Second preferred (guar.)
•87.10 Jan. 2 *Holders of roe. Dee. 20
Weber & Hellbroner,common (guar.).- 50e. Doe. 30 Holders of rec. Dec. 17a Ord aggr., aver 312.650492.9125,477,515 60,101650,103 4,751,795 607,309 32,251
+9,845,-3,487 -105
134 Mar. 2 Holders of rec. Feb. 160 Comparison with prey. week__ -27,440 +5,513 +15312
Preferred (guar.)
Weber Piano, preferred (guar.)
154 Dec. 31 Holders of roe. Dee. 200
Weisbach Company
$3.50 Dee. 31 Holders of rec. Dec. 20a Gr'd aggr., aePtcond'n Dec.205,513,282 73,257615,240 4,764,916 599,635 32,288
ComparLson With prey. week. +48,180 +8.408-81851 +35.990-7,202 -121
West Coast 011(guar.)
$1.50 Jan. 5 Holders of rec. Dec.d23
Extra
$20 Doe, 31 Holders of roe. Dee.d27
Gr'd aggr.,eel cond'n Dec. 135,465,102 64.849697.091 4,728,926 606,83732,409
Westmoreland Coal (guar.)
50e. Jan. 2 Dec. 27 to Jan. 3
Ord aggr., acel cond'n Doe. 65,537,685 62,353609,395 4,743,465816,72832,363
West Point Mfg. (guar.)
2
Jan. 2 Holders of roe. Dee. 15
Western Electric, common (guar.)
$2.50 Doe. 31 Holders of rec. Dee, 280 Gr'd agar., acrl condo slov.29 5,536,009 62,416 636,221 4,712,285637,831 32,207
13" Dec. 31 Holders of rec. Dee. 200 Ord aggr.. acrl cond'n Nov.225,485,077 59,942647.913 4,664,139640,842 32,270
Preferred (guar.)
Westinghouse Elec.& Mfg.. coin.(guar.) $1
Jan. 31 Holders of rec. Dee. 3I0 Gr'd aggr., curt cond'n Nov.15 5.501,160 57,733629,853 4,719,997607,20932.282
$1
Preferred (guar.)
Jan. 15 Holders of rec. Dec. 310 Gr'd slur., aal cond'n Nov 85,364,008 61.029717,780 4,574,147608,257 32,150
White Eagle Oil& Refining (guar.)
500. Jan. 20 Holders of rec. Dec. 310
Note.-U. S. deposits deducted from net demand deposits in the general totals
Motor
quer.)
White
Si
Dec. 31 Holders of rec. Dec. 20a
White Rook Mineral Spring, corn.(qu.). 25e. Deo, 31 Holders of rec. Dec. 220 above were as follows: Average total Doe. 20, $20,978,000; actual totals Dec. 20.
Preferred (guar.)
154 Dee. 31 Holders of rec. Dee. 220 $23.182.000; Dee. 13, $14,144,060; Dec. 6, 520,211.000: Nov. 29, $21,590,000.
Whitman (William) Co., Inc.,pf.(qu.).. 135 Jan. 1 Holders of rec. Dec. 230 Nov. 22. $21,123.000. Bills payable, rediscounts, acceptances and other liabilities;
average for week D0.20,8550.917.000; Dec. 13, 8546,812,600; Dee.6,5529,478,000;
Williams Tool, preferred (guar.)
2
Jan. 1 Holders of rec. Dee. 20
Nov.29,$516,820,000; Nov.22,$486,860,000. Actual totals Dec.20.5558.402,000;
Will & Baumer Candle. pref.(guar.).- •2
Jan. 2 *Holders of rec. Dec. 18
Dec. 13, $616,972,000; Doe. 6, $532,223,000; Nov. 29, $550,121,000; Nov. 22,:
Woods Mfg., pref. (guar.)
Jan. 2 Holders of roe. Dec. 22
Worthington Pump & Mach., pf. A(g) 154 Jan. 2 Holders of ree. Dee. 20a $530.315,000.
Includes deposits In foreign branches not included in total footings, as,follows.
Pr. ferred B (guar.)
134 Jan. 2 Holders of reo. Dec. 200
National City Bank.$131,133,000; Bankers Trust Co.,$17,935,000; Guaranty True'
Wright-Hargreaves Mining (guar.)
234 Jan, 2 Holders of reo. Dee. 15
Co.,
$84,225,000: Farmers' Loan & Trust Co., $7,982,000; Equitable Trust Co.
255 Jan. 2 Holders of ree. Dec. 15
Extra
$87,714,000. Balances carried In banks in foreign countries as reserve for such
Wrigley (Wm.) Jr., dr Co.
deposits were: National City Bank, $22,082,000; Bankers Trust Co., $1,191,000;
Jan.
Doe.
2
Holders
of
rec.
206
Monthly
Feb. 2 Holders of rec. Jan. 20a Guaranty Trust Co.,$3,766,000; Farmers' Loan & Trust Co., $7.982,000; Equitable
Monthly
Mar. 1 Holders of rec. Feb. 200 Trust Co., $7,882,000. c Deposits In foreign branches nett 'minded.
Monthly
Jan.
1 Holders of rec. Doe. 20
Wurlitzer(Rudolph) Co.. pref.(quar.)-The reserve position of the different groups of institutions
Jan. 2 Holders of rec. Dec. 10
Yale & Towne Mfg.(guar.)
Jan. 2 Holders of roe. Dec. 200 on the basis of both the averages for the week and the actual
Yellow Cab Mfg.,class B (monthly)
.
Feb. 2 Holders of rec. Jan. 200 condition at the end of the week is
Class B (monthly)
shown in the following
Mar. 1 Holders of roe. Feb. 200
Class B (monthly)
Dec. 31 Holders of roe. Dec. 150 two tables:
Youngstown Sheet & Tube, corn.(guar.)
Dec. 31 Holders of rec. Dee. 15a
Preferred (guar.)
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
•From unofficial sources. t The New Yolk Stock Exchange has ruled that stock
AND TRUST COMPANIES.
The
Will not be quoted ex-dividend on this date and not until further notice.
New York Curb Market Association has ruled that stock will not be quoted exAverages.
further
notice.
not
until
dividend on this date and
a Transfer books not closed for this dividend. d Correction. e Payable in stock
Cash
Reserve
a
I Payable In common stock. g Payable In scrip. S On account of accumulated
Reserve
in
swop,
Total
Reserve
dividends. m Payable in preferred stock. n Payable in Canadian funds.
lieserva.
In Yank. Depositories Reserve.
Required.
i Annual dividends for 1924,all payable In equal quarterly Installmente on April 1
July 1 and Oct. 1 1924 and Jan. 1 1925 have been declared as follows: On the com- Members Federal
$
mon stock $3 cash and $3 in common stock; on the participating preferred the regular
Reserve Bank...
639,886,000 639,886,000 619,431.340 20,454,660
8% and extra dividends of 1% in cash and 1% In common stook; on the preferred State bangs•
587,180
6,411,000 4,733,000 11,144,000 10,556,820
40,000
stock regular 6%; on the prior preferred stock regular 7%
Trust companies *- 2,497,000 5,484,000 7,981,000 7,941,000
s On account of accumulated dividends and being in full of all accumulations..
Total Dee. 20... 8.908,000 650,103,000 659,011,000 637,929,160 21.081,840
I Dividend is at rate of 5% per annum for period from May 2610 Dec.31 1924.
Total Dec. 13.... 8,782,000 634,791,000 643,573,000 636,711,840 6,861,160
uStock dividends are one-fifteenth of a share of common stock each.
Total Deo, 6... 8,826,000 642,387,000 651,213,000 638,285,110 12,927,890
o Extra dividend is one-fifteenth of a share of non-par common stock and special
Total Nov.29._
8,512,000 626,742,000 635.254,000 630,407,410 4,846,590
extra dividend Is one-half a share non-par common stock.
•Not members of Federal Reserve Bank.
to Final dividend is two shillings and interim dividend is ten pence. Transfers
a
This is the reserve required on the net demand deposits n the case of State banks
recelved In London up to Jan.3 will be in time for payment of dividend to traneferees.
z Payable at option of holder either in cash at the rate of 850. a share on One- and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount in reserve required on net time deposits, which was as follows:
ortleth of a share of com, stock for each share held.
Dec. 20, 516,204,560; Dec. 13, 516,307,850; Dec. 6, 816 728.360; Nov. 29, 117.'Payable to holders of coupon No. 12.
PayabIS to holders of Coupon No. 7
135,520.
134
Actual Figures.
Resents
Cash
in
Reser.*
In vaust. Depositories
Members Federal
Reserve Bank_
State banks•
Trust companies *-
2985
THE CHRONICLE
Dice. 271924.]
6.598.000
2.597.000
Surplus
Reserve.
Reserve
Required.
Total
Resale.
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.
604.974.000 6014,974.000 820,776,830 -15,802,830
611.800
4,740,000 11.338.000 10,726,200
171,500
5,526,000 8,123,000 7,951,500
Dec. 20---- 9,195.000 615,240,000 624.435.000 639,454,530 -15019,530
8.857.000 697.091,000 705,948,000 634,921.210 71,026,790
Dec. 13-8.892.000 609,395.000 618,287.000 637.068.460 -18.781,460
Dec. 8
8,723.000 636,221.000 645,944.000 633.849,520 11,094,480
Nov.29___
•Not members of Feral Reserve Bank.
b This is the reserve required on net demand deposits In the CM of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
includes also amount of reserve required on net time deposits, which was as follows:
Dec. 20. 815,975,750: Dec. 13, 816,193,040: Dec. 6, $16,488,230: Nov. 29, $17,124,300.
Total
Total
Total
Total
Dec. 17
1924.
Changesfrom
previous week.
Dec. 24
1924.
Dee. 10
1924.
$
$
100.000 57.400.000 57.400.000
57,300,000 Dec.
Capital
78,000 82.513.000 82,461.000
82.591.000 Inc.
Surplus and profits
Loans. dIsc'ts dr investments_ 898,562,00 Inc. 2,915,009 895.647.000 892,612.000
Individual deposits, Incl. U.S. 652.506.000 Dec. 5,299,000 657.805.000 646.313,000
132.771.000 Dec. 11.166,000 143,937.000 148,312.000
Due to banks
161.173.000 Dec. 834,000 162,007.000 163.094,000
Time deposits
29,732,000 Inc. 11,365,000 18.367.000 11.890,000
United States deposits
Exchanges for Clearing House 32.046.000 Dec. 2,605.000 34.651.000 32,042.000
78,333,000 Dec. 7,256.000 85.589.000 76.215.000
Due from other banks
76.065,000 Dec. 753.000 76.818.000 76.664.000
Reserve in Fed. Res. Bank
915.000 12.569.000 11,147,000
Cash in bank and F.R.Bank _ 13,484,000 Inc.
Reserve excess in bank and
763.000
57,000 1,178,000
1,235,000 Inc.
Federal Reserve Bank
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending Dk e. 26, with comparative figures
follows:
as
House
Clearing
panies in 1.9(mr York City not in the
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by Stage Banking Deportment.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differences from
is not a part of legal reserve. For trust companies not memprevious reek.
Dec. 20.
8989.556.000 Dec.$16,818.700 bers of the Federal Reserve System the reserve required is
Loans and investments
429.000
4,845.700 Inc.
Gold
and includes "Reserve with legal
24,941,900 Dec.
809,600 10% on demand deposits
Currency and notes
92,596.400 Inc. 3.894.000 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York_
1,074,792,400 Inc. 2,123,700
Total dew its
Deposits, eliminating amounts due from reserve
Week Ended Dec. 20 1924.
depositories and from other banks and trust
Dec. 13
Two Ciphers (00)
companies in N. Y. City, exchange and U. S.
1924.
1924
Trust
of
Members
omitted.
289,700
1,016,140,500 Inc.
deposits
F.R.System Companies Tara.
164,875,600 Inc. 4,557,500
Reserve on deposits
Percentage of reserve, 21.5%.
$41,819,0 $5,000,0 $46,819.0 $46.819.0
Capital
RESERVE.
123,666,0 16,526,0 140,192.0 140.192.0
-Trust Companies- Surplus and profits
State Banks
Loans,
_
disc'ts & investla_ 811.591,0 45,476,0 857.067.0 865.542.0
888.548.500 15.92%
•$33,835,5110 18.18%
Cash in vault
832.0 39.618,0 37,688.0
38,786,0
Clear.House
Exchanstes
for
5.31%
29.507,700
Deposits In banks and trust cos __ 12,983,900 6.21%
17,0 112.463.0 108.978,0
112,446,0
Due from banks
149,388.0 155.966.0
1,095,0
148.293.0
8118,056,200 21.23% Bank deposits
$46,819,400 22.39%
Total
587.296,0 27.297,0 614,593.0 617.199.0
Individual deposits'
96,110.0 94.537.0
1,312,0
94,598,0
Time
• Includes deposits with the Federal Reserve Bank of New York, which for the Total deposits
830,187,0 29.904,0 880.091,0 887,702.0
deposits
State banks and trust companies combined on Dec. 20 was $92,596,400.
15,768,0 12,010.0
U. S. deposits(not Incl.).
4,453.0
3,651.0
3,651.0
Res've with legal deposit's_
63,580,0 64.033.0
Reserve with F.R.Bank.. 63,580,0
14.635.0
15,099,0
1,555,0
13,544.0
•
vault
Cash in
Banks and Trust Companies in New York City.-The Total
5,206,0 82,330,0 83,121.0
77,124,0
reserve & cash held
4.206,0 67,700.0 69,169,0
63.494,0
Reserve required
averages of the New York City Clearing House Banks and Excess
1.0(10.0 14.5300 Is eV, o
res. & cash in vault. 13.630.0
trust companies combined with those for the State banks and
•Cash in vault not counted as resIrve for Federal Reserve members.
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.
Weak NnamlAug. 23
Aug. 30
Sept. 8
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
Dec. 6
Dec. 13
',.. on
*Total Cash
Reserve in
In Vaults. Depositaries.
Loans and
Investnients.
Demand
Deposits.
8
6,197.834,200
6.176,232.200
6,189.878.800
6,171,331,700
8.245,090,200
6,380.981.700
6,482.535.800
6.413.396.600
13.406.300.400
8,455,020,500
6.471,127.800
6,426.927.200
6.433,204.400
6.474,249.900
6.518.724.600
6,528,299.100
6,511,329,700
A AA, 1171 nun
•
$
5,420,377.600
5.410.175,900
5.413.838,100
5,428.157.800
5.544.643.300
5,544,168.600
5,616.632,400
5,568,625,300
5,572,477,300
5.649,980,400
5.627,503.900
5.591,048,400
5,863,989,100
5,684,532,300
5,708.357,400
5,760,687,300
5,757.800,800
$
77,334.600
78.013,900
80.217.700
83.772,900
80,731,400
81,522.500
81,794,900
87.219,200
85,602,500
83,921,000
83.783,000
84,099.700
88,084,800
85,378,900
87.856.300
89.895.100
93,7513.200
8
727.393,700
733.914,000
722,157.200
739.130.000
828.036.100
749,472,300
748,565.400
749,029,900
765,528,200
762,708.900
750.335.800
751,013.300
773.736.400
761,712.200
759,845.500
775,979,000
764,940.900
K 7117 OIX cnn
•
•
no coo can
•
•
nom In, nne
•
•
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
swum OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Mated in thousands of dollars-that is, three ciphers (0001 omitted.)
Loans,
Diacounts,
Investmews,
&c.
Members of
. Res've Bank
Fed'
Gmee Nat Bank__
Average Average Average Average Average
Total
State Banks
Not Members of
Fedli Res've Ban.
Bank of Wash. Ma_
Colonial Bank.„......_
Total
Trust Company
Not Member of
Fedl Res've Bank
Mech. Tr., Bayonne
s
$
Cash
in
Vault.
$
S
1 1ts
1,6; •
9,798
51
It t
1.6;•
9,798
51
Is
1,1 t I
1. 'I
481
2,541
3,022
7,441
26,200
854
2,940
$
367
3,360
4,147
567
3,360
4.147
365
1,375
6,090
23,650
2,022
3,110
3,794
1,740
29,750
5,132
46
8,746
368
91
3,023
3,921
91
3,023
5.921
2,398 a36,133
-147 -881
15,200
-76
48
8,746
368
52,185
-845
4,213
-11:
2.701
2,711
2,7''
5,11
5,113
5,113
97
6_113
52,830
52,503
52,875
53.195
4,331
4,207
4,114
4.186
TT..., 9%
$
$
33,641
5,172
Reel a....
Gold held exclusively agst. F.R. notes. 392,118.000
Gold settlement fund with F. R. Board. 273,031.000
Gold and gold certificates held by bank- 265,781.000
2,545
2,525
2,453
2.484
a37,014
a36,281
a36.253
a36.537
•United Statei deposits deducted, $251,000.
Bills payable, rediscounts, acceptances and other liabilities. 8613,000.
Exsees reserve. 8115.060 decrease.
15,276
15,403
15,810
16.617
453.614.000 618,869,000
76,886,000
206.915.000
262.362,000 168,220,000
Total gold reserves
Reserves other than gold
930,930.000
18,600,000
922.891.000
19.932.000
863,975,000
21,247,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations
Other bills discounted
949,530,000
11,545,000
942,823.000
13,046,000
885.222.000
9,937,000
103,105.000
31,052,000
41,599,000
11.443.000
158,190,000
46,766,000
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
134,157,000
104,743,000
53,042.000
93,449,000
204.956.000
90,052,000
12.385,000
117.793,000
39.166.000
8,625.000
117,020.000
78,011,000
1,149,000
10,100,00e
11,150,000
Total U. El. Government securities._ 169,344,000
1,746,000
Foreign loans on gold
409,990,000
Total earning assets
148,322,000
Uncollected items
17,452,000
Bank premises
8,462,000
All other resources
203.656,000
1,746.000
22,399,000
317,407,000
351.893.000
205,440.000
17,448,000
7,985,000
121,206.000
14,528,000
1,360,000
1,543.301,000 1,538,635,000 1,349,660,009
Liabilities394,825.000 376.250.000 428,579,000
Fed. Ree. notes in actual circulation
Deposits-Member bank, reserve *col-- 903,165.000 887.124.000 705,485,000
9,203,000
765.000
16,609,000
Government
10,792,000
21,570,000
20,712.000
Other deposits
940,486,000 909.459,000
115,109,000 160,147.000
30,146,000
30,149.000
59,929,000
59,929,000
2,704,000
2.803,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
725,480,000
100,864,000
29,439,000
59,800,009
5,498,000
1,543,301.000 1,538.635.000 1,349,660 000
Ratio of total reserves to deposit and
Fed. Res. note liabilities combined_
Contingent liability on bills purchased
for foreign correepondenta
CURRENT
'II
:it
Gr'd aggr., Dec, 13
Ord aggr., Dec 6
Or'd aggr.,Nov 29
Dec. 24 1924. Dec. 17 1924.
ResOUITes384,374.000 444.442.000 608,674,000
Gold with Federal Reserve Agent
10.195,000
9,172.000
7.744,000
Gold redemp. fund with U. S. Treasury_
Total liabilities
2,711
Grand aggregate.-Comparison with prey. w
Total
Reserve
Net
Net
with Demand Time
Legal Deposits. Deposits.
Deposttortes.
$46.819,0
140.192,0
867,492.0
33.258,0
114,319.0
162.048.0
621,924,0
97.564,0
881.536,0
16,463,0
3.958,0
65.1116,0
13,383,0
83,255.0
69,753,0
13.502.0
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 Dee. 24 1924 in
comparison with the previous week and the corresponding
date last year:
Dec. 261923.
Total resources
I
Net
Capital. Profits.
CLEARING
SON-MEMBERS.
Nat. bks. Oct. 10
Week Ending State bks. Nov.15
Dec. 20 1924. Tr. cos. Oct. 10
Dec.6
1924.
71.1%
73.3%
76.7%
12,426,000
12,711.000
'6,111,000
NOTICES.
-Bankers Trust Co. has been appointed registrar for the first preferred
stock allotment certificates issued with respect 40 100.000 shares of first
preferred and 100,000 shares of common stock of the North American
Utility Securities Corporation.
-Farr & Co. have issued a circular discussing the 1923-24 earnings of
Central Aguirre Sugar Co. and the increased operations indicated for the
current fiscal year.
-Joseph L. Began, for many years with Clinton Gilbert, is now associated with the bank stock department of Mann, Pell & Peak°, 27 Broad
St.. New York.
-Seipp,Princell & Co. have moved to 105 South La Salle St., Chicago.
2986
THE CHRONICLE
[VOL. 119.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board
afternoon, Do.26,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday.Thursday
In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks
and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of
the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in
Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. TheFederal
Reserve Board's comment upon the returnsfor the latest
week appears on page 2947, 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. 24 1924.
Dec. 24 1924. Dec. 17 1924.iDec. 10 1924.1 Dec. 3 1924. 'Nov. 26 1924. Noy. 19 1924.!
Nov. 12 1924. Nov. 5 1924. Dec. 26 1923.
RESOURCES.
$
Gold with Federal Reserve agents
1
1
1,747.218,000 1,822.424.000 1.836.288.000 1.905.730,000'1,926.215.000 1.933.981.0001
1,970.011.000 1,989.213.00() 2,109,814,000
Gold redemption fund with U. S. Tress45,756,000
47.048.000
32,093,000, 45,788,0001
42.136,0(10
38,620,0001
27,114,000
66,278,000
38,070.000
Gold held exclusively asst. F. R. notes 1,792.974,000 1,869.472.000 1,868.381,000 1,951.518,000
Gold settlement fund with F. R. Board. 637,210,000 589.390.000 647,643.000 588.036.000 1,968.351,000 1,972,601,000 1,997.125,000 2,027,283,000 2,176,092,000
591.026,000 610.131,000
Gold and gold certifitates held by banks_
482,605,000 495,256,0091 481.474.0001 488.376,0001 486.873.000 468,086.0001 601.642.000 586.866.000 553,604,000
449.115.000 424.370,000 341,401,000
Total gold reserves
2,912,819,000 2,354,118.000 2.997.498.000 3,027.930.000 3,046.250,000 3,050.818.000
3,047.832,000 3.038.519,000 3,071,097,000
Reserves other than gold
84.694,000
94,467.000, 95.218.0001 89.063.000
87,701,000
92.411.0001
90,065.0001
85.148.000, 66.419,000
Total reserves
2,997.513.000 3,043.585.000 3.092.716,000 3,117.893.000 3,133.951,0(10 3,143.229.000
3.137,947.000 3,123.667,000 3,137,516,000
Non -reserve cash
37,663.000
40,418.000, 41,643.000
40,023,000
34.307,000
43,005,000
41,731,000
35.355,000, 69,661,000
Bills discounted:
Secured by U. S. Govt. obligations
239,230,000 158.413,000 127,279.000 124,656,000
96.204.000
84.880.000
95.334.000
95.175,000,1 441,842,000
Other bills discounted
157,199,000 125.398,000 126,977,000 124.272.000 125,201,000 149,164.000
128.898.000 134.088.000 415.306,000
Total bills discounted
396.429.000 283,811,000 254.256.000 248,928.000 221.405.000 233.844.000
224.232.000
229.263,000 857,151,000
Bills bought In open market
389.574,000 336.827.000 352,838,000 354,606.000 281.001.000 275.245,000
248,190.000 234,848.000 336,415,000
U. S. Government securities:
Bonds
74,756,000
64,578.0001 46.358,000
44,785.000
44,320,000
44.243.000
23,554,000
42,309.000
Treasury notes
342.552,000 341,485,000 361.082.000 390.876.000 390.070.000 397.568.0001 44.746.000
65,281,000
Certificates of Indebtedness
120,571,000 158.099.000, 144.456,000 139.282 000 147.816.000 145,266.000, 398.318.000 398.006.000
145.300.000 144.561.000
15.323.050
Total U. S. Government securities__
537,879,000 561.162.0001 551,896,000 574.943.000 582.215,000 587.077.000
588.364,000 584,876.0001 104,158,000
All other earning assets
2.050,000
2,050.0001
6,000.000
2.050.000
2,550,000
2.550,000
3,557.000
3.557.000
Foreign loans on gold
51,000
6,000.000
2,050.000
6,000.000
6,000.0001
Total earning assets
1,331,932,000 1.192,850,000 1,167,040.000 1,186,527,000 1,087.171,000 1.038.716.0001
,064,343,000 1,052.544,000 1,297,775,000
5% redernp fund agst. F. R. bank notes
28,000
Uncollected items
674,514,000 831.419,0001 649,131,000 663.892.000 615.240.000 713,720,000
685.893.000 583.567,000 591,608,000
Bank premises
61.819,000
61.768,000
61.711,000
61.555.000
61.553.000
61.085,000, 60.751.000
60,743,000
57,105,000
611 other resources
23,827,000, 23.458.000
26.239.00
27.299.000
27,363,000
27.179.000; 27.439.000
27.541.000
15,684,000
Total resources
5,127,2730300,5,198,498,000 5.038,510.000 5,097,189,000 4,959.585.000 5,086,934,000
5,018,11)4,000 4.883,417,000' 5,169,377,00
LIABILITIES.
F. R notes in actual circulation
1,941,747,000 1,871.453,000 1,853.814.000 1,849.006.000 1,845,308.000 1.823,460.000
1.829,202,0001 1,816,817,000 2,340,375,000
B. R bank notes In eirculation—net
470,000
Deposits-Member banks—reserve account
2.222,870.000 2,214,744,000 2,192,333.00012,252,475.000 2,148,137,000 2,215.346,000
2,172.354,000 2,118,075.000 1,874.486,000
Government
58.081,000
8,542.0001 35,975.0001 22.911.000
26.723.000
24,667.000
33.424.000
211,813.00(1
42,811,000
Other deposits
30,233,000
30.007,000
27,856,000
30.432,000
33,022.0001 31,002.000
29,662.000
31,107,000
20.572,000
Total deposits
2,311.184,000 2.256,308,000 2,259.310.000 2,305.393,000 2.202.716.000
2,270.445,0(10
Deferred availability Items
526.992.000 723.943.000 878,685.000 595.581.000 564.340 000 646.230,000 2.235,440,000 2.178,995.000 1.937.869,000
606.738,000
541.592.000 535,490.000
Capital paid in
112,026.000 112,036.000, 112,123.000 112.159,000 112,169.000
110,103.000
Surplus
220.915,000 220.915.0001 220,915.000 220.915.000 220.915.000 112,241,000 112,222.000 112.009.001
220,915.000 220.915,000 220,915.000 218,369,000
All other liabilities
14,409,000
13.843.000
13.863.000
14.135.000
14,137.000
13.643.000
13,587,000
13.089.000
26,701,000
Total liabilities
5127.273,0005.198.498,000 5,038,510.000 5,097.189.000 4,959,585.000
5,086.934.000 5,018,104,000 4,883,417,000 5,169,377,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
68.4%
71.5%
72.8%
72.8%1
75.2%
74.5%
74.9%
76.0%
71.8%
Ratio o/ total reserves to deposit and
F. R note liabilities combined
70.5%
73.9% 1
75.2%
75.1%
7.4%
76.8%
77.2%
78.2%
Contingent liability on bills purchased
73.3%
for foreign correspondents
41,754,000
42,725.000
37.297.000
31,229.000
27,179.000
27,177,000
25,584.000
25.929,000
17,808,000
Distribution by hfaturities3
1-15 days bills bought In open market_
101,937,000
81,993,000 100.198,000 107,856.000
75,403,000
68,123,000
74,489,000
91,676,000 117,289,000
1-15 days bills discounted
313.715.000 200,751,000 174,476,000 170,178.000 138.102,000
149.052.000 137.645,000 138,101.000 612.660,000
1-15 days U. S. certif of Indebtedness
341.000
40,000,000
55,426.000
53,346,000
5,123,000
1-15 days municipal warrants
31,000
16-30 days bills bought in open market._
70,548,000
59.338,000
54.043.000
58.458.000
53.412.000
49.011.000
46.126.000
41.293.000
65,124,000
16-30 days bills discounted
22,988,000
27,796,000
23.755,000
23.750,000
23.604.000
25,528.000
38.195,000
26.413,000
64.310,000
18-30 days U.S. certif. of Indebtedness
63,720,000
68,240.000
10-30 days municipal warrants
10,000
81-60 days bills bought in open market
114,184,000 105,192,000 108.012.000
96,668.000
80.240,000
84,907,000
74,404.000
59.128.000
94,220,000
31-60 days bills d scounted
30,116,000
26,816,000
28,835,000
28,674,000
32,397,000
33,175.000
34,014.0(0
38,685,000
84,069,000
81-60 days U. S. certif. of indebtedness
100.000
68,341,000
68,267,000
81-60 days municipal warrants
10.000
61-90 days bills bought in open market..
90,046,000
78.504,000
78,724.000
78.322.000
81.807,000
60.941,000
46.145,000
37,311,000
55,119,000
61-90 days bills discounted
18,989,000
18,159,000
17.303.000
17,018,000
17.761,000
16,433,000
15,239,000
17,124.000
66,514,000
61-90 days U. S certif. of indebtedness_
18,012,000
24,067,000
241,000
1.416.000
81 90 days municipal warrants
783,000
7.001)
7.000
Over 90 days bills bought In open market
12,859,000
11,800,000
11,861,000
13,302.000
10,139.000
12.283,000
7,026.000
6,540,000
4,663,000
Over 90 days bills discounted
10,621.000
10,289,000
9,887,000
9,308.000
9,541,000
9,596,000
8,139,000
29,598,000
8.940,000
Over 90 days certif. of Indebtednees_ _
102,218.000
94.032.000
88.789.000
85,936.000
84.096,000
78.926.000
76,950.000
river or) days municipal warrants
9.417,000
74.878,000
Federal Reserve Notes—
Outstanding
2,253,234,000 2,216,729,0002,200,892,1)00 2,262.896.000 2.248.213.000
Held by banks
311,487,000 345,276,000 347,278,000 413.890.000 402.905,000 2,254.425,000 2,255.532.000 2.252.367,000 2,838,398,000
430,965.000 426,330.0001 435,550,000 498,023,000
In actual circulation
1,941,747,000 1,871,453.000 1,853.614.000 1.849,006.004)1,845,308,000
1,823,460.000 1,829.202.000/1,816,817.000,2,340,375,000
Amount chargeable to Fed. Res. Agent 3.195,722,000 3,189.942,000 3,203,711.000 3.185,685,000 3.186.031,000
In hands of Federal Reserve Agent
942,488,000 973,213,000 1,002,819,000 922.789,000 937,818,000 3.170.639.000 3,174,616,000 3,147,311,000 3,646,647,000
916.214,0001 919.084,0001 894.944.0001 808,249.000
Issued to Federal Reserve Banks.... 2.253,234,000 2.216,720,000 2,200,892,000 2.21,2.896.000
2.248,213,0002
.254,425,000
2,255,532.000 2,252,367,000 2,838,398.000
How Secured—
-B1 gold and gold certificates
278.494,000 278,904,000 278.904.000 279,104.000 289.104,000
289,504.0001
290.504.0001 305,504.000 326,584,000
By eligible paper
506,016,000 394.305.000 364,601.000 357,166,000 321,998.000
Gold redemption fund
116,771,000 118,314,000 113,954.000 113,627,000 122.731.000 320,444,000 285,521.000, 263,154,000' 728,584,000
With Federal Reserve Board
1,351,953,000 1,425,206.000 1,443,430,000 1,512.009,000 1.514,380,000 111.111,000. 117.372.000 118.555,000 114,480,000
1.533,366,000,1,562.135.00(41.565.154,000 1,668,750,000
Total
2.253,234,000 2,216.729.000 2,200,892.000 2.262,896,000 2,248,213,000
2,254,425,000 2,255.532,000 2.252,367,000 2,838,398,000
Eligible paper delivered to F. R. Agent.
712,365.1)00 577.093,000 578.283.000 571.620.000 478.882.000
487.126.000 456.665,0130 448.334,000 1,136,708,000.
• Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OP THE 12 FEDERAL RESERVE BANES
AT CLOSE OF BUSINESS DEC. 341924
•
Two ciphers (0U) omitted.
Boston. New York. Phila. Cleveland. Rkhmond Atlanta. Chicago. St. Louis. Minneap. Kan.
Federal Reserve Bank of—
City Dallas. San Fran.
Total,
RESOURCES.
6
$
S
$
$
$
$
3
$
$
$
$
$
Gold with Federal Reserve Agents 167,370.0 384,374,0 170.262,0 172,090,0 80,115,0 145,082,0 190,922,0 56,767,0
73,854,0 62,040,0 40,794,0 203,548,0 1,i47,218,0
Gold red'n fund with U.S. Treas- 10,760,0
7,744,0 7,762.0 1,377,0 1.971,0 1.673.0 3,264,0 2,555,0
351,0 4,448,0 1,988,0 2,003,0
45.756,0
Cold held excl. agst.F.R.notes_ 178.870,0 392,118,0 178.024,0 173,467,0 82.086,0 146,755,0 191,186,0 59,322,0 74,205,0
Gold aettle't fund with F.R.B.rd 36,481,0 273,031,0 22.227,0 63,419,0 27,491,0 16,697.0 83,081,0 16,575,0 17.719,0 66,488,0 42,702,0 205,651,0 1,71)2,974,0
Gold and gold etre. held by banks 17,938,0 265,781,0 24,817,0 18,394,0 18,954,0 7,928,0 76,023,0 7,784,0 5,644,0 32.210,0 10,203,0 38,106,0 637,240,0
2,712,0 8,815,0 26,885,0 482.605,0
Total gold reserves
232,489.0 930,930.0 225.0(18,0255,280.0 128,531,0 171,380,0 354,190,0 83,691,0 97,568.0 101.410,0
270,542,0 2,912,819,0
Reserves other than gold
18,600,0 3,316,0 6,858,0 3,508,0 6,617,0 10.689.0 9,220.0 1,320,0 3,249,0 61,750.0
9,553,0
8,222.0 3,544,0
84,694.0
—
Total reserves
242.042,0 949,530,0 228,384,0 262,136.0 132.039,0 177,997,0 364,879.0 92,001,0 98,888,0 104,659.0 69.97,0
274,086,0 2,997,513,0
Non-reserve cash
11.545,0 1,038,0 2,006,0 1,680,0 2,643,0 6,135,0 2,307.0
3,375.0
580,0 2,033,0 1,453,0 2,865,0
37,668,0
Bills discounted:
Sec. by U. S. Govt. obligations 18,723,0 103,105,0 37,601,0 27,579,0 11,474,0 1,666,0 24,456,0 5,361,0
202,0
881,0
487,0 7,715,0 239,230,0
Other bills discounted
31,052,0 9,746,0 18,454,0 21,910,0 18,149,0 20,705,0 6,506,0 4,173,0 4,623,0 3.480,0
11,207.0
7,194,0 157,199,0
Total bills discounted
29,930,0 134.157,0 47,347,0 46,033.0 33,384,0 19,815,0 45,161,0 11,867,0 4,375,0 5,504,0 3,947,0 14,909,0
396,429,0
Bills bought in open market
59,655,0 104,743,0 18,722,0 41,668,0 1,361,6 9,978,0 35,760,0 21,078,0
15,0 16,165,0 26,083,0 54,346,0 389,574,0
II. S. Government securities:
Bonds
12,385,0 1,345.0 11,126,0 1,340.0 1,584,0 19,022.0 1,264,0 8.918,0 8,903,0 3.220,0
2,472,0
74,756,0
Treasury notes
22,360,0 117,793,0 23,988,0 33.357,0 2,427,0 1.335,0 45,852,0 11,006.0 12,993,0 17,935,0 16,734,0 3,177.0
36,772,0
Certificates of Indebtedness. 10,577,0
39,166,0 4.556,0 15.567,0
844,0
886,0 51,024,0 2,818.0 3,988,0 6,534,0 5,420,0 51,911,0 342,552,0
120.571,0
—
.,....
n
.
n
n
..
A
•
n
nn oon n
Total U. R.(inyt,se.,Htlom
an
'
,Lien n
A all n
,
one rs
,ill Of. n
1 e nOo n
ne Onn n
nn n•yes n
OK '1
,
1 A fl
rot
$
Is
$
1
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m.noo..... -
2987
THE CHRONICLE
DEC. 27 1924.)
RESOURCES (Concludect)Two ciphers (00) omitted.
Boston.
New York.
S
1,746,0
$
Foreign loans on gold
All other earning asseta
Phila,
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. City
$
342.0
$
702,0
$
582,0
1.550,0
s
$
$
264,0
894.0
294,0
$
$
216,0
276.0
500,0
Dallas
San Fran
$
$
Total
S
6.000,0
2,050,0
456.0
228,0
55,817,0 55,632,0 124,851,0 1,331,932,0
409,990,0 98,090.0 148,453.0 39,698,0 33,862,0 162,723.0 48,327,0 30.505,0 44.085,0 30,965.0 39,273.0 674,514,0
146,322,0 58,967.0 62,173.0 57,595,0 32,227,0 88,884,0 42.304,0 16,252,0 4,597.0 1,912.0 3,260.0
61.819.0
3,206,0
3,170,0
8,264,0
2,875,0
2,528,0
17,452,0 1,114.0 9,129,0
23.728,0
769,0 1.836,0 4,177.0
333,0 3.586,0
355,0 2,252,0 1.272,0
358,0
226,0
8,462,0
5,127.273,0
448.512,0
161,770,0
211,960,0
153,025,0
189,342,0
430,391,0 1,543,301,0 387,819,0 484,255,0 233,895,0 251,856,0 631,147,0
74,681,0 58.357,0 222,083,0 1,941,747,0
215,824,0 394,325,0 182,315,0 217,541.0 94,058,0 147,823,0 201,598,0 59.113,0 73,574,0
89,373,0 59,795,0 159,096,0 2,222,870,0
53,596.0
76,857,0
315,207,0
65,620,0
65,060.0
175,196,0
903,165,0
122,882,0
137,028,0
58,081,0
839,0 2,601,0 2.993.0
16,609,0 3,320,0 5,561,0 5,448,0 5,169,0 5,390,0 3,238,0 1,232,0
5,641.0
30,233,0
209,0 4.421.0
444,0 1,024,0
624,0
119,0 1,149,0
152.0
859,0
310,0
20,712,0
210,0
124.994,0
55,467,0
4,312.0
201,0
Total earning assets
Uncollected it ems
Bank premises
All other reeourees
Total resources
LIABILITIES.
F.1t.notes in actual circulation
Deposits:
Member bank-reserve sect
Government
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
Contingent liability on bills our..haanzl fnr Inralun enprivannntrta
91.286.0 62,605.0 166,450.0 2,311.184,0
142,879,0 940,486,0 126,512,0 181,616,0 70.660,0 70,908,0 321.746,0 80,769,0 55,267,0
12.013,0 31,509,0 28,180,0 35,302,0 536,992.0
46.717,0 115,109,0 47.964,0 47,196,0 50,710,0 18,250,0 60.317,0 33,725,0
4,338.0 4,130,0 8,106,0 112.026,0
3,270.0
5,129.0
15,186,0
30.149,0 10,518.0 12,756,0 5,900,0 4,564.0
7,980,0
7,577,0 15,301,0 220.915.0
59,929,0 19,927,0 23,691.0 11,672,0 8,950,0 30,426.0 10,072,0 7,484,0 9,496.0
16,390,0
14,409,0
921,0 1.315,0
650,0
1,417,0
534,0
1.874,0
1,361,0
895,0
1,455,0
583,0
2,803,0
601,0
211,960,0 161.770,0 448,512.0 5,127.273,0
430,391,0 1,543.301,0 387.819,0 484,255,0 233,895.0 251,856,0 631,147.0 189,342,0 153,025,0
67.5
74.0
65.7
80.2
81.4
69.7
66.4
76.8
63.1
57.8
70.6
70.5
4.144.0
4.999.0
2.435.0
916.0
6.366.0
2.094.0
1.538.0
1,965,0
1,624,0
3,247,0
41,754,0
71.1
12.428 0
BUSINESS DEC. 24 1934.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF
Boston New York Phila.
Federal Reserve Agent at-
Cleve. Richm'di Atlanta Chicago.
$
$
S
$
$
$
(In Thousands of Dollars)
Resources49,750 334,940 32,000 48,270 24,984 57,570
Federal Reserve notes on hand
167,132
102,149
233,133
217,630
529,794
239,506
outstanding
notes
Federal Reserve
Collateral security for Federal Reserve notes outstanding
3,500
35,300 188,531 6,000 8,780
Gold and gold certificates
29,843 11,873 13,310 2,320 9,582
14.070
Gold redemption fund
118.000 168.000152.389 150.000 77.795 132,000
Gold Fund-Federal Reserve Board
72,136 145,420 47,428 61,013 22,034 22,050
Eligible paper( Amount required
75,607 3,168 20.323 10.986 7,580
17,449
lExoess amount held
SI. L.
Minn. IC. City. Dallas San Fr.
Total.
S
$
$
$
$
$
$
252,020 25,500 13.019 26,953 15,152 62.300 942.488
215.040 65.936 76,927 81,003 64,331 260,593 2,253.234
_-__ 278,494
_...... 14.556
8,. 5 13,052
5,278 3.992 1,302 3,680 4,738 16,783 116,771
185,644 44,000 59,500 53.360 21,500 186,765 1.351.953
24,118 9,169 3,073 18,963 23,537 57.045 506,016
501 2,650 6,278 12,006 236.849
56,556 23,745
150,092 595,492 5.685.805
546,211 1,470.135 470,548 534,859 240,268 399,414 738,656 181,117 167,404 191,609
Total
/4E011i:teeNet amount of Federal Reserve notes received from
79,483 322,893 3.195,722
289,256 864.734 249,690 281,403 127,133 224,702 461,060 91,436 89,976 107,956 40,794 203,548 1,747,218
Comptroller of the Currency
167.370 384.374 170,262 172,090 80,115 145,082 190,922 56,767 73,854 62.040
Collateral received from'Gold
32,914 3,574 21,613 29.815 69.051 742.865
80,674
29,630
33,020
81,366
50,598
221.027
89.585
Federal Reserve Bank iEligible paper
150.092 595,492 5.685,805
546,211 1,470,135 470.548 531,859 240,268 399,414 733.656 181,117 167,404 191,609
Total
64,331 260.593 2,253,234
81,003
76,927
65,936
215,040
167,132
239,506 529,794 217,690 233,133 102,149
Federal Reserve notes outstanding
13,442 6,823 3,353 6,322 5,979 38,555 311.487
23.682 134,969 35,375 15,592 8,091 19,309
Federal Reserve notes held by banks
222,038 1,941,747
215.324 394.325 182.315 217.541 94.058 147.823 201.598 59.113 73.574 74,681 58,357
Federal Reserve notes In actual circulation
Weekly Return for the Member Banks of the Federal Reserve System.
the resources;
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of
week behind
a
always
are
figures
These
obtained.
are
returns
weekly
which
from
banks
member
739
the liabilities of the
the
statement
in
given
were
statement
the
in
items
different
those for the Reserve banks themselves. Definitions of the
upon the figures
Board
Reserve
the
of
comment
The
2639.
page
1917,
29
Dec.
of
"Chronicle"
the
in
published
1917,
18
of Oct.
for the latest week appears in our Department of "Current Events and Discussions," on page 2947.
17 1924. Three ciphers (000) omitted.
1. Data for all reporting member banks In each Federal Reserve District at close of business nee.
teerterat Reserve ',nitrict.
Bosion
New York
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minnrap Kan. City Dallas. San Fran
Philo
36
75
101
33
25
71
50
Total.
739
$
$
191,449
10,161
203,548 4,606.869
828.686 8,190,603
66
Number of reporting banks._ _ _ _
Loans and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts__ _
108
42
$
$
73,606
9,947
269,681 2,156,368
648,455 2,588.279
77
S
18,190
407,349
721,963
$
6,798
122,253
343,782
$
31.514
020
64,777 676,143
383,197 1,215,896
$
10,649
174,532
316,749
6
2,899
59,546
216,357
S
4,396
92,931
332,207
$
3,521
67,346
228,296
Total loans and discounts
U.S. pre-war bonds
U.S. Liberty bonds
U.S. Treasury bonds
U. B. Treasury timed
U. B. Certificates of Indentednena.._
Other bonds, stocks and securities
928,083 4.818,253 683.874 1,147,507
45,532
10,675
51,925
13,458
53.570 192,272
81,248 643,171
22,239
26,230
20,992 182.038
58,414
20,532
9,759 219.234
12.968
3.877
65,9197,669
197,868 1.138,091 254,199 344,574
472.833
25,983
35.418
4.580
2,864
431
64,860
456,941 1,923.553 501.930
22.20714,357
15,041
25,951
10,453 168,748
5.885
41,689
2,563
12,210
2,337 112.356
2.768
18.975
2,192
42,079 422,724 101.585
278,802
8.486
26,897
9,941
19,025
6,584
37.041
429.534
11,217
40,046
3,599
24,694
4,470
71,935
299,163 1,048.395 12.988,921
262,571
25,138
18,552
13,615 122,546 1,413.935
40.166
364,475
4,553
517,454
27,849
8.175
23,916
154.058
4,279
19.328 186.228 2,880,512
1,255,295 7,118,631 1,056.749 1,823.506
Total loans & (fleets & 1nveetm
91,104 807,338
78.912 131.551
Reserve balance with F. R. Bank _
39,306
24,978 100.749
20.778
Cash In vault..
873,4111 5,903,078 750,527 1,018.983
Net demand deposits
315,330 1.151,164 173.195 684.740
Time deposite
19,631
30,717
40.495
20,555
Government deposits
BIM payable and rediscounts with
Federal Reserve Bank:
22.029
29.126
9,935
3,218
Secured by U.S. Govt. obligation
10 OKI
335.5
50i3
2.743
Allother
606,974
38.360
16,441
360.939
177.774
5,456
531,659 2,710,252
33,914 235,545
60,939
11,907
309,701 1,724,191
189,087 917,042
27,090
5,226
664.686
50,772
9,136
405,309
213,349
7,904
386.776
30,333
6.147
266,782
102,924
2.133
585,495
52.782
13,179
478.186
134,773
1,825
367,665 1,474,238 18,581,926
30,038 108.362 1.694.009
338,421
23,219
11,642
276.353 803,982 13.169,492
91.125 665,905' 4.816.409
180,305
15.995
3.278
14,624
1 402
2 all
55
S
10,748
306,395
366,731
S
6,229
687
0 7A9
0020
1,405
182
394
2.873
2,910,
905'
90,73.:
42.121
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York Clip.
Three ciphers (000) omitted.
City of Chicago.
Dec. 17. I Dec. 10. Dec. 17. 1 Dec. 10.
67
67
Number of reporting banks
Loans and discounts. gross:
Secured by 13.5. Govt., obligation, 69,3471 61.762
1933,9531,924.562
Secured.by Stocks and bonds
All other loan, and discounts.... 2,293,2652,299,017
All F. R. Bank Cities F. R. Branch Ci fa Other Seleaed Cities.
Dec. 17.
I
Dec. 10.
Total.
Dec. 17.1 Dec. 10. Dec. 17. Dec. 10. Dec. 17'24 Dec. 10'24 Dec. 19'23
739
764
739
291
291
193
255
1931
47
255
$
$
$
$
$
$
I
225,412
179,545
191,449
24,715
26,185
31,636
33,278
24.229
131,988
123,144
23.8771
514,664 511,7231 3,391.694 3.385.905 661,9831 663,405 553,192 554,234 4,606,869 4,603,544 3,830,001
713,847 704.238 5.122,792 5,119,387 1,691,6091,694,924 1,376,202 1.374,412 8.190,603 8,189.223 7.900.583
47
11,955,997
4 298,5654,285,341 1,252.7401.239,838 8,646,472, 8,628,9362,386,8702,390,015 1,955,7591,953,361 12.988,921112
l'OLUi !Valid ami discounts
72,934
41,031
4,089
92,262
92,105
72,915
41,348
4,204
8 pro-war bonds
66,4221 910,284 352,998 357,166 194,515 196,795 1,413,935 1,464,245 1,005,389
547.5031 594,188
83,991
80,298
U.S. Liberty betels.
75,230
364.475
82.703
21,1
36,844
33,463
52,316 20,617
164,753
12,095
26.061
4,186
275,275
U.B Treasury bonds
846.611
517,454
840,088
47,714
45,552
82,343
97,222
351,8771 469,645 120,025' 129,252
199,723 286,441
U.S.Treasury notes
278,957
154,058
133,646
16,378
11,738
18,570
106.818
221,274
35,502
63,678
41,305
144,776
12,265
_
nese_
11.1ebteti
of
Certificates
U.S.
2,880,512 2,876.601 2.194,893
Other bonds, stocks and securities._ 874,741 870,675 206,108 205,313 1,651.101' 1.648,521 696,159, 697.457 533,252 530,623
o
18,576,365
Tout'loans A disn'ts & Investmla_ ,188,3116,234,547 1,667,612 1,649.514 11.990.22712,004,2283,716.8253,708,7462,874,8742,883,391 18,581,926 1,669.281 16,488,422
184,428 1,694,009
1,355.021
Reserve balance with F. It. Batik__ 754,025 720,690 166.991 179,854 1.236.259 1,213,5151 281,548: 271,338 176,204
321,172
338,421
335,637
32,264
30,167
,
74,397
175,067
82,503
.
