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The
oninurcr31
sank & Quotation Section
Railway Earnings Section
VOL. 117.
financial.
rontde
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, DECEMBER 29 1923
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State and City Section.
• A new number of our "State and City Section,"
revised to date, appears to-day, and all readers of the
paper who are subscribers should receive a copy of it.
As previously announced, this Supplement is now
printed in two parts, Part One, containing the New
England, the Middle and the Middle Western
States, having been issued last June, while Part
Two, embracing the rest of the country, appears
to-day. The change is due to the fact that with the
growth and multiplication of the municipalities of the
United States the demand for additional space has
become too heavy to satisfy within the limits of a
single number.
The Financial Situation.
The recent decision upholding the right of the Cotton Exchange to withhold its ticker service from
users whom it does not approve is of such fundamental and far-reaching importance that some comment upon it is appropriate at this time. Some 30
years ago the Consolidated Stock Exchange obtained
an injunction forbidding the Stock Exchange from
withdrawing its quotation service. It was not
deemed best then to contest that action, and although bucket shop operations and disclosures
thereof have produced very different conditions from
those at that time the main Exchange has not yet
thought it expedient to push the matter; now, however, comes the decision of the Federal Circuit Court
of Appeals, affirming the action of a lower court in
refusing a similar injunction, and not only greatly
strengthens the stand of the Stock Exchange, legally
and morally, but throws a sharp light upon the substance and the public importance of the subject.
To go directly to the root of the matter, a statement of the positions taken by the contending parties will best serve. The Cotton Exchange considers
Electric Railway Sectioa
State and City Sectic:
NO.3053
the Odd Lot organization a successor to a former
body which was guilty of improper trading and therefore refuses to supply its own quotations to that
minor body; the minor body insists that it is now
clean, and sought the injunction which thus far
stands denied; through its official head it puts its
ease in a statenient so clearly contrasting the alleged
with the real principle involved that we quote it
without attempting to paraphrase it:
"The Odd Lot Cotton Exchange of New York is
fighting for a principle, and that principle is the
right of the small cotton merchant, the small farmer
and the small trader, to the facilities and privileges
of the cotton futures market on the same basis as the
wealthy and powerful members of the Big Board.
. . . We do not believe that the New York Cotton
Exchange has any unconditional ownership in the
price of a world-wide commodity such as cotton. We
appreciate the painstaking care and consideration
given our case by the United States Circuit Court of
Appeals, and regret that we should have lost it.
We are informed by our attorneys that we have the
right of appeal to the United ,States Supreme Court,
and have instructed them to make such appeal."
The action of the final tribunal, when such an appeal reaches it, cannot be properly assumed in advance, however strongly one may feel concerning it.
But another appeal has already gone to a tribunal
which ultimately decides all human questions that
can be decided by a majority concurrence upon them,
namely the court of public opinion. It is or should
be impossible to entertain doubt what that tribunal
will finally do with such an issue as is raised by the
foregoing statement, which shows what utter absurdity can be declared when a case of special pleading
becomes desperate. The alleged "principle" is "the
right of the small farmer and small trader to the facilities and privileges of the cotton futures market
on the same basis as the wealthy and powerful members of the Big Board," and it is denied that the accused powerful association "has any unconditional
ownership in the price of a world-wide commodity
such as cotton." It is worth while to quote these
declarations a second time, so illuminating are they.
Here is the familiar attempt to fan anew the hatred
of the poor against the rich, and the same attempt to
convert every business association and every business
success into a "trust." Certainiy nobody has any
"ownership," exclusive and "unconditional," or otherwise, in the prices of commodities. Like the Stock
Exchange, the Cotton Exchange is a voluntary organization for business, with an inalienable right to
grant or refuse admission to its membership to anybody it chooses (the same right as a literary or social
club has to do the same) and a like right to control
its own private facilities and information.
Destroy
this right, and a bank would be compelled to do
busi-
2806
THE CHRONICLE
,ness with unprofitable or undesirable customers, a
'clearing house could have no control over its own
-membership, a newspaper could not exclude advertisements deemed objectionable, nor could newspapers associate for the purpose of obtaining news. It
is needless to multiply illustrations of the chaos to
which such a doctrine of enforced sharing would
lead us if carried to the full, because the essence of
it is the "principle" that everything must be shared
with everybody who is willing to pay something for
it; that is to say, there is no indefeasible private ownership, which means that there is no private property. Human beings must have air to breathe, or
-they cannot exist; not more surely must the rights of
'ownership in property be maintained or property
cannot exist.
It may once more be pointed out that there is no
-analogy between a bank and a "trade" association;
further, there is none between the latter and a common carrier or a public utility. When men get to.gether for obtaining information and other business
facilities, at their own cost, they have no franchise,
alo monopoly power, and no means of preventing an
unlimited number of others from combining likewise
and for the same purpose.
Some statements in a recent address to associated
bankers by President Cromwell of the Stock Exchange may also claim a right to mention at this
time. Mr. Cromwell denies the current story that in
failures of Exchange houses losses to customers have
been a large percentage of the total. In the last three
years, he says, the sales of listed securities upon the
Exchange have shown a loss to the business handled
1
/
of only 2 2 one-thousandths of 1%; this marks anew
the distinction between listed and unlisted securities, and gives emphasis to our recent remark that
to be on the Exchange "list," though not a guaranty
in the usual sense of that term, does imply and does
give a warrant of financial "moral character." Says
Mr. Cromwell:
"The remarkably high percentage of cash payments
in Exchange failures is well known; the fact must
also not be lost sight of that these cash payments
-are made after large amounts of securities have been
returned to customers; failures on the Stock Exchange during recent years have not been isolated
instances of business insolvency but were the result
of conditions in American business which have
brought about failures in all lines of endeavor in
even larger proportions, including banking. . . .
Upon the Stock Exchange is often placed responsibility for the sins of others."
All perfectly true, but not yet enough "well
known." Mr. Cromwell proceeds to say that stockholders of companies are "extraordinarily apathetic"
about periodical statements from their companies;
that he has no sympathy with excuses for not making such statements, and he thinks the Exchange is
not enough awake to the need and expediency of
drastic action in such cases; he goes so far as to say
that when public reports concerning listed stocks are
too long withheld the stockholders ought to be informed,thereby receiving opportunity for action, and
that if their demands (supposing they make such)
are not complied with the stock ought to be stricken
from the list, after a certain period; such an action
would deal the company a blow through loss of confidence, yet he believes one such sharp lesson would
be sufficient and in the end there would be a public
gain.
•
[VOL. 117.
These are a few of the "high spots" in an address
which ought to be read by all persons, in or out of
Congress, who let unverified rumors pass as facts
and fall into the deplorable habit of denouncing. Mr.
Cromwell shows once more that the Stock Exchange
has better ability and a keener concern in setting up
and keeping the highest standards of business morality than any self-appointed reformers and investigators can have. What business and prosperity need
now is in large measure what a mother worrying
about the ill-behavior of her little boy was told by a
more judicious mother might be hopefully tried:
"A little wholesome neglect." Give us a term of rest
from meddling interventions. As Grant said long
ago, "Let us have peace." In attacking one another
we attack ourselves.
With the selection of Henry M. Robinson, lawyer
and banker of Los Angeles, the American membership on "the expert committees which are to investigate the condition of Germany's finances under the
auspices of the Reparations Commi6sion" has been
completed. It will be recalled that "the other two
American members, previously selected, are Charles
G. Dawes and Owen D. Young." General Dawes
was the first Director of die Budget, while Mr.
Young is Chairman of the Board of the General Electric Co. The former has been asked to serve as
Chairman of the special committee to which he has
been appointed. Mr. Robinson is President of the
First National Bank of Los Angeles, and prominently
identified with other financial institutions. During
the war he was a member of the National Council of
Defense and assistant to Edward M. Hurley, Chairman of the Shipping Board. Later he was Special
Commissioner of the United States Shipping Board
at the Vers_ Hies Peace Conference. In the Paris
cablegram, through which the announcement of the
selection of Mr. Robinson reached this country, it.
was noted that"he was created a Chevalier of the Legion of Honor in 1920." It seems that "Mr. Robinson
will be named a member of the committee to estimate
the amount of German capital abroad."
According to a Paris dispatch, "all the delegates
of the Powers represented on the Reparations Commission have notified Colonel James A. Logan, the
American representative, that they will attend a
plenary session of the Commission,to be held shortly,
and join in extending the invitation to Mr. Robinson." Word was received from the same centre
Wednesday evening that "the Reparations Commission to-day formally approved the nominations of the
two expert committees which are to investigate Germany's financial situation, and issued an invitation
to Henry M. Robinson, Los Angeles lawyer and
banker, to be the third American member, Charles
G. Dawes and Owen D. Young having previously been
invited. It was announced also that "the first committee, that on budget, will meet here on Jan. 14, and
the second, which will consider German capital
abroad, on Jan. 21, so as to give Mr. Robinson time
to get here." In a later cablegram it was stated that
the Commission made "official nomiration of 15 delegates who will represent the United States, England,
France, Belgium and Italy on the two committees to
inquire into the means of creating stable money,for
Germany and balancing the budget, and into the extent to which German capital has been transferred
abroad and methods by which its return can be secured. Notice of their nomination and invitations
DEC.29 1923.]
THE CHRONICLE
2807
to attend the first meetings of the committees in that would result from the exploitation of the Ruhr
Paris.were sent to the delegates." Announcement and a very dark picture indeed of what would have
was made also that Sir Robert Kinderley had been happened had the Ruhr not been occupied." The Presubstituted on the English delegation for Montagu mier was reported to have admitted that "it is unNorman. It seems that the Bank of England, of fortunately certain that Germany can pay nothing
which he is a Governor, could not "see its way" to now in cash. She must first stabilize her money.
give its consent to his being absent from London Immediately afterward a loan can be raised on many
long enough to serve on the committee. Sir Robert different securities." He further qualified his op"was the first British representative on the Bankers' timism by saying that "I do not think the hour of
Commission on which the United States was repre- optimism has yet struck. We have still serious reasented by J. P. Morgan."
sons for remaining reserved." Relative to the proThe New York "Times" representative in Paris posed investigation of Germany's financial position
cabled that,"though the first meeting of the two com- by two special committees, under the direction of the
mittees will be held in Paris, it is expected that later Reparations Commission, M. Poincare said: "We
they will find it convenient to work in Berlin. Sir are ready to take up or allow the Reparations ComJohn Bradbury and Louis Barthou are in agreement mission to take up the study of reparations at the
that the fullest liberty shall be granted them to meet point which the question has now reached, that is to
where they wish and when they wish, to discuss the say that, having our guarantees, we will not abandon.
situation from every angle with complete freedom them before we are paid." The New York "Times"
and to -report their findings irrespective of any po- correspondent observed that "the French attitude
litical considerations." He added that "among the toward the League of Nations has been one of the
-siembers of the Reparations Commission responsible points on which the Premier has been attacked, but
for the creation of these two committees and the nom- to the League and the Council he paid this somewhat
ination of their members there is a fairly optimistic lukewarm compliment: 'As it exists, without the
spirit, for it is realized that under the chairmanship serious and practical means of action with which we
of General Charles G. Dawes and with such members wished to furnish it—an international army—the.
as Reginald McKenna the two committees will prove League exercises great moral authority and can renthemselves 'strong.' It is no secret that much is der appreciable services; but it is not capable of stophoped from the driving force of the American dele- ping a nation animated by warlike and aggressive
gation and from its detachment from the circum- sentiments, and it does not relieve us from the task of
stances which have recently so much hindered the looking to our own security."
work of the Reparations Commission and caused a
practical deadlock." According to the correspondAt the sessionuf the Chamber the next evening the.
ent also, "there is ground for hope, too, in the fact French Premier "won the first stage of a hard fight
that the German Government appears to consider by a vote of 392 to 169." By this action the Chamber
very favorably the work of the committees and is "rejected an amendment to the high cost of living
ready to give all the.help it can both in supplying full allowance bill." It was explained that "the Premier
information on the actual and potential situation of had made rejection of the amendment a question of
German finance and in helping Committee No. 2 to confidence in the Government." The further inforestimate and identify exported capital. The Belgian mation was imparted that,"as it now stands
the bill
and Italian representatives who were nominated to- would give slight increases in the high cost of living
day have been like the American, British and French, allowances to Government employees in
those cities
selected because of their technical knowledge of the where the conditions are severest. To
fulfill its proquestions to be examined and not because of political visions would cost about 290,000,000
francs a year, as
prominence."
compared with about 1,000,000,000 francs under the
According to Washington advices, Charles G. plan favored by the opposition."
Dawes and Owen D. Young,"for nearly two hours on
As might easily have been expected, the Germans
Thursday conferred with Secretary of State Hughes took an entirely different view of this troublesome
and later went to the White House, where they were question of reparations, and it
was not at all surprisluncheon guests of President Coolidge. Neither ing that the Berlin correspondent of the New York
would make any statement on their forthcoming "Herald" should have cabled
that "Germany .no
visit." They will sail for Europe to-day. The Wash- longer can undertake to make any reparations
payington correspondent of "The Sun and The Globe" ments whatever and consequently cannot
reimburse
observed that, "while explanations were made by individual Ruhr
industrialists for coal and other deAdministration officials that the American Govern- liveries to France
under the Duesseldorf agreement.
ment is not officially interested in the examination Chancellor Marx to-day
[Dec. 21] so informed the
by the Reparations Commission into Germany's committee of fifteen charged with the economic and
budget and the escape of her capital to foreign coun- financial reorganization
of the Rhineland and the
tries it is appreciated that both President Coolidge Ruhr, according to authoritative information."
The
and Secretary Hughes entertain the highest hopes correspondent declared that "this development
that something definite and practical for the restora- means the canceling of the Duesseldorf
contract
tion of the financial and economic balance in Europe officially ratified by the German Government
in ita
will result from the participation of the members of note to the Reparations Commission of Nov.
30. The
the delegation from the United States."
Stresemann Cabinet then announced that the reparational deliveries made under the convention
Premier Poincare, in the Chamber of Deputies on signed by Hugo Stinnes and other coal
operators
Dec. 21 made a three-hour address in defense of his with General Degoutte would not be repaid to the
foreign policy, particularly with respect to the occu- individual shippers by the State 'after the
Reich's
pation of the Ruhr. The New York "Times" repre- finances had been put in order.'" He also
observed
sentative said that he "painted a rosy picture of all that "the Chancellor evidently hopes that
his repu
2808
THE CHRONICLE
ation of the Duesseldorf agreement, which cerinly will not be carried out by the industrials withnt Government backing, will clear the ground for
an entirely new arrangement evolving out of the
present direct negotions between Paris and Berlin.
This step puts back the German position in the occupied territory to what it was immediately after the
proclamation abandoning passive resistance, which
Premier Poincare refused to recognize, since it did
not insure the resumption of work in the Ruhr industries."
Of course, the French have continued to maintain
that, not only should Germany pay a full measure
of reparations, but that actually she is able to do so,
notwithstanding all statements and evidence to the
contrary. It was perfectly natural, therefore, that
the Paris correspondent of the New York "Times"
should have said that "publication by the American
press of the opinion of New York bankers that the
Germans hold $200,000,000 or thereabouts in the
United States is taken by the French as justification
of their argument that Germany can find means to
finance food purchases in America other than by
asking for the derogation of reparations." He said
also that "the French estimate that German citizens
hold abroad 15,000,000,000 marks gold, or nearly
$4,000,000,000, which has been sent out of Germany
to avoid taxation for reparations. That being the
case, the French feel that Berlin should arrange with
the holders of this wealth to finance food purchases
rather than try to float in the United States a $70,000,000 loan having priority for repayment over reparations, which, they argue, amounts to asking
France and Belgium to foot the bill, since, theoretically at least, if this $70,000,000 were not repaid it
would go for reparations."
Dr. von Hoesch, German Charge d'Affaires at
Paris, called upon Premier Poincare on Dec. 24. The
New York "Times" correspondent in the French capital said that "what Dr. von Hoesch proposed to M.
Poincare to-day was a discussion of issues concerning a modus vivendi in the Ruhr. Official secrecy
is thrown about the actual propositions, and so it
cannot yet be said whether the German suggestions
per se make an accord probable. But the nature of
to-day's demarche indicates that Germany is willing
to negotiate on the basis laid down by M. Poincare."
He added that "it is understood that among the subjects on which Dr. von Hoesch to-day asked conversations were commercial exchanges between occupied and unoccupied Germany, monetary questions,
in partiedlar the Rhenish-Westphalian Bank, navigation on the Rhine, transport on the Rhineland railroads and other questions of general administration,
and application under the French occupation of
German general and local laws." According to this
dispatch also, "M. Poincare replied to the German
Charge that he would answer his note after he had
conferred with the Belgian Government." The Associated Press representative declared that Premier
Poincare "agreed with the proposals." The New
York "Tribune" representative cabled that "the appointment of Dr. von Hoesch as German Ambassador
to France is expected this week."
[VoL. 117.
effect that "the Chamber of Deputies to-day approved M. Loucheur's proposal to reduce the number
of Deputies from 626 to 591. The vote was 290 to
230." It was also stated that "France's budget for
next year, submitted to the Senate to-day by its
Finance Commission, shows a surplus of 568,000,000
francs. The receipts are given as23,950,000,000francs,
against expenses of 23,382,000,000." The Associated
Press correspondent explained that "the favorable
balance is obtained by a steady increase in tax collections, attributed partly to the activity of business
through low exchange, which is tending to increase
exports." It was further explained that "last summer the Poincare Government obtained the consent
of the Chamber and Senate for operation throughout
1924 of the same budget arrangements as had been
decided for 1923. During this year the estimates
have been exceeded by 750,000,000 francs,from which
sum will be taken the amount voted last week...by the
Chamber toward increased cost of living allowances
for State functionaries." Reporter Beranger declared that "the real financial situation of France is
very wrongly represented by the adverse exchange
rate of the franc, which to-day [Dec. 26] touched
nearly twenty to the dollar on the Paris Bourse."
M. de Lasteyrie, Minister of Finance, "replying in
the Senate to questions regarding the financial situation," said that "commerce and finance were in
good shape. But nevertheless the franc had been
falling for three years. He concluded that the psychological reactions of world finance were unfavorable to France. He recalled that France this year
had repaid to Spain 204,000,000 pesetas, the United
States $13,000,000, and Japan 50,000,000 yen, but
had to borrow for expenses chargeable to Germany."
The Finance Minister "blamed the depreciation in
French exchange on Germany's failure to pay reparations and 'consequent evils.'"
At a session of the Reparations Commission in
Paris on Dec. 21 that body "took up the request of
Germany for permission to float a $70,000,000 food
loan with priority over reparations and somewhat
sidetracked it by referring one part of the request to
the Allied Governments and the second part to the
Committee on Guarantees. The original German
request was made under Article 251 of the Treaty of
Versailles. As the point was made in Paris that this
article refers to exceptions to the reparations rules
which may be made by the Allied and Associated
Governments, Berlin sent yesterday a supplementary note asking that action be taken under Article
248, which says about the same thing as Article 251,
but refers to exceptions which may be made by the
Reparations Commission." The New York "Times"
representative cabled that "the Commission decided
as follows: 'First—To refer the German Government's request to the Allied Governments in conformity with Article 251 of the Treaty of Versailles.
Second—To request the Committee on Guarantees,
with a view to facilitating the decision to be taken
either by the Governments or by the Reparations
Commission, to draw up with as little delay as possible a report on the situation in Germany with re
gard to bread cereals and edible fats.'" He declared
that "this means officially what was apparent from
the first, namely that the decision will be made by
An announcement of more than ordinary interest the Allied Governments and will have to be unanicame to hand on Dec. 26. It was contained in an mous. The French and Belgians have firmly decided
Associated Press dispatch from Paris and was to the not to give Germany clear permission to float a loan
DER.29 1923.]
THE CHRONICLE
2809
which shall come ahead of reparations in repay- case upon which the Government bases its charge
that the men in control of the Soviet regime at Mosment."
cow have not abandoned revolutionary propaganda
A lively controversy has been going on for a week aimed at the American and other Governments. The
or more between Foreign Minister Tchitcherin of the Department of Justice is declared to be possessed of
Soviet Government of Russia and Secretary of State other evidence, and the State Department is also in
Hughes relative to the charge that the Soviet was possession of what it regards as ample proof that has
carrying on propaganda in this country with a view come to it through other channels of trusted characto bringing on a revolution. Near the close of last ter. The Secretary of State, it is learned, has no reaweek the American State Department issued a state- son to doubt the evidence in the case. It is underment to that effect. The Moscow correspondent of stood that in due time, through official channels, the
the New York "Times" in a wireless dispatch on other documents upon which the Secretary bases his
Dec. 21, said that "Foreign Minister Tchitcherin is- accusations against the Soviet regime will be made
sued a vigorous denial to-day of the assertion by the public." The same day the Washington correspondAmerican State Department that the Soviet Govern- ent of the New York "Herald" telegraphed that
ment had sent instructions to the American Work- "President Coolidge is standing pat on his stateers' Party to prepare a revolution in the United ment in regard to recognition by the United States
States." That evening the Foreign Minister issued of the Soviet Government of Russia. He has nothing
the following communique relative to his side of the to add or detract. The White House declaration was
controversy: "Having acquainted myself with the regarded as notice that the President is committed
contents of the documents made public by Mr. to the policy set forth by Secretary Hughes as to
Hughes, I communicated with Zinovief and Stekloff, what the Moscow Government'must do by way of
and on behalf of the Soviet Government, and these restitution before the United States can enter into
two citizens, I emphatically declare these documents negotiations." He further suggested that "it was
unmitigated forgeries, like the infamous Sisson pa- also taken to indicate that the President is not dispers, and challenge Mr. Hughes—failing uncondi- posed to be stampeded by the fireback in the Senate
tional withdrawal—to produce them before any im- and the preparations being made there to launch an
partial arbitration court jointly agreed upon. If he independent investigation of Communist propaganda
fails to do this, Mr. Hughes will show the whole in the United States."
world that he consciously made himself instrumental
in publishing and broadcasting forged documents.
It did not take long to show that Secretary of
It is for Mr. Hughes to exonerate himself from this State Hughes has been unmistakably certain of his
accusation leveled against him." According to a ground before he made charges against the Soviet
Washington dispatch the same evening, "Secretary Government. On the evening of Dec. 24 he made
Hughes declined to-night to comment on Tchitcher- public in Washington a copy of an article in "Izvesin's denial in behalf of Zinovief and Stekloff of the tyia." The Washington correspondent of the New
authenticity of the documents which Mr. Hughes York "Herald" said that "Secretary Hughes made
made public on Thursday with respect to Commu- public to-night the text of the official document on
nist revolutionary work in this country. It is not which he based his charge that the Soviet Governthe desire of the Secretary to engage in a controversy ment of Russia and the Third or Communist Interwith the leaders of the Soviet regime at Moscow national, the instrument of revolutionary propathrough the medium of newspaper interviews. The ganda, are integrally united in their political and
Secretary of State has been assured by the Depart- material aims." He added that "the document in
ment of Justice of the authenticity of the Zinovief question is from the pen of Stekloff, the editor of
instructions, as given out by the State Department, 'Izvestyia,' the mouthpiece of the Soviet Government.
and also with respect to the statements made by Secretary Hughes charged that Zinovief, President
Stekloff, member of the Russian Communist Party, of the Communist International, issued revolutionof the All-Russian Central Executive Committee and ary instructions to the Workers' Party of America."
editor of 'Izvestyia,' official organ of the Soviet re- According to the dispatch also, "it was pointed out
gime, and Mr. Hughes has no reason to believe that by the State Department that the Stekloff article,
either document is a forgery."
which appeared on Nov. 7 1922, on the fifth anniversary of the October revolution and on the opening of
Those who know Mr. Hughes and his methods of the fourth Congress of the Communist International,
working realized from the start that he was sure of was entirely devoted to a recounting of the close pohis position and that he would not have gone as far litical and spiritual unity and aim of the Soviet Govas he had without having in his possession what he ernment and the International." The New York
regarded as satisfactory documentary substantiation "Herald" correspondent further stated that "Stekof his assertions. With respect to this assumption, loff asserted that all the Soviet leaders and all the
the Washington correspondent of the New York leaders of the International were in accord, and that
"Times" said that, "although the Secretary of State they accepted the principle of ea-operation at home
refused to comment for publication on the denial and abroad." The New York "Times" discovered
made at Moscow, it is ascertained in a trustworthy that the copy of the Soviet organ in which the article,
quarter that the position of the State Department, written by its editor, appeared, was on file in the
which has the endorsement of the President, has not New York Public Library. The editor of "Izvestyia"
been shaken by the attempt of certain Senators to was reported in an Associated Press dispatch from
ridicule the statements made by Secretary Hughes, Moscow under date of Dec. 25, to have declared in
nor by declarations from Moscow that the documents the issue of the paper of that date that "the Ameriare forgeries. It is learned that the documents given can Secretary of State could claim only 'a formal
out by Secretary Hughes do not by any means consti- triumph' in his quotation of an article from 'Izvestute the portfolio of documentary evidence in the tyia" of Nov. 7 1922 to substantiate his charge that
2810
THE CHRONICLE
the Soviets conducted active revolutionary propaganda in the United States and that there was no
real difference between the Communist International
and the Soviet Government. M. Stekloff also accused Secretary Hughes of changing the sense of the
article."
Apparently the leaders in the overthrow of King
George of Greece have not known just how to proceed following their victory. A special European
correspondent of the New York "Times," cabling
from Athens under date of Dec. 22, said in part:
"The Greek political leaders are suffering a reaction
after launching a thunderbolt that failed to produce
the expected detonation. Having got rid of a King
by a bold and sudden stroke, they do not quite know
what to do with the Kingdom a week after the quietest and most momentous election in the history of
Greece, in which ballots replaced for the first time
the historic cannon balls." The correspondent added
that "the Glucksburg dynasty is abolished, but the
next step is as uncertain as ever. Only the return
of Venizelos could move to enthusiasm a people who
viewed the departure of King George with complete
indifference. The Greeks are tired of crises. They
cast their votes almost impartially last Sunday between the Liberals, the out-and-out Venizelists, and
the Democrats, who in Greece are the Republicans."
The situation was outlined still further in part as
follows: "The willingness of the Liberals to allow
the Republicans to assume full responsibility in the
critical interval until Parliament convenes has weakened the clamor for the immediate formation of a
Republican Cabinet; also, there are differences between the military wing of the Republicans, represented by General Pangalos, the fiery soldier responsible for the manifesto of the 4,000 army and navy
officers that forced the Government to expel the
King, and the political wing, headed by M. Papanastasion, the leader of the party. Both are national
heroes. Pangalos reorganized and whipped into
shape the army after the rout in Asia Minor and enabled Greece to make a stand against paying indemnities to Turkey. Papanastation was one of the
seVen members of the Venizelos Cabinet thrown into
prison by order of Consantine."
Through an Associated Press cablegram from the
Greek capital under date of Dec. 21 it became known
in this country that, "Premier Gonatas, replying to
formal demands from the Republicans that the Government be turned over to them because of their successes in the election, to-day announced that the Government would retain power until the National Assembly had convened and elected its President." The
correspondent said also that "General Pangalos,
Military Governor of Athens and Republican leader,
expressed surprise and indignation that the Government should not be turned over to the party that won
the elections." General Pangalos was reported to
have said, "I demand that the Gonatas Government
resign immediately. If the Liberals have a majority,
let them form a new Government, but the present
Government must get out." The Associated Press representative further reported that "it is learned that
the officers who sent an appeal by telegraph to former Premier Venizelos in Paris requested his return
to Greece only on the condition that he favored a republic. The appeal sent to him declares that the
dynasty is ended and says the officers desire him to
[Vol. 117.
return and reunite the people in a republic." He
added that "in well-informed circles it is not believed
that M.Venizelos will consent to return to Greece, at
least until the National Assembly has been given an
opportunity to attempt to clarify the present clouded
political atmosphere." The very next day word came
from Athens through an Associated Press cablegram
that "the Council of Ministers has decided to instruct Colonel Plastiras of the revolutionary committee to ask ex-Premier Venizelos, without any conditions and with complete liberty of initiative, to
return to Greece and take the political situation in
hand." In a subsequent message more details were
given, it being stated that "the invitation asks M.
Venizelos to arrive before- the convocation of the
newly elected National Assembly on Jan. 2. This
request is interpreted in some quarters as indicating
a fear on the part of the Revolutionary Committee
that a Republican Government will be formed if the
return of the former Premier is delayed." The Paris
representative of the Associated Press cabled that
"ex-Premier Venizelos of Greece, informed through
new sources to-day that a delegation bearing a letter from Colonel Plastiras, head of the Greek revolutionary committee, inviting the ex-Premier to return to Greece, had left Athens for Paris yesterday
on the steamer Andros, replied through his secretary
that he would be glad to receive the delegation." It
was added that "he expressed doubt, however,
whether the explanation accompanying the invitation, would cause him to alter his decision not to return to Greece for the present." The next development of interest was the report from Athens on Dec.
24 that "ex-Premier Venizelos has telegraphed from
Paris to Colonel Plastiras of the revolutionary committee requesting information as to the relative
strength of the contending parties in Greece." It
seems that he asked Colonel Plastiras "to transmit
to him immediately the following particulars relative to the political situation in Greece: 'First—The
number and full names of the Deputies claimed by
the Republicans, Liberals and Liberti Republicans.
Second—The number and votes they received in each
province and the number of people who voted. Third
—The number of registered voters in each province
and how many of them are refugees. Fourth—The
number of people voting in each province in the 1920
elections.'"
Word came from Athens in a cable message dated
Dec. 22 that "the Rumanian Minister to Greece, M.
Djouvara, has suddenly been summoned back to
Bucharest." It was added that "the Minister notified the Greek Government he had received instructions from his Government to depart from Athens
forthwith. He planned to leave at 4 o'clock this
afternoon" (Dec. 22). Commenting upon the incident, the Associated Press correspondent at Athens
called attention to the fact that "Queen Elizabeth is
a daughter of Queen Marie of Rumania." It will be
recalled that the former, with her husband, King
George of Greece, left their country late last week,
at the request of the Republicans, who had won at
the general election just held. The Athens dispatch
stated that "M. Djouvara informer Premier Gonatas
that he hoped to return to Athens in three weeks'
time." The news came from Bucharest in a dispatch,
also dated Dec. 22, that "King George and Queen
Elizabeth of Greece arrived here at 3 o'clock this
afternoon from Athens." It was also stated that
DEC.29 1923.]
THE CHRONICLE
2811
they "will reside at the royal palace at Contro- tection under which the country has lived for the
ceni."
last few years cannot be abolished without a great
outcry, and that the sheer force of circumstances
Definite word came from both Paris and Athens may yet induce the politicians who have been loudest
Wednesday morning that former Premier Venizelos in praise of free trade to agree to some kind of prohad decided to return to Greece "temporarily." The tection." In further explanation of the situation, he
Athens representative of the Associated Press ca- said that "consequently the Conservatives wish to
bled that "ex-Premier Venizelos, in compliance with place on record the policy they would enforce if they
the request of the Greek people as voiced by the lead- could still retain power and to lay it before the elecers of the various political parties, will return to torate, so that its real merits may sink into the popuAthens immediately. In informing the Government lar mind. It is even suggested, but without any
of his decision, M. Venizelos, however, clearly points trustworthy confirmation, that the Government may
out that his return will be only temporary, for the put protection into the King's speech and go down
purpose of acting as a guide and adviser in regulat- to defeat in the House of Commons with its colors
ing the situation, and that in no circumstances will flying."
he undertake the formation of a Cabinet. He will
take ship at Marseilles Dec. 29, according to his presStill another foreign Ministry has gone down.
ent plans, and he begs that there shall be no public
That of Japan is the latest to be reported. The incireception." The Greek Legation in Paris issued a dent occurred on Dec. 27 and followed "the resignacommunique Wednesday afternoon that was said to
tion of Home Minister Goto, who assumed the responhave been "dictated by Venizelos himself." Accordsibility as Home Minister for the attempted assassining to a special Paris cablegram from the New York
ation of Prince Regent Hirohito by a youth under
"Tribune" correspondent at that centre, "of the 396
arrest." Acording to an Associated Press cablegram
newly elected members of the Greek Assembly, 300
from Tokio, "Baron Goto's home and all Socialist
joined in the plea to Venizelos to return and take the
centres are being closely guarded owing to fear of
Government in charge. It is the opinion here that,
anti-Socialist outbreaks. The assailant of the Prince
despite his initial reservations, Venizelos is likely to
Regent was identified some hours after his arrest as
accede in full to this request, and a Greek republic is
Daisuke Namba, 27, the son of a politician of minor
not considered ontside the bounds of probability."
note. He formerly was a student at Waseda University, but was driven by force of circumstances to
It is a long time since the European cable diswork as a laborer. In this occupation he became inpatches have contained even mention of Gabriele
terested in Communism." Explanation of the whole
D'Annunzio, the highly temperamental and erratic unfortunate affair apparently may be found in
the
poet-soldier of Italy. His last striking and sensalast sentence. In a cablegram from Tokio last evetional act was made known here through an Assoning it was stated that, "in view of developments
ciated Press dispatch from Gardone, Italy, Dec. 24.
growing out of the attempted assassination yesterIt said that "Gabriele D'Annunzio, poet-soldier, has
day of Prince Regent Hirohito, the latter has rebequeathed all his possessions as 'an altar of victory'
quested the members of the Cabinet to continue in
to his country. The bequest consists of his villa and
office for the present. They are expected to retire
spacious garden, where he has erected numerous
before the meeting.of the Diet on Jan. 20."
shrines in circular form, each shrine consisting of
rock hewn from the Alps, where the fiercest encounOfficial discount rates at leading European centres
ters of the war occurred." The further details inhave not been changed from 7% in Norway; 6% in
cluded the statement that "D'Annunzio has conDenmark; 51 % in Belgium and Sweden; 5% in
A
signed the gift to Major Giovanni Giurati, former
%
France and Madrid; 4 2 in Holland and 4% in
Minister of Liberated Regions and former Chief of
London and Switzerland. A cable dispatch to the
D'Annunzio's Fiume Cabinet, representing the GovNew York News Bureau from Berlin, Dec. 22, stated
ernment, with a voluminous deed."
that with the stabilization of the currency by the
issuance of renten marks, the new discount rate
Apparently efforts wil lbe made to put Great Britestablished is 10%. The previous discount rate was
ain on a trade protection basis in spite of the un90%. In London the open market discount rate has
favorable results of the recent general election. In a
been advanced to 3 7-16 ® 3
for short bills, from
special London cablegram to the New York "Times"
4%,and to 3 7-16% for three months' bills, against
31
under date of Dec. 24 it was stated that "the commit3 5-16 ® 33 3%last week. Call money at the British
/
tee on tariff reform, consisting of industrial experts
centre, however, was slightly lower for a time at
and economists, with Lord Milner as Chairman, which
13'%, but closed at 1%%, the same as a week
the Government set up to formulate suggestions for
earlier. At Paris and Switzerland the open market
the introduction of protection in Great Britain is
discounts remain at 432% and 2%,the same as
expected to report soon, in spite of the result of the
last week.
elections. How far it will go has not been announced, but it is believed that it will lay down cerFor the first time in several weeks the Bank of
tain broad principles, even if the exigencies of time England reported a loss in gold holdings, albeit only
and politics do not permit it to make detailed pro- £3,701, while the proportion of reserve to liabilities
posals." The correspondent added that "its deter- again fell, declining to 14.82%, from 15.66% last
mination to report is based on the fact that a good week and 16.73% for the week of Dec. 12. In the
many supporters of the Government do not believe corresponding week of last year the ratio stood at
that the protection issue is really dead. They admit 153 % and a year earlier at 16/%. On the other
4
that it has had a bad setback, but they argue that the hand, note circulation was reduced £42,000 and
conditions which drove Premier Baldwin to come out reserve increased £39,000. Public deposits expanded
in favor of a tariff still exist; that the modified pro- £487,000 and "other" deposits £7,090,000, while
there were increases in both loans on Government
securities and loans on other securities—£2,196,000
in the former and £5,153,000 in the latter. These
changes were ascribed to preparations for the yearend disbursements. The Bank's gold stock now
stands at £128,019,382. At this time a year ago it
was £127,443,007, and in 1921 £128,434,359. Reserve amounts to £19,624,000, against £21,015,337
in 1922 and £20,364,114 a year earlier. Circulation is
£128,143,000, in comparison with £124,877,670 and
£126,520,245 one and two years ago, respeetively.
Loans aggregate £81,073,000, which compares with
£78,158,131 in 1922 and £83,164,909 the year before
that. Clearings through the London banks for the
week totaled £470,669,000, comparing with L716,406,000 a week ago and £469,566,000 last year. The
Bank's minimum discount rate has not been changed
from 4%. We append herewith comparisons for a
series of years of the different items of the Bank of
England returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1920.
1922.
1921.
1923.
Dec. 31.
Dec.26.Dec.27.Dec.28.Dec.29.
Circulation
128,143,000
Public deposits
15.681,000
Other deposits
116.779.000
Governm't securities 49,604.000
Other securities
81.073,000
Reserve notes & coin 19,624,000
Coin and bullion_ ._128,019,382
Proportion of reserve
to liabilities
14.82%
Bank rate
4%
124.877.670
13,323.799
119,903,432
51,967,900
78,158.131
21,015.337
127,443,007
126.520.245
16,057,335
106,532,000
36,961,987
83.164,909
20,364,114
128,434,359
132,851.150
14,304,767
175,554,567
107.864,798
86,028,242
13,866,520
128,267,670
91,340,990
19.213.209
180.637,913
92,469.207
106.777,576
18,442,165
91,342,155
153.1
3%
16%%
5%
731%
7%
9g%
6%
The Bank of France continues to report small
gains in its gold item, the increase this week being
111,725 francs. The Bank's gold holdings, therefore, now aggregate 5,540,380,600 francs, comparing
with 5,534,829,194 francs at this time last year and
with 5,524,227,896 francs the year before; of these
amounts 1,864,320,900 francs were held abroad in
1923, 1,864,344,927 francs in 1922 and 1,948,367,056
francs in 1921. During the week silver increased
129,000 francs, bills discounted were augmented by
386,953,000 francs and general deposits rose 238,915,000 francs. Advances, on the other hand, fell
off 13,836,000 francs, while Treasury deposits were
reduced 6,134,000 francs. Note circulation registered the further expansion of 275,437,000 francs,
bringing the total outstanding up to 37,905,434,000
francs. This contrasts with 36,359,286,410 francs
on the corresponding date last year and with 36,487,456,505 francs in 1921. Just prior to the outbreak of war in 1914, the amount was only 6,683,184,785 francs. Comparisons of the various iten4s
in this week's return with the statement of last week
and corresponding dates in both 1922 and 1921 are
as follows:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Cold Holdings—
111.725
Inc.
In France
No change
Abroad
COMPARATIVE STATEMENT.
Status as of
Dec. 27 1923. Dec. 28 1922. Dec. 29 1921.
Prams.
Franco.
Francs.
3,676.059.700 3.670,484,267 3,575.860,840
1,864,320.930 1,864,344,927 1,948.367.0.56
111,725
Inc.
Total
129,000
Inc.
Silver
Inc.386,953,000
Bilisdiscounted
Dec. 13.836,000
Advances
Note circulation_ _ _Inc.275,437,000
Treasury deposits_ _Dec. 6,134,000
General deposits_ _Inc.238,915,000
5,540,380,600
296,522,000
3,657,394,000
2,402,525,000
37,905,434.000
20,178,000
2,363,491,000
5,534,829,194
289,464,199
2,401,285,057
2,082,076,079
36,359,286.410
20,481,872
2,288,985,390
5,524,227,896
279,765,203
2,505,828,354
2,240,917.695
36,487,456,505
26,013.951
2,717,192,359
After an interval of two weeks, during which time
no reports were received, the Imperial Bank of Germany has issued a statement, as of November 30,
showing the usual monumental expansion in the
principal items. Note circulation is shown to have
again almost doubled, the increase for the week being
[VOL. 117.
THE CHRONICLE
2812
given as 176,340,325,217,954,379,000 mks. Bills
of exchange and checks increased even more spectacularly, viz.: 203,237,033,414,056,721,000 mks. In
discount and Treasury bills there was a decline of
64,171,103,614,178,138,000 mks., but deposits gained
50,309,188,259,450,499,000 mks., and other liabilities
60,305,347,629,873,646,000 mks. There was a large
reduction in other assets, which fell 31,121,481,383,061,695,000 mks., and smaller increases in the following,—notes of other banks, 72,400,837,428,834,000
mks.; advances, 5,167,560,817,413,187,000 mks.,
and investments, 247,400,034,723,000 mks. Total
coin and bullion (which now includes aluminum, iron
and nickel coins) was reduced 372,000 mks. Gold
reserves, however, remained unchanged, total holdings being 467,025,000 mks., as compared with 1,004,800,000 mks. last year and 993,698,000 mks. in 1921.
The Bank's note circulation has attained the colossal •
sum of 400,267.649,729,000,000,000 m.ks., as against
794,000,000,000 in 1922 and 100,763,000,000 mks. a
year earlier. The statement for the previous week,
that is for the week ended Nov. 22, was issued at the
same time, and this showed changes as follows in
thousands of marks—that is three ciphers (000) being omitted:
Total coin and bullion
Gold
Treasury and loan association notes
Notes of other banks
Bills of exchange and checks
Discount and Treasury bills
Advances
Investments
Other assets
Notes in circulation
Deposits
Other liabilities
7,983
unchanged
3,021,470.999,424,865
increased
8,397,700,239,478
increased '
increased 104,534,427,108,490,338
28,756,034,323,148,569
decreased
Increased 1,769,389,808,895.883
80.188,098,791,919
increased
314
Increased 255,966,146,023,793,
67
131,082,594.340,869.0
Increased
Increased 194,114,954,882,387,010
increased 11,426,436,193,223,168
decreased
•000 omitted.
The Federal Reserve Bank statement for the week,
issued at the close of business on Thursday, reflected
the increased activity due to holiday trade requirements and the coming end of the year settlements,
both locally and nationally heavy expansion was
shown in rediscounting operations. For the system
rediscounts of Government-secured paper increased
S56,000,000; in "all other" discounts there was a
gain of $50,500,000, while bill buying in the open
market increased $14,000,000, so that altogether
there was an addition to bill holdings of $121,000,000.
Earning assets showed the unusually large gain of
$144,000,000, while deposits increased $55,000,000.
At New York the same general trend was observable.
Discounting of all classes of paper increased approximately $74,000,000, and this coupled with a small
addition to open market purchases, brought about an
increase in total bill holdings of $75,000,000, to
$295,008,000, as compared with $190,600,000 at this
time last year. For the banks as a group total bills
on hand aggregate $1,193,566,000, as against $876,178,000 in the corresponding week of 1922. The
national statement recorded an increase in the amount
of Federal Reserve notes in actual circulation amounting to $44,000.000, and at New York of $6,400,000.
Member bank reserve accounts likewise showed material expansion, more than $36,000,000 at the local
institution and $25,000,000 for the banks as a group.
Gold reserves were reduced, the System reporting a
loss of $21,000,000, and the New York Bank a decrease of $28,000,000. As a result of this feature and
the sharp expansion in deposits, reserve ratios were
lowered; at New York 5.9%, to 76.7%, and for the
System 2.4%, to 73.3%.
DEC.29 1923.]
Last Saturday's statement of the New York
Clearing House banks and trust companies reflected
the usual demands for funds entailed by the holiday
trade and was featured by reductions in practically
all of the principal items. Chief among these was
a cut in net demand deposits of no less than $49,137,000, which brought the total to $3,742,147,000, while
net time deposits were reduced $3,331,000, to
$460,873,000. The total of demand deposits here
given is exclusive of $46,518,000 in Government
deposits, a gain in the last-named item of $40,203,000
for the week. Loans and discounts were reduced
$9,397,000. Cash in own vaults of members of the
Federal Reserve Bank gained $6,873,000, to $61,133,000 (not counted as reserve). Reserves of State
banks and trust companies in own vaults were
increased $423,000, but the reserves of these same
institutions kept in other depositories dropped
$218,000. Member banks again drew down their
reserve credits at the Reserve Bank this time $10,297,000, so that notwithstanding the decrease in
deposits, there was a loss in surplus reserves of $3,547,880, which brought the total of excess reserves
down to $14,018,060, as compared with $17,565,940
last week. The figures here given for surplus are
based on reserve requirements of 13% from member
banks of the Federal Reserve System but not including cash in own vaults to the amount of $61,133,000
held by these banks on Saturday last.
This is the one week above all others in the entire
year when a flurry in call money causes no surprise
in financial circles. As it had been realized that the
disbursements on or about Jan. 1 1924 would be
unusually large, the advance in call money Thursday and yesterday afternoons to 6% was not deemed
strange. The Street was prepared for this quotation
by the fact that the opening and renewal rates were
higher both days. These rates do not signify
any real change in the money position, but only
an extensive shifting of accounts. Soon after the
first of the year the funds will be shifted bac
again into the regular channels, and the quotati
for call money are expected to drop back to about
where they have been for some weeks, namely,
4Y@43 %. The Government withdrew $5,000,000
%
from local institutions the day following Christmas,
while on Thursday and yesterday a fairly large
amount of money loaned on demand was said to
have been called. But this was incidental to the
preparations for next Tuesday's disbursements. On
Jan. 2 the Government will withdraw $8,075,000
from this Federal Reserve District. The reaction
in stocks Thureday afternoon was attributed in
part to the calling of loans and the 6% quotation.
However this may have been, banking authorities
say that there are ample funds for all requirements.
The offerings of new securities have been on a pretty
good-sized scale. Next month the volume is likely
to be larger. It is reported that the Persian Government will soon begin negotiations here for a $10,000,000 loan as the result of the award of oil fields to the
Sinclair group. The outlook for business in this
country continues somewhat mixed.
Referring to money rates in detail, call funds have
shown an upward tendency, owing to preparations
for year-end payments, and the range has been
4%@6%, as against 432@4%% last week. On
Monday the high was 5%,the low 4%%,with 43 %
4
2813
THE CHRONICLE
also the rate for renewals. Tuesday was a holiday
(Christmas Day). Wednesday there was an advance
to 532% maximum, although renewals were still
put through at 43 %, which was also the low. In4
creased firmness developed on Thursday and the
range moved up to 5@6%, with 5% the ruling rate.
On Friday the renewal basis was 51 %;no loans were
A
negotiated under that figure, while just before the
close a high quotation of 6% was again reached.
The stiffening was of course due to demands incidental
to Jan. 1 settlements. In time money the situation
was quiet and quotations unchanged, so that sixtyday money continued at 4%@5% and ninety days,
four, five and six months at 5%,the same as a week
ago. Fixed-date funds were in fair demand but the
inquiry was light and the market dull.
Commercial paper has been easier and sixty and
ninety days' endorsed bills receivable and six months'
names of choice character have been dealt in at 4%@
5%,with a fair proportion of the business at the lower
figure. Trading, however, was quiet, with the bulk
of the limited inquiry still coming from country banks.
Names not so well known require 5%.
Banks' and bankers' acceptances were moderately
active in the early part of the week but with the
stiffening in the call market the demand fell off perceptibly. Only a small turnover was reported. For
call loans against bankers' acceptances, the posted
rate of the American Acceptance Council has been
raised from 4Y to 43,%. The Acceptance Council
1
.
makes the discount rates on prime bankers' acceptances eligible for purchase by the Federal Reserve
banks 4% bid and 4% asked for bills running for
30 days, 43j% bid and 4% asked for bills running
60, 90 and 120 days, and 43'% bid and 43.% asked
for bills running 150 days. Open market quotations
follow:
SPOT DELIVERY.
90 Days.
454@454
Prime eligible bills
60 Days
SO Days
4434
451@434
R DELIVERY WITHIN THIRTY DAYS.
ember banks
4% bid
454 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANES
IN EFFECT DEC. 28 1928.
Paper
mentalist—
Alter 90 Alter 6
but
Days. bid
Within 8 Within 9
Morals*. Months.
Within 90 Dago.
rlIDERAL RESERVE
BANK.
Recur. Pp
Cons'reial U. S. Basket's
Apricot. Govt.
Accap&Limn Mica- Maces.
Payer.
Sons.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louts
Minneapolis
Kansas City
Delia'
San Francisco
Apricot.* Apricui.
assd
Trade
and
Accsy- Liscstock Lfrestoc I
Jamas. Paper. Paper.
434434
434
434
454
iii
434
434
434
454
454
454
434
434
434
454
2g
654
454
414
434
634
654
414434
434 :
454
434
454454
454
434
434
lg
434
454
434
414
434
414
434
434
434
•Including bankers' acceptances drawn for
by warehouse receipts. Ac.
an agricultural
454
634
634
434
434
434
414
634
434
454
434
434
a
454
5
634
434
434
454
434
554
04
434
434
purpose and lee
Business in sterling exchange has been marked by
the holiday inactivity which is usually in evidence
at this season. For a while, especially in the early
part of the week, the market for long intervals was
at a practical standstill owing to the Christmas celebrations, and the volume of transactions was reduced
to minimum proportions. Continued uneasiness
2814
THB CHRONICLE
[vor.i. 117.
over the political crisis in Great Britain, coupled Paris interests were alleged to be unloading francs
with the sentimental effect of the sustained fall in in large quantities and accumulating dollars. Later
the value of the French franc, all combined to depress on, buying, said to be on the part of the French
sterling rates, which, while not sharply lowered, Government for the purpose of stemming the decline,
sagged steadily until 4 339 was reached for demand, brought about a rally to 5 071%. Subsequently the
although later on there was a rally to 4 353/g. Large price dropped back to 4 99, but before the close reoperators apparently took very little interest in for- covered to 5 193. The sensational pressure to sell,
eign exchange. Even the strictly speculative ele- which is regarded as especially disappointing in the
ment kept away. The extremes for the week in face of the conceded improvement in the reparations
rates have been 4 33%®4 3538. In the final deal- outlook and what is regarded as France's victory
ings there was a slight broadening in the inquiry. in the Ruhr, was ascribed to a variety of reasons,
A small accumulation of orders over the holiday primarily anxiety over internal financial conditions.
made itself felt in the way of advancing prices, and, Considerable dissatisfaction is felt over the rise in
although offerings were somewhat larger, the market the cost of living and failure to bring about readseemed able to absorb them; hence clsoing prices were justment in trade balances. M. Lasteyrie,.Minister
of Finance, lays the blame for the fall in the franc to
near the highest for the week.
Bankers generally are somewhat mixed as to the inability of France to collect reparation claims and the
immediate outlook for sterling. For the most part heavy additional expenses of the Rhineland occuan undercurrent of optimism prevails and despite pation. Late in the week publication of the new
fears of further unsettlement in the event of a change French budget for 1924 created a better feeling and
of Ministry in England, the opinion seems to be gain- franc values improved substantially.
The collapse in French exchange exercised a sentiing ground that sterling is due for a rise, although it
will be no general mental effect on the rest of the list, although this was
is practically certain that there
increase in market activity, at least until British apparent more in limited dealings than in lowering
political skies have cleared. Intimations that Ger- of rates. Antwerp francs as usual moved in symman reparations affairs were proceeding satisfac- pathy with exchange on Paris, but lire ruled steady,
torily were well received, but failed to exercise any at close to last week's levels, while the Central
European currencies were only slightly changed, and
appreciable influence on actual values.
Referring to quotations in greater detail, sterling reichsmarks remained stationary throughout the
exchange on Saturday last was heavy and there week. Greek exchange, despite the prevailing politi%
was a decline to 4 33 13-16®4 343 for demand, cal uncertainties in Greece, was firmly held and
5
% for cable transfers and 4 31 9-16 advanced more than 33 points, to 2.19, on what was
4 34 1-16@4 34
4
®4 321 for sixty days; the weakness was ascribed regarded as betterment of the outlook for a stable
to freer offerings on a dull market. On Monday form of government in that unhappy country. For
the usual pre-holiday dulness prevailed and trading the time being it would seem that the introduction
was at a low ebb, with the range for demand a of the rentenmark is having some effectin stabilizing
trifle lower at 4 33%@4 34 5-16, cable transfers .at mark exchange, notwithstanding huge increases in
2
4 34©4 34 9-16 and sixty days at 4 313/@4 32 1-16. note circulation. It is rumored that the Italian
Tuesday was a holiday (Christmas Day). Disap- Government of late has been supporting lire. This
pointing foreign news was responsible for a further might account for the steadiness of that currency.
The London check rate on Paris finished at 84.25,
slight recession on Wednesday, although the loss was
limited to a fraction; demand bills ranged between against 84.75 last week. In New York sight bills
4
4 33%®4 343i,cable transfers between 4 34@4 3 32 on the French centre closed at 5 093/2, against 5 10%;
and sixty days between 4 3132®4 32. On Thursday cable transfers at 5 101%, against 5 11%; commercial
%
there was a tendency to improvement and rates were sight bills 5 083/2, against 5 093 , and commercial
at 5 033, against 5 041% a week ago.
marked up to 4 34%®4 34% for demand, 4 34%® sixty days
%
4 351% for cable transfers and 4 31%®4 325 for Antwerp francs finished at 4 471% for checks and at
but fairly 4 481% for cable transfers, in comparison with 4 513/2
sixty days. Friday's market was quiet
steady and demand was quoted at 4 33 13-16® and 4 521% last week. Final rates on Berlin marks
1
4 35%, cable transfers at 4 34 1-16@4 35%, and were 0.000000000025 for both checks and cable re4
sixty days at 4 31 9-16@4 327 . Closing quota- mittances (unchanged). Austrian kronen continue
4
tions were 4 31% for sixty days, 4 337 for demand to rule at0.000141%. Lire finished the week at 4321%
1
and 4 34% for cable transfers. Commercial sight for bankers' sight bills and 4 331% for cable transfers,
3
bills finished at 4 33%,sixty days at 4 313, ninety which compares with 4 301% and 4 311% a week
days at 4 30, documents for payment (sight) at earlier. Exchange on Czechoslovakia closed at
4 311%, and seven-day grain bills at 4 333. Cotton 2 923, against 2 933; on Bucharest at 0.511%,
3
against 0.5234; on Poland at 0.00017, against
and grain for payment closed at 4 33%.
Bo far as could be learned, there were no gold 0.00017, and on Finland at 2.48 (unchanged).
engagements made this week either for import or Greek exchange finished at 2.19 for checks and 2.191%
for cable transfers. This compares with 1.801%
export.
and 1.81 last week.
Dealings in the Continental exchanges have likeThere is very little to report regarding exchange
wise been restricted by Christmas festivities and
trading, save in a few instances, has been quiescent. on the former neutral centres. Trading has been
As a matter of fact, most of the limited business pass- exceptionally dull and rate movements unimportant.
ing was in French francs, which again took the lead In the main the undertone has been steady and guilders
in point of activity and weakness. Following an have shown a small gain from the close of last week.
opening quotation of 5 051%, there was a drop to Swiss francs and the Scandinavian currencies have
4 99, a new low record. Heavy selling for foreign all been firmly held, but Spanish pesetas closed at a
account, with almost no takers, was responsible. small net loss.
DEC.29 1923.]
THE CHRONICLE
Bankers' sight on Amsterdam closed at 38.01,
against 37.81; cable transfers at 38.05, against 37.85;
commercial sight bills at 37.93, against 37.75, and
commercial sixty days at 37.59, against 37.39 last
week. Swiss francs finished at 17.46 for bankers'
sight bills and at 17.47 for cable transfers, as compared with 17.42 and 17.43 a week earlier. Copenhagen checks closed at 17.73 and cable transfers at
17.77, against 17.75 and 17.79. Checks on Sweden
finished at 26.40 and cable transfers at 26.44, against
26.30 and 26.34, while checks on Norway closed at
14.73 and cable transfers at 14.77, against 14.81 and
14.85, respectively. Spanish pesetas finished at
13.00 for checks and 13.02 for cable transfers. A
week ago the close was 13.013/ and 13.031 2
2
/
.
With regard to South American exchange, Argentine currency has been a shade easier, finishing at
32 for checks and 323/ for cable transfers, as against
8
323.@323', but Brazilian milreis turned strong on
improvement in the coffee situation and the quotation
moved up to 10.10 for checks and 10.15 for cable
transfers, with the close 9.95 and 10.00, against
9.40 and 9.54 last week. Chilean exchange was also
firmer, finishing at 11.10, against 10.75, but Peru
remained unchanged at 3.99.
Far Eastern exchange was as follows: Hong Kong,
513/2@514 against 513j@513 ; Shanghai, 73h @
%
.
1
733/2 against 733'@739; Yokohama, 46%@47,
against 46.55@46.60; Manila, 494@50, against
49/@49%; Singapore, 5134@513', against 513'©
518 ;Bombay, 313.'@31%, against 311 1@311 2, and
%
/ /
Calcutta, 313'@31% (unchanged).
The .New York Clearing House banks in their
operations with interior banking institutions have
gained $4,621,472 net in cash as a result of the currency movements for the week ended Dec. 27.
Their receipts from the interior have aggregated
$5,499,772, while the shipments have reached $878,300, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
DEC. 22 1923 TO DEC 28 1923, INCLUSIVE.!
Noon Buying Role for Cable Transfers in New York.
Value in Untied Stales Money.
Country and Monetary
Unit.
Dee. 22. Dec. 24. Dec. 25. Dec. 26. Dec 27. Dec. 28.
EUROPE$
$
$
$
$
Austria, krone
3.000014 $.000014
$.000014 3.000014 3.000014
Belgium, franc
.0451
.0453
.0448
.0454
.0450
Bulgaria. lev
007717 .007817
.007833 .007883 .007850
Czechoslovakia, krone .029261 .029238
.029211 .029209 .029230
Denmark, krone
1771
.1773
.1774
.1775
.1778
England, pound sterling
4.3441
4 3447
4.3438
4.3481
4.3471
Finland, markka
024672 .024714
.024675 .024638 .024669
France,franc
.0508
0505
.0500
.0511
.0513
Germany, reichsmark
a
a
a
a
a
Greece, drachma
018720 .019090
.021590 .020380 .021889
Holland, guilder
3786
.3787
.3788
.3789
.3802
Hungary, krone
000052 .000052
.000052 .000052 .000052
Italy, lira
.0433
0432
.0432
.0434
.0434
Norway, krone
1480
.1481
.1482
.1479
.1478
Poland, mark
b
b
b
b
b
Portungal, escudo.... .0351
.0347
.0348
.0342
.0336
Rumania,leu
.005194 .005178
.005156 .005142 .005147
Spain. peseta
1300
.1299
.1299
.1300
.1302
SWeden,krona
2631
.2635
HOLI- .2635
.2638
.2643
Switzerland, franc.- .1743
.1745
DAY
.1745
.1749
.1751
Yugoslavia, dinar_ ___ .011345 .011345
.011341 .011340 .011345
ASIAChinaChefoo, tadl
7409
.7369
.7400
.7391
.7391
Hankow tadl
7388
.7347
.7378
.7369
.7669
Shanghai tael
7214
.7181
.7192
.7211
.7197
Tientsein tadl
.7444
7478
.7478
.7486
.7459
Hongkong dollar_._ .5092
.6088
.5089
.5098
.5097
Mexican dollar.... .5167
dollar.