.
vault
Cask In
13,213,043
13,169,492
1,780,8821,772,937
,863
11,103,347
1,166,4551.178,046
9,247,8432,184,9432,192
5355,1095,367,893
9.203,667
Net demand deposits
812,534 810,913 461,207 451,835 2,444,730 2.449.6701.377,830 1,383,767 993,848 992,914 4,816,408 4,826,351 4,057,952
TimedeporRs 85,416
180,305
14,264
6,433
23,875
17,585
3,082
55,108
39,251
16,410
195,566
126,79
28,596
Government dePosIts
BUM payable and redlsoounte with
Federal Reserve Bank:
6,617
90,739
8,878
67,912
35,100
26,195
65
9,75
4.430
29,013
9,635
254,305
Secured by U.S.Govt.obligation
42,125
13.217
14,925
1
41,795
12.008
486
27
2,791
16.570
2,581
16,980
216,161
All other
rediscotints
&
Ratio of bills payable
With F. II. Bank to total loans
I
0.6
29
and Investments, per cent
M113
Rev bled figures.
2988
THE CHRONICLE
4/inn h ers' 05azeth
STOCKS,
Sales.
Week Ending Dec. 26. for
(Concluded)
Week.
Wall Street, Friday Night, Dec. 26 1924.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 2974.
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.26.
Sales.
for
Week.
Range for Week.
Lowest.
Par. Shares $ per share.
Highest.
Range since Jan. 1.
Lowest
$ per share. 5 per share
[VoL. 119.
Highest.
Range for Week.
Lowest.
Highest.
Range since Jon. 1.
Lowest.
Highest.
Indus. & Miscall. Par. Shares $ per share.
$ Per share. iS Per share I per share.
PS Corp of NJ,pf,8%100
50011134 Dec 2011234 Dec 22 994 Ay' '15
Rights
5,400 244 Dec 23 2634 Dec 23 124 Ma, 2634 Derr
Pub Serv Elec. Pr, p1.100
10010134 Dec 2610134 Dec 26 944 Ma, 1044 Dee
Oct
Ry Steel Spring, pref_100
400 117 Dec 24 1184 Dee 26 113
Ja• '1834 Dee
Eels (Robt) dr Co
• 200 12 Dec 22 12 Dec 22 9
Oc• 164 Jan
Schulte Ret Stores.pf.100
10011234 Dec 2311294 Dee 23 105 Mal 1124 Dee
Shell Trans dc Trading..E2
800 394 Dee 24 3934 Dec 2e 33
Jar 414 Feb
Simmons Co. pref. 100 400 1004 Dec 24 1014
Sloss-Sheff S& I, pf_100 800 94 Dec 22 95 Dec 24 947.4 Jae '014 Des
Dec 24 90
Apr 96
Dee
Spalding Bros. 1st p1_100
100 9934 Dec 22 994 Dec 22 97
Oct 100
Standard Milling____100
400 70 Dec 26 7174 Dec 26 394 May 734 Apr
Dec
Sweets Co of Am,new.50
700 124 Dec 23 1234 Dec 20 1234 Dec 1234 Dec
TelautograPh Corp__ _• 4,000 124 Dec 24
1434 Dec 20 614 June 144 Dee
Transue & Williams WI* 200 304 Dec
22 3014 Dec 22
Oct 354 Jan
Union Oil
• 5.300 .21 Dec 20 .21 Dec 20 2834
4 Feb
4 Apr
Union 011 of California 25 12,500 36 Dec
22 3634 Dee 20 35
39
Not
Nov
United Cig Stores. new25 5,400 61 Dec
22 6542 Dec 20 4294 June 644 Nov
Unit Dyewood Corp Ii
200 20 Dec 22 264 Dec 23 20
De 43
Jan
Unit Paperboard Co-100
400 2174 Dec 26 2234 Dee 23 16
Jule 2514
Van Raalte
100
100 2114 Dee 24 214 Dec 24 154 Oct334 Dec
Jan
First preferred. —100 200 564 Dec 22 61
Dee 23 53
Sept 80
Jan
Va-Caro ChemIcalB___
* 1.300
4 Dec 26 .1
Dec 20
4 June 7
Jan
Certificates
1,300
14 Dec 22 14 Dec 26
4 Dec 134 Dec
Virginia Coal & Coke.100
300 414 Dec 20 4114 Dec 20 35
Oct 53
Jan
Preferred
100
300 79 Dec 26 80 Dec 21 71
June 80
Dec
Vulcan Detinning. p1.100
100 68 Dec 22 68 Dec 22 61
Sept 69 June
West Eke 7% cum p1100
Dec 25116 Dec 22 11194 Apr 117
000115%
July
West E & M. 1st pref_50
100 814 Dee 22 814 Dec 22 72
Jan 814 Dee
West Penn Co
• 1,600 115 Dec 23127 Dec 20 474 Jan
Dee
Preferred. 7%....100
200 94 Dec 22 94 Dec 22 87% Apr 127
97
Dec
West Penn Pow. prof.100
100103% Dec 23 1034 Dec 23 102
Nov
10334
Dec
Wilson Co. pref
100 2.000 174 Dec 23 20 Dec 20 11
Aug 724 Jan
Worthington. pref A_100
200 8894 Dec 23 8874 DEC 26 68
July
Dee
Preferred B
100
500 734 Dec 23 75 Dec 2R (18 44 Inn 89%
7111 ries
•No par value.
per share.
Railroads.
Ann Arbor
100 1.000 18 Dec 23 2234 Dec 24 12
All 22% Dec
Preferred
300 43 Dec 26 44% Dec 26 25
100
Ma 464 Dec
Bangor dr Aroostook. _ 50 1,000 4034 Dee 26 42% Dec 20 4014 Dec 444 Dec
Preferred
100
100 924 Dec 20 924 Dec 20 86
Jan 95
Nov
Buffalo Roch & Pitts 100
555 63 Dec 20 67 Dec 23 40 May 76
Oct
Buff dr Susquehanna 100
400 85 Dec 26 86 Dec 22 85
Dec 90
Dec
Canada Southern __ 100
66 574 Dec 24 57% Dec 24 23
Feb 574 Dec
Central RR of N J
IOC
820 2874 Dec 24 293 Dec 20 199
Ma 295
Dec
C C C & St Louis_
100 145 Dec 23 145 Dec 23 100
IOC
Apt 1504 Nov
Colo & South 2d pre! 100
300 58 Dec 20 56 Dee 20 45
Jan 59
Nov
Duluth 85 & Atl._ _ _100
100 4 Dec 23 4 Dec 23 24 Jan 5
Dec
eferred_ _
600 714 Dec 22 74 Dec 22 334 Ap
10e
8% Dec
Hudson & Manh pfd_100
400 64 Dec 22 6414 Del 20 574 Nov 64% Dec
Illinois Central pref. _ 100
100 1164 Dec 2311634 Dec 23 104
Ma .174 Dec
Manhattan Eh v gtd 100
500 824 Dec 2. 83 Dec 23 42
Jan 85
Dec
MStP&SSM
10" 2,500 45 Dec 23 484 Dee 26 294 AD 50
Dec
MStP&SSMpfd_190 300 69 Dec 24 72 Dec 28 50 Jun 72
Dec
Nash Chart & St L. 190
130 45 Dec 22 145 Dec 22 1204 July 145
Dec
Nat RYS of Mex let Of10e
500 5 Dec 2? 54 Dec 26 34 July 64 Dec
P114S Ft W & Ch pret_100
Jan 141
1413934 Dec 24 13934 Dec 24,137
Sept
Reading rights
1,100 23 Dec 20 254 Dec 201 154 Ma 254 July
Indus. & Misc.—
TRANSACTIONS AT THE NEW YORK STOCK
Abitibi Power & Paner.• 200 614 Dec 22 62 Dec 21 61
Dec 64
EXCHANGE
Dec
American Bank Note..50
DAILY. WEEKLY AND YEARLY.
100 155 Dec 24 155 Dee 24 98
Jan 160
Dec
Am Beet Sugar nref _ _100
i 75 Dec 24 784 Dec 24 68% Oct 814 Dec
Railroad.
American Chicle pref 100
Stale.
100 374 Dec 23 374 Dec 2. 23
United
Dec
Sept 39
Week Ending Dec. 26.
Stocks,
die.
Amer Rys Express...100 600 7934 Dec 20 81 Dec 22 774 No 83
Municipal ce
State*
Oct
No. Shares.
Bonds.
Amer Republies
Foreign Ms
400 44 Dec 22 464 Dee 20 25
*
Bonds.
Jan 4634 Dec
Amer Safety Raxor_100 1,700 354 Dec 20 3834 Dec 23 3594 Dee 4034 Nov 9aturday
886,985
54,565,000 $1,406,000
American Snuff
10e 148 Dec 2? 148 Dec 2? 134
100
$689.500
Ap 153
Nov
Monday
1,476,063
7,981,500
Amer Tel5g & Cable 100
3.551.000
lor, 384 Dec 26 384 Drc 24 3854 Dec 434 Jan
4.040,200
Tuesday
1.074,942
7.375,000
Amer Tobacco new_ _50 13.700 8614 Dee 24 89 Dee 20 824 Dec 89
2,518,000
3,032,750
Dee
Wednesday
1,011,940
5.101.000
B New
1,607,000
50 16.00e 854 Dec 22 8714 Dec 20 814 Nov 874 Dec Thursday
HOLI DAY—CHRI SYMAS DA Y. 1,056,800
Amer Type Pounders ton
200 112 Dec 2? 1124 Dec 20 106
Sept 115
Sept Friday
1,464,300
6,680,000
Am Water Wks &
2,525,000
3714 Dec 23 4034 Dee 26 2414 Nov 41% Dec
1.640,000
Am Wholoslr Corn of100
10e 924 Dec 23 9244 Dec 23 90
Au 99
Feb
Total
5.914.230 531.704.500 511 an? nnn gen ten gsn
Am Writ Paper ctts_10e
200 24 Dec 22 24 Dec 2? 1
Nov 434 July
Archer. Daniels Midland
304' 2814 Dec 26 29 Dec 24 284 D
29
Dec
Sales at
Week Ending Dec. 26.
Jan. Ito Dec. 26.
Assoc Dry G'ds 1st pf 100
500 94 Dec 23 94 Dee 23 83% May 94
New York Stock
May
Atlas Powder, new...." 20e 51 Dec 23 51 Dec 23 47
Apr 544 Feb
&reliant's.
1924.
1923.
1924.
1923.
Pre( rred
10e 03 Dec 22 93 Der 29 824 Feb 92 Dec
10e
Atlas Tack
• 1,700 84 Dec 23 94 Dec 20 5 June 114 Feb Stocks—No. shares....
5,914,230
5,836,368
275,321,942
Auto Sales
234,241,01E
200 3% Dec 26 34 Dec 26 3
50
Jan 4% Dec
Bonds.
Barnet Leather
• 100 36 Dec 26 36 Dec 26 234 No 39
Dec Government bonds,.. 510.459,250 $18,543,000
$887,995,915
$802,658.000
Bayuk Bros let pref_104'
100 26)1 Dee 2? 964 Dec 22 954 Oe 98
State & foreign bonds_
Sep
11,607.000
4,604.000
571,273,500
435,711,000
British Emp Steel_ —10C
200 234 Dec 2
6
294 Dec 20 14 No
Aug Railroad & misc. bonds 31,704,500 29,623,000 2.293,202,300
1,531,636.000
Burns Bros prof
tor 30e 96 Dec 20 97 Dec 22 954 Ma 994 May
Burrestahs Add Mach__• 1.00e 644 Dec 24 65' Dec 20 624 No 674 Oct
Total bonds
353.770.750 850.770,000 $3.752.4'71.715 $2,770,005,000
Binh Terminal Co_ _10C
100 73 Dec 22 73 Dec 22 60
Feb 73
DO •
Calumet & Heels
2, 4,40e 1634 Dee 2? 18 Dec 26 1314 May 1934 Jan
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPH
IA AND
Cast (J I) Thr M pfd 100
90e 64 Dee 24 66 Dee 29 414 Ma 77
Jan
BALTIMORE EXCHANGES.
Century Rib Mills
' 30e 30 Dec 24 304 Dec 24 251( Ap 354 Nov
Certain-Teed
Boston.
• 1,504' 4134 Dec 20 4234 Dec 24 2434 Jan 4414 Dec
PlailadelpMa.
Baltimore.
Week Ending
1st preferred
10e 86 Dec 23 86 Dec 2. 734 Ma 87
101'
Nov
Dec. 26 1924.
Cluett. P'y & Co. PL.lOr
Meares. Bond Sales. Shares. Bond Sales, Shares. Bond Sales,
100191% Dee 2310134 Dec 2
Jan 10534 Jan
Columbia Gas & El /0101' 60010334 Dec 29 104 Dec 2 1034 D 104
Dec Saturday
Corn Invest Trust
23,957
*
823.500
SOP 49 Dec 2? 52 Dec 26 3094 Ma 58
13,567
520,600
Nov Monday
1,040
510,600
Comm!!%Iv rights
34,066
5.80e 44 Dec 24 84 Dec
23,100
16.464
66,700
14 D
954 Dec Tuesday
1,909
8,000
Conley Tin Poll
35,579
* 1.700 134 Dec 21 144 Dee 2? 74 Ma, 144 Dec
47,600
10,965
43.800
2,685
27,200
Wednesday
Consol Distributors_
34.799
• I 4,20e 14 Dec 20 3 Dec 26
29.500
6,854
191,000
4 Jan 3
1.412
Dec Thursday
14,000
Cont Insurance
CHR
ISTMAS —STOC K EXCH NOE CLOSED
21 2,600 10534 Dec 2010934 Dec 23 894 An 1094 Dee
Corn Prod Ref pref...100
63,738
19,000
200 120 Dec 2312034 Dec 24 1154 AD 12334 Aug Friday
17.868
29,000
1,801
15,000
Coot Can Inc Pref___10
100 114 Dee 2? 114 Dec 2? 1044 Jan 114 June
'
4
Total
Cosden & Co nref___100
192,139 $142,700
40e 80 Dec 24 814 Dec 23 80
65.718 8351.100
Dee 95
Feb
8,656
874.800
Deere & Co oref
104'
20^ 8034 Dec 23 814 Dec 2 614 Ma. 84
Nov
Duquesne Lt let pf_ _104
77.784 1/148 Ann
' Dr 104% Dec 23 105 Dec 23 100% Mar 1084 Sept Prey. week revised 197.184 3249400
19 1111 also son
E I du Pont 6% pf_10e
10e 95 Dec 2? 95 Dec 29 85
An 96
Dec
Emerson-Prant of. _ _10e
10e 1534 Dec 20 154 Dee 20 74 Apr 16
Dec Daily Record of U. S. Bond Prices, Dec. 20 Dec. 22 Dec. 23 Dec. 24 Dec. 25 Dec.
28
Fairbanks Co (The)._21
8110 234 Dec 20 3 Dec 20 2
414 Jan
De
Fairb'ka-M'se tem elfs..• 1,500 31 Dec 23 32 Dec 2? 2514 Ma 34
(High 10011,e 1001,te
Dec First Liberty Loan
100wn
Fed 1.1 & Tr tern Mfg_ • 1.0440 1134.4 Dec 29116 Dee 20 744 Ma 12234 Dec
314% bonds of 1932-47-3 Low. 100":2 1003032 10ePst 1000,11
10011,,
10311,2
10018se
Preferred
(First 34s)
300 84 Dec 23 85 Dec 24 744 June 8534 Dec
190
(Close 10011,1 11.011,, 10011st 10011n
10011n
Fidelity Phenix Fire
Total sales in 51,000 units...
134
45
28
39
95
Ins of N Y
Converted 4% bonds of (High
21
1014434 Dec 2414494 Dec 20 118
Ma 146
Dec
Fisher Body Ohio MAO(
1932-47 (First 4s).___I Low.
200 102 Dec 20 102 Dec 20 98
Jan 1064
____
____
____
__
Gen Refractories
---Low 44 Dec 21 464 Dec 23 31 Jun 55 Dec
Close
Jan
.......
Gimbel Bros pref._ _ _191
Total sales in $1,000 units.....
200 104 Dec 2310434 Dec 20 99
Sept
Jan 107
____
__ __
____
.
.....
Ginter Co
Converted 444% bonds (High 10111,1 10111,,
300 23 Dee 22 234 Dec 21 23
•
Dec 2794 Nov
10111,1 1011in
-10111,1
Great Western Bug p1104' 600 t1234Dec 22 115 Dee 23 105
of 1932-47 (First 45480{LOW- 101"st 10164, 101
Dee
Anr 115
18st 101nst
101nst
Guantanamo Bug pf rts 3,700 132 Dec 21
Dec 29 1-32 Dec 3-16 Dec
(Close unti., gun,, unn.,
unals,
191"ss
Hanna 1st of c I a_..10C
Total sales in $1,000 units...
100 88 Dec 2? 88 Dec 29 87
Feb
Dec 05
57
23
11
22
14
Hoe (Ft) & Co c I a
Second Converted 44%(High
• 800 484 Dec 22 49% Dec 2e 484 Dee 51% Dec
..... 101.00
— ---Hydraulic Sire! pt._ Inc
bonds of 1932-47 (First( Low.
30e 6 Dee 20 6 Dec 20 334 Ma 10
Dec
____ 10011,
-------_.-Ingersoll Rand
Second ois)
331.50 Dec 22150 Dec 29r159
104'
(Close
Jan 265
Nov
__ - - 100",,
-----Inland Steel w I pref. _ _• 7 107 Dec 26 1074 Dec 2C 1014 Jan 10734 Dee
Total sales in 51.000 unUs.._ _ _ __
Int Agricultural. new..• 1.
---6 Dec 24 84 Dec 29 3 Jun
994 Jan Second Liberty Loan ' (High
-- - --- --- ---- Mil
4% bonds of 1927-42
---International Shoe...-.
300 114 Dec 23 115 Dec 2r 73
3 Low.
AD 119
Nov
__ - _
---.....
__-- day—
(Second 48)
letertYPe Cote
• 400 2414 Dre 20 244 Dec 29 2434 Dec 324 Mar
Jones & L Steel. pref_10e
Total sales in $1.000 units__
190 111 4 Dee 20 III4 Dec 20 109 Jan 115 Sept
_
_ _
_.
_. ma,.
K C Pow & Lt. 1st pret•
Converted 44% bonds (High 10100",,10011.
300 984 Dec 22 99 Dec 24 92
Fe 99
Dec
-- ,, 100-24,1
-Day
100"ss
of 1927-42 (Second (Low. 10011,e 10011,1 10011,, 10011,,
Kansas &(mit
800
% Dec 20
le
54 Dee 29
May 1
Jan
100",,
100141
Kelly-Se Tire 6411. p1.101
434e)
30e 524 Dec 24 5414 Dec 20 40 June 7814 Jan
(Clone 10088as 10088ss 110"st 100"st
100"st
Total
sales in $1.000 units__
Kupnenheimer. pref.10e
100 934 Dee 22 914 Dec 29 91
Oct 9114 Dec
64
774
340
262
722
Lorillard. pref
200 11214 Dec 2011234 Dec 20 112
101
Nov 117
(High 101/81 101 1s, 101.,, 101'as
Feb Third Liberty Loan
1018st
434% bonda of 1928----4 Low. 1,11'31 101.31
2,404'94 Dec 24 97 Dec 20 86
McCrory Stores,
Oct 1064 July
100"3I 100"Z1
190.00
Mack Trucks. let lust pd
(Third 4 Si4
Oct 115
200 107 Dec 23 115 Dee 2e 93
(Close 1011,, 1011,, 101.00 1011,1
Dec
1011st
Manila Electric, new._ _• 200 29 Dee 20 294 Dee 2e 284 Dec 3134 Dec
Total sales in 31,000 units._
41
313
520
200
115
May Dent Stores. p1.104'
100 12214 Dec 2212234 Dec 22 115
Jan 12214 Dec Fourth Liberty Loan
(High 101"3/ 101".2 11,1"3, 11.1",,
1011711
Met Edison, pref
4)(% hoods of 1933-38 (Low. 11.1"st 10188st 101nst
98 Dec 22 98 Dec 2? 904 Apr 101
1
Dec
101nst
10118es
Metro-Goldwyn pie. p127
(Fourth
434s)
174 Dec 2 18 Dec 20 15
Sept 19
(Close 101"ss 10188ss 101nss 10118st
Dec
101"ss
Meslean Petroleum,._10e
Total sales in $1,000 units....
190 Dec 22 190 Dec 29 100
fled 190
Dec
198 2,530
737
51
382
Midland Steel pr. pf_104'
Treasury
1
96 Dec 2 98 Dec 24 91% June 98
(High 104"ss 104"st 104"ss 104"st
Nov
104"st
Midvale Steel
4548, 1942-52
i Low. 10488,1 10488st 104nst 104"st
90 200 28 Dec 23 2834 Dec 29 28 Dec 344 Feb
10418st
Montana Power, pref 10e
200 110 Dec 2 110 Dec 24 1044 Apr 110
Sept
(Close 114",, 10421,, 104,112 10411,1
1041•,,
Total sales in $1,000 ports_
Munsingwem
• 100 33% Dec 2. 33% Dec 23 284 July 391( Jan
16
159
346
60
99
4s '1944-1954
Nash Motors Co, p1_104' 2 104% Dec 2 1044 Dec 2? 9814 July 10494 Nov
(High 100",, 1C0,1e2 100,1s, 100"s,
1001111
Nat Cloak & Ault 0_100
1 100 Dec 2610094 Dec 23 914 Mar 100% Dec
Mow, 10011,1 10011e, 104'',, 10411,
10011.,
Nat Dent Stores. pf. 100
400 0914 Dec 2 100 Dec 22 9294 June 100
(Close 10011,1 100,1,, 103,he 1001h,
Deo
100118,
Total sales in 31.000 units_
Nat Dhabi Prod. pref.., 1.600 434 Dec 21 474 Dec 26 30
Aug 474 Nov
86
186
73
204
182
New York Canners_ _ _
2.100 34 Dec 24 3544 Dec 21 32 June 37
Dec
Note.—
o
above table includes only sales of coupon
NY Steam. 1st pref...•
300 964 Dec 24 984 Dee 20 88
Mar 984 Dec
Onyx Hosiery. pref..100
bonds.
78 Dec 22 784 Dec 20 764 Aug 894 Feb
3
Transactions in registered bonds were:
Otis Steel. pref
10e
400 59 Dec 23 5934 Dec 2 44
Oct 744 Mar 39 1st 314s
10011,1 to 10011n 85 3d 448
Panhandle P & R. p1_10e
10028ot tO 1018st
200 40 Dec 24 424 Dec 23 29
Sept 424 Dec 11 1st 434,
1018st to 101 1121'56 4th 434s
Penn Coal dr Coke .50 3,300 2134 Dec 2. 24% Dec 26 184 Nov 304 Jan 14 2d
101nst 10 101",'
454*
10011,1 to 10011,21
Philadelphia Co. pref_50
1
4594 Dec 22 454 Dec 22 424 Jan 47
Jan
P5r Ft, C L °Us w
Quotation
400 494 Dec 23 514 Dec 22 35
s for U. S. Treasury Notes and Certificates
Mar 5294 July
Phillips Jones, pig f__100
II 88 Dec 20 88 Dec 20 78
May 90
July of Indebtedness.—Sec page
2976.
Phoenix Hosiery. pref100
1 I 85 Dec 20 85 Dec 20 824 Nov 94
Feb
Pierce-Arrow. prior pref. 800 8814 Dec 24 904 Dec 26 594 June 95
The Curb Market.—The review of the Curb Market is
Dec
Pittsburgh Steel. pref 100 1.000 101
Dec 2010294 Dec 26 95
Jan 103
Aug given this week
on page 2976.
Pittsburgh Term Coal... 1,
5134 Dec 23 624 Dec 20 5874 Dec 6274 Dec
Preferred
A complete record of Curb Market transactions for the
700 88 Dec 23 87 Dec 22 83
Dec 87
Dec
Pittsburg Util pf etts..10 1.800 1534 Dec 22' 16 Dec 26 114 Feb 1614 Dec
week will be found
on page 3000.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2989
Range Since Jan. 1 1924.
On basis o 100-share lots
Range for Previous
Year 1923.
OCCUPYING FOUR PAGES.
inactive, see preceding page
For sales during the week of stocks usually
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 20.
Monday.
Dec. 22.
Tuesday, I Wednesday
Dec. 24.
Dee. 23.
Thursday,
Dee. 25.
Friday,
Dec. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Highest
Lowest
Highest
$ per share $ per share $ Pet Man
Par $ per share
Railroads.
per share Shares.
Oct 105% Mar
94
Jan 2 12014 Dec 18
$ Per share $ per share 5 per share $ per share $ per share $
11812.11914 24,100 Atch Topeka & Santa Fe__100 97% Jan 2 9514 Dec 24
8558 Dec 9058 Ma.
11634 11838 117 118
11834 11938 11758 119
8612
100
pre(
Do
1,900
9514 9514
314 Feb
Aug
9514
114
4
9518 95
Dec
95
5
23
95
Feb
9458 95
95
158
Atlantic...100
438 9,500 Atlanta Mem &
4
37g
35
Dec 22 1097s July 27 Feb
334 378
312 378
358 4
5,300 ktlantic Coast Line 1111.._100 112 Jan 23 15214
15034 151
401s Jan 604 Dee
8 Dec 17
14912 15214 149 15014 149 149
847
22
Apr
5218
14812 151
100
Ohio
dr
Baltimore
7878 8012 43,800
7712 79
558 May 60% Mar
7834 8138 7812 80
8018 81
100 5614 Apr 16 6612 Dec 19
Do pref
900
*6534 66
1412 Dec
91 Oct
6512 6558 6534 658
6512 66
66
66
1312 Jan 4 4178 Dec 4
3834 3934 18,200 Bklyn Mann Tr •t o__No par 48%
Oct 49% Dec
3412
5
Dec
7534
3
Jan
3718 3734 3534 3714 3612 3778 3634 39
par
No
Peet vot tr ctfs
800
7312
.73
73
Nov
%
238 Jan
73
4
9
723
Dec
4
723
512
7212 7212
1 Jan 3
.7212 73
200 Brunswick Term & Ry____100
5
5
*438 5
.414 5
5
*4
•412 5
100 142%Mar 10 15612 Nov 26 1393 Sept 160 Apr
150 15014 3,100 Canadian Pacific
Jan
7634
June
57
12
Dec
9814
26
Feb
4
15034 15114 15034 15178 15012 15114 150 15013
673
100
19,000 Chesapeake & Ohio
941 95
90 June 1047* Feb
93% 9412 9234 9358 9234 9334
9414 95
100 9912 Jan 3 10918July 25
Do pref
300
•106 107
434 Dec
106 106
May
2
107 107
8
Dec
1012
15
Apr
107 107 *106 107
314
100
9,4 4,600 Chicago & Alton
9
1234 Dec
918
9
334 Jan
914 912
818May 20 1978 Dec 6
93* 934
100
934 1018
Do pref
1634 1634 3,700
1834
19 Aug 3834 Feb
1712 1.818 1634 1734 *15
1734 1814
100 21 May 5 38 Dec 5
2,900 Chic & East III RR
3512 36
Mar
6214
Aug
4612
351s 3534 35% 3512
5
Dec
8
627
.3514 364 *3534 36
5
May
37
100
Do pref
5712 1.600
57
7 Feb
244 Oct
5712 5712 5712 5712 5612 5738
58
58
4 Apr 30 117s Nov 24
912 934 2.400 Chicago Great Western__ _100
93
17 Fe ,
958
Oct
6%
24
9,2 912
313*Nov
912 934
4
.912 10
1012June
100
Do pref
2718 27341 10,300
278 2678 2734 2634 27%
27
27% 28
11% Oct 2638 Mir
100 107 Oct 6 1814 Nov 24
157 163* 8.300 Chicago 5111w & St Paul
1614
1614 16
2058 Dec 4512 Ma,
1612 16
1614 1612 16
100 19 Oct 11 3218 Nov 24
Do pref
19,200
2712
2834
88 Mal
Der
288 2734 2812 2734 2834
8
Dec
07%
28% 2834 28
7514
3
Jan
4914
Western_100
North
&
Chicago
12,200
7114 72
7118 7214 7034 7112
9718 Dec 11818 Mar
7214 73
7312 74
100 100 Jan 8 11434 Dec 19
Do pref
100
*113 1131z
377g Mai
11312 11312.112 1131 2
1918 Oct
•11312 11414 *113 114
15 50 Nov 22
Feb
2112
Pacific.100
&
Isl
Rock
Chicago
22.600
4512 4614
Feb
72 Aug 95
4534 4678 4458 4518 4412 45t2 4412 4518
100 7634 Feb26 9734 Dee 1
7% preferred
.9212 9312 1,700
85 Mai
Aug
9318 9212 9338 *9214 9312
60%
•9312 9412 93
28
Nov
8712
100 6538 Jan 2
6% preferred
1,700
8312 81
4512 Feb
Oct
8338 8314 8314
17
Nov 8
49
•8312 8334 8312 8312 83
2
Jan
20
100
Southern
&
Colorado
200
•4512 46
.4511 46
*4512 46
46
46
46
9314 July 12412 Pet
46
100 10412Mar 5 13934 Dec 20
3.500 Delaware & Hudson
136 137
13434 13534
13838 13934 13612 13812 13512 137
Feb 15 14934 Dec 19 109% Oct 130% Fat
145 14614 8,000 Delaware Lack & Western_ 50 110%
2234 Dec
14434 14678
14312 146
10,8 May
14614 14712 145 148
1
Aug
3
Jan
353*
4
203
100
3138 13,900 Erie
31
Jan 3114 15e;
3112 3034 3138 303.1 31
15
3134 31
31
100 28% Feb 19 4914 Dec 13
Do 1s1 preferred
4518 4512 23,600
2754 Dee
4518
1034 May
4434 4534 4438 4534 4412 4514 45
Dec 3
4734
3
Jan
251s
100
preferred
28
Do
4214 4234 2.100
43
80 Mai
4212 4212 4214 4212 4218 4218 43
5034 Oci
100 5334 Mar 3 75 Dec 17
Northern pref
Great
20,300
14
71
x71
74
36 Mai
7312
8
725
July
7234
735*
73
25
7312 74
Iron Ore Properties_ _No par 26 May 23 3914 Nov 25
3318 3478 23,900
3312 34
333
20 Mal
33
Aug
3334 34
911
5
3334 34
Dec
2912
30
Apr
1134
100
ctts
2612 2612 2,800 Gulf Mob & Nor tr
28
4 Pet
2714 *27
623
27
Jan
8
447
28
2834 2712 28
20
Dec
100 30 Jan 3 99
Do pre(
3,000
95
95
95
95 .92
95
97
*95
99
93
Dec 5 -- _ ____ - - - - ___•
2914
30
Oct
20%
Manhattan
&
Hudson
2634 2714 9.900
Pet
267
11713
Dec
2412 248 24
9934
2478 251s 2434 25
5
Dec
8
4
1177
Mar
1004
_100
.11518 11514 2.500 .ill n,,Ie •'en t ra i ..._
11534 11614 115 11612 11558 11578 11518 115,8
- -__ ___. - - - - ---•
1712 17% 1,000 Int Rys of Cent Ameteca..100 1134July 24 1812 Nov 21
1738 1734
____ -- ___•
1738 •16% 174 1734 1738
___
•16
21
Nov
63
12
4414May
100
Preferred
559
62
.59
62 .5312 62
2278 Ma
62
912 June
.59
62
.55
100 1234 Jan 2 3914July 17
4.200 interboro Rap Tran
34
33
3212 3312
31 18 3134 31 14 321
1558 July 24% Mei
3134 313
Mar 26 4158 Dec 5
3534 36% 13,400 Kansas City Southern--.100 174
3534 367* 3534 37,8 355* 3614 3534 3612
572 Mal
4858 July
5912 Dec 5
100 5114 Mar 31
55734 58
Do pref
100
5734 573 .5713 5734
54 Jun. 7138 Fet
.5734 58 .573 58
50 83912 Apr 10 85 Dec 17
Valley
Lehigh
16,200
7812
4
773
eel
3
155
Oct
781
7634
75%
7812
84%
7638 7834
7814 79
Jan 16 10712 Dec 19
10612 10712 1.400 Louisville & Nashville......100 875* Jan
4412 AS
27% Der
1071z 10712 10712 10712 106 1061 106 106
2 5178 July 18
700 Mann Elevated, mod guar_100 3012
48
48
Ma
48
22
*47
Oct
4818 .4612 48
711
1
4814 4814 48
,
NT
1312
634 Mar 15
100
2,100 Market Street RY
11
10
978
87
*712 81
Oct 68% Ma
9
*7
9
23
*7
100 20 Oct 17 42 Dec 26
Do pref.
800
42
29
28
87 Ma
28
231
2212 .20
28 .20
.20
5612 Oct
100 41 Nov 8 71 12 Jail 4
pref
prior
Do
5.900
5212
503
*
50
5614 Mu
47
44
44
4412
4418
4512
•45
145* Oct
14 Mar 18 30 Jan 4
100
pref
2d
Do
2,100
24
22
912 Pet
1812 22,2
Aug
78
*1612 1734 .1412 1612 *1412 17
28
Jan
4%
3
Jan
8
13
100
1,600 Minneap & St L (netc)
3%
27
3
3
1
Fel
17
318
3
Oct
314
4
93
314
5
Dec
3 4 314
1012May 20 3434
21.000 Mo-Kan-Texas RR____No par
2758 29
28
451k Fel
28
2812 27
29
293
2812 29
8 Oct
247
15
Dec
75'
18
Feb
29%
100
Do pref
3,900
73
73
Pet
8
7212 7178 7234
193
72
Oct
7212 73
727e 73
814
20
Nov
3414
3
Jan
9%
100
3214 15,600 Missouri Pacific corn
31
Fel
49
3134 3212 31% 3212 3034 3114
3212 33
2214 Oct
100 29 Jan 3 74 Dec 19
Do pref.
7214 733 21,100
434 Pet
7218 7334 7214 7314
7212 7314 7114 73
114 Nov
3 Dec 4
118July 16
100
3,403 Nat Rya of Mex 28 pref
21
178
17
178
178
Ma
178
105
2
214
2
•2
Aug
8212
2"
100 9312 Feb 15 12112May
114 ll47e 3,500 New On Tex & Meg
114 11438 'Stock
114 114
11334 14
11334 114
9012 May 10714 De
100 9941 Feb 15 119 14 Dec 2(1
11812 11934 53,600 New York Central
119 11912 118 11878 118 11878 11778 11834
6712 Aug 8011 De
100 721k Feb 18 128 Dec 13
co
new
L
t
/4
&
C
120
Y
N
121
1.600
Exchange
119
119
12014
120
12114
8
1207
122 122
86 Nov 9512 Jul;
9378Sept 5
21
May
83
100
preL
Do
800
891
90
90
90
90
2212 Jal
8912 90 .89
9% July
897 897
100 1418 Jan 2 3314 Dec 18
303 313* 42.000 N Y N 11 & Hartford
3138 30% 31 18 305* 317* 3012 3114 Closed31
1414 June 215* Fe'
21
100 16 May 24 2814 Nov
26% 2634 14,000 N Y Ontario dr Western
2714 2618 2612
2614 26
1838 Fe'
2658 25
26
Sepi
9
25
Nov
29
22
Apr
1212
100
Southern
1,100 Norfolk
2512 2.51
2518 Christmas
2514 25
11758 Fe'
2512 2512 25
26
25
100 10212 Jan 3 13318 Dec 26 100 July
13034 133's 91,600 Norfolk & Western_
.
12814 13114 128 131
1263 12938 1273* 131
72 Sept 7812 Au
10
501t2June
26
Feb
72%
100
Do
80
,
j
Day
.76
80
Wel
80 .76
80 .76
.7512 80 .75
4934 Oct 8112 Mr
100 477k Mar 3 73 Dec 18
21,900 Northern Pacific
70% 71
7034
7058 70
47% Al
7118 7134 7018 717* 70
407 Nov
50 4214 Jan 3 50 Dec 5
4814 18.500 Pennsylvania
48
4812 48% 4814 4834 4818 4814
4834 49
Or' 17 Mr
8
9114 Mar 13 2212 Nov 12
100
200 Peoria Sr Eastern
•1634 18
1818 .1612 18
18
•1812 2012 •1814 19
4714 Jun
Jan
36
13
Dec
73
31
4012Mar
100
2,200 Pere Nlaruuette
66
66
66 .6512 67
65
67
6712 6738 611
7634 MS
6712 Oct
100 7112Apr 23 8512 Aug 2
Do iirtor pref
700
.8212 84
84
7012 la
8434 8434 8112 8412 8412 841 *82
57% Oct
8
Aug
77
4
Jan
60
100
pref
Do
800
•7212 7312
7412 7412 7234 74 .7234 731
*7412 75
Jan
8 Ma
8
505
337
1
Dec
7514
4
Ian
100 38
7314 16.500 Pittsburgh & West Va
72
72l3
71
7112 73
is
6914 70% 7012 731
85 Dec 93
5 10678 Oct 29
Jan
8514
100
.
pref
Do
10614
8
•1057
905% 10618 •10578 10614 .10578 10614 .105% 1061
Fe
81%
June
18
Dec
6812
7912
20
8May
517
50
7458 7512 39,800 Reading
7212 7434 7234 7414
738 761
764 77
Fe
5612
June
44
14
eu 34 Oct 14 56,2 Jan
Do let preferred
1,000
3814
38
3814 381
3812 381
39
394 395g 38
45 June 5634 Ja
50 5331k Jan 16 56 Jan 14
Co 2d preferred
9,500
4134 42
4358 24178 4238 4134 42
42
44
42
2212 Oct 39 De
100 32 Jan 3 66 Nov 20
200 Rutlend 14 pref._
61
61
6334 .6012 63i 60% 6034 •6058 613i
.55
27 Ms
168 Oct
30 65 Dec 5
Apr
19%
100
Fran
San
Lou
St
12,400
63
8
617
6212
6214 6258 6112 6'214 6034 6134 6178
3212 Jan 50 Ms
100 425s Jan 3 8212 Dec 5
7938 7912 1,100
Do ire: A
7912 *7812 79t3
7878 795* •79
80
.79
361* Fe
Aug
2512
5
Dec
100 33 Jan 2 5578
5038 51 14 8,700 it Lot e Sluchwestern
4912 507
SI's 4914 51
5112 5178 50
5432 June 6372 Me
100 577s Jan 3 74 Nov 26
pref
D
7112 7112 1,100
711
7112 7112 7112 71
.71
72
•71
Fe
Aug.712
4%
4
Dec
241s
2
Jan
64
100
2214 2212 5.700 Sea .oard Air Line
2212 21 12 22
22
2212 227
225* 23
814 Aug 15% De
1414 Jan 2 4512 Dec 4
10
Do prof
3912 4018 4.600
38% 3912
3918 40
4112 3934 401
41
Fe
9514
Aug
8414
12
Nov
26
21Mar
10512
851
100
Co
Pacific
10238 10318 43,800 Southern
10134 10212
10314 10334 102 l03t4 1014 103
2434 Jan 39% De
100 3812 Jan 2 7914 Dec 19
7812 23,200 Southern Railway
78
70% Me
7812 7934 7814 79t4 7734 78% 77% 78,4
63 July
100 6634 Jan 3 85 Dec 26
Do pref
4.800
85
83
8214
8214 8218 8234 82
82
82
82
14 AUs 29% Me
4
Dec
483
3
Jan
19
_100
7.900 Texas dr Pacific
4514 453
45
4614 443* 453*
461
455 4614 45
812 Dee 194 Fe
834alay 20 1812July 17
100
Avenue
Third
2,700
1314
1314
1312
13
1212
11
14
1434 .11
•13
771k Jul
5814 Jan
3912 Oct 2 66 Jan 12
200 Twin City Rapid Transit. _10C
5818 5818
588
5718 5718 .573 593 5578 5934 *57
100 12658 Mar 3 15138 Dec 18 12412 Aug 144% Fe
15,800 Union Pacific
14938 150
1493 15014 14912 15034 14812 14912 14834 14914
76% J.
Der
704
100 70 Mar 20 7612 A.ig 27
Do pref
.7412 7434 2,100
7413* 7512 745* 7434
7478 747
75
77 Oct
75
217s Mr
7% Apr 23 41 Dec 19
100
2914 2934 5,900 United Railways Invest
28
2812 27
27
2714 29
3214 333
Mi
62
Oct
26
18
Dec
64%
21
100 2612 Apr
Do pref
617 6212 2.100
5712 58
59
60
5713 59
6112 62
3612 0
3034 Aug
July12
21
Feb
72'1
36
100
Power.
&
Railway
Virginia
2.400
68
68
*
7
8
6778 6814 677 67
72
7014 7212 71
12 D
Mar
7
5
Dec
2138
4
Jan
4
103
100
203 2112 29,900 Wabash_
215s 22% 2114 2124 2114 2112 207 2114
3611 D
2314 Jan
100 34 Jan 3 604 Dec 17
Do pref A
5714 5814 27.200
5714
5638 574 56
5714 583* 563 581
2334 D
161, Jan
100 22% Jan 3 4234 Dee 18
200
Do pref II
39
39
40
4012 53814 4012 40
.38
41
•40
F
15
Sept
8
18
Dec
1614
838June 3
100
1412 15
11,300 Western Maryland
1414 1434 1414 1413
143 14% 1414 147s
2634 M
14 Beni
18
Dec
2614
15
1514N1ay
100
preferred
26
2.000
Do
2414
24
23
23
2314
2312 24% 2318 237s 2314
M
2014
Sett'
12
4
Dec
8
367
2
Jan
4
143
100
6.500 Western Pacific
3334 311
3418 34% 3312 3413 3318 3312 3314 3338
53 May 6334 M
100 58 Jan 7 8612 Dec 6
Do pref
•8412 851. 1,200
84
85
8434
8512 85% 8512 851 .84
1012 F
Oct
6
7% Jan 2 1712 Dec 18
1538 157s 7.500 Wheeling & Lake Erie Ry-100
151s 15%
158 1412 16
154 16,8 15
Or, 19 F
10
3212
5
Dec
100 1414 Jan 2
1,900
Do pref
2912 30
2914 30 .2812 301z
297
3012 3012 29
9012 .8912 90
90
92 .9012 91
1412 15
147s 147
1514 .1412 15
549
5012
.48
51
51
.49
52
89
88
89
88
80l2
8934 8812
1212 125s 12,2 13,4
12% 123
13
.05 .12
.10 .10
1
*1
.1212
118
Its
l's
1111
1
•118 114 *I
8314 85% 835 8412 8312 84%
8414 85
*11714
1184
118
118
11812
.117
11812
118
7114 7234 7118 73
7038 7114 697s 72
10334 1034 104 1047e 10434 10134 *101,2 1031z
1312 1334
14
1334 14
1414 1412 14
3818 .3838 39
38
3978 3978 3814 39
04214 4312 4244 4234 4212 4278 4214 4234
31 14 32%
3138 32
33
3338 32
33
90
89
89
89 .87
89% .87
•89
107
.106
108
.105
•105 108 .105 108
15234 15612 15212 155
15434 158
158 160
11534 116 .11512 11612
•11534 11612 .115 116
188 188
184 18912 189 190
18312 184
12514 •121 125
512112
124
124
92112 12514
2212 2258
233
*
2212
2212 2358
.2312 24
3934 *3812 3934
*395* 40 .3955 3912 39
57
55* 534
513
58
534 534 55
146 14834 147 147
149 14914 145 146
128 129
127 13112 12712 13214 12612 129
12734 12912 12734 128
127 132
12714 133
•1212 13
•1212 1312 1212 1212 .1212 13
683
68
flAlo fig
114!,, ass
1043, 70
*91
1514
.50
.8914
128
.12
•Pld and asked ',Hem
0 Ex-d vidend.
Ex-rights
91
400
.89
15
15
700
.49
50
2,600
8878 89
6
1314 10.600
13
1s 3.300
%
118 1,900
118
11,700
8334 85
300
.11712 11814
7212 7338 22.200
400
•10212 10312
133 1334 1,700
383 3934 1,600
423 4278 1.400
3158 3218 3,800
9512 2,800
91
.106 108
155 1567s 101,000
116 116
400
18812 19212 6.100
100
*121 125
1,500
.2212 24
500
3912
39
512 512 2.500
2.300
147 147
8,7 0
•129 13,
2,000
•127 128
100
.1212 13
2,500
681z 69
Industrial & Miscellaneous
100
kdarns Express
100
Advance Rumely
100
Do pre'
Air Reduction. Inc____Na par
50
ties Rubber. Inc
10
Casket Gold Mines
10
Alaska Juneau Gold Mln
Allied Chemical & Dye..No par
100
Do pref .
100
Allis-Chalmers Mfg
100
Do pref
Amer Agricultural Chem 100
100
Do prof
100
American Beet Sugar
Amer Bosch Magneto_No Par
Am Brake Shoe & F_No par
100
Do pref
100
American Can
100
Do pref
American Car & Foundry_100
100
Do pref
25
American Chain, ci A
No par
kmerican Chicle
Amer Druggists Syndlcate__10
100
tmerican Express
km & Foreign Pow 25% paid._
Full paid
American 111de & Leather. 100
100
Do oref
731k Jan 2
6 June 9
2814 tune 14
67% Jan 2
412‘isv 14
.05 Dec 24
9312 Dec 8
16% Dec 10
54 Dec 10
93 Dec 9
1412 Dec 16
14 Feb 2
58 Jan 30
65 Mar18
110 Apr 8
41 May 20
90 Apr29
71s Apr 7
18% Apr 7
36 Mar 21
2214 Apr I
76 Apr 14
104's July 10
957 Apr 21
109 Jan 8
15312 Apr 14
11834 Apr 9
2134 Mar 2
14% Apr 22
312June 6
88 Apr 15
9212 Mar 8
9112 Apr 4
714 Apr 28
50% Jan 3
112 Mar 4
8712 Dec 8
118% Dec 8
735 Dec 26
10478 Dec 22
1718July 29
493* Jan 9
4912 Feb 6
3878 No 12
9512 Dec 26
110 Mar 26
16312 Dec 19
119 Oct 27
19212 Dec 26
125 July 18
25 Sent 5
40% Dec 17
7 Oct 25
15114 Dec 16
13214 Dec 22
133 Dec 22
1434 Dec 9
7238 Dec 5
67 Sept
612 Oct
24 Nov
56 July
414 Oct
% Aug
% Oct
591 Aug
10514 Aug
3714 June
89 Nov
1018 July
284 Oct
25 Aug
2234 Oct
6918 Sept
102 July
731, Jan
106 Sept
14814 July
11.7 Sept
20% June
51 Jan
4% Sepi
87 Nov
96 Dee
8% Aug
29% Aug
82 M
1912 M.
545* Je
7218 M.
14% M
% M
178 0
Jr
80
112 M
514 P1
9712 le
36% Fl
687 Fl
49% Fr
60 M
8314 Fl
Jr
110
10738 D
Fl
115
189 Al
127% Jr
2512 M
171* bit
75* Fr
14313 M
I) 3
117
1334 M
741 M
2990
New York Stock Recora-Continued-Page 2
For sales during the week of stocks usually Inactive. see second
page preceding
HIGH AND LOW SALE PRICES-PER SHARE,
NOT PER CENT.
Saturday,
Dec. 20.
Monday,
Dec. 22.
Tuesday,
Dec. 23.
Wedneutay
Dec. 24.
Thursday,
Dec. 25.
Friday,
Dec. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis o 100-share lots
PER SHARE
Range or Preetous
Year 1923.
Lowest
Highest
Lowest
Highest
Indus. & Miscell.(Con.) Par $ per share
$ per share $ per share $ Per Mare
American Ice
100 72 Aug 28 96 Feb 7
78
Oct 111 12 AO
Do pre(
100 7513 Nov 3 83 Feb
7734 Oct 89 Fat
Amer International Coro._100 1758 Mar 19 3538 Nov 6
26
16 Sept 334 Ms.
American La France F E
10 10 May 19
124
Inn 9
1013 July
13 Mar
American Linseed
100 133411,1ay 7 2818 Dec 4
13
Oct 38 Ma'
Do pref
100 30 Apr 15 48 Nov 29
2814 Oct 59 Fe.
American Locom, new_No par 7014 Apr 15 1034
Dec 26
6454 July 7814 Dec
Do pref
100 11614 Apr 18 120124egn 29 11412 Sept 122 Feb
14,000 American Metals
No par 3834June 3 52'., Dee 20
4014 June 5578 Mar
800 American Radiator
25 944 Apr 16 136 Dec 15
76
Jan 97 Dec
American Safety Razor
25
57e Apr 22 1014 Nov 28
12 -1-2.1-4 1134 12
44 June
918 Pet,
-1-1-3-4
12
12 - 2,500 Amer Ship & Comm__ _No par
1018
Oct
907g 9132 8912 91
28 1533 Feb 11 ' 104 July
2138 Jan
894 9034 89
965
8
953
1003
4
56,500
8
Amer
Smelting
dr
Reflning_100 5712 Jan 14 10038 Dec 26
•106 10612 •106 103
5114
106; 107
Oct
6912
Mar
10612 107
1074 10758 1,000
Do pref.