.5153
.5153
.5148
.5145
Tientsin or Peiyang
dollar
.5166
5188
.5169
.5175
.5163
.5141
5175
Yuan dollar
.5156
.5163
.5150
.3102
3106
ndia, rupee
.3104
.3110
.3117
.4654
lapan, yen
4680
.4656
.4657
.4651
jingapore(8.5.) dollar 5088
5084
.5084
.5091
.5088
NORTH Al.IER.074594 .974573
Canada, dollar
.074802 .074938 .975255
990594 .999531
.999594 .999625 .999625
Cuba,Peso
484844 .485000
.483542 .483958 .483958
Mexico. Peso
Newfoundland, dollar .971563 .971563
.971719 .971719 .972344
SOUTH AMER..7277
Argentina. peso (gold) .7281
.7263
.7239
.7240
0533
.0937
.0956
Brazil, milreis
.0995
.0997
.1066
.1073
.1090
Chile, peso (paper)._ .1063
.1083
.7786
7798
.7778
Uruguay, peso
.7779
.7791
'the quotation for German marks has been: Dec.22,.000000000000240; Dec.24.
•
.000000000000240; Dec.26,.000000000000242; Dec. 27,.000000000000242; Dec.28,
00241.
.0000000000
b The quotation for Polish marks has been: Dec. 22, .000000155; Dec. 24,
.000000164; Dec. 26, .000000164; Dec. 27, .000000166; Dec. 28, .000000164.
Jaw
Banks.
Week ending Dec. 27.
Banks'inter or movement
Out of
Banks.
$5,499,772
Grain o Los
to Banks.
3878.800 Gain $4.621.47Z
As the Sub-Treasury was taken over by the Fed
,
eral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Dec. 22. Dec. 24.
Tuesday, Wednesd'y, Thursday, Friday,
Dec. 25. Dee. 26. Dec. 27. Dec. 28.
Aggregate
for Week.
63,000,000 79,000,000 Holiday 78,000,000 57,000,000 70,000,000 Cr. 347,000,000
Note -The foregoing heavy credits reLect the huge mass of checks which come.
to the New York Reserve Bank rom all parts of the country in the operation of
the Federal Reserve yatem's par collection scheme. Three large credit balancer!,
however,reflect only a part of the Reserve Bank's operations with the Clearing Homo
institutions, as only the items payable in New York City are represented In the
daily balances. The large volume of checks on institutions located outside Of
New York are not accounted for in arriving at these balances, as such cheeks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Alle
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:
2815
Dec. 27 1923.
110n
Banks of
Gold.
Silver.
I
Dec. 28 1922.
Total.
Gold.
SOrer.
Total.
£
England - _ 128,019,38
France a.- 147,041,427
Germany - 28,390,850
Aus.-Hun. 10,944,000
101,105.000
Spain
35,309,
Italy
Nethilands 48,482,000
Nat. Belg. 10,789,00
Swaziland 21.488,000
Sweden _ 15,107,0
Denmark. 11.645,0
Norway.. 8,182,000
£
128,019,382 127,443,007
127,443,000.
11,840,000 158,881,427 146,818,486 11,560,
158,378,480
b3,475,400 31,866,2
50,110,730 7,114.300 67,225.0302,369,000 13,313,000 10,944,000 2,369,1(113,313,006
26,030,000 127,135,000 100,955,
25,856,00 126,811,000
3,420,000 38,729,000 35,053,000 3,029,000 38,082,000
723,000 49,205,000 48,482,000
756,000 49,238,000
2,676,000 13,465,000 10,757,000 2,154,000 12,911,000
3,470,000 24,958,000 21,359,000 4,350,00 25,709,000
15,107,000 15,220,000
15,220,030
182,000 11,827,000 12,682,000
252,000 12,934,000
8,182,000 8,183,000
8,183,000
Total week 566,502,659 54,185,400620,688,059 588.007,223 57,440,300 645,447,02a
Prey. week 566,506,891 54.012,400620,510,291 587,988,848 57,271.300645,260,140
•Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
abroad. b It is no longer Possible to tell the amount of silver held by the Bank
Of Germany. On March 15 1923 the Reichsbank began including in its "Metal
Reserve" not only gold and silver but aluminum, nickel and iron coin as well. The
Bank still gives the gold holdings as a separate item, but as under the new practice
the remainder of the metal reserve can no longer be considered as being silver,there
Is now no way of arriving at the Bank's stock of silver, and we therefore carry it
along at the figure computed March 7 1923.
Taxation the "Paramount Issue."
That the Democrats in Congress intend to oppose
the "Mellon Plan" is indicated by the statement of
Senator Simmons, made before adjournment for the
holidays. The old political war-cry "make the rich
pay" is not to be allowed to languish. The unanswerable argument in favor of lowering the inordinate surtaxes
-and thus to re-invigorate businesssemes to take no hold on the party mind. Here is a
chance for division; and an appeal to "the people"!
Here is opportunity to ring the changes on "Wall
Street" and make the small taxpayer believe he is the
victim of an unholy alliance between wealth and the
ruling party. At the time this statement appears, in
a page editorial on taxation, the "Saturday Evening
Post," with its tremendous popular circulation,
warns all parties against the evil of "playing politics," when so important a subject is at stake.
We have already expressed an individual opinion,
as to some changes that might well be made in the
law, changes apparently not embodied in the "plan.."
2816
T H Di CHRONICLE
But on the whole we concede it to be equitable. We
do not believe that the people will receive it otherwise. It is the matured plan of a great financial
mind working inside the needs of the Government;
and a mind, we may be assured, that is not thinking
of parties or politics. The holiday recess is to be
devoted to committee consideration, pending a time,
apparently, when it must be determined whether tax
revision or the bonus is to have precedence. We do
not know what the outcome of this will be. There is
in the thought a species of disquietude we do not like
to entertain. Is it more important, as a Government,
that we spend money than save it? Is there anything
that can be more important than the reduction of
taxes?
As we ask ourselves this question we are reminded
that a very riot of public expenditures is taking
place. Cities are veritably running a race to see
which shall be first in -"improvements." Let us cite,
for instance, the old, conservative, financially powerful and stable city of St. Louis. A city that has not
grown by "fits and starts" due to booms. A city not
so long ago the outpost of Western advance,just this
side the then "Great American Desert," now the centre of agriculture and home of the bloc. St. Louis,
in the next few years, is to spend from eighty to
ninety millions on civic improvements. Kansas City,
nearest important neighbor on the West, is in agitation over new needs to be met only by bonds. Chicago, some think destined to be the largest city on
this continent, is reaching out for population and territory, with the taxing power this will give. Pacific
Coast cities are not wont to lag behind, and are not
deeply aroused over civic economies.
One might argue from these conditions that the
people are not concerned over Federal taxation. On
the contrary, they are the more deeply concerned.
The benefits of huge national appropriations are in
a way intangible. These local expenditures promise,
at least, local beneft. Your county seat town that
votes two hundred thousand for a "consolidated
district," or a "high" school—one often that it does
not need more than the average taxpayer "needs a
diamond ring"—your county seat town can see and
touch the "improvement." But these local expenditures are not made without a murmur. Those who
pay the tax, who foot the bill, are protesting with all
their power. They vote against these "improvements." They see the coming burden and would
avoid it. They know that business in the end must
pay. They are fully aware of the mounting annual
tax levies. Thus, when Congress, far away at Washington, refuses to reduce the Federal tax, toys with
new expenditures not even experts can estimate at
the full, the people are awake and watching—or at
least this part of the people.
Whence comes this determination to repass a Soldier Bonus bill once vetoed by a President? Our belief is that any party that refuses to entertain taxation on broad and non-partisan lines will "hear
from" the thoughtful, patriotic, conservative business people in the next election. We admit the chaos
that often rides like a storm in political elections.
But it is our only method of relief. And since uninstructed members of Congress and Senators do sometimes play politics for party purposes, voters have
the one means of redress. And they will use it. And
he who thinks he can ride down this "paramount
issue" for petty political advantage will, we think,
live to regret the fact.
[VoL. 117.
We concern ourselves not at all with the politics of
this problem save for the economic effect. There
must come a time when reduction will be imperative.
Strong Governments, as well as strong corporations
and financiers, may overreach themselves. We can
conceive of a time of depression, when business would
be unable to earn these extraordinary taxes, when
the Government would have to pay high rates on renewals—and when our Government securities might
sag in the market. The time to retrench is now.
Laboring mightily and bringing forth the Budget,
shall all the good work go for naught because of the
Bonus? There is such a thing as a long-suffering
people. But beware of the wrath of the silent man!
Again, we care nothing for the politics involved—
care not which party fails or refuses in the hour of
need—the time and opportunity point the way, and
those who refuse to walk therein will live to find they
have mistaken the numbers who can be trifled with
by false and hollow appeals.
The Immigration Law.
The necessity of re-enacting the law on immigration, soon to expire, gives rise to widespread discussion concerning proper amendments thereto. Even
though the Per Centum Act be retained there is call
for change in its administration to overcome admitted evils. And the subject is likely to be completely
"overhauled" in debate, if not in enactment, by the
present Congress. In view of this, popular interest
covers a wide range of consideration. Industry and
"labor" are again at "outs" over the question, with
"labor" occupying the decidedly selfish ground of
restriction in the interest of wages and scarcity. Industry, including agriculture, in actual want of employees, may be expected to advocate an increase in
the quota of admissions though endorsing better
means of selection and distribution.
Some very broad questions of correct national policy suggest themselves. If "self-determination" of
peoples be advocated, as in recent times, (a policy
that must be taken with a large grain of allowance at
its best) why deny individuals in their world-freedom the right to choose the country in which to live
and government under which to pursue their natural
and needful activities? The question can be asked
without reference to racial restrictions already instituted. And while the question pertains to theory
rather than practice it involves a principle that affects world peace. Consideration cannot escape the
fact of post-war conditions. But it is material to
brotherhood, and to that merging of manners and
customs, by means of the so-called melting-pot process, which, it is so often averred, freshens and advances civilization—or, conversely, according to the
peoples to be amalgamated, sends it downward or
into decay. In certain areas of the earth's surface
the population (comparatively) is crowded,confined,
cramped. War often comes as a means of liberation
and escape. Is it a mere dream that an international
conference might some time consider the proper distribution of the present world's population. We
merely call attention to a basic principle vital to a
fair and equitable consideration of our present law.
As citizens we are not very far removed in point of
time from the period when the bars were down and
our forefathers came from England and the rest of
Europe, regardless of political divisions, to subdue a
continent and create a Government free to "life, liberty and the pursuit of happiness." And though it
DEC.29 1923.]
THE CHRONICLE
2817
may now be desirable to have some degree of restriction as to numbers, some means of selection as to
The Summons of the New Year.
kind; and important to include in the new law the
After the usual festivities the first summons of the
element of enforced distribution; in view of the mani- New Year is that we face facts. In business
, books
fest needs of agriculture and industry, is it not wise automatically close, and
trial balances are studied.
to be guided by the liberal policies of the past,
In the larger relations of the State and the nation
rather than to shut the gates as we have been
the facts are not so readily obtained, nor are they so
doing?
seriously regarded; yet they are the foundation upon
It may not be quite germane to the decisive question at issue, but it again is part of a guiding prin- which all business is conducted; and to-day they are
ciple, to examine immigration with reference to "iso- beginning in all lands to be recognized as conditions
lation!' We are berated by some for the policy of ultimately determining the happiness and even the
"minding our own business." These would have us lives of the people.
engage in a constant world crusade in behalf of the
At this time a year ago, at a public meeting in
down-trodden and oppressed. Others, not following London, Viscount Grey, who was Secretary of State
this belief, are eager for "saving" peoples by feeding for Foreign Affairs in Great Britain at the outbreak
them out of a limitless Government chest or by huge of the war in 1914, in replying
to the question, What
private charities. Why, then, would it not be a real was the underlyi
ng cause which had been working
and helpful "Good Samaritan" policy to offer to
for years to bring about war, said three things. We
these suffering millions (who can show health and
character) the opportunity to work in a new land, had only now learned that great armaments did not
with all its attendant benefits? Here we do not deal prevent war; they brought it about. Also, that if
in quotas. We ask the question as a matter of prin- war came again on the modern scale no victory would
ciple and policy. At best, the present quota is an enable the conqueror to escape from the awful sufarbitrary policy founded not on present needs abroad fering which would ensue; and that if there should
another war it would be far more terrible than the
and at home, but upon a policy of shutting out for- be
last, and it was certain that civilization would not
eign labor in the interest of domestic. It proves itself inadequate to our own industrial advancement recover from it. The moral he drew was that we
and should meet with considerable, just and liberal must apply the lessons of the war and set to work to
change. It must appear contradictory to many of make war impossible.
To make this more than an individual opinion,
the unfortunates of the World War in Europe that
however wise the speaker, we must recognize that
we are willing to give alms but unwilling to give
whatever advance the year has made towards an
work—and this to worthy and honest men and
established peace the extent of the destruction
women eager to escape into new environments. As
wrought by the war has become increasingly evito the emigration policy of these older countries,
dent, and, if we would appreciate the situation, we
that is a domestic question for each to consider—a
question with which we have nothing to do. And must try to visualize it, that it may influence our
when this is properly so considered it will act actions.
For this purpose the destructiveness of the war,
as a foil to any "too great" liberality on our
viewed simply as wrought in the materials of hupart.
The present law expires in June. It should have man peace and progress, may be summarized in four
careful and serious amendment. Its administration groups: the waste of human life; the waste of raw
features are of themselves faulty. The spectacle of material; the waste of accumulated production, and
overloaded ships crowding our harbor on the first of the waste of moral strength.
We can only call attention to a few facts under
each month, and dumping tens of thousands upon
each of these heads, while we refer to a new book
our inspection officers and facilities, should be obviated in some way. If it seems impractical to exam- which gives them in authoritative detail.* The offiine health and character on the other side in advance cial summary of casualties of the 18 States engaged
of departure, there should be enlarged facilities for in the war is 8,646,024 killed and 20,775,459 active
a deliberate sifting policy on this side. And above men wounded. To estimate the meaning of this, we
all, the scenes at Ellis Island which give rise to re- must add the number in whom the destructive effect
proachful comments by intelligent visitors should be of the war appeared later, greatly increasing the
done away with. These are minor matters and mortality list and amplifying the extent of subseshould easily be met by legislation. But the view quent disease and disability. We have also to note
that both groups are composed almost entirely of
others take of our main position on immigration
we young and sound
men, depleting the vital productiv'should not ignore in the re-enactment.
As the law now stands it will hardly be disputed ity of the world correspondingly both in human energy and in the possible size of the next generation.
that we are at war with our traditional policy.
The The direct economi
c loss of human capital, or Social
latch-string no longer hangs on the outside. As
a
political policy we no longer import the "cheap Value, is put by the actuaries at over £5,000,000,000.
goods" or the "pauper labor" of Europe. If political In a new war the development of deadly gases and of
aeroplanes introduces an element of human destruccontentions are superseded by industrial needs
and tion almost, or
altogether, beyond possible calculapopular benefits, are we pursuing an immigration
policy that will bring greatest good to greatest num- tion. It would be inconceivably frightful.
The destruction of the materials of industry is too
bers? Or are we protecting a certain class at the
varied and vast to estimate. It extends to the prodexpense of the great majority of the people? And
are we really furthering that growth in commerce, uct of forests and of mines of all kinds, and to the
trade and manufacture, that, preading blessings elementary materials of chemistry and combustion.
over the whole earth, unites peoples in amity and As a single item, the British Ministry of Munitions
."The Problem of Armaments." Arthur G. Enock,
peace?
of the Institute of
Mechanical Engineers. Macmillan Co.
2818
TUT: CFIRONTCLE
reports that it spent during the war £1,600,000,000
extra, beyond the normal demand, in things of destruction. During the latter years of the war 95%
of the steel production of the country was used by the
Government,and probably between 50 and 60% went
into weapons and war material, war ships, guns,
shells, etc. The demand for shell steel rose from
2,000 tons monthly in 1914 to 183,000 tons monthly
in 1917; the total amounted to 5,375,000 tons; all
economic waste of first magnitude; and this in addi/
tion to the material of 111 2 thousand million rounds
for small arms. 800 naval vessels
of ammunition
and 5,500 merchant vessels were sunk during the
war.
As a suggestion of the wasted product of human effort during the war, it is estimated that it equals the
employment of one million workers working 44 hours
a week for 3,000 years! A sum altogether beyond
imagination. A concrete single instance is more intelligible. At the time of the French intervention in
the Ruhr the great Krupp works, which during the
war were producing instruments of war, had shifted
to articles of general use, machinery for agriculture,
public works, railways and the like, and were employing 18,000 more men than during the war. Or,
to return to Great Britain and the shells produced
under the Ministry of Munitions and fired at the
enemy, the statement is that the steel consumed represents only half their cost, and that to produce them
complete,including finishing, filling, packing, transport, etc., which doubles the initial cost of the steel,
would require the labor of 30,000 persons for 100
years.
Turning to the waste of moral strength, this is
witnessed in the heavy cloud of discouragement
which after five years prevails over so much of Europe, and the tendency to cast aside moral obligations visible everywhere. While it is true that the
war did not create moral delinquency, and only
brought to light, or gave opportunity to such as already existed, if one would know what this means in
a single and terrible instance, he has but to turn to
the intimate and accurate account of what transpired in Russia, affecting every rank of society during the terrible revolutions which occurred during
the closing years of the war, as now recounted in the
personal narrative of Madam Varoubova, the lifelong friend of the Empress, just published by Macmillan. It is a revelation of the perfidy and ruthless savagery which can break forth when men are
released by war from the ordinary restraints of civilized society.
The summons of the New Year is to recognize that
the conditions which still make war possible have
not been removed.
Despite high military authority, both English and
American, corroborating Lord Robert Cecil's statement that "without disarmament there can be no
complete security against future war"; and the economic civilian statement that "the more a State does
for its army and navy the less it does, or can do, for
its people"; armament everywhere goes on. Great
Britain spent on her army and navy, according to the
figures in this book, in 1921-22 £201,000,000, as
against £85,000,000 in 1913-14; France spent in 1921,
£146,000,000, as against £58,000,000 in 1913-14, and
the United States in 1920-21 £379,000,000t, as against
'fro make comparative tables, as the nations make very diverse summaries,
our author has had to equalize them. Our Government gives the figures
for 1920-21 as $1,212,435,145, and for the current fiscal year $646,057,940.
[VOL. 117.
£92,000,000 in 1913-14. Limited reduction has begun
in navies; but no agreement is reached as to armies;
and with aeroplanes, which, according to General
Foch,"are to be the greatest factor in the next war,"
construction advances rapidly. The total expenditures on war affairs in 14 leading nations rose from
£284,618,820 in 1900 to £14,242,644,850 in 1919. "To
keep this business going in times of prolonged peace
is to produce eventual bankruptcy."
When it is considered that many great private
concerns, in peace and in war, are engaged in the
business of furnishing armaments for other countries
than their own, as well as the multitude engaged in
supplying material for their own Governments, it
will be seen that an attempt to arrest the whole business might cause some economic dislocation and
for a time at least more or less unemployment. But
as against this the lessening of the oppressive burden
of taxation will stimulate enterprise almost beyond
measure. Restriction and steady deflection into
other forms of production are the only feasible steps.
This can only be brought about under pressure of
public opinion. The extent of the evil and the reality
of the danger must be recognized by the man in the
street.
Major-Gen. F. B. Maurice, of the British General
Staff, says: "I went into the army believing that if
you want peace you must prepare for war. I believe
now that if you prepare thoroughly and efficiently
for war you get war." Major-General Tasker H.
Bliss, of the United States Army, says: "Those of
you are mistaken who may think that there can be
an effective and enduring association of the nations
for the maintenance of peace so long as those nations
are armed to the teeth."
With this, as with other great moral and economic
reforms, it is idle to wait for general agreement.
External pressure would be futile. Even if treaties
were written in its interest they would become "mere
scraps of paper," when found in the Way of selfinterest. Dependence must be upon a growing sentiment of better feeling, upon the spread of knowledge, and then upon the convincing power of individual national example.
King George V., in visiting the war graves on the
Continent, describes them as "visible memorials
which will eventually serve to draw all people together in sanity and self-control." As in many lands
such graves exist of men who gave their lives in defense of a cause which to them was dear, it may be
expected that under the mellowing influence of time,
and the rapidly advancing better knowledge of other
peoples, these memorials will exert their influence.
The continued uncertainty in Europe, political and
financial, which is the chief factor in keeping up
armaments and fostering suspicion and enmity, must
soon give way to effective readjustment. Peace will
be recognized as being ultimately dependent upon
good-will; and that this in turn requires both right
thinking and right feeling.
Their example,like that of the long-established unarmed peace between the United States and Canada,
will be found convincing; and the quiet, but widespread and steady pressure of right-minded men in
all lands will in God's good time bring to pass the
promised peace of which the angels sang at the opening of the first Christian New Year. The 'summons
to men of affairs to make their influence count in
public matters was never more urgent.
DEC.29 1923.]
THE CHRONICLE
2819
The New Capital Flotations in November and the
Eleven Months Since January 1
In more recent months, and particularly since the recovery in values on the Stock Exchange, conditions have been
quite propitious for the bringing out of new loans, and as a
consequence new capital flotations have again been proceeding on a large scale. Our compilations this time cover the
month of November, and the aggregate of the new issues for
that month constitutes the largest November total on record.
The amount for that month is also the largest of any
month of 1923 excepting only January. The Novpmber
total was swollen by the offering of $100,000,000 American
Tel. & Tel. debentures, but the awards of State and municipal bonds were also on an unusual scale, the total of these
reaching $95,450,088. State bonds figured very prominently
in the month's offerings, North Carolina coming on the market with $15,649,000, California with $6,000,000, Missouri
with $5,000,000, Minnesota with $5,000,000 and Michigan
with $3,000,000..
Our tabulations, as always, include the stock, bond and
note issues by corporations and by States and municipalities,
foreign and domestic, and also Farm Loan issues. The
grand aggregate of the offerings of new securities under
these various heads during November 1923 was no less than
$539,740,990. This compares with $390,106,577 for October,
with $249,734,549 for September, with $224,867,650 for
August, and with $197,467,011 for July, when, the new offerings
were the lightest of any month of any year since March 1919,
but with $536,577;225 for June, $312,635,831 for May, $458,133,469 for April, $392,262,540 for March, and $380,187,119
for February. In January, however, the new issues were
of
prodigious extent, aggregating $879,238,265. This latter,
though, as explained by us on previous occasions, stands in
a class all by itself, the total having been swollen to exceptional proportions by the bringing out of several issues of
unusual size-the Anaconda Copper Mining Co. alone by its
financing having then added $150,000,000 to the total find
Armour & Co. $110,000,000, v-ith the result that January
broke all records for new capital flotations in the United
States, the highest previous amount for any month of any
year having been $655,817,946 for April 1922.'
The size of 'his year's November ggregate becomes particularly apparent when contrasted with the November figures of other years. As against a total of new issues for
November 1923 of $539,740,900 the amount last year was only
$207,225,424, in November 1921 $365,182,097, in November
1920 $222,478,911 and in November 1919 $379,733,015.
The
bulk of the increase was in the offerings by corporations,
which foot up $387,040,902 for November this year, as
against $132,720,940 in 1922, $207,804,080 in 1921, $147,976,794 in 1920 and $249,536,175 in 1919.
Going into detail with reference to the corporate flotations
during November, we find that the issues brought out by
public utility companies exceeded those of the other corporate subdivisions with a total of $191,770,552, which compares with $70,634,500 in October and $40,715,120 in September. Industrial issues ranged next, with a total of $107,• 177,900, as against $81,006,400 in October and $75,755,040 in
September. Railroad offerings aggregated $88,092,450, as
compared with $78,785,000 in October and $24,810,000 in September.
As stated 'above, the total of all corporate offerings in
November was $387,040,902, and of this amount $290,373,000,
or 75%, comprised long-term issues, $95,402,902 consisted of
stock issues, while short-term offerings made up the remaining $1,265,000. A relatively large proportion of the new
corpora teissues was for refunding purposes, the amount being $65,126,000 ,or almot 17% of the month's total output.
Of the amount for refunding $22,126,000 consisted of longterm issues to take up existing long-term issues; $40,000,000
I, long-term issues to refund existing short-term obligations. while a new preferred stock issue was'sold which provided for the refunding of a $3,060,000 outstanding preferred
stock issue.
The largest corporate issue of the month was the $100,000,000 American Telephone & Telegraph Co. 20
-year deben/
2
ture 51s, 1943, offered at 982 yielding about 5%%. This
/
1
,
issue and the $100,000,000 Anaconda Copper Mining Co. 1st
consolidated mtge. Os, 1953, offered in January, share the
distinction of being the largest single offerings made during
the current year. Other public utility offerings of impor-
tance during November were: $20,000,000 Bell Telephone
Co. of Pennsylvania 6 % cum. pref. stock, taken by em/
1
2
ployees and customers at par, $100; $10,300,000 Penn Central Light & Power Co. 1st & ref. mtge. Os, 1953, at 98, to
yield about 6.15%; $10,000,000 Northern States Power Co.
(Mimi.) cony. 62 1933, at 982 yielding about 6.70%;
/
1s,
/
1
,
$8,300,000 Minnesota Power & Light Co. 1st & ref. mtge. 6s,
1950, at 97%, yielding about 6.15%.
The more important industrial issues included: 2,000,000
shares of no par value common stock of Shell Union Oil Corporation, which were taken by stockholders at $10 per share;
$12,000,000 Pan-American Petroleum & Transport Co.
-California Division 1st mtge. cony. 6
/ 1935, offered at 96,
1
2s,
yielding about 7.00%; 300,000 shares of no par value capital
stock of Wm. Wrigley, Jr., & Co. (Chicago), at $40 per share
and $7,700,000 General Cigar Co., Inc. (N. Y.) serial 6%
notes, 1925-35, at prices yielding from 6.00% to 6.59%. Railroad issues worthy of special mention comprised the following: $23,100,000 Southern Pacific Co. equip. trust 5s "F,"
1928-38, offered on a 5.35% basis; $20,000,000 Southern Ry.
Co. dev. & gen. mtge. bonds, bearing 6% interest, due 1956,
/
1
,
offered at 962 to yield about 6.25%; $15,250,000 Chicago &
North Western Ry. Co. 1st & ref. mtge. 5s, 2037, offered at
932 yielding about 5.35%; $12,022,450 Illinois Central RR.
/
1
,
6% cony. pref., series A, offered to stockholders at par, $100,
and $7,000,000 Baltimore & Ohio RR. equip. trust bs "A,"
1925-38, offered on a 5.40% basis.
Farm loan bonds sold during the month totaled $23,250,000, such offerings being made at prices yielding from 4.50%'
to 4.93%. The principal issue of this character was $10,000,000 Federal Intermediate Credit Banks 6 months 4 %
/
1
2
debenture, due May 14 1924, which were offered at par, yield/
1
2
ing, therefore, 4 %. This was the third offering of Federal Intermediate Credit Bank bonds made this year, the
earlier offerings having been for $10,000,000 each in August
• and October.
Only one foreign Government loan was brought out durits
November. An additional offering of Dutch East Indies 30/
1
%
year sinking fund 52 bonds, due 1953, amounting to $25,000,000, was made. The price was 90, making the yield
about 6.24%.
The following is a complete summary of the new financing
-corporate, State and city, foreign Government, as well as
Farm Loan issues-for November and the eleven months ending with November of the current calendar year. It will be
observed that in the case of the corporate offerings we subdivide the figures so as to show the long term and the short
term issues separately and we also separate common stock
from preferred stock.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
New Capital.
1923.
NOVEMBER
Corporate-Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Foreign
p.m
Rettozdtno.
$
$
,
228,247,000
1,265,000
47,822,450
44,580,452
62,126.000
3,000,000
Total.
$
290,373,000
1,265,000
50,822.450
44,580,452
65,126,000 387,040.902
321,914,902
Total
25,000,000
25,000,000
Foreign Government
23,250,000
23.250,000
Farm Loan issues
War Finance Corporation
1,519,000
93,931,088
95,450.088
Municipal
9,000,000
Canadian
9,000,000
iim U.S. Possessions
'
75,646,000 539,740.990
464,095,990
Grand Total
11 MONTHS ENDED NOV. 31.
Corporate-Long term bonds and notes_ 1,727,347.557 402,925,543 2,130,273,100
36,966,800 171,937,500
134,970,700
Short term
71,609,830 358,831,127
287,221,297
Preferred stocks
3,966,760 289,019,886
285,053,126
Common stocks
24,100,000
Foreign
24,100,000
'
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
U.S. Possessions
el .A .....1
..
2,458,692,680
186,845,000
335,368,000
904,368,890
26,308,000
7,211,000
2 015 702 570
515,468,933 2,974,161,613
56,000,000 242,845,000
55,032,000 390,400,000
17,112,948
23,100,000
821,481,838
49,408,000
7,211,000
M6.713.881 4.585.507.451
In the elaborate and comprehensive tables, which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1923 with the corresponding figures for the
four years preceding, thus affording a five-year comparison. We also furnish a detailed analysis for the five years of
the corporate offerings showing separately the amounts for
all the different classes of corporations.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF NOVEMBER FOR FIVE YEARS.
1923.
MONTH OF NOVEMBER.
New Capital.
1922.
Refunding.
Total.
Corporate—
term bonds and notes__
term
Preferred stocks
Common stocks
Foreign
$
228,247,000
1,265000
47.822,450
44,580,452
$
62,126,000
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
U. S. P
ions
321,914.902
25,000,000
23,250,000
Grand total
New Capital.
1921.
Refunding.
$
373,000
1,265.000
50.822,450
44.580,452
$
76.830.000
2,000.000
16,699.400
2.540,540
$
34A13.000
65,126,000
387.040.902
25.000,000
23,250.000
98.069.940
18,000.000
12,125.000
93,931,088
1.519.000
9,000,000
95.450.088
9.000.000
464,095.990
75,645,000
539,740.990
3,000,000
Total.
New Capital.
Refunding.
New Capital.
$
111,243,000136.791,300
2000,000
13,131.900
16.699.400
7,695,600
2,778,540
3,977.000
$
19.062,000
20,789,000
300.000
6,057,280
$
155.853,300
33,920,900
7.995.600
10,034.230
45,345,000
31.028,490
9,626.050
24,412,254
34.651,000
132,720.940
18.000.000
12.125.000
161.595.800
20,500,000
8.940.000
46.208,280
207,804.080
20.500.000
8.940,000
41,973.879
2,405,605
44.379.484
119,348.617
8.250,000
340,000
170.168,819
37,056.605
207.225,424
318.634.417
46.548.280
238,000
1919.
1920.
Total.
Refunding.
Total.
New Capital.
Refunding.
Total.
$
4,198,000
3500000
10.121,400
31,711,600
$Long
35.746.0Short
18,893.000
111.262.000
83,635.175
$
29.100.000
8465000
$
74,445.000
39.493.490
9,626,050
24,412,254
$
31,548.000
15.393,000
101,140.600
51.923.575
110,411,794
10,000.000
37,565.000
147,976.794
10,000,000
200,005.175
45,000.000
35,000,000
49,531.000
249.536,175
45,000,000
35.000.000
119.688,617
8.250,000
57,040,120
6,900,000
561,997
57.602.117
6,900,000
46.740.840
2,632,000
824,000
47,564,840
2,632.000
365.182.697
184,351.914
38.126.997
222.478,911
329.378,015
50.355,000
379.733,015
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF NOVEMBER FOR FIVE YEARS
New Capital.
Long Term Bonds & Notes—
Railroads
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 & Notes—
Railroads
Public utilities
Iron, steel, coal. copper. &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land. buildings. &c
Rubber
Shipping
Miscellaneous
Total
Stocks—
Railroads
Public utilities
Iron. steel. coal. copper- &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land. buildings, &c
Rubber
Shipping
Miscellaneous
Total
Total—
Railroads
Public utilities
Iron. steel, coat, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land. buildings. &c
Rubber
Shipping
Miscellaneous
Total corporate securities
1922.
Refunding.
Total.
$
71,630.000
91.935.000
1,550,000
3,650.000
$
4,440,000
56,572,000
S
76,070,000
148,507,000
1.550.000
3.650.000
16.311.000
14.500,000
26.521,000
714.000
17.025,000
14.500,000
26.521.000
2.150.000
400.000
228,247.000
62,126,000
1921.
Refunding.
Total.
New Capital.
Refunding.
Total.
s
s
$
$
$
$
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
1919.
1920.
New Capital.
New Capital.
$
Refunding.
s
Total.
s
$
5.655.000
10,432,000
800.000
14,100,300
109,072,000
6,085,000
1,880.000
4,500,000
9.250.000
400,000
400,000
1,400,000
27,450.000
600,000
945,000
27,450.000
600.000
945.000
15,150,000
3,150,000
2405,000
3,000.000
275,000
7,875.000
272,000
13,200,000
18,150.000
3,150,000
2,405.000
25.000,000
2,900,000
29,500.000
12,150.000
391,000
500,000
391.000
500,000
9,950,000
2.550.000
17,750.000
2,860.000
500,000
3,360.000
2.200.000
1,200.000
3,400,000
8,802,000
1,150,000
1,198.000
17.750,000
10,000,000
1,150,000
290,373,000
76,830,000
111,243,000
136.791,300
19,062,000
155,853,300
45,345,000
29,100,000
74,445.000
31,548.000
4,198,000
35.746.000
20,000,000
789.000
10,381.900
20,000.000
789,000
1.135.000
4,465.000
5,600,000
5,050.000
1,273,000
1,500.000
6,550,000
1.273,000
1,500,000
3,000.000
280,000
2,000,000
3,500.000
3.000.000
280.000
34,413,000
10,381.900
150,000
3.000.000
250.000
500.000
250,000
18.700.000
6,000.000
155.000
2,500,000
3,000.000
2,038,490
500.000
4,000,000
22,700,000
6,000.000
155,000
—
1.500.000
2,500,000
2,000.000
13.131,900
20,789.000
33,920.900
31,028,490
3.637,800
7,137,600
6,057,280
13,194.880
1.265.000
1,265.000
2,000,000
12.022,450
43.113,552
119.400
12.022.450
43.113.552
119,400
3,399,800
238.000
1.000.000
17,300,000
20,000,000
2,038.490
15,393,000
3.500,000
18.893.000
7,020,650
7,020,650
750,000
23.891,404
551,550
560.000
1,459.700
23.891.404
551,550
560,000
1.459.700
2,288,750
1,650.000
500.000
5,570.000
45,055,925
40.064.500
500,000
44,922,500
1.197,500
3,038.750
1,650.000
500.000
26,320.000
49.393.425
54,862.500
500,000
46.120.000
555.000
7,852.400
39.493.490
555,000
12,512.500
34,038.304
153,064,175
41,833,000
194.897,175
2,250.000
9,979,750
3.423.000
500,000
26,320,000
71.043.425
61.012.500
3,185,000
46,120,000
14,290,000
13,662,500
8,465,000
1.000.000
7,852,400
2,000.000
6,000,000
1,500.000
1.335.000
-,--
300,000
987.740
2,847.500
2,000,000
1,500,000
1.035,000
987,740
6.000.000
92.402,902
3,000,000
95.402.902
19,239,940
238,000
19,477,940
11,672.600
6.357,280
18,029,880
34,038.304
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
18,836.200
105.777.600
5.285.000
1,880.000
2,000.000
6,475.000
1,772,000
14,210.000
575.000
24.491,200
142.266.880
6.874.000
1.8.80.000
2.000.000
7,875,000
1,772.000
14,785,000
4.500.000
17.405.650
3,714.000
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
5.655,000
36.489.280
1.589.000
30,611,000
34.500,000
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
4,997,500
400,000
5,397.500
25,250,000
25,250,000
5.360.000
500.000
5,860,000
. 321.914.902
65.126.000
387.040.902
98.069.940
132.720.940
161.595.800
46.208.280
21)7.R(14 _cm
34.325.000
34.500,000
26,521,000
2,591.000
34.651.000
4,290.000
4,290,000
1,500.000
2.847.500
Total.
8,454,300
98,640,000
5.285.000
1,880.000
1.115.000
3,000,000
$
$
9,950,000
150,000
14,300,000
20,000.000
Refunding.
6,475,000
272,000
12,925.000
1.115,000
•
New Capital.
1.400,000
arlDINOITHO
1923.
MONTH OF NOVEMBER.
25,000,000
. 7.365,000
29,500.000
24,770.650
70,041.404
7.151,550
1.660,000
1,459,700
4,000,000
74,041,404
7,151,550
1,660,000
1,459,700
4,793.490
1,200,000
5,993,490
7.729,750
3.423,000
500,000
5,570,000
61.705,925
46.214.500
3.185,000
44,922,500
13.092,000
13,662,500
27 ARA (inn
147 07A 704
911011112 172
3.400.000
11 n 411
704
3,400,000
20.750.000
4.337.500
14.798.000
12.512,500
50
26:7--:6456
9,337.500
14,798,000
1,197,500
1,198,000
110 521
0110
940 ARA 17f
0
ELEVEN MONTHS ENDED
NOVEMBER 30.
1923.
New Capital.
Refunding.
1922.
Total.
New Capital.
Refunding.
1921.
Total.
New Capital.
Refunding.
1920.
Total.
New Capital.
Corporate$
Long term bonds and notes_.... 1,727,347.557
Short term
134.970.700
Preferred stocks
287.221.297
Common stocks
285.053.126
Foreign
24.100.000
3
$
$
402.925.543 2.130.273.100 1.459.748.135
36.966.800 171.937.500
113.126.000
71.609.830 358.831.127 264,771,950
3.966.760 289,019,886 237,673,872
24,100,000
80.445.000
$
$
645,082.215 2,104230.350 1.157.289.020
23,011,000 136.137.000 157.699.666
30.300.000 295.071.950
47,352.500
10,529.625 248.203.497 190,971,215
1,250.000
81.695,000
15,150,000
3
$
469.429,980 1,626.719.000
41,547,000 199.246.666
50.928.100
3,575,600
6,057,280 197,028.495
15,150.000
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
U. S. Possessions
515.468.933 2.974.161.613 2.155.764.957
56,000,000 242,845.000 416.305.000
55,032,000 390.400.000 326.665.000
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
520,609.860 2.089,072,261 2,497.923.071
50.000,000 348,270,000 191,000,000
118.190,000
Grand total
2.458,692.680
186.845.000
335.368.000
904,368.890
26.308.000
7.211.000
3.918,793.570
17.112.948
23.100,000
921.481,838 1.006.641,539
49.408,000
98.984.534
7.211.000
37.087,000
666.713.881 4.585.507.451 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 1.064.557.105
3
971.221.245
513.760,742
465,482.237
507.533.192
39.925.655
Refunding.
1919.
Total.
$
$
106.762,755 1.077.984,000
100,739.248 614,499.990
21.268,533 486.750,770
14.629,830 522.163,022
39,925.655
New Capital.
. $
489.623.550
318,711.300
690,374.085
626,988,569
19,113,000
Refunding.
Total.
2
592,378,800
508.806.700
749.903.785
667,384.129
26,613.000
$
102,755.250
190.094.400
59,529,700
40.395,560
7,500.000
618,095,278
37,255,232
16.015,000
243.400,366 2.741,323.437 2.144,810,504
100,000,000 291.000.000 244,050,000
110,000,000
•
200,000,000
9,616,346 627.711,624 616,894.139
7,498,000
44,753,232
14,637,300
16,015,000
11.700.000
400,274,910 2,545,085,414
173,129,000 417,179,000
110.000,000
200,000,000
12,541,852 629.435,991
75,000,000
89.637,300
11,700,000
577.550.681 3.641.917.874 3.560.288.581
380.514.712 3_720.803.293 5.342.091.043
5511 945 '7594
6.720.821
988.081.613
73,282.000
25,022,000
rim
037
71-15
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE ELEVEN MONTHS ENDED NOVEMBER
30 FOR FIVE YEARS.
ELEVEN MONTHS ENDED
NOVEMBER 30.
1923.
New Capital.
Long Term Bonds & Notes-Railroads
Public Ut.lities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial St manufacturing
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
$
415,949,500
512.655.471
238.818,139
11.860.000
22.562.000
156.932.447
81,716,000
200,495.000
1,335.000
2,568.000
106.556,000
Total
Short Term Bonds & Notes
Railroads
Public utilities
Iron, steel, coal. copper. &c
Equipment manufacturers
Motors and accessories
3ther industrial & manufacturing
311
Land, buildings, &c
Rubber
Shipping
Miscellaneous
1,751 447,557
Total
Stocks
Railroads
Public utilities
Iron, steel, coal, copper. &c
Kquipment manufacturers
Motors and accessories
3ther industrial & manufacturing
311
Land, buildings, &c
tubber
hipping
Miscellaneous
134,970.700
Total
Totaltailroads
'ubllc utilities
ron, steel, coal. copper, &c
:quipment manufacturers
4otors and accessories
ither industrial & manufacturing
ill
and, buildings. &a
:libber
hipping
fiscellaneous
Total corporate securities
9.237.500
42,262.200
9.850.000
1.945,000
15.496,000
5.500.000
44.814,000
1,330,500
Refunding.
$
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
28.655.325
142,639.183
80.249.013
11.148.000
350,000
$
450,332,500
734,847,100
285,625,000
11,860,000
26.850,000
183.453.500
111,800.000
201,745.000
2.000.000
2.675,000
143,185,000
New Capital.
9,850,000
15,712,800
Refunding.
1921.
Total.
$
442,616,380
414,476.539
115,885.000
$
116,723.570
198.894.661
1,750.000
16.450,000
160.337.581
73.384.300
130,094,000
3.600,000
19.810,000
163,539.335
2,500,000
18,950,000
71,352,419 231,690,000
143,220,700 216.605,000
8,530,000 138,624,000
26,200.000
29,800,000
1,500,000
21,310.000
75.660.865 239.200,200
402.925.543 2.154,373,100 1,540.193,135
$
559,339,950
613,371,200
117,635,000
New Capital.
$
258.019.720
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
89,021.000
646,332,215 2,186,525,350 1.167,564.020
Refunding.
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
16.700,000
800,000
35.900.000
3,510.000
14.000,500
23,372,000
44,000,000
225,000
4,700,000
7,515,000
46.875,000
5,595,000
1,000,000
3,535,500
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
23,011.000
136,137.000
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
____ _ ___
26,556,625
9.604,000
1,800,000
1,335.000
20,659.140
984,690
35,351.800
38,256,000
404,200
26,968,100
264,146,845
38,186.250
11,399,000
1,393,000
4,900,000
17,560.000
7,980,000 • 65,589,102
41,820,410
5,480,000
5,162.740
New Capital.
$
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
32,351,800
18,245,000
404,200
3,000.000
20,011,000
1920.
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
$
297,673,580
93,986.000
11,337,000
19,087.500
57.975.000
9,850.000
1.945.000
25,100.000
7.300,000
44,814.000
1,330,500
1,000,000
3.535,500
27,322.450
173,670.058
28.131.646
1922.
Total.
500.000
36.623.000
789.000
14,500,500
59,995,000
44,789,000
225,000
4,700,000
8.250,000
49.375,000
5,595,000
1.198,000
1,204.500
13.150,000
50,247,800
106,762,755 1,091,234,000
158.000
750,000
10,034,000
489.623,550
102.755.250
592,378,800
17,400,000
122,805,300
16,423,000
655,000
11.850.000
44.680,000
55,500.000
2,366,000
1,000,000
10,495,000
35,537,000
55,750,000
109,894,400
3,000,000
450,000
73,150,000
232,699,700
19,423,000
655,000
11,850,000
73,180.000
55,500,000
2,366,000
1,000,000
10,495,000
35,987,000
100,739,248
630,499,990
318,711,300
197,594.400
516,305,700
5,394.250
58.072,490
45,439,680
600,000
119,814,325
396,479,768
232,915,052
13,211.047
54,799,200
15,853,500
82,404,385
35,304,950
74,836,600
3.810,000
133.516,700
304,953,528
484,344.810
6,605,500
140,926.800
14.150,000
138.026,766
750.000
379,900
__- - --27,160,800
14,265,100
33,270.160
116,500
16,607,500
--_---7,375,300
36,054,950
75,216.500
3.810,000
160.677,500
319,218,628
517.614,970
6,722,000
157,534,300
14,150,000
145,402,066
8,557,280
119.761,870
8,678,225
4,582,000
23.661,400
82,040,000
2,745,000
525,600
14.039,730
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
35,898.363 1,019,589,447 1.336.475,654
502,445.822
40,829,625
543,275,447
241,698,715
9,632,880
251,331,595
983,691,084
496,742,450
977,568,158
328.503,406
13.805,000
15,227,000
81,940,325
48.980,193 354,051,823
31,068.690 237.847.703
1.250,000 214.223,500
665,000
2.350.000
1.107.000
4.675.000
72,254,000 262,454,248
501,936,280
670,311,759
154,475.450
10.006,000
45,810,000
218,7415,683
151.104.710
139,084.000
8.762,740
20,025.000
235,502.335
119,723,570
245,462.286
1,750,000
1,393,000
2.500,000
76,252,419
151,200,700
8,530,000
26,200,000
1,500,000
75.660,865
621,659.850
915,774,045
156,225.450
11,399,000
53.210,000
298,079,102
294,325,410
147,614.000
34.962,740
21,525.000
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
710.172.8402.865,937.797 1.568,462.401
600,000
25,230,000
30,500,000
1,225,000
3,950.000
9,639,000
520.609.860 2.089.072,261 2.497.923,071
919,000
7,504.750
$
134,867,000
169,792,000
41,510,000
10,390,000
7,625,000
75,620,000
40,200,000
48,977,000
21,500,000
190,765.500
12,035,000
10,302,000
8,550,000
99,659,000
136,900,000
10,340,000
30,400,000
7,085,000
102,963,490
111,204,590
8.678,225
647.851,013
515,468,933 2.974,161.613 2,155,764,957
11,952,000
49,043,300
-- - -- 20,369,755
529,760,742
75,576,590
2,458,692.680
$
35,196,000
53,846,000
2,887,000
200,746,666
44,233.000
248,980,429
51,703,621
Total.
$
99.671,000
115,946,000
38,623,000
10,390,000
6,706.000
68,115.250
40,200,000
48.977,000
41,547,000
572,274.423
Refunding.
$
351,879,500
172,451,500
94,710,000
22.210,000
2,675,000
185,140,000
19,920,000
66,857.000
20,550,000
9.601.000
145,240.000
275.000
13.042,166
735,000
2.500.000
452.509.450
728,587.729
276.799.785
13,805,000
66,713,325
305,071,630
206.779,013
212,973.500
1.685,000
3.568,000
190,200.248
66,963,000
New Capital.
1.500,000
89,739,248
1,000,000
35,625.000
66,963,000
$
54,000,000
9,057,000
12,394,000
1919.
Total.
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
29,990,325
163.298,323
81,233.703
11.148,000
350,000
1,000,000
115.733.748
80,108,748
Refunding.
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
75,000
750,000
13,444,500
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
117.071,000
274.056,250
129,882,600
14,855,000
152.072.700
417,748.778
580,044,810
57,948,500
141,026,800
36,597.000
222,607,066
____-- 28,500.000
99,925,260 1,436.400,914
90,946,000
164,490,400
6,266,900
___ ___28,079,800
50,269,850
33,270,160
116.500
16,607,500
1,198,000
9,029,800
208,017,000
438.546,650
136,149,500
14,855,000
180,152,500
468,018,628
613,314.970
58.065,000
158.534,300
37,795,000
231,636,866
243.400.366 2.741,323,437 2,144.810,504 '400.274,9102,545.085,414
[TUT6g 'ma
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE
ELEVEN MONTHS ENDED NOVEMBER SO FOR FIVE YEARS.
THE CHRONICLE
2822
{Vol.. 117.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Purpose of Issue.
Amount.
Price.
Railroads
7,000.000 New equipment
5,400,000 New equipment
15,250,000 Refunding,addns.&improvements
,
93%
200,000 New equipment
3,500,000 Refunding; other corp. purposes._
99
1,620,000 New equipment
23,100,000 New equipment
20.000,000 Additions and betterments
76,070,000
Public Utilities
P100,000,000 Refunding;add'ns & improvements
826,000 Extensions and additions
10,000 Refunding;add'ns& improvements
96%
9854
90%
92
16,000 General corporate purposes
10.000 Additions, extensions, &c
9851
10,000 New construction
8631
500,000 Additions and improvements
8,300,000 Acquisition constituent companies_
"10,000 Additions,extensions and impts_
9951
97%
9451
100
94
;5,000 Refunding
)3,000 General corporate purposes
- 9854
10.000,000 Refunding; extensions & Mots
2,400,000 General corporate Purl:108es
10,300,000 Refunding; add'ns & extensions...
2,500,000 Corporate requirements
250,000 Capital expenditures
9451
98
9851
100
2.000,000 New construction
95%
1.000,000 Additions and extensions
1,000,000 Capital expend.; working capital
360,000 Refunding
99
96
9851
148,507.000
Iron, Steel, Coal,Copper, &c.
100
550,000 Additional capital
1.000,000 Additional capital
0.000
Equipment 611111Ufilallrerti
0,000 Finance lease of equipment
100
0.000 Finance lease of equipment
100
To Yield
About.
Company and Issue and by Whom Offered.
& Co.; Speyer &
5.40 Baltimore & Ohio RR. Equip. Trust 55, "A," 1925-38. Offered by Kuhn, Loeb
Co. and National City Co.
Co.; N. Y. Trtult
6.10 Chicago & Alton RR. Equip. Trust (is, "A." 1924-37. Offered by Freeman &
Co.; Hayden, Stone & Co. and Ladenburg Thalmann & Co.
Kuhn, Loeb & Co.
5.35 Chicago & North Western Ry. Co. 1st & Ref. Mtge. 55, 2037. Offered by
and National City Co.
68 "0," 1924-34. Offered by Illinois Merchants Trust Co.,
6-6.25 Live Poultry Transit Co. Equipment
Chicago.
& Co.; Kidder,
5.58 Old Colony RR.1st Mtge.5518, 1944. Offered by R.L.Day & Co.; Harris, Forbes
Peabody & Co. and Remick, Hodges & Co.
Thalmann
6.10 Seaboard Air Line Ry. Co. Equip. Trust 135, "W," 1924-37. Offered by Ladenburg,
& Co.; Redmond & Co.: Kissel, Kinnicutt & Co., and Freeman & Co.
Co.
5.35 Southern Pacific Co. Equip. Trust 58 "F," 1928-38. Offered by Kuhn, Loeb &Offered by J. P.
6.25 Southern Ry. Co. Development & Gen. Mtge. bonds bearing 6% int., 1956. & Co.; Guaranty
Morgan & Co.; First National Bank, N. Y.; National City Co.; Harris, Forbes
Co. of New York, and Bankers Trust Co.
-Year Debenture 551s, 1943. Offered by J. P. Morgan
534 American Telephone & Telegraph Co. 20
& Co.; Kuhn, Loeb & Co.; Kidder, Peabody & Co.; First National Bank, N. Y.; National City
of N. Y.; Harris, Forbes & Co. and Lee, HIgginson & Co.
Co.; Bankers Trust Co.; Guaranty Co.
5,85 Appalachian Power Co. let Mtge. 5s, 1941. Offered by Bonbright & Co., Inc.; Harris, Forbes
& Co. and Coffin & Burr, Inc.
& Co.,
6.70 The Arizona Power Co. 1st Lien & Unifying Mtge. 65 "A," 1947. Offered by Stephens
San Francisco.
Mtge,68. 1947. Offered by E. W. Clucas & Co., N. Y., and
6.50 Bartlesville Gas & Electric Co. 1st
Down & Co., Philadelphia.
H. Rollins & Sons;
6.10 Illinois Power & Light Corp. 1st & Ref. Mtge. 88, "A," 1953. Offered by E.Field,
Glore, Ward
Harris, Forbes & Co.; Halsey, Stuart & Co.; Spencer Trask & Co.; Marshall
& Co. and Blyth, Witter & Co.
& Ref. Mtge. 5s,"A," 1950. Offered by Arthur Perry & Co.and Paine.
6.00 Indiana Service Corp. 1st
Webber & Co.
Barttlet & Gordon,Inc..
7.05 Kansas Power Co.Deb.78,1933. Offered by Dangler P.Lapham & Co.and
Chicago.
0,15 Minnesota Pr. & Lt. Co. 1st & Ref. Mtge. 6s, 1950. Offered by Harris, Forbes & Co.; Tucker.
Anthony & Co.; Bonbright & Co., and Coffin & Burr, Inc.
C. Langley & CO.and
7.00 Mississippi Pr. & Lt. Co. 1st & Ref. Mtge.6515,"A," 1943. Offered by W.
John Nickerson & Co.
by H.T. Holtz & Go. Chicago.
7.00 Mobile (Ala.) Gas Co. let Mtge. 7s,"A," 1951. Offered
United States National
6.45 Nevada-California Electric Corp. 1st Lien 65, "B," 1950. Offered byChanute & Co., Denver.
Co.; International Trust Co.; Boettcher, Porter & Co.. and Bosworth,
of N. Y., H. M.
6.70 Northern States Pr. Co.(Minn.) Cony. 6515, 1933. Offered by Guaranty Co.
Byliesby & Co. and Spencer Trask & Co.
"C," 1953. Offered by Halsey, Stuart & Co., Inc.
.6s,
6.40 Ohio Public Service Co. let Mtge.& Ref.
Bros. &
8,18 Penn Central Lt. &Pr. Co. 1st dr Ref. Mtge,68, 1953. Offered by Drexel & Co., Brown Phila.
Co.,
Co., W.H. Newbold's Son & Co.. Robert Giendinning & Co. and Edw.B. Smith & & Co. and
Harris, Forbes
gyi Penn Public Service Corp. 1st Sz Ref. Mtge.68,"C," 1947. Offered by
E.IL Rollins & Sons.
A. C. Allyn
6,80 Pennsylvania-Ohio Electric Co. 1st Mtge. & Coll. Tr. 6518, "B," 1938. Offered by
& Co., Inc., Chicago.
N. Y.;
a Water & Pr. Co. 1st Ref. Mtge. 5515,"A," 1953. Offered by Aldred & Co.,
8.80 Pennsylvani
Philadelphia.
Chase & Co., Boston; Minsch, Monell & Co., N. Y., and Joseph W. Gross & Co., & Co., Inc.
0.10 Rochester Telephone Corp. let & Tef. Mtge.6s,"A," 1946. Offered by R. F. De Voe & Co.,Inc.
Bonbright
7.08 Tennessee Elec. Pr. Co. Deb.6515, 1933. Offered by National City Co. and
Co. 1st Mtge. 651s, "A," 1948. Offered by Cammack & Co., Chicago,
634 Wisconsin Fuel St Light Co., Grossman,Lewis & Co., Milwaukee,and Lake State Bank,Chicago.
C.Quarles&
and Henry
-Year 1st Mtge. 7s, 1943. Offered by C. D.Parker & Co.. Boston.
7,00 Arcade Malleable Iron Co. 20
and Merchants Securities Corp.. Worcester, Mass.
Offered by A. C.
Works-International Supply Co. Joint let Mtge. 7s, 1924-33.
8.00-7.00 Oklahoma Iron
Allyn & Co., Inc., Chicago.
1924-30. Offered by Drexel & Co., Chas.
6.00 General American Tank Car Corp. Equip. Tr.(is,"A,"Chicago.
D. Barney & Co., and First Trust & Savings Bank,
1924-29. Offered by Freeman & Co.
7.00 National Steel Car Lines Co. Equip. Tr. 75,"C,"
0,000
Other Industrial & Mfg.
7,700,000 Reduce floating debt; wor'g capital
100
1,125,000 Refunding, new equipment, AC.
500,000
650,000
250.000
600,000
700.000
5,500,000
Goldman, Sachs & Co. and Leh6,00-8,80 General Cigar Co., Inc.(N. Y.) Serial 6s, 1925-35. Offered by
man Bros.
(closed) Mtge.78, 1943. Offered by Caasatt & Co.and Harper & Turner,
.7.00 Milton (Pa.) Mtg.Co.let
Philadelphia.
by Peabody, Houghtel0.80-7.00 Peerless Plush Mtg. Co.(Paterson, N. J.) 1st Mtge, 7s, 1924-33. Offered
Reducecurrent debt; work, capital
lug Se Co., Inc., New York.
Bank and Clark,
6.80 Portland (Ore.) Woolen Mills 1st Mtge.6518, 1927-38. Offered by Ladd & Tilton
Reduce current debt; work. capital 100
Kendall & Co., Portland, Ore.
& Co., New York.
7.00 Randall-Falchney Corp. 1st Mtge. 7s, 1925-39. Offered by P. W. Brooks
100
Co..
Additional capital
7,80 Vulcanite Portland Cement Co. 1st Mtge, 751s, 1943. Offered by Schibener, Boenning &
100
Refunding; add'ns; work. capital
Philadelphia, and McLaughlin, MacAtee & Co., Pittsburgh.
& Co.
7.00 Washington Pulp & Paper Corp. let Mtge. 6518, 1938. Offered by Myth, Witter & Co.
9554
New mill
-year Ohs, 1933. Offered by Brown Bros. & Co. and Hayden, Stone
634 Webster Mills 10
99
Acquisitions; extensions, &e
17,025,000
Oil
Co
J00 Succeed Mass. Oil Refining
,300 Additional capital
97
96
14,500,000
Land, Buildings, &c.
of apartment
260,000 Finance construction
Finance construction of apartment
375,000
construction of building_ _
350.000 Finance construction of houses
56,000 Finance
Acquisitions, improvements
450,000
of building
800,000 Finance construction
Finance construction of apartment
145,000
of apartment
000 Finance construction of apartment
000 Finance construction
of hotel
000 Finance construction
Finance construction of building..
000
construction of apartment
000 Finance
.000 Acquire building
construction of building
600.000 Finance
mortgage
1.150,000 Real estate
Improvements to property
1,200,000
of proPertY
130,000 Finance lease
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
mortgage
275.000 Real estate
construction of apartment 100
1,000.000 Finance
100
property
250,000 Finance lease of
100
Extension of business building
2.000.000
100
on of
3.000,000 F nonce construct
100
800.000 Real estate mortgage
100
of hotel
550,000 Finance construction
93
500.000 Extension of business
99%
1,000,000 Additions to building
Offered by Hambleton & Co., Federal
7.40 Cities Service Refining Co. Guaranteed let Mtge.7s, 1933.
Securities Corp. and A. B. Leach & Co.
1st Mtge. 12-year Convertible
7.00 Pan American Petroleum & Transport Co. California Division
(1)1s, 1935, Offered by Blair & Co.,Inc.
Converse & CO..
6.80 Albee Court Apt.(Larchmont, N. Y.) 1st Mtge. 6555, 1943. Offered by A. D.
New York,
American Co.
0.80 Ambassador Apt.Hotel(Indianapolis) 1st Mtge.651s, 1925-39. Offered by Fletcher Witter & Co.
by Blyth,
7.00 American Theatre Bldg. (Salt Lake City) let Mtge. 7s, 1925-33. Offered
Fordon & Co., Det,
7,00 Atkinson-Deacon-Elliott Co. Guar. let Mtge. 78, 1925-31. Offered by Backus,
N. Wright & Co., Inter8.80 Bishop-Cass Investment Co. 1st Mtge. 651s, 1930-36. Offered by James Co., Denver.
national Trust Co., Sidlo, Simons, Fels & Co. and 13enwell, Phillips &
Corp. and
Central Bldg. (Worcester, Mass.) 1st Mtge. 6s, 1938. Offered by Puritan Mortgage
6.00
Coffin & Burr, Inc., New York.