100
4414 4458 44
Jan 2 1074 Dec 26
44; 4414 4478 44; 44;
93 June 10238 Mal
4478 4678 37,800 Am Steel Foundrles____33 1-3 96
3312 Apr 21 46; Dec 26
•107 110 •107 108 .107 108
31;
40;
July
Mi.I
10738 10738
•107 108
100
I)o
pref
100 101 14
52; 5378 5134 54
977
:Aug 10514 Feb
5134 53
524 53;
52; 5334 22,800 American Sugar Refining 100 36 Apr 25 10914 Noy 19
Oct 30 6114 Feb 7
*9212 9234 9278 9334 •9212 94
48
Oct 85 Feb
9372 9378
9234 9234 1,400
Do pref
100 77 Oct 30 994 Feb 14
•1234 1312 13
92
1312 1234 1234 1212 1212
Dec 10834 Jan
1212 1212
600 Amer Sumatra Tobacco-100
64July 11 2812 Jan 9
le July
3838 Fee
040
42 .40
4434 .40
42
40
.4012
40
42
100
Do pre
100 221zSept 9 69 Jan 16
13114 13178 13012 13114 12938 13034 12912 12934
324 July
Fe.
12912 1301: 9,800 Amer Telep & Teleg
100 12118June 26 13414 Dec 18 11918 June 654
1284
American Tobacco
100 13833 Mar 25 16978 Noy 11 14014 July 161z4 Dec
10412 10412 104% 104; 104% 10438 104; 10458
Feb
104; 104;
Do pre
700
100 101 Apr 11 106.2July 23 1004 Nov
10574 Mat
Do common Class B._100 13514 Mar 25 1883
3 Nov 11 140 May 15934 Feb
Am Wat Wks & El•t o
100 40 Feb 18 144 Dec 3
1614 100 100', .i6O2713 Jan
.1564434 AD'
101 101
400
Do
1st
prof
(7%)
0.100
•
t
894 Mar 21 101
•98
99
99
99 .98
8514 July 93
99 .98
99
Jan
•98
99
100
Do panic p1(6%) v t 0.100 66 Feb 19 102 Dec 11
6658 6812 63
Nov 17
66
63; 65,4 62; 64;
4818 Jan 6712 Dec
65
6614 19,200 American Woolen
51t4
100
Sept
10
96
784 Jan 11
96
*9534 9612 *9534 9612 9534 9534
65
Oct 10933 Mar
400
.98
Do
,
2
pref
9612
100 90 Oct 25 102% Jan 19
*4
434 •414 5
*414
5
964 Oct 11134 Jan
*4
5
*4
5
Amer Writing Paper pref 100
112 Apr 16
7 July 14
1012 1012 1014 1014 10
1 1s Dec 34 Mar
1012 1014 1132
1118 1112 5.400 4 mer Zinc, Lead & Smelt _25
7 Mar 29 1113 Dec 5
*33
34
32; 33
618 Oct
3212 33
34
1914 Feb
35;
34; 36
Do
5.500
pre'
25 24 June 5 33 Dec 23
4214 43
4212 43
24% Dec 5814 Feb
4214 4412 44
45
4514 47 115,200 Anaconda Copper Mining_ 50 2812May 20
*93
47
94
Dec 21
93
93
93
3233 Oct 5312 Mar
93
92; 93
92; 93
900
Armour
&
Co
(Del)
pref,.
_190 8314June 18 9433 Dec 13
•838 9
8814 Oct 944 Dec
8; 9
838 8;
*8
; 9
800 arnoldConstle&Co•toNopar
84 812
6 Oct 27 15 Jan 9
137 138
136 136
1012 Nov
136 13614 .136 138
1834 Gal
137 13714 1.100 Associated Dry Goods....,.100 79 Jan
15 14012 Nov 19
32
3214 31
3112 31
6214
31; 30; 31
Jan 89 Mar
3112 32
5.200
Associated
011, new
25 27'1 July 16 34; Feb 5
2014 21
20
24;
2014 20
Oct
20
2914 Der
1918 19;
2012 214 2,500 Atl Gulf & W 1 SS LIne___100 1034 Mar
26
23
Dee
2714 2714 .27
9
281
914 July
2718 2718 27; 2878
34 Mai
2834 29,4 2,300
Do pret
100 124 Jan 4 2978 Dec 9
9178 92
814 July 27 MaJ
901
/
4 9134 8812 90
88
8978
89
9012 5,400 Atlantic Refining
100 7812July 16 1101s Jan 31
•114 11412 •114 11412 *114 11412 •114 11412
9935 Sept 1534 Jan
114 11412
Do
pret
100
108
Oct 27 118 Feb 7 115 May 120
3034 31
3014 3078 2934 30; 30
3018
Jan
3012 32
5,500 Austin. Nichols & Co__No par 184 Mar 28 3312
Dec 12
17 July 35; Jar
•89
8934 .8712 8934 .8712 89; •8712 8934
•8712 89;
Do pre
100
79
Apr
17
91
Nov
2/
25
1
4 214 .2
784
214
June
2
2
8913 Jan
.2
21
/
4
2; 218
500 Auto Knitter Hosiery_ _No par
112 Nov 7
812 tel 2
13012 13234 12814 132
658 Dee 284 &I)1
12912 132
12912 130;
131 13214 94,300 Baldwin Locomotive Wks_100 10438:May 20 13214
•114 116
Fet 19 1104 Aug 14414 Mal
114 114
1151:11512 11512 11512
11512 11512
Do pref
900
100
11012June
10
20
14712
Nov
28
111
2034 1912 2034 1912 20
Apr 1164 Jan
2014 2014
2034 214 11.100 Ramsdell Corp, Class A__ _ 25 14 Feb 16 214June
•1438 15 .14
30
978 Aug
14; 15 .15
15
35 Mar
1514
1512 15;
800
Do Class 11_
25 10 Jan 7 1614June 30
•47
4712 47
6
Oct 22
47
•4512 47
Jan
•4512 47
•4512 47
200
Bayuk
Cigars,
Inc.._
par
No
3912May
16
59
Jan
57
5
50 June 6214 AP.
5714 5634 5634 •5634 57
5812
57
58
60;
11,900
Beech
Nut
Packing
20 4454 Apr 15 60; Dec 2;
49
4912 4814 4914 48; 4938 4812 49
4818 Dee 8414 Mar
4878 4912 20,900 Bethlehem Steel Corp
100 374 Oct 22 11212 Feb 5
110 110 •108 110 *108 10934 109 109
4114
June
70 Mal
109 109
400
Do cum cony 8% pref _100 10114 Apr 12 11014 Feb 15 10014
.9412 95
94
94
June 11114 Mal
•94
94; .9418 9434
*94; 9434
400
Preferred new.
100 8912June 30 07 Fob 11
.512 533
87 July 974 Mar
512 512
514
54 5,4
512 *54 512
700
Booth
Fisheries.
No
par
3
/
1
4Jun
e
11
718
121 121
Jan
6
12014 12014 120; 12132 12018 121
334 OM
74 Jan
12058 12058 2.100 Brooklyn Edison, Inc
100 10714June 2 1244 Dec 12
7914 80
7812 80% 7812 7878 77; 7818
77; 79
11,000 Bklyu Union Gas new __No par 5638 Apr 21 8214 Dec 16 10414 May 12118 Jan
73
73
71
71
72
.70
•70
Stock
72
70
70
300
Brown
Shoe
Inc.
100
39
May
27 7612 Dec 1
99
99
41; Oct 8578 Apr
100 10112 9914 10012 100 100
100 100
1,400 Burns Brothers.
100 974 Feb 26 112,2.1nne 27 100 Sept
23
23,8 234 2312 21; 2234 2112 2314 Exchange
1444 Ma.
23; 23; 2,000
Do new Class B oom____
1938 Feb 26 29 Nov 21
84 84
8
2112 Sept
8
43
734 8,4
734 8
Jan
8; 834 10,800 Butte Copper & Zino
5
353June 25
21
914 19ec 1
2134 •204 2138 2014 21 14 20; 21
Oct
414
1158 Feb
Closed21
2272 4,200 Butterlek Co
100 17 Apr 28 23; Jan 23
2018 2012 20
1314 June 22 Aug
2112 2058 2112 2034 23
2278 24; 29,100 'hate & Superior Mining
•114
10
14
113
May 29 2438 Dec 26
114
1278 Oct 3778 Mar
112
1,4 .14
114
1; Christmas
•114
112
400 Caddo Cent Oil rit Ref.No par
1
18
9912 100
.100 101
100 100
414 Jan 19
114 Nov
.9912 100
918 Feb
101 10214 1,300 California Packing ___ _No par 80 Nov
Apr 30 10412 Dec 31
2212 2318 2212 2318 2238 2234 2214 22,4
77
Aug 87 Feb
Day
2214 22; 12,700 California Petroleum. new. 25 1912July
16
914
Feb
51
1718
Sept
2935
Mar
98
98,4 98
9812 9814 98,4 9814 9812
98
984 1,400 . Do pref
100 9212July 16 107 . Jan 31
4
4
3; 4
9012 Sept 1104 Mal
334 3
; 334 4
3; 418 9,900 Callahan ZInc-1.ead 10
212May
53
10
5;
63 .53
Jan
9
334
5412 53
53
Oct 1258 Feb
53
54
5412 57,2 3,000 Calumet Arizona Mining
10 4114 Mar 31 554 Dec 3
62 Oct 66 Mai
Case (J t) Plow
Vs par
le Mar 26
•29
31
1,4 July IN
2912 2912 28
29 .27
4 Oct
29
44 Feb
*28
29
400 Case Threshing Mach_ No par
Mar
14
19
20
20; 1912 2014 1878 19; 19
35
Dec 8
17 Doe 42 Mar
19
19
19; 4,900 Central Leather
100
974 Mar 25 2133 Dec 15
5512 56
5514 5614 5412 5614 55
938 No, 4018 Mai
55
55
5512 10,300
Do prof.
100
2914
51; 51; 504 5112 .5018 5112 51
Mar
6
5814
Dec
15
2818
Nov 7958 Mar
5238
52; 54
33,700 Cerro de Pasco Copper_ No par 4034 Mar 31 54
86; 36; 35; 3678 353g 38
3813 Oct 5013 Mat
35; 36
36
36; 7,500 Chandler Motor Car_ __No par 2678 Nov 10 6612 Der 28
•93
931: *93
Jan 2
94 • 3
43
Oct 76 Mar
93; 93
93
93
95
2.300
Pneumatic
Ctileago
Tool
100
7978May
15
50
95
50
Dec
50
4934 50
50
7513 June 904 Mar
50,4 5012
51
52
2,400 Chicago Yellow Cab___No par 39 May 12 6112 Apr 26
34; 34; 3412 3434 3418 3434 34; 3512
lo
3512 36; 37,500 Chile Copper
25 2535 Mar 29 3638 Dec 2 I
2614 2612 *2614 2712 2614 26,4 2634 27
2413 June 3033 4i,
2778 2818 1,100 Jilin° Copper
5 15 Mar 28 28;
.591z 60
5912 5912 5912 60
4
5812 5812
14; Aug 314 Mar
•571z 5812
700 Cluett, Peabody & Co__ -100 55 Oct 7 7512 Dec
80
80,4 80
Jan 30
8012 7912 7934 7834 7912
60 J1111 7614 Mar
7912 80
4,000
Coca
Cola
Co
v
t
c
No
par
61
Apr
4234 4444 4118 43
21
8118 Deo 9
4114 42
41
6514 Oct 8312 June
42
4114 42
17,100 Colorado Fuel & Iron
100 2478 Feb 15 5114 Aug 5
49
4914 48
4812 4712 48,4 471g 471/1
20
Oct 3533 May
4814 4814 2,400 Columbian Carbon v t e No par 3934Sept
46; 46; 463s 47
30 5538 Jan 18
4612 4678 4814 4612
41
Oct 5118 Dec
46; 47
11,200
Gas
Col
Elec.
&
___No
new
par
33 Mar 21
11934 1207
4714 Dec 19
, 110 116
11512 11512.105 109
June
3014
3735 AP,
111 115
1,900
Commercial Solvents A No par 434 Jan II 13114 Dec
118 120; 1101
:117
11112 114;a103 1054
17
25
Apr 46
Feb
10918 10918
li
1,700
Vs par 33 Jan 15 12912 Dec 17
42
4218 4112 42
404 4112 3934 40;
15
Apr 40 Dee
40
433
4
18,000
Jonanteum
Co
No par 3238May 19 664 Feb 19 24412 Dec 1844
*2612 2712 26
2612 26; 2638 *27
2712
Nov
2712 271
500 Conaolidated Cigar__ __No par
113
3
Mar
25
.82
30
83
Nov
82
28
•81
•81
1458 Dee 394 Jan
83
•80
8212
.81
83
Do pref
100 5912 Apr 24 84 Jan 15
60 Dec 83 Feb
7612 7712 7534 77
76
76; 7618 7638
76; 7714 34,000 tonsolldatik Oari(N Yz1No Pa' 8978 Jan 2
79; Dec 12
561
_
4 July 6933 Feb
Donsol Das, E LA Pot Balt100
4 -114
4 - -4.1;
4
3; --4-1-8
43,
43 1-8:666 3onsolldated •rettlie_ _No par 129 Sept 15 15534 Oct 1
4
(1 Jan 5
235 Apr 22
681
: 69
67
6
6834 6614 673s 66
6734
Oct 1412 Feb
67;
6812
17.600
)ontinenta
l Can. line
100 43; Apr 14 6914 Dec 19
8t4
812
814
814
424 May 5758 Des
818 814
818
8
814
8'2
6,000 2iontlnental Motors__ _ No par
6 Apr 22
84 Dec 10
40; 41; 4018 40; 4(138 4112 4012 4112
5
Oct
1214 Jan
4014 41 14 31,800 Irrn Products Refin w
I
_25 314 Jan 15 43', Nov 23
2618 26; 2512 2614 2434 25; 25
25;
2518 254 22.200 3ogrien & Co
No par 22388ept
404 Feb 5
74
7512 7112 7414 72
224 Sept 6214 Mar
7312 7134 73
744 75,4 21,200 Jrucible Steel of AmerIca__100 48 May 30
13
7512
Dec 20
•93
94
5712 Sept 8418 Mar
94
94
9212 9212
91
•93
*921 4 93
300
Do pre
100 84 May 22 9,4 Dec 8
1238 1234 12; 12; 12; 1234 13
8514 Aug 944 Ma/
1334
1334 14; 16,400 Juba Cane Sugar
No par
1012 Oct 22 18 Fob 0
5618 5712 56; 57,4 56; 5714 5718 59;
812 Aug 20
Feb
5912 61
22.800
Do
pre
100
5358 kur 21
717
:Feb It
29
2912 29
29; 2914 293s 29; 2978
3312 Aug 6513 Dec
29; 2078 8,200 iluban-American Sugar
10 2814 Nov 11 3872 Fob II
98
98 .9734 9814 •98
23 Aug 374 Feb
9814 .98
98,4
.98
98,4
100
Do pref... ___ .----- ._100 96 Jan 4 10314 Nov 21
1
92 July 106
514 512
5 4 512
512 51z
514 512
Apr
5; 5; 3,810 3 Man Dominion Sugar No par
lig.htne 16
812 Feb 6
3 July
404 4112 *4012 4178 41
4218 43
44;
1214 Mat
44; 4138 2,432
Do prof
100 38 Dee 15 62 Feb 5
30 Aug 6818 Mar
5312 5418 5312 55; 553s 5534 5112 5412
*5414 5478 3,200 3nyamel Fruit
No
par
4513
Nov 1,1 7418 Ian 3
6418 July
8
8
8
8
8,4
7; 734
81g
8
Dee
8
1.800 Daniel Boone Woolen Mills 25
6 Nov 6 3214 Mar 6 .... ..... _ 724
4514 4614 4312 45; 4418 45; 4 lig 45,4
.._ ._ .
41; 4,514 15,700 Davl.sm Chemleal v t c.No par 3812 Nov 12
644 Ian Q
204 Alky 814 Dee
*2134 22 .21; 2178 *2134 2234 •2134 2'34
•2134 2234
De Beers Cons Mines No par
184 Jan 21 2214 Dee 5
1834 Dec 28 SA8,
11212 11272 11212 112; 11212 112; 1124 112;
113 113
2,000 Detroit Edison
100 101 14 Ian 30 115 14 Dec 9 101114 tune
•1312 13; 1312 1312 1312 1312 1312 1312
111 Mat
13
1312 3,600 Dome Mines. Ltd __No par
114 Nov 19 404 Jan 7
•1614 16; 15; 16
3034 May 4418 Jan
15; 15; .1532 1534
1578 1612
800 loggias Pectin- -----..04lone 11
18 Deo 3
II
lot
11012 113
1414 June
31012 11212 1103, 111% P038 11133
11114 1 2
42,400 6astman Kodak Co.__No par 10418 Apr 21 11478
Nov 20
4914 Jan 1154 A Ir
, 1514 1412 15
153, 147
1534 16,4 .15
15
15
2.600
Eaton
Axle&
Spring...
No
par
834Sopt
11 2418 Jan 61
1.3712 139; 135; 13334 13t8
20
Oct 27 July
60
139; 142
6 1g1
3 4 1z
344 164112
30.800 Z7, I du Pont de Nom & Co_100 112 May 20 142
62
62; 6018 62
60; 6138 6,300 Dec Storage Battery__No par 501:May 11 60 Dec 20 10614 Jan 14918 Au'
Doc 4
52 July 6718 Mar
1112 1112 •1112 1212 .1112 12
1112 1112
•1112 12
200 glk Horn Coal Corp
50 11 Dec 12
1138July 26
1214 Dec 204 Jan
224 3
41212 234
234
284
*212
252
.212 2;
300 Emerson-Brantingham Co_ 100
78June 23
112July 29
4 Dot
7012 7012
74 Feb
70
70
69
69
69
69
69; 69;
700 .?,ndlaut-Johnion Corp
50 5578May 0 734 Dec 1
5878 Oct 9414 Jan
•113 11514 113 113
113 113 '11212 115
•11212 115
Do pref......100 105121une 26 116 J4,117 110
300
Oct 118
1938 2018 .1932 21
Jan
19
19; .1914 20
•1912 20
800 Exchange Buffet Corp.No par 181\1y 21
On
2
Aug
1
197
8
Day 31
Jan
92; 9314 9112 93
91; 9212 91; 9278
9212 9312 11.600 ?anions Players-Lasky_No par 61 Jan 29 96
Dec
3
52
Oct
•10512 106
93
Jan
10512 10512 .10312 10512 105 10512
•104 10512
300
Do pref (8%)
100 8778 Jan 28 1004 Doc 15
82
Oct 9958 Feb
.20
22
22
2233 •2214 2258 22; 23
*2212 23
500 federal Mining h Stnelt-g_100
518 A,. 1
23 Dec 24
5 June 13 No•
GO
6072 60
60
59; 60
6034 6234
6314 6412 8,400
Do pre
100 4118 Jan 2 6412 Dec 26
8414
June
•11; 12
6013 Feb
11; 1158 •11
12 .11
12
11
11
200 ?Mb Avenue Bus
No par
94 Jan 23 1338 Jan 26
714 Sept
.215 224 •215 224 .216 226
10% Jan
218 218
22134 22218
400 ?Wier Body Corp
No par 163 Jan 23 226 Dec 13 140 July 212,4 is,
12; 1278 12
1234 1112 1212 12
12;
12; 12; 18.300 /1/1* glibber. _ .. ----- No par
5121118e 6 13; Dee 10
57
: Oct
Ws Fen
7812 80
781
: 7912 80
81
80
81;
82
82
2,700
First preferred
100
3818July 10 85 Deo 9
*82
821: 82
821
: 82
8214 83
84
8334
84,2 2,900 rtelschman G'1/
No par
441.i J50'44 9014 Nov 28
8734 Feb
9114 61; 8914 92
4714 Mar
9012 9112 911
: 92;
9178 93
6,400 ?oundation co
No
par
9.45,
61112
Jan
11
Dec
12
5414 Oct
10
1014
9; 10
7814 Jul,
10
1012 10
10;
1034 1112 15,500 rreeoort Texas Co
Aro par
712Se1,t 6 1378 Jan 7
418 418
318 I'll, 42
414 414
4
414
.1.'
4
4
418 41g 4,500 Jardner Motor
Ye par
34 Oct 21
7 Jan 9
5 Dec 1434 Apr
5012 52
50
52
501 51 14 4974 49;
5012 51
2,700
Jen
Amer
Tank
.No
Car..
par
35I
Strip 28 53 Dec 19
57
5734 56
38
; 0111
574 56,8 58; 5618 57
71.8
Feb
57
59
17.700 Jeneral 43uhalt
100 3133 Apr 11 593* Deo 9l
*91
95 .91
23
Aug 54 Mar
95
•92
0112 91
93
•92
9312
Do or*,
100 71't Act 5 96 1500 11' 10 .40'1
•
Mar
••14
/110t111. no Wed on L.Itn
140 1. 40 454 ts
• J.
Per share
Per share $ per share
per share 5 per share $ per share
88
8958 8734 89
87
8734 .86; 88
94
88
•77
79
*7712 78
78
78; .7712 79
7812 7812
33; 33; 3234 3314 3214 3212 3212 3212
32;
33;
1134 1134 11; 1178 1112 1178 1112
11; 11;
11,2
2418 2612 26
2714 26
274 2614 263s
26; 2678
45
4678 4414 464 46
46
*44
46
4578 4612
96
9914 9612 9912 9712 10014 9834 100
9978 10378
•119 12014 .119 12014 *119 120,4 •119 12014
•119 12014
50
50
4978 50
49; 5034 5014 5112
514 524
13014 13014 1301,13018 *13012 133
131 13218
.13012 132
Shares.
11,300
300
5,300
1,500
3,800
1,000
53,000
New York Stock Record-Continued-Page 3
290:1
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 20.
Monday,
Dec. 22.
Tuesday,
Dec. 23.
Wednesday' Thursday
Dec. 24
Dec. 25.
Per share $ per share $ per share $ per share $ per share
*147 150 *144 148 *143 150 *144 150
96
96
*9512 97
9534 9534 *9618 98
109 109 .107 110 *105 110 *105 110
285 28834 28712 29612 29014 29338 291 29378
1118 1118
11
1118 11
11 18 11
1114
61
6138 6058 6138 603s 61 14 61
6334
*92
93
92
*9134 9234 *9134 9212 91
*9112 92
.92
9212 *9134 9214 9134 92
*10214 10212 102 10238 10214 10238 10134 10214
4214 4238 414 424 41% 4214 4112 4134
59
59
57
6138 62
6138 5818 60
1314 *1318 1312 •1318 1312
13
1318 13
42
4112 *3912 4112
4214 4212 .41
*40
3578 3634 3512 36
3512 36,4
37
37
, 91
89
89
*898
898 89,4 8914 89
8914 894 88
8938 884 894 8812 8812
•105 10618 10578 105% 10514 10514 •105 10514
1834 19
1918 194 1834 19
19
19%
*338 418
4
4
4
4
312 4
Friday,
Dec. 26.
$ per share
*144 148
*9612 98
•105 110
293 296
1118 1118
6378 6512
92
9218
92
9214
102 10212
4114 4212
584 09
1312 14
3912 3934
36
36
8912 90
8812 8834
*10518 106
20
2034
44 418
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
Highest
PER SH__It.
Range for Previota
Year 1923.
Lowest
Highest
$ per share $ per :hare $ per share
Shares. Indus.& Memel].(Con.) Par $ per share
72 July 10318 Nov
No par 93 Jan 12 160 Sept 24
General Baking
1
4 Dec 15
801s June 974 Dee
100 8214 Apr 30 98/
200 General Cigar,Inc
100 100 Apr 3 109 Dec 20 10414 Nov 110 AID
Debenture preferred
300
1
4 Dee
1
4 Beet 202/
100 19312 Jan 3 29838 Dec 23 167/
87,800 General Electric
Jan
1014 Oct 12
10 1012 Apr 29 11 ,2July 11
Special
6.800
- _
_
97,800 General Motors Corp__No par 5534 Oct 15 6512 Dee 26
79 July 89 Apt
100 80 June 4 93 Dec 10
Do pref
800
7834 July 90 Apr
Do Deb stock (6%). 100 8010ti no' 9 9313 Dec 10
600
100 9518July 10 10312 Dec 9
7% preferred
2.100
25 383:June 9 45 A oe 4
8.500 General Petroleum
394 June -Eili
No par 4718June 6 6478 Dec 18
15,900 Gimbel Bros
12/
1
4 Fee
6 Sept
8 June 6 15 Nov 19
No Par
3,200 Glidden Co
No par 284 Apr 10 43% Nov 26
400 Gold Dust Corp
/
4 Mar
411
6,800 Goodrich Co (B F)__ No par 17 June 19 3712 Dec 18
6734 Oct 924 Mar
100 7014May 1 92 Dee 16
Do pref
700
Oct 621e Apt
35
5,300 Geodyear T & Rub pf v t 0_100 39 Jan 4 90% Dee 18
Oct 99 Feb
88
100 8814 Jan 2 1084 Dec 18
Prior preferred
300
Oct 33 Mar
12
11,700 Granby Cons M.Sm & Pow100 1212 Apr 14 21% Aug 20
634 Dec 15/
1
44dar
918 Jan 11
212 Oct 10
2,500 Gray & Davie, Inc____No par
25 8314 Oct 22 96% Dec 13
- - -9512 9,300 Great Western Sugar
134 Dec -ii4 Mar
5,400 Greene Cananea Copper_ 100 10 May Di 2() Dec 26
20
5 Beim
1412 Feb
47s Nov 11 1018 Feb 6
600 Guantanamo Sugar___ No par
6
1
4 Ma.
66 June 104/
100 62 May 20 8914 Feb 7
86% 13.000 Gulf States Steel
94/
1
4 Feb
79114 Nov
3612 4,300 Hartman CorporationNo par 31 Sept 10 4414 Feb 4
44
Apt
52
/
1
4
Feb
4
31
July
3214May
20
Wheel
100
Hayes
3634 2,800
54 Dec 797s Jar
100 35 July 1 5612 Jan 3
42
200 Homestake Mining
28% July 393s Mal
354 1,600 Household Prod,Inc_ _ No par 3141 Apr 19 38 Nov 28
404 Aug 78 Feb
100 81 Apr 22 82,2 Feb 5
78% 4.500 Houston 011 of Texas
20 June 3234 Mar
3512 32.400 Hudson Motor Car___ _No par 2012May 13 3512 Dec 26
.Dec 3011 Apt
151
10 114May 13 18 lat. 2
17
3,900 Rupp Motor Car Corp
2% Dec 15
le Oct
12 Jan 2
No par
114 4.300 Tivdraulle Steel
314 Sept 16
1114
2M
jas
y
534Sept 27 1312 Nov 24
1314 49,200 Independent Oil & Gas_No Par
1
Oct 19 Mat
17
Jan
4
Nov
10
27
3
5
Indiaboma Refining
18 Dec 1944 Dec
/
4 Feb 4
174 18
-1734 1734 ,
"
!1784
-11•1784 18
200 In Ilan Motoeycle__NO Par 1518June 6 251
;1734
18
•614 684 *514 612 .'412 534 *5
812 Apt
34 Dec
718June 18
334 Apr 12
10
51/1
518 1,100 Indian Refining
311e July 46/
1
4 API
47
47
4612 4612 4612 4634 4612 4634
No par 3112May 16 484 Nov 28
4678 471
2,200 Inland Steel
1
4 Mat
234 Oct 43/
3018 3034 30
3038 2934 3038 304 311
/
4
3214 33% 23,400 Inspiration Cons Copper__ 20 221s Feb 28 3338 Dec 26
Oct
39
/
1
4 Feb
8
Jan
41s
318May
29
104
Internal Agrioul Corp pref _100
i17i4
1-2
z118" 115 1143.11412
11454 f1-6" _1,600 lot Busintre Machines_ No par 83 Apr 11 11712 Dec 19
81 June 44 Mit
53
53
53
5314 *57
5734 5234 53
800 International Cement_ _ No par 4034 Apr 24 5912 Nov 21
5212 53
19/
1
4 June 271e Apt
39 Dec 15
36,2 378 355 368 3534 3612 357 3634
37% 31,100 Inter Combus Engine_No par 22 Mar 31
36
8844 Oct 984 Feb
10812 109
10712 109
106% 108 310412 106
10634 1087s 15,300 International Harvester-100 78 Jan 3 10912 Dec 19
Oct 118/
1
4 Jan
11514 .115 11514 11514
Do pref
*115 1151
115 115
200
100 we Feb 26 11512 Nov 19 106
1152 Feb
4/
1
4 Aug
1
4 Dec 5
*1314 1334 134 1338 13 11514
6/
1
4 Jan 2 15/
13
1278 131
13
13/
1
4 2,300 In Mercantile Marine-10(
Jan
47
184 Aug
4412 4534 4312 4484 438 44
2612 Mar 28 474 Dec 4
Do prof
100
43
44
4512 13,400
43%
1614 Feb
103s Oct
2384 2312 2412 24% 25%
2312 237
23
251s 2634 87,400 International Nickel (The) 21 1112May 9 2614 Dec 26
69/
1
4 Jan 83 June
9314 9314 *90
93
*90
93
93
100 7512May29 95 Nov 10
93
*9112 93
300
Do pref
/
4 Mar
27/
1
4 Oct 5811
100 344 Apr 15 59 July 15
5214 53
5312 55% 16,000 International Paper
53
5412 5112 535
5134 54
Oct 754 Jan
60
*73
74
7312 73'2 73
7312 7312
400
Do stamped preferred.100 82l3Mar25 747e Oct 1
73
*7212 731
Oct 714 Apt
64
9012 9012 8918 9114 9012 914 90
91
290
90
3,600 Intermit Telep & Teleg_100 66 Feb 1 9114 Dect 6
1
4 Mar
19/
71e Nov
1518 1538 1438 15
10',July17 1678 Jan 2
1412 147
1434 14%
15
1514 3.300 Invincible Oil Corp____No par
1
4 Mat
324 Aug 58/
85
89
84
3912 Apr 2 1004 Deo 18
98
97
*9412 98
3,40 Iron Product,Corp_ _._No par
96
99
97
153s Oct 24 Mat
2212 2212 2134 2212 2018 2034 .20
1
4 Apr 15 2314 Jan 2
2034 2034 2,90 Jewel Tea, 100
2034
100 16/
June
884
Dee
19
62
31
106
Dec
105 106
Mar
104 104 .102 105 •102 105
78
105 105
Do pref.
40
100
1
4 Mar
204 Dec 63/
214 21 14 20% 21
20
Stock
•19
1,300 Jones Bros Tea. Inc
1
4Sept 10 2712 Jan 3
1934 1934 *19
20
100 14/
1
4 Dec 16
481 4834 4614 4812 4612 49
48
9.14 Jordan Motor Car
50
No pa
2134May 20 52/
5014 51
Feb
28 July
27
2714 27
264 27 Exchange
2712 2712 3.30 Kayser (J) Co. v t c._ No pa
273* 2612 27
1614 Aug 16 3838 Jat 18
96 July 104 Mu
8912
•86
8912 *86
891 *88
8912 *88
8912
*88
Do 1st pref
77 Aug 16 10212 Feb 11
No pa
1712 1714 17% Closed2012
Oct
624
Mal
10
1712 178 1718 1738 17
Jan
20
35
1712 18
6,700 Kelly-Springfield Tire
934June
25
Jail
78 Nov 108
*51
52 .50
52
50
50
50
50
*50
52
200
8% preferred
100 33 June 21 88 Jar 10
Oct 11714 Mal
75
*95
97
•92
95
92
92
95
95 Christmas *93
95
400 Kelsey Wheel, Inc
100 76 May 7 104 Dec 13
294 Oct 45 MM
544 54% 5338 543* 538 5414 5334 554
We Dec 28
5538 56% 86,700 Kennecott Copper
No pa
3412 Jan 21
11
/
4 Oct 111e Mar
2
Day
2
2
21
2
2
2
2
2
44 Ian 9
2
1,700 Keystone Tire & Rubber__ 10
Oct 22
84
84
8314 85
*8314 84
8314 84
*8312 84
800 Kinney Co
No pa
5214May 14 85 Dec 18
13.440 462 452 452 45012 45012 462 462
450 465
300 Kresge(88) Co
100 28712 Jan 17 432 Dec 24 iff Mar OOO.-nee
*44
444 4418 44
44
46
*4312 4512
44
441
8001 Kresge Dept Stores_ _ __No pa
4212 Nov 12 627:June 28
109 no •107 111 •106 110
10934 110
75 J1117 894 Juno
110 110
300 Laclede(las L (81 Louie)_ _100 79 Jan 2 113 Nov 18
1234 13
/
4 Mar
1178 1212 •1112 1212 •1112 1212
/
4 Oct 311
•1112 121
111
1,100 Lee Rubber & Tire_ __ _No pa
8 May 13 174 Jab 11
68
6834 66% 681
. 6718 67% 66, 87
67
68
2,700 Liggett& Myers Tob new _ 25 50 Mar 26 6814 Dec 20 11134 Apr 1184 JAB
*117 119 •11612 119
--- 11812 11812 119 119
•117 119
200
Do pref
100 1147s July 7 121 June 26
6713 6812 66% 6718 6618 6712 6634 67,4
677
3,700
67
B new
25 4878 Mar 28 6812 Dec 20
6878 6978 6812 6934 6834 6934 6812 69
584 June -144 Mit
6912 701 10,700 Lima Lee Wks tern Mt _No par 56 June 9 7012 Dec 26
23
2414 23
14 June 211
/
4 Feb
2334 234 2312 23
2314 233s 17.900 Loew's Incorporated_ No par 151sJune 25 25 Dec 15
2338
*612 634
512 Apr 22
6 Sept 111
/
4 Jan
834 Jan 11
612 612
612 612
6,2 612
1,800 Loft Incorporated
No par
61z 61
78
7818 7714 7714 77
77
361
/
4 July 86/
1
4 Dee
7612 761
7612 761
700 Loose-Wiles Biscuit
100 50 Mar 6 84 Nov 8
34
3414 33% 3412 34
34% 3334 34
-3334 341 19,800 Lorillard new
25 334 Dec 22 4014 July 2
30
3214 3034 31% 3114 32
33
36/
1
4 381 30,100 Ludlum Stee,
17 Oct 28 3814 Dec 26
36,4
No par
•11412 118 *11412 118 •11412 117 •11412 117
•11412 117
Mackay Companhw
100 107 Jan 2 119 Aug 1 ioi May iii" Feb
115% 11712 11418 11634 11518 11718 11518 117%
581e Jan 934 Apt
11712 118/
No par 7534 Apr 14 1187s Dec 26
1
4 33,000 Mack Trucks, Inc
•105 107 •106 107
107 107
1074 10714
87 July 9914 Mar
•106 107
300
Do lst preferred
100 9512 Jan 16 10714 DD.:24
.9912 1004 *99 101
*99 101
100 100
72 June 92 Mat
*99 101
Do 26 preferred
100
100 87 Apr 22 101 14 Dec 9
6912 6912 6914 6912 68
6918 6814 681
57 July 714 Jan
6814 707s 2,900 Macy (R.II) & Co,Ino_No par 59 May 15 7111 Dec 18
1
4 Oct 88/
1
4 Mar
3714 3712 374 3834 3812 3912 3943 413
27/
414 427
: 31,800 Magma Copper
1
4 Dec 28
No par 264June 14 42/
33% 3414 3312 344 3134 3334 32
Jan
323
21 June 40
32/
1
4 3312 24,100 Mallinson
R)& Co_No par 18 Mar 28 4112 Dec 4
*43
44
*4314 44
4...
Oct 66 Mar
43
*4212 431
4934 JUIY 15
*43
44
35
100 Manhattan Elec SupplyNo par 3314 Mar 21
3018 3112 2612 30
2714 28
2718 28%
Oct 47/
40
1
4 Jan
2712 2818 26,500 Manhattan Shirt
25 2612 Dec 22 44 Jan ln
2812 28% 2734 2838 27,8 2754 27
1
4 Dee
2714
27
16 Sept 28/
28
7,300 Maracaibo 011 Expl___No par 24/
1
4 Oct 14 3712 Jan 26
3712 3778 37
3814 3634 37,2 3612 371
1712 Oct 59/
1
4 Apr
37
3734 29,600 !garland Oil
No par 29 May 12 42 Feb 5
1212
1318 1338 •I212 13
•1214 1234
314 Nov
16 Feb
12
1212
1212
No pa
500 Marlin-Rockwell
8 Jan 8 1734 Mar 11
34
34
3414 34
3114 3438 34% 35
26 July 3714 Apr
3434 3514 1,700 Martin-Parry corp.
1
4 JIU) 17
No par 3118 Nov 28 87/
573
54
55
5714 *54
55
8114 Oct6334 Mar
5512 5512
5412 6472 20,200 Mathieson Alkali Worke___ 60 2911
/
4May 13 5834 Dec 19
82
80
7812 801
79
83% 8134 8314
Oct6314 Mat
36
82
8312 65,800 Maxwell Motor Class A___100 38 Apr 14 8418 Dec 16
3534 37% 3315 351
34% 3612 3518 3612
1014 Oct 21
Apr
3512 37,4 84,200 Maxwell Motor Class B.Ne pa
1018 Apr 30 3914 Dec 13
10834 1101 10612 1081 106% 10738 10634 10814
674 Jan 93 Dee
108% 109
17,100 May Department Stores-100 8212 Apr 21 115 Dec 12
154 151
1514 151
154 1518 1512 1512
15 Sept204 May
1518 1518
700 McIntyre Porcupine Mines- 14/
1
4 Dec 11 1814 Jan 7
2112 22
2114 211
2014 21
2014 21
534 Aug2334 Mae
20% 21
10,100 Mexican Seaboard 011 No per 144 Jan 3 2534Sept 12
22
221
2214 221
21% 2214 22
2278
2238 23% 15,900 Miami Copper
204 Oct3012 Feb
20 May 19 25 Aug 18
114
11
1%
114
114
138
1 18 1%
6/
1
4 Jar 2
812 Nov
1214 Jan
118
118 16,900 Middle States Oil Corp
1 Aug 14
1
7034 703
7012 71
69% 7034 70
7012
5412 June 75 Mas
71% 72
2.200 Montana Power
100 6114June 17 7414 Dec 16
4612 463
45% 461
4514 46
454 45%
1814 May
4534 48
2614 Nov
33,900 Mont Ward & Co III Corp_ 1
21/
1
4May 20 48 Nov 19
24
24
2338 231
2338 24
2334 23%
1734 Jan 293s Mat
24
2418 2,500 Moon Motors
No pa
1712 Oct 28 2712 Feb 7
838 81
8% 812
84 81
814 812
914 Feb IS
74 June 14 Feb
812 8% 20,300 Mother Lode Coalition_ No pa
6 May 19
1634 163
16
161 .1512 16
•I512 16
•1512 16
101e Aug 29/
1
4 Mat
400 Mullins Body Corp
No pat
/
4 Dec 16
9 Mar 22 181
192 192
19212 193
•192 194
19212 193
193 20014 2,500 Nash Motors Co
/518 Jan 1141
, Jae
No par 964 Apr 29 20014 Dec 26
7
7
612 612
6
612
634 634
7 Nov
184 Feb
*612 7
1,300 National Acme
334 Oct 11 1018 Jan 28
au
71
7012 72
7138 7112 71
71
7112
71
1
4 mar 28 7714 Set,' 23
71% 4,300 National Biscuit
88
Jan 52/
1
4 Nov
25 50/
*12612 _ _ _ *12612 -•12612 128 •12612
*1264
-----Do pref
100 1204 Jan 8 12614 Dec 17 11812 July 125 Feb
68
67
6612 6612 .6614 68
69
67
*6612 68
40 June 674 Feb
760 National Cloak & Suit_ _100 44 June
70/
1
4 Dec 16
4112 42
4112 41% 4112 4112
4112 42
42
42
2.000 Nat Dairy Prod tea etta_No par 304 Apr 11 4414 Dec 4
38
3734 38
38% 38
37% 38
38
38
38
1.500 Nat Department 81ores No par 3614 Oct 27 43 tau
3434 June 421k Apr
3434 3534 33% 3514 334 33% 32
3214
32
33
6,900 Nat Enam'g & Stunning-100 1812Sept 8 44/
Oct 73 Ma
1
4 Jan 17
85
16114 16234 15814 16012 158 15914
16214 164
15934 16214 4,500 National Lead__,
100 12312 Apr 21 16914 Aug 15 108 July 148 Dee
11614 11614 11614 11614 *116 11634
*11614 117
116 11614
LI o
1,400
pre/
Sept 9 10712 June 114
Jan
100
11112May
27
118
591
/
4 6138 5878 5912 58/
1
4 59
58/
1
4 5854
58/
1
4 5914 2,300 National Supply
544 Oct 681
:Dee
50 5412 Oct 10 7212 Feb 4
1514 1558
1518 1514 1478 1518 1516 1514
1558 1578 5,500 Nevada Consul Copper_ _ _ _ 5 111
1
4 Dec 26
94 Oct 18/
1
4 Mar
/
4 Jan 2 15/
5213 55/
1
4 5412 5612 5312 5412
5312 54
5412 55
18,400 NY ale Brake temp etre No par 364 Apr 22 5612 Dec 23
264 Jan 427s Nov
5678 5612 57 .5514 5614
1
4 557,3 56
55/
*55
5614 1.800
Class A
4514 Aug 5112 Feb
No par 4714 Jan 7 57 Dec 23
*28
30
*27
3012 *29
31
30
31
*2812 30
100 New York Dock
1514 June 27
19 Jan 9 371aM ay 23
Apt
100
*5414 5434 5412 5412 541s 544 544 5412
5414 5414
700
Do pref
3734 Aug 5112 Mat
100 414 Feb 27 5514May 14
424
4112
424
411
/
4
42
4212 4114
411
/
4 42/
42
1
4 30,800 North American Co
171: May 24/
1
4 Apr
10 22 Jan 2 45 Dec 4
4612 4612 1,400
4612 4673 4612 4634 4612 4612 465a 4614
Do pref
4212 July 4812 Feb
50 437e Jan 2 5014July 11
*812 912
*812 9
*812 9
*812 9
834 834
200 Nunnally Co (The)_ _ No par
7 Apr 11
912 Dee ,9
7/
1
4 Oct 1018 Feb
134 Dec 1038 Jan
Oblo Body & Blower_ __No par
14 Dec
4% Jan 14
*64 7
-;a- - -i- -ii- -I- "ii- "V- "-iia --6-4
100 Ontario Silver Mining
4/
1
4 Mar 2
100
84 Oct 4
3 July
914 Dee
261
/
4
26
/
1
4
263
4
2678
264 2612 2612 2634
27
2712 7.300 Orpheum Circuit. lee
1
18 Feb 18 2712 Dec 6
164 June 21/
1
4 Apr
83
83
83
8314 83
83/
1
4 83
83
84
85
3,000 Otis Elevator.k
50 813/
1
4June 24 8514 Dec 29 11412 Jule 153 Feb
97
8
93
8
912
95
8
912
93
4
912
10
978 10
No par
3.700 Otis Steel
614 Nov 6 111
/
4 Jan 26
7 June 1434 Mar
4434 4334 4412 44
4312 4514 44
4414
4438 45
4,800 Owens Bottle
47 Jan 10
25 3914May 2
3811
/
4 Jan 5234 Ape
Pacific Development
14 Jan
114 Jan I i
8. Nov
214 Mae
- 2
10338i 1031,s 1-63-1-2 itii- 1631jai'
164
-13
105i2
io354•10354
800 Pacific Gas& Electric
100 904 Jan 4 10412 Dec 20
73 July 947s Dee
9
g
.81
/
4 912
9
9
814 814
812 812
6
600 Pacific Mall Steamehip
7 Apr 7 1034 Jas. 9
7 July 12/
1
4 Mk.
6212 534 513s 5278 5114 5134 5114 52
511
/
4 5278 40,300 Pacific 011
45 Apr 22 5814 Feb 5
811
/
4 Sept52/
1
4 De.
14/
1
4 14/
1
4 14/
1
4 1473 1412 1458 1412 1434
141: 14/
1
4 10,500 Packard Motor Car
7 Oct9
9/
1
4May 1
1474 Dec 16
10
1512 Ma
•101 1024 10118 10118 *10114 10134 *101 102
102 102
200
Preferred
100 8912 Apr 24 10214 Dec 12
901e June 89 Pet
•Bid and asked prime; DO sales 11115 flay. I El-413,19W. k Par value ebaerred from elm to 850 and prices on that bean; tworluaing
JUDO 8. 0 Ex-ristus
91%
1612
534
8534
30,2
375g
*4012
35
77
337
17
118
1034
9212 9114
1612 1634
534 *538
8612 8312
3678 3638
38
3614
4212 *41
354 35
77
7534
3418 3238
17
1612
13
, 114
1114 1012
92
9114 0212 9178 91%
17
1612 17
1712 18
.538 614
538 6
6
87
8312 8412 8314 85
374 357 36
36
36
3734 3612 3612 *3618 3612
4212 *41
4112 4134 4134
3512 3514 3514 3514 35,4
77
754 7618 754 75%
3412 3334 3434 34
35%
17
1612 168 1634 17
14
114
114 *1 18 114
11
1012 12
1134 1214
92
1814
5%
8434
36
3612
42
35
7534
34%
*1612
14
1214
2992
New York Stock Record-Concluded-Page 4
For sales during the week of stocks usually Inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 20.
Monday.
Dec. 22.
Tuesday,
Dec. 23.
Wednesday. Thursday.
Dec. 24.
Dec. 25.
Friday,
Dec. 26.
Sales
for
She
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share tots
Lowest
Highest
Shares.
per share $ per share Shares. Indus. & Miscall.(Con.) Par $ per share
$ per share
6334 35,700 Pau-Amer Petr & Trans- _ 50 4414 Feb 14 65 Dec 22
63
6212 6352 215,800
Do Class B
50 414 Feb 14 64/
1
4 Dec 22
400 Panhandle Prod & Ref _No par
3
412 It. 4,3
3
112Sept 6
•134 172
700 Parish & Ding, stapd __No par
34July 1
134 Dec 6
3472 22,900 Park & Tilford
34
No par 24 Sept 8 3514 Dec 22
172 30.300 Penn-Seaboard St'l v t eNo par
134
114 la,, 17
lls Oct 16
114 11412 1,300 People's° LA C (Chic)-.,100 92/
1
4 Apr 29 1191/ Dec 5
5614 57
14,600 Philadelphia Co (Pittsb)__ 50 4278May I 57 Dec 28
5132 153.900 Phila & Read C & I w I_No par 3412Mar 28 5414 Dec 20
50
82
83
700 PbillIps-Jones Corp
No par 44 May 14 88 Jul) 14
15/
1
4 1578 7.600 Phillip Morris & Co Ltd__ _ _10 11 July 10 2334 Jan 31
35/
1
4 361
/
4 24.600 Phillips Petroleum_ _ _ _No par 2812 Oct 3 4212 Am 5
14
1514 8,400 Pierce-Arrow Mot Car_No par
64May 13 16 Dec 9
51
Do pref
5312 8,100
100 184May 15 54 Dec 9
112 132 4,800 Pierce 011 Corporation
4/
1
4 Jan 22
112 Apr 3
25
2412 25
Do ors(
1,000
100 20 Mar 4 311
tan 21
514 532 34,000 Pierce Petroleum
No par
5/
1
4 Dec 5
432 Oa 11
4812 49
17.300 Pittsburgh Coal of Pa
1
4 Dec 23 6314 Mar 12
100 47/
.97 100
Do pre/
100 9472 Aug 21 100 Apr 4
1532 16
6,100 Pittsburgh Utilities pref
9/
1
4 Jan 22 1678 Dec 8
100
9634 963
Postum
Cereal
3,700
Co Inc __No par 4812 Apr 22 984 Dec 16
.116 117
Do 8% preferred
100 110 Feb 7 117 Oct 2
59
593
2,200 Premed Steel Car
100 39 Aug 6 62 Jan 26
8212 831
400
Do pref
100 67 Aug 15 90 Feb 6
2714 281
5,600 Producers& Refiners Corp_ 50 22/
1
4 Apr 22 4312 Jan 22
6914 691 32.400 PubServCorp ofNJ new No par 39 Mar 25 11912 Dec 24
14912 15032 42.200 Pullman Company
100 11312 Apr 10 15014 Dec 23
3934 4132 20,010 Punta Alegre Sugar
50 3732 Dec 22 474 Mar 14
2912 291 18,000 Pure 011 (The)
25 20 June 6 3014 Dec 6
•104 105
Do 3% preferred ___ -.100 92 Jan 10 105.4 Dee 9
500
471
/
4 487 60,700 Radio Corp of Amer _No par 2578 Oct 15 48/
1
4 Dec 26
4812 481
1,400
Preferred
50 454 Oct 21 49.4 Nov 19
132 1333
5,500 Railway Steel Spring
100 106 Jan 3 135/
1
4 Oct 2
.3234 33
Rang Mines, Ltd
No par 30 Jan 17 3312 Nov 5
16/
1
4 17
27,400 Ray Consolidated Copper_ 10
9 Mar 27 1712 Dec 5
4934 51
3.900 Remington Typewriter100 8214 Jan 4 51 Dec 16
*97 100
1st preferred
100 904 July 11 99 Nov 12
*108 114
26 preferred
100 90I2May 13 110 Dec 2
20/
1
4 2134 39,400 Replogle Steel
714June 11
No par
2314 Nov 29
567s 5812 10,900 Republic Iron & Steel
100 42 June 7 611
/
4 Neb 11
91
92
600
Do pref
100 82 June 16 95 Mar 6
16
17
9,100 Reynolds Spring
No par
934May 13 2234 fan 7
75'l 76
25,100 Reynolds(R .1) Top Class B 25 6132 Mar 31
7938 Dec 2
•11978 1201
Do 7% Preferred
Id° 11514 Mar 26 121 June 17
4934 501
/
4 14,800 Royal Dutch Co(N Y shares)- 4012 Oct 14 5912 Feb 6
42
42/
1
4 4,700 St Joseph Lead
10 22 Jan 7 4578 Dec 16
332 Jan 24
Santa Cecelia Sugar_ __No par
14 Mar 6
8613 87
"8534 15-14 838* 84 - -8314 837
84
84' - -4;4456 Savage Arms CorporatIon_100 82/
1
4 Jan 2 8878 Dec 1(1
11212 11414 114 11514 11318 115/
1
4 11218 1154
11412 1153 44,200 Schulte Retail Stores, No par 961
/
4 Apr 16 12914 Aug 7
147 147
14414 14734 14434 14512 14472 14514
14634 153
25,000 Sears, Roebuck & Co
100 7834May 15 153 Dec 26
Do pref.