Offered b7
7,00 Covington Arms Apts. (Miami Beach, Fla.) let Mtge. Real Estate 7s, 1925-33.
G. L. Miller & Co., Atlanta.
6.5041 Fifth Avenue Corp. 1st Mtge,6518, 1926-35. Offered by S. W. Straus & Co.
-Devonshire Apts. (Vancouver, B. C.) lot Mtge. 655s, 1926-38. Offered by S. W.
Georgia Ltd.
6.50
Straus & Co.
L. Miller
7.00 Henry Grady Hotel (Atlanta, Ga.) let Mtge. Leasehold 7s, 1926-43. Offered by G.
& Co., Atlanta.
Offered by Metzler & CO.
840-6.70 Guaranty Bldg. (Hollywood, Los Angeles) 1st Mtge, 6518, 1926-40.
of Calif., Los Angeles.
540 Gwynwood Apts. (Baltimore) Guar. let Mtge. Certificates, 1927-33. Offered by Mortgage
Guarantee Co.
& Sav7.00 Hotel Seneca (Columbus,0.) 1st Mtge. Leasehold 78, 1925-38. Offered by Citizens Trust
ings Bank, Columbus, 0., and L. R. Ballinger Co., Cincinnati.
H. Frank
6,78 Insurance Bldg. Co.(Los Angeles) let (closed) Mtge. 6515, 1926-45. Offered by Alvin Shingle,
& Co. and Cass, Howard & Sanford, Inc., Los Angeles, and Wm. Cavalier & Co. and
Brown & Co., San Francisco,
Chapman
6.80 International Conunerce Bldg.(New York) 1st Mtge. 0518, 1943. Offered by P. W.
& Co. and Peabody, Houghteling & Co.
Jefferson-Belle Isle Realty Co. (Detroit) 1st Mtge. Leasehold 75, 1928-37. Offered by Scherer
7.00
Investment Co.. Detroit.
National
6,80 Jens-Marie Hotel (Ponca City, Okla.) 1st Mtge. 6515, 1924-31. Offered by American
Co.. Oklahoma City.
Greenbaum Sons Invest.Co.
by
6.50 The I tint Mansions(Chicago) lat Mtge.6545, 1925-33. Offered (Brooklyn, N. Y.) 1St Mtge.
-Buckingham Court Apt. House
6.50 (R. J.) Macher Realty Corp.
6518, 1925-33. Offered by S. W.Straus & Co.
1925-33. Offered by Fenton.
6.50 Michigan Seating Realty Co. (Jackson, Mich.) 1st Mtge. 6355,
Davis & Boyle. Detroit.
-year (is, Series "4," 1933. Offered by company.
6.00 Mortgage Bond Co. of N. Y. 10
& Co.
6.00 Packard Bldg. (Philadelphia) 1st Mtge. 68, 1933. Offered by Drexel
1924-31. Offered
5,50 The Prudence Co., N. Y.-45 Park Ave. Apt.01% Guar. Prudence Certificates,
by The Prudence Co., Inc., New York,
lifacLaughlln Co. and
(Los Angeles) 1st Mtge. 78, 1925-38. Offered by Leo G.
7,00 Rita Hotel Co.
Howard N. Martin & Co., Los Angelea.
by Blyth. Witter & Co.
7.00 Security Housing Corp. 1st Mtge. Coll. 65, 1933. Offered mtge. 6s, 1926-32. Offered by Lewis
gm+ The Shelburne, Inc. (Atlantic City, N. J.) 1st (closed)
& Snyder, Philadelphia.
Amount.
2823
THE CHRONICLE
DEc.29 1923
Purpose of Issue
Price.
To Yield
About.
Land, Buildings, &c. (Cond.).
150,000 Real estate mortgage
100
6,750,000 Acquire building
500,000 Finance loans on real estate
6.50 1650 Broadway Corp. 1st Mtge. Leasehold 65, 1924-30. Offered by Edmund Seymour & Co., N.Y.
6.00 State and Washington Bldgs.(Chicago) 1st Mtge.68. 1924-38. Offered by Halsey, Stuart & Co..
E. H. Rollins & Sons, Northern Trust Co. and Union Trust Co., Chicago.
7.00 Superior Bond & mtge. co. (Cleveland) 1st Coll. Trust 75, "B," 1924-33. Offered by Stanley
& Bissell, Cleveland.
6.50 Woods Bldg. Corp. 1st (closed) Mtge. Leasehold 6%s, 1938. Offered by P. W. Chapman & Co.,
Inc., and Taylor, Ewart & Co., Chicago.
100
750,000 Real estate mortgage
Company and Issue and by Whom Offered.
100
26,521,000
Miscellaneous
600,000 Refunding, acquisitions
7.00 Abbott-Kinney Co. 1st Mtge. 78, 1925-38. Offered by Banks, Huntley & Co. and Stevens. Page
& Sterling, Los Angeles.
6.50 Arden Dairy Products Co. (St. Paul) 1st Mtge. 69s, 1925-35. Offered by HYneY, Emerson *lc
100
400,000 Additions
Co., Chicago.
6.50 Armstrong Packing Co. 1st Mtge. 63.s. 1925-33. Offered by Mercantile Trust Co., St. Louis.
500,000 Reduce current'
'abilities
100
500,000 Reduce current debt; work. capital 101-100 5.95-7.00 National Lumber & Creosoting Co.(of Del.) let Mtge. 75, 1924-38. Offered by Wm. R. Compton Co., St. Louis.
7.00 Santa Ana Gardens, Inc., 1st (closed) Mtge. 75, 1926-38. Offered by Alvin H. Frank & Co.,
350,000 Improvements to property
100
Los Angeles.
200,000 Development of property
100
7.00 Ventura Farms, Inc., 1st Mtge. 75, 1926-36. Offered by Bond & Goodwin & Tucker, Inc., San Fr
100
2,550,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Public Utilities
150,000 General corporate purposes
Equipment Manufacturers
1,115,000 Finance lease of equipment
7.25 Salt Lake & Utah RR.7% Secured Notes, 1928. Offered by Palmer Bond & Mtge. Co.,Salt Lak
99
55.4;-6 Electric Ry. Equipment Securities Corp. Equip. Tr. 68, 1924-28. Offered by Drexel &
Philadelphia, and Halsey, Stuart & Co., Inc.
STOCKS.
Par or
No.ofShares
Purpose of Issue.
aAmounf
Price
To Yield
Involved. Per Share. About.
Railroad
$
12,022,450 Construction
12,022,450 100
Public Utilities
20,000,000 Improvements
Company and Issue, and by Whom Offered.
20,000,000 100
6.00 Illinois Central RR. 6% Convertible Preferred, Series "A." Offered by come
to stockholders.
6.50 Bell Telephone Co. of Pennsylvania 63 % Cum. Pref. Offered by company
,
5
employees and customers.
Edison Electric Illuminating Co. of Boston Capital stock. Offered by comps
to stockholders.
97%
6.15 Electric Bond & Share Co.6% Cum. Pref. Offered by Bonbright & Co., Inc.
104
7.69 Georgia R.& Pr. Co. 1st 8% Cum. Pref.. Series of 1924. Offered by Harrison & Co.,
Philadelphia; Curtis & Sanger, New York, and Janney & Co., Philadelphia.
90
7.78 Indiana Pr Co. 7% Cum. Partic. Pref. Offered by W. C. Langley & Co.
Lockport & Ontario Pr. Co. Common. Offered by company to stockholders.
45Niagara,
933i
7:E0 Ohio River Edison CO. 7% Cum. Guar.Pref. Offered by Bonbright & Co.and Eastman. Dillon & Co.
100
7.00 Peninsular Telephone Co.7% Cum.Pref."A." Offered by Coggeshall & Hicks, N.Y.
7.50 Public Service Co. of Colorado 7% Cum, 1st Pref. Offered by company.
9335
.II
37Y6
Springfield (Mass.) Gas Light Co. Capital stock. Offered by company to stockholders.
89%
7 ' West Penn Co. 7% Cum. Pref. Offered by W. A. Harriman & Co. and Dominick
7:8
0
& Dominick.
6,488,100 Additions, extensions, &c
9,083,340 140
2,400,000 Expansion of business
1,400,000 General corporate purposes
2,400,000
1,400,000
500,000 Additions, extensions & impts__ _ _
*10,185 shs. Corporate requirements
3,000,000 Additions, extensions, &c
300.000 Corporate requirements
1,000,000 Capital expenditures
647,925 Extensions to properties
4,000,000 Extensions & additions
500,000
458,325
3,000,000
300,000
1,000,000
971,887
4,000,000
-_-
43,113,552
Iron, Steel, Coal, Copper, &c.
119,400 Additional capital
Other Industrial & mtg.100.000 Additions; new construction
•30,000shs Expansion; working capital
119,400
50 (Par)
---
Pittsburgh Malleable Iron Co. Capital stock. Offered by company to stockholders.
7.50 Celite Co.7 % Cum.1st Pref."A." Offered by Pacific Bond & Share Co.,Los Angeles.
Commercial Chemical Co. of Tennessee Common "B." Offered by Jeike, Hoodi&
Co., New York.
50
•
8.00 The Dyer Co.8% Cum. Partic. Pref. Offered by Roy J. Foster & Co., Inc., Boston.
2 fills. Pref.1 For Fain Knitting Mills, Inc.,8% Cum.Prior Pref. Offered by Hitt, Farwell & Co.. N.
1 sh. Com.1$200 Fain Knitting Mills. Inc., Common. Offered by Hitt, Farwell & Co., New York. 4
101
6.93 The Palmolive Co.(Del.)7% Cum.Pref. Offered by Morris F.Fox & Co., Milwaukee.
and Bosworth, Chanute & Co., Denver.
2%
•
Sweets Co. of America, Inc., Capital stock. Placed privately by company.
40
Wm. Wrigley Jr. & Co. (Chicago) Capital stock. Offered by Hornbiower & Weeks.
100,000 100
450,000 15
125,000 Working capital
500,000 Exparfslon
$2,500 shs. Expansion
4,000,000 Refunding; working capital
•
500,000 Working capital
$300,000shs (See explanatory note "b.")
125,000
12,000,000
Oil*2,000,000s hs.Development; additions, &c__ _
20,000,000
125,000
500,0001
4,000,000
17,300,000
Miscellaneous
600,000 Expansion of business
300,000 Acq. predecessor company
•1,500 shs. Acq. predecessor company
*30,000 fills. Extensions and additions
75,000 Extensions; develop. of property
250,000 New capital
*22,500 shs. New capital
250,000 Additions; other corp. purposes,- -
10
Shell Union Oil Corp. Common. Offered by company to stockholders; underwritten.
600,000 100
7.00
300,0001 2 shs. Fret.') For
1 sh. Com. $200
1,125,000 37%
75,000 97%
8.20
250,000 102
7.84
247,500 11
250,000 too
Brock & Co. 7% Cum. Prior Fret. Offered by F. H. Richmond & Co., Los Angeles:
Carter, Macy Co., Inc., 7% Pref. Offered by Kidder, Peabody & Co.
Carter, Macy Co., Inc., Common. Offered by Kidder, Peabody dv Co.
Childs Co.(N. Y.) Common. Offered by Dillon, Read & Co.
Malmo & Co. Nurseries 8% Cum.Prior Pref. Offered by H. M.Herrin & Co.,Sestti
Missouri-Illinois Stores Co. 8% Cum. Cony. Pref. Offered by Mark C. Steinbt;
& Co., St. Louis.
NUM
Missou ri•Illi nols Stores Co.Common. Offered by Mark C.Steinberg & Co., St. LOWS.
8.00 D. Pender Grocery Co. 8% Cum. Pref. Offered by Hurley & Marr, Raleigh, N.C.
2,847,500
FARM LOAN ISSUES.
Amount.
Issue.
Price.
1,000,000 Central Iowa Jt. Stk. Ld. Bk. of Des Moines
5s, 1933-53
101%
2,000,000 Chicago Joint Stock Land Bank 5s, 1933-63_ 101%
10,000,000 Federal Intermediate Credit Bank 6 Months
% Debentures, March 14 1924
100
1,000,000 First Trust Joint Stock Land Bank of
Chicago 434s, 1933-53
750,000 Kentucky Jt. Stk. Ld. Bk. 55, 1933-53
500,000 Lincoln Jt. Stk. Ld. Bk. 55, 1933-53
650,000 Pacific Coast it. Stk. Ld. Bk.of Los Angeles
5s, 1933-53
700,000 Pacific Coast it. Stk, Ld. Bk. of Salt Lake
City 55, 1033-53
650,000 Pacific Coast it. Stk. Ld. Bk. of San Francisco 5s, 1933-53
2,000,000 St. Louis it. Stk. Ld. Bk. 5s, 1943 and 1953_
First Carolina it. Stk. Ld. Bk. 5s, 1933-53_,
Greensboro It. Stk. Ld. Bk. 5s, 1933-53_,
Kentucky it. Stk. Ld. Bk. 5s, 1933-53
4,000,000 Louisville (Ky.) it. Stk. Ld. Bk. 55, 1932-52
and 5s, 1933-53
Union it. Stk. Ld. Bk. (Louisville, Ky.) 5s,
1932-52 and 5s, 1933-53
100
101
101 ty
101
To Yield
About.
Offered by
4.80 Equitable Tr, Co., Hayden, Stone & Co. and P .W. Chapman & Co.
4.77 Kissel', Kinnicutt & Co.. N. Y., and Janney & Co., Philadelphia.
4.50 Guaranty Co. of N. Y.; Nat. City Co., Bankers P.Co., N. Y. Trust Co., Bank rot the
Manhattan Co., N. Y.; First Tr.& Save. Bk.and Continental & Commercial Tr.&
Says. Bk. Chicago; Old Colony Tr.Co., Boston; Hibernia Bk.& Tr.Co., New Orleans:
First Nat. Co., St. Louis; Nat. Bk. of Commerce in St. Louis, and the Philadeb
Nat, Bank.
4.75 First Trust & Savings Bank, Chicago.
4.S7 J. J. B. Hilliard & Son, Louisville, and Security Trust Co., Lexington, KY.
4.80 Halsey, Stuart & Co., Inc.; Harris, Tr.& Says. Bk. and Wm.R. Compton Co
4.85 Harris, Forbes & Co.; Wm.It. Compton Co.; Halsey. Stuart & Co.; First Securities:Co
Los Angeles; Mercantile Tr. Co. of Calif., and Security Co., Los Angeles.
do
do
do
do
do
101
4.85
101
4.85
ioos i
s
loos,
101
do
do
do
do
do
Wm.It. Compton Co.
1.63 Harris, Forbes & Co.; Halsey, Stuart & Co. and Wm. rt. Compton Co.
4.93
do
do
do
do
do
4.85
do
do
do
do
do
101
4.85
do
do
do
do
do
101
4.85
do
d
do
do
do
23,250.000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
25,000,000 Dutch East Indies 30-Year External S. F.
5%5, 1953
Price.
90
To Yield
About.
6.24
Offered by
Guaranty Co. of N. Y.; Harris, Forbes & Co.; Lee, Higginson & Co.; Bankers Trust CO..
N. Y.; Kidder, Peabody & Co.: Union Trust Co. of Pittsburgh; Continental &
Commercial Trust dr Says. Bank; Illinois Merchants Trust Co., Chicago, and Union
Trust Co., Cleveland.
Shares or no Par value. a Preferred stocks are taken at par, while In the case of Common stocks, the amount is based on the offering price. b This stock was
purchased by the bankers from associates of the company, and while the proceeds do not go directly to the treasury of the Issuing company, the financing nevertbei
Constitutes a demand on the investment market.
2824
THE CHRONICLE
[VoL. 117.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Dec. 28 1923.
Mild weather still hurts trade in general, despite the fact
that in many lines the retail holiday business has eclipsed
anything ever known in the past. After the holiday outburst, however, the sales rapidly fell off. Retail clothing
dealers have had to cut prices in various parts of the country, some 15 to 35%, owing to the prolonged and unseasonable mildness of the weather. Up to this time there has
been practically no snow in New York or adjacent parts of
the country. The winter wheat belt for the most part is
without a protecting blanket of much desired snow, which is
also "the poor man's fertilizer." The weather at the West
has been too wet and mild. The rains tend to lower the
grade of the grain in the corn belt; there is too great a
moisture content. Also, the rains at the Southwest interfere
with trade because of bad roads. Building continues active.
The mild weather naturally favors it. It is expected to be
unusually large, especially if it should continue to be an open
winter. For a year or two ahead, indeed, it is likely to be
heavy. There is still a regrettable shortage of housing here
and in other parts of the country. The deficit caused by the
war and the diverting of labor to war uses and by the natural increase in population must be made up. Meanwhile
builders are large buyers of steel, vieing with automobile
manufacturers in active purchases even at a time of the year
when it is an almost immemorial custom, in ordinary times
at least, to slow down for the holidays if for no other reason. Usually the rigors of winter interpose an effectual
bar to outdoor work and thus checks building. Meanwhile
there is an advance in crude petroleum despite some slight
increase of late in the production.
While railroads are buying steel on a fair scale and builders and auto makers are taking it on something like an extraordinary scale, there is a good business reported in tin
plate, and the production of this item exceeds anything in
previous records. Automobile concerns are also buying cotton goods on a considerable scale. The grain markets have
not greatly changed during the week. Prices in the main are
steady, though the demand is nothing like what could be desired. Wheat is ending the year 7 to 26 cents a bushel lower
than a year ago, while corn, though 4 cents lower on December delivery is some 2 to 3 cents higher than a year ago for
May and July deliveries. Oats are slightly lower for December but somewhat higher than a year ago for later deliveries. Cotton is some $50 a bale higher than at this tittle
last year. Sugar is nearly 2 cents a pound higher for refined
than then. Coffee is not quite 1 cent per pound lower than
at the ending of last year. Flour is about $1 50 per barrel
cheaper than then. Pig iron is $275 lower. Steel billets are
$6 a ton higher than a year ago, as a partial reflex of the
extraordinary activity in building throughout the United
States. During the week cotton has advanced owing to its
growing scarcity and an insistent demand from mills at
home and abroad. England continues to use foreign and
competing growths of cotton, but it cannot wholly dispense
with American. Besides, the supplies of foreign growths
have been greatly depleted. The extensive use of East Indian, South American and other growths enabled consumers
last year to make out in spite of the deficit in American supplies, but it is said to have resulted in depleting reserves of
foreign cotton something over 1,000,000 bales.. The world's
production in recent years has been running noticeably behind the world's consumption so that there has been a very
noticeable falling off in the world's reserves of cotton. How
It all will turn out remains to be seen. The crying need of
the time is an effective remedy for the boll weevil in the
cotton fields of this country. Sugar in the latter part of the
week has shown a downward tendency, owing to reports that
the railroad strike in Cuba has been broken. Coffee has advanced with the marketing of the crop still artificially restricted by the Brazilian Government. No doubt, in part at
least, because of unseasonable weather and the diminution
of trade, there is some unemployment in parts of the country, including even such centres as Chicago, and as far West
as Los Angeles, as well as in parts of Alabama and Oklahoma. But Michigan has a high record of employment because of the extraordinary activity in the automobile industry.
Various projects are under way to help the farmer, especially the wheat farmer, whose prices are noticeably below
those of a year ago. That the sluggishness of trade in some
lines is partly or largely due to the diminishing purchasing
power of the wheat farmer there can be no doubt, although
his condition is better than it was at one time. It is pointed
out by the Department of Agriculture that the cultivated
crops his year are worth, however, some $880,000,000 more
than those of last year and nearly $2,700,000,000 more than
in 1921. That is to say, the value of the crops this year has
increased nearly 12% over that of last year and some 50%
as compared with two years ago. The improvement has
been gradual but on the whole continuous, whatever may be
said about the admitted distress of the wheat farmer. The
corn farmer fares much better than his brother who raises
wheat. It is estimated that the purchasing power of corn
may be put as compared with 100 in 1913 at the index figure
of 92, as against 79 for wheat, with potatoes at 84, hogs 63
and cattle 61. The cotton warmer towers above them all,
with a high figure of 152. He is at the peak of prosperity.
As regards the wheat farmdr there is just one thing for him
to do and that is to cut down his acreage. Undue paternalism for his benefit would simply mean that he would keep
up his acreage or increase it and in the end have to grapple
with the difficulty in accordance with economic law and
regulations of supply and demand. Wool has been quiet but
firm. Some of the Carolina cotton mills have been curtailing
for the time being. But it is noticeable that some of the
Massachusetts, New Hampshire and Rhode Island mills have
arranged to close'only for one day for each of the Christmas
and New Year holidays. It was said to-day that some of the
Georgia cotton mills contemplate reducing their output in
the near future because of the high cost of the raw material.
It is hardly necessary to say that with the supply of cotton
so short there must sooner or later be a drastic curtailment
of consumption at home and abroad. There is no doubt that
the next acreage will be greatly increased.
The stock market has been active and strong and certainly
this is a cheering circumstance as the year draws to a close.
For many months trade has been proceeding on a conservative scale, but even as it was the car loadings have made an
exhibit which has been an outstanding feature of the business year. It is not surprising to find that Secretary of the
Treasury Mellon takes a hopeful view of the business prospects for 1924. He is not alone in that opinion. The foundation for increased trade in 1924 has been laid in the prudent
manner with which business has been conducted since early
in the present year. There are no burdensome supplies in
any line of trade. And the prospects point to a decrease in
taxation. One of the remarkable signs of the times is what
looks like a widespread suspension of partisanship as regards this particular matter of taxation in many parts of the
country. In other words, regardless of political affiliations,
merchants naturally want to see a curtailment of the oppressive burdens still being imposed upon the citizen five years
after the armistice. It is to be hoped that the advice of not
a few merchants sent out to their correspondents to make it
plain to Congressmen that the people insist upon a mitigation of this intolerable evil will be carried out on such a
scale as to make it effective. It is plain that the people are
in no mood to be trifled with and that the political future of
representatives in Washington depends upon an obedience to
the will of the great mass of the population as regards this
crying evil of the times.
The new building wage scale for 100,000 workers here
would increase wages by 50 cents a day and would add
about $12,000,000 a year to the cost of building in New York.
The present scale is $9 a day for journeymen, but the employers have been paying a bor us of $1 a day additional.
Several weeks ago the Building Trades Council presented a
demand for a flat rate of $11. This was rejected by the
Building Trades Employers' Association on the ground that
it would make the cost of building prohibitive. Many employers insisted on retention of the $10 scale. In view, however, of prospects of a peak year for building in New York
in 1924 steps were taken by some interests looking to a compromise scale of $10 50. Counting the time lost for holidays,
b cl weather and other hazards the employers base their
estimate of the added cost on 240 days a year.
DEC.29 1923.]
A preliminary report on housing has been submitted to
Governor Smith of this State by the State Commission on
Housing and Regional Planning. It sets forth that rents
have increased from 40% to 93% in four years. Though
rents have risen, some factory wages have decreased in the
dame period. Families with an income of $2,000 pay 21.3%
for rent, as against 14.4% in 1919. New tenants pay from
50% to 300% more rent than old tenants. Houses are sold
frequently and each change in ownership brings an increase
In rents. Repairs always bring increased rents; in one instance, after installing electric fixtures the landlord raised
the rent 200%. Sanitary conditions are worse than in 1920.
Gas bills run to $8 a month because the dark inside rooms
make lighting necessary. It costs as much as $19 a month
to heat many of these rooms. Overcrowding is evident everywhere.
At New Bedford, Mass., the cotton mills closed only one
day for Christmas and will close only one day next week
for New Year's. The same program at Lowell, Mass., Manchester, N. H., and in Rhode Island mills. At Manchester,
N. H., still further departments of the Amoskeag mills were
opened, it having been announced recently that the upper
weaving section of the northern half of the Amory mill and
the Draper looms in the south lower canal mill would be
started the day after Christmas. Thus the mill flontinues to
add to the number of operatives employed and st adily the
,
mills are nearing the capacity production mark. Fitchburg,
Mass., wired Dec. 27 that for the first time in over 30 years
the Star Worsted Co. had been obliged to close fo-- lack of
orders. It is expected to resume operations Jan. 3. At Lawrence, Mass., the Pacific mills now with a total spindleage of
150,000 will reopen Jan. 7. It is supposed that it will be on
full time. At Charlotte, N. C., and in that district, a number of textile mills closed down last Saturday for one to
t o weeks. At Akron, Ohio, tire mills report a larger output,
most of them adding to their working force and will require some 275,000 bales of cotton in 1924. The Ford Motor
Co., it is said, bought 1,000,000 yards of drills, sheeting and
duck in New York on Wednesday. Motor works are buying
steel freely. Retail clothiers in many cities have reduced
prices 15 to 35% owing to mild weather. The National Association of Retail Clothiers attributes the decrease in the
buying of men's clothing to the fact that the average man
is buying autos instead. Yet December department store
sales rose 61, in the New Yoc district. Big buying in the
West includes all lines. Holiday purchases have been
eclipsing previous high records. Continued activity
mannfa-turing and merchandising is forecast for 1924 in the
Chicago district.• Automobile sales are helped by the open
winter. The seasonal decrease is smaller than was expected.
The year's output is estimated at 4,000,000.
Car loadings for the week ended Dec. 15 were 899,552, a
decrease of 14,' 0 from the previous week, but an increase
of over 20,000 compared with the same week last year.
The cost of living fell 20.5% in September from the peak
of June 1920, but was 72.1% above 1513, according to statistics issued by the Bureau of Labor Statistics covering 32
cities. Savannah showed the greatest decrease since 1920,
with reduction of 25.5%, while Los Angeles reduced he cost
of living only 12.2% in the period. New York reduced it
20%.
Winnipeg wired: "Navigation closed Dec. 25, a steamer
leaving Fort William that night with a cargo of grain for
Tiffin, Ont.
The weather here has been in the main unseasonably mild.
There was a light snow storm on Thursday night, which
turned to rain. The United States has been unusually warm
for this time of the year. To-day it is much colder at the
Northwest, but mild and rainy at the South. Here cleared
'
this morning. To-night it is cooler and fair.
Department Store Sales in New York Federal Reserve
District in December This Year Six Per Cent.
Higher Than Last Year.
According to an item on department store trade which will
appear in the Jan. 1 issue of the Monthly Review of Credit
and Business Conditions by the Federal Reserve Agent at
New York "December sales by department stores in the Second District estimated on a basis of the business done prior
to Dec. 20, by 17 of the largest stores of New York and adjacent cities were about 6% larger than those of December of
last year. This," says the item, "is a smaller increase than
was shown by October and November sales." The item continues:
2825
THE CHRONICLE
Merchants reported particularly heavy sales of toys, radio equipment,
jewelry, talking machines and holiday gift articles, while sales of pianos
and household furnishings were also large. Sales of apparel, furs and shoes,
however, were retarded by unusually mild weather.
Total sales for the year 1928, with December sales partly estimated, exceeded those of 1922 by 7.8%, or not far fro mthe normal rate of growth
from year to year, which is computed to be about 8%. The sales were 10.3%
larger than in 1921 and 5.7% above those of 1920, a year of exceptionally
high prices and heretofore the year of largest department store sales.
During the early part of 1923 sales increased somewhat more rapidly than
stocks of goods on hand, whereas during the latter part of the year the
reverse was true. The average increase in stocks for the entire year was
about 7%,
in part to higher prices and in part to extensive additions to
some of the stores. In 1923 stocks turned 3.9 times, as compared with 3.8
times in 1922, the same rate in 1921, and 3.3 times in 1920.
Final reports on department store sales for November indicated an increase of 8% over the previous November, as compared with a gain of 10%
shown in October. The following table shows the percentage change in the
major departments:
++++6685....0485
+15.2
Ir esi'fi.and boy's wear
Mo neii y
aue
Cotton goods
Women's and misses' ready-to-weer
Woolen goods
+4.1
Furniture
+3.7
House furnishings
+2.2
Women's and misses' ready-to-wear accessories
o
omen's
+1.3
Shoes
-6.1
Silk goods
+12.3
Miscellaneous
Detailed figures of November sales and stocks as of Dec. 1 for department
stores in the different cities of this district, as compared with figures for
previous years, are shown in the following table:
Stock on Hand. Dee. 1.
Dollar Sales in November.
-November 1922=100- -Dec.1 1921001919. 1920. 1921. 1922. 1923. 1919. 1920. 1921. 1922. 1923.
109
99 100 110
93 100 107
98
All dept. stores-- 90 101
99 100 110
92 101
93 100 109
98 107
98 110 103 100 102
Buffalo_
104
95 100
98.
84o
108
94 100 107
Newark
96
88 100 108 101
82
89 105
97 100 112 122 134 102 100 116
Rochester
97 100 108 126 143 101 100 110
Syracuse
101
109
97 100 100
91
100 102 100 105
Bridgeport
105 110
94 100 102
96 110 109 100 111
92 101
Elsewhere
96 100 114
84
100
89 100 103
83
99
Apparel stores
74 100 110
Mall order houses_133 113
---
Increase in Christmas Savings Deposits in the Federal
Reserve District of Philadelphia.
The Federal Reserve Bank of Philadelphia forwarded
questionnaires early in December to all banks in the Third
Federal Reserve District with the purpose of ascertaining
the trend of Christmas savings and other savings deposits
in comparison with last year. Complete reports on Christmas savings were received from three-fourths of the banks,
and on other savings deposits from three-fifths. The following tabulation made public by the Reserve Bank Dec. 22
gives the results of this investigation:
Christmas Savings Funds.
1922.
Numberof
depositors.
Pennsylvania _
New Jersey_
Delaware___
412,346
74,063
3,196
1923:
% of
Change.
517,849 +26%
82,584 +12%
4,531 +42%
604,964
489,605
3d dist. total
Amount of
deposits:
Pennsylvania _ $16,075,573 $21,795,442
New Jersey_ 3,142,290 3,777,894
Delaware
107,603
153,825
+24%
Other Savings Deposits.