100 11212 Mar 26 12532 Nov 12
114
13g --ifs -Is;
12May 2
114 8,700 Seneca Copper
614 Jan 11
72
No par
7/
1
4
*7
7
712 732 1,500 Shattuck Arizona Copper__ 10
732 .7
4 Apr 11
732
8 July 23
2114 211
/
4 2112 2112 2072 2138 2034 2114
21
2112 19,200 Shell Union 011
No par 1534July 17 22 Dec
•9812 99
981s 9834 9872 99
99
99
Preferred
900
100 9112 Jan 4 99 Dec 23
174 18
*N
1712 1812 1773 1818 18
Stock
f3
1413 32 19,600 Simms Petroleum
1812
10 10/
1
4 Jan 4 19 Nov 14
3314 3312 33
33
33
3314 33
33
3312
3314 4,000 Simmons Co
No par 22 Apr 14 37 Dec 13
16/
1
4 174 1634 1714 1612 1678 1614 1612 Exchange
16
1632 22,400 Sinclair Cone 011 Corp_No par
15 July 16 271s Jan 2
7814 7812 78
77
7812 .7814 79
77
77
1,400
7714
Preferred
100 75 Oct 14 90 Jan 21
211
/
4 22
211
/
4 2178 2072 2112 2034 2132 Closed21
2112 4.500 Skelly Oil Co
25 1712July 17 29 Feb 4
8212 8212 8134 8314 8112 82
8172 8172
82
8312 2,800 Sloss Sheffield Steel & Iron 100 52 May 20 8172 Dec 19
•6412 68 .6412 67 .6412 66 .6412 66.Christmas
644 65
300 South Porto Rico Sugar_ _.i00 58 Oct 29 954 Mar 8
18
187s 1732 1832 1712 1734 1712 1812
1814 1832 4,900 Spicer Mfg Co
No par
711June 20 20 Dec 18
•94
98 .94
9712 .94
Day
9814 .94
97
*94
97
Do pref
100 78 July 18 9814 Dec 17
40/
1
4 401
/
4 4018 4072 4012 4012 4012 4012
4012 4012 2.600 Standard Gas & El Co_No par 3112May 20 411
/
4 Dec 5
62
62/
1
4 6114 6232 6072 6172 6012 6112
6112 6212 14,700 Standard 011 of California_ 25 551
/
4 Apr 21 6812 Jan 26
3912 3972 3812 39
39/
1
4 40
3832 39
3872 3912 56,400 Standard 01108 New Jersey 25 33 May 14 4214 Jan 26
11714 11714 117 11714 117 11732 11738 11732
•117 11712
900
Do pref non-voting_ _ _ _100 11534 Mar 1 1194 Aug 22.
13/
1
4 1334 1334 14
1312 1312 1332 14
1331, 1352 1,500 Stand Plate Glass Co__No par 134 Oct 21 3514June 11
631
/
4 6334 6312 6312 63
6212 63
6314 6233 6252
800 Sterling Products
No par 55/
1
4 Apr 23 6512 Nov 24
70
71
6712 6934 6632 6832 67
7014
7012 7134 20,800 Stewart-Warn Sp Corp_No par 4812July 17 10078 Jan 12
6812 6934 6914 6914 *6612 6834 *6612 69
*6612 69
600 Stromberg Carburetor_No par 5412May 14 54/s Jan 11
4532 4614 4412 4612 4412 4532 4412 4532
4512 461s 93,000 itudebaker Corp (The)fl wl No 3012May 20 4614 Dec 20
1012 1132 10
1012
10
1034 10
1012 10.100 Submarine Boat
1034 10
No par 6
Nov 3 124 Dec 15
1
7
5
512
1
4
54 5/
5
5/
1
4
5
532 21,000 Superior Oil
2112 AS 2
No par
84 Aug 4
214 21
232 232
400 Sweets Co of America
134Sept 8
10
3 Jan 2
8.15
812 834
832 Ps
812
835 814
5.000 Lena Copp & C.
85*
No par
6/
1
4 Mar 31
934 Jan 5
4312 4334 43
42% 4272
43 --glrs
44 14,500 Perm Company (Tlie)
4334 4232 43
25 3734.1une 7 4532 Ian 30
101 103
101
105
103
10114 10312
100
67.200 Pezas Gulf Sulphur
10 574 Apr 21 10814 Dec 2'
11
11N18
2 1?1r14
1114 1032 1072 1012 1034 1012 1032
4 4,500 ['ems Pacific Coal & Oil
10
8 Oct 14 16.4 Feb 1
130 130
12812 13014 129 130 .129 130
130 13014
800 tidewater 011
100 11614 Oct 15 151 Feb 7
3872 3932 3812 3912 3832 3834 3832 3834
3834 3932 9.100 Timken Roller Bearing_No par 31I2May 19 41 Jan 7
72
71 12 7172 11,700 Tobacco Products Corp
7214 7114 723,3 7034 7172 71 12 7112
100 53 Apr 11 72/
1
4 Dec 19
1.278 93
9234 93
9272 9312 3,900
9232 9232 9272 9272
Do Class A
100 8314 Mar 25 9312 Oct .
372 4
37s 4
372 4
372 4
372 4
12.600 Transcontinental OIL __No par
3/
1
4 Apr 15
614 Jan 21
*3934 40
40
397s 3972 3934 3934 .39
300 Underwood Typewriter_ 25 3612Sept 8 43 Jan 9
3912 3912
4412 4412 4312 44
42
4178 417s 1,500 Union Bag & Paper Corp 100 3312Sept 10 64/
42
4014 4112
1
4 Feb 4
.120 126
120 12012.120 124
•120 125
120 125
200 Union Tank Car
100 94 Jan 7 1321
/
4Sept 18
*113 114 I 114 114 .113 115 *113 115
•113 115
100
Do pref
100 10614 Feb 18 I1634July 23
27
2734 27
2812 2812 2634 27 .27
2778 2814
600 United Alloy Steel
No Par 20 Oct 23 37 Fah 11
116 11914
119 1211
117 117
/
4 11,500 United Drug
116 116
116 117
100 71 May 29 12132 Deo 26
52
5212 1,900
52
52
*5178 52
*514 52
52
52
Do 1st preferred
ao 4612May 3 5212 Dee 23
•204 207
204 20412 *204 205 *20334 204
300 United Fruit
20314 20314
Ilio 182 Jan 4 22412 Ada 5
1
4
4172 4412 67,000 Universal Pipe A Rad....No par
4272 3712 42
4014 421s 4012 43/
39
13 July 23 45 Dec 19
7312 7614
7414 7514 8,300
74
7512 7212 7472 7312 74
Preferred
100 4712 Oct 14 77'2 Dec 19
15712 16514 48,500 818 Cast Iron Pipe & Fdy _ _100 64 Feb 27 16514 Dec 26
158 160
15412 15972 157 163
152 160
*101 10212
101 104 •101 10212
•101 102
Do pref.
102 102
100
100 5172 Jan 15 10414 Oct 21
3914 4014 9,800 US Distills Corp
39
4012 3732 391s 38
No par 2112May 8 42 Dec 17
3812 3812 3912
•14812 160
•14812 160 .15432 ____ 14812 160 •14812 160
Preferred
100 98 July 18 168 Dec 17
23
233s 2332
*3432 3434 2332 2332 23
2312 23
700 (IS ileff'n Mach Corp_No par
1614 Mar 28 241s Oct 22
8312 84'2 8312 8372
8414 85
14,900 U S Industrial Alcohol
8312 85
8334 85
100 6112May 20 8678 Nov 18
105 105
•105 107
100
•:'.05 107 *105 107 .105 107
Do pref
100 98 Jan 3 10614 Dee 17
1211
/
4 130
20.200 US Realty & Improv't--100 90 June 9 1 1312 Dec 5
_20 12332 122 12412 12214 12412 121 12334
*121 124
*12312 126 •12412 126 .12212 125 *121 124
Preferred
100 June 9 143 Dec 5
40/
1
4 4132 10,300 United States Rubber
401s 4032 3912 4014 3914 3932 3914 4034
100 2212May 22 4272 Jan 12
9414 9512 2,300
9312 9372 9332 9412
9312 94 .9312 94
Do 1st preferred
100 6612May 28 954 Dec 5
3834 4034 10,800 US Smelting, Ref & Min__ 50 1812 Mar 26 40' Dec 21
37
3872
37
37
3712 3634 3714 36
.45
46
46
46
100
46
.45
4612 •45
Do pref
4614 .45
50 3712 Mar 22 41112 Nov 241
1183s 11934 175.400 United States Steel Corp 100 9414June 6 1l9' Dec 26
11814 11834 11732 11834 11712 1181s 11732 11838
122 12212 3,000
12172 12212
12172 12172 12172 12172 122 122
Do pref
100 11832 Feb 1 123 1.10, 21
85/
1
4 8712 2,100 Utah Copper
8332 8312 .8212 8332 8314 8434 8412 8412
10 64 Jan 18 8712 Dec 28
44
4512 7,000 Utah Securitlee
4214 43
4314 4272 4312 43
4314
42
100 1632 Jan 4 46 Dec 16
3012
3138 18,600 Vanadium Corp
30
3034 3232 3014 3212 2934 307g 2932
No par
194June 9 3.11/ tea, 11
2
21g
24 2,100 Virginia-Carolina Chen__ _100
214 21 i
2
212
2
214 212
34June 10
1038 Jan 11
74 712 2,100
Do pref
7
712 712
714
672 712
712 772
100
21/June 9 3414 Jan 2
732 734
732 772
3
8
8
8
734 734 3,100 Vivandou(Y)
No par
434July 12 151s Jan 10
1818 1814 3,000 Waldorf System
1832 1812 1814 1812 1814 1814 *1818 1814
No par 14 Apr29 20 Nov 7
1712 17/
1714 1712 174 1734 1712 1732 1712 1712
1
4 4,600 Weber & Heilbroner_ _No par
1412 Nov 19 1912 Mar IS
1214 1214
400 Wells Fargo
•1232 1212 .1232 1212 .1232 1212 .1238 1212
1
1212 Nov 20
5 Oct 1
11312 11514 3,900 Western Union Telegraph _100 105 May I 11034 Dee 9
115 11514 r11312 114
116 11612 11512 117
10714 10712 1,100 Westinghouse Air Brake._.50 84 Jan 2 111 Dec 9
108 10814 106 107
10612 10612 10612 10612
6834 6914 8,800 Westinghoure Elea A Mfg_ 50 5512May 15 75 May 17
6814 6872 6812 6812
683g 69
6812 69
27
27
2,300 White Eagk,011
2678 27
2712 27
27
27
27
27
No par 2312May 12 294 Feb 6
7032 7214 16,600 White klir or
7012 71
6912 7012
1
4 70
6834 71
69/
50 501
/
4 Apr II 7212 Dec 18
1
Ps
112
1
l's 2,000 Wickwire 2pencer Steel- 6
1
114
114
1
114
34 Oct 20
6 Jan 11
1014 1012 18,000 Willys-0 erland (The)
1032 1032 1012 1012 1012 1014 10
1012
25
672May 17 1414 Jan 16
74/
1
4 9,400
74
75
Do reef
7314 7414 7252 74
7512 7312 75
100 6112May 16 88 Jan 15
7
7
612 7
634 6/
734 734
1
4 2,400 Wilson 4 Co Inc
Na par
714 712
412May 16 28 Jan 0
18,300 Woolworth Co(F W) ow I 25 7212 Apr 10 12334 Doe 18
123 124
12314 124
12112 12412 12212 12432 12112 12353
52,400 Worthington P & M
7034 77
7112 7314 6814 7272 6912 7172 7012 7112
100 2314June 9 77 Dec 26
1558 1534 1,100 Wright Aeronatuleal___No par
1614 1614
1614 *1512 1614
16
16
16
9/
1
4May 15 1718 Dec 4
4434 4134
700 Wrigley(Wm Jr)
4412 4412 4414 4412 *4234 4134 4334 4334
No par 85 Apr 22 4512 Nov 19
3912 3934 1,100 Yellow Cab Mfg tom Mrs_ _10 32 Nov 26 55a4 at at 2)
40
40
3034 3934 .38
3912 3334 3912
00 Youngstown Sheet & T_No par 5914 Oct 27 72 Dee 9
7012 7011
70
70 .60
7014 7012 6912 71) *09
•121d and mired pries; no sales on 11212 day. I 144-01v10e3111. a w.-new manta. a No inc.
$ per share $ Per share $ Per share $ per share
8332 5432 63
65
4 8314 6112 63
6232 6412 6238 643g 6134 6278 6032 6232
312 312
*312 312
3
3
378 372
134 134
134 134
134 134 .134
172
3332 3432 34
3514 34
3434 34
3412
134 172
134 17s
Ds 172
Ps
172
*115 116 •115 116
115 11514 111434 115
554 5512 544 5512 5434 5514 5514 5632
49/
1
4 5414 4934 52
4834 5032 4852 4972
*79
83
7912 8234 .80
83
•8014 82
1534 16
1572 16
1514 16
1532 1512
3612 3634 3532 363a 353s 3614 3512 3572
14
1412 1312 1372 1312 14
1372 1414
4572 49
4534 4812 48
5012 4914 51
132 134
1'2
112
112 134
Ds
112
26
26
253s 2512 22
25
2414 2472
532 512
514 54
514 512
514 512
50l 5072 5014 5132 477s 5034 4832 49
•97
99
*97
99 •97 100 .97 100
1534 1612 1512 153s 15/
1
4 1534 1532 1572
9512 9512 94
96
95/
1
4 9712 9512 9634
*11512 117 .11512 11612 *11538 117 *116 117
5912 5912 58
59
58
5834 58
5832
8112 8112 *8112 8212 8112 8112 *8112 8212
2812 29/
1
4 •28
2312 2712 2712 2714 2714
6814 68/
1
4 68
6834 6812 6914 69
6912
14612 148
14414 14734 146 15034 14812 15014
38
3832 3732 3812 3732 3932 3812 4034
29
2912 2812 2932 2832 2912 2834 2912
104 105 *104 105
10412 10412 104 104
4614 4732 4512 4612 4532 4632 4532 4732
4812 4812 4812 4832 4572 4812 4812 4812
13212 13232 131 13314 132 133
132 132
•32/
1
4 33 .3212 33
*3214 33 .3234 33
1532 16
1534 1632 1534 1612 16
1632
402 4934 4834 49
49
49
4814 4972
*97
9934 .96
9934 *96
9934 .96 100
0108 120 .108 120 •108 115 •108 112
2134 2212 2053 223s 2032 2114 20
2034
5614 57/
1
4 5512 57% 5512 5612 5512 5632
9212 9212 .91 14 92 .9114 92
9114 9114
161.2 1612 1578 1614 1512 16
1512 1572
7612 7612 76
76 .7572 76
7534 763i
011072 1201L .11972 12012 •11972 12014 *11978 12014
4832 4834 4534 49
49
4934 4914 4912
42
4212 4134 4234 4114 411
/
4 42
/
4 411
PER SHARE
Range for Previous
Year 1923.
Highest
Lowest
$ per share 8
63 Sept
5012 Oct
114 Oct
per sitars
9314 Fel
86 Feb
4% Ayr
l's Oct -1- 1iApr 9812 Dee
86
41 July 50% Ma
.
Apt
56 Aug 80
1
4 Der
114 July 24/
19% Sept 6932 Apr
614 July 1514 Ja
134 July 3532 Jas
11
/
4 July
6 Fe:
Ja
Oct £5
16
_
Mr
58 Jan
Arr
Oct 100
96
10 7017
47 July
10812 June
4212 Oct
Oct
80
17 Nov
4112 Dec
11012 July
411
/
4 July
1814 Sept
8214 Aug
-9914 Oct
2914 July
9/
1
4 Sept
24 June
89 Der
80 .11/0)
Oct
8
404 June
8434 Oct
14 June
47
Jan
114 July
Oh Aug
17 June
114 Oct
1012 Jan
88 May
6514 June
10612 June
472 Oct
Oct
5
12/
1
4 Jan
8912 Nov
64 July
22/
1
4 Dec
16 Sept
804 Aug
9/
1
4 Jan
3914 July
3814 Aug
1134 June
Oct
88
ills Sep*
134 Hen
11414 Jan
8112 Jab
99% Jab
584 Mar
511
/
4 Apt
134 Mar
6914 Alb
32 Feb
100 Mat
--
123 - Ma,
34/
1
4 Feb
174 Mai
484 Mat
104 Feb
99 Nov
311
/
4 Feb
0634 Mal
9672 MS,
2072 AP,
75 Dee
118 Feb
554 Feb
234 Dee
5 Feb
354 Dee
11634 Dee
923s Feb
115 Nov
1212 Mai
1072 Mai
194 May
95 May
16 Feb
34/
1
4 Mar
39/
1
4 Mar
9914 Feb
85 Mas
63 Dee
70 Dee
274 Feb
9772 Feb
474 July 12312 Jan
3072 July
444 Mar
11434 Aug 1184 71117
51 June
74 July
594 July
'6/4 Mao
12418 Api
944 Mat
7 Jan
15 App
2 Sept
1
4 Feb
6/
1 June
4 OM
8 June 12/
1
4 Feb
3438 Nov 5272 Mar
Jan
5314 July 65
512 Nov
2414 Feb
94 July 144 Mat
334 .lits 45 Mai
1
4 Dee
CM Aug 78/
1
4 Dee
7612 July 92/
114 001 1412 .1110
8572 Aug 42 Dee
Oct 7712 Mar
60
81 Feb 99% Mar
106 Sept 112 Jan
29 July 39/
1
4 Ma/
7414 Oct 8534 Feb
464 Feb 49 July
1524 Jan 1874 Doe
_
20 July
64 June
1384 OeS
40 June
954 June
8814 July
9714 Aug
30/
1
4 Oct
763
, Oct
1814 Oct
38/
1
4 Dec
854 July
11618 Aug
55/
1
4 Oct
Oct
14
2434 July
814 June
17 June
Oct
12
1432 June
1214 Jan
111; 1);
87
Nov
_ -Jan
25
734 Mai
101 Mag
106 Mai
108/
1
4 M1M
64% Mao
Jai)
105
43% Mat
484 Jan
109% Mu
12312 Jan
7512 MI0
24% Feb
44% Mar
27 Feb
69 Mu
23 Mat
20 May
We Dee
101's July ifili Feb
76 July 120 Feb
524 June 674 Feb
Oct 3032 Mai
20
45 June 6072 Mar
2 Dee 14 Feb
5 June 114 Dee
42/
1
4 Jan 83 Dee
19 June 42% May
197*
814
37/
1
4
_
62
Oct
Jan
Dm
Oct
40'
1314
4.012
80
Feb
Not
Dee
-/an
2993
New York Stock Exchange-Bond Record, Friday Weekly and Yearly
truerest--exsept for income and defaulted bonds
Jan.) 1909 the Exchange method of quoting honds was changed and prices are now -and
BONDS
7 Y STOCK EXCHANGE
1,
Week Eliding Dec. 26
it
Pelt.
Frtday
Dec. 26
Week's
Range or
Last Sa14
4,
Range
Since
Jan. 1
I
BONDS.
N. Y STOCK EXCHANGE
Week Ending Dec. 26
Price
Friday
Dec. 26
Week'a
Range or
Lass Sale
g
r4 I
Range
Slays
Joe. 1
High
Los
High
Ask tow
Bid
High
High No. Low
Ask Low
Bid
9114
U. S. Government.
88
884 232
&tett Top & S Fe-Gen g 48_1995 A 0 8824 Sale 88
8.513
First Liberty Loan-7912
-Dec'24
8212
Nov
84
/1995
8212
adjustment gold 49
J 1) 1002044 Sale 1001144100342 344 9311.y 102,a
34% of 1932-1947
7912 85
8318 51
Sale 8234
Nov
83
11995
Stamped
102120
982,13
1011233Dec*24
J D 10144
Cony 4% of 1932-47
81
85
-Dec'24
8114
D
81
.1
8214
1955
Cony
1909
45
gold
J D 1011133 Sale 101 113.101"U 137 98114, 10233.2
Cony 4 ti % of 1932 47
304 85
5
D 8112 Sale 8112
8214
._ 19.55
'Inns 43 1905 _
21 9810., 10211ss
9 I) 0012321011.33 1002)33101
28 cony 44% of 1932-47
8014 8318
5
804
Cony g 43 issue of 1910_ _1960 J D 804 Sale 8014
9912
9512
Second Liberty Loan1
0812
9812
99
4
973
MS
1928
ems, Onto Div let 45
MN 100142 __1100114sDec'24 ____I 9811n 1021.44
8512
46 of 1927-1942
80
Rocky Mtn Div 1st 413___ _1965 J J 8312 844 8412 Dec'24
MN 100"a Sale 1002,33100"n 2162, 98341 102
8314 89
Cony 44% of 1927-1942
J J 8714 874 88 Dec'24
18_1958
let
L
Short
Prans-Con
95
9018
i
Third Liberty Loan17
924
92
92 Sale
Cal-Aria let & ref 448"A"1962 M
St S 10144 Sale 100"33 10143 1189 991141102"n
86
70
8312 14
44% of 1928
e1933 MS 8312 Sale 80
All & Birm 30-yr let it 4s
90
81
Fourth Liberty LoanN 88% 8912 894 Dec'24 ----1
A 0 10!",,Salo 101173210121n 3898 98114, 103 All Knoxv & CM Div 4s___ _1955 J o 1943
8013
103
44% of 1933-1938
10212 Nov'24
4
1946
1 6134 9651
1042 42 Sale 104144101"n 680 9913n 107'n Atl Knoxv de Nor let g 5s
Treasury 4(48 1947-1952
.3, 9614 9612 964 Dec'24
1944-1954 .1 D b00',.Sale100233 100170 721 1001.311001.34 At)& Charl A L let A 4348_1944 39 10214 Sale 10214
Treasury 4s
96 103
2
10214
02734
11 19
37
181 30-year 5s Series IL _ _ _1944
92
10
-10238 Mar'24
d1930 1.2 J
26 consol coupon
6. S612 9334
8934
Atl Coast Line let con 48_81952 MS 8914 Sale 8914
9712 Oct'24
1961 Q M
Panama Canal 33 gold
100 108%
28
10714
10718
Sale
10714
MN
1930
10-year secured 78
State and City Securities.
8614 9334
39
92
1964 J D 92 Sale 9114
987s 10134
General unified 44e
1004
5Mrp 4tock_1960 M 8 10038 Sale 10038
NY
---4
81% 8778
19
861
01952 MS 864 Sale 8633
9934 10234
L & N coil gold 48
7314 8014
1964 M
101 102 10112 Nov'24
430 Corporate stuck
19
76
75
76
1948 .3.3 7514
All & Dany let g 4s
_ 1024 Oct'24
1966 A
101
t3 Corporate stock
6212 6912
5
63
1948 J J 6212 Sale 6212
41.3534 10714
2d 45
_ 10618 Sept'24
19711 D 10534
114e Corporate stock
8012
68
7
75
7412
76
734
AO
1949
34 AU & Yad let g guar 43
agi2 1004
43.45 Corporate stock _July 1967 J J 10534 10614 10618 Sept'24
98.2 99 10018 Aug'24 -- -J J
0606
3 10
0929
:
10
g A & N W 1st
2738
R 55
1) 10534 10614 1064 Nov'24
1965
434s Corporate stock
9614 10034
Dec'24 -100
100
8
997
J
J
9
1
11
1
5
2
4
2
4
9
19
,s
7
9
0
I9
4
&
3
4
Bait
prior
Ohio
45
,
33
1963 M S 10514 10618 10512 Dec'24
445 Corporate stock
933 10014
9978 Sept'24
9934
Q
Registered
9812 9818 Dec'24
1959 M N
98
g% Corporate stock
8112 8978
8634 55
944 9938
11948 A0 8618 Sale 8618
1st 50-year gold 45
98 Dec'24
1958 M N 98
4% Corporate stock
687s
80
1
845s
84%
851
8
893
9934
11948
J
J
9618
Registered.
1957 M N 105 10512 98 Dec'24
a% Corporatestock
8214 904
65
8934
1933 M S 8914 Sale 89
9434 9812
10-year cony 44e
98 Nov'24
a% Corporate stock reg 1958 M N
8913
83
84
8618
Sale
8512
4
853
D
J
A_1995
&
1064
Series
5.
Refund
1034
gen
4% Corporate stock__ _ _1957 M N 105 10512 10538 Dec'24
9914 101
10014 276
1948 A 0 10014 Sale 109
let g 53 lot ctfs
1 10278 10612
44% Corporate stock__1957 MN 10512 Sale 10512 10512
8
1037
1004
68
103
8514 903s
lo-year 68
1529 J J 10234 Sale 10224
2
8914
8912 8914
84% Corporate stock. _ _1954 MN 89
um: 212 100 1014
10212 10334
Ref & gen 68 Ser C temp..1995 J D 10112 Sale 10114
10212 Aug'24
New York State an Ina 413.1961 .1 J
954
100
Dee'24
4
993
P.10.24 AI Div 131 g 33313 19251M N 9978 100
111 1124
Dec'24
111
Highway Improv't 44e .1963 M S
86
79
84 --ii
PLE&W Va Sys ref 48_ _19411M N . 8334 Sale 8312
Foreign Government.
9612 1004
9978 60
9934 Sale 9934
Elouthw Div lst gold 33.45.1925
1927 F A 10134 Sale 10112
10178 83 10034 10314
Argentine(Govt)78
70
8814
10
6918
8512
78
To'& Cin Div 1st ref 48 A_1959 ii 684 6915 694
29
84
Argentine Treasury 58-£ - _1045 M
8312
84
82
62
58
6112 62 Aug'24 --36 Jo 60
8912 90
1944
Battle Cr & Stur 1st gu 313_1
9512 351
Sinking fund 69 Ser A._ _1957 M S 9514 Sale 95
934
9012
1
9218
9512 Beech Creek let cur 4s
J J 924 ..__ 924
95
9538 247
1958
9514 Sale 95
Esti s f ser 13 w 1
7714 7714
9714 100 . 8514 95 Beech Cr Ext 1st g 3%s.51951 AO 7634 80 , 7714 May'24 ----, 8078 85
1943
9714 Sale 9678
Autumn (Uovt) sf7s
85 Dec'24 ---86
D 85
1949
Big Sandy 1st 45
10912 71 1 97 111
Belgium 25-yr eat e f 74136_1945 J D 10834 Sale 10834
6914
81
3
6712 6714
6712
0634 101
1
B & N Y Air Line let 48_ _ _1955 FA 67
100
5-year 6% notes.._ __Jan 1925 .1 J 100 10 12 100
9138 93 92 Nov'24 ----I 8812 924
Bruns & W let gu gold 48_1938
.
10712 54 . 97 109
1941 F A 10738 Sale 1074
20-year f
103
100
----'
Dec'24
102
____
9418 169 1 9312 9812 Buffalo R & P gen gold 59_1937 MS 102
25-yr ext 64s temp recta_1949 SA S 9312 Sale 1 9313
8612 9014
8818 336
1957 MN 8734 Sale 8714
4 108 115 1
11134
Consol 4%s
Bergen (No -way) ef Ss _1945 M N 11134 Sale 111
9534 1011.
98 I fturt C & Nor 1st 53..
953
1934 ▪ 0 9934 10014 10013 Dec'24 -9658 13
1949 A 0 1612 6652 9612
25-year s f Os temp
9732 102
18
. 11212 Canada Sou COD8 gu A 58_A962 A0 10012 Sale 10012 10034 31
16 1
111
1945 H N 111 Sale 111
Berne (City of) Si as
Ill 11712
11541
11512
Sale
1154
o
J
0
6
4
deb
19
_194
I
75_
North
f
94
s
85
Canadian
9234 50
Bolivia (Republic of) 81. _ _ _1947 M N 9212 Sale 9212
11678 37 11034 11818
J J 11634 Sale 11638
8458 91 1
25-years f deb 64s
8512 45
Bordeaux (City of) 15-yr 68_1934 MN
8438 Sale 8438
7812 8234
7912 89
7934 Sale 7834
9912 Canadian Par Ry deb 49 stock_ _ J
91
87
97
1941 .1 D 97 Sale 9618
Brasil, U S external 85
I
04
4
4
923
923
3
92341
88
MS
1932
78
Carb & Shaw 1st gold 4e
8234 96
1952 1
8212 Sale 82
78 (Central RY)
s 83
4
8282M
1949'3 82 Sale
94 104 Caro Cent 1st con g 45
6
10334
748(Coffee serer) L (flat) 1952 A 0 103 104 1034
9238 1013s
6
101341
97 Caro Clinch &0 1st 3-yr 58_1938• D 10034 10114 10114
94
96 I 16
Buono! Aires (City) eat 8349.1955 J .1 9514 Sale 9514
104
96
1084
g
1067
1064
Sale
10612
1952 J o
9008 10108
65
Canada(Dominion of) g be _ _1926 A 0 10012 sale loot! 19078 34
8312
81
8234 8312 Sept'24 ---0912 10338 Cart & Ad let gu g 49
1981 J o 82
1931 A 0 10138 Sale 10114
10134 25
se
76
67
5
8
753
754
8
753
D
10434
J
744
4
1948
Cent Branch U P Ist g 4s
1929 F A 10212 Sale 10218
10234 80 1003
10.year 5%,
054
07
6
19
6
5
0
:
5
9
,
.....3
142
2
4
5
july
14
7,8
64
92 0
6
6
9%
.1 6
1961
994 1044 Cent New Eng let gu 4s
145
1952 M N 10212 Sale 10214
103
55
99
MS
9414
1930
44e
5
Ohio
Central
Reorg
58
1954 1 J 971 Sale 97
Carlsbad (City) a f 8e
1
1027
99
---Dec'24
____
10118
994
45 FA
94
19
10678 24 192 10912 Central of Ga let gold 50_0
Chile (Reputule) ext a f Se_ _1941 F A 10614 Sale 1064
9514 1014
0934 11
MN 9934 Sale 9914
Cons& gold 513
8 1024 10538
10312 10338
External 5-year f 88_ _ _ _1926 A 0
4
100
103 i 41 19
0
6
0
Sale
1024
4
1024
99,
J
94
1929
June
9934 34
10-vear seem ne
1942 NI N 19
e I 9812
:111 Sale
99
20-yr ext 713
9932 28
10712 14 102 1.. 12
Ref & gen 548 ser 13_ _ __1959 AO 9878 Sale i 9872
1946 MN 107 Sale 107
-years t88.
15
784 84
Oct'24 -394 4713
Chatt Div our inoney g 4s 1951 ID 8334 ___' 84
4334 52
Chinese (Hukuang Ry) 58_11151 J I) 4112 Sale , 4112
---Dec'24
100
1004
4
983
Mac dt Nor Div let g 55_1946 J J
Obriailanla (City) a f 8s__ _1995 A 0 11013 Sale 11012 110341 10 107 1,3
98 100
____ 100 Nov'24 ---100
J
J
1916
84
9
55
Mobile
Division
9634
S
4
M
1954
a
97131
ctfe
8
8
int
973
973
6s
9712
30-yr f
j
9434 190 Cent RR & B of Ga coil R 531
9
87 MN
_1193
99381
Colombia (Republic) 6334_1927 A 0 993s Sale i 9938
4
1
9:14
8
99
931374 10
10
1.
5
2,
4
2.
:
31
5
8:
7
9
8
10
9
10
,
18
88
,2
53
97
0
07
9
9
531,4
1987 J J 18
Central of N J gen gold 5s
95 Sale 1 94
Copenhagen 25-year e f 548_1944 J
,
4 iv
1
2-5 1225/
_-_ 106 Dec'24 --,
106
4
6'14
97
8373144 9
9
Registered
1944M
524I- 52
'
9
9534 9712 9714 Dec
Cuba 5e of 1904
1949 F A
97.4 Gent Par 1st ref gu g 4e
89
3
9713
Eater debt 58 1914 Ser A....1949 F A 9712 Sale C712
865311 De5c62,44.---1- 8178 87
7914 89
119292 D t42 _i6,..; 0
Mtge guar gold 31--4s
1949 F A 85,2 8712 86% Dec'24 External loan 4349
914 97 14
Through St L 1st gu 43_ _1954 A 0
9714 168
19539 J
9612 Sale 9612
540
1154 11535
94 1014 Charleston dr Savannah 78_1936 J J 11614 120 111535 Felf24 ---;.
1004 71
Clleehoelovak (Repub ot) 88_1951 A 0 9912 Sale I 9914
10038 . 97 1017e
9712 10112 Ches & Ohio fund & Impt 513.19291.11 J 100 ____ 100
10018' 65
Sink fund 8s Ser B Int etfa.1952 A 0 100 Sale 9914
16
99% 103
i
103
s
103
,1023
Sale
N
1939 M
3 10618 11278
let consol gold Si
110 I
88"A".1940 F A 110 11014 10934
Danish Con M
914 101
101 Nov'24
1939 M N
Registered
2 10812 11192
1946 F A 10934 110 109$4
10934,
Series B f 8s.
8414 90
6
4
8
883
88
1
Sale
8812
S
112-)8
M
10714
1992
General gold 44e
11034 11
Denmark external a f 88_ _ _1945 A 0 11014 Sale 10978
834 8814
1
I
86
86
8814
8
857
1,
111 4
Registered
34 1(
1942 J
10018 67 14910
20-year Is
10018 Sale 9934
77
95
88,4 9611
S s 9412 Sale 09413
F A
9 M
192,
20-year convertible 4%s.1930
1
10172
Dominican Rep Con Adm s f 5s'58 F A 101 102 10178
8878 109
687
106
Sale 103
8534 9138
30-year cony secured 5s_ _ _1948'A 0 1054
Custom AdmInistr 548_1942 M S 91
92 j 13
92 1 9112
023.1 9934
971, 9934 9934 Nov'24 _--924 99
Craig Valley 1st g 55
1047 9
Dutch Eery Indies ext en
99 I 204
9838 Sale 1 974
88
78
---Dec'24
83
4
823
804
J
j
J
0
612
9212
4
9
0
1
48_1
99
1st
Potts
Branch
Creek
9834 233
40-year 68
- _1962 M S 9812 Sale 9778
85
7913
84
i
84
8
833
9,J
89J
854 9314
98
19
K & A 131v 1st con g 4e
1953 M S 93 Sale 92
30-year ext 548
93 , 138
844
78
86 1 8412 Dec'24 ___ 1_
78
1
853
s
93
41
48
2d
gold
conaol
252
N
M
a
4
1953
5
ext
1
-year
93
80
924 Sale 92
95
95
--__
July'24
95
9813
4
963
S
0212
109
Warm Springs V 1st g 58_ _19411111
10414. 300
French Repot. 2.,-yr eat 85._1945155
19538 Sale 103%
58
637a
04,12 1054 Chic & Minn 1111 ref R 38 _1949 A 0 6214 6212 624 Dec'24 ---1004 200
30-yr extermai •nan 714a 1941 ) it 9978 Sale 9912
81
Dec'24 - -_ _. 54
5914
6212
604
94
lot-----9512
1924
Oct
stpd
dep
Certifs
9414 1419
External 7s of 1924 temp_1949 J D 94 Sale 94
5834 ____ 6078 Nov'24 ----' 5312 61
85(2 91'2
Certif den etmpd Apr 1924 Int
S 86 Sale 1 8534
Minna to est ny
10
86
3034 4872
47 1 16
9234 9534
Rathary first lien 345_ .__1939,J J 461g Sale , 46
9534 1729
German ext'l loan 75 w 1_ _ 1949 A 0 944 Sale 9412
7834 8312
4
8112
8134 8112
9858 107 I Chic Burl At Q-Iii Div 348_1949'J J 81
10512 152
Gt lari & Irei 45JK of) 5431-1937 F A 10518 Sale 10472
9112
88
8918 10
J 8834 8918 89
144 N
9 .1
47
92
19
Illinois Division 48 413_1
1929 F A 11518 Sale 115
11538 205 10612 11534
19-year cony 54s
06.2 10112
99 1 21
985,
9912
9834
4Extension
1
4
3
3
ka
i
9
s
a
a
rr
e
b
n
1
MN
e
5
8
7
8
N
G
Greater Prague 7%a.1952
9134 91
91
9134 31
91
85
55
4
883
884
Sale
884
1958 M
Belli (Repubile) fis -----1952 A 0 89 Sale 9112
92 1 70
9674 1924
101 12 88
10114 Sale 1014
87
8934
1st & ref 53
Hungary (Kingd of) 51714a w I '44 F A
8912 262
8914 Sale 99
1'
5678
53.2
47
5312
1
56
54
9814
A
O
F
1,
7A
7
9
92
1
5s.__1
994
ChM
City & Conn Rya
End Bank of Japan 8% notes 1927 F A 99 Sale 9834
99 I 36
___J- 10414 10734
Chicago & East III 1st 6e_ _ _1934 A 0 10512 ____ 11.1734 Dec'24
Italy (Mugu of) Ser a n5)44_1825 F a 100 10012 100 Dec'24 -764 108
8912 784
7512
Sale,
8
757
N
8
3
1
4
)
8
11
M
5e_1951
Kit
gen
CAN
re)
28
Govt
J
45
loan
f
(1eir
Japanese
_193111
83
8212 Sale 8212
III
8818 934 Chic & Erle let gold 5s. _ _1982 MN 11912 __--1 9212 Dec'24 ---I 9178 100
1954:F A 901 1 Sale 9014
9112 616
Temporary f g 64
6234
50
6.112 249
81
91 1 Chicago Great West 1st 48_1959 M S 6011 Sale ' 5912
8412 60
Oriental Development 08_1953 M S 8334 Sale 8314
111
7218
91
& Lout/iv-Ref 68_19471 1 10734 Ill 11012 Dec'24 ----1 10534
Ind
Chic
8534 54
Lyons (City of) I5-year 65 1934 M N 85 Sale 81
tao
8
1163
2
9912
9934
9914
9914
7218 91
19471.1 1
Refunding gold 5s
854 56
Mareellien (City of) I5-yr 80 1934 M v4 8438 Sale 844
8134 8578
20
40
1947 J 1 8512 87 , 8512 Oct'24 --- - 1
Refunding 48 Series C
1043 MN
18
23 1 20 Sept'24
Mexican Irrigation 44s
7 (112 8734
8734
5112
1966 M N 87 Sale 87
General 5e A
1945 Q J 39
40 Nov'24 _ _1 20
Mexico-5s of 1899
1
18
30
el966 J J 102 10214 10112 1.0214 12
General 6s B
1954 J D
23 Dec'24
23
Gold debt 413 of 1904
18
78
854 93
Ind & Louisville 182 RU 45_1956 J J 7718 78 , 78
1952 J D 8912 Sale 884
8511 14
Montevideo 78
824 88
8934 1034 Chic Ind & Sou 50-year 4s_ _1956 J .1 801.. ____ 8613 Dec'24 -__I
Mat
.1972 M S 10313 Sale 103
10334 700
Retherlando
8178 93
93 Nov'24 ____
95
3 Chic L S dr East let 44s _1969.1 D 92
1378
98a. 1 0
157
101
80-year external 130 (flat). _1954 A 0 10914 Sale 10014
44
5612
48
•
604
55
Sale
55
J
J
CM & Puget Sd 1st to 43._ _1949
. 1941) 0 11212 Sale 1123s
11238 18
Norway external sr
6834 754
73 I 19
99141 Ch M & St P gen g 43 Ser A _e1949 J J 724 Sale 7234
..1993 F A 9814 Sale 9712
9812 91
20-yr 0431 fin
614 Mt
13
6334'
4
633
64
4
633
J
J
97
e1989
B
Ser
is
3
.Id
g
115
A
F
General
9734
9734 Sale 97
20-year external 66 Int ctfe.1944
S4
78
3
8212
J 8212 Sale 8213
e19894
General 4,is Series C
1952 A 0 9734 Sale 9714
9734 49
80-yr esti Is
4414 5714
5312 134
01 199
9999957821:
099
11142
5 19
4
Gen & ref Series A 4 43_ _a2019 A 0 53 Sale 5212
101 1
Panama (Rep) 54e tr rects_1953 1 II ---___ 101
6218
52
61
57.34
5612
Sale
8
92
)
57
A
99
F
Gen ref cony Ser B 58_a2014
9
94 I
94 Sale 94
Porto Alegre (City of) 8e_ _ .1961 J
51 18 46
5934 30
1934.3 J 58 Sale 5414
1st sec Os
7 1044 11034
1094
Queensland (State) extol 79 1941 A 0 1094 Sale 109
9634 101
9912 104
1932 J 1) 100 Sale 994 10() I 207
Debenture 4 lis
1947 F A 10134 103 102
10234 16
25-year 6e
8672
gg
03
99
333
7718
7614
0
j
Sale
1923
7638
1946 A 0 941, 97
94
9434 14
Debenture 48
Rio Grande do Sul 85
55 I 2/
47
1.1033
8738 9934
19344 1 55 Sale 54
25-year deuenture 413
9478 22
9412 Sale 94
Rio de Janeiro 25-yr a f 813 1946
10
190
96
96121
904
9612
57
96
15
977
J
19269
1947 A 0 93 Sale 93
934 18
Chic & Mo Riv Div Ea_ _
25-yr esti Rs
9638 9978
994 99
98 102 Chic & N'west Est 48_1888-1928,F A 99
101 1 92
Rotterdam (City) external 681964 M N 10034 Sale 10014
994
g6
_1
e9211 ___4
7 111
2
4i14
1888-1028 F A 9772 9878 984 De9
,2
0
0,1 (
00
11345 J
Registered
10314 104 10314
El Salvador (Rep) is
10314 18
6938 76
7313 2/
.Sale 73%
1957 M N 731
N 99 Sale 99
General gold 3iis
99 I
1952
Bao Paulo (City) f Se
884
80
10
84
1957 M N 8312 85 1 8312
General 4.3
10114' 19 1 94 103
Ban Paulo (State) ext a f 8s__1936• J 10034 Sale 10034
7
8312
7908 86
1947 M N 8312 Sale 8312
J 90 Sale , 90
Stamped 4s
9012
1942
Seine (France) eat 7e __
95 1054
6
2
98
16
314 90
79
8
1957 M N 10313 10478 1e318 10312
71122
General 54 stamped
87
Berta. Croats & Slovenes 88 1962 M N 86 Sale 88
99 105
10012 Nov'24 ___1872-1929,A 0 10418
Sinking fund es
MN 85 Sale 85
tritvl
8614
9638 10013
16 , 19
101)12 Dec'24 ____
76
14 tnfV:
1479-1929IA 0 10013
8
HinkIng fund Si
104 I 33
1939 1 n 10334 Sale 10334
Sweden 20-year 6s
96 10442
.1879-1929'A 0 9912 ___. 1007s Nov'24____
Registered
0912 100
Inter ctfs '54 M N 994 Sale 9912 100 I 220
External loan 5
101
24
0712 102
1933 M N 10034 10114 1004
Sinking fund deo 58
11612 Sale 11534
J
11613
Swam Co .ted..r'n 20-yr I Me
1933 M N 9978 ____ 10012 Dec'24 --..I 9814 10713
1;13
9
1 14: 10
;4
7 :9
4
8
1
36
4
:
Registered
Switzerland Gov) ext 51te .A946 A 0 10012 Sale 10012 101 ; 163
to9i4,
108
10713
10712
3
1077
1
1044
D
19309
secured
lag
10-year
14
M
,
66l
S
66i
5911
Sale
66's
'4
60
1912._
Manor
Tokyo Cli y 58
2 10511 I1212
1936 M S 11132 112 11134 11134
15-year secured 6 48 g
9712 Sale 97
9712
Trondhjem (City) ext1 .348_1944 J
8334 14
J 8312 Sale 8338
J
481988
P-Railway
gen
7
341.78
18
&
1
3;4
It
;
Chic
106
A
F
10612
Sale
10612
88._1946
ell
(Republic)
Uruguay
1.11 J 8178 84 , 82 Dec'24 ____
761s 8338
5 tow: 11A
Registered
111141
1945 A 0 110 11078 110
Zurich (City off a f sa
LI
8434 275
1934A 0 8378 Sale 834
Refunding gold 48
Railroad.
_ 10134 Dec'24 ___
1951!J D 10118
9534 101
Chic St L & NO gold 55
101 I 15
1943 J DI 100 10034 10074
Ala Ot Sou let cone A 5s
7% 8 12
3
7
1951 1 D 79.14 81 , 784 Ocr24-___
:
9834 102
Gold 345
Dec'24
101
Ala Mid 1st guar geld 5e_ _ _192R M N, 101
96,21 42
83
f, 5. _ .19633 0 ___ ____ 9658
,
70
joint 2,' r..,c‘i qn
94
98
1
8112
1946 A 01 8112 8312- 8112
Alb & Soso cony 345
144
1983
____
9512
n
.1
____
80
June'24'____
9514
Dec'24
8313
85
8318
964
0
A
1998
Alleg & West Ist g 4e au
8518 8218 Dec'24 __ _ _
1951 ' 0 84
llmophEl
e
iet g 4s
M'
ly P
leg
lserD
2 '004 93
91
91 1
92
91
1942 M
Anew Val gen guar g 4.
____ 101 14 Des'24
0512 - - i,
49
9
n a
57
'n' 2A ') 101
,
,
1.
..
1174s 10
2
0 1 64
044
(147x 64
81
14
_ _
us
Due oot. V Due Nov. ...so.. ties. • ••viatas
Out, 4..7, S u.„ Aes,
/Jun hu:so.
ISLLO N1.2.
46-4. a Liu.- Ji.u. 4 Dv, .19111.
15
35,,, 19.(,,i.
2994
BONDS.
N. Y. STOCK EXCHANGE
Week Ending Dec. 26
New York Bond Record—Continued—Page 2
;
ass
Price
Friday
Dec. 26
Week's
Range or
Ladi Sale
es
Banos
Since
Jan, 1.
BONDS.
N. Y.STOCK EXCHANGE
Week Ending Dee, 26
Price
F'ristao
Dec. 26
Week's
flange or
Lass Sale
.;
/MEI
Slues
Jan. I.
------480 Low
BM
High !Illinois Central (Conclutlea)High No. Low
BM
.1st Low
High No Low
High
Chic St PM & 0 cons 66._ _1930 3D 105 10614 10614 Dec'24
Calro Bridge gold 43......1950 J D 8814 Sale 884
- 10138 10614
84,
7658744 8
8079
218
2
8814
Cons 68 reduced to 34e...1930 3D 9178
7318 9234
Litchfield Div let gold 311_1951 3 J
9234 Nov'24
7014
703
8
Nov'24
72
---Debenture 5s
9312 991
1930 M
5
/
4
98 Sale 98
Louis, Div & Term g 348 1953• J
98
77 Dec'24
7634 82
ChM r 11 & So East let 58_ _1963 JO 7834 79
784 82
16
Omaha Ills lot gold 38_ __195I FA
79
7812
701372
704 Nov'24
Inc gu 5s
Dec 1 1960 M S 6014 Sale 6014
5712 8413
St Louis DIv & Tern, g 38.1951 • 3 7012 72
611
/
4 15
Oct'24 -81
Chic Un Sta'n lot go 448 A_1963 J J 9112 92
Gold 35-4s
9218 19
9134
1
4
1951 .1 .1 66/
7912 Dec'24
let 5e Series B
10112 29
1963ii 10112 Sale 10114
10924,4
9
89
784
Springfield Div let g 340_1951 .1 3 7818 -82
82
July'24
---8344
(:
4963 3 3 1161
/
4 Sale 11612 11714 17 11458 11814
Western Lines let g 49_1951 FA 86
87
86 Dec'24
Chic & West Ind gen g 644._81932 Q M 10514
Registered
- - 10512 Nov'24 -- 10434 105,2
1951 F A
8412 - - - 85 May'24 -I:M[190150-year 48
1952 JJ 7618 Sale 7534
7614 29
7112 7814 Ind III & Iowa 1st g 4s
1954).1 3 8714 -88,8 8714 Dec'24
15-year a f 749
1935 M S 10412 Sale 104
2 10118 1044 Ind Union Ry Is A
10413
J 10014 ---- 100 Dec'24 -1965
oboe Okla & Gulf cons 58 1952 MN 9814 101 100 Nov'24
94 10014 lot & Great Nor adjust 6s_.1952 J J 6778 Sale
674
69
280
Ola H dr 1) 2c1 gold 44s.._1937 JJ 93,
8811 9412
1st Mortgagees rertifIcate51952 J J 10058 Sale 10012 101
5
933s
1
4
8 9378 93/
76
I St L Az C let g 4s
8258 91 lot Rye Cent Amer 1st 58_1972 MN 7612 Sale 7612
k1936 Q F 9012 9214 901
/
4 Dec'24
763
4
29
ttegistered_ _
1
_
k1936 Q F 8634
9113 91 2 Iowa Central lot gold 58_ ..1938 • D 5634 Sale 5112
9112 Sept'24 -25563
4
in Lab & Nor gu 48 g
1942 MN 87,8 18
86
8718 Dec'24
8918
Refunding gold 45......1951 IN
19 Sale 1814
1914 39
Cln es CI cone 1st g 5s
9838 10018 James Frank ,S4 Clear let 48_ 199
1928 J J 9918
10018 Oct'24 - 50
9 J D 8438
874
8714
eve Cin Ch & St L gen 40_1993 3D 83 Sale 8212
7838 84 Ka A &
41
83
ft let gu g 58
J J 9938
1938
111100
1798
8271813
007 8 8 670:
298572 1 2711 71: 4.24:
1a
0
9
85674918 79
376:450°673515081,823184234
,:;34: 41:24 1
.
550".5 119069709
_ _ 100 Nov•24
10-year deb 44s
8214 9812 Kan Az 11 let gu g 45
9
1931 JJ 9612 96,
96/
1
4
AO 80
8 9612
8212 82 Dec'24
• leneral 58 Series B
97/
1
4 10413
5
1993 3D 9834 101 1003g
2d 20-year 59.
1003s
J
1927
1003
1
0
8
4
1
101112
_
1093
8
Dec'24
Ref & irept fle Series A
1929
J 103 10314 103
10314 16 10012 104 K C Ft S & M cons g 65..,,.1928
N 10212 10278 1021
4 10278
Cs series C
1 10138 107,4 K C Ft S Az M Ry ref g 48._1936 AO 811,Sale 81/
1941
J 103 Sale 103
103.
7312 82/
1
4
14
8134 42
&Series D
94
19633, 95
9613 K C & M It & B let gu 58 1929 A
9512 9514
9512 69
9818 _
983s Dec'24
,m1re Div lot gold 48
864 91
1
1939
8918 9014 884
Kansas City Sou let goldA3e.1950
8834
AG
-1950
1950
701
/
4 Sale 7018
7014
WA M Div let g 48_1991 J J
12
77
891
/
4
79/
1
4 8012 7934
8012
Ref & !mot Se
.1 3 8918 Sale 89
2_ 2_1
68
8
:
00
6
9
8085
134
8938 _6
31 L Div let coil tr g g 48_1990 Si N
784 85 Kansss City Term let 4e_
811
/
4 83 8271, Dec'24
_1960 J J 8312 Sale 8218
8312
zipr & Col Div 1st g 48._ _ _1940 MS 88
854 8814 Kentucky Central gold 48_1987 J
89/
8814 11
1
4 8814
82
8334 ____ 84 Dec'24
864
W W Val Div 1st g 4s
86
1940 3,
97 • Keok & Des Moines let 58..1923 A0
12 86/
1
4 Aug'24
86 Nov'24
Co
C & I gen eons g 621
103/
J 18
1
4 1094 Knoxv & Ohio 1st g
1034
07
7,14
8 -8-8- 10734 Dec'24
__1925 .1
10034 101 13 10012 Dec'24
Lor Az W eon let g 55.1933 AO 10112
9778 101 12 Lake Erie & West 1st g 58_1937 J J
- 10112 Dec'24
99
/
1
4
1003
4
10014
10012
CI & Nlar let gu g -1348
8188 9685
1935 MN
96 Aug'24
9618
2d gold 58
1941
1199471 3-I 944 ____ 9434 Dec'24 ---87
99/
1
4
Arse dr Mahon Vail g 5s._ _1938 J J
95
99 Lake Shore gold 314s
98/
1
4 ---_ 9813 Nov'24
ii) 7812 Sale 78
3
73/
1
4 804
7812
CI& P gen gu 4 Sie Ser A1942 J
91 Mar'24
9734 _
•D
1997
4
767
8
7812
75
767
8
781
4
767
8
aeries B
1942 AO 9778
91
8412 9
94
14
D
8412 Aug'24
fteegble4n
letrucrti
e gold 48
1928 MS 9734 Sale 97/
65
941
/
4 99
1
4
98
Series D 3%s.
1950 F A 87
8312 841$
89
25-year gold 48
8312 Oct'24 -1931 MN
95
65
Sale
9214
97
311eVe Shor Line let gu 448_1981 AG •971
9011 9784
9712
/
4 98
9712
Registered
3
1 9311 MN
911
/
4 __ -Cleve Union Term 5414-1972 A 0 1054 10534 105
/
4 108
1
4 12 1021
105/
Leh Val Harbor Term 5s....1954 FA
101 10
9
0 .191110
9543'81Z
9.
(
5
)
23'414 ai 100
41114 1011.4
let it 58 Ser B
9554
9934 104
_1973 A 0 9934 Sale 90,2
9512 101 18 Len Val N Y let gu g 4e414._ 1949 J J 10038
97
5
9238 97
97
Coal River ity let gu 48_ _ _1945 3 D 83,2 84 8314 8333 3 81) 8411 , Registered
1949 J J 9138
941
/
4 Nov'24
9112 9474
011orodo& South 151345 _1929 F A
114
923
4
9811
1)7
Lehigh
9678 Sale 96/
1
4
Val (Pal cons g 414_2003 M N
7912 Sale 8
13
3
8
83
8,
76
0
5:
3 9
7
,
913
86
3
8011 9134
Refunding & eaten 43.01935 M N
General cons 4 48_
9034 Sale 9034
9114 34
_2003 M N 8812 8912
Oolillvletaxtg4e
1948A 0 861
8115 8718 Lehigh Vali RR gen 5sseries.2003 M N
___ 8718 Nov'24
994 62
9912 Sale 99
99
9974
COI & Tel intent Is.
19554, A 8412
811
/
4
86
_
8412 Dec'24
2-90
Leh V Tenn Ity Istgugoa.194l A 0 101 2:: 10112 Dec'24 ---_ 10014 103
Untie RR let 50-year 58 g
1952 J
8134 85 1 Registered
8334 Sale 82/
1
4
8314 49
1941 A0 9938
994 Nov'24 ---99/
1
4 9984
'St ref 734s
.1936 .1 D 103 Sale 103
103/
1
4 21 10012 10612 I.eh & N Y let guar gold 48 _1945 MS 83
8512 86
Oct'24
8914 88
8712
Cuba Northern Ry let 54_1966 3
8912 Lea & East let 50-yr 5e gu 1965 AO 1031
8912 71
8912 Sale 8812
10612
/
4 104 10314
14
99
103121
oat & Mien tet coati Sts_ 1921 J J 96
9212 97 little Mlarni 48
964 9614 Dec'24
1062 NI N 8278 ---- 8112 July'24 --8112 8112
Del & Hudson let & ref 48_ 1943 M N 8934 89/
83/
1
4 91 14 Long Dock consol g 6s_
1
4 8934
8978 14
108 Nov'24
1935 A0 1C711
108
/
1
4
108
10-year cony 58
9258 104 Long isid 1st con gold 58 519
1935 A 0 10112 Sale 10114
131
104
5193
31 Q J 9912 66/
8 9912 Dec'24 ---- 9718 10011
0yr 10258
16-year 548.
1937 MN 10114 Sale 10114
1011
/
4 42
1St rouse' gold 4s
Q J 924 -___ 10018 Aug'24'---9312 10011
10-year secured 7s_
1030,3 1) 109 Sale 109
2 19
109
06
212 ls)
10
4
0
,
en
idera4s
I tJold 48
D 883e -___ 88/
1938
1
4 Dec'24 ---8434 8834
IJ RItA Bdge let KU 413 12_1936 F A
9312
__ 94 Dec'24 - - J O 881889 July'24 ---83
89
Den & R Gr—jet eons g 4a..,1936 J J
8714 8.313
8212 77
8211,Sale 8134
Unified gold 4s.
194
79
841
/
4
471 8218 1)ee'24
39
2 MS 8218 1Cons()) gold 448
7212 87
1936 .1 J
1
86
• D 9512
8614 86
86
Debenture gold 55
96 Nov'24 ---911
/
4
96
Improvement gold 58., 1928 J
7913 9614
9614 39
9512
9512 96
N
21-year r m deb M._ _1937
87
88
84
8712 Dec'24 ---,
90
let Az refunding 5e
3414
1955 F A
5934
Guar refunding gold 4e...1193
55/
1
4 Sale 5514
5612 91
1
4
49
4 MS 8214 8278 82/
do Registered
4434 4613
461
/
4 Nov'24 - _
8
994
Nor Sh B let con g gu 58_01932 Q J
27
4
3
99
9
7414
9 10
80
9934 99
6
warmers L&Tr rcts Aug '56_
344 5912 Louisiana & Ark Int g 50...1927 MS
56
16
56 Sale 56
ma Salo 9818
0918 13
9512 10114
Bankers Tr etre of den
3414 5912 Lou & Jeff Mgr Co gu g 48. 1945 MS 82
5612 25
5618 Sale 5534
8412 8214 Dec'24
7912 95
do Stamped
33
55
58 Louisville & Nashville 5e..1937 MN 193 104 103
66
55 Sale 54
10378 10 100/
1
4 1044
Am Ex Nat Ilk Feb '22 ctfs
55 Dec'24 _ _
52
55
37
57
Unified gold 4s
89
1940 J J
9134 Sale 9134
4
9134
944
do Aug 1922 etis
3118 55
55 Dec'24 - - - Registered ............1940 .3 .1
_
92
8738
Dec'24
--- -1 8912 92
Dee M & Ft D lstgu4s------1353 .1
39781 15
3712 4714
39 Sale 38
Collateral trust gold be . .1931 MM 10018 191312
102 Dec'24---967e 103
Oat & Mack—let lien g 48_ _1995 J
60
74,2
75
74 Dec'24 - - 72
10-year secured 7e...
1930 M it 10612 10712 IC678
81 10571 10814
108
(1)141 48
1995 J D 664 7012 6714
60
70
6714
let refund 645 Series A__2003 A 0 103 10438 102.2
2 104 108
10234
Vet Riv Tun 4345
1961 MN
9112 92
63
92
9114
let & ref 56 Series B
1024 10
2003 A 0 102 10212 102
9713 10514
001 Miseabe & Nor gen 58._1941 3 J 10158
_ 102 Dec'24
Ist & ref 44e Series C _2003 A 0 9214 Sale 92
92
9238 91
934
Dal & Iron Range 1st 58. __ _1937 A 0 10012 161 101
°
:
898812 10
9923
9 9
1:82
101
el 0 M lot gold So. _ _1930
J 10414 10512 104 Nov'24 ----' 10312 105
onj Sou Shore & Atl g 51_1937 J J 8712 9734 8712
88
3
8758
2d gold 65_ ..
10318 10512 10338 Dec'24 ---- 102 104
—1930 J
mint, Nor Div let g 4s
8413
1948 A 0 87/
8
736
89
84
1
4 ____ 88/
1
4 June'24
Paducah & Mem Div 45.1946 F A
86/
1
4 8818 8834 Dec'24 ---8512 9034
E Tenn reorg len g 58
1938M S
9012 111014
_ _ 93 Dec'24 _St Louis Div 26 gold 35_1980 M S 6212 6434 63 Dec'24 ---64
60
T Va & Ga Div g 5s
19303 J 9934984 10158
99/
1
4 10014
- 1003s
100,
8
2
954
L&N&M&M18484348 1945MS 94.2 97
93 Nov'24 ---93
Cone lot gold 58
1956 M N 10014 101 10014
9714 10134
1001 1
5
L & N South joint M 45. 1952 J J 82
8278 82
85
82
79
6
elgIn Joliet & East let g 58_ _1041 M N 101
____ 103 Dec'24
Reglstered
_ _51952• J
Jan'24 ---77
77
77
El Paso & S W let 58
1965 A 0 99/
1
4 ___ 9912
Limbic Gin & Lex gold 448.1931 M N
9912
6
8
____ 9818 Dec'24,---96
994
Erie 1st consol gold 7s ext_ _1930 M S 108 10812
1c '
58 10
°
9912
93
108
108
19 I 9
Mahon Coal RR let Is.. _ 1934
'
3 10114 101 12 101 Nov'24'---9884
101
1st cons g 4s prior
11134 7438 Manila RR(Southern Lines) 1939 M N
1996 33 6912 7014
71
8
95
4 62 82
62181
5
55
83
Registered
1996
61
69 Manitoba Colonization 544_ _1934 J D 1)912 9918 9812 Dec'24 ----'
6734 Dec'24 _ _ _ _
9612 99
let coneol gen lien g 411_1996 J J 6334 Sale 6314
5313 66
64
47
Man GB&N W lot 348_1941 J 3 8214
July'24'---8212
1
4 82/
1
4
1 80/
Registered
63
1996 J
59 511eLlgan Central 5e
5834. Nov'24
1931
M
10078 ---- 10078 Dec'24
98 10078
Penn coil trust gold 40_.1951 FA 9518 9534 95
8
54
8:
3
1 6
96
95
4
5
,
4
45
Registered
1931 Q M
981
/
4
99
Dec'24
88
99
50-year cony 48 Ser A 1953 *0 645e Sale 64
64/
1
4 25
111403
96 Dec'24
864 9618
644 6912
do Series B
1953 *0 64
641
6418 17
/
4 644
Registered
1940J J 8614 ____ 8613 Sept'24 ----774 13612
Oen cony 4s Series D
5934 77
1953 *0 7234 Sale 72
7234 93
J L & Slat gold 3,111
1951IM S
---A
p
r
'
2
4
7
1
3
771
/
4 93/
1
4
tulle & Jersey lets f 68
8912 194
1955 J J 103 Sale. 103
103
6
let gold 3348
1952 M
7912 '
1234 8
7018
7'2 1)ee'24 --7718 83
Erie & Pitts go g 334s B
82
1940 3, 84
85
84
84
2
20-year debenture 48
1929!A 0 9614 06/
1
4 9618 Dec'24 ---,
1
92
4
981
/
4
J 84
Series C
83
85
1940
84
Oct'24
Mid of N 3 let ext 55._
_1940 A 0 93
9334 93
1
93 I
8712 9334
j 100
Ire Cent & Pen 1st ext g 58.1930
9734 10015 13111w L S & West Imp g 5.8__i929 F A 1001
___ 10018
10018
_ 10014 Dec'24 --__
9011 10114
Consol gold 5e
93/
1
4 100
1943 .1 .1 98 Sale 98
98
Ashland Div let g 68_ ___. 1925 M S 9812
4100
10018
--__
Nov'24
10018
100,4
Florida E Coast 181 44s___ _1959 3D 9238 941
8738 95 Milw & Nor 1st ext 4348_ _1934 3 D 88/
9278 11
/
4 92/
1
4
1
4 9434 9112 Dec'24 -- -8855 9211
let & ref 5s Ser A temp__ _1974
98
9612
96 Sale 96
9618 100
Cons extended 434s
1934 3 D 8614
9212
91
Dec'24
85
---MN
Fla West & Nor 78 Ser A
1
4 103 Mil Spar & N W let gu 45..1947 M
1934
10234 Sale 102
103
34 100/
86
88131
5
83/
1
4 88
8612
roads J dr Glov 431s
71) Mile & S L let gu 3345_ _1941 3 .1 8038 18
1952 MN 65
6614 6612 Dec'24
8613
____ 8612 July'24 - _
82
Fort Bt U D Co let g 44s_ _1941
6382
88
9
12
8235
89 ____ 8812 Nov'24
Minn & St Louis let 75
1
4 991/ 98/
1
4
9812
1927 J 10 98/
2
9714 103
Ft W & Den C 1849 534s._1961
10084 105/
10414 ____ 10438
1
4
1041
/
4
let consol gold 58
1934 M
511
/
4 5212 5138
511
/
4
3
51
694
Ft Worth & Rio Or let g 45_ _1920 ii 9318 9412 93
841
/
4 94,
93
4
let & refunding gold 45._ _1949 M !22 Sale 22
93
2214
1312 2384
from Elk & Mo V let Os, _.1933 AO 108
Oct'24
____ 107
_ 10514 10712
Ref & ext 50-yr 58 Ser A .. 1962 0 F
16
1712 20 Dec'24
1318 21
GH &SAM & P let 5s
1931 MN 991
/
4 10018 100
10014
12
MStP&SSMeong4sintgu'38.7 3 864 Sale 8634
87
40
8512 90
26 ellen 58 guar
943
9511 110
1931
10
95
4
9934
9934 100
9934
let cone 58
1
19384 .1 99 Sale I 9812
18
99
9734 10334
Gal, nous & fiend let 58.....1933 A0 91 18 92
894 93141
91
91
10-vear roll trust 6 411__ _193 I IM S 10234 Sale 10212 Dee
2
10.2
274
8
10
01
14 10
03
134
4
Geneses River let e f 6s
89 1011
1957 ii 100 101 KO
/
4' let & ref 68 Series A
100,2 20
l946J 3 100 10011 109
100
893714
0872 1 12
Ga & Ala Ry let con 5s___0194.5 33 9234 ___ 92/
8418 98
1
4 Dec'24
25-year 54e
1949M S 8518 Sale 84/
1
4
8514 16
r
87
Ga Car & No let gu g 50
9318 100
19211 ii 991
/
4 9934 9918 Dee21
lot Chicago Terms f 4s,,194I MN 92(2
9212
1946 *0 60/
GI Midland 1st 38
6034 67
1
4 6458 64/
1
4 Dec'24
M SSM & A leg 4sintgu..-1926 3, 991
/
4 9934 90/
1
4 Dec'24 -___
9634 99/
1
4
Gila V G & N 1st gu g 541_ _1924 MN 9934 ____ 100
9812 1004 Missimeippi Central let 513._ _1949 3' 92
Oct'24
9384 92 Dec'24
88
99
98
Goo & Oswegatch 55
1942 JO
9834 Feb'24
9884 Mo Kan & Tex—let gold 45_199(1• D 81 Sale 8058
81
1
54
75
/
1
4
833
4
3,
Grlt&iex lst gu g 448_1941
90/
1
4 95
9412 Nov-24
9412 95
Mo-K-T 1111—Pr Its Ser A.1962 33 8612 Sale 854
8612' 144
784 874
10
93
,4
4 17
Grand Trunk of Can deb 78_1940 AO 11558 11578 11512 1I.51
/
4 15 15
1,7
114
40-year 45 series B
19)12 J .1 714 7134 714
708 18
85
74
I5-year s f 6s
1936 MS 10658 Sale 10614
/
4
1061
/
4 24 1024 1071
10-year 68 Series C
'
-I 101 Sale 101
1932
1011
/
4 44
941
/
4 10211
Great Nor gen 7e Series A._1936 J J 10913 Sale 108/
1
4 10934 171 106 11018
Cum adjust 513 Ser A J4311_1967 AG 78 Sale 76
7814 949
6184 80
83
let & ref 43p Series 4_1981 J J
9314 Missouri Pacific,(reorg Co)
92
9138 93
9314 12
J
9118 101 18
General 5%s Settee B__1952
10012 Sale 1004 10012 62
let A: retundlug 56 Her A..1965 P A
83
8334 8338
75l 85l
8334
7
J 93 Sale 9234
9114 9534
9312 24
General 5s Series C
1973
181 az refunding 55 Ser C_1926 F A 10014 Sale 10018
10014 23
0414 101
Greer) Bay & W deb ctfs "A"___ Feb 69
70 Dec'24
75
lot & refunding Os Ser D..11145 P A
9912
Sale
983
124
4
9912
871
/
4 100
Feb
7
16
Debentures ctfs"B'
121g 1434 14
141 2 ii
General 48,,
197. MS 63/
1
4 Sale 8318
6358 246
131
65
81
08 Mo Pac 3(1 is ext at 4%_1938 MN 841
98 Dec'24
9712 100
Golf S I 1st ref & t g 50_ _P1952 J J
/
4
841
/
4
Nov'24
_
_
803
4 85
MI.,
6313 8312 Mob A [Or prior lien g
Harlem R & Pt Ches lot 48_ _1954
8034 811, 9112 Dec'24
33 9638
0818 Oct'24
9234 98Is
90
831
/
4 90/
8912 9012 8913
Hocking Val let cons g 449-1999 J
1
4
Mortgage gold 48_
_ _ _1945
77
78
77.1
77121
85
1
88
84
83
83 May'24
Regletered
1999 3, 8334 90
Mobile & Oblo new gold 6e. _1927 J O 102/
1
4 Sale 10233 102581
4 1024 1)141
/
4
100
97 10014
100
H & T C let g 58 Int gu
1937 J .1 9834
181 ext,eaded gold 65L....51927 Q J
10212 10258 Sept'24
1004 10234
95
07
95
Houston Belt & Term let 58_1937 J J
General sold 4e
193e MS
____
8418
85
Dec'24
-74
,
_
9
_
6
_
9995
MS
91)18
Aug'524
9514 997/
Hous E & W T Ist g 5s
1933
Montgomery Div let g 55_1947 FA
98/
1
4 Sale 98/
0838
92
1
4
98381
1
99.4 ____ 9958 Nov'24
991
/
4 100
let guar Is red
1933 MN
St Lou)' I)Iv .55
1927 J O
10014 9934 Dec'24
9514 10054
93
93
8414 95 Mob & Ohio col! it g 45..1930 MS 82
9212 93
Housatonic Ry cons g 5s_
1937 M
1
85
8312
76
82
83
/
1
41
2
8712 62
87 Sale 86/
1
4
find & Manhat 5,1 Series A._1957 PA
8(134 88
Moh & Mat let an g 48
1991 MS 841
1
4
/
4
804 85/
8438 Dec'24'____
68,2 167
5814 6912 Mont C let go g 18
Adjust Income 5s
1957 AO 6734 Sale 6734
1084 1101
1104 11212 110 July 24
1937 J
/
4
Illinois Central let gold 48_1951 33 8834 ____ 89 Dec'24
88
93
lit guar gold 84
1937 J
10112
101
1(13
9914
1003
4
Sept'24
_ _
J 8714 90
89
89 July'24
89 MAE 151 gu 3 348
Registered
1951
2R14 SO
20011 3D 761
/
4 78
7712
7712'
3
J
Nov'24
J
8134 8214
78
lit gold 3348_____
83,4 Naeliv Chatt & St L let 58_1928 * 0 10(134 1014 10034
1951
81
9918 102
10113 27
81 "ii
7734 5413 N ';‘• & 9 1st gu g 5s
81
Extended let gold 3345_ ._195I AG
1937 FR 10018 ____ 99 Apr'24 _
99
89
8012 June'24
81
Registered
8012 8012 Nat Ry of Mex pr lien 4 48 1957 ▪ 3
1951 AC) 78
3()
Sept'23
_
4
let gold 38 sterling
1951 M
57/
1
4 72 61 June'24
61
60
July 1914 coupon on
1634 3i154 July'24 _ _ _
27
,„4
4.035
Collateral trust gold 4a_ _ _1952 MS 8614 8634 86
3/3
Guaranteed 70-year e f 46_1977 t 0
2718 July'23
lit refunding 48
8818 8812 8778
8412 9012
1955 M
881
/
4 23
April 1914 coupon on
-18- 18
18 May'24
Purchased lines 34s
J
7812 8144 7914 Dec'24
7512 81
1952
Nat RR Mex prior lien 4145_1926 .1
3812 June'23
792
8
(3ollateral trust gold 4s
88112
Sale
8314
8
M
83
3
1953
17
July 1914 coupon on
28
25 July'24
4114
10438 17
Refunding 58
9934 10512
10314 Sale 0341
1955 M
let consol 48
Apr'23
1951 A 0
28
16-year secured 5345
10234 10314 103
1934 J
10318 12 100f2 104
April 1914 coupon on
Jan'24
36
"ii'
":f"
15-yrar...eared a 44., g___ _1936 3 .1 11014 Sale 11014
11014
1 108. 11212
April 1914 coupon off
10 22
1814 Apr'24
Doe Jan S Due Feb. • Due Juno.
Due July. •Due Sept 0 Due Oct i Option sale.
tf.
a
- a
99131
vt
,o.1
2995
'New York Bond Record-Continued-Page 3
t-3•
t
&me.
Week's
Price
gi
BONDS.
I
&se'
Range or
F71dav
i N. Y. STOCK EXCHANGE
Jas. 1
Last Sale. 014
Dec. 26
!
Week Ending Dec. 26
!
Ales
NW! No. Low
1314
Ask'Lew
MO .PItta CM Chic & St L (conci)Fligh No.' Low
Ask Low
816
3,2 9252
,
8
8912
9238 Sept'24 -I clerks E 954s guar gold__ A949 CA
72
8678 May'23
9712
Naugatuck RR let 48„.... ..14154 M N
-8712
Nov'24
8912
o
____
J
8)12
1953
Series F guar .18 gold
SO
02's
9218 Oct'24
1945 J J 91
8818 92
New England cons 58
83
Series 04i guar ____._ _1957 MN 8912 ____ 91 Nov'24 ---75
Oct'24
78
79
1945
Consol 4s
9612
90%
Dec'24
A
•
953g
____
8
953
Series I cons guar 4%e_ 1983
8034 83
83 Sept'24
8112 86
16 J Juno RR guar let le__ _.1986 CA
90% 94
94 Nov'24 ---04',
1964 MN
Series 3 445
814 88
24
857
5
I
O& NE lot ref & imp 444e A'52 J J 8534 86%, 8533
931s
101
1014
100
10112
ID
4
997
1970
A
Series
Is
General
4
7814 83
8113
- 100 10013
New Orleans Term let 48._ _1953 .1 .1 81 18 81 12' 81 13
a1928 * 0 10038 10138 10013 Sept'24
23
9814 102% Pitts & I. Erie 2d g bs
11 °Texas & Mexico let es.._1925 J D 101 14 10138 10112 10173
____ 105 Dec'23
J J 104
8
854 9312 Pitts N1cK & Y 1st gu es____1932 ii
9212
1935 A0 9218 9234 92
-6;:i4 166---Non-cum Income 5s
Aug'24
9834
____
102
1939
33
94,4
2d guaranteed 6s
89
91
1954 * 0 9012 Sale 9013
9812 10034
Oct'24 -lot Is Series B temp
100
1940 AO 101
98 100 Pitts Sh & L E 1st g 58
98% 36
97
9834
Feb'24
4
let 554a Series A temp.....1954 * 0 9812 Sale 9814
983
J
J
1943
9112
7
58
92
lit consol gold
99 10218
X &C Bdge gen gu 9148__ _ _1945 .1 .1 9212 ____ 93 Nov'24
100%
1303
Sale
MN
41
10034
5
Pitta Y & Ash 1st cons bs__.1927
95 101
99 Dec'24
NYB&MBlotcong5a 1935 AO 99 100
53
40
53 Dec'24---MN
1957
4s
deb
Secur
8
1137
1668
10312
Providence
112
11312
80
80
X Y Cent RR cony deb 6s.1931 MN 113 Sale 82
1956 MS 8l'8 ___ 80 Sept'24 -8018 86% Providence Term let 48
83.4 47
824 Sale
1998 CA
8714 9534
Consol 4s Series A
___ 9538 Dec'24 -- -1997 J J 951
45
gold
29
8413
9012
gen
Co
Reading
89%
8
8812
885
89
AO
2013
8714 9514
Ref & !mot 44s "A"
88 2-8812 9514 Nov'24 -9538 100%
Certificates of deposit
997 201
2013 * 0 9934 Sale 9938
8812 43
8314 8914
Ref & impt be
8812 Sale 88
Jersey Central coil g 48_ _A051
9412 17
ii 94 Sale 94
SS's 9434
X Y Central & Hudson River1997
10
A
754
7712
Ser
s
4
4
ref
a
&
Gen
1997 ii 76% Sale
997
2* null
Oct'24---98
5
Mortgage 314s
1003
0
*
._
1927
7214 7814 Rich & Dan 513
25
75
_1997 .1 .1 75 Sale 75
Registered
7414 7414
7414 Nov'24'--- 1948 MN 7412 -77
96
34
934
ba
g
&
let
Rich
93
894
Meek
Sale
MN
93%
1934
Debenture gold 413
---96 190%
Nov'24
10018
10114
J
J
8
1003
1952
93%
87
Ter
-Rich
58
Si', 9218 9175 Dec'24
9258 10
9314
84
40-year debenture 4s___.._1942
9258
70% 7714 Rio Grande June let gu be. A939 Jo 9233 93
15
75
Lake Shore coil gold 3148.1998 FA 75 Sale 7412
34 7
5 Dec'24
7
5
6978 75 Rio Grande Sou let gold 48_1941 J .1
7358 Dec'24
1998 CA 8338 86
Registered
Dec'23
7
.1
____
J
1944
73
784
Guaranteed
Dec'24
754 761
8334 12 -6Ts IN
Mich Cent roll gold 3348 1998 CA
7214 7712 Rio Grande West 1st gold 481931- J J 8318 83% 8314
734 743 75 Nov'24
1998 CA
Registered
60
73%
728 19
92381 23
Mtge & coll trust 4s A.. 1944. * 0 723 Sale 721g
8913 9314
1937 • 0 91% Sale 9134
22
N Y Cbtc & St L lat g 4a_
7412 8734
87
8612
M
8638
8514
8814 9134 It 1 Ark & Louis let 410_ _1934
9134 Dec'24
1937 * 0 8834 _ _ _
Registered
68
8372
J J 7313 7334 73 Nov'24
1941;
45
88
g
gu
954
1st
-Rut-Canada
Dec'24
9314
931
N
93
1931
25-year debenture 48
804 88
1941 1 .1 86 -___ 86 Dec'24 ---1931 MN 10254 Sale 102% 103 I 28 1004 10334 Rutland 1st con g 4545
2d (3a Series A B C
102
9614
9312
9412
94
Sale
0
*
9412
1974
7112 77
Ref 51.4a Series A
1947 J J 7512 76% 7513 Dec'24 -92 St Joe & Grand Rd g 4s
9034 39
UI Connect let u434iA19.53 • A 9018 9958 901g
9114 96%
Oct'24 -1994 Ii 9314___ 95
884 8912 St Lawr & Adir lot g (//1
Oct'24
92 89
1947 MN 89
98 100
Y & Erte letextg4a
A 0 9934 102 100 Dec'24
1994
96
931
es
gold
2d
-24
May
96
MS
3
913
1933
89
954
88 ext gold 414s
1931 J J 9334 9412 937 Dec'24 21
941
974 St L & Cairo guar g 41/
9714 Sept'24 ---,z
1936 1 0 9912
96
4th ext gold 5e
1011g
9974
0
*
9914
,
Sale
9912
9313 9712 St L Sr M & S gen con g be_ _1931
2
9714
9714
1928 JO 9714 _
9217 64
8313 9313
5th ext gold 48
J J 9218 Sale 92
1921?
413
gold
9212
ref
&
844
Unified
Dec'24
91%
2
9:21194e MN 92 72
if Y & Green L gu 5a
21'42 122
84
85%
1933 MN 8414 Sale 833g
3
76% 78
Riv &0 Div lit g 48
7618
2000 MN 7814 8312 7838
Y & Harlem g 3145
902 10014
9812 9812 St L M Bridge Ter gu g 55_ _ _193f, A0 9912 99% 99 Dec'24 -9812 Nov'24 -N
169
X Y Lack & W 1st & ref 58-1973
711
7315
s
657
3,
707
Sale
18
71
48
11
199
co)
1
91
(reorg
101
96
St L & San Fran
0912 Dec'24 -lot h ref 414e-----------1973 MN
8578 28
8012 8712
3, 8554 Sale 8512
10214 10211
Prior lien Ser B 58.,.
10212 Aug'24
Ts ext____1930 M S 100)2
08514 1034
N YLE&W
J 102 Sale 1017n
10234 23
J
Co
lien
C
9934
Ser
97%
Prior
1
4'
993
1943 J J 99% Sale 9934
2
0
,
Dock & imp 55
81183 17
74
9
8712 9534
58
3%
7
7:
e 9
7947%
96( .1
1942
96111 1007g
2
100 I
514s Series D
1932 CA 9934 100 100
NY & Jersey lit 5e
8034
72
8534 76
90
9012
Co ad1tait Ser A 8,__h19515 A 0 8518 Sale 85
9012 Nov'24 -58% 81%
N Y & Long Br gen g 4B .__ 1941 M S 90%
Oct.
Sale
es
e
m
c
I
n
r
o
C
8
Series A
NYNH& Hartford105%
99%
Nov'24
10514
J
.1
10512_
4412 6114 St Louts &San Fran gen 6e_ 1931
6114 Dec'241---,
1947 MS 6114 64
9715 10034
Non-cony deben 441
1931 J J 100% 161-14 10034 Dec'24
58
38
General gold 1-8
3
5514
5514
56
Non-cony deben 3'.4i,_1947•S 55
84, 84,2
J J
____ 8412 Dec'24
18
St L & S F RRconsg 45-199f * 0 9018
394 5514
55
5638 00
1854 * 0 55
Non-conv deben 3144
073g 90.2
3
9738
_ 9738
973
5e_1947
g
4418
1st
Cl
10
Div
Southw
607
60%
ii
6134
5914
1953
Non-cony deben 45
98
1031s
J
J
Nov'24
102
-14
62
1
10112
5s-1948
6112
gu
4.413
lat
26
W
N
St L Peo &
6012
1956 MN 60,4 Sale 6014
Non-cony deben 48
91% 94:2
5
9318
9412 9318
1931 51 S 93
102
3934 60 St Louts Sou 1st gu g 4s
56
1956 ii 54% Sale 5434
Cony debenture 348
83
MN 8014 81
8018
8034 32' 76
ctfs...1989
bond
83
87
419
g
59
let
W
S
L
St
.1
II
8612
86 Sale8512
1948
Cony debenture 66
2
6914 7412
7413
744
744 75
5.534
36
2d g48 income bond °Us_ p1989 J J
54% 15
10;7.
5412
N 5314 55
7778
12
Debenture 49
86
63
8553
.1932 3D 8558 86
85
97%
70%
.18
gold
Consol
97
4
953
96
0
Sale
*
1925
85
7, European Loan
5' 78
83
221
964
69
lit terminal & unifying 58_1952 J J 8153 8212 82
96
1923 *0 9514 9538 9514
83
FA
France
48
73
8014
81
Sale
8014
_
&Paul & K CSh L let 4148_1941
44 Apr'23
95
88
Cons Fty non-cony 444._ 19311 CA 9534 96
- - 88 Sept'24
_
49512 5614 St Paul E Or Trunk 414s_ _1947 33
__ 554 Dec'24
-1954 ii 5312
Non-cony 48
9134 9818
95 Dec'24
9314 95
5512 St Paul filtnn & Mau 48_ _ -1933 J J 91£8
5312 Dec 24 - --'3 54%
Non-cony deben 48_1955
.1
105 109
10814 109% 10814 Dec'24
1933
5712
es
g
4212
cousol
lot
---Dec'24
56
:
32
5312
Non-cony deben 413__1956
J J 983 Sale 9834
94% 99
1
9834
9934 101
644 reduced to gold 4140_1933
Oct'24 --- 101
8734 97%
14 Y & Northern lit g 58_ ...19'27 * 0 109%
99
t1
314 8
,
9
1% sep9
8 1
8274
1937 ▪ D _9134 8
69
Mont ext 1st gold 43
60
4
68
6712
3 .1
X Y 0& W ref Mt g 4s_ __.471992 MS 6734 -88
824 110
1940
1
66
58%
ext
guar
Pacific
s
4
65
65
65
19fir 3D 63
J
J
General 48
8118
71% 83
8134
41
Sale
inis
1943
8314 8538 S A & A Peas let, gu g 4a
8538 Oct'24
1942 * 0 8534
X Y Pro,tte Boston 49
99% 100
_ 100
_
Oct'24
1942 59 S 9812
5s
Phen
8312
&
81
Pros
Fe
Santa
Dec'24
82%
83
0
*
81%
'93
45
gu
con
N l'& Putnam lit
8012 8734
84% 31
1950 * 0 8412 -8434 8414
894 100
San Fran Terml let 48
1927 MS 9918 99,2 9914 Sept'24 - Y & R B 1st gold 5a
108 Aug'24
_ um:108
1934 * 0 108
7
524 72 Say Fla & West es
62
1937 33 6614 674 6114
*0 101- _ 10114 Nov'24
10012 10112
111 Y Slum & W 1st ref 5e
1934
1
6312
43
58
6312
FA
6312
5912 62
1937
MN
111 gold 4348
8472 90%
1
404 66 . Scioto v & N E let Si a 48-1989 * 0 8718 -89-12 844
61
1940 P A 61 Sale 61
General gold 55
7834
7578 77
4 _
7612 Dec'
24
'
88
50
95
19
8614 9512 Seaboard Air Line g ts
9378 Dec'24
1943 MN 9212 94
7
AO 7512 Sale 757
Terminal let gold th
75
10
4813 708
66
,
63
stamped
3912
4a
Gold
63
1 6218 Sale 62
A
P
N Y W'rhes& B 1st Rer I 410 '46
78
73
43
74
7412
Sale
169
7638
01949
8312 8858, AdJuetment 54
8412 179
1950 * 0 8334 Sale 834
Nord Ry s 834s w I
4713 6113
60
32
1959 AD 5934 Sale 5934
27
614 76 I
Refunding 48
72
71 12 7214 7112
MS
Norfolk Sou let & ref A 5s. _19131 CA
80
4
6711
8412
Sale
8414
4
843
62
_1945
A
95341
89
let & cons 68 Series
9518 Dec'24
__
11.mfolk & Sou let gold 58_ _ .1941 MN 95
04
018 00
2
9754 101%
) 10
1 0
2
9,
10
10012
4
10533 10778 Seaboard & Roan lit fis_ -1926ii
N 1074 10812
- - 1074 Dec'24
_1931
FA
Noe & West gen gold es
10432
10152
Dec'24
1936
be
g
eu
cons
107121
106
Ala
N
S&
10712 Oct'24
Improvement & ext es _ _1934 CA 107%
99 10512
106 10712, Gen cone guar 60-yr be.. A963 * 0 103 1(1414 1011 Dec'24
1932 * 0 10614 107 10712 Sept'24
8212 8612
New River lit gold
8414 Sale 8414
85
25
86
91% So Poe Col 40(Cent Pao c.4081949 3D
8838 04
Ma
If& W Ry ist cons g 4s__ _199e A0 88.2 Sale 8814
921: 10012
9818
Sale
963
s
9653
91
01929
864 89 , 20-year cony ta
89 Sept'24
1906 A0
Registered _ _
sni: 101%
3
O
J
103
9934
9934
99
2
3
8814 9072
20-year cony 55.
8934
'Milan & gen g 493_1944 3,5 89% Sale 8934
Div.
MN 101
-_- 10112 Dec'24
101 108
4
7
2
3
9
1
1
765
59
g
13312
-GU
Cal
106%
of
Pac
So
133.2
1929 MS 13312 Sale 128
10-year cony es
J
9314
95
J
8812
8711 1014
Nov'24
5
764 9219 So Pac Coast 181 gu le g_-- -1937 J J
9031
0 9014 991 9035
Pocah C & C Mint 4e..._1941
SSis Sale 8838
8812 66
901e
85
1955
M13 91
So Sac RE 101 ref 4a
874 18
North Ohlo 1st guar g 55_ .... -1945 * 0 87% Sale 8712
J
Sale
109
4b14 102
10012
75
10013
159
1994
8012 8634: Southern-let cons g 58
84.2
ROC Pacific prior lion 48_ - -1997 Q J 8414 Sale 8413
* 0 74 Sale 7312
694 754
744 109
4,,
5
Sec
gen
A
1955
h
7834
Develop
854.
8312
8312
1997
I
Q
Registered
10212 75
9612 105
1956 A 0 10212 Sale 1015
56% 63
Develop & 500 118
6034 66
a2047 Q F 6012 Sale 604
Gleneral lien gold 38
10712 63 1014 1077a
1956 *0 107 Sale106%
6312' Develop & gen 8/48
57
_ 5934 Dec'24
02047• F
Registered
J
9314 100
9855 993 9012 Dec'24
443
g
1st
-5s-199e
Div
Mem
88,2,
%
I,
9
7
86 -863
- - 4 8612 Dec'24
Ref & impt 4141 ser A __2047
7
8518
75% 8814
8638 854
1951 J J 86
St Louie Div let g le
J 106% Sale 10614
2047
107 -6; 101% 10858
8s SPg B
977. 102%
_
1929 MN 102 10218 102 Dec'24
90% 9812 So Car & Oa let ext 514s
2047 Ii 9512 Sale 9513
9612 20
Si 0
J J 8312 854 8312
827
e 9234
3
81%
36
58__
g
93
0
1
1st
-1
3
6
5
895
Internal
100
4
Spokane
2047 I J 9512 Sale 9534
96%
Si D_
•
Oct'23
894 ---- 91
9914 994 Su
Sunbury & Lew 41
9512 Dec'24
St Paul & Duluth lot 58_ .1931 Q F 100
May'18
95
--994
g
.58
let
L
Short
e1930
Superior
3D
Jan'23
8414
80
4e
1988
__
let consol gold
92'i 957k
954 Dec'24
10914 10914' Term Amulet St L ling 4148-1939 A0 9514 -95
10911 10934
- 10912 Dec'24
Nor Pac Term Co let g 69_-.1933 J
FA 100
974 11.012
_--- 100 Dec'24
8912 10912
let eons gold .59
1038 AC'
9114 Aug'24
No of Cal guar g Is
78% 89114
3 8212 Sale 8212
'
8212
13
9
48
1
g
f
s
8
4
3
4
3
973
9
refund
100
Gen
1930
103,4 _.._.l100 Juile'24
North Wiscon8le 1st es
944 f,9
33
- 99 Dec'24
,..
1943.
Tex & NO con gold 55
92 101
100 • 22
Sale
9914
9934
7414
69
let
be
00
Pac
200011
2
gold
Texas&
.1
J
g.,,,1948
4
721
Sale
7214
4s
gu
let
7212
Og & L Cham
Mar
734
88
Nov'24
86
84
8
827
8912 9034
gold income .512
1913 M S 9984
9034 Dec'24
Ohio Conn ity 40
91 100
9r4 100
1931 ..; ... 9812 984 9812 Dec'24
La Div B L 1st g 55
100 Dec'24
9934 101
1936
Ohio River RR let g be
97 103
Dec'24
10012
94%
3
.
.
1st
1,
-1935
.
5a_
14
Cent
gu
95
Ohio
&
Tol
0
1937 A
98
98% Nov'24
General gold 5a
. 100-1935 i 4.4
29
958 Dec'24 -- 944 101
95
8 0
9934 99,
99 u 102,4
Western Div lit 5.50
1927 J .1 100% Sale 10034
101
Ore & Cal lit guar g 58
9112 100
5
Sale 00
96
8552 901:
1935
General gold 51
0
8812
8812 88
Ore RR. & Na,con g 4a. _ _ _1945 J D 88
2035 384
1
21
7
3212
3812
3906
101 10614 Toledo Peoria & West 48.....1917 .!, .
3
104
Ore Short Line-let cons g 58.'46 3 J 10378 Sale 10312
9812 100
5
99%
10138 10638 Tol St L& W triton g 348_1025
' 99% 993i 9952
'
1546,5 J 110378 1043410312 Dec'24
Guar cons 58
0
844
A
76
1950
Sale
77
4
8153
817
9
8138
9214
9814
49
gold
D
50-year
J
1929
96% Sale 9638
9658
Guar refund 40
9514 97
9634 _ _ 9678 Dec'24
79% 84 ToIWV&Ogu 41441A
1031
1961 .1 J 82.2 Sale 82
8212 71
Oregon-Wash lit & ref 48
We 9512
Feb'24
9518
07
96%
81
754
.,!
1.
Series
441
B
1933
Dec'24
80
Pacific Coast Co 1st g 5s _ _ _1946 J D 80
8138
5
8612 Mar'23
78
1942 '.'3 ...* 823890,
Series C 48
4
8934
1938 F A 8934 90
894
Pic RR ot Mo let ext g 46
-8-61;
99i* Tor Ham & Buff 1st g 9s_ _k1946 .
89
3 ...,
.
_ 08 4 Dec'24
1938 3
9814
ad extended gold Si
91
9712
ee:24
pec
5
1 D
95
8
34
2
5
9
8
12
38
3
6
8
9812
9112
let
Del
if
&
801:18
0
;
66
1,t
'
A
3
j
55
J
77
g
48
Ulster
2
ills
0
92
11
109
92
3178
4)48_1955
Paducah
93%
9
Cl.
7014
Dec'24
169
6113
62
57
8.14
65
7914 Sale 794
1912
81
lat refunding g 4s
parts-Lyon.] Med RR ea._ 1958 V' A
as% 94
9074 210
9034 9114 91112
88
93% Union Pacific let g ts
884 198
Sink fund external 78 w L1958 M S 88 Sale 88
.1
J
9912
31
954
100
*
987
99
Sale
99
9312
83
20-year cony -Is
8312
Paris-Orleans RR s I 78_1954 M S 88 Sale 88
81% 884
5 • 89
8472 57
6438 Sale 8434
98
_ 11142 M 8 97
Ist & refunding 4s
9758
9712 97
Panties aY 211
10472 30 100 106
10414 10434 104
894 954
let lien & ref be
Fennsylvanla RR-eons g 40 1943 M N 9114 _ -- 9212 Dec'24
31 10234 10512
9334
19-year perm secured 68_ 017_22
87
1948 M N 9014 -9112 9012 Dec'24
k‘li -3E4 10312 Sale 10313 104
28 J
9
9°438
19
Consul gold 4s
14
8834 93
921 93 Sept'24
90
8714 95 U NJ RR & Can gen 4s1944 M 8 91
90% 90
May 1 1943 MN 90
to stamped
10018
93 100%
1
90 100
9878 60
1960 F A 0812 987 9812
Utah & Nor gold 55
1926 J J 10018 101 10018
Coneol 4 lie
48
93
93
93 Aug'24
__
927
19613 D 92% Sale 9212
let extended 45
1933 J J 955
General 4%i
904 9914
8612
85
- 8612 Oct'24
8-8878
93% 110
1968 .1 0 10112 Sale 10112 10214 34
NI A
5F
57
195
N 8614
Vandalla cons g 46 Ser A
General 50
_
24 1.01 14014
89
85
8614 8878 8612 Dec'24
109
1930 A 0 10834 Sale 10814
ns 4s Series B
Consul
10-year secured 78
20
2013
Oct'24
20
A 110,4 Salo 11014
11012 131 107% 111
Vera Cruz & P Mt gU 4 %e..1034 J J
IS-year 9CC11rpd
285
20
Dec'24
2618
20
211
8
983
1964 M N 9814 Sale 98
July 1914 couPon on
974 9858
40-year gold Si temp
9914 100
1920M 8
__ 100 Nov'24
Verdi V I h W 1st g 58
h.enueylvanta Co-1
97 100%
85% 864 Virginia Mid Series E 58._
841
1926 M 8 10013 1-0-058 10014 Dec'
Guar 33-45 coll trust reg A_1937 M S 84538434
98 10014
e
.,4
83
84
General 55
1936 M N 100
Guar 314e coil trust Ser B.1941 A A 83 -1 - 83 Dee'21 ---9214 97
8114 8518 Va & Southw'n 1st gu 58_ 2003 J J 9518'16-78 9412 Dec'24
817 83 8514 Sept'24 _--Guar 35.48 true( etfs C. _1942 J
7614 884
8912 Dec'24
3
37
8114 89,2
94% 4
85
D 82
844;sale 844
1st cons 50-year 55
Guar 34e trust etre D1944
3
9214 9734
9512 95
947 ---P/1 ;"? 95
90% 96 Virginian lit be Series A
Irig
Guar I5-25-year gold 48_1931 A 0 94 -6g - 9434
10
10012
10014
10012
85
8
863
100
85
N
Dec'24
M
-12
MN
lst.
1939
5a
1952
8718
812 10112
gold
9
Wabash
83%
E
Clear 4,Ber
9512 12
87
1939 F A
984
9512 Sale 9434
7914
80
67
9
2d gold 58
Peoria & East let cons 45__ _1940 A 0 7814 Sale 78
68
7812
79
79
7
J
Sale
1
4
4
7812
21
353
353
A954
8
Sale
40__
50-yr
3538
term
lien
g
3812
1st
Apr.
1990
48
Income
97 101314
9834 68
903 99
Det & Ch ext 1st g 5a__ _ _1941 J J 9938 ____ 9958 Dec'24
Pere Marquette let Sec A 45e 1956 J J 9838 Sale 99
80%
1
724 8414
8158
4
19563 J 8138 8213 8158
Des Moines Div lit g 48_1039 J J 807s Sale 8078
764 8212
lit 48 Ser B
8913 9931
1941 A 0 7234 7314 2338 Nov'24
67% 7334
1943 M N 9214 9212 92 Nov'24
Om 1)1, let g 3544
Phila Bait & W let g 4s
8212 11
1041 M S 7812 Sale 7812
7734 85
43
43
44
37
Tol .k Ch Div g 4.3
47
Philippine Ry let 30-yr if 40 1937 J J 424
96
Oct'24
A
8
974
F
773
._2000
____
7714
_
4
7734 77%
314s_
997
g
99%
gu
8
ref
935
1st
Nov'24
0
A
Warren
1940
PCC&ERLgu41.2aA
_
8612 Aug'24
8112 85
1948 Q M
961
9334 9648 Wash Cent lit gold 49
784 8612
1942 A 0 96 Sale 96
Series B 44s guar
8212
8212 25
1945 F A 824 83
0612 9412 Aug'24
8012 89
88
1942 NI N 98
9411 Wash Term lit fal 3149
Settee C 4 32,8 QUM
1045 F A
lit 5,
8812 ____ 84 July'24 ____
1-v,e VIAr 4.
83
M4
1945 M N 8912 ____ 8514 Dee'24 ____
7334 8814
Series 0 45 gear.