% of
Change.
1922.
1923.
1,698,756
160,193
23,255
1,865,941 +10%
173,811 +9%
28,834 +24%
1,882,205
2,068,586 +10%
+36% 5659,857,061 756,291,293 +15%
+20% 62.275,649 67,283,968 + 8%
+43% 12,466,766 15,806,280 +27%
3d dist. total $19,325,466 $25,727,161 +33% 5734,599,476 5839.381,541 +14%
Philadelphia
775,404
826,119 +7%
94,290
132,555 +41%
No.of dePos
Amts.of depos $3,785,005 $5,645,813 +49% 8337,491,534 384,782,897 +14%
•Philadelph a figures included In preceding data. Ninety-six banks reported
on Christmas savings funds, and 90 banks on other savings deposits.
Cost of Living Now Highest Since 1921, According to
National Industrial Conference Board-Rent
and Food Rise-Employment Increases.
Detailed figures on the cost of living, the trend of the
nation's employment, and of general wage changes, made
public on Dec. 24 by the National Industrial Conference
Board of 10 East 39th Street, show that while household
expenses of the nation for the period ended Nov. 15 last
were the highest since 1921, general business is slowly improving after the mid-year recession. The Board says:
For the month ending Nov. 15 the cost of living throughout the United
States had increased seven-tenths of 1% over the previous month, bringing
the people to the threshold of the New Year with a family budget requirement greater than at any time since May 1921. The principal increases
were in food prices and rents. The increase in all items since last July was
2.1%, and this was a decrease from the high figures of July 1920 of 19.2%,
but an increase over the pre-war level of 65.3%.
The Conference Board's survey of industrial conditions in nearly 1,700
establishments for October, the last month available, disclose an increase in
the average work week and a substantial advance in weekly earnings. For
the first time since last April the trend in hours worked was upward and,
while the gain was not a large one, the Board says, it is pronounced "encouraging in that it indicates a lessening of the curtailment of manufacturing activity."
In the month ending Dec. 14, there were 34 major wage changes noted in
American industry by the Board, of which only one was a decrease. This
occurred in the western Kentucky coal mines, where the miners accepted
lower wages to accomplish a lower production cost of coal. There were 20
Increases in the printing industry due to the termination of yearly contracts
and the drawing of new agreements. Two classes of railway labor--mainte-
2826
THE CHRONICLE
[VOL. 117.
nance of way men and the telegraphers and station agents
-received increases.
reports on Dec. 22 also stated that the price of Canadian
crude oil had been advanced from $1 83 to $1 93 per barrel,
Detailed data regarding the changes in the cost of living or an advance of 10c. per barrel.
are furnished as follows by the Board:
A further advance of 25e. per barrel in the price of PennChanges in Cost of Living Between July 1914
-November 1923.
sylvania crude oil was posted when on Dec. 26 the Joseph
The cost of living in the United States on Nov. 15 1923 had increased Seep Purchasing Agency announced the following:
•
seven-tenths of 1% over the level of Oct. 15 1923 as shown by figures just
collected by the National Industrial Conference Board in a comprehensive
survey of conditions the country over. The increase since last July was
2.1%. In the month Oct. 15 1923 to Nov. 15 1923, there were increases in
the average cost of food and sundries. Average rents advanced, but the cost
of clothing, coal, gas and electricity was lower. Between July 1920, when
the peak of the rise in the cost of living since 1914 was reached, and November 1923, the cost of living decreased 19.2%. The increase since July
1914 was 65.3%.
The following table shows in detail the changes in the cost of living noted
above:
Item.
Percentage of Decrease in
Percentage of Increase in
Relathe cost of Living on
tive
the Cost of Living Above
ImportNov. 15 1923from
Avergare Prices in July
Average Prices in
1914 to
ance
in
July
July
Oct.
Oct.
Nov.
gamily
July
1
Budget 1920. 1923. 1923. 1923. 1920. 1923. 1923.
0.7a
47
51
31.1
Foods
43.1 119
50
2.7a
75
2.9a
Shelter
17.7
75
80
13.9a
2.9a
58
70
1.1
Clothing
76
74
34.7
2.6a
13.2 166
76
1.1
Fuel and light
66
78
6.0a
5.6
76
(94)
(0.5)a (0.5)a (0.5)
(Fuel)
(92)
(3.7) (92)
(93)
(2.1)
(Light)
(46)
(46)
(1.9) (15)
(43) (24.3)c (2.1)
5.9
0.6a
Sundries
20.4
73
74
0.6a
85
73
Weighted avge
1, 9
1
61
0.76
100.0 104.5
64.1
65.3
of all items_
2.1a
•Food price changes are from the United States Bureau of Labor Statistics.
a Increase. b No change.
The purchasing value of the dollar based on the cost of living in November
1923 was 60.5 cents, as contrasted with $1 in July 1914.
Federal Reserve Board's Summary of Business Conditions in the United States-Decrease in Production and Factory Employment in November.
Production of basic commodities and factory employment
decreased in November. According to the Federal Reserve
Board's summary of business conditions in the United States
made public Dec. 27, which continues as follows:
The Joseph Seep Purchasing Agency of South Penn Oil Co. will pay the
following prices for producers' credit balances:
Pennsylvania grade oil in New York Transit Co. lines
$3 10
Bradford district oil in National Transit Co. lines
3 10
Pennsylvania grade oil In National Transit Co. lines
2 85
Pennsylvania grade oil in Southwest Penn lines
2 85
Pennsylvania grade oil in Eureka Pipe Line
2 85
Pennsylvania grade oil in Buckeye Pipe Line
2 85
Balance unchanged.
These prices compare with the list given in our columns
in the Dec. 15 issue, page 2592.
Additional reports on Dec. 26 stated that the independent
buyers of the Pennsylvania grades of crude oil had followed
the advance announced by the Seep Agency and in addition
were paying a premium of 10c. a barrel on all oil offered
them.
On Dec. 27 increases of from 10-. to 25c. per barrel were
made for Oklahoma, Texas, Gulf Coast, Louisiana and .
Arkansas crude oils. The new schedule of prices as it appeared in the "Wall Street Journal" of Dec. 27 is as follows:
Texas Company advanced crtuje oil In four different districts 10c. to 15c.
a barrel in Oklahoma and north and north central Texas, 25e. a barrel in
central Texas and Gulf Coast districts, and 15c. In north Louisiana and
Arkansas.
With the new price schedule in Oklahoma and north and central Texas,
Texas Company also revised the gravity basis under which it purchases
crude oil, making gravities in Oklahoma to correspond with those of north
and north central Texas. New prices and bases are: Under 33 gravity,
90c. a barrel, advance of 15c.: 33 to 35.9 gravity. $1 15, advance of 15c.:
36 to 38.9 gravity, $1 30, advance of 15c., and 39 and above, $1 40, advance of 10c.
Company's previous schedule in Oklahoma was 75c. for under 33 gravity:
$1 for 33 to 39.9. and $1 25 a barrel for 40 and above.
In Gulf Coast district, Texas Company raised the price 25c. a barrel to
$1 25. Crude in Powell, Mexia and Currie pools was also raised 25c. to
$1 25 a barrel, while north Louisiana grades, including Caddo, De Soto,
Bull Bayou, Criton and Smackover (Ark.), were raised 15c. a barrel.
Distribution of merchandise by wholesalers and retailers was somewhat
The Magnolia Petroleum Co. on the same day advanced
ess active and wholesale prices showed a slight further recession.
the price of crude oil from 10c. to 25c. a barrel. The new
Production.
Production in basic industries decreased about 2% in November. The price for Corsicana light and Mexia crude is $1 25 and for
decline was due chiefly to reduced production of iron and steel and smaller Corsicana heavy 50c.
sugar meltings. The Federal Reserve Board's new index of factory emThe Humble Oil & Refining Co. on Dec. 28 followed the
ployment, which is shown by the accompanying chart, also declined due to
lessened activity at iron and steel plants and large seasonal reductions at advances announced by the Texas Company in all fields
clothing establishments. The volume of employment is now 2% smaller except Currie, where it advanced 35c. above the previous
than in the spring but 3% larger than a year ago. Contract awards for
price. The new price for Currie is $1 35 per barrel.
new building were smaller in November than in October In all reporting
Similar advances were made by the Gulf Oil Co., which
districts except New York but were 20% larger than a year ago.
Final estimates by the Department of Agriculture show larger yields of posted new prices as follows: "A" grade, $1 25 per barrel,
corn, oats, tobacco, and cotton than in 1922, and smaller yields of wheat,
an advance of 25c., and "B" grade, $1 per barrel. These
hay, and potatoes. The total value of agricultural production at Dec. 1
prices was 12% larger than in 1922. Each of the ten principal crops except are the same as the prices posted by the Humble Oil & Rewheat showed an increase in value.
fining Co. A flat price for Blue Ridge and Pierce Junction
Trade.
was made at $1 a barrel, against the former price of 65e.
Railroad freight shipments in November showed about the usual seasonal
Also on Dec. 28 the Seep Agency announced an advance of
decline from October but were in heavier volume as compared with previous
years. Wholesale trade was 13% less in November than in October, which 10c. as follows: Cabell grade, now $1 45; Somerset medium,
is more than the usual decrease at this season, but sales continued to be $1 40; Somerset light, $1 55; and Ragland, 85e.
slightly larger than a year ago. Sales of hardware, drugs, and meat were
Additional advances were posted by the Magnolia Petrollarger than in November 1922, while sales of shoes were smaller. Retail
business was smaller than in October in most lines. Sales of mail order eum Co. for crude oil in Texas as follows:
houses declined more than sales of department stores but were 11% larger
GradeOld Prices.
New Prices.
than a year ago.
Under 28 gravity
40c.
50c.
Prices.
60c.
28 to 30.9 gravity
75c.
The Bureau of Labor Statistics index of wholesale prices declined in 31 to 32.9 gravity
76c.
90c.
November to a point 4% lower than last spring and about 3% lower than a 33 to 35.9 gravity
$115
$1 00
year ago. The chief reductions occurred in prices of animal products, fuel, 36 to 38.9 gravity
$1 30
- $1 40
and house furnishings. Prices of clothing and crops, on the other hand, 39 gravity and above
$1 25
increased and the latter group averaged higher than in any month since
Changes in the price of gasoline during the past week have
1920. During the first half of December, prices of sheep, beef, sugar,
cotton, silk, and rubber declined while quotations on crude oil, wheat, and not been as numerous as the crude oil changes but neverthewool were slightly higher.
less they cover a wide territory. On Dec. 24 advices were
Bank Credit.
received to the effect that the price had been advanced lc.
The total volume of credit extended by member banks in leading cities
showed but little change between the middle of November and the middle to 14.9c. per gallon in Kansas City and the surrounding
of December. A seasonal reduction in commercial and agricultural loans territory. This price includes a city tax of le. per gallon.
in most districts was accompanied by increased loans on securities with the Late on Friday (Dec. 28) it was announced that
the White
result that total loans remained practically constant.
During the same period borrowings at the Federal Reserve Banks were Eagle Oil & Refining Co. at Kansas City had advanced the
also practically unchanged. Holdings of acceptances increased somewhat tank wagon price of gasoline 2c. per gallon through its terpartly in connection with the financing of cotton exports. The increased ritory, comprising ten States.
demand for currency for holiday trade was reflected in both a moderate
In addition, a dispatch from Chicago on Dec. 28 stated.
expansion in Federal Reserve note circulation and a reduction in gold certificates held by the Reserve banks.
that effective Dec. 29 the Standard Oil Co. of Indiana will
Rates of commercial paper sold in the open market continued to show an advance its price for gasoline
2c. per gallon throughout its
% particularly In
easier tendency as indicated by increased sales at
Interior districts. The December issues of one year 4 WA % and six months entire territory. The tank wagon price will be 14e. and the
4% Treasury Certificates compared with 4;,f,% on a six months issue sold retail price 16c. per gallon.
1n September were largely oversubscribed.
Further Advances Take Place in Crude Petroleum and
in Gasoline Prices.
A number of advances in the price of crude petroleum were
posted during the week just passed, among the earlier changes
being one by the Eastern refiners, who raised the price of
Cabell, Somerset medium and light crude oils 15e. a barrel
to $1 35, $1 30 and $1 45 per barrel, respectively. Press
Crude Petroleum Production Remains at About the
Same Level.
The statement issued Dec. 27 by the American Petroleum
Institute shows that the production of crude oil in the week
ended Dec. 22 was little changed from that for the previous
week. The Institute estimates that the daily average gross
crude oil production in the United States for the week ended
DEC.29 1923.1
THE CHRONICLE
2827
37,000 tons, including 11,000 tons for the Chicago Tribune tower and
6,050 tons for assembling plants for the Ford Motor Co. November bookings of fabricated steel, according to Census Bureau statistics, amounted
to 135,000 tons, better than the average for the six months preceding and
10% more than November of last year.
Railroad equipment business was lean, 1,225 cars being the total of purchases, an equal number the total of inquiries and none taking much steel.
Bids are now all in on the Southern Pacific cars, requiring some 100,000
tons of plates, shapes and bars. The New York Central has distributed
30.000 tons of tie plates and 25,000 kegs of track bolts.
The appearance of inquiries for a considerable tonnage of pig iron from
speculative sources, including 10,000 tons understood to come from New
York banking interests, is accepted as evidence of belief that prices have
touched bottom. Some pig iron bought recently by brokers is being sold
at concessions and a sale of 10.000 tons of basic by a steel company in
western Pennsylvania was made below recent Valley quotations, but for the
most part prices are firm and deliveries are going forward satisfactorily. A
St. Louis buyer has asked for earlier shipment of 5,000 tons bought for first
quarter delivery. A Canton, Ohio, company has purchased 5,000 tons of
basic.
German No. 1 foundry pig iron, now at 116 gold marks per metric ton.
is in American currency $28.05 per gross ton, comparing with $23.30 for
AVERAGE PRODUCTION.
DAILY
British iron and $22.75. the foundry component for "The Iron Age" pig
Dec. 22 '23. Dec. 15 '23. Dec. 8 '23. Dcc. 23 '22. iron composite price.
(In Barrels.)
385,750
381,900
406,500
374.700
Oklahoma
Eastern plate makers are confronted by European competition. An
70,800
71,050
Kansas
63,600
59.100 Atlantic Coast ship and car builder finds a 2c., Pittsburgh, price necessary
North Texas
222,500
191,750
176,600
124.400 to meet a foreign mill quotation on 2,700 tons of car plates.This is a big
Central Texas
54,900
56,450
79,300
54,550
North Louisiana
$2 a ton concession occasionally met from the 2.50c. price.
119,500
95,600 gap from the
119,350
118,150
Arkansas
-rolled flats and cold-rolled strips are well sold into the first quarter,
Hot
92,900
Gulf Coast
93.550
118,300
93,100
110.000
Eastern
111,000
111,500
115,000 and the steel bar market has been enlivened by a number of first quarter
147,250
155,950
152,000
106,750 sales to makers of shafting and cold-finished bars.
Wyoming and Montana _
California
500.000
708,350
728,350
726,350
Bolts, nuts and rivets give a sign of the changing price sentiment, Pittslower.
1,943,3e0
Total
2,006.150
1,944,250
1,691.750 burgh reporting more freedom of movement than when prices were
Current demand in nails is sufficiently heavy to make it difficult to build
up stocks for spring demand.
New Model by Packard Motor Car Co. at Advanced
A Welsh £1,000,000 tin plate selling corporation has been formed, absorbing eight tin plate merchants, with the idea of wiping out the middlePrice.
men. It will handle the output of three or more of the large works.
A news dispatch from Detroit on Saturday, Dec. 22, stated
For the South Manchuria Railroad 200,000 tie plates have been placed
that the Packard Motor Car Co. will soon announce a new in the United States.
No change has occurred for several weeks in either of "The Iron Age"
improved single six. The price will be advanced about composite prices, the pig iron composite standing at $21.88. while finished
$100. The new car will be identical in appearance with the steel is 2.775c. per lb. One year ago pig iron was $25.79 and finished steel
present car. However, it will have four-wheel brakes, 2.439c.; two years ago, $18.68 and 2.062c.
Dec. 22 was 1,944,250 barrels, as compared with 1,943,300
barrels for the preceding week, an increase of 950 barrels.
In the corresponding week of 1922, 1,691,750 barrels were
produced. A decrease from the previous week of 14,000
barrels in the daily average production of the Powell field
in Texas was offset by an increase of 18,000 barrels in California. The daily average production east of the Rocky
Mountains was 1,217,900 barrels, as compared with 1,234,950
barrels the previous week, a decrease of 17,050 barrels.
California production was 726,350 barrels, as compared with
708,350 barrels; Santa Fe Springs is reported at 181,000
barrels, against 185,000 barrels; Long Beach, 230,000 barrels, against 225,000 barrels; Huntington Beach, 69,000 barrels, against 71,000 barrels; and Torrance, 42,000 barrels,
against 33,000 barrels. The following are estimates of daily
average gross production for the weeks indicated:
heavier transmission and more standard equipment. This is
in line with the policy of a number of automobile manufacturers who have announced slight advances in prices, noted
in our issues of Dec. 8, p. 2480, and Dec. 15, p. 2591.
The composite price table compiled by the "Age"- follows:
- d7.
.
Stee172-775e7per Paun4
Composite Price, Dec. 2r1V3i inahed2.7754.
Based on prices of steel bars, beams, tank Dec. 18 1923
2.7754.
plates, plain wire,open-hearth rails, black Nov. 27 1923
2.439c.
pipe and black sheets, constituting 88% Dec. 26 1922
10-yr. preva a verage_1.689c.
of the United States output
Composite Price. Dec. 24 1923, Pig Iron, $21 88 per Gross Ton.
$21 88
Based on average of basic and foundry irons, Dec. 18 1923
21 86
the basic being Valley quotation. the Nov. 17 1923
25 79
foundry an average of Chicago. Phlladel- Dec. 26 1922
10-yr. pre-war average_ 15 72
.phia and Birmingham
Association-Reports of Proposed
•
Segregation.
the item appearing in these columns last
Supplementing
The prospects for the new year appear to be favorable to
week (page 2701) regarding the Copper Export Association,
the "Iron Trade Review" of Cleveland, which reviews
we quote the following from the New York "Times" of
market conditions in its weekly summary of Dec. 27, apyesterday (Dec. 28):
The breaking up of the Copper Export Association will be completed in pended hereto:
Copper
Export
January, when the companies now forming that association will go into the
The year of 1923 is ending in the iron and steel business not unlike
marketing end of the copper business independent of one another, according that of 1922. Buying is on the upgrade and prospects are favorable.
to information obtained yesterday. Some of the larger interests announced The outlook for the new year has been improving steadily from week to
some time ago their plans to withdraw. The remaining companies decided week,dating back to mid-November and sentiment has become increasingly
to follow the lead of the larger companies, saying they were afraid they confident. The result is an expanding market, based on the covering
might run counter to the Sherman Anti-Trust Law if they continued.
for future requirements and this is expected to broaden still further with
The Copper Export Association was organized in 1918 to meet the after- the completion of inventory taking and the usual details incident to the
war unsettlement In the copper industry. The industry has since then been balancing up of the year's business. Consumption apparently is running
placed on a more normal footing and producers say that the extraordinary high and according to present indications is more likely to increase than
conditions then existing have been weathered.
to shrink during the coming months.
The main part of the selling organization was the United Metals Selling
If the parallel of a year ago is borne out, operations in the first half
Co. This organization, it is understood, will continue to distribute abroad should show progressive enlargement. During the past seven months
the metal produced by the Chile, Inspiration, Greene-Cananea and other they have gradually settled until they have reached a point about 22%
copper companies classed as friendly to the Anaconda company. The below the high level of last April and May. At present production is at
Guggenheim organization, known as Guggenhebn Brothers, which is a 70 to 71% for the whole country. A year ago they were about 80%•
selling agency for the Guggehneim mines, will, it is understood, operate The Steel Corporation plants are slightly higher, showing 845i% of ingot
entirely independently of the United Metals Selling Co., and smaller units capacity engaged the past week while the independents have not done
will withdraw from the Copper Export Association,following original action quite so well, averaging 63%% compared with 65% one week ago.
to that end by the American Smelting & Refining Co.
"Iron Trade Review" composite of 14 leading iron and steel products
ends the year at $43 02, a slight advance over last week. One year ago
Buying of Steel Is on the Increase-Pig Iron Market Is it was $40 65.
Contracts for first quarter requirements of steel by consumers has
Quiet.
been active and has embraced a widened circle of buyers in diversified
have been placed by
Further heavy tonnages for 1924
Further buying, broad in scope if not great in quantity, lines. of the.larger consumers, notably indelivery
the automotive group. The
some
marked the week. Sales usually were not at expense of General Motors Corp. has distributed its first quarter needs with a number
prices, but indications still are that buyers see no protection of the mills. The normal requirements of this buyer for a single quarter
tons. The Willys-Overland Co. also has closed
are not
in contracts and cover only for closely estimated require- for firstless than 100,000 estimated total of 25,000 to 30.000 tons. One
quarter with an
ments, declares "The Iron Age" in its weekly review of con- automotive contract placed this week with a Chicago mill calls for 12,000
ditions affecting the markets for iron and steel which was tons. Nut and bolt manufacturers in the Cleveland district have been
heavy buyers. Jobbers as well as manufacturing consumers have been
issued Dec. 27 and is quoted below:
entering the market and some contracts closed of this character have called
Steel making output may taper off in the remainder of the year, as num- for 10,000 tons individually.
bers of rolling mills, taking advantage of the satisfied demand for immediate
Railroad orders the past week have not been numerous though inquiries
deliveries, are employing a part or all of the holiday period to make repairs. from this source are heavy. The New York Central has been a heavy
At that, the production of steel ingots for 1923 seems likely to exceed 43 buyer of track fastenings for 1924, the total, it is reported, exceeding Its
million tons, and the pig iron make will be a record at over 40 million tons. recent large inquiries. It placed 20,600 tons of tie plates with several
The idea of price firmness has spread to semi-finished steel, first quarter producers and 75,000 or more kegs of spikes. About 130,000 tons of
contracts in rerolling billets at the $40, Pittsburgh, price being reported. rails for foreign countries is being inquired for here.
One Middle Western sheet bar producer has so heavily booked for the quarThe rising line of building continues to be reflected by structural steel
ter that it has withdrawn from the market. Some of the sheet bar business activity. This week has brought forth a total of 47.400 tons of new
provides for prices obtaining at the time of shipment. Forging billets alone awards, including 18,000 tons for the New York Telephone Bldg., New
seem not definitely strong at $45, because obtainable from more mills than York.and 14,000 tons for the Pictorial Review Bldg., New York. Another
usual.
section cf the Newark Bridge, 8.000 tons, is out, and it is estimated the
Sheet buying has been notably heavy. December orders of independent total for this Job eventually will reach 50,000 tons.
makers are estimated in excess of 300.000 tons, but it is not yet clear that
The week in pig iron has been quiet, the effect both of the holiday period
price shading has disappeared.
and of the heavy buying of a few weeks back. Steelmaking grades conIn tin plate, following a record output of 40,000,000 boxes for 1923, the tinue to develop some broadening ofinterest among consumers. A Canton,
leading producer is solidly committed against its maximum production Ohio, plant bought 5,000 tons of basic from a nearby furnace. Two
for the first half of next year and the position of the independents is almost St. Louis interests want 5,000 tons each.
Operations in the Ruhr are reviving under the agreement reached between
as favorable.
The outstanding structural steel activity is shown by awards of 26,000 the forces of occupation and the Stinnes, Thyssen and Inoeckner groups.
tons, including 8.650 tons for bridge work. Fresh inquiries amount to A dozen furnaces have resumed, according to cable advices to "Iron Trade
.41
2828
THE CHRONICLE
[Vol.. 117.
Review," and German offerings of steel are increasing. While the details its consequent slacking up and in addition the holiday
of the agreement have not been made public officially, it is understood
the main points are that the German producers have agreed to pay $15,- season, by the "Coal Trade Journal" of New York and
000.000 representing taxes due for June 1 to Nov. 1. wlll deliver 18% Chicago, which published on Dec. 26 its regular weekly
of production to the Allies without cost and will pay 10 francs ($0 55) review as follows:
for each ton of material sold. Stocks of iron and steel and related products
Coal buying ran a poor second to gift purchase last week in both the
on hand Oct. 1 will remain the property of the Allied authorities.
anthracite and the bituminous markets. Unseasonably mild weather has
kept domestic coal consumption down to a minimum, while the inventory
season
Production of Bituminous Coal Remains at the Same coal forhas slowed up industrial purchasing. Many of the larger users of
industrial purposes have their own mines and no longer enter the
Level but Anthracite Output Gains.
commercial market except in those intervals when they find it cheaper to
buy than to mine their own coal. 25% of the current output in one large
During the week ended Dec. 15 the production of bitum- field
at the present time is credited
inous coal was almost exactly the same as in the preceding far to explain the apparent, but notto captive mines. This situation goes
actual, contradiction between producweek, namely 9,828,000 tons. On the other hand, the tion totals and the slow demand reported in most coal trade centers.
Price changes last week show little variation as compared with those
output of anthracite increased 114,000 tons, according to prevailing
during the past few weeks. Comparing quotations
below
the weekly statistics issued Dec. 22 by the United States with those for the week ended Dec. 15, changes are shown in listed of the
36%
Geological Survey. Extracts from the Survey's report fol- figures. Of these changes 40% represented advances ranging from 5 to 50
and averaged 16. The reductions ranged from 5 to 75 and averaged 29.
low:
The straight average minimum for the week was $1.91, an increase of 2c.
Production of soft coal remained unchanged in tne week ended Dec. 15. as compared
with the previous week. The straight average maximum was
The total output, including mine fuel, coal coked at tne mines and local $2.24, a decrease
of 7c. as compared with the previous week.
sales, is estimated at 9.828.000 net tons, a figure almost identical with that
With one or two exceptions, the greatest strength in prices is in slack coal.
of the week before. In comparison with the corresponding week a year This is true not only the
East, where the end of navigation wiped out the
of
ago there was a decrease of 839,000 tons. or 8%.
surplus fine coal production, but also in the West.. In the latter section of
Shipments the present week (Dec. 17-22) increased slightly, but it does the country the
explanation of the reversal of normal conditions is to be
not appear likely that production will greatly exceed 9,900,000 tons.
found in the mild temperatures which have so cut down the demand for the
Estimated Output of Bituminous Coal in Net Tons, Including Coal Coked.
larger sizes going into the domestic trade, that the output of fine coal is
1923
1922
reduced to the summer time basis. Fear of a strike next April has so far
Cat. Year
Cal. Year
had no appreciable effect upon price levels, although more inquiries for
Week.
to Date.
to Date.
Week.
Dec. 1
8,943.000 506,832,000
10,387,000 365.437.000 possible contract tonnages are filtering through the non-union fields:
Daily average...
1.767,000
1.289,000 actual closings, however,do notseem to be heavy.
1,792.000
1,982.000
Dec. 8a
9.829.000 516.661,000
11,495.000 376,932,000
The anthracite end of the industry is feeling the weather conditions
Daily average-1,789.000
1.638,000
1.302.000 keenly. The decline
1,916,000
in independent quotations continues. The fact that
Dec. 15b
9,828.000 526.489,000
10.667,000 387,599,000
Daily average_ -- _ 1,638,000
1,311,000 operations at company mines are still hampered by intermittent strikes does
1,786,000
1.778,000
not check the slump in high dollar individual prices. Movement from
a Revised since last report.
b Subject to revision.
retail yards to consumer is below the seasonal average. The steam sizes
Production during the first 295 working days of 1923 was 526,489,000 net are featureless.
tons. During the corresponding period of the six preceding years it was as
The same general characteristics of the coal markets are
follows (in net tons):
noted in the weekly summary of trading conditions issued
Years of Activity.
Years of Depression.
1917
442.921,000 Dec. 27 by the "Coal Age" of New York and quoted in part
532,122,000 1 1919
1918
400,383,000
561.524.000 1921
1920
387,599,000 below:
543,173.000 1922
The end of the calendar year has no ()Special significance to the coal
Production of Soft Coal in November.
Final estimates of soft coal production in November place the total out- trade save that as the miners will take several days for the holiday there
will be a cleaning up of "no bills" at the mines, to be followed by brisker
put at 42.946,000 net tons. This decrease of 6.225,000 tons from the figure
for October was partly due to tne smaller number of working days in No- trading after the new year begins. The only feature of the past week has
vember and the occurrence of widely observed holidays. In comparison been the pick-up in screenings, not due to any increase in demand but to
,
with preceding years the November 1923 production was the lowest on record scarcity of fine coal. The operators. rebellinit at the absurdly low quotafor such month,except in 1921. 1919 and 1913. but was 5% larger than the tions on screenings in the Middle West, shifted to mine-run, the demand
for lump being at low ebb. A period of severe weather will call forth in
average for the nine years 1913-1922. Excluding November 1919, when
production was abnormally low owing to the miners' strike, records show quantity and screenings will again he plentiful, and cheaper than ever.
There is no change in the steam coal market in the Eastern section of the
that November 1923 was 1.6% less.
Cumulative production from Jan. 1 to Nov. 30 stood at 505,593,000 country. New England is flat as far as all-rail Pennsylvania soft coal is
concerned; the smokeless coals coming in by water have driven them off the
tons. This was an increase of nearly 40% over the corresponding period
of 1922 and but 6% behind 1918, when the record output was mined. spot market. Stocks of soft coal are so generally satisfactory that no strong
Production in the first 11 months of 1923 has been exceeded but tnree times currents in on price are looked for, even should there be definite indications
of a strike next April.
in the past 11 years—in 1920, 1918 and 1917.
"Coal Age" Index of spot prices of bituminous coal at the mines declined
Production of Soft Coal in November and Cumulative Production in First 11 three points last week to 178. The corresponding average price was
$2.16.