Due Dec. s Option sale
IDue Jan. • Due March, 4 DUI Apr. • Due May. 0 Due June.' 6 Due July. 1 Due tug. • Due Oct.
BONDS.
N. Y.STOCK EXCHANGE
Week Ending Dec. 20
132
t
Prlce
Fridas
Dec. 26
I
Week's
Range or
Last Sale
;•
12_
5;
Ranee
Since
Jas. 1.
-
2996
BONDS.
..Y STOCK EXCHANGE
Week Ending Dec. 26
New York Bond Record--Continued-Page 4'
z.
Prteo
Friday
Dec. 26
Wears
Range or
Lail Sale.
Fangs
Since
Jaw. 1.
BONDS.
N.Y.BTOC'E EXCHANGE
Week Ending Dec. 28
a.
PM.
Friday
Dec. 26
Week'.
Range or
Last Sate.
ii
taste
Blue
Jan 1
[Rob No Low
Wok
A.k Low
Bui
BtO
Ask foat
WW1 No Ur
MIA
W MID W & N W lit gu 58_1930 F A 92
9534 94 Dec'24 ____
90 96 East Cuba Bug 15-yr g I g 7;0'37 M 6 105 Sale 10312 10518 81 1021s 111
West Maryland 1st g 4s_--.1952 A 0 6314 Sale 6318
654 Ed El III Bkn let con g 4e_1939
6358 61
58
9111
9113 92
92
8918 92
5
West N I' & Pa let g 5e----1937 .1 J 9934 10014 10014
/
4 Ed Elec III let cons g 5a___.1995
10014
9714 1011
1
9812 10112
10153 __ 10112 Dec'24 --__
Gen gold 481943 A 0 807 8214 82 Dec'24 :Elk Horn Coal cony 6e
761
: 841
D 9918 100
1925
96
9978
9934
9914
3
Weetern Pao let Ser A 5s1946 M 8 9034 Sale 9014
7918 9314 Empire Om & Fuel 7lis
43
903
MN
1
9
93
3
2
7
8878
9612
97
Sale
97
285
98
B tia_
1946 M 8 10112 Sale 10114
1013
92% 102 Equit Gas Light be
12
MS 9912 ____ 100
93% 100
100
6
Went Shore let 42 guar
784 85 Federal Light & Trac tie____1942 MS 8814 8818 8778
2361 J J 8212 83
20
83
8234
877/ 98
8814 21
Registered
2161 J J 804 8034 81 Dec'24 ---_
7714 8811
._
2..
Itars 1194
116 Sale 11334
116
17
Wheeling & L E let g 5_ 1926 A 0 101
9838 10034 Federated Metals8f
____ 100 Dec'24 ____
.1
53 D
5
6 10114 Sale 1 10134
- - 782:1
94
3i"
19
984 102
102
17
Wheeling Div let gold 58_1928
Dec'24
98
____
100
9014
1003
10014
4
J
Fisk Runner tat ti 82
9812 10934
10734 Sale 10738 1077g 26
Exten & impt gold 58__1930 F A 97
94
9918 961
:Nov'24 ____
9912 Ft Smith Lt & Tr let g 5s. - _1936 M 15 7814 ____ 7814
77
81
7814 22
Refunding 454e &flee A_ _1966 M S 6812 Sale 68
5318 69 Framerie Ind & Dev 20-yr 73418'4
2
6834
8414 9712
942m
2i N
J 9212 Sale 9214
933
4
9
RR let consol te
1949 M S 714 7258 72
72
60
75 Francisco Sugar 7521
3
1014
10418
10775
10512
105
12
10514
Will & East lit gu g Si
64% 65 Dec'24 ---D 63
1942
49
70 Gas& El of Berg Co cons g 691949 J D 9814 ____1 98 Nov'24 -___
98
94
Will & 5 F let gold Si
D 10058 ____ 1013g Nov'24 __-_
1938
99 1011 General Baking let 25-yr 6e1936.5 L 10433 105 10458 10433
5 101 1054
Winston-Salem S B let 431_1960
81
8412 Gen Electric deb g 3342_19
J
8253 8314 8314 Dec'24 ____
9
5
4
2
841
F
NI
4
A
s
80
84
Sale
84
84
5
Ins Cent 50-yr let gen 42_ _ _1949
8058 27
.1 80
8053 8018
7611 844
Debenture Se
105 Sale 105
1054 14 100 10512
Stip& Dul dly & term let 0'36 MN 8712 Sale 86
77
874 Gen Refr let of g 61Ser A 19
974
9
94
9814 102
57
2i
F A
i 10018 10138 10114 Dec'24 ____
INDUSTRIALS
Goodrich Co0%a
9332 1004
10038 Sale 100
10034 58
Adams Express coil tr g 48_1948 PA S 85
86 8585
14
78
851
/
4 Goodyear Tire& Rub lets I Se'41 FA N 1194 Sale 11918
11912 72 11412 12104
111u Rubber 8e
9612 lb
1936.5 D 96 Sale 96
7434 9814
10-year if deb g 8s
Wu
10812
Sale
10818
10918
1104
63
&Wks Gold M Oeb 88 A____1925 FA 5
4
4 Sale
5
20
4
713 Granby Cons M El& P con 6819
MI'
91
'2
38
1F
A
93 Dec'24
93
Cony deb 68 series B
5
5
4
b
1926 M 5
2
aped
90
95
94
iii
Nov'24
.
a..
4_
9
4
1%
An Agile Chem let 5e
9818
9: 1017
1928 A 0 9814 984 98%
7 .0
:
1
t
em:deb nture Se
1928
89
5M N
98
N
95 1 29
let ref If 734e g
9534 30
82 101
1941 F A 9512 Sale 94
Gray & Davie 72
1932 I. A
78
934 944 934
96
95
2
American Chain 64
9118 97% Gt Cons El Power(Japan)78 1944 F A 91 Sale 1 9012
45
97
1933 A 0 96% Sale 96
9114 28
9012 934
£01 Cot 011 debenture 5s
___ 92 Dec'24 ____
82
1931 MS. 90
92 Great Fails Power let of M.1
1952i
____ 1 10212 Dec'24
40M h
i 101
96 102%
km Dock & Impt gu Be
1936.5 J 59678 - _ 107 Aug'24 ____ 10811 10714 Hackenaack War
Water 42
833
4
•
7914 83%
Dec'24
84
I
833
____
4
Amer Republica 6s
1937 A 0 1634 97
9112
9134 10
8758 9711 Havana El Ry L& P gen be A 1954 M 9 8514 86
8134 861:
8514
8534 11
Am Eim & R let 30-yr tre Deg A1947 A 0 11614 Sale 954
964 194
914 9772 Havana Elec comel g Si__ __1952 F A 9312 9378 9312
92
9358 21
9514
I% B
25 101% 10634 Hershey Choc let if g 69.-1942 M N 1037 104 10378
1947 A 0 10438 Sale 10438 105
104 I 22 • 101 104
Amer Sugar Refining es__ _ _1937 1 J 9973 Sale 994 100
9618 102114 Holland-Amer Line 68 WA.1947 M 14 79 Sale I
70
72
841s
784
7912 14
Am Telep & Teleg coil tr 4i.1929.5 2 96% Sale 9638
9634 123
924 9314 Hudson Co Gas let g 58._ _1949 M N 98
9414 9978
9853 98 Dec'24 -..- Convertible 49
9058
9058
1936 M S 9053 91
2
87
93 Humble Oil& Refining 5%8_1932 2 J 9912 Sale 1 9918
96% 10014
9934 75
50-year cony 414i
11 10011 1 1153 Illinois Bell Telephone 5e-1958 J D 97 Sale I 97
193310 fi 10632 -___ 10812 109
9312 984
30-year coll tr 54
1946.5 D 10034 Sale 10018 101
54
974 1025s Illinois Steel deb 450
NO 93
1199502
914 9512
9318 934
92% 194
6
26-year.
el 5 1421
1017 174
1943 M N 10134 Sale 10138
9714 11104 Ind Nat CI A 05a
883s 8953 8912
82
9414
8913
1
F-Year convertible 6s__1925 F A --------12534
127
15 1124 127 Indiana Steel let 5e
MN 102 Sale 10114
10234 14 100 104
£02 Wee Wks & Elm 5e.. 1934 A 0 9214 Sale 924
93
34
8412 94 Ingersoll-Rand let 5e
919
936
53
MN
J 9834 ____ 100 Aug'24 ---- 100 100
AM Writ Paper a f 7-68
4458
1939.5 .1 4458 Sale I 444
3
36
67 Interboro Metrop m114%8_19561* 0
_
9
9
11
9
5
Temp Interchangeable Otte der,-- 45 Sale 4358
45
36
4312 157 Interboro Rap Tran let be-1933
6814 Eitile" 6734
9966
2
69
72
6844 7114
&saccade copper Os
9918 Sale 99
1953 F A
994 237
944 10014
Stamped
684 Sale 67
/
4
69
6814 711
125
VI
0418 102
841
102
103/1 F A 101% Sale 100
s
j 7334 Sale 71
10-year 68
2m Iij
A O
654, 751:
74
124
Comp Am: Antilla 710----1939 9 J
9378
9
93
9137
a
7s
928
Sale
8818
9212
94
93
33
90
94
93
armour & Co let re:mm[4%81939 J D 86 Sale 8518
62
86
8.112 87% Int Agile Corp let 20-n158-A932 MN 67
7012 69
11614 70%
6912
4
irmour & Co of Del 554e_ -1943 J J 914 Sale 91
914 100
84/
1
2 9212 Inter Mercan Marines f 68-19411A 0 88% Sale 8812
89
7912 90
98
Laimelated Ott temp Be __ _1035 M S 10112 Sale 10112 10112 551
964, 102 Internattonal Paper 5e
19
94
47.1 i
3 88 Sale 87
83
88
88
81
Atlantic Fruit 7s ente dep..19343 D -_ 34 I 1912 Dec'24
1814 40
let & ref be B
834 85
Stamped certifs of depoalt
1978' 1814
1814
2
1814 394 Jurgens Works Ilit (flat price)-194713 J 9018 Sale 8912
9012
236
3
4
9012
7
Atlantic net/ ,le1 be
9834 18
19373 J 9818 Sale I 9814
re.: 9915 Kansas City Pow & Lt 5s--1952;M 6 96 Sale 9514
89
9678 85
974
salaw Lore Works let 54_1940 11 N 102 Sale 102
1024 15 110/
1
4 103 Kansas Gas & Electric 68.-19521M 8 9834 Sale 98
93
983
24
9)4
Comp Art] Sara 754e
100 10414 Kayser & Co 79
1937.5 J 10018 10333 1034 Dec'24
A 102 Sale 102
F N
1,1 m
9714 1(1514
42
93
1028
10
Barn/Mall Corp e(cony 8% A1931 J J 10118 Sale 10118 102
977
29
9514 104 Kelly-Springfield Tire 88_1
8614 1054
1
Sale 0778
984 57
Be 1 Telephone of Pa 51____1948 .2 J 10034 Sale 1004 101
42
971
:10153 Keystone Telep Co let be
19351.1 J 82
84 1 82
82 1
7318 56
1
Ilsth Steel let est a I 5a____1926 J J 1001
:Sale 10053
10038 16
99 10112 Kings Co El & P g be
A: 10014 Sale 10014
A 0
7.,1 FF
9449
3997
1999
98% 103
10014 16
let & ref be guar A
3
921e 974
1942 M N
94
9314 9433 93
14
Purchase money 68
1164 Sale 116
11612
6 11074 11612
10-Yr n in 4,imn s 1 is _ 1036 J J
9034 19
3713 91% Kings County El let g 4s
9053 Sale 90
75
7578 75
76 1
4
6934 78
Cony 30-year 66113eries A1948 F A 934 Sale 9234
9334 187
9214 100
Stamped guar 411
75
76
754
7518
704 76
1
Cony 30-year /5)/e Series B1953 F A 854 Sale 854
92 Kings County Lighting 54-1954 J 1 8853 90 I 8834
84
75
86
1
8834
7714 103
oo Fisheries deo a t tie_ __1926 A 0 824 Sale 82
3
7218 83%
8212
6%.
1954 J J 10314 ____ 88 Dec'24
95 104
Briar 11111 Steel let 510_ _1942 A 0 9714 Sale 97
9714 45
93 9734 Kinney Go 7141
: __ 105%
1936 3 0 1051
10533 21 10114 101%
8
.11117 & 7th Av let e ri 5. 10433 D 7358 Sale 7353
7353
604 74 Lackawanna Steel Sc A
5
195010 S 89 -9.
0
90 , 13
88
897
93
Certife of dep stpd June'24 lot ____
7253 734 74 Dec'24 ____ 1 6014 74 Lao Oas L of St L ref & ext Be 1934 A 0 9814 .
139812
13 05
914 9844
984
9812 20
Brooklyn City RR be
87
94
8
9234
Coll & ref 5%e eer C._..1953,33
Aj 95
1941 J J 9234 Salo 9218
954
92%
45
9614
Sklyn Ed
Edison Inc gen 58 A 1949 .1 1 9953 Bale 9914
9914 1024 Lehigh C & Navel 4%e A__1
58
100
193
95
54
3j
J ;I
91
95%
General Be Settee B
10212 1 VsLehigh Valley Coal 54
1930 2 J 103% 104 104 Dec'24 _
91 101
ln
1933:' .5 101 62-.1-e-.1n
General 72 Series C
42
1936 J J 1047 10538 10478
8 10418 1,19
10518
91
8712 89%
General 7s Berle' D19403 D ---- ____ 10738 Nov'24. . 107 1101e Lex Av & P F let gu g 5e
1993 M 3 3012
32% 431s
87n-Man R 'Fr See 68_1968 J J 83 Sale 824
123 8483 Liggett & Myers Tobao 71_1944 A 0 1174 11812 11734
834 552
11818
b 11434 119
Ilkiyn Qu Co & Sub con gtd 65'41 MN 6614 67
8334 7012
1951 F A
55
9812 Sale 978
6614
66111
5
95% 100
9834 56
let 5a
80 80% Lorillard Co (P) 7a
O
A
1941.5 .1
A
801
: Oct'24 ..• _
5
4
1
4
1147 Sale 1147a
19 1F
115
11 11412 11814
58
nrooklyn Rapid Traria it 514_1945 A 0
90 Nov'24 ____. 7814 101
98
9834 9658
97
34
95
99
Truitt certificat
96 Louisville Gas & Electric be-19652 M h 91 Sale 9012
96
96 June'24 ___ _ 1
91
884 9314
57
let refund cony gold 4..2J J
8
647 824 Magma Coo 10-yr cony g 78_1932 J D 130 Sale 120
Dec'24 ____
81
130
356 1084 130
4-yr 7% secured note. .1923_
9712 109'mI Manati Sugar
A 0 100 Sale 100
J ____ __-- 10912 Sept'24 ____
10014 18
9714 101%
9612 120 Manhat Ry(NY)
Certificates of depogit _ _ ____ ._ _
734s42
cons g 48-1
___ ____ 120 Nov'24
1990
6358 Sale 6314
__
6358 60
Ise 70
Ctfe of deposit stamped_ __ i.__A _i3_ _8_3_,; 18
2d 42
9234 1174
7
18
Dec'24 ____
1
3
5518 5534 5614 Dec'24 ____
47
58
alilyn CD El lit g 4-5a
: Manila Electric 7s
8018 851
8312 24
1950
98
9812 98
9814
7
944 100
Stamped guar 4-5e
8512
Manila
Etc./
81
Ry & Lt e f 58_2
1950 F A 83 Sale 8218
8312
19
0940
5
1
4 Q
8
3M
Ij ND1
,
.1 84
85 , 8414 Dec'24 -8212
88
nklyn Un Gee let eons g 54_1945 M N 994 10014 100
Market St Ry 78 Ser A
100
2
991 Sale 1 9853
993
97 101
18
711
69
3% Marland 011s f 88 with waenta
A D
O
As 12518 12534 132 Dec'24 _- 11632 140
111999
.53
3
34311 imF
15912
2 19914% 19
1932 FA N 1444 160 156
let Ilan & ref 62 &dee A 1947 MN 107 10712 107 Dec'24
9912 111818
Without warrant attached__ A 0 10618 Sale 10618
__
106181 14 100 106%
71
14 163
7%,Series B
125 133 129 Nov.24'_.-- 117 136
166 163 Dec'24 _
9034 9334
An without warrants..... .. --Guff & Susq Iron 8 f 58
MD
N 9178 ___ 9218 Oct'24 ____
29
93
29
2 JI
1053*
10538,
1
0434 10641
Bush Terminal let 45
si
864 Maxwell Motor s I &
88 Dec'24 _
86
iiiiis Sale ,1054
1952 A 0 75
10911 526 10112 11212
Congo! Se
8334 88% Metr Ed lit & ref g Be Set B-1952 F A 102 Sale 1102
1955 1 1 8612 8634 8678 Dec'24 __._
10214
6
973
4 103
974 Metr Power Be
Building 52 guar tax ex__1960 A 0 94% Sale 94%
91
95
9
10034 Sale 10034
10034
5
944 102
Mexican Petroleum of 88_...1936 M N
10753 Dec'24
10114 1084
Cal0& E Corp 52
Midvale
Steel
&
0
cony
Sale
e
f
551936
984
M 5 -5/ Sale 8678
1937 MN 9834
9918
873
8554 904
714 2P78 Milw Elec Ry & Lt cons g be 1928 P A 10014 10012 10012 10074 44
/4
1 :5
Cal Petroleum 6%s (w I)--.1933 A 0 10034 Sale 10034
101
9
96 1051s
924 9734
1
9311
Refunding & eaten 4)49_ 1,9
Camaguey Bug let a f a 79_1942 A 0 9312 Sale 934
651111
1193
9512 Sale 9518
951
: 2
904
96
:
J
964
13
9414
9938
Canada SS Lines let coil s f 78'
001 957 967 957
General ba A
42 M N 964 Sale 98
9578
92
1
9814
Canada Gen Elec Co 6. _.l942 F A 10718 Sale 1074 10758
let 5a B
8 1024 10734
8434 Sale 8434
8534 20
8012 88
Cent Met Tel let 30-yr 58-1943 J D 10053 10012 100
let & ref g Be ser C
100
1953 m 0 99 Sale 9834
9918 28
951e 100
Cent Foundry let s I 6e-.1931 F A 9512 964 951
: 9512
2 (
12 Milwaukee Gas Lt let 4......1927 MN 98% 9818 983
9818
8
9434 9844
Montana Power let 5e A
Cent Leather 20-year g 56_1925 A 0 10014 Sale 10014
1003/
1943 J .5
95
101
Central Mee]Pa
Montreal Tram let & ref 51-1941 3 J 94
1941 MN 11018 ___. 10978
110
2
7
'
18
29
Sale 94
7'2
94
73
1: 38
8614 95
3
Oho L & coke let gu g 5e__1937 3 ..1 994 9912 9914
9914 19
2 4
rMi Morrie & Co let e f 4341
1939 3 1 7818 79
7034
78
7978 29
83
Mileage Rye lit be
8312 129
74
89 Mortgage Bond 48
1927 F A 83 Sale 8212
1968 A 0
cune'24
744 7412
be
Chile Copper 138 Set A
99 110
1932
110 , 364
1932 A 0 10978 Sale 10734
765396
-9712
9
76
412 Jl)e
92
-_-_-..:
9612
Ch3oin Gas & Elec 1st & ref be '58 A 0 9872 .___ 9834 Dec'24 ____
9532 1004 Mu Fuel Gae 1st eu g 58_
1947 M N 9534 97
9614 Dec'24 ___ _
92
0614
96 10218 Mut Un gtd bonds ext 5%.-1941 MN 9518 ---- 95% Aug'24
16
102
53413 Ser B due Jan 1.___1981 A 0 10132 Sale 10158
93% 9634
10
928 9218
Colo F & I Co gen s 1 Se __l943 F A 90
93
8118 9334 Nassau Elec guar gold 48--1951 1 J 6114 Sale 6114
6218 41
5314 6378
8218 National Acme 7344
76
22
Col Indus let & coil be gu_1934 F A 81 Sale 81
81
9118 027 93
93% 21
82
94
100% 18
9614 10112 Nat Enam & Stampg let ba-29
1927 J .1 100 1003e 9918
Columbia 0 & E let pa
2 D 9758 984 9712 Oct'24 __ _1 9618
293
2 3
991a
9814 101 Nat Starch 20-year deb 511_111
10053 23
Stamped
1927.3 J 10053 Bale 100
Zm N
96
Oct'24 ____1 9512 97
____
7
Dec'24
National
5
Tube
12
1993 M S
6
8
Col & 9th A• let au g 58
let be
101 10134 10012 10118
994 1024
8
99 Newark Con Gas be
Columbus Gas let gold 15..._1932 J 1 90 -_ 9834 Dec'24 ___I 83
1948 3 0 98 100 100 Dec'24 ____1 93% 100%
70
764 New England Tel & Tel 61.19523 D 9934 sale 9934
7212 Dec'24 ____
Commercial Cable let g 463_ _2397 CI 1 7114 73
10014
55
974
101%
87
983 N Y Air Brake let cony 68 1928 M N 7784
44
988
Commonwealth Power Be_ __1947 MN 9714 Sale 0714
104
2 10115 10418
1%4
3 104
98 103 NY Dock 50-yr let g 4e
26
:Sale 10112 103
COmputIng-Tab-Ree 8 f 6e1941 J .1 1011
1951 F A
78
78
73
10
787s
877
Oct'24
88
_
1
8
N
Y
8818
Edison let & ref 6348 A-1941 A 0 11234 Sale 112%
Conn Ry & L let & ref g 41421951 J J 87% ____
11334 52 109% 11754
82
8934 NY Gas El Lt & Pow g be_ _1948 J D 101 Sale 10034
____ 894 Dec'24 ____
Stamped guar 434.
1951 1 J 89
10134 37
9814 1024
88
Purchase money g 45
902
18
88
Cons Coal of Md 1st & ref 156 1950 J D 88 Sale 8653
1949 F A 864 sale 8512
8612 23
8212 884
0012 891
94 NY Munk Ry let if 5a A 19613 .1 J 804
91
88
12
Cont Pap & Bag M1118614e--1944 F A 90
8118 Apr'24 ___
804 814
91%
91% 100 N Y Q El L & P let g 5a
2
91%
Con 0 Cool Cb let 81' Ft 58_1936 J J 9814 99
,
1930 F A 9900
00
100
98
1
101
924
51
92
87
9053
Rye
let RE & ref 4, 1942 J J :
NY
Consumers Power let 192._ _1952 MN 91 Sale
3
7"
8 1- 3s
1-2 45
zip@ 4611
4612 22
9058 103
____ 9033 July.24 ____
Certificates of deposit
Corn Prod Refg a I g be____1931 MN 100
4424
451
: 101
32
4612
984 10153
_ 100
1007i 70
let 26-year, I 158
80-year ad1 Inc be
1934 MN 101
al942 A 0
4% Sale
4
418
1
112 6
75
71
85
5
75
Crown Cork & Seal Be
1943 F A 754 76
Certificates Of deposit...... ___4
_6
i4
18 044
4
8
4
32
112 6
9112 98 NY State Rye let cone 45411962 MN 67 Sale
48
95
Cuba Cane Sugar cony 7s 1930 J J 95 Sale 944
67
67
58
16
694
128
96 10112
634e
Cony deben stamped 81930 J l 160 Sale 9938 100
1962 M N
92
9218 Dec'24 ___
85
96
13 107 10812 NY Steam lot 25-yr ile Ser A 194710 N
Cuban Am Sugar let coil 82_1931 M S 9934 997 10712 108
97%
98
13
9212 99
9414 9878 NY Telep let & gene 14345_1939 M N 9534 sale 9534
8
9734
(lamb T & T let & gen 5.I9373 J 9712 Sale 9712
9614 32
934 974
8414 934
22
Den Gas AK L let&ref8 1 g ba'51 MN 9218 Sale 924
923
30-year deben a f Gs__ _Feb 1949 F A 10813 Sa
lle
e 0778 108
19 105 109
7518 30
67
82
20-year refunding gold 68_1941 A 0 106
Deny Corp (D CI) 78
1942 M 3 824 8412 74
063* 106% 35 10314 10784
1
99
10034 33
Detrolt Edison let coil tr 58_1933 .1 .7 1004 Sale 10014
0133 Niagara Falls Power let &Lim
04%
105
1
99 105
95 101
100% 24
Ref & gen 6s
let & ref be Series A
11940 M 5 997 10014 9934
104
1978 0412 10418
4 1024 10814
19 104 10734 Nina Lock &0 Pow let 5e._1954 M N 10438 ____ 0458 104%
107
let & ref 6s Series B
11940 M 5 107 Sale 106
9912 106
•
2
Dot IThlted let cons g 4341.1932.3J 9158 9134 918*
9134
84% 95
3
Refunding 138 Boise A____1958 F A 10458
99 105
05 Dec'24 ___
40
544 No Amer Edition 6.
Distill Sec let 52 elf dep._ _1927 A 0 --------52 Nov'24 _
1952 Pd 896% Sale 96%
97
35
9114 101
38
5478
54 Nov'24 __
0 fe of depoalt stamtled
Secured e f g 11% a Ber B.....1948 M 5 10034 Sale 00
10014 24
96 103
81
87 Nor Onio Tree & Light fle_ -1947 M B 9214 927 924
3
81
79
Doid (Jaeob) Pack let 6s.....1942 M N 8114 83
9212
7
874 934
6814 18
58
85 Nor State.Pow 25-yr 58 A__1941 A 0 9212 Sale 93
Dominion Iron & Steel 5._._l9393 J 6712 Sale 6718
934 28
8914 9404
81
let & ref 25-yr 64 Ser B__1941 A 0 104 10412 1034 10414
8914 88
Donner Steel 71
884 14
9218
19423 J 88
8 101 105
do Pont (E I) Powder 4%8_1936 J D 8934
894 9212 Northwest% Bell T let 79 A_1941 F A 10734 Sale 10733 10734 55 10712 11044
8834 Dec'24 ___
duPont de Nemours & Co 7344'31 MN 1077 59114 073
41 10878 108 North W Tilt Illg 43410(1_1934 J J 9418 ___ 943* Dec'24 --108
92
9512
Duquesne Lt let & coil 6e_A949 J J 10534 Sale 10534
39 10314 loos Oh% Public Service 7348-1946 A 0 11014 Sale 11014
106
1104 11 103% 11034
37 102 10458 1 71
let coil truet 514s Series B_1949 J J 104 10434 10313 104
1947 F A 1078* 1077 1077s
2 10014 109
10771
Due Aus. 0 Dtie Feb. .Doc June. 8 Due July. 1 Due Aug Dile No .Doc Oet.
F ve r Due Dee. e Option gale.
1 1 10
- 5-s In IV:-_-_-_-:
81% 1S1
1 ci 10045
DEC. 27 1924.]
2997
THE MIR ONTCLE
New York Bond Record-Concluded-Page 5
Quotations of Sundry Securities
All bond prices are "and interest- except where marked
Railroad Equipments Per Ct.1Basta
Par Bid. Ask.
Standard Oil S
i ,
Nance
Week's
1
Price
Anglo-American Oil new El 51814 183e Atlantic Coast Line tis.--. 5.25 5 00
303311
500 4.80
Same or 1 11
1 III Prtday
Equipment Tie
100; 90 9014
Refining
Atlantic
1
Jag
33
Last Sate
5.35 500
3.41 Dec. 26
100' 114 11412 Baltimore & Ohio Ile
Preferred
4.95 4.75
AS.....
I
4340
Equipment
.1
100 233 240
Huh Borne Serymeer Co Co__50
Moll tVc. Low
5.10 4.65
Ask Lost
IMO
•62 63 11Buff Roch & Pitts equip 6e
Line
Pipe
Buckeye
96% 99%
28
98
5.05 4.80
68
&
Pacific
434.
1944 F A 98 Sale 97.2
Canadian
Old Ben Coal 1st 6s
4912
.4834
25
new
ow., Cbeeebrough Mfg
cm%
7
99
9814
9814
2
93'
A
5.25 5.00
F
38.
N
e
-1943
Of
..•
thaw%)ruse,
1816e.
100 11278 113 i iCentral ER
Preferred
9912
94
5,3515 05
Ontario Tranamlasion 5s____1945 M N 9012 ____ 9912 Dec'24 ---*45 50 1 Chesapeake & Ohio 61
10112 Continental 011 new.... 25 •1234 1314
17
93
5
99
15 4 85
99 9812
89
1941,F A 9814
6He
Otis Steel
Equipment
Crescent Pipe Line Co- 50
84 95
9112 15
500 4 80
10t 25-yr s f g 7H e Sec B 1947IF A 9112 Sale 9012
Equipment 51
Cumberland Pipe Line_100 135 137
9034 95
9434 76
5.00
61_
5.25
Quincy
&
Burl
Chicago
84
82
-100
rocEleG& El ego & ref 511--1942 1 3 9414 Sale 9374
Co_
Line
5 91% 9912 Eureka Pipe Oil coin--100 5412 56 Chicago & Eastern III 534s. 6.50 5.05
9834
Pao Pow&Lt istaref 20-yr Ifer '30 F A 9833 Sale 981j
Ws 10012 Galena Signal
2
10012
1937'3 J 10012 Sale 99
Pacific Tel & Tel let at
& North West 6s_. 63015.05
Chicago
115
108
100
old
Preferred
93 I 311 90% 9374
6 10 4.86
1952 M N 9214 Sale 9214
fis
Equipment6A e
100 103 108
Preferred new
9 9914 10514
5.15 490
Pan-Amer P & T let 10-yr 741930 F A 10412 10414 10412 104141
Humble Oil& Ref new.. 25 04134 41% Chic R I & Pao Cis & 61
7 94 100
97
5.55 5.26
1953 J 4 9612 97 9634
Park-Lex (ctfs) 83.4s
Be
Equipment
126
12412
100
9371 9912 Illinois Pipe Line
5 45 5 20
CUL-.
Pat& Passaic0& El cone to 1949 M S 97% -- -- 97% Dec'24 ---Southern
&
25 11334 114 Colorado
Imperial Oil
Poop 0118 & C let cone g 6.._1943 A 0 10714 10814 10814 Dec'24 ---- 10414 10812 Indiana
& Hudson 6s....... 6 30 5 00
Delaware
75
.73
50
_
_
Co_
Line
Pipe
6 8714 98
9514 951
530 500
1947 M S 95
95'x
Refunding gold ar.
56
&
434e
Erie
23
3
•227
102% 13 99% 1037o International PetroleumAI)
1944 F A 102% Sale 102
5.50 570
Philadelphia C 68 A
Equipment Be
Magnolia Petroleum_....l00 134 137
90 96
943e 27
.1938M 8 94 Sale 9334
5.30 605
6548
Co
Northern
Great
22%
2214
Co__12.50
Transit
National
9114 102
600
4.75
Phi& & Reading C& 1 ref 5E1_1973 J J 10074 Sale 10034 10114 26
55
Equipment
100 62 65
New York Transit Co
13818 100
9634 80
1943 M S 964 Sale 9414
5.40 5.10
Please-Arrow &
lie
Valley
Hocking
82
80
100
Co
Line
Pipe
Northern
10 84% 103
4 75
1931 J D 101 1041± 10212 103
.
5.00
Pierce 011 s f 8e....
&
Equipment
4
623
.6212
26
Ohio 011 new
9474 100
9934 27
4
1
Pillsbury Fl Mills 20-yr 68._1943 A 0 9914 Sale 99/
4.90 470
25 *3234 33 Bilnole Centml eHs & 54Penn Max Fuel CO
93 102
Pleasant Val Coal let g s I 68 1928'3 J 97 ___ 9712 Dec'24 --- 5.25 500
(le
Equipment
206
20512
100
new
Gas
&
Oil
Prairie
9013 95
9314 16
Pooah Con Collieries lets I 681957'3 J 9313 937 93
5.05 4.80
Equipment 7e & 634s
100 105 10512
96 9,33 Prairie Pipe Line new
9812 100 98% Dec'24 ---Portland Gen Elec lot 5e_ .A935'3
5 50 5.16
100 200 201 Kanawha & Michigan 61
Solar Refining
96
86
Portland Ry let & ref 5e_ _ _ _1930 M N 9212 9312 9234 Dec'24 ---5.20 500
e
4H
Equipment
90
88
Southern Pipe Line Co-100
Portland Ry Lt& P lot ref 50942 F A 85 Sale 85
6.35 5.05
100 128 130 Kansas City Southern 5340
South Penn 011
4 ?7
SSIZ N
M N 94 Sale 94 47
9438
19
60 B
5.25 5.00
Nashville 66
&
Louisville
77
74
Pa
PipeLines-100
Southwest
3 103 107
let & refund 7348 Ser A_1946 MN 10512 Sale 10513 10544
5.05 4.80
Equipment634e
25 6114 6112
106 Dec'24 ---- 10413 1064 Standard 011 (California)
Porto Rican Am Toll So....1931 M N
6.20 495
Central 5s & 68Michigan
6112
*6114
2
(ludianal
011
Standard
10
8812. 95
94
1933'3
Premed Steel Car 58
94 Bale 94
5.30 5.00
51
&
434g
M
PASS
St
Minn
4
1
/
35
2
*3512
Prod & Rae I 8e(with war'nts)'31 l D 110 114 114 Dec'24 ---- 10933 11614 Standard Oil(Kan)
5.30 500
Equipment 63.36 & 78.-Standard 011 (Kentucky) 2 •11834 119
10 10612 111
111
Without warrants attached__ _ 1 D 110 Sale 110
& Texas 61 5 65 5.35
Kansas
Missourl
248
100
247
(Nebraska)
011
Standard
77 107
4 10412 18
/
Pub Sem Corr of NJ aim 56 1959 A 0 104,2 Sale 1041
5.65 626
63411-&
Be
393,
Pacific
3912 Missouri
9614 9712 Standard 011 of New Jar_ 2 (1
973 Nov'24 ---Certificates of deposit
100 117 11712 Mobile & Ohio 434s & 5a--- 500 4.75
Preferred
Pub Berv Elea o Gas let 5461959 A 0 9812 Sale 9734
9812
4.90 476
Se
&
•
4,4
Central
York
*4312
43
New
4
1
/
25
York
Standard Oil of New
Pub Serv El Pow At Ltg 63_1948 A 0 103 Sale 103
10312 SO
. SS 1St:
5.25 5.00
Equipment fie
100 348 350
Standard Oil(Ohio)
10412 84 102 122
Punta Alegre Sugar 70
19371.1 1 10412 Sale 102
5.05 4 80
7s
Equipment
118
100
11712
9512
Preferred
3312
9148 34
1937 M N 9112 Sale 9012
Reraington Arms 6s
4.85 4 40
4341
Western
&
100 2314 24 Norfolk
9634 Swan & Finch
92
9434 28
Repub I & 8 10-30-yr 568 t..1940,A 0 93% 9434 9312
5.10 4.85
Phonic 7s
123
Northern
121
-100
00
Car
Tank
Union
9212 75 8738 93
1953 J .1 9112 Sale 9034
634. 6.05 4.80
75
Runes
Fruit
115
Paretic
113
100
Preferred
65 9112
1
66
1962 J D 66
70 66
Robbins & Myers,f 78
25 80 8014 Pennsylvania ItR eq lie .1k (le 5.10 4.75
Vacuum 011 new
91
90
Rooh & Pitts Coal & Iron 58 1946 MN 9034 ____ 90 Aug'24 ---6.15 490
634s
Erie
Lake
&
Pitts
31
10
011
2911
Waehington
73 90
84
6
Rogers-Brown Iron Co 7e_ _ _1942 M N 84 Sale 8318
5.60 520
Equipment6e
r 011 Stinks
ed
the
ferr
786124 , PreO
3324 8
561
7
85 Dec'24 ---St Jos Ry Lt Ht & Pr as____1937 MN 85
4.75 4.50
& 51
eHs
Co
*2
212
Realism'
(3)
011
Lobos
Atlantic
1
80
74
St L Rock Mt & P 6e stmpd_1955 3 J 78
7934 79 Dec'24 ---5.15 4.90
Frandsen 6S
San
&
7%
Louie
634
St
60
6
7333
7333
Si Louts Transit Sc
1924 A 0 733 74
*13434 65 1 Seaboard Air Line 534eR 151 5.60 5.20
25
Gulf
9113
(Sinew
96%
'Dec'24
St Paul City Cable to
19373 3 95
9612 95
4 Southern Pacific Co 434e.. 4.85 4.50
6 *3
961; 10234 Mexican Eagle 011
1013
82
St Paul Union Depot 5e
1972 J 3 100 10014 997
6.06 4.80
Equipment711
6 •1172 12
Oil
Saks Co 7e
1942 M 8 10614 10614 1051
106 I
7 102 10712 Mutual
5.05 4.80
Southern Ry eMs & lie
107
103
100
Gee
Fuel
National
12
101
100
9334
Ban Antonio Pub Ser & _ _1952 J J 9912 Sale 9912
5.40 6 10
68
24
Equipment
*24
4
1
/
Creek
Producer.,,_,,10
2 100 1116 I Salt
4 106
1
Sharon Steel Hoop let 88 ser A '41 M S 106 Sale 105/
4 134 Toledo & Oblo Central(le- 6 35 510
/
5 *11
2 10012 106 1 BILVUIDS Relining
Sheffield Farms 633s
1942 A 0 10433 105 10478 lO47e
5.05 480
75
Pacific
Union
Sierra & San Fran Power 58 1949 F A 9014 9034 9014
9034
13 83% 92
Public Utilities
8512 97
874 173
Sinclair Cone on '5-year 7e_1937 M S 8812 Sale 8612
rebates Stacks
1
81
•80
new---(I)
Eleo
&
Gas
Amer
61
9014
4
1
/
84
8212
6336 B temp Ws
1938 J D 8312 Sale 8312
50 •46 47 American Cigar common 100 75 77
97 10114 , Preferred
Sinclair Crude ult 634.
1925 A 0 9934 Sale 9912
86 90
9934
104
1
4
(
Preferred
MAN 94'2 9513
Deb 6s 2014
95% 10114
68
1926 F A 9934 Sale
140 142 Amer Machine & Fdry_10(- 160
com_100
Tree
&
Light
Amer
8134 86
8312 38
1942 A 0 82 Sale 82
Sinclair Pipe Line be
•25
26
SI
ord.
Tobac
r
100 93 9412 British-Ame
Preferred
41 11 1001,1044
/
1021
South Porto Rico Sugar 76_1941 J D 10214 Sale 102
6/ .25 26
Bearer
6714 6812
Amer Power & Lt corn
94 100
99% 64
South Bell Tel & Tel Ws f 5/1941 1 .1 9912 9934 9934
80
70
•
corn
21
Co.
W)
((leo
90
Helme
88
100
9311 9714 I Preferred
96.2 109
Tweet Bell Tel let & ref 59_1954 F A 9614 Sale 961e
115
M&S 93 05
Preferred
93%' Deb Be 2016
7
85
9314
Southern Cob Power 6s.. 194; J 1 9314 94 9314
) 21
1213
Iri%
&
B
0
of
Tob
85
imperial
Utll
Oom--100
Public
Amer
40 9412 108
Stand Gas & El deb g 6346_1933 M S 10534 Sale 10534 106
70
100 -Si 92 Int Cigar Machinery-UK
5 9534 10.04 , 7% prior prat
Standard Milling la 68
1930 M N 100 10034 99% 10014
74 Johnson Tin Foil & Met-10( 75
100 71
9 103 107 1 1% partle pre!
10512
Steel & Tube gen ,t l's Ser C 1961 J J 10512 Sale 105
151
167
Forbes-10(
&
*49
51
MacAndrewe
El
&
W.
pr
Gas
Aavociated
38
4 98 ;
1
94/
97
Sugar Estates (Oriente) 7e -1942 M S 9634 Sale 9612
102
J&J 94 96
preferred
96 100 1 Sec g 612s 1954
99.2 981e Dec'24 1929 FA" 98
Superior 011 let a f 7e
31
ISO
7
Co
IC
&
50
0
Val
Mengel
com
77
5
Blackstone
9873
92
9814 Dec'24 --Syracuse Lighting let g 5s _1951 1 13
60
50
100
Tob
HIcan-Amer
315 325 Porto
Carolina Pow & Lt
8413 105
Light & Pow Co roll trot &'64 1 J ____ ____ 104% Nov'24 -100 175 176 Universal Leaf Tob com_100 50 52
02.194
1113 1 Cities ServIce Co oom
Nan coal Iroo & RR gen 68 1951 1 J 10214 ____ 10234 Dec'24 -99
8034 8114
Preferred
Preferred
9712 103
Tennessee Cop let cony es_ _19.3 N,*I 10134103'. 10134 10112 22
125
77 Young (3 8) Co
ISS 1Sg.7
1®
10
Preferred B
9334 100
9912 75
Tennessee Elec Power 1st 66.1947 J D 9912 Sale 99
100 104
100
1
Preferred
100
B
78
B
771
29
Preferred
67%
6113
6012
Third Ave let ref 4e
1960 J J 5512 Sale 5512
8912 6853 CitiesServieeBankers'Ethares •17% 1812 Rubber fitseks(Clesslaad) prices
5074 7,
Adj Inc 5s tax-ex N Y__ _alga° A 0 4972 Sale 4834
I00 3414 3512 Am Tire & Rub core
Colorado Power cam92% 96
95
,..13
Third Ave Ry let g 5e
19373 1 9412 9514 9412
40
100 92 95 I Preferred
Preferred
;39 102 10434
Tide Water Oil 10-yr 640...1931 F A 10274 Sale 10234 103
94
Ccm'w'th Pow Corp corn (I) •127 12812 Firestone Tire & Rub cam 10 '9412
10912 12 100 110
1941 M S 10912 Sale 109
Toledo Edison lot 70
100 98 99
6%
preferred
8212
82
106
Preferred
Toledo Tree Lt & Pr 6% notes'25 F A 10014 10034 10014 1003e 30, 9812 101
100 9514 98
preferred
_100
Consumers Power pref.
97 Sept'24 ----, 97 • 07
Trenton 0 & El let g 58._._1949 M S
iRub corn 50 *230 235
Elan Bond & Share pre1.100 I82 1193g 1 General
I
100 98 100
17
Preferred
.1512
Eiec RI SecuritIes(I)
90 90
London 430_1933 J J 88% ____ 90 Aug'24 --- Underged
& R oom_100 2614 27
7934 8812 Lehigh Power Securitlee_(t) 9912 10012 Goodyear Tireof
19483 J 8812 ____ 8812 Dec'24 - - - Income At.
pf _100 c8914 8912
Can
TAR
34
Goody'r
33
1
Pow
100
AM
cow
Mieelesippl
92 9834
Union Hag & Paper let M 66_1942 M N 9614 Sale 9514
9614 17
100 88 90 India Tire & Rub com_.100
Preferred
4 20
1
99/
971. 10013
Union Elec Lt &Pr lot g 58.1932 M S 9934 1001 9934
100
Preferred
92 100I First mtge 5e, 1951._ J&J 9612 9712
1933 M N 983s Sale 9832
Ref & ext 6e
9874 12
3
102 103 1 Mason Tire & Rub Com-(2) -;1-7.
1936__M&N
7s
deb
g
El F
77
7614 77 Dec'24 ----, 70
Union Elev Ry (Chic) Sc__ _1945 A 0
20 23
100
Preferred
9514 10214 Nat Power & Lt corn---(I) 216 220
Union Oil let lien a f 541___ _1931 J J 9934 ____ 9934 Nov'24 --:,-z
.. 110
100
Rubber
95
93
Miller
(3)
10312
99
Preferred
&
1942
A
A
F
May
30-yr
Ser
1023s 10234 10234 102% lz
1e
100 111% 104
J&J 9512 9612
Preferred
Income 70 1972
Union Tank Car equip 7s.„1930 F A 10334 Sale 10214 10334 12 10234 10310
' 100 20 25
11' Mohawk Rubber
1941 J D
United Drug cony 81
11112 11634 Northern Ohio Electric-(I) *8
_ 115 Dec'24 75
preferred_
29.
100 ne
4 9734
/
United Fuel Gae let s f 66._ _1936 J J 9614 981
9818 12 9212 100 i Preferred
1634
100% 16
91 10013 North State. Pow 00m-100 105SelberlIng Tire R Rubber(/) •16% 95
United Rye Inv 5s Pitts hem 1926 MN 9914 100 100
96
ii"
100
Preferred
9914
11913
4
91
9914
10012
100
Stamped
3
9
-oom-101
R
&
Tire
72
Swinehart
70
28
Nor Texas Eleo Co oom-100
76
6113 76
United Rye St L lot g 4e___ _1934 J J 76 Sale 7412
00
Preferred
100 72 75
Preferred
1937 MN 9173 92 1 9112
93
United SS Co 15-yr 138
92
15 86
Sugar Stooks
7
9814 1031, Pacific Gas & El let peel 100 92 93
United Stores Realty 20-yr ne '42 A 0 10213 1027 10112 10212
60 *3
7812 87% Power Securitiee com___(I) •18 20 Caracas SuZar
8512 191
U 13 Rubber 1st it ref 53 oar A 1947 J J 8512 Sale 8514
44 47 Cent Aguirre Sugar oom_ 20 •269 71
(I) .
Second preferred
105
' 991. 106%
41
10-yr 734% see notes_ _ _1930 F A 10414 Sale 104
109 111
100
Fajardo
91
Sugar
95
1949___J&D
Coll trust Be
US Smelt Ref & M cony 68_1926 F A 10112 Sale 10134 101% 13 991g 102
52
Incomes June 1949__F&A 79 82 Federal Sugar Ref com_100 49
92 102 10514
1047
U S Steel Corpleoupon....41963 MN 10412 Bale -104
80 90
100
Preferred
52
50
Lt.-100
&
Pow
Sound
2
Puget
10334
0110-60-yr 5alregistered_d1963 MN ---- -- -- 10338
10104 10412
4
2
.
(I)
Ine
Sugar,
100 83 85 Godchaux
9 80
20
8713
5% preferred
34 7
1%
83
9
Utah Lt & Trac let & re/ 5e...1944 A 0 83 Sale 83
100 20 25
Preferred
100 d105 107
7% Preferred
34 19
97%
8
1
1944 F A 9134 Sale 91
04
Utah Power & Lt let 5e_
33
.30
(DI
oom
Corp
Sugar
Holly
97
98
let & ref 554e 1949 __J&D
Utica Elea L & Pow 1st s f 58 1950 J J 9918 ---- 9912 Dec'24
100, 90 94
Preferred
58
9834 13 9018 9914 Republic Ry & Light-100 55
Utica Gas dt Elec ref & ext fte 1957 .1 J 9734 98 9714
100I 75 125
72 Juncos Central Sugar
100 70
Preferred
6518 6414
60 55% Nov'24
19533 J 51
Victor Fuel lst f 5s
101 103
_100
Refining
Sugar
53% 851k South Calif Edison 0002-100 101 103 National
7012
1947 J D 7014 Sale 70
Va-Caro Chem 1st 7e
100 116 ____ New Niquero Sugar_ _100 88 92
7034 11
5273 73
6934 Sale 6934
8% Preferrect
Certificatee of deposit
5
2
100
pf
Corp
Bug
Cad&
Santa
Standard G& El 7% pr pf 100
65
65
_1
71
5313 69
65
Certificates of deposit stmpd
63 66
49 51 Savannah Sugar nom -(2)'
50 948% cum pref
vs
27% 7314
43% Sale 43
44
7Hs with & without wer_ _1937
82
79
100
Preferred
5212
51
4
Elec
26
4312
4312
Power
47%
45
Tennessee
43
(I)
Certife of dep with warrants.....
92
Second preferred
88
(3) *7212 74 Sugar Estates Oriente pf 100 vu
92
Va Iron Coal & Coke 1st g 51 1949 M S 9113 93 9112 Dec'24 ---17
100 37 38 West India Sue Fln com_100 14
88
9334 15
19343 J 93% 9334 9312
9512 Western Power CorP
Va Ry Pow let & ref to
45
40
100
Preferred
8612
100
85
Preferred
92
7
8914 9738
Vertlentes Sugar let ref 71..1942 J D 9113 9212 9112
Short Term Securities
92
30 87 10314
Warner Sugar Rain let 76..1941 J D 905 Sale 90%
80% 41
J J 787 Sale 78
7714 9634 Anaconda Cop Min60'29 J&J 1021, 103 Industrial&Miscell
Warner Sugar Corp let
96
Anglo-Amer011730'26 A&O 10034 101 American Hardware_ ___100 95 139
1939 J J 10034 ____ 101 Dec'24 ---9934 101
Wash Wet Power Of 6a
100 137
8
Ws 10012 Federal Sue Ref(Is'33_M&N 95 97 Babcock & Wilcox
WietcheeLtggsoetmpdgtdl9soJ D 100 Sale 9972 100
16
•14
now....
(I)
Co
10
W)
4
9618
953
(E
96
9513
Blies
100%
10034
Medi
Valley
1926
58
8912 9634 Hocking
West ennPower Ser A 58..1946 M 8
50 .53 57
Preferred
2sTerm Ry 630'31 J&J 103120
1 214 1151
1958 J D 104 10434 10414 104%
5 1014 1
let 40-year fle Serial C
•132 134
304
...-(1)
20
cam
Company
Borden
1
101
4
1926
1011s
106%
Sale
106.2
10812
8
M
1946
let 7s Series D
100 103 106
Preferred
8634 9712 Lehigh Pow Sec Be '27_F&A 10034 10114
93% 12
1983 M S 9314 9313 93
lot 58 Series E
100 38 42
_7
98 10213 Sloes-Sheff MI Be '29..F&A 1013* 10173 Celluloid Company
101.2 2
1953 A 0 101 102 101
la 533e Series F
100 92 95
Preferred_
10412
4
1
/
1930_F&A
104
Rubber
8
U
9913
734.