Months of Last 10 Years (Net Tons).
Increases were recorded byCentral Illinois, Indiana Smokeless. Southern
Total
Total
and Eastern coals all recorded slight declines in price.
Year,
November. Jan. 1-Nov. 30. Year.
November, Jan. 1-Nov. 30.
Quotations on independent anthracite are slowly receding. The market
1914 - _33,392.000
386,842.000 1919 --- -19.006.000
428,625.000
1915 —44,737,000
stands at $11 for stove and chestnut. The.steam sizes are weak, except
396.812.000 1920 __..52.576,000
515.410,000
1916 ----44.927.000
458.423,000 1921 - _ - _36.805.000
384,272,000 No. 3 buckwheat which has largely been tied up on contracts. Nothing
1917 -- --47,690.000
507,754,000 1922 ___..45,103,000
361,654,000 but a spell of real cold weather can save the premium prices from a new
1918 ----43,895.000
539,202,000 1923 -- —42,946.000
505,593,000 year slump.
ANTHRACITE.
Lake movement of soft coal during the week ended Dec. 16 amounted to
There was appreciable improvement in the production of anthracite in
48,567 net tons, of which 46,204 tons was cargo coal. • In the corresponding
the second week of December. The total output, including mine fuel, week of
last
local sales and the product of dredges and washeries, Is estimated at 2,013,- coal during year 53.086 tons was dumped. Cumulative shipments of cargo
this season to Dec. 16 were 29,724.320 net tons, an increase of
000 net tons, against 1.899.000 tons in the preceding week. In the corre- more than 41% over
the average of the three preceding years.
sponding week of 1922 production totaled 2.237,000 tons.
Durnpings at Hampton Roads for all accounts during the week ended
Loadings on the first three days of tne present week (Dec. 17-22) were Dec. 20 were 355,927 net tons,
as compared with 283,168 tons the previous
practically the same as in the week before. It therefore seems probable
week.
that the total output for tne week will not exceed 1,900,000 tons.
Estimated United States Production of Anthracite (in Net Tons).
November Report Regarding Pyroxylin Coated Textiles.
1923
1922
Cal. Year
Year
Cal.toDate.
Week.
The Department of Commerce at Washington on Dec. 24
to Date.
Week,
December 1
1.748,000 88,059,000
1,852,000 46,718,000
December 8
1,899.000 89,958.000
2.075,000 48,793,000 made public the following statistics for pyroxylin coated
December 15
2,013,000 91.971,000
2,237,000 51,030,000 textiles for November 1923, according to reports received
BEEHIVE COKE.'
-from twelve establishments, with comparative figures from
Produalon of beehive coke continues to decline steadily. It is now estimated that the total output in the week ended Dec. 15 was 242,000 net the same companies for October, September, August and
tons, against 265,000 tons in the week preceding. The =let factor in the
decline was a decrease of 19.000 tons in Pennsylvania and Ohio. Pro- July.
duction in the Connellsville region, reported by the Connellsville "Courier."
REPORT FOR NOVEMBER, WITH COMPARATIVE FIGURES FOR OCTOIncreased from 181.020 to 183,060 tons.
BER, SEPTEMBER, AUGUST AND JULY 1923.
The cumulative production of beehive coke during 1923 to Dec. 8 stood
at 17,443,000 net tons. Figures for similar periods in earlier years are as
follows:
Item.
November. October. September. August.
July.
1919
19.020,000 net tons11921
5,286,000 net tons
Light Goods—
1920
20.275,000 net tons11922
7,489,000 net tons
Shipments billed—
Estimated Production of l3eehive Coke (Net Tons).
Linear yards
554,227 291,867 547,936 484,308 514,061
Week Ended—
1922
1923
Value
$195,910 $230,297 6183,053 $170,483 $184,371
Dec. 15 Dec. 3 Dec. 16
to
to
Unfilled orders a—
Date.
1922.
1923.b
Date.
1923.a
Linear yards
525.330 389,423 839,483 826,940 408,064
Pennsylvania and Ohio_ _193.000 212,000 236.000 14,064.000 5,709,000
Hairy Goods—
West Virginia
513,000 Shipments billed—
16,000 16,000 20.000 1,009,000
Ala., Hy., Tenn. & Ga..... 15.000 17.000 21,000 1,047,000
527.000
Linear yards
1,319,041 1,395,135 1,312,027 1,218,334 1,245,256
Virginia
331.000
705,000
Value
8.000 10,000 11.000
$1,174,358 31,186,631 81,112,134 6982,380 3957,894
Colo. & New Mexico- - 6,000 6.000 6.000
358.000
216.000 Unfilled orders a—
260.000
Washington & Utah_ _- - 4,000 4.000 5,000
193.000
L near yards
1,526,399 1,504,082 1,316,391 1,514,674 1,511,890
Production (In pounds) of
United Stares total
pyroxylin spread _b
242.000 265,000 299,000 17,443,000 7,489,000
2,603,404 2,988.201 2,038,903 2,219,846 1,918,826
Daily average
25,000 Monthly capacity Onvds.ie 2.763.000 2.146.000 2.221.000 2.229000 2235.000
59,000
40,000 44,000 50.000
a Orders on hand at the close of the current month (reported in yards only). exa Subject to revision.
b Revised from last report.
clusive of contracts with shipping dates unspecified.
10666111611
b Based on 1 pound of gun cotton to 7 pounds of solvent, making an 8-pound Jelly.
c Based on maximum quantity of 1.27 to 1.30 sateen coated to finish weight per
Coal Trade Continues Dull, Owing to Inventory, linear yard of 173.1 ounces in an 8-hour working day,26 days to a month.
Weather Conditions and Holiday Season.
This repo includes product manufactured by spreading
The slowness in the anthracite and bituminous coal nitrocellulose or pyroxylin preparations, either by themmarket during the week just past is attributed to the mild selves or in combination with other materials, upon gray
weather, the taking of inventory in industrial centres with goods,such as shootings, drills, ducks,sateens, moleskins,&c.
Production, Shipments and Stocks of Acetate of Lime
and Methanol.
The Department of Commerce on Dec. 26 announced the
October produetion, shipments and stocks of acetate of lime
and methanol based on reports received from manufacturers.
The following table gives for October the operations of woodchemical plants, with comparisons for previous months; also
the capacity included in this report and the total capacity
of the industry:
tJX°T,°1q4Wg
W124
7040gS
glPg4lricl
11E
2
18
.4 a
•
,
14
04.40404000000005020
ctsv.,--ms=;t
zT. 77.4
a
60 Co c0 -4 CC' -4 OD 99 ,
O Ca
Ch Co .4 40 CD .4 CD .4 tor 00
CO
CO CO 500000 to CC' C
42=Pc2TpTNN
58;1422nt8NC7:
,
WOD.4040.4-44 04W0
lo"..-otPiptP:b1-.tsto
40
CO0 .4 . . 0, . .
.4
. . to 0 -4. .. 000 .4
CC' .4 CO Ch Ch CO .4 10 CO 00 CO
Co 0,.4 aD -4 .4 -4 aD -4 4, Co .4
CO CO 4,.4 Co -4 CD -4 Co CD -4 C4
bp',Co ts ts to la b
'.242t, to 5252
-t
's:, ts io7s, to to to*
b.
5000 000 40 toto
.4 CO .4 co cD ca
-4 cD
,
W.44 WWW.We.W
0
0CO
to b
CO
46 .72 Cg LI
io
Or CO CO -4 .4 CD a2 COO
W 0 00 Cn .4 vc..4 c,
sg ETt1,7,4:2i;11
t.2.90c0,-400 0
CD clo
CO .4
-A 4 '-150
-E COO .4..IQ ;1.34
CO
-4 C.00 00 -4 GQ CD
4
...lo&cmcsgoom
£3 N ;1
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52 CO g CO
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10
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222.118.11.
WWWWWWWWW.
s
toto'gclooto;b7...:.• - pio
gatats".1ma
17;it:t2i
35,390,137 for May 1923, and 34,658,096 for November 1922.
The aggregate number of active spindle hours reported for
the month was 8,014,579,167. During November the normal
time of operation was 254 days (allowance being made for
observance of Thanksgiving Day in some localities), compared with 26% days for October, 24% days for September,
27 for August, 25 for July and 26 for June. Based on an activity of 8.74 hours per day, the average number of spindles
operated during November was 36,316,828, or at 96.6% capacity on a single shift basis. This number compared with
an average of 35,851,435 for October, 34,941,676 for September, 32,075,013 for August, 32,657,966 for July, 36,897,371 for
June, 40,192,970 for May, and 39,551,753 for November 1922.
The average number of active spindle hours per spindle in
place for the month was 213. The total number of cotton
spinning spindles in place, the number active, the number
of active spindle hours and the average spindle hours per
spindle in place by States, are shown in the following state.ment:
,
40
Spinning SaintlierState.
D
'8V,S."2.31 2t2828V0
.4 .4 .4.4 ND ND CO 4. co cn Cn
• 00 00 CO tO 000 CD '4.0.4
.0.
,
W000,0004
0
c
- ht4WW - 400:44.t
a., CO aD 1.4 .40 1.4 .4'400
CO Cn C. CO 00 00 Ch 000 100
COO CO
4§WillAng
op-o-p-ov.o.co
toccomoomAmm.
.400,01.40004.0a2
;4. In 49 Z7414 to :4
1PP
0054.4040500-40
00000000-40W
0000000000
e..3"CO
CD 04 Ca Cr,0
COO
38M 4,4,000040
000000000000
to
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50W-4.4-40000000
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atk
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, 4 5719,00000
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5 3?
• 'V
COA,51O,5000COCCCOA
e
.
11 11
Wage of Printers in Canada Maintains Advance
Declines in Majority of Industries Since 1920.
Canadian press advices from Ottawa Dec. 19 appeared as
follows in the "Montreal Gazette":
Declining wages in a majority of the industries throughout the Dominion
are recorded by the Department of Labor during the past two years. An
exception is shown in the printing trades, where an advance is registered;
and wages of coal miners showed no change. The greatest decline was in the
wages paid to lumbermen.
Taking an index number of 100 for the average wage paid in each of a
number of industries during the year 1913, the Department of Labor has
shown average rates for the years 1901 to 1922, inclusive. The high peak
was reached in most-cases in 1920, and 1921 saw a decline, which continued
in many cases until 1922.
The average wage rate in the building trades was 60.3 in 1901, as compared with 100 in 1913. During all the years since 1901 there was a steady
Increase, until in 1920 the figure of 180.9 was reached. In 1922 it had
fallen to 162.5. In the metal trades wages rose steadily from 68.6 in 1901
to 209.4 in 1920, and fell to 173.7 in 1922. The printing trades, standing at
60 in 1901, advanced continuously to 193.3 in 1921 ; in 1922 the rate was
192.8. Wages of employees on steam railways averaged 70.8 in 1901, rose
to 186.6 in 1920, and stood at 155.1 in 1922. On electric railways the wage
rate was 84 in 1901, rising to 101 in 1914. The rate fell to 92.8 in 1915,
and then advanced Steadily to 194.2 in 1920. In 1922 the rate was 184.4.
Coal miners earned 82.8 in 1901, and in 1921 the rate had risen to 208.3,
falling last year to 197.8. Drawing an average wage rate for these various
Classes of workers, in 1901 it stood at 67.8, and was 176.8 in 1922. In
the lumbering business employees are shown to have earned 93.3 in 1911;
202.7 in 1920, and 146.7 in 1922.
Activity in the Cotton Spinning Industry for
October 1923.
The Department of Commerce announced on Dec. 21 that,
according to preliminary figures compiled by the Bureau of
the Census, there were 37,585,049 cotton spinning spindles in
place in the United States on Nov. 30 1923, of which 34,101,452 were operated at some time during the month, compared
with 34,378,662 for October, 33,929,885 for September, 33,708,667 for August, 34,237,887 for July, 34,843,421 for June,
Spindle in
Place.
37,585,049 34,101,453 8,014,579,167
213
16,688,957 16,152,382 4,643,228,818
18,867,680 16,235,134 2,991,603,913
2,028,412 1,713.936 379,746,436
278
159
187
1,330,283 1,273,844 367.087,535
1,313,332 1,238,637 263,851,871
2,699,387 2,606,953 734,405,921
1,142,464 1,076,014 204,333,612
11,946,092 10,104,8U 1,795,467,550
1,448,944 997,278 147,136,482
76,547,070
448,668 421,615
1,041,954 887,363 216,993,540
5,646,103 5,450,411 1,589,101,442
150,047 30,512,038
205,046
2,872,040 2,673,569 554,261,254
5,166,370 5,041,542 1,483,979,044
453,196 446,184 129,253,098
678,112 659,668 154,348,894
1,193,058 1,073,499 267,299,816
276
201
272
179
150
102
171
208
281
149
193
287
285
228
224
Domestic Exports of Cotton, Cotton Cloths, Yarn,
-High Prices Swell Values.
Thread and Hosiery
On Dec. 24 the Department of Commerce at Washington
gave out its report for the month of November and the
eleven months ending with November, of the exports of
cotton, cotton cloths, yarn, thread and hosiery. It will be
noticed that values have in many cases increased in face of a
reduction in the quantity exported. This follows from the
higher prices prevailing. Below is the report in full.
EMEEEE6E
,-;=sr..K4gs;mg
Mtnnitent
AMMO per
Total.
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Abode Island
South Carolina
Tennessee
Virginia
All Other States
o
ooto-e -▪ zestoiwoz
COO
22'4:4P?Pe':41n
22a122MIt242
Active Spindle flours, Noo.
Cotton-growing States
New England States
All Other States
g
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Active
In Place
during
Nov. 30. November.
United States
aaR
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41.010
ssn, 0itgsp
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it 66 5 CO
MEEME§
2829
THE CHRONICLE
DEC.29 1923.]
Month of November.
1922.
1923.
11 Months ended November
1922.
1923.
4,436.147
5,505,960
858,337
Raw cotton,inc1.11nters bales
770,002
Raw cotton,ineLlInters_value $109,387,719 3128,828,777 5593,529,727 $658,885,656
Cotton manutactures_value $11,730,630 $10,838,628 $127,379,687 $127,404,880
Cotton moths, total-sq. yds. 45,930,119 37,159,413 546,393,683 429,469,423
Cotton cloths,total__ __ value 37.143,187 $6,154,281 $78,608,478 $73,359,919
8.200.400
Cotton duck
812,721
676,723 10,105,809
sq. Yds.
Cotton duck
$392,376
value
5313,293 34,059.74°
Other cotton cloths
8,744,237 165,878,377 95,695,153
10,894,710
Unbleached
eq. Yds.
value $1,295,817 $1,144,687 517,892,788 $12,661,664
Unbleached
6,412,543 94,185,869 70,683,193
7,969,620
Bleached
sq. yds.
Bleached
$983,822 $12,995,837 311,229,355
value $1,147,054
8,390 667 105,233,204 94,732,390
9,649,099
Printed
Sq. Ydil•
Printed
,0130 $13,626,795 514,103,172
value $1,277,136
_
8 7"
Piece dyed
sq. yds.
6,649,663 92,863,340 93,324,601
Piece dyed
vol'i-,o05,831 $1,320,431 $16,511,446 518,407,194
Yarn dyed
SQ. yea.
6,285,580 78,128,984 66.743,686
7,999,157
Yarn dyed
value $1,424,973 $1,253,388 $13,521,864 $13,188,896
Cotton yarn, thread, &c.
6,929,817
9,083,257
Carded yarn .
lbs.
383,141
710,104
value
3172,024 53,214,555 13,094.515
5275,919
Carded yarn
4,356,342
5,400,210
Combed yarn
414,075
153,140
lbs.
Combed yarn
value
5287,488 53,064,621 $3,058,341
3274,922
Sewing, crochet, darning and
1,747,175
1.672,584
embroidery cotton._ _-lbs.
86,554
137,000
Sewing, crochet, darning and
embroidery cotton_ _ _ value
$135,222
3109,288 $1,817,462 $1,909,318
4,364,949
Cotton hosiery
doz. pr.
332,311
4.844,530
423,156
Cotton hosiery
value
5610,381 58,386,860 19.935,758
1883,136
Domestic Exports of Food Products
-Large Falling Off
in Grain Shipments.
The Department of Commerce at Washington on Dec. 21
issued its monthly report showing the domestic exports of
principal food products for November and the eleven months
to Nov. 30. The total value of meats exported in November
was $13,304,234, compared with $11,204,731 in the corresponding month last year, and for the eleven months to
Nov. 30, $136,111,253 as against $121,673,607 last year.
The exports of dairy products totaled $2,941,976 in November 1923, against $1,715,149 in November 1922, and for the
eleven months $23,943,030, against $23,429,416. Animal
oils and fats to the amount of $12,768,699 went out in November 1923, against $9,806,889 in November 1922, while
for the eleven months the comparison on this item is $142,592,958, against $106,996,190. On the other hand, the
2830
THE CHRONICLE
value of the exports of grain and preparations of the same in
November 1923 was only $18,101,739, compared with
$38,279,282 in the same month last year, and for the eleven
months to Nov. 30 in 1923 no more than $290,924,108,
against $484,141,530 in the eleven months of 1922.
The United States shipped to foreign countries only
4,148,025 bushels of wheat in November 1923 against
10,577,172 bushels in November 1922 and for the eleven
months only 93,583,305 bushels, against 155,015,271 bushels.
The falling off here was to a small extent offset by a slightly
larger outgo of flour, the shipments of which in November
were 1,777,586 barrels, against 1,555,851 barrels, and for
the eleven months 14,520,952 barrels, against 13,524,273
barrels. The exports of corn in November 1923 were only
955,327 bushels, against 7,521,067 bushels in November
1922, and for the eleven months 40,143,394 bushels, against
158,850,964 bushels. Similarly we shipped only 87,000
bushels of oats abroad in November 1923, against 2,613,759
bushels in November 1922, and but 3,170,700 bushels for tlea
eleven months, against 29,679,488 bushels; only 264,072
bushels of barley, against 1,562,486 bushels,for December,
and 11,602,108 bushels, against 17,687,738 bushels for the
eleven months; and only 755,104 bushels of rye, against
5,431,298 bushels for the month, and 30,328,614 bushels
against 43,497,014 bushels for the eleven months. In these
iiiminished foreign takings of our grain, we see the unfortunate position of the farmer at the present time. The
report, complete, follows:
•
Total meats
Total meats
Total dairy praducts
Animal oils and fats
Grains & prep's of
Canned vegetables
Canned fruits
Month of November.
,
1922.
1923.
11 Mos. ended November.
1922.
1923.
lbs. 68,883,657 92,230,821 717,324,850 937,769,551
value $11,204,731 $13,304,234 8121,673.607 8136,111,253
value $1,715,149 52,941,976 523,429,416 523,943,036
value $9,806,889 $12,768,699 8106,998,190 5142,592,958
iralue 538,279,282 318,101,739 3484,141,530 $290,924,108
value
$381,214
8489.174 $4,004,197 84,761,543
value $2,875,861 $1,516,375 820,148,132 $12,605,281
3,458,848
3,141,988
lbs.
515,814
245,181
Beef, fresh
$497,992
$490,429
$76,223
$39,535
Beef,fresh
value
lbs. 1,888,492 1,804,376 24,862,149 21,581,716
Beef, pickled, &c
Beef, pickled, &c
value
$168,942
$183,853 $2,207,593 $2,192,568
Pork,fresh
lbs
5,377,833 7,945,969 21,023,452 45,942,792
5928,061 $1,127,219 $3,398,644 86,676,468
Pork,fresh
value
Hams and shouldea
lbs. 25.23e,859 32,920,404 263,457,317 342,960,489
Hams and shoulders
value 84,486,415 $5,409,160 352,627,585 554,645,710
Bacon
lbs. 26,170,438 39,026,863 302,352,633 409,666,577
Bacon
value 54,125,222 $5,134,579 $45,661,970 $54,113,480
Pork, pickled
lbs. 3,802,342 2,764,514 35,408,920 39,115,818
Pork, pickled
value
$484,527
$326,801 $4,251,010 $4,561,537
Beef, canned
lbs.
100,918
59,643
2,408.058
1,631.176
Beef, canned
3742,08:
value
$27,297
813,078
5453,245
Sausage, canned
lbs.
194,904
1,670,188
227,604
2,451,551
Sausage, canned
value
$51,211
$517,766
559,954
$634,400
Oleo oil
lbs. 10,399,742 6,714,393 102,788,354 93,078,213
value $1,100,888
Oleo oil
$847,797 810,701,175 $11,039,604
lbs. 62,321,394 74,251,127 688,354,188 936,803,603
Lard
Lard
value $7,675,746 $10,410,749 $81,916,954 $116,547,198
Neutral lard
lbs. 1,477,512 1,769,292 17,981,251 21,994,971
Neutral lard
value
3194,568
$259,708 $2,250,472 $2,857,562
Lard compounds animal' lbs
1.395,920
606,055 15,530,031
6,906,198
fats
ivalue
$159,789
$89,037 $1,857,581
2934,497
Margarine animal fats
lbs.
182,610
1,715,439
80,889
1,717,904
Margarine animal fats_ _value
.
$29,948
$12,126
$277,733
$281,891
Milk, condensed
lbs. 12,309,856 22,402,296 183,550,267 166,732,652
Milk, condensed
value $1,367,397 $2,607,081 $18,248,855 819,404,108
Canned salmon
lbs. 5,601,375 8,786,603 58,832,649 52,810,399
Canned salmon
value
$629,122 $1,428,332 $7,326,159 $8,180,641
bushels 1,562,486
Barely
264,072 17.687,738 11,602,108
value $1,171,506
Barley
$248,796 $12,911,090 $9,005,981
bushels 7,521,087
Corn
955,327 158,850,964 40,143,394
Corn
value $6,093,433
$967,251 $11,280,011 $35,087,668
bushels 2,613.759
Oats
87,000 29,679,488
3,170,700
value 81,373.553
Oats
$47,836 $14,890,498 $1,664,672
lbs. 36,594,459 15,588,360 329,834,114 264,751,165
Rice
value $1,405,757
Rice
$738,435 $13,234,827 $10,366,015
bushels 5,431,298
Rye
755,104 43,497,014 30,328,614
value 85,266,009
Rye
$611,661 $41,971,057 327,790,120
bushels 10,577,172 4,148,025 155,015,271 93,583,305
Wheat
value 813,016,861 $4,575,207 $194,309,164 $110,980,004
Wheat
barrels 1,555,851 1,777,586 13,524,273 14,520,952
Wheat flour
value $8,505,848 $9,182,587 $77,065,723 $79,065,163
Wheat flour
lbs 12,850,985 5,901,505 63,876,503 42,480,810
Dottonseed oil
value $1,166,535
$609,735 $6,218,979 $4,536,297
Dottonseed oil
536,573 24,696,511
8,826,604
Lard compounds, vege-r lbs. 3,289,515
'value
$371,696
$79,761 52,869,629 31,223,868
table fats
[VOL. 117.
PETROLEUM AND REPINED PRODUCTS.
Petroleum
Crude
gallons 35,970,462 57,292,828 373,219,738 629,657,270
Crude
value $1,421,207 $1,577,814 816,784,839 320,784,338
Total refined
gallons 211,837,100 248,716,776 2,274,175,571 2,953,572,310
Total refined
value 23,620,314 21,345,169 $287,869,147 $300,657,588
Gasoline, naphtha and other
light products
gallons 40,817,149 53,855,518 531,839,348 773,892,015
Gasoline, naphtha and other
light products
value $8,427,043 $7,044,735 $117,388,256 $128,456,821
Oils
Illuminating
gallons 76,769,411 73,991,131 817,097,287 777,104,498
Illuminating
value $7,037,924 $6,106,017 $75,977,566 870,734,617
Gas and fuel
gallons 66,511,948 98,840,899 617,669,154 ,087,194,111
Gas and fuel
value $2,015,657 $2,659,865 $23,679,152 831,914,788
Lubricating
gallons 27,738,592 22,029,228 307,569,782 315,381,766
Lubricating
value $6,139,690 $5,534,552 $70,824,173 $69,551.380
Paraffin wax
pounds 24,361,156 28,663,073 258,182,549 299,502,669
Paraffin wax
value
$824,910
8948,145
$8,484,059 810,311,927
Gold and Silver Imported into and Exported from the
United States, by Countries, for November.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver for the United States for the month of November.
We give it below:
Silver.
Gokl.
Total Value,
Refined Bullion,
Imports. Exports Imports.
Countries-$
$
Ounces.
755,546
France
Italy
194
Netherlands
20,000
Spain
8,547
England
33,617,361
Canada
3,028,178 171,437
325,343
British Honduras...5,290
Costa Rica
61.350
1,782
Guatemala
5,000
Honduras
1,979
Nicaragua
72,153
30
Panama
59,185
378,181
Salvador
860
Mexico
398,051 303,145 4,503,513
Newfoundland and
Labrador
Trinidad and Tobago
1,365
3
Other Brit. W.Indies
3,009
Cuba
663
7
Dominican Republic
2,834
Dutch West Indies_
30.000
Haiti
6,498
329
Argentina
Bolivia
2,011
19,649
Chile
28,534
400,861
Colombia
73,629
Ecuador
28
14,171
British Guiana
11
2,964
Dutch Guiana
6,362
40,643
Peru
Uruguay
95
Venezuela
35,886
233,912
British India
123.823
DMus
352,025
47,365
Other Dutch E.Ind_
Elongkong
18,300
Tapan
Philippine Islands..
132,360
3,179
kustralla
235,246
Sew Zealand
2,005
kbyssinia
262,756
Egypt
176
Portuguese Africa--7Wal
Total Value.
Exports. Imports. Exports.
Ounces.
1,914,845
59,215
$
6,474
16,894
$
16,978
29 1,219,153
334,692 114.556
..
3,229
T1,234
18,242
240,225
6
4,327,970
138,610
4
2
8,175
4,400
1,440
4,801
3,137
2,064
8,140
18,120
3,477
18
7
88,358
13,810
60
2,885,127
62 4,031,185
134,642
626,852, 384,915
1,928
3,013
2,179
118
154
4,488,932
6,371,570
32
20 757425 745704 5 202 504 IR 4114 427 5.269.173 8.775.474
Proposed Boxboard Association to Succeed Paper
Industries Exchange of Chicago and New York.
Plans for the creation of a new organization to be known
as the Boxboard Association, to take the place of the Paper
Industries' Exchange, which operated in Chicago and New
York, were discussed at a meeting iii Chicago on Dec. 10 of
the paper board group. The Paper InduUries Exchange
ceased to function on Dec. 1; its decision to discontinue
was announced on Nov. 27 by George W. Gair, of Robert
Gair & Co., of this city, who stated that the executive committee had decided to close the exchange here, but to retain
the Chicago headquarters for the collection and distribution
of statistical data. On Nov. 28 Mr. Gair was quoted in the
Domestic Exports of Coal and Petroleum-Prodigious New York "Journal of Commerce" as saying:
Oil Shipments.
The exchange did not get the necessary support. It was not merely a
The Department of Commerce at Washington on Dec. 22 question of financial support. Those of us who believed in the idea were
willing to furnish that, but the Board
issued its report showing the exports of domestic coal and the advantages of this opportunity for men have not yet been brought to see
open trading. The waste paper packpetroleum for the month of November and the eleven ers did much better. The trade in the West also gave good support. Howmonths ending with November. The oil shipments continue ever, the project was launched at a bad time. Business has fallen off sharply
in the last six weeks or so. In my opinion the idea will come to the front
of large dimensions, the exports of crude petroleum for the again when the men in the trade have had time to study the proposition and
eleven months of 1923 having reached 629,657,270 gallons, see the advantages to be derived from it, as we who started the project see
Igainst only 373,239,738 gallons in the eleven months of them.
Operation of the exchange with the majority of
trade represented
l922, and the exports of refined petroleum 2,953,572,390 would afford a means of stabilization and eliminationthe the wide fluctuaof
2,274,175,571 gallons. The following is the tions noticeable in the board industry especially. We had a little over 80%
•allons, against
representation; we should have 80%. One thing that has already been aceport in full:
complished is the standardization of packs. The East and West are now on
COAL.
Month of November.
1922.
Anthracite
Anthracite
Bituminous
Bituminous
Coke
Coke
1923.
11 Months ended November.
1922.
1923.
1,983,829
369,429
4,215,821
440,608
tons
value $4,845,304 $4,183,717 821,130,188 $45,919,835
9,614,195
18,076,953
tons 1,618,037 1,253,445
value $10,467,872 $6,214,493 $56,453,975 $99,040,142
333,291
49,363
38,397
1,059,819
tons
83,469,559 $11,469,421
$490,443
value
8402 495
:
the same basis in this respect. Business on the Chicago exchange will be
suspended on Dec. 1 and the new organization will take hold on the following day.
With regard to the movement looking toward the formation of the new organization on Dec. 10 we quote the following from the Chicago "Journal of Commerce" Dec. 11:
Forty, or more, members representing the paper board group were in attendance, including George W. Gair, of the Robert Glair Co., New York,
DEC.291923.]
THE CHRONTCLE
President of the Exchange, and George M. Seaman, of the Seaman Paper
Co., Chairman of the committee on organization of the paper board interests.
John R. Muff, Executive Vice-President Of the Paper Industries Exchange, has issued a statement in which he said it was the plan of the paper
board group to carry on and function under the new organization in the mule
quarters in the Wrigley Building under the same executive management. Under the new plan the activities of the Paper Industries Exchange have been
discontinued and a committee appointed to bring about the change with
the amicable resignation of the paper stock, wire cloth, felt and waxed paper
groups.
The intention to resume open trading through the medium
of the Waste Materials Exchange, Inc., was announced in
the Chicago "Journal of Commerce" Dec.6, which stated that
it was a corporation not for profit, organized through the
efforts of some of those who were active in the waste paper
group of the Paper Industries Ixchange. The item continued:
Francis Hughes, of the Francis Hughes Co., announced that a charter has
been received from the Secretary of State and plans are now being completed to resume operations, possibly within a week.