96
9812 vo
Western Electric deb 54---1944 A 0 9810 Sale 98
967 101% Joint Stk Land Bk Bends
Childs Company cam _ -(0 440 41
Western Union coil te eur 5 1938'3 J 10033 10013 10018 Dec'24 ---100 113 114
41
9412
Preferred
10214
103
Bk
Land
56-19451
Stk
t
Chic]
94
97%
Sale
9038
94
N
M
Fund & real estate 04341 1960
100 98 104
10212 10314 Hercules Powder
5s 1952 opt 1932
3 1083. 11214
1936 F A 11018 11078 11012 11034
16-year 8338 g
100 105 107
Preferred
102%
10312
62
1933
10774
opt
1983
56
10634
10934
N
Sale
M
4
1073
70-1931
10734
M
&
E
Westaighouee
100 106 109
pref
Silver
International
10514
10412
1931
ept
1951
8
51
76%
530
7971
Wieltwire Stan Steel let 7---1935 J J 75 Sale 75
87
10112 10233 Lehigh Valley Coal Sales 50 •86
21
95 100
eiis 1952 opt 1932
Willyo-Overiand a f 630_1933 M S 9934 Sale 9934 100
100 104 107
Corp
Phelps
Dodge
100%
9934
Opt
4
4
1952
1
1
8
9138
1932
9312
312
9
9212
8099
9112
0
A
88_1941
434a
Wilson & Co lot 25-Yr a I
151
154
100
corn.
Pow
Baking
Royal
10212
4
1
/
101
6 9 1963 opt 1933
5614
1928J D 5434 Sale 5414
10-year cony f Be
100 100 102
Preferred
41
55
Pac Coast of Portland, Ore
4614 100
p1931 F A 5434 Sale 54
10-yr cenv f 7 Hs
190
J&J 102 103 Singer Manufacturing_ .100
23 10038 10214
514 1954 OD 1934
1941 A 0 10134 102 10134 102
Wiareester Arms 7H e
9534 511 94
97
d Purchaser also pays accrued cilviaends
Tamara Sheet & T 20-yr 6.1943'3 J 95% Sale 95%
• per mare. I No par value. S Basle
Fa-dividend,
z
olNominal.
Itz-righte
o Due Jan. d Due April. c Due March. e Due May. e Due June, h Due eNew stook. fFiatprlce. k Last tale.
sill-stook dividend. a Sale price. o Canadian quotatioa.
Dee Des. •Option sale.
July. k Due Aug. •Lue Oct.
BONDS
ELE.STOCH EXCHANGE
Week Ending Dec. 26
12,,,I
'SI
8
Preferred_
-ioi
2998
BOSTON STOCK EXCHANGE-Stock Record s..B°7::„„.
H1011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Monday,
Tuesday,
Wednesday Thursday, I Friday.
Dec. 20.
Dec. 22.
Dec. 23.
Dec. 21,
Dec. 25.
Dec. 23.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 11924.
I'Clt .511 Attic
Range for Previous
Year 1923.
Lowest
Highest
Lowest
Highest
Railroads.
15934 15934 .3160 16134 161 11634 •z161 1633
162 16234
4
90 Boston & Albany
100 1467/Mar 27 16234 Dc228 143 Apr 161 Jutie
75
7512 7412 75
7412 75
7412 7612
7634 80
2,535 Boston Elevated
100 7134 Alm 11 so Jan a
88
88
70 June 34
88
38
Jan
8714 83
8814 8814
79 Do prof
8812 88,2
100 8714 Dec 23 9614May 10
'x107-- -- 107 107
911
/
4 Aug 100 Mar
10712 10712 107 10772
10712 10712
74 Do let pref
100 107 Dec 18 11814 Jan 24 11112 Aug 125 June
9412 9412 9412 9112 94
94
95
95
94
9512
199
20
Do
pref
Sept
100
92
30 100 Feb 27
14
95 Nov 100 51111
1534 1514 16
155s 16
1512 17
171
/
4 1812 8.631 Boston& 'Alaine
100
812 Jan 2 2514 Nov 24
731.4 Dec 20/
____ 20 •____ 20 .____ 20
1
4 Ma/
Do prat
100 12 Jan 111 267s Nov 11
26 28
/
1
4 26 . 2034 26
7 Dec 27 Feb
26
2412 27
--------4.139 Do Series A 1M pref
100 13 June 12 3714 Nov 24
36
1212
391
Oct
/
4 3712 3312 3572 37
3212
Mar
36
36
____ ___
1.110 Do Series 13 1s1 pref
100 1712 Jan 2 48 Nov 24
1512 Dec 48 Feb
30
35
35
35 •__ __ 35
31
31
___ ____
1,120 Do Series C let pref
100 16 Feb 27 41 Nov 26
46
1512 Dec 42 Mar
54
51
52
51
51
5012 51
____ ____
592
Do Series D 1st pref
100 23 Jan 3 62 Nov 20
'2169_ _ •z170
20 Dec 59 Feb
.2170 180 .1170 180
--------------Boston & Providence
100 143 Jan 4 172 Nov
3614 -33
37
3812 37
3734 3612 371 2
2,74) East Mass Street Ry Co100 18 May 12 3812 Dec 17 (35 July 16012 Jan
3714 33
•69
6912 6613 69
22
18 Feb
35 Mat
6312 61112 69 693415
66_
5 Do let pre/
100 5812 Jan 8 71 Dec 8
*5912 60
58 Dec 72
Jan
60
60
6012 611
/
4 60
-6-6_855 Do pref B
60/
1
4
100 48 May 26 61 12 Nov 17
45
48
5034 Dec 65 Mar
4512 46
4432 4614 4412 45,2
4412 46
2,818 Do adjustment
100 28 May 21
43,4 Dec 23
Dec
31
46
Mat
East Mass St Ry (tr etfa) 100 3134 Apr 23 39,2 Fob
35
i1
35 •_ _ __ 35 .25
31 Nov
45 Max
35
•34
35
15 Maine Central
100 • 25 June 19 3712 Apr 0
31
1
4 Dec
22/
31315 3012 31
43
Jan
3012 3134 303* 3072
--------3.252 Af V 'CFI & Hartford
100 14 Jan 3 3314 Dec 18
*278
954 July
80 .278
2211 jar,
80 .Z-- - - 80 •z____ 80
____ ____
Northern New Hampshire.100 62 Jan 14 81 Nov 10
62 Dec 84
Feb
10112 101 12 .2101 106
10112101,z12 Arorwien & Worcester pref_100 80 Jan 2 108
Nov 10
98 98
75 Dec 100
97
Jan
9712 97
97
97
97
-5/ -fir
113 Old Colony
100 7212 Jan 4, 98 Nov 19
5'6214 65 .62
641
/
4 Oct 81 FM
6412
Rutland pref
100 34 Mar 3 64 Nov 10
.90
2112 Aug 3874 Dee
93 .86
90
90
90 .90
93
____ ____
11 Vermont & Massachusetta_100 70 Jan 22 9312 Nov 19
70 Nov 98
Jan
Miscellaneous
3/
1
4 314
3
414
314 314
314 314
1.917 Amer Pneumatic Service
314 4
25
1 Nov 6
414 Dec 2.1
1734 18
I
Sept
1712 18
Jan
3
/
1
4
11712 18
*217 18
18
1932
810
Do prof
60 12 Jan 3 2014 Dec 12
12 Dec 20
131 131 12 13012 13134 129 13012 129 12912
Jar
12914 130
1,503 Amer Telephone & Teleg_100 121 June 24 13412 Dee 18
73
119 June 1281
73
7212 7212 72
/
4 Dee
72
7212 73
7312 7312 1,231 Smoskeag Mfg
No par 5712 Oct 28 83 Jan 14
477
6712
Oct
112
•
77 •____ 77 •____ 77
Jan
7412 7412
20
Do pref
No par 69 Oct 29
79 Aug 14
•14 16 .14
72
Oct 88
16
Jan
14
141
/
4 .14
15
____ ____
44 Art MetalConstruo.Inc___ 10 13 Aug 8 16 Feb
15
1454 Nov
16/
9
1
4 Mar
912
150 Atlas 'Fuel' Corp
No par
6 June 10
101
/
4
Jan
8
0-166- 167 - loo 100 i66 1-66 .166 fOi
8 Dec 3012 Feb
106 106
105 Boston Cons Gas Co pre!_100 100 Dec 22 108 July I
104
•
.08_ •.08
Oct 108/
1
4 Feb
__
.
..
.03 .08
____ _ _
500 Boston Hex Pet Trus_No par .07 Ma. 291 .20 Jan 10
2014 21-14 203* 111
.05 Dec .30
Jan
/
4 21 12 2112 20.8 21
_-- -__
363 Connor (John T)
10 2052 Dec 22 2812 Mar 5
3312 3312 •33
19 July 27 Max
36
.33
3512 *33
____ ____
3512
Dominion
25
Stores,
Ltd
2412Ma
y
22 35 Sept 26
0283/
1
4 _ _ *x$812 _ _ *28812 _ _ •18812 - _
2512 Dec 2614 Der
____ ____
Preferred A
100 84 Jan 15 8812 Dec 11
*212 -3"
212 -212 .2
-3214 -2-12
____
425 East Boston Land
10
2 Sept 22
3 Feb 25
-3 -Dec
•512 612
4
Jan
51
/
4 6
5
512
5
514
5
514 1,675 Eastern Manufacturing_ 5
4 Oct 3
812 Feb 6
5 Dec 141
•52
53 .50
.52
/
4 Mar
5104 5134 *50
5:3
____ ____
10 Eastern SS Lines. Inc
25
38
Jan
3
5514
Max 8
31 Nov 127/
.36
37
•36
1
4 Mar
37 .36
37
37
37
____ ____
15
Preferred
par
No
341
/
4
Jan
40
25
Feb 7
35
•138
Oct 40
90 .88
Oat
90
•87
39 .88
89
-__ -___ _ _ _ _
let preferred
100 8512 Jan 8 93 Mar 8
85 Aug 88
195 19612 19614 19712 196 199
Oct
19812 199
193,2 230
2.057 Edison Electric Illum
100 163/
1
4 Jan 2 200 Dec 26 15232 Nov 172
Jan
*3/
1
4 4
*4
5
*4
5
*4 5I
Eider Corporation
No par
212 Jan 17
5 Dec 13
112 Dc 1074 Jan
t'40
41
.4..a ..4111
•40
41
.40
41
____ ____
15 laiveston-Houston Eleo_100 13 Jan 11 41, Dec
5
5 July 2915 Feb
• 5
_
Gardner Motor
No
par
334Sept
10
6'
2 Jan 8
514 Dee 1512 Mar
_____ •114_ _ •114
___ .ili
___
____ ____
Georgia fly & Elec
100 11314 Mar 28 1161
/
4Sept 18 116
Oct 1161, Oot
•7812 -80
*7812 -8-0
07812 -40
.7812 -80
___ ____
..•% ao..-curn met
100 79 Aug 18 80„ Jan 3
78 Feb 8014 June
1312 14
1414 1414
14
14
•13
14
1334 1334
250 Greenfield Tap & Die
25 1212 Nov 18 15'5 Jan 7
1434 Nov
24 Feb
5812 5812 *756
53
57
53 •z53
59
58 5812
130 flood Rubber
No par 46 Mar 25 60 Dec 15
50 Deo 6312 Mar
•x5212 5312 .153
5312 5212 5212 •:5214 53
_-__ ____
30 Internist Cement Corp_No par 41 Apr 28 59 Nov 24
32 July 44 Mar
•I
2
.1
2
.1
2
.1
2
____ ____
International Producta_No par .10 Feb 18
3 Dec 10 .10 Deo
3 Mar
.9
101
/
4 .8
1012 .8
1012 .8
1012
____ ____
Do pref
100 .25 Feb 14 14 Dec 10 .60 Dec
8 Mat
Kidder. Peabody Acceptance
*8812 89
8812 8812 8812 8812 .8812 89
____ ____
82
Corp Class A pref
100 80 Jan 3 8812 Dec 11
80 May 8315 Feb
7/
1
4 712
71
/
4 71
/
4
7
712
732 732
7
712
542 Libby. McNeill & Libby_ 10
4 Juno 12
8 Nov 8
41
/
4 Dec
•_
812 Aug
70 •._ 70 •_ _ 70 ._ _ 70
Stock
______ ___ _
Lincoln Fire I nsuranoe
20 70 Jan 9 71 Nov 19
lifg 121_•
12
2
ti
1212 15
_ _ ___
263 LOOW'S Theatres
25
9
Mar
21
1212
Dec
17
814
June
if
70
Air
7012 70
7014 71)
12(
70
Exchange
70
70
4-66
70
461 Masaachusetts Gas Cos
100 66 Nov 3 81 Feb 20
7311 Doe 3712 Jan
6312 64
6312 6312 6312 6312 6312 61
6312 6312
79
Do prof.
100 62 June 26 70 Jan 3i
Dec
62
166 168
73
167 168
16512 168
Jan
168 169
Closed168 163
257 Mergenthaler Iinotype_100 150 Apr 22 172 Deo 10
147 June 179
1112 11 12 e___ 1134 •____ 10 •___ 11
Jae
- -- ____
25 Mexlean Investment, Inc
10
612 Jan 2 173* Feb 21
•32/
1
4 34
3 Dec 14/
*33
34
1
4 Feb
3234 32
*33
34 Chrlstmas
33 y33
22 Mississippi River Power_ _ _100 19 Feb 18 35
Oct 2
18 Nov 2814 Jan
0:88
90
90
90 *188
90
88
83
88
88
50
Do etamped prof
100 80 Jan 4 90 Sept 25
80 Jan 84 Feb
4/
1
4 4/
1
4
434 434
412 434
45
434 434
Day
4/
1
4 2,097 National 1.eather.
10
2 Apr 24
532 Nov 7
1
114 .1
112
1 ‘,f. Dec
Ds
Da
Da
1,2
81
/
4 Fe
1 12 112 1,360 New England 011 Corp tr etre. .50 Dec 18
5/
1
4 Apr 8
2
Oct
412 Sett
.8
12
.8
12
714 9
10
8
61
/
4 614
305
Preferred (tr ctfa)
1001
61
/
4
3114
28
Dec
Mar
2e
1212
Dec
9974 10034 10012 1001
9972 100
100 101
Cot
10
/
4
10012 101
1,315 New England Telephone-100 98 Dee 18 11.512 Jan 31
110 Doe 122
0:26
2634 .226
27 .12614 27 .12614 27
Jan
__ _
___
Orpneum Circuit. Inc
1
14 Jan 16 26 Nov 25
1834 July 211
80
8012 80
81
80
81
/
4 Apr
81
81
8014 -8-0-14
Pacific
205
Mills
6912
30
Oct
Feb
87
14
84 Dee 190
o11534 1614 .Z1574 1614 •z1572 1614 •z16
Jan
1612
1612 1612
69 Reece Button Hole
10 1134 Jan 5 17 .1111y 22 21434 Dec 18 Mar
13z212 234
23s 232 .1212 234 •1212 234
__ __ __
60 Reece Folding Machine
10
212May 14
3 Jan 2
•____
2 Jan
.25 •____
.25 •____
314 Mar
.25 .___
.25
____ ____
Simms
Magneto
5
.10 Oct 27 .40 Feb 15 .10 Dec
110 11012 113 11412 11414 115
2 Feb
11312 114
11312 115
1,077 Swift & CO
100 100 June 11 115 Dee 21
4775 4772 .147
0812 Jima 109/
43
47
47
1
4 Jan
47
47
.._ _ _ __
220 Torrington
25 3E12June 3 52 Dec 18
*7
3934 Doe 50 Mar
812
5
0
.7
83*
712 712---_
_
Union
301
Twist
Drill
5
5 Dec 22 10 Feb 18
4214 43
4134 4214 4114 4214 4134 421
6
Dec
11
Mar
/
4
4154 -4114 1,270 United Shoe Mach Corp
25 34 Jan 3 4314 Dec 12
012612 27
3211 Nov 5514 Mar
2612 2612 2612 27
27
27
.2612 27
314
Do pref
25 2432 Feb 29
1934 20
1934 20
1934 1934 1934 20
2438 June 2814 Jan
1934 1934 1.020 Ventura Consol 011 Fields_ 5 191 Oct 15 281:Nov 11
4
27 Jan 29
1814 18
18 .1772 1812
1832 183* 18
1934 Aug
311
Jan
18
18
434 37aldorfSys. Inc. new Erb No par 137k Apr 30 20 Nov
7
•8
812
8
812
8
1.6 Dee 02215 Mar
8
8
8
____ ____
138 Walth Watch Cl B com_No par
612 Jan 11 101
/
4
Feb
1
16
5
16
1618 *1512 16,
17
17
Feb
16
13
Mar
___
__
280
Preferred trust ctfa
100 14 June
15 Dec 291
21
2132 2014 21 14 2014 2034 20
/
4 Mar
22012
203s 2034 2.410 Walwortb ManufacturIng. 20 1512June 10 2312 Feb 13
20 22 Feb 19
1114 Jan
3634 37
3612 3612 3612 3734 3714 371
18 Dec
/
4
37
3712 1,308 Warren Bros
50 293* Jan 3 3914Nov 18
*13814 3914 3814 3812 3'3814 3914 33(4 3814
25/
1
4 Jan 3412 Mar
3812 3912
130
Do
prof
let
50
343
4
Apr
25 41 Jan 25
*239
41
139
30/
41
39
1
39 .239
4 Dee 32/
1
4 Mar
41
____ _ __
1
Do 2d pref
50 38 Mar 5 42 Jan Is
33 July 42 Mar
________________ Steel_ 54. $1
Aug 20
515 Jan 11
3 Dec 12/
1
4 Feb
Mining
•.15 .80 0.15 .60 ..15 .50 •.15 .60
•.50 ".60
Adventure ConsolidatedDec 18 .42 Nov 14 .10 Nov
1 Feb
•.20 .30 •.20 .30 ..20 .30 •.10 .20
.20 .25 1,700 Algoinan Mining
24 .1) Jan 15 .42 Nov 14 .10 July .50 Mir
Vs
134 21a
134
134
132
2
2,2
234 314 2.364 Arcadian Conaolidatorl
2
5
June 113
314 Dee 26 .70 July
1114 11 14 11
11 14
1132 1214 1212 133*
414 Mar
1214 1552 15.820 Arroyo. rommerctal____ . 6
8 Jan 2 1505 Dec 28!
2614 2614 2614 2614 26
7 Dec 141
261
/
4 2619 2712
/
4 Mar
27
2738 3,868 4llug,ura Mines
10 14 June 13 273* Dec 28
141
/
4 Oct 19 Feb
1632 1612 1632 1634 1614 17
1678 1712
1734 18
7,239 Calumet & Heela
*" 1335May 15 19N Jail 7
17 Oct 49 June
.75 .85
.75 .75
.50 .70
.50 .70
.75 .75 4,020 Carson Hill Gold
.37 Nov 15
3 Feb 1
17
, Deo
2714 28
2612 28
2612 277s 2734 29
9/
1
4 Feb
29
31
4,728 Copper Range Co
25 '812June 6 31 Dec 213
221
/
4 Oct $4634 Milt
___
_
_ _
___
Davie-Daly Copper
10
Jan
3
33*
43
4
Jan
23
2
/
1
4
June
418
414
414
438
432
5 Feb
-43a
-4
4
1-4
412 538 4,406 East Butte Copper Mining_ 10
-.1-0
314July
15
512
Jan
24
432 Nov
.50 .7f1
•.50 .75
.40 .80
.70 .70
111
/
4 Mar
.90 .90
964 Franklin
25 .40 NIav 24
1 Jan 8 .30 May
•1
112 .1
112 .1
114
.98 .98
23s Mar
114
Ps
500 Hancock Consolidated
25 .30
Oct 27
2 Jae 28
1
Oct
2112 21
21
1912 20
20
4 Mar
2112 21
2034 2034
720 Hardy Coal Co
I
1912
Dec
20 2812 Jan 7
2434 Mar 3105Juue
•114
•11
/
4 112 .1 12
112 3.1 18
112
112 •112
112
Helvetia
25 30 May 10
2 Nov 17 .10 Sept
135 1351
134 135 .2134 135
/
4 134 135
114 Feb
134 135
343 Island Creek Coal
1 941
/
4 Apr 2 142 Nov 29
9312 Nov 11512 Apr
*29412
9412 95
96
96 •z96
97
•96
97
55
Do pref
I 90 June 4 100 8001 11
Nov
9014
•17 Is
97
IS
1712 1312 16
19
100
1912 2014
/
1
4 Mar
791 Isle Royal Copper
25 12 June 7 2014 Dec 211
16
Oct 3314 Mar
•134 2
*134 2
*134 2
.134 2
•134 2
Kerr Lake
5
1I2Mar 5
212 Feb 13
•1
113
172 Dec
1
1
l'i4
1
1
1
.75 .75
31
41 Jag
95 Keweenaw Copper
25 60 Jan 7
114 Nov 11 .60 Sent
•112 2
134
134
114
134
21.4 Mar
112 Pa
17s
234
244 Lake Copper Co
25 .90 Apr 3
234 July 23
1
Oct
.214 2/
5/
1
4 Mar
1
4 234 •27, 234
1
4 .235 234 .2/
214 214
50 La Salle Copper
25 .70 June 13
2,558ept 24 .50 Dec
•1N
IN .
134 .132 112
314 Mar
13*
15
11
/
4
13* 232 1,800 Mason Valley Mine
5
114 Oct 23
•1
232 Doc 26
114
11
1
/
4 Nov
252 Mar
1 18
11a
.75
1
1
118
114
425 Mass Consolidated
25 .50 Jan 8
134 Aug 20 .50 Doe
934 2
414 Mar
134 2
134 214
234 310 ,I755 Mayflower-Old Colony
IN
212
25 .80 Apr 9
5 July 21
112 Oct
7 Feb
/
4 3512 35
351
3512 3434 36
35
38
40
371
/
4
1.766 Mohawk
25 2312June 13 40 Dec 26
47
Oct 71 Mar
2212 23
223g 23
2234 23
23
2334
237 25
6,333 NewCornella Copper
1612 Jan 2 25 Dec 20
141
/
4 Oct 241
•.35 .50 •.35 .50
/
4 Mar
.40 .40 •.40 .50
100 New Dominion Copper
.40 Dec 2
234
Apr
7
2
/
1
4
Aug
414 Apr
• - 3212 • . 3212 .3 _ _ 3212 3._ _ 3212
•_ _ _ _ -3-212
New River Company
100 35 June 16 40 Mar 1 1
35
Apr 40
;66 . _ ;66 .,_ .66 _ _ .66 . _
Apr
60
60
30 Do pref
100 60
June 10 75 Mar 11
72 Nov 84 Mar
614 -6-1
*632 612
/
4
6/
1
4 -512
612 -612
512 -612
245 NiplasIng Mines
5
534 Jan 10 611ir1"eb 1
434 July
238 232
212 • 232
634 Feb
23s 238
232 232
234 318 4,025 North Butte
15
172 Oct 71
632.1uly 26
1,
5,
{. Nov 1234 Mar
•.70 .90
.75 .95
1
1
.65 .65
•.80 .95
650 02bway Mining
25 .40 June 101
1 Nov 3 .50 Nov
233* 2334 2314 2312 2212 2312 23
2212 27
211 Mar
2414
3,105 Old Dominion Co
25 15 Jan 301 2712July 28
1
4 Mar
434 434 *2472 514 *1434 514 .
1312 Oct 32/
*434 514
z41
/
4 51
/
4
16 Park City Mining dr Smelt_ 5
312 Jan 3
512 Feb 1
21
412 Nov
/
4 Aug
•13
1312 *13
1312 13
13
*1212 13
*1212 13
20 Pd Crk Pocahontas Co-No Par 1034July 11
151
/
4
J
ulv
23
121
/
4
Dec 1814 Mar
2512 26
26
27
2534 2634 26
30
3312 2,701 Quincy
29,2
25
14 June 10 3312 Dec 26
Oct 50 Mar
37
18
3712 37
3712 3612 3712 37
39
41
3834
1.769 St Mary's Mineral Land
25 26 June 16 41 Dec 26
27
Oct 5312 Mar
•1
1,4
1
Da
•112 134
1 1,
f4 1 ‘Xs
1
11s
380 Shannon
10 .30 Apr 2
112Sept 13 .30 Dec
11
/
4 Mar
•.25 .75 ..25 .75 '1..25 .75 ••25 .75
..40 .95
South Lake
25 .25 July 19 .40 Sept 8 .10 June
1 Aug
•134 2
2
218
2
2
l's 2
218 214
1,720 Superior
25 .90 Jan 15
1 Dec
314 Mar
214 Dec 26
132 1N
132
112
134
12, Pa
112
178 2,180 Superior & Boston Copper_ 10
134
.25 Aug 19
2 July 26 .65 Dee
304 Feb
3'Xr 33*
338 33a 6,630 Utah-Apex Mining
332 3(, '333 3,2
5
I72June 28 3"re Dec 1
212 Oct
6
Apr
Utah Consolidated
1 .01 Jan 3 .01 Jan 3 .01 Dec
3 Mar
.30 .90
.30 .35
.32 .40
.30 .35
.30 .45 7,725 Utah Metal & Tunnel
1 .14 June 18 .70 July 22 .25 Deo
13
2
•.60 .90 3..75
Feb
1
.50 .50 •.75 .90
•.75
1
5 Victoria
25 .15 Apr 24
1 Aug 18 .60 Aug
232 Feb
•.30 .40
.40 .40
.30 .40
.20 .30
•.40 .50
289 Winona
25 .13 Feb 6 .71 July 22 .10 Dec
1N Mai
••15 .25 •.15 .25 •.15 .25 ..15 .25
..20 .25
Wyandrit
22 .10 July 23 .25 July 26
111 1/0*
1 55,,
•90 and asked prtareg no sales 00 41218 day.
15x-rurati. 0 4.5a-nly..4au nahts a Ex-dividend q
Ex-steck d Addend. a Al#1084i1160t paid
Price on new bum..
.
il
Si +.0,
S
•
_
5
•
_
Dne. 27 1924.1
Friday
Sates
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par Price. Low. High. Shared:
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Dec. 20 to Dec. 26, both inclusive.
Bonds-
Friday
Last Week's Range Sales
of Prices.
for
Sale
Price. Loto. High. Week.
61
61%
At!Gulf & W I SS L 581959 61
100 100
Broad River Pow 634a 1934
9731 9731
Chi June Ry & US'1' 513.'40
64% 65
BMusSt RR sec A 448'48
71%
1948
70
Series 13 58
98
98
Fisk Tire Fabric 6318.1935
1936 101.34 1014 102
Hood Rubber 713
1929 9734 97% 97%
Maas Gas 4318
1931
954 9534
4318
96%
Miss River Power 58_ _1951 96% 96
994 99%
New England Tel 55_ _1932
1944
9734 9735
Swift & Co 55
122 122
Warren Bros 748._ _ _1937 122
4..1912
99 l4 9934
Western Tel .4 Tel 5,
Range since Jan. I.
Low,
35,050 42
10,000 100
5,000 924
8,000 58
13,100 59
10,000 98
5,000 9934
2,000 9434
5,000 91
14,000 92
2.000 97
11,000 9431
6.000 106
15.000 9534
Jan
Dec
Jan
Sept
Aug
Dec
May
Jan
Jan
Jan
Jan
May
Jan
Jan
High.
614
100
984
66%
7531
98
103
99
9714
9931
10231
101
1294
10034
Dec
Dec
Nov
Nov
Nov
Dec
Nov
Dec
Sept
Oct
Nov
July
Oct
Nov
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Dec. 23 to Nov. 26, both inclusive, compiled from official lista:
Stocks-
Friaay
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Pr ce. Low. High. Shares.
Alabama Co
100
Amer Wholesale, pref_.100
Arundel Sand & Grave1.100
Atian Coast L(Conn)_ _100
Baltimore Brick
100
Baltimore Tube
100
Preferred
100
25
Benexch (I), pref
Central Teresa Sug,com_10
Century Trust
50
Chen & Pot Tel of Balt_100
Commerce Trust
50
Commercial Credit
*
Preferred
25
Preferred II
25
Conaol Gas, EL & Pow...
100
634% preferred
7% preferred
100
8% preferred
100
Consolidation Co Li_ _ _100
Continental Trust
100
Davison Chemical
•
Eastern Rolling Mill
•
8% preferred
100
Equitable Trust Co
25
Fidelity & Deposit
50
Financd Co of Amer, pf.25
10
Finance Service A
Houston Oil, pref tr ctfs 100
Manufacturers Finance.25
25
First preferred
25
Second preferred
Maryland Casualty Co_.25
Merch & Min Tr Co_ _100
Monon Vail Trac, pref 25
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Amsterd'm Caa Co100
Northern central
50
Penna Water & Power _ 100
Silica Gel Corp
•
United Ry & Electric._ _50
Us Fidelity & Guar_ _60
Wash Bait & Annap__ _ _50
West Md Diary,Inc, pf _60
8235
162
6
25
254
26
33
71
10534
5135
90
264
11534
43
130
1334
194
64
77
7731
9211 94
8234 88
1604 166
6
6
30
30
64
61
2635 2634
.60 .60
105 108
11134 III%
5831 5834
25
254
25
254
26
26
324 3334
10534 10534
10934 110
12334 12334
7034 714
203 203
4434 4434
100 110
112 115
5134 5134
8834 90
2834 2634
19% 20
9531 9534
57
57
.254 2535
24
2434
86
8634
115 1154
22
21
1434 144
6314 664
43
43
7834 794
127 130
1331 15
1934 20
180 184
634 7
5034 5034
27
60
1,048
320
140
100
155
30
100
26
26
30
154
82
60
312
122
34
44
674
15
100
278
225
21
440
74
101
25
75
48
98
135
45
120
235
402
64
40
209
600
290
45
90
1
Range since Jan. 1.
Low.
45 May
92
Aug
46
Jan
115
Jan
414 Aug
21
Jan
53
Jan
26
Jan
.60 Dec
99
Mar
10931 June
52
Nov
224 June
2334 June
244 May
314 Nov
10031 June
1044 Mar
1154 Jan
694 Apr
17931 July
4431 Dec
6634 Jan
88
Jan
46
Feb
77 June
18
Jan
174 Apr
8634 May
50
Feb
22
Jan
2114 Sept
75 June
102 June
17 May
7 Sept
45 June
384 June
72
Apr
9834 Jan
12
Nov
1531 May
145
Apr
44 Nov
4934 May
High.
79
Dec
100
Jan
91,1
Dec
166
Dec
6
Dec
37
Feb
7331 Feb
2734 Apr
111 Jan
108
Dec
112
Feb
60
Nov
3134 Feb
26
Dec
27
Dec
3534 Dec
107
Dec
11034 Dec
12431 Oct
814 Jan
203
Dec
514 Sept
110
Dec
115
Dec
514 Dec
90 June
2634 Dec
214 Nov
9711 Dec
57
Dec
254 Dm
2434 Des
88
Dec
118
De(
2334 Jul)
15
De(
6631 Des
43
De(
794 Dcs
13531 Oel
3034 Pet
204 Sepl
185
De(
74 Jun(
5234 Ocl
BondsChicago City Ry &13_._1927 83
83
83
22,000 744 Jan 83
De(
Comm')Co,Ser A 6s_ _1934 9935 9934 9934 1.000 9934 Dec 9934 Del
Consolidated Gas 6s_ _1939
100 100
9.000 98
Mar 10034 De.
General 44a
1954
9231 9234 1.000 8831 Jan 9331 Not
Consol Gas, Elec Lt & PSeries E 5318
1952
102 102
5,000 974 Jan 1024 Not
Series A 68
1949
1044 105
4,000 10234 Jan 106
Not
Elkhorn Coal Corp 60.1926 994 9934 100
10,000 9534 Jan 100
De,
Georgia & Ala cons 58.1945
924 9234 2,000 84
Jan 9454 De.
Locke Insul Corp 713_1942 10434 10534 10534 2,000 100
Feb1054 De,
Monon Val Was 5&.1942
88
90
2,000 76
Jan 90
De(
Penna Wat& Pow 58..1940
10034 10034 2,000 984 Jan 13534 Oc
Potomac Valley 1st 58_1941
100 100
2,000 984 Apr 100
De,
Standard Gas Equip 681929
100 100
5.000 100
Dec 100
De
United Ry & Elec 413..1949
70
704 6.000 6854 Mar 7331 Au,
Income 45
1949
6231 6231 5.000 49
Apr 63 Sep
68
1949 96
96
9635 9,000 954 Apr 994 Jai
Wash Balt& Annan 15R 1941 6514 654 66
2.0(2) an
Art nistc 'op,
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Dec. 20 to Dec. 26, both
inclusive, compiled from official sales lists:
Stocks-
2999
THE CHRONICLE
Friday
Sales
Last Week's Range for
of Prices. Week.
Sale
Par. Price. Low. High. Shares.
Abbots Aid DiarY, pref _100 9234 9234 9234
10 3734 37
3734
Alliance Insurance
94
94
Amer Elea Pow Co, pref 100
American Gas of 4J_ _ _100 12231 12034 1224
1131 1234
American Milling
10
• 454 4434 46
American Stores
1294 1294
Baldwin Locomotive_ -100
107 1074
Bell Tel Co of Pa, pref.i5o
106 106
Brill(JO)Co
40
40
50 40
Cambria Iron
424 4234
50
Catawlssa, 1st prof
4034 404
•
Congoleum Co,Inc
414 4231
Consol Traction of N J.100
58
55
Cramp(Wm)& Sone._ _100 65
East Shore G & E8% pf..25 244 2431 26
42
44
100 43
Eirienlohr (Otto)
604 61
Electric Storage BatVy.100
5634 5734
100
General Asphalt
•
44
44
General Refractories
164 19
Giant Portland Cement_60
89
89
Oils,Vail Globe & Nor__ _ _ 89
6414 67
Insurance Co of N A__ _10 67
4
434
434
Lake Superior Corp....100
50 8754 8634 884
Lehigh Navigation
60
7834 7834
Lehigh Valley
23
2331
10
Lit Brothers
60 7934 7934 7934
Northern Central
5935 6031
Penn Cent Light & Power•
81
81
North Pennsylvania_ _ _50
4814 4834
Pennsylvania RR
50
Philadelphia
Co(Pitts)._
..
_
"
'
e
Range since Jan. 1.
Low.
10 90
455 32
100 774
549 7731
280
8
5,030 2654
10 106
70 10631
50 8534
320 384
16 42
100 31
75 31
120 424
130 24
570 304
200 5034
300 33
600 32
67
3
50 89
515 484
2,190
234
1,354 644
50 3934
207 22
25 7234
35 57
25 78
3,435 424
IL
,L
Apr
Jan
Mar
Apr
Feb
Apr
May
Oct
Jan
Jan
May
Feb
Feb
June
Mar
July
July
Apr
June
May
Dec
Jan
June
Jan
Apr
June
May
Jan
Mar
Jan
High.
924
3814
96
12934
1234
484
13034
109
123
41
4334
5035
45
56
26
6134
654
58
5334
224
89
69
534
8831
8434
304
7931
6031
81
4951
Dec
Dec
June
Nov
Dec
Dec
Feb
Dec
Jan
Mar
July
Aug
June
Dec
Dec
Jan
Dec
Dec
Feb
Sept
Dec
Nov
Nov
Dec
Dec
Nov
Dec
Dec
Dec
Dec
25
Phi's, Elec of Pa
25
Preferred
PhIla & Reading C& Iron•
Phil& Rapid Transit_ _ _50
Philadelphia Traction_ _ _50
50
Philo. & Western
50
Preferred
Railways Co General. i0
50
Reading Company
Scott Paper Co, pref.-100
Tono-Belmont Devel_ _1
1
Tonopah Attains
50
Union Traction
50
United Gas Impt
50
Preferred
Welsbach Co
100
West Jersey & Sea Shore 50
Westmoreland Coal
50
3931
374
40
6134
1531
96
3934
8835
5731
38
394 10,559
37% 37%
135
50
5334
890
6,737
3831 40
6134 62
575
1534
15
350
354 354
130
25
634 635
7434 7631
285
20
96
96
9-16 9-16 1,500
585
14 1%
620
3834 3934
22,816
8231 89
212
573.4 58
141
50
50
38
303
38M
5
60
60
Range since Jan. 1.
Low.
29 May
29% Mar
3734 'Apr
30% June
554 May
Jan
9
314 Apr
434 June
5124 May
934 June
7-16 Aug
134 Jan
37% June
5831 Jan
5531 Jan
50
Dec
3431 July
56
Dec
Bonds90
Amer Gas Sc Elec 5s_ _2007
913.4 211,600 84
600 85
8734 88
2007
Small 5s
64
12.30(1 61
Elec & Peo tr ctfs 4s_1945 6231 62
1041‘ 104% 3,000 103
Eqult Ilium Gas I. 58.1928
6,000 9834
99% 100
General Asphalt 68. _1939
82
1,000 75
82
Keystone Tel 1st 5s._ _1935 82
11,000 1331
16
17
Lake Superior Corp 58 1924 17
8634 8635 1,000 8531
Midland Valley 55._ _ _1943
Penna Rit consol 4318_1960
9835 9835 5,000 96%
68
6814 10.000 67
Peoples Pass tr ctfs 48.1943
2,000 8814
93
93
Phila Co eons & stpd 58 '51
Plata Elec 1st 5s
1966 10034 10031 10231 35.500 97
5348
1947 10431 1044 104% 7,000 9914
12,100 984
105 105
5348
1953
1084 1063i 2,000 10331
1941
68 "
2,000 1004
105 105
Reading Traction 6a_ .1933
93
100 10034 49.00
United Rya Invest 58_1926
Mar
June
Oct
APT
Nov
Jan
Sept
July
Apr
Dec
Jan
Feb
Jan
Ian
Jan
Apr
Jan
High.
39% Aug
39% Aug
5331 Dec
40
Dec
Jan
64
204 May
3534 Jan
631 Oct
79
Dec
98% Aug
11-16 Feb
2;4 July
43
Jan
89
Dec
58 Juno
62 May42 May
6614 Feb,
92
88
66
104 31
100
854
1934
8634
9831
72
94
10334
1044
105
107%
108
10034
July.
Jan,
Mar.
Nov.
Nov.
July
Feb.
Oct
Dec
June
DeoAug
Nov
Nov
Oct
July
Dec.
Chicago Stock Exchange.-Record of transactions at
Chicago Sfock Exchange Dee. 19 to Dee. 26, both inclusive,
compiled from official sales lists:
We include in our record this week the transactionsfor Friday
of last week (Dec. 19) as well as those for Friday of this week,
as a sleet storm on this previous Friday prevented the transmission of the figures to us on that day.
Stocks-
bates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Amer Pub Sera,
. pref._.100 904
Am Steel Foundries 33 1-3
Armour & Co(Del) pref 100 934
Armour & Co. pref.__ _100 86
ra 534
Armour Leather
100
Preferred
Balaban & Katz v t c,,25 5131
Preferred
100 96
Beaver Board v t c -B" •
Preferred ars
100 36
Bench x Corporation_ _ _ _10 304
Booth Fisheries, com_
*
Borg elc Beck
* 28
Bunte Bros
10
1st preferred
100
2
Central III Pub Ser, pfd. •
Chic City & Con RyPt sh corn
•
Preferred
•
4
Chicago Fuse Mfg Co
•
Chic Nip Mfg Co el"B"_15 1631
Com Chem of Tenn "B" •
Commonwealth Edison 100 13534
Consumers Co common_20
434
Preferred
100
Continental Motors
sg
•
Crane Co. common
25
100
Preferred
Cudahy Pack Co cons_ _100 76
Daniel Boone Wool M..25
73.4
Decke (Alf)& Cohn,Inc.• 20
Preferred
100
Deere & Co. prof
100 814
Diamond Match
100 118
Eddy Paper Corp (The)--• 19
Elec Research Lab
• 36
Evans & Co.!next"A"._5 27
Fair Corp(The) pref. _ _100
Foote Bros G & M Co_ __-• 1534
Gill Mfg Co
•
Godschaux Sugar. emu_ •
Gossard, H W.prof
•
Great Lakes D & D_ _100
Hammerm ill Paper, pfd 100
Hartman Corp•
Hupp Motor
10 17
Hurley Machine Co
• 60
Illinois Brick
100 124
Illinois Nor Utilities pf_100
Independent Pneum Tool * 7031
Inland Steel
•
Internat'l Lamp Coro.-.25
234
Kellogg Switchboard_ _ _ _25 45
Kraft Cheese
25 32
Lbby MeN Sc Lib new_ _10
734
Lindsay Light
10
Lyon Sc Healy Inc Mei.100
McCord Had Mfg "A"._• 39
McQuay-Norris Mfg
•
Middle West Utilities co m * 79
Preferred
100
Prior lien preferred...100 9734
Midland Steel Prod
* 3294
National Leather
10
5
Northern States Power_100
Omnibus pref"A" w 1..100 90
Vot trust ctfs w I a
• 1534
Philipsborn's Tr ctf
1
4
Preferred
100
Pick (Albert) Sc CO
10 2251
Pines Winterfront “A"._ _5 64
Pub Berv of Nor 1111 co m_ _• Ill
Common
100
Preferred
100
100
7% preferred
Quaker Oats Co
100 350
Preferred
100 103
Real Silk Hosiery Mb_ _10 584
Reo Motor
10 1734
Ryan Car Co(The)
25
Sears-Roebuck, corn_ _ _ 100
Standard Gas Sc Electric_ •
Preferred
50 5031
Stew-Warn Speed corn_ _• 7034
Studebaker Corp
•
Swift Sc Co
100 1174
• o par value.
90
4434
93
85
654
85
51
9414
7
36
3034
5
26
1431
14
85
91
4431
94
863-4
7
85
5134
96
7
36
3234
5
28
15
2
86
34
34
334 4
29
29
1631 1634
6
6
1344 1354
414 414
57
55
834
8
69% 69%
1144 115
76
74
74 814
204
20
984
98
8134
81
117 118
19
19
34
3634
2634 2734
1064 10631
1434 16
4
5
2 % 244
27
2734
95
95
104 104
374 3734
1634 1734
5914 6031
110 124
86
86
7031 72
4734 4754
234 254
45
45
31
3234
734 8
134 14
105 105
384 39
15
15
7734 80
9235 93
974 98
3235 33
434 5
104 106
90
91
1534 1734
34
4
30
30
2134 2434
57
644
III 112
1114 122
9331 94
10534 10531
350 350
10214 103
57
5834
1734 1734
3231 33
14831 149%
40
4031
50
5035
6634 72
45
46
1104 1174
160
75
1.535
2,492
998
70
1.010
312
220
25
8,085
25
510
415
90
65
Range since Jan. 1.
Low.
85
3934
83
69
2
47
38
854
134
13
3034
434
22
9
1
85
High.
May 92
Feb 4431
May 95
Apr 8931
734
May
June 85
Apr 5134
Apr 100
74
Feb
June 4034
Dec 324
Aug
7
June 31
Jan 15
431
June
Jan 92
31 Dec
700
13.4 Aug
1,06
20 264 Sept
July
25 14
Dec
50
6
931 1264 May
450
14 Oct
70 33
Nov
6
Apr
2,750
61
Nov
11
91 1074 Mar
Apr
1,680 55
Nov
6,930
5
Apr
242 17
200 86 May
77 61 May
Jelly
60 115
100 15 June
1,025 3331 Dec
3,900 2634 Dec
50 10034 Apr
3,415 1434 Doe
150
34 Oct
1,060
234 Dec
55 22 July
200 7934 Apt
200 10034 June
100 3434 Nov
9,770' 1034 June
Apr
1,385 48
400 78 May
Jan
20 84
340 7034 Dec
Mar
200 34
Mar
1
1,040
250 37
Apr
Oct
675 24
4 June
8,745
200
134 Dec
July
25 96
210 30
Apr
100 11 June
Jan
1,410 43
330 834 Mar
Jan
619 94
365 3234 Nov
234 June
699
Feb
225 99
1,215 8631 Dec
10,470 1434 Sept
N Aug
4,655
Nov
10 15
July
15,000 17
14.375 1934 Apr
1,220 99 June
45 96 May
40 9034 June
80 105
Aug
60 250
Apr
86 994 May
1,950 2831 July
25 15 June
1,760 3034 Nov
1,640 80 May
395 304 Jan
504 4614 May
43.855 4931 Aug
5,975 33 June
8,860 10034 May
Nov
Dec
Deo
Dec
Mar
Dee
Jan
Mar
Dec
Dec
Deo
Jan
Jan
Dec
Jan
Sept
Dec
7
4
Jan
3611 Oct
2231 Jan
1434 Jan
1374 Dec
431 Jam
65
Jan
834 Dec
73
Nov
11634 Nov
7531 Dec
38
Jam
21
Aug
9834 Dec
8834 Nov
12031 Jam
Oct
20
3954 -Nov
2734 Dec
10631 Sept
16
Dec
18
Jar
Jar
8
•30
Jar
95
Der
104
Oct
444 Pet
1734 Jar
Nov
67
124
De(
87 Sept
804 Mu
4754 Del
9
Jar
4754 Nov
32
Nov
8
Der
4
Jai
105
Da
404 De.
2031 Jai
85 Sep
9434 Sep
99.31 Sep'
Not
35
534 Not
106
De
92
Juli
1834 Jul)
24 Jai
42
Jai
2431 De
6434 De
112
De
De.
112
9931 Jai
108
Oc
350
De(
10331 Not
6034 De
1934 Jai
35
De
14934 De
4134 De
51
Not
101
Jai
10651 Fel
1171 De
3000
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Swift International
15 3315 3114 3315 6,185 19
Jan 35% Nov
Thompson (J 11) corn_ _25
47
47
50 42% Apr 50% Jan
Union Carbide & Carbon •
Apr 67% Dec
65% 66% 4,665 55
United Iron Works v t c_50
435 Jan
115 Oct
65
3
3%
United Light & PowerCommon "A" w a_ _ _ _* 4915 48
Oct
2.730 28% May 56
50
Common "B" w I a__ •
Oct
May 55
49
50
718 31
Preferred "A" w I a__ •
Sept
210 7515 Apr 85
8315 8315
Preferred "B" w I a_ _ _ _• 43
Oct
42
43
605 4115 Nov 48
United Paper Bd cons_ _100
21% 2334
July 25% Dec
530 16
Unlv Theatres C Co
4615 48
5
2,075 34% Nov 48% Dec
Apr 175
US Gypsum
Dec
20
163 166%
445 78
Aug
Preferred
113 113
100 113
10 10234 Jan 116
Wahl Co
Jan
Dec 42
•
1914
885 16
17
Wanner Mall Castings_ _ _• 21
Oct 2514 Feb
250 19
21
22
Ward M & Co corn
10 47% 45% 47% 7,480 21% May 47% Nov
Class "A"
May 11915 Nov
116 11715
100 104
•
414 Apr
Wolff Mfg Corp
9% Oct
360
715
715 734
Wolverine Port Corn. _10
1214 1334 2,860 1215 Dec 13% Dec
Wrigley Jr corn
44% 2,530 3515 Oct 45% Dec
44% 44
Nov 97
Jan
Yellow Cab Mfg Cl "B"._10 3934 3914 40
5.825 32
Yellow Cab Co Inc (Chic)• 51% 4914 51% 12,760 38% Oct 64% Jan
BondsChicago City Ry 5s_ 1927
Northwestern Elev 58_1941
Swift & Co 1st of g 58_1944
97
82
82
80
80
97% 98
92,000
2,000
2,000
Jan
74
Jan
71
94% May
Dec
84
Sept
80
98% July
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Dec. 20 to Dec. 26, both inclusive, compiled from official sales lists:
batc.r
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Stocks-
Am Vitirfied Prod corn_ _50
1934 20
Preferred
87
50
87
90
Am Wind Glass Mach-100 8834 86
Arkansas Nat Gas com_ _10
514
534 514
314
Carnegie Lead & Zinc__ _ _ 5
314
331
Duquesne Light, pref_ _100
10534 10534
1315 1315
Fed St & Pleas Val Tr_ _25
5435 5
Inden Brewing, Pref---50
Jones & L Steel, pref _ _ _100
11015 11031
Lone Star Gas
3114 33
25 32
12
Nat Fireproofing, com_ _50
12
Preferred
50 3334 3214 3354
Ohio Fuel Corp
3234 3234 3234
Ohio Fuel 011
13
1 13
1334
Oklahoma Natural Gas_ _25 2634 2634 2715
Pittsburgh Brew, corn..50
215
134 215
515 534
Preferred
50
Pittsburgh Coal, com_100
50
5034
80
8c
Plash & Mt Shasta Cop _ _1
70
Pittsburgh Plate Glass_100 258
258 258
614
Halt Creek Cons Oil
6
10
6
75
Standard Plate GI, pfd_100
75
Prior preferred
9534 98
115 122
Stand San Mfg cora _ _ _ _25 122
115 115
100
Preferred
9
9
10
Tidal Osage Oil
6
17
25
U S Glass
W'house
51) 10614 10611 108
_ Air_ Brake. .eat Penn itys
155
20
1,160
1.350
25
10
100
91
85
2,196
200
969
2,718
126
600
530
190
65
2,500
58
3,810
75
160
1,472
30
300
370
193
`"
Range since Jan. 1.
Low.
815
7234
8215
4
114
102
1334
415
1103.1
2615
7
20%
2815
1135
2214
15
434
50
50
209
6
75
9534
904
11134
8
1654
84
"
June
Aug
Nov
Oct
May
Feb
Dec
Dec
Nov
Jan
June
June
Sept
June
May
Jan
Jan
Dec
Mar
Jan
Dec
Dec
Dec
Jan
July
July
Dec
Feb
•••••.-
High.
27
87
99
7
6
108
15
8
11454
3334
1334
3434
3314
1534
2815
8
734
73
110
285
1034
100
101
120
115
16
3035
111
"'''
Dec
Dec
Dec
Apr
Apr
Sept
Aug
Feb
Jan
Nov
Dec
Dec
Nov
Aug
Nov
Jan
Feb
Jan
Jan
Mar
Jan
Aug
May
Dec
Dec
Jan
Aug
Dee
''---
St. Louis Stock Exchange.-Thig week's record on the
St. Louis Stock Exchange will be found on page 2977.
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Dec. 20 to
Dec. 26, 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.
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Week ending Dec. 26.
Range since Jan. I.
Stocks-
Low.
Indus. & Miscellaneous.
Acme Coal Mining
10
758 85c
Acme Packing
10
2c
2c
Adirondack P&L, com_100 36
3531 38
•
Allied Packers,com
934 10%
Prior preferred
100
61
61
Amalgam Leather corn_ •
1034 1034
Am Cotton Fabric pref_100 98
96
98
Amer Foreign Pow new WI 41
3814 4631
118 12334
Later Gas & Eleo. com....• 121
Preferred
46
50
4634
10
Amer Hawaiian SS
1231 1231
Amer Lt & Trim. com_100 140
140 142
6815 64
Amer Pow & Lt corn new.
6834
100 8815
Preferred
853.4 89
33
Am Superpower Corp, CI A 3234 31
Class B
3334 3334 36
Appalachian Pow,com_100 7731 74
7734
29
29
Archer Daniels-Mid Co_ •
100
Preferred
9031 my,
Arizona Power. corn...100
1934 19%
84
84
Armour & Co (III), pref.100 84
6
654
Armour Leather, corn_ _5
800
1
1
Atlantic Fruit & Bug ____•
13234 13354
Scenes Co. oommon---100 133
Botany Cons Mills, CIA 50 4834 4734 4854
20
•
20
Common
• 3935 39
393.4
Briggs Mfg
2534 26
Brit-Am Tob ord bear_El
2515 2515
Ordinary registered_ _LI
915
10
934 935
Brooklyn City RR
10
10
Brown & Will Tob cl B._10
Brunsw-Balke-Coll,com100 493.4 4935 4934
112 115
100 115
Bucyrus Co prof
Burroughs Add Ma p! 100 10334 10314 10354
110 110
Campbell Soup pref__ _100
1
134
134
Car Ltg St Power, corn_ _ 25
500 51c
Cent Teresa Sugar, corn _10
21
2734
Centrifugal Cast Iron Pipe* 23
1754 1831
Chapin-Sacks Inc w L._ _ _• 18
1334 1336
Chstterton & Son corn_ _10 1335
19
1915
Checker Cab Mfg,el A_ _ _• 19
• 41
403-4 41
Childs Co new stock
17134 175
Cities Service. oorn____100 175
100 8051 8015 81
Preferred
715 715
10
Preferred B
125 129
Stock scrip
scrip93
95
Cash
• mu
171i 18
400
1,000
500
1,100
200
100
500
32,300
3,700
400
100
300
42,200
450
8,100
14,300
700
300
100
100
10
200
26,500
240
6.500
100
55,400
3,500
1,000
1,200
500
4,900
500
240
10
300
200
14,300
4,200
675
900
900
2,660
1,800
200
35,000
11,000
1.800
600 Nov
2e Dec
223.4 Feb
134 Mar
1454 June
6
Sept
Jan
95
Aug
30
4314 Jan
4115 Apr
8
Apr
117
Aug
373,4 Oct
Apr
84
2415 Oct
25
Oct
65
Oct
1634 Aug
9015 Dec
1715 July
72
Apr
314 July
72c Sent
11714 Mar
4654 Nov
20
Dec
39
Dec
20% Jan
2134 Feb
8831 Sept
10
Dec
4914 Dec
100
Aug
98
July
10734 Jan
50c July
50c Dec
1534 Sept
1714 Dec
10
July
14
Aug
32
May
132
June
6654 Jan
634 Jan
77
Jan
70
May
13M May
High.
3
10c
3854
11
61
1634
10031
39
12334
4635
1535
14534
8834
92
33
36
93
30
9014
1934
8815
615
215
133)4
49
21
397.4
2654
2654
1454
1034
5031
115
104
11134
234
I%
30
1954
1331
40
4414
190
8234
794
129
95
IQ
Jan
Jan
Dec
Dec
Dec
Jan
Dec
Alla
Dec
July
Sept
Oct
Dec
Aug
Dec
Dec
June
Dec
Dec
Sept
Dec
Dec
Feb
Feb
Nov
Nov
Dec
Dec
Dec
July
Dec
Nov
Dec
Nov
Oct
Jan
Jan
Dee
Dec
Dec
Jan
Dec
Nov
Nov
Nov
Dec
Dec
Nov
[VOL. 119.
Friday
Sakti
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Pas. Price. Low. High. Shares.
Range time Jan. 1.
Low.
High.
Cleveland Autom corn.. •
200 16% June 23%
2014 21
Preferred
Apr 59
100
20 82
9015 91
Colombian Syndicate
19,800 25c May
1%
1
55c
Oom'wealth Pow COrP---• 132% 120 133
Feb 133
6,075 56
Warrants
Oct 46
200 20
45
46
Preferred
Mar 90
150 74
100
8214
82
Cons Gas El L & P. BaltNew WI
32% 3214 33
3,900 31% Nov 3915
Nov 118
Continental Baking,arm A• ill
1,700 94
111 114%
Common B
• 22% 22
22% 13,300 16% Nov 24%
8% preferred
92% 2,000 8914 Nov 97
91
continental Tobacco_ - _• 24% 24% 2434
700 2035 May 26%
Cuba Company
July 4015
• 3915 38
3934 5,300 32
Cuban Tobacco Co v t c_ _ _
Nov
7
4
300
6
6
Curtiss Aero& Si,new corn• --14-4% June IR
14
900
15%
Preferred
59
100
200 30% May 59
59
Davies(Wm)Class A_ --•
June 26
2514 26
300 11
De Forest Radio Corp..." 24% 24% 2635 6,900 21
Nov 28
Del Lack & West Coal_ _50
Apr 13115
128 131%
200 88
Deny & Rio Or West_ 100 39
July 41%
3714 39
1,000 23
()wilier Dle-Casting
21
* 21
2114
Sept 22%
1,900 16
Dnbiller Condenser & Bad* 67% 6234 6715 17,100 1015 Jan 67%
New w I
3214 3315 3,600 32% Dec 3316
3314
Dunhill International_ _ _ _* 3014 30
May 3234
31
1,300 23
Duplex Cond & Rad v t c_• 11%
11
Dec 12
6.000 11
12
Du Pont Motors, Inc....
1
1
400 990 Dec
33'
Durant Motors, Inc
May 363(
16% 1815 5,100 12
• 1834
Des & Co, Inc, Class A _•
2615 2715
600 2215 Sept 2834
East Penn Elec Co corn._ _• 6114 6014$ 6234
June 64
72 36
Elm Bond & Share,pref 100 10215 10214 10234
Jan 103
270 97
Eiec Invest withour warets 45
44
Dec 46
46
1,800 44
•
Elec Sty Securities
Mar 19
1514 1615
200 11
Federated Metals Corp--• 3715 36% 38%
Oct 3834
2,800 30
Pilo, Inspection Machine_•
8
314 Aug 1034
8
800
Fisher Body Corp new w I. 55% 5515 55%
Dec sa
200 54
Ford Motor Coot Can_100
475 524
270 410 June 526
Foundation Co, Prof
117% 11634
10 8615 July 119
•
Freed-Elsemann Radio_ _ _
30% 2934 3015 4,700 27
Nov 3211
Gillette Safety Razor
56% 5515 56% 2,900 4914 Sept 59
Glen Alden Coal
123 12515
•
1,000 76% Jan 13054
Goodyear Tire & R,00m100 26% 24% 2715 34,000
8% Jan 27%
Grand 5-10-25e Stores_ _ _ _• 67
Feb 81
66
200 35
67
Grennan Bakeries
15
Dee 22%
16%
900 15
Hall Switch dr Sig pref. _100
25
Feb 28
25
4
100
735
Happiness Candy St Cl A..
715 8% 6,900
4
8%
May
Founders shares
6% 714
300
714
3
May
Hazeltine Corp
Feb 4636
• 4415 4215 46% 22,900 13
Hercules Powder pref _100
105 105
Oct 107
10 103
Heyden Chemical
215 2% 2,000
June
3%
•
1
Imperial Tob of0D dr LCl 20% 20% 20%
Jan 2091
600 15
514
intercontinental Rubb_100
514 sy, 1,000
2 June
635
1235 13%
Internat Concrete Indust10 1215
1,500
June
8
13%
Inter Match non-vot pt, WI 37% 37
38% 2,400 37
Dec 38%
Internat. Utilities, CIA. _• 46% 45% 4634
1,000 45% Dec 48
13
Class 13
14
1315
3,400
1434
614 Nov
12
1234
2,800
8% Sept 16%
Inter-Ocean Radio Corp_ _•
• 1215
715
Dec 10%
Jones(Jos NV) Radio Mfg_•
735 8% 3,000
7
50c 55c
2
Keystone Solether
900 50o Dee
10 500
4314 3914 4315
Dec 43%
Knox Hat
400 42
815 815
6% June 13
Landover Holding Corp A 1
300
Jan 10014
Lehigh Power Securities_ _• 10015 9314 100% 5,500 33
May 89%
Lehigh Valley Coal Sales 50 86% 8615 8715
1,150 72
4535 48% 93,200 2615 Apr 4815
Leh Vail Coal ctfs new w I 48
4 June
715
714
Libby McNeil & Libby._10
900
7%
7
7
515 Doc
Liberty Radio CI]Stores_ _•
644 714 3,800
714
52% 5215 53
Long-Bell Lum Corp A...
3,800 52% Dec 53
Lupton (F H)Pub el A....*
715
514 Jan 14
715
100
153 153
MacAn & Forbes corn_ _100
Dec 153
10 153
3% 314
8%
2
Mar
Mesabi Iron Co
1,000
•
78
8114 4,100 50
May 85%
Middle West Utilities oorn• 79
Sept 9815
9715 98
Prior lien stock
110 96
100
Jan 25%
Midvale Co
24%
1,300 18
• 24% 24
•
300 4254 Dec 45%
43
Murray Body Corp
43%
14
7% Sept 14%
1415
Nat Distillers Products_ _ _
1415 2,500
435
434 4%
514
214 July
900
National Leather
10
203 221
Nat Power & Light, com _• 218
4,830 8315 Mar 221
243 245
May 258
40 151
National Tea,new
•
4% 5
5
New Mex & Arts Land_ _ _I
3% Jan
2,900
10
Mar 112)4
150 109
N Y Tele')614% pref-Joo 11035 110 110%
83% 85
Oct 89
2,400 70
Nickel Plate corn, new. w:. 84
85% 8714
86
Oct 891(
1,900 82
Preferred, new, WI
July 98%
10 93
Nor. States Pow. pl... 100 94% 9415 9415
7% Oct
8%
NorStates Pr Del warrants
300
715 8%
8%
15% 1614
Omnibus Corp v t c
1,900 14% Aug 19
• 16
90
Series A preferred_ _100
400 8635 July 93
90
4774 4834
Pattie Each Inc class A_ _ _•
225 33% Sept 49%
Oct 26
Power Securities corn_ •
2034 2015
100 11
115% 115%
Procter & Gam 6% pt. _100
30 107% Dec 115%
44
44
Pro-phy-lac-tic Br corn...
100 4014 Aug 46
May 13%
Pyrene Manufacturing_10
200 10
1011 10%
334 Apr 10
934
915 914
Radio Corp of Amer.oom_e
1,700
4%
411 4%
5
331u July
200
Preferred
5
Reo Motor Car
10 17% 17% 18% 2,800 1514 June 18%
915 July
Rove Radio Corp tr Mrs _• 11% 11% 11% 2,200
17%
20
Royal Typewriter com_ •
100 13% May 21
20
Shattuck (Frank 0) com_• 3211 30% 32% 27,000 3035 Dec 3214
14
Nov 35
1315 14
Silica-Gel Corp corn v t 0.
600 11
16% 16% 1634 2,200 15
Dec 17
Sleeper Ranio v t c
Sou Calif Edison com._100 101% 101% 101%
170 9715 Sept 104%
Dec 91
10 87
87
6% preferred
87
100
8c
7c
40 May 20e
be 26,000
Southern Coal & Iron_
5
10715 107%
S'WeSt'n Bell Tel, pref_ _100
10 105% Aug 10734
Dec 65
6015 3,000 38
S'eastern Pr & Lt corn ___• 5815 52
315 3%
434
2% Jan
Standard Motor Constr_10
200
900 2514 July
2614
27%
Stand Publishing CIA ..25 2834 26
714 8%
415 Nov
1,100
•
Stutz Motor Car
934
124 124
Oct 125
60 115
Superheater Co
111 117
1,070 100 June 117
Swift & Co
100 117
Swift International
15 3314 31% 33% 5,800 1835 Mar 3515
2,700 1715 Jan 55
Tenn Elec Power, com___• 51% 51% 53
73
74
Second preferred
200 4934 Jan 74
• 73
4% 414
T II Ind & E Tr com_ _100
315 Nov
100
20% 20%
Preferred
100 2035 Dec 25
100
1615 17% 13,500 12
17%
Thermiodyne Radio
Nov 1711
14% 17
Thompson(RE)Ftadio vte
19,100
: 1634
7 Oct 18%
Tinken-Detroit Axle__ _10
415 415
7%
314 Oct
1,000
335
315
314 3,800
Tob Prod Export Corp_ _ _•
534
24 Sept
Todd Shipyards Corp _ _ _ _• 40
3915 40
500 39% Dec 63%
23% 24
5
Tower Mfg Corp w I
1,300 1815 Sept 28%
6615 67
Apr 67%
Union Carbide & Carbon.•
1.200 56
United G&E Pr A corn n_10
3115 32%
700 1835 Jan 41
United Gas Improvem't_50 88% 88% 8811
100 7314 June 8814
Vetted Profit Sharing__ _1 4915 481.5 4915 1,400 30
API' 56%
United Shoe Mach corn...25
600 3434 Apr 44
514 615
US Lt & Ht Corp.com._10 42
42
114
42
300 50o Nov
Preferred
500 520
131
600 84c Dec
10
US Stores Corp CI "A"_.•
85c
1
1
800 1534 July 20%
69
Preferred
Dec
100 46
19
19
Utilities Pr & Lt CIA w I_ _ _
46% 4615
100 25% Dec 27
Ward Corp.com,Class _ --iLii 25% 27
5,700 14% Apr 47H
7% preferred
40% 4315 3,000 79% Jan 9734
100 43
Ware Radio Corp
9115 9234
300 1354 June 37%
•
Mar 4514
Western Pr Corp, corn -100 37.1; 34% 3715 8,800 26
Preferred
100 37% 37% 39% 4,500 80 June 8615
1815
May
White Rock MM Spr new _ 86
180 10
86
8615
9 June 12
1,200
V tc
18
17
• 18
Nov 39%
Yellow Taxi Corp N
300 15
1615 17
17% 2014 8,700
20
Rights.
Dubiller Cond & Radio..'
1%
114
214
5,200
111 Do
2% Dec
3001
THE CHRONICLE
DEC. 27 1924.]
Mann
Xnel
Last Week's Range for
Week.
of Prices.
Sate
Price. Low. High. Shares.
Former Standard 011
Subsidiaries
Par.
Anglo-American 011____Al
Borne-Scrymser Co__ _100
Buckeye Pipe Line
50
Chesebrough MIg new__25
Crescent Pipe Line
25
Cumberland Pipe Line..100
100
Eureka Pipe Line
Galena-Signal OM oom.100
100
New preferred
Humble Oil& Refining_ _25
100
Illinois Pipe Line
Imperial Oil(Can) coup_25
50
Indiana Pipe Line
Magnolia Petroleum _ 100
National Transit_ _ _ _12.50
100
New York Tranalt
Northern Pipe Line__ _100
25
Ohio 011
25
Penn Mex Fuel
100
Prattle 011 & Gaa
25
New when Issued
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
Southern Pipe Line__ _100
South West Pa Pipe L_ _100
Standard 011 (Ind1ana)....25
Standard 011 (Kandar)_ 25
Standard 011(Ey)
25
Standard 00(Neb)__-_100
Standard 011 of N Y___ _25
Stand 011 (Ohio) oom__100
Preferred
100
100
Swan & Finch
25
8rieUum Oil
Range since Jan. 1.
Low.
High.
184
265
854
5234
20
149
105
70
113
4334
161
119
100
162
274
97
10734
7934
43
269
544
111
230
171
100
89
6854
5054
1214
262
48
37734
120
81
834
Dec
Mar
Jail
Mar
Jan
July
ifil
July
Dec
Mal
...a.
Jar
Jar
ler
Fet
.1as
Jar
Jar
Jar
J.
Dm
Per
Jett
Jar
Jar
Jar
Jae
Jar
Nor
Nor
Jai
Nor
Mai
Jar
Not
10c
Apr 50c
7
4
Oct
434
294 Dec
5
July 11
32 June 3654
234 Oct
654
284 Jan 1034
734
234 June
30 Mar 13c
1
80e
Oct
150 May 60e
Oct 600
150
100 Dec 75e
5634 May 6794
1684 June 2454
7
14 Apr
634
254 Jan
lo Feb
3c
134
le Aug
11c Aug 71c
44
134 Dec
134
50c Sept
70 May 30c
Feb 2031
16
94 July 134
334 Dec
634
Oct44
17
834 Dec 14
60 Sept16e
90
20 June
2934 Oct3334
6
96c Nov
124 Oct184
90 Dec 820
534 Jan 58
244 Apr
83-4
534
33.4 Jan
6
Dec 104
194 Feb 2734
334
234 Dec
24 Sept434
30c
7c Dec
834
434 May
Nov 18
5
3o Dec 140
Sep
Jai
Jai
Jar
Jar
Jar
De
De
Jai
NO"
Jai
Jar
Jar
No'
Nor
De
Dec
Aui
Fel
No,
Jai
Ap
Jul
00
Jai
Jul
Jut
Fel
Fel
Jul
No'
la
No
Fe'
An
De
Ma
Ja
Sep
No
No
Ja
Fe
Ma
Fe
Mining Stacks
Arizona Comm
1154 1154
May 1154
100
2
60
Arizona Globe Copper___I
6c
7c 24,000
Oct120
30
Caledonia
1
380
80
8c 1,000
60
Apr 100
10
(Maui° Copper
4
414
43.4
454 27.800
134 May
Comstock Tun & Drain be 30c
28c
32c 4,100 15c Aug32c
Consol Copper Minee____1
3
234 3
434
4,20,
13-4 Jan
Continental Mines, Ltd_15
134
134
200
1
334
July
284 28
Copper Range Co
284
200 204 Oct294
1
Cortez Silver
100
i0c 8.000 100 June 700
Crosson COM§ Gold M&M.1
331 334
100
34 Oct434
Diamond B1 Butte Reorgl
Sc
60
8c 21,000
Jan 220
4e
Dolores Esperanza Corp_2
26e
26c 1,000 26c Dec70c
East Butte
10
334
334
100
34 Dec43.4
Emma Silver
1
20
2c 1,000
be
Jan
2c
Eureka Crowns
1
Sc
9c 11,000
4o June lbc
First Thought GM
58o
550
600 9,000 40.3 Sept70o
Golden State Mining
100
70
10c 16,000
6c Dec 10e
Goldfield Consul Mines_ _ 1
4c
4c
4c 1,000
4c Feb6c
20
(Midfield Deep Mines-5o
20 2,000
10 Dec
70
60
50
Goldfield Development_fic
7c 18,000
20 Aug19e
1
Goldfield Florence
60
90 5,000
6c Dec42c
10c
4c
30
Gold Zone Divide
4c 32,000
2c June
120
Harmill Divide
9.3
18c 153,000
100 140
Apr 260
2o
140
Hawthorne Mince. Inc__ _1
15c 3,000 12e Nov 82c
Simla Mining
25e 1214 1054 133-4
2,900
834 Jan 1334
20
20
Hilltop Nevada MinIng...1
20 1,000
be
Feb
7c
Hollinger Coneol0 M_ _ _5
1434 1434
600 114 Mar 147
4
1
3
214
334 18,200
Howe Sound Co
334
13-4 Jun
lie
Lidependence Lead Min 1
11c 2,000
60
Apr 180
95c
95c
Jerome Verde Devel
97c
300 76e July
2
1 560
530
63c 43,500 15o Mar 95o
Jib Control Mining
I
1110
134
1
Apr
Hay Copper Co
14
134 15,700
.
..
5o
6c 4,000
Apr 75c
Kelley Extension Mining__.
Sc
10c
30
20
Knox Divide
3c 7,000
lc May
3c
1
8e
3e
8c 62,000
le May
Lone Star Cowl
90
5
234
134
234 8,800
134 Jan
Mason Valley Mines
234
13c
McKinley-Darragh-Tav_ _ 1
140 4,000
Jan 160
(3c
24c 24.000
16c
1 240
8c
Oct 48c
Mohican Copper
8c
7c
80 7,000
National Tin Corp„..600
Sc Aug
18c
New Cornelia Copper Co_5 2454 2234 244 2,600 1534 Jan 253.4
1,130 13434 May 194
100 18934 185 190
New Jersey Zinc
634 64 3,800
5
634
614
534 Jan
Niplseing Mines
330
36e 2,000 25e Sept 600
Nixon Nevada
I
134
1'i. 14 17.000 65e Mar
liirs
Ohl° CoDDer
51c 99,500 16c June 670
45c
Parmac Porcupine Mines..1 500
71c
75c 12,200 3043
Jan 80o
Plymouth Lead Mince__ -1 750
234
2.000
14 Apr
24
234 23-4
Premier Gold Mining Ltd _1
Sc
50 Dec 38c
10e 25,000
5
9c
Ray Hercules, Inc
40c
40c 1,000 210
Jan 75e
Red Warrior Mining Co 1
be July 32o
6c
6c 1,000
Reorg Div Ann M
4c
40 1.000
20 Apr
50
1
San Toy Mining
2,500
33-4
334
251
June
5%
South Amer Gold & Plat_ _1
334
Sc 19,000
2o
Jan 100
Spearhead
___1
70
60
De
Ja
Au
De
De
No'
Fe
Au
Ma
Ja
Jul
Fe
De
De
Ja
De
Au
Ja
Sep
No
Ja
Ja
Au
Jet
De
Ma
De
De
Fe
Ja
Jul
De
Ms
De
Au
De
Ms
Ja
Oc
Jul
De
De
Oc
Or
Ms
Ot
No
Fe
Au
Sep
Fe
Oc
Jun
184
6234
83
5434
414
114
7334
135
2234
62
6234
205
5134
10534
200
130
6134
119
247 .
4334
350
118
8054
1774 1834 2,700 145j June
Jan
30 155
235 237
500 51
5934 6234
Sept
4934
300 4794 May
49
100 1134 June
13
13
260 11054 Jan
135 13534
Oct
140 74
83
86
Sept
920 52
5434 57
10 10034 June
10534 1054
5,800 344 Aug
41
42
Sept
130 120
12434 126
11234 11434 1,630 9834 Apr
Sept
7034 74
90 66
3., y
210 122
130 135
2234 234
500 203-4 June
Aug
250 65
62
6934
Nov
78
8234
130 72
64
2,200 58
June
62
July
34
300 27
33
1,370 193
Oct
203 210
1,800 5034 Nov
51
5454
1,105 100
Feb
105 108
July
200 205
60 175
650 117 June
126 13134
894
160 8034 Oct
86
Dec
140 68
68
77
44,900 5434 July
6054 62
300 3234 Aug
36
3634
1,500 101
May
11854 11954
Jan
24534 253
90 199
4234 44
6.400 3744 May
June
170 275
349 350
130 11534 Dec
1174 118
Nov
24
2434
180 20
7934 8054 2,800 583.4 Jan
Other 011 Stocks
1
Allen 011
10
Arkansas Nat Gas
554
Atlantic Lobos 011 com_ •
Preferred
•
British-American Oil._ _ _25
Oarlb Syndicate
5
Creole Syndicate
974
•
Derby Oil & Ref,com
1
Engineers Petroleum
990
Euclid Oil Co
5 22c
Federal Oil
10
Glenrock 011
Granada 011
10 10c
25 65
Gulf MCorp of Pa
International Petroleum__• 223-4
•
Kirby Petroleum
454
634
Lag° Petroleum Corp _ _•
Lance Creek Royalties -1
1
Lattn-Amer 011
1
Lyons Petroleum
Marland Oil of Mexico _ _ _1
Mexican Panuco 011_ _ _10
10
Mexico 011 Corp
Mountain Producers_ __ _10 184
Mutual 011 vot inlet etrs_5 12
New Bradford 011
New England Fuel 011-5 2134
25
834
New York 011
9c
Noble(C F) Oil & G Com_l
1
Northwest 011
3234
Ohio Fuel Corp
•
134
Peer 011 Corp
Pennok 011 Corp (new)- _ _• 1654
10c
Pennsylvania Beaver 011_1
25
Red Bank Oil
Royal Can 011 Syndicate_•
754
334
Ryan Consol Petroleum _ _ *
Salt Creek Consol 011. _ _10
6
Salt Creek Producers__ AO 24
United Cent 011 Corp,com•
Venezuelan Petroleum _ _ _ _
334
Western States Oil & Gas 1
8c
Moog Oil& Gaa
1
534
Woodley Petroleum Co •
634
1
rY" 011 & Gas
5
350
534
2
63-4
3534
334
954
5
40
97e
170
160
10e
6454
22
434
551
1c
lc
lie
15-4
610
100
18
1154
334
20
834
90
30
32
134
1654
90
2154
734
334
6
24
3
34
70
554
6
So
350
534
234
7
354
354
934
5
Sc
99c
22e
16c
10c
6554
2334
434
64
lc
2c
lie
154
61c
100
1834
12
334
254
834
100
30
324
134
1654
lie
2234
77
4
334
6
2454
3
334
80
634
634
Sc
1,000
500
1,000
7,900
100
2,000
9,100
100
13,000
1,900
6,700
1,000
2,000
2.400
16,400
4,600
32,600
1,000
12,000
1,000
300
100
3,000
1,700
27.500
1,60
2.400
100
7,000
2,000
200
1,800
1.200
17,000
1.600
9.800
200
200
1,600
100
3,000
4,000
10,100
2,100
3,000
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Mining (Concluded)
Tank Hughes
1
Tonopah Belmont Devel_ 1
1
Tonopah Divide
1
Tonopah Extension
1
Tonopah Mining
Trinity Copper
United Eastern Mining__ A
United Verde Extension 50e
United Zinc Smelt
•
I., II Continental Mines_ _5
5
Unity Gold Mines
Wonder, Copper Mining 1
West End Exten Mining_ _1
Yukon-Alaska Trust ctf _
2r61,
360
2834
70e
24
1534
14 134 2,800
500
600
50c
2Ic 2,000
20c
1,610
27-4 3
100
14 14
260 2,000
26c
36c
36c 2,000
800
273-4 2834
15c
160 3,000
130
14c 6,000
65e
70c 2,400
2
234 22,900
100 18,000
8c
100
1534 1534
Range since Jan. 1.
Low.
llo
40c
170
14
14
25c
35c
21
150
90
56o
1
2c
15
High.
May
Apr
May
Jan
Jan
May
Oct
June
Dec
Nov
Dee
Am
May
Feb
134
750
400
334
234
80c
Pis
3034
89e
20e
24
24
330
16
Jan
Feb
Feb
Oct
July
Jan
Feb
July
Feb
Jan
Feb
Dec
Sept
Dec
Bondyallied Pack cony deb (is'39
1938
88, series B
alumluum Co of Am 78.'33
1925
7s
Amer G & E deb 6e-2014
American Ice 7s
American Power & LightOs old V. arr attach_ .2016
Amer Rolling Mill 613_1938
Amer Sumat Tob 734.1925
American Thread 6s_.1925
Anaconda Cop Min 68 1929
Anglo-Amer 0117340..1925
Aesoe'd Simmons Hardware
1933
634s
Atlantic Fruit 8s
Atl G & W 1 SS L 58..1959
Beaver Board Co 8s__1933
Beth Steel equip 7e-1935
Boston & Maine RR 621933
Canadian Nat Rye 434s '54
Central Leather 6s_ _ _ _1945
Chic RI & Pac 54s_ _1926
Chic Un Stat Saw I_ _ _1944
1929
Childs Co 68
Cities Service 7s,ser C.1966
1966
7s Series D
1966
7s, series E
Cities Service Pr & Lt 63'44
ConaG,E LdsP,Balt.138'49
1952
5%s
1941
Consol Textile its
Cuban Telephone 74s 1941
Cudahy Pk deb 54s_ _1937
Deere & Co 734e
1931
Deny & R G West 5s_ _1935
1947
Det City Gag 6e
1832
Detroit Edison 6s
8s
1931
1949
58
Dunlop T&R of Am7s_1942
Federal sugar gs
1933
1927
Fisher Body 138
1928
fls
Gate (Robert) CO 7e__1937
Galena-Signal 011 7s_1930
General Asphalt 6s_ _ _1939
General Petroleum 68_1928
Gulf Oil of Pa bs
1937
Serial 54e
1927
Hood Rubber 7s
1936
Internat Match 643_1943
Italian Power 634s_ _ _ _1928
Kan City Term Ry 54s'26
Lehigh Pow Secur 68_ _1927
LibbyMeNelli&Libby7s'31
Liggett-Winchester 78_1942
Lower Austrian HydroElec Pow 6848w 1.1944
Manitoba Power 7s._ _1941
AlIssouri Pac RR 5a_ _ _1927
Morris & Co 74e
1930
Nat Distillers Prod 7e_ 1930
National Leather 8a 1925
New Orl Pub Serv be_ _1952
Nor States Pow 6348-1933
634% gold notes_ _ __I933
Ohio Power 5s
1952
1936
Park & Tilford 6s
Pennok Oil Corp 6e _ _ _1927
Penn Pow & Light be _1052
Phlla Electric 534e_ _1947
6s
1941
_1931
Phillips Petrol
734e_54e _'64
Pub Serv El & Gas
Public Service Corp 6s 1944
Pure Oil Co 634s
1933
Shawelmen MilJs 78_1931
Sinclair Cons Oil Os ..1927
Sloes-Shen St & I 68.1929
1934
Solvay & Cie as
South Calif Edison 5...1944
Standard Gas & El 634.'54
Stand 011 of NY 648.1933
7% serial gold deb_ _1927
7'7 serial gold deb _ _1928
3% serial gold deb._1929
7% serial gold deb- -1930
7% aerial gold deb_ _1931
1939
Sun 011534e
Swift & Co 5s.-Oct 15 1932
Tidal-Osage 0117e_ _ _1931
Union El L &Pot H15-48'54
Union Oil 66
1926
United Drug 6s
1944
United 011 Prod fie__._1931
Un Rys of Havana 7348.'36
Vacuum 011 7s
1936
Webster Mills 63411_1933
80
9034
1064
10254
9534 95
1034
104
Dec
May 8.5
8134 $40,000 48
Dec
May 94
91
17,080 57
107
11,000 105% Mar 10734 Aug
10234 21,000 1013-4 Jan 1034 June
954 102,000 9454 Oct 9651 Jun*
104
5,000 9934 Oct 10754 Aug
9331
100
9134
103
1024 10234
10034 10034
9334
10034
933-4
103
103
1003-4
803-4
9334
9334
Sept
59,000 9334 Dec 95
6,000 983.4 Apr 1013-4 Oct
18,000 73
Feb
July 99
3,000 1014 Jan 1044 Nov
Aug
21,000 101
Feb 104
23,000 10034 Dec 10574 June
8334 9,000
83
83
1834 1834 1934 29,000
6134 49,000
61
61
89
22,000
884 88
7,000
10334 1033-4 103%
8734 87% 6,009
933-4 9334 9334 12,000
9534 9534 95% 65,000
10034 13034 23,000
98% 9834 9834 22,000
44,000
105 106
106
11134 1093-4 11134 62.000
99
64,000
983-4 98
110 110
1,C00
9434 944 9434 25,000
104 10434 7,000
102 102
1,000
8734 88
11,000
88
106% 10634 10634 1.000
8734 8934 51,000
1034 104
6,000
104
574 5634 58% 477,000
10234 1024 10234 12,000
11234 11234 1133-4 36,000
11234 11234 11234 46,000
9734 28,000
974 97
1004 9954 1004 133,000
9634 5,000
0644 95
10134 10134 5,000
10234 10234 33,000
99
99
3,000
99
105 105
1,000
4,000
9934 100
10034 10094 1.000
9851 9844 9834 31,000
10134 1014 7,000
10134 10134 2,000
1134 1104 11434 891,000
9834 983-4 9884 UK
10134 101% 5,000
7,000
10034 10074 10134
10134 10,000
1014 101
10774 108
5,000
9834
99
100
857-6
10534
954
95
964
94
9734
9834
106
10634
10
105
9114
9434
1034
35
1074
1014
85
854
984 984
99% 9934
9834 994
100 100
102 102
8534 86
10534 1064
9914 100
89
8934
9534 9534
95
95
93
933,4
10434 10454
106 106
1034 1034
964 964
9434
94
9734 9834
10334 10334
9834 99
101 10134
10034 10034
9234 9234
10534 10651
10634 106%
105 105
105 105
105 105
105 105
105 105
95
954
9434 9434
10384 1644
9934
99
1014 1014
101 10194
3534
35
10984110
1073-410734
1013-4 102
6,000
18.000
5,000
18,000
24.000
9.000
22,000
77,000
26,000
24,000
1.000
9,000
18,000
2,000
1,000
5,000
85,000
37,000
87,000
8,000
91,000
2.006
73,000
3.000
125,000
6,000
2,000
1,000
1.000
2,000
4,000
40,000
41,000
11,000
25,000
5,000
52,030
5,000
2,000
8,000
23,000
7134 June 9334 Feb
Mar
17
Dec 36
42
Jan 613.4 Dec
Nov
Jan 89
70
102% Feb 10434 Oct
Jan 91
Dec
72
Sept
933-4 Dec 96
95
Dec 954 Dec
974 Nov 101% July
984 Dec 9834 Nov
Dec
102 June 110
Nov
8934 Jan 112
Nov
89
Jan 101
101
Apr 110
Dec
10134 Jan 10554 June
10134 Jan 10584 June
Oct
93
Jan 103
Sept 97
Jan
68
July 10734 Oct
106
8134 May 894 Dec
Nov
9834 MAY 105
504 Nov 6134 Dec
9934 Jan 1034 Jun.
1023-4 Jan 11354 Dec
Nov 11334 Dee
108
97
Dec 98
Not
Jan 10034 Eme
00
95
Nov 10134 Aug
984 Jan 10234 Aug
974 Jan 10234 De(
9434 May 10035 Sent
1044 Jan 106
AIM
Not
9954 Dec 100
Aug
9434 Jan 101
94
Jan 9844 Not
9934 Feb 10134 Aul
994 May 10234 Not
9234 Jan 11534 Der
Sepi
9734 Feb100
1004 Jan 1023( Sept
Jan 10134 Not
96
94 June 10134 Not
10234 Jan 10854 Nor
85
Aug
9534 Jan
9934 June
92 June
85 June
92
Apr
8135 Jan
98
Jan
9614 May
8434 Jan
84
Feb
Dec
95
8734 Jan
9834 Jan
Dec
106
Apr
100
9634 Dec
Oct
94
9234 Jan
102
Jan
9834 Dec
97
Jan
Apr
99
8934 Jan
Aug
96
10534 Jan
10434 July
105
Jan
105
Dec
Feb
105
105
Dec
95
Dec
8934 May
10134 Jan
943( Apr
10034 Oct
1004 Oct
Oct
23
10534 Jan
Jan
106
1004 Jan
8534
10034
10034
10034
10034
10234
953,4
10534
100
9134
974
954
94
10434
10634
104
97
97
99
1043,4
9934
10234
102
9334
10834
10954
10634
1063-4
10734
108
109
964
9531
10434
100
102
10134
7934
110
108
10434
De
Bent
Aui
Feb
Nor
Nor
Jar
Do
Oe
Sere
Sep
Do
JIMI
De
Nor
Am
Not
Jull
De
Ma
Nor
Jul:
Bel)
No.
Deo
Jun
Aui
Feb
Jun,
Jun,
Fel
De
Aul
Jul:
Nor
JIM
De
Fel
No'
Jun
Seri
Foreign Government
and Municipalities
9634 98
Bogota (Colombia)83_1945 97
9034 91
Finnish munic6%s CI A'54 91
Class B
1954 9034 9034 91
French Nat Mail SS 7s 1949 91
91
91
Indus Mtge 13k of Finland
9434
94
let M coil. I 7e_._ _1944 94
Netherlands(Ringd)1381312 10334 103 10331
9934
99
Peru (Republic of) 88_1932 99
8s
1944 9984 9934 9944
1334 1334
Russian Govt 6%s
1919 1334
1444
13
834e certificates_ __ _1919 13
1234 1334
1921 1234
534.
1921 12% 12% 12%
54s certificates_
10184 10134
Switzerland Govt 53.4e 1929
vv.. It.f_ rant/.
1098 innas inn rA 10014
8
106,000
28,000
14,000
60,000
964
9035
9034
91
Dec
Dec
Dec
Dec
29,060
46.00
2,00
72,00
8,000
91,000
19.00
25,000
15,00
22 000
9334
8954
9734
9934
9
10
9%
94
97%
07%4
Nov
9634
Apr 10334
Jan 100
Oct99%
Jan 21
Jan 20%
Jan 2034
Jan 21
Apr102
Jan 101
99
De
91 . (OC
91
1r7cr
91
De
Sep
De
Seri
Oc
Au
Fe
Au
...tu
Pm
NT.,
Litsed on the Stock Exchange this week, where
• No par value. k Correction.
additional transactions will be found. 0 New stock. s Option sale. is When
x Ex-dividend. y Et-rights. z Ex-etock dividend.
3002
baestutent anti Sullivan. inteilignce.
Latest Gross Earnings by Weeks.—In the table which
Electric Railway and Other Public Utility Net
follows we sum up separately the earnings for the third week Earnings.—The following table gives the returns of
Of December. The table covers 4 roads and shows 13.65% ELECTRIC railway and other public utility gross and net
decrease from the same week last year.
earnings with charges and surplus reported this week:
"lard Week of December.
1924.
1923.
Increase Decrease.
Companies.
Canadian National
Canadian Pacific
St Lcails San Francisco
St L 3uls Southwestern
3
3
4,251,500 5,363,649
3,624,000 4,305,000
1,803.051 1,685,201
581.809
518,011
S
$
1,112,149
681,000
—Gross Earnings— —NetEarnings—
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
3
$
$
$
Alabama Power Co
Nov 874.615
783,050 *402,213 *336,373
12 MOS ended Nov
- 8.919.857 7,705,991 *4,245,726 *3,498,788
Central Power & Light
30-Co
and sub cos
96,310
Oct 334,793
114,198
290,741
12 mos ended Oct 31.-- 4,499,438 3,613.834 1,542,978 1,232,970
Total (4 roads)
10,260,360 11,871,861 181,648 1 793
149
.
.
Net
Georgia By & Pow Co (incl
Atlant North Ry Co)_Nov 1.397.552 10457,871 *515,719 *509,034
In the following we also complete our summary for the
11 mos ended Nov 30--.14,716,012 14,588,329 *4.617,199 *4,218.953
Philadelphia Co and affiliated
second week of December:
corp
Nov 3,313,422 3.358.301 *995.554 *1.071.140
11 mos ended Nov 30.-35,534,716 35,722,286*11,412,430*13,168,103
Second week of December,
1923.
Increase. Decrease. Southern
1924.
Can Power Co and
subsidiaries
47,282
Nov
49,697
92.623
86,393
$
$
$
$
2 mos ended Nov 30.--- 182,826
90.891
97.202
167,912
Previously reported (5 roads).-_ 10,907,873 12,366,913 267,924 1,726,964
Ann Arbor_
106,617
102,975
3,642
*After taxes.
Duluth South Shore & Atlantic..
86,319
96.506
10.187
Georgia & Florida
35,700
900
36,600
Balance,
Gross
Fixed
Net after
Great Northern
2,046,907 1,994.121
52,786
Surglus.
Earnings.
Charges.
Taxes.
Mineral Range
9,133
8,778
355
Minneapolis & St Louis
325.645
353,159
27.514 Brooklyn-ManNov '24 3,428,552 *1.062,460
411.451
651.009
Mobile ZZ Ohio
369,408
374.162
4.754
hattan Transit System '23 3,195.028 *934.203
617.019
317.184
Nevada-California-Oregon
4,966
6,608
1,642
mos ended Nov 30 '24 17,788.580 *5.335.203 3,241,888 2.093.314
5
Southern Railway System
3,602,622 3.615,254
12,632
'23 16,215.685 *4.740.876 3,239.524 1,501,352
Texas & Pacific
729,954
694.328
35,641
Cities Service
Nov '24 1,259,961 1,197,131
166.966 1.030.165
Western Maryland
394,37f
393,967
412
Company
925.624
'23 1,181.823 1.143.131
217,507
12 mos ended Nov 30 '24 17.368,090 16.704.044 1,998.856 14,705,187
Total (16 roads)
18,620.43c 20,042,471 361,660 1,783,693
'23 16,591.576 16.074,609 2,618.921 13,455,687
Net decrease (7.09"?L.
1 499 nfiR
Citizens Traction
19.708
Oct '24
75.955
11.336
31.044
Co and Subs
22.378
23
77.108
10.309
32,687
Net Earnings Monthly to Latest Dates.—The table
12 mos ended Oct 31 '24
313,268
133.440
978.710
446.708
following shows the gross and net earnings for STEAM
295.460
120,001
'23
953,483
415,461
railroads reported this week:
East Penn Elec Co Nov '24
99.125
37,771
270,327
136,896
96,167
'23
34,192
277,063
130,359
,
—Grossfrom Railway— —Net from Railway— —Net after Taxes
12 mos end Nov 30 '24 3,155,662 1.461,312
460,901 1,000,411
1924.
1923.
1924.
1923.
1924.
1923.
825.730
'23 2,920.526 1,130.138
394.408
S
$
S
S
$
$
Boston & Ma'ne—
202,419
Great Western
Nov '24
220.831
423.250
690.567
November _ 6,335.944 6.895.876 1.197.535
Power System
196.640
654.224
965.905
937,119
708.460
'23
411.696
215.056
From Jan 1 71.695.654 79.572.047 13,164.121 10.219.310 10,375,144 7,541,372
11 mos ended Nov 30 '24 7.029.154 4.095,524 2,395.774 1.699,758
'23 6.573,390 4,133,914 2,327.348 1,806.568
Brooklyn Eastern Din Term—
November _
344,685
433.059
825,520
108.957
113.063
42.940
35,520
88,375
35,809
29,118 Kansas City Pow
Nov '24
From Jan 1_ 1.277.312 1,379,297
345,276
816,009
83,045
428.321
496,328
560,029
418,464
& Light Co
471,813
'23
11 mos end Nov 30 '24 9,390,019 4,578.771 1,076,577 3,502,194
Central Vermont—
906,998 3,381,260
'23 8.825.786 4,288,258
November _ 616.000
*41.000
*9,713
679.927
61.828
83,531
21.703
From Jan 1 7,803.000 8.022.870
217,035
*559,000 *120,621 Manchester Trac
Nov '24
58.603
79.881
21.278
208,990
Lt & Pr Co & Subs
'23
Chicago & Alton—
630.086
243.858
873,944
11 mos ended Nov 30 '24 2.301.469
November _ 2.568,462 2,780.022
•178,102 *317,217
597,228
834,533
237,305
'23 2,313,840
From Jan E28.337.674 31.025.027
*4,020,525 *4,828,807
34,909
55.471
20.562
158,920
Newport hews & Nov '24
Chicago dc Eastern Illinois—
25,384
20.612
45,996
162.942
Ramp Ry, G & E Co '23
383.598
237,491
*53.640 *276,681
November _ 2.069.948 2,290,129
391.398
644,695
253.297
2.002.108
12 mos ended Nov 30 '24
From Jan 123.641.517 26.162.489 3.158.832 3.703,025 *1,212.948 *3,064.378
420,809
245,119
665.928
2,110.291
'23
Chicago Milwaukee & St Paul—
38,122
Nov '24
251.080 k138.198 3100.076
2,875.229 2.828.331 New York
November _13,673,523 13.681.662
39,563
268,480 k144,845 3105.282
Dock Company
'23
From Jan 1145404.839 156329,775
21.214,187 23,250,536
474.236
k1.625.510
51,151.274
2,926,635
ended
Nov
30
'24
11 mos
Chicago Great Western—
485,017
'23 3,025.173 k1,673.363 51.188,345
469.212
November. 2,123.551 2,109.651
450.864 *228,434 *210.893
58,057 —46,591
26,988 .0-11,466
From Jan 1 22,676.156 23.807.620 4,024.913 3.771.531 *2,000.668 *1,720,083 Pennsylvania Coal Nov '24
11,364
35,419
*46,843
&
Coke
Co
558,883
'23
Chicago & North Western—
382.944 —375.606
11 mos end Nov 30 '24 5,456,136 *-7,338
November _11,680,009 12.745.460 2.211,828 2.520,402 *1,056,491 *1,608,625
738,921
384,612
'23 7,991,823 1,123,533
From Jan 1 138056.417 147991.981 26,448,333 24,991,696.15,528,645'14,045,013
50,874
30,611
181.485
241,771
Staten Island
Nov '24
Delaware Lackawanna & Western—
51,182
27,737
240,623
178,919
'23
Edison Corp
November 7.321,661 7.842.329
*1,544.600 *1.376,094
403,454
349,992
1753,446
2,747,925
30
'24
mos
end
Nov
12
From Jan 1 79,414,174 80,925,373
•14,789,446.12,350.584
559.442
1771.794
212.352
'23 2.488,244
Duluth Winnipeg & Pacific—
311,713
148,513
Gas &
Nov '24 1.221.595 *460.226
November _
171.673
204,005
19,203
38.139
10,972
27,939 United
133.342
298,716
'23 1.205.155 *432,058
Electric Corp
From Jan 1_ 1,985,828 2,192,012
140,956
104,381
240,758
259,320
12 mos ended Nov 30 '24 13,689.167 *4,753,433 1,692.055 3,061.378
Erie System—
'23 12,990,661 *4.509.784 1,554.652 2,955.132
*1.549.771 •1,827,838 Washington
November _ 9,544,749 10,888.105
52,931
225,467
469.250
278.398
Nov '24
*15,677,070'16,368,528
From Jan 1109980,375 122847,360
'23
476,757
284,363
48.918
235,448
Water Power Co
Galveston Wharf—
589.348 2,226.247
11 mos ended Nov 30 '24 4,811,897 2.795,595
120,879
67.329
168,606
100,879
47.326
November _ 279,605
'23 4,624,920 2,665,063
557,297 2,107,788
117,850
63,798
410,543
268,381
469,666
From Jan E 1,541.322 1.377,719
Gulf Mobile & Northern—
*107,927
495,500
November _ 564,466
*1,131,060
From Jan 1 5,555.887 5,472,086
Kansas City Southern Ry Co (incl. Texarkana & Ft. Smith Ry Co)—
422,289
439,247
561,445
November _ 1,820,332 1,8130.893
From Jan E19,378,353 20,846,748 5,468,077 5,552,857 4.266,863
Lehigh valley—
*634,520
November. 6,100,695 6.723,185
*10.511,653
From Jan 170,087,240 69.621.297
Marie—
Paul
&
S
S
Minneapolis St
875,971 1,573,635
November _ 3,657,219 2,518,647 1.834,609
From Jan 1.26,325.702 28,958.235 6,844.774 6,461,154 5,009,654
Missouri Pacific—
1.784,253
November _11,239.977 10.293.814
14,378,034
From Jan 1 112441,962 105032,565
New Orleans Great Northern—
56,693
55,744
79,365
227,612
November _ 237,690
605,502
833,685
821.961
From Jan 1_ 2,702,891 2.625.595
New York Chicago & St Louis—
*1.101,305
November _ 4.544,825 4,629,995
*8.627.291
From Jan 149.561.409 53.084,222
New York Ontario & Western—
*93,159
November. 963.165 1.095.511
*1,612.042
From Jan 112.674.248 12,908,411
Norfolk & Southern—
*120.000
873.729
November. 742,000
*1,280,000
From Jan 1 8.548,000 8.547,222
Norfolk & Western—
November. 8,784,698 8,303,413 3,268,716
From Jan 1_86,058,945 87.420,535 22.846,251
Pittsburgh & West Virginia—
353,003
November _ 396.119
From Jan 1_ 3,822,991 3,539.818
Reading Ca—
November. 7.667.548 8,012.527 2,043.761
From Jan 1 84,048,142 97,961,006 20,102,820
St Louis Southwestern System—
799,759
November. 2,492,7
@FedFRASER