It is planned to have open trading, not only in waste paper, but also in all
the other staple items waste materials, including scrap iron, rubber, metals
and rags. The membership of the new exchange is to be divided into groups
of divisions, each division trading in some particular commodity. The headquarters of the new exhcange have not as yet been selected, but it is announced that the plan is for the divisions to get together, possibly three
times each week. The first meeting will be held for the purpose of organization. Officers will be elected and all other necessary plans completed.
The waste paper division intends to invite paper stock men from the different cities to become affiliated with the exchange, and those behind the
project argue that it is only through open trading that the markets may be
stabilized and conditions in the industry generally improved. A majority of
the local waste paper packers were not in favor of the recent action taken by
directors in abolishing the open trading feature of the Paper industries
Exchange.
The establishment of the Paper Industries Exchange in
Chicago was announced in these columns Sept. 8, page 1086,
and in our issue of Oct. 27, page 1831, we referred to the
Inauguration of the Paper Industries Exchange in New
York.
2831
Break in Employers' Ranks Mended.
The employers, it was understood, were favorably inclined toward incorporating the existing $1 bonus into a permanent contract—that is, extending
the prevailing scale of $10 on a contractural basis for the period the men
demanded. The employers broke ranks at this point when contractors
gave in to striking marble workers and granted them 50 cents a day in
excess of the so-called maximum figure.
At this a certain group in the Building Trades Employers' Association
was thought to have put its foot down. Rumors were current that they
had served notice on their associates in the other trades that they would go
not a dollar beyond the $10 mark. At the same time powers in the organization intimated that there was a majority sufficient to win them over to
whatever action was taken by the body as a whole.
No comment was forthcoming last night as to details of the apparent
"winning over." The disposition was to admit a "concession" had been
made and let it go at that. Spokesmen preferred to stand on the fact that
the scale would be $10.50 a day for two years. They said if any "explaining" must be done one could say it "was not $10" or "was not $11," according to the necessity.
Neither employers nor officers of the trade council had any figures available to show dimensions of the "biggest year" expected in 1924. They said
that with surveys about to be announced by engineers it would only be
speculation at best. Suffice It to say, they concluded, that the year would
be "tremendous."
The Building Trades Council on Dec. 27 authorized its
unions, representing 112,000 building mechanics to accept a
50
-cent-a-day increase from the employers on a two-year
agreement. Seven of the 36 local unions have already, it
is stated, entered into contracts with their employers on that
basis. Twenty-nine other unions report progress in their
negotiations while the steam fitters industry with 4,000
workers are deadlocked. There are provisions however, to
break the deadlock through mediation and arbitration, if
necessary, under an existing agreement between the Council
and the Building Trades Employes' Association. The unions
which have contracted on the now authorized basis are the
Carpenters District Council, hoisting engineers, Machinist?
District Lodge No. 15, Sheet Metal Workers, Local 28;
Tile Layers' Union No.52, art glass workers, plate and sheet
glass glaziers. The other unions will report to the council
as to their status on Jan. 8.
Two-Year Agreement Granting Fifty-Cent Daily Wage
Increase to Be Signed in New York Building Trades.
Negotiations which have been in progress since the recent
demand of $1 a day increase in wages In the New York building trades have practically been concluded on the basis of a
compromise providing for a daily increase of 50 cents, and
an agreement lasting for two years, affecting approximately
100,000 union men, is expected to be signed next week, according to current information. The negotiations between
employers and union officials have been conducted by groups
In the various branches of the building trades. The year of
1924, free from prospect of strike or lock-out, is expected to
be the biggest building year in the city's history. The New
York "Times" of Dec. 24 said:
Master Builders Association of St. Louis Asks Cooperation of Banks and Trust Companies in
Opposing Wage Increases.
Recent demands for wage increases in the building trades
of St. Louis have met with considerable opposition among
the employers; and the Master Builders' Association, representing the builders, has asked the assistance of banks and
trust companies which make loans for the erection of buildings, in their efforts to combat wage advances, according to
W. C. Mieher, President of the association. In discussing
the building trades situation as it had developed since the
demands for wage increases presented by the unions, the St.
Louis "Globe-Democrat" on Dec. 21 had the following to say:
This Christmas gift fthe now agreement] of employers and workers appeared to ho assured last night by an announcement from both sides that
all wage difficulties had been ironed out in a new agreement likely to be
adopted Jan. 1, and effective for two years. The signatories would be the
Building Trades Employers' Association groups and the 100,000 members of
the old Building Trades Council. The price of tho peace was given as a
-cent daily wage increase. The men had demanded $1 in November.
50
The pact itself is not as yet actually signed, it was said. But John
Halkett, leader of the carpenters' union, whose strength of 26,000 makes
It the largest single labor factor in the city, and also President of the old
Building Trades Council itself, gave assurance last night that "it was sure
to go over." He said he had called a special meeting of the council for
Thursday at the headquarters, 12 St. Mark's Place, and was optimistic
that the delegates would go solidly for ratification.
Christian G. Norman, Chairman of the Board of Governors of the Building Trades Employers' Association, concurred In Mr. Halkett's cheerful
prediction. He disclosed that as result of group negotiations between
employers and men in the various trades since the council first moved for
a wage rise, complete agreement had been reached by some of the most
Important branches. Ile named the carpenters, tile layers, sheet metal
workers, glaziers and others constituting a majority of the industry. He
said that a minority of the conferences still were pending, but that in his
belief they were on the high road to accord. He saw no prospect of "die
bards" altering the gratifying outlook.
At Least Eighteen Months of Peace.
All concerned in the building Industry last night showed marked relief
over the developments. It was pointed out that the wage treaty would
Insure peace in building construction for at least 18 months, even though
the now contract itself would have another six months to run. This conservation limitation was adopted in view of the fact that the present twoyear contract, which the bricklayers won after their strike, was dated to
expire 18 months hence. With the masons the "key" industry, the future
of building in the city was regarded as hinging upon this trade.
The present wage drive, which is expected to end with acceptance of the
-dollar increase, got under way in November with formal announcement
half
that $1 a day more was desired, the announcement coming from the Secretary of the Council, Roswell D. Tompkins. The men were getting a $9 a
day scale with an added bonus of $1 a' day, making the actual earnings a
day, $10. The object of the wage demand was to boost this rate another
dollar, making a base pay of $11, to last for two years.
With this announcement, which originated in formal action to that
effect, taken by the Executive Committee of the Council, all the affiliated
trade unions were authorized to begin negotiations with their respective
employer groups at once. Negotiations followed forthwith,some promtply,
some belatedly. The tardiness was traced to a group among the employers
who stated flatly that a $1 a day more for the 100,000 men would be ruinous,
adding, they said, a full $25,000,000 to the annual building bill of New
York City.
Mieher said last night that the trust companies and banks had quietly
been asked to help In opposing the wage increases, and he made it clear that
the help desired is the withholding of loans on new structures to keep these
projected buildings out of the market. The difficulty encountered, he said,
Is the amount of building which is financed in Chicago and in Eastern cities.
Asked as to the response of St. Louis financial institutions, Mieher said
he knows the general sentiment locally, but he preferred that the banking
Institutions speak for themselves. The insurance companies which invest
their funds In mortgages on real estate were also appealed to.
Increases Sought.
The members of the building crafts asking increased wages will be successful in their demands unless the contractors receive the aid of the public
and those who supply the money, Mieher said.
A partial list of those unions in the building trades asking for increases,
as given by Mieher, follows:
Painters, now receiving $1.10 an hour, are asking $1.50 an hour and a
five-day week.
Iron workers, now receiving $1.25, want $1.50 an hour.
Hoisting engineers, who are paid $1.25, are demanding $1.50.
Lathers,receiving $11 and $12 a day,are asking a new scale of $15 a day,
the peak scale in St. Louis.
Building laborers, who receive from 67M cents an hour, are asking a 20
cent increase, and those receiving $1 are asking $1.25.
Hodcarriers, paid $1.08, are demanding $1.25 an hour.
These wage scales will go into effect in the spring at the expiration of
present contracts if the unions are successful.
In addition, the contractors are now paying plasterers and bricklayers
$1.25 an hour, and carpenters $1.50, but under protest.
Inquiry as to the organization of all contractors to oppose these wage
scales and to negotiate in regard to working rules was made as the result
of reports that the organization had been effected. II. L. Murphy, executive secretary of the Master Builders' Association, when asked whether such
an organization had been or is being formed, declared that any announcement now would be premature, and said his organization may have an
important statement to make at a later date.
Mieher, president of the organization, denied that such an organization
had got beyond the discussion stage. He also denied the statement of one
general contractor that about one-third of the number of subcontractors'
organizations had signified their willingness to co-operate.
Other general contractors and subcontractors who were asked for statements declined to affirm or deny the existence of an organization or plans
for one. It was frequently pointed out by these men that anything they
might know in this connection would hem the nature of a confidence.
At one trust company, where inquiry was made regarding plans for
ceasing the making of loans, it was said that no such request had been made,
but that the institution had curtailed its building loans because it considered'
the present price level too high to make the general run of loans as.safe
desired.
2832
THE CHROi•ITCLE
Announcement of the plans of the buildings trades to increase the minimum wage from $1.25 to $1.50 an hour was made six weeks ago by Maurice
J.ICassidy, secretary of the Building Trades Council. The building industry in St. Louis includes about 15,000 workmen, of which about 9.000 are
directly affiliated with the Building Trades Council. According to Cassidy
plans for buildings to be erected in 1924 insure continuous employment
for the men during the coming year.
Up to November 30, the estimated value of buildings for which permits
had been issued since the first of the year was $37,979,185, as compared with
a total of $25,210,503 for the entire year of 1922. Estimated value of
buildings for which permits were issued in November showed a gain of
100% over October and a substantial gain over November. 1922. The
large volume in November was attributed partly to the result of the nullification of the zoning ordinance.
In the first seventeen days of this month new buildings, for which permits were issued, were of a total estimated value of $824,300, as against
$1,226.540 for the corresponding period of last year.
!net
-ease in November Sales of Life Insurance in the
United States---Canadian Figures.
November sales of ordinary life insurance in the United
States amounted to approximately the same figure as October sales, according to figures just published by the Life Insurance Sales Research Bureau of New York. The sales by
companies doing approximately 80% of the ordinary legal
reserve business amounted during November of this year to
$480,227,000 of insurance, as compared to $403,682,000 of
insurance in November of last year, an increase of 19%. The
Bureau further says:
[Vol,. 117.
This increase or a greater one was shown by all sections of the country
except the western, southwestern and Pacific sections. The southwestern
section was the only one to show an actual decrease during November of
this year from November of last.
Sales during the 11 months ending Nov. 30 amounted to $5,242,950,000
of insurance as compared to $4,402,085,000 during the same period last
year. The increase of the 11 months of this year over last is 19%,the same
as the increase of November of this year over November of last. The ordinary life insurance business in the country as a whole is running close to the
records established early in the year.
During November, of the eight sections into which the country has been
divided by the Research Bureau, three showed a greater increase than the
average for the country as a whole over last year. These sections were
New England, the central, and west central States. The middle Atlantic
States showed the same increase. Three others, the southern, western, and
Pacific sections all showed a less increase, and the southwestern section
showed an actual decrease of 8% in November although for the first 11
months it is still 18% above the 11 months of last year.
The November sales of ordinary life insurance in Canada during November of this year were 26% greater than in November of last year according
to figures just publhhed by the Life Insurance Sales Research Bureau of
New York which issues its reports on the basis of figures from companies
doing about 85% of the ordinary legal reserve business in Canada. The
actual amount of sales of these companies in November was $34,165,000
of insurance. This is 16% greater than the average volume of sales during
the first 11 months of the year.
The increase in life insurance sold this year over last was most marked
in the central portion of the Dominion. Sales in the provinces of Quebec.
Ontario, and Saskatchewan amounted in each case to about one-third more
than last year. British Columbia, Prince Edward Island, and Newfoundland were the only provinces that did not show some increase over last
year. Sales for the first 11 months of this year averaged for all of Canada
15% greater than in the corresponding period last year.
Current Events and Discussions
Federal Reserve Banking During 1923.
requirements of the country, with the result that the amount of Fedora
The condition of the Federal Reserve banks at the end of Reserve notes in circulation is now somewhat less than it was a year ago.
Some of
show relatively large
the year 1923 shows relatively little change from that pre- in their the Federal Reserve banks, however,notably Atlanta andchanges
note circulation during the year,
Dallas
vailing at the end of the preceding year, says the Federal with increases of $19,000,000 and $16,000,000, respectively, and New
York with a reduction of $170,000,000.
Reserve Board, in its weekly report issued after the close
While there has been little change in cash
the System as a
of business Dec. 27 and which deals with the results for the whole, considerable inter-district shifting ofreserves ofhas taken place,
reserves
liquidation the largest relative reductions being shown for Atlanta, whose total reserves
12 Federal Reserve banks combined. Loan
and the reduction in Federal Reserve note circulation, both at the end of thhis year were $121,000,000 as compared with $141,000,000
a year earlier, and New York with a decline from $1,056,000,000 to
of which began at the end of 1920, had practically ceased $885.000,000.
by the middle of 1922, says the Board, and since then
The statement in full, in comparison with the preceding
changes in condition of Federal Reserve banks have not week and with the corresponding date last year, will be found
been very wide, in fact the past two years have been char- on subsequent pages, namely pages 2867 and 2868.
acterized, it is observed, by a condition of relative stability
in Federal Reserve banking. The Federal Reserve Board The Week With the Member Banks of the Federal
then proceeds as follows:
Reserve System.
Demand for credit accommodation during 1923, represented by the
total of bills discounted, bills bought, and Government securities, averaged
about $1,150,000.000, though there has been considerable change in the
composition of the total; Federal Reserve note circulation, except for the
seasonal reduction in January, has fluctuated around $2,250,000,000
throughout the year; cash reserves at the end of 1923 were $3,138,000,000,
differing little from the total reported a year earlier; while the reserve
ratio during the greater part of the year stood at around 76%, though
on the last report date of the year it dropped to 73.3%, mainly because
.
of the increased demand for currency that manifests itself at the holiday
season.
Considerable change has taken place in the composition of the earning
assets of the Federal Reserve banks. On Dec. 27 of last year the banks
held $630,000,000 of bills discounted, $246,000,000 of bills bought in
open market, and $458,000,000 of U. S. Government securities. At the
end of the present year, U. S. security holdings stood at $104,000,000,
the Federal Reserve banks having permitted their security holdings to
run off at maturity, or when called for redemption by the Treasury Department, without replacing them by additional purchases in the open market.
The failure of the Federal Reserve banks to replace their holdings of
maturing securities made it necessary for member banks to increase their
borrowings on discounted paper in order to retain the amount of Reserve
bank credit required to meet the demands of commerce and business.
Holdings of bills bought in open market declined during the early part
of the year, reaching $182,000,000 on Feb. 21. This was followed by a
steady rise to 5282,000,000 on May 16, after which there was again a
gradual reduction to $171,000,000 on Sept. 19. Additional purchases
since then have brought the total holdings up to $336,000,000 on Dec. 26,
the largest amount held during the year.
Holdings of bills discounted increased from 3630,000,000 on Dec. 27
of last year to $857,000,000 at the end of the present year. The increase
In discounts was almost continuous up to October. Since then, increased
open market purchases of acceptances by the Federal Reserve banks
have been accompanied with a decline in discount accommodation.
The largest relative increases in discount accommodation for the year
are shown by those Reserve banks that serve districts in which agriculture,
particularly cotton growing, is of major importance. Discount holdings
of the Atlanta Bank,for example,increased from $30,000,000 to 569,000.000
between Dec.27 1922 and Dec.26 1923, those of St. Louis from $30,000,000
to $62,000,000, and of Kansas City from $30,000,000 to $50,000,000.
Net imports of gold during the 11 months ending Nov. 30, amounting to
approximately $262,000,000, enabled the banks of the country as a whole
to finance the larger loan requirements of their customers without an
increase In the total volume of Reserve bank credit in use.
Federal Reserve note circulation, after the seasonal decline in January
amounting to about $200,000,000, remained at a fairly stable level the
balance of the year until December, when the usual holiday demands
brought the total up to $2,340,000,000. The low point in Federal Reserve
noto circulation was reached this year on Aug. 1, a week later than the
low point of total earning assets, the circulation of Federal Reserve notes
on the date mentioned being $2,188,000,000. An increase of over $300,000,000 in the amount of gold and silver certificates in circulation between
Jan. 1 and Dec. 1 was more than sufficient to meet the additional currency
Aggregate increases of $99,000,000 in loans and investments and of $162,000,000 in Government deposits, as
against reductions of $149,000,000 in net demand deposits
and of $69,000,000 in reserve • balances with the Federal
Reserve banks, are shown in the weekly consolidated statement of condition on Dec. 19 of 764 member banks in
leading cities. It should be noted that the figures for these
member banks are always a week behind those for the Reserve
banks themselves. Loans and discounts increased by
$38,000,000, increases of $62,000,000 in loans on corporate
stocks and bonds and of $1,000,000 in loans on U.S. Government securities, being offset in part by a reduction of $25,000,000 in all other, largely commercial, loans and discounts.
Investments of all reporting members increased by $61,000,000, certificates of indebtedness showing an increase of
$48,000,000 and corporate bonds, stocks and securities an
increase of $17,000,000, while holdings of U. S. bonds and
Treasury notes show a reduction of $4,000,000. Further
comment regarding the changes shown by these member
banks is as follows:
Loans and discounts of reporting banks in New York City show an
increase of $38,000,000, loans secured by corporate stocks and bonds an
Increase of 856,000,000, loans secured by U. S. Government obligations an
Increase of $2,000,000, and all other, largely commercial, loans and discounts a decrease of $20,000,000. Investments of the New York City
'Government securities by $3,000,000
banks increased by $15,000,000, U. S.
and other bonds, stocks and securities by $12,000,000.
reporting institutions show a reduction of
Net demand deposits of all
$149,000,000, of wnich $35,000,000 Is shown for the New York district.
$29,000,000 for the Qhicago district, $21,000,000 for the Cleveland district
and $16,000,000 for the Philadelphia district. Time deposits of all reporting
banks decreased by $1,000,000. Government deposits, on account of
Treasury operations, including the payment of income and profits taxes
and the issue and redemption of Treasury certificates show a net increase
of $162,000,000 for all reporting batiks, the New York City banks reporting
an increase of $47,000,000.
Reserve balances of all reporting banks at the Federal Reserve banks
declined by $69,000,000, while cash in vault increased $14,000,000. Member
banks in New York City report reductions of $46,000,000 in reserve balances
and of $44,000,000 in cash.
Borrowings of all reporting institutions from the Federal Reserve banks
declined from $488,000,000 to $470,000,000, or from 3 to 2.9% of their
total loans and investments. Borrowings of the New York City members
decreased from $74,000,000 to $54,000,000. or from 1.5 to 1.1% of their
total loans and investments.
DEC.291923.]
THE CHRONTCLE
2833
On a subsequent page—that is, on page 2868—we give International Labor Conference. He was created a Chevalier
the figures in full contained in this latest weekly return of the of the Legion of Honor in 1920. Paris Associated Press
member banks of the Reserve System. In the following is cablegrams Dec. 26 said:
The first committee, that on budget, will meet here on Jan. 14, and the
furnished a summary of the changes in the principal items of
second, which will consider German
assets and liabilities as compared with a week and a year ago. Mr. Robinson time to get here. capital abroad,on Jan. 21,BO as to give
Increase (±) or Decrease (—)
It was stated on Dee. 27 that Mr. Robinson will pursue
Since
Dec. 12 1923. Dec. 20 1922. the same course as General Dawes and Mr. Young in the
+$38,000,000 +$674.000.000 matter of conferring with Secretary Hughes before leaving
Loans and discounts, total
Secured by U. S. Government obligations +1,000,000
—62,000.000
Secured by stocks and bonds
+115,000,000 for France. On Dee. 20 it was stated in Associated Press
+62.000,000
+621.000,000 cablegrams from Paris that the British members would be
—25,000,000
All other
Investments, total
+61,000,000
—303,000.000 Montagu Norman, Governor of the Bank of England; Sir
.3.000,000
U. S. bonds
—122,000,000
U. S. Treasury notes
—1.000.000
+5,000.000 Josiah Stamp, economic and statistical authority, and
U. S. Certificates of Indebtedness
+48.000,000 - —108,000,000 Reginald McKenna, formerly Chancellor of the Exchequer.
Other bonds, stocks and securities
—78,000.000 A change in the British nominations was announced on
+17,000,000
Reserve balances with F. R. banks
—69,000,000
—30,000,000
Cash in vault
+14,000,000
—9.000,000 Dec. 26—Sir Robert Kindersley, a director of the Bank of
Government deposits
+162,000,000
—316,000.000 England,replacing Mr. Norman. Sir Robert and Sir Josiah,
Net demand deposits
—149,000,000
—83,000,000
it is understood, will serve on the committee on stabilization
Time deposits
—1,000,000
+371,000.000
accommodation at F. R. banks
Total
—18,000,000
+120,000.000 of the German budget, while Mr. McKenna will be one of
the experts to investigate the extent of German capital
American and British Chosen to Serve With Commit- abroad.
Announcement was made on the 18th inst. that it was untees Inquiry into Germany's Financial Affairs
derstood that the French members of the expert committee
—C. G. Dawes, Chairman.
Gen. Charles G. Dawes, formerly Director of the U. S. inquiring into Germany's resources will be Jean V. Par-.
Budget,and Owen D.Young,a New York lawyer and banker, mentier, formerly an official of the Ministry of Finance and
who were chosen by the Allied Reparations Commission to be now one of the managers of the Credit Foncier de France;
the unofficial representatives of the United States on the M. Atthalin, director of the Banque Paris et Pays Bas, and
committee which is to inquire into Germany's financial M. Alix, professor of law, on the faculty of the University
position, were in conference with President Coolidge and of Paris.
A copyright cablegram from Paris to the New York
Secretary of State Hughes on Dec. 27. Messrs. Dawes and
"Times" Dec. 26 said:
Young are to sail for Paris from New York on the steamer
When Sir John Bradbury compiled his list in consultation with Premier
America to-day (Dec. 29). They will be accompanied by Baldwin and with the assent of the other British political leaders he obtained
the consent of Montagu Norman, Governor of the Bank of England, to
Rufus C. Dawes of Chicago, who will serve as Secretary to approval by the Bank. The Bank has not seen its way
to give this conhis brother, Gen. Dawes, and Stuart M. Crocker, who will sent, the reason, it is stated, being that Mr. Norman's services cannot just
in London. Sir John Bradbury, with the approval of the
serve as Mr. Young's assistant. The Philadelphia "Ledger" now be spared
commission, has therefore asked Sir Robert Kindersley, a director of the
of yesterday (Dec. 28) said:
Bank, to serve. Sir Robert was the first British representative on
Mr. Hughes placed at the disposal of General Dawes and Mr. Young all
the data possessed by the State Department relating to the reparations
question. He defined this Government's attitude toward that problem
and placed himself at the service of the American experts. The Government's help will be available to them at every point of the investigation.
The action and judgment of the experts, however, will be wholly free,
and they will find their conclusions from the facts they discover. They do
not officially represent the American Government and will pay their own
expenses. The Reparations Committee may defray the expenses of the
technical and clerical assistance.
The fact, however, that the American experts were appointed with the
approval of this Government is taken as an assurance that Washington's
hopes in regard to the results of the inquiries are the aims of the experts.
It is the wish of the Government that the inquiries may lead to a settlement
of the reparations question, which is held here to be the root
-cause of the
postponement of Europe's economic rehabilitation.
All Governments concerned are expected to "keep hands off" and let the
experts accomplish their tasks without interference, but it is recognized
that the experts of each country will necessarily have to drawn upon their
own Governments for information.
The report of the principal committee to examine Germany's budgetary
and currency conditions will constitute the basis of consideration by the
principal allied Governments, and possibly by the American Government,
of the entire reparations problem. The committee itself will consider the
capacity of Germany to pay, as this is necessarily involved In the problem
of Germany's budget, which cannot be balanced except by a settlement
of that question.
the
Bankers' Commission on which the United States was represented by J. P.
Morgan.
Though the first meeting of the two committees will be held in Paris, it is
expected that later they will find It convenient to work in Berlin. Sir John
Bradbury and Louis Barthou are in agreement that the fullest liberty shall
be granted them to meet where they wish and when they wish, to discuss
the situation from every angle with complete freedom and to report their
findings irrespective of any political considerations.
Among the members of the Reparation Commission responsible for the
creation of these two committees and the nomination of their members
there is a fairly optimistic spirit, for it Is realized that under the chairmanship of Colonel Charles G. Dawes and with such members as Reginald
McKenna the two committees will prove themselves "strong." It is no
secret that much is hoped from the driving force of the American delegation
and from its detachment from the circumstances which have recently so
much hindered the work of the Reparation Commission and caused a
practical deadlock.
Berlin Government to Co-operate.
There is ground for hope, too, in the fact that the German Government
appears to consider very favorably the work of the committees and Is ready
to give all the help It can both in supplying full information on the actual
and potential situation of German finance and in helping Committee No. 2
to estimate and identify exported capital.
The Belgian and Italian representatives who were nominated to-day have
been like the American. British and French, selected because of their technical knowledge of the questions to be examined and not because of political
prominence.
The decision of the Reparations Commission to invite
According to the New York "Times" of Dec. 23, the exact
General Dawes and Mr. Young to serve as unofficial obwording of the resolution of the Reparation Commission
servers with the expert committee which is to investigate regarding the
committee to investigate Germany's capacity
Germany's capacity to pay was made known on Dec. 15,
is as follows:
a communique issued by the Commission on that day
In order to consider, in accordance with the provisions of Article 234
stating:
of the Treaty of Versailles, the resources and capacity of Germany and,
After taking cognizance of various information received from the United
States all the delegates of the Powers represented on the Reparations Commission individually advised Col. James A. Logan (American unofficial
observer with the Commission) that it is their intention to invite, in the
course of the next plenary session, Brig.
-Gen. Charles G. Dawes and
Owen D. Young to participate as experts in the work of the committees
entrusted with the task of studying the German budget and stabilization
of currency in Germany.
after giving her representatives a just opportunity to be heard, the Reparation Commission decided to create two committees of experts belonging to
the allied and associated countries. One of these coMmittees would be
entrusted with considering the means of balancing the budget and the
measures to be taken to stabilize the currency. The other would consider
the means of estimating the amount of exported capital and of bringing it
back to Germany.
On Dec. 21 cablegrams from Paris announced that the
Commission had decided to offer to General Dawes the
Chairmanship of the committee which is to examine into
Germany's finances. As we indicated in our issue of Dec. 15,
page 2601, in reporting that the United States had signified
its willingness to participate in the Allies' inquiry into Germany's affairs, a double inquiry is proposed—one committee
Investigating Germany's financial situation, while the second
is to report on German capital invested abroad. On Dec. 24
the Reparations Commission selected Henry M. Robinson
of Los Angeles as the American who is to serve on the expert
committee which is to estimate the amount of German
capital abroad. Mr. Robinson, who is President of the First
National Bank of Los Angeles and prominently identified
with other financial institutions, was a member of the Supreme Economic Council at the Paris Peace Conference in
1919. He also represented the United States at the first
Allied Reparations Commission Refers to Committees
Germany's Request for Food Loan of $70,000,000.
A request by the German Government for authority to
pledge the resources of the Reich as a guarantee for a loan of
from $50,000,000 to $70,000,000 with which to buy grain and
fats abroad, was formally presented to the Allied Reparations Commission on Dec. 17. The request was taken up
on Dec. 21 by the Commission, which, says a copyright
cablegram to the New York "Times" from Paris, somewhat
sidetracked it by referring one part of the request to the
Allied Governments and the second part to the Committee
on Guarantees. These copyright advices state:
The original German request was made under Article 251 of the Treaty
of Versailles. As the point was made in Paris that this article refers to
exceptions to the reparations rules which may be made by the Allied and
Associated Governments, Berlin sent yesterday a supplementary note
asking that action be taken under Article 248, which says about the same
think as Article 251, but refers to exceptions which may be made by the
Reparations Commission.
2834
THE CHRONICLE
The Commission decided as follows:
"First. To refer the German Government's request to the Allied Governments in conformity with Article 251 of the Treaty of Versailles.
"Second. To request the Committee on Guarantees, with a view to facilitating the decision to be taken either by the Governments or by the Reparations Commission,to draw up with as little delay as possible a report on the
situation in Germany with regard to bread cereals and edible fats."
This meins officially that what was apparent from the first, namely that
the decision will be made by the Allied Governments and will have to be
unanimous. The French and Belgians have firmly decided not to give
Germany clear permission to float a loan which shall come ahead of reparations in repayment.
The French, of course, do not wish to take the stand that the Germans
may starve for all they will do, but, as a portion of the treaty with Germany
provides expressly for giving aid to Germany to enable her to meet her
reparations obligations,the French would seek to get in return for food help
German commitments on reparations.
The reparations collection effort of the French being centred in the Ruhr,
that means that the French will try to make food credits the price for German assistance in exploiting the Ruhr. This will be the Paris program if the
Issue goes that far. Before it does the French will try to show first that
Germany's need for cereals is not as great as Berlin makes out, because
Germany has excellent crops this year. and, secondly, that the Germans
possess sufficient wealth abroad to pay for the food they need, as they paid
in America for copper and cotton bought this year to the extent of
$50,000,000.
[VoL. 117.
tesimal fraction of their original value. On the other hand, owing to the
ruinous state of repair which prevails among the houses,landlords under the
new system will be no better off than under the old. For that reason,
prices of houses have not risen. The average price of a five-story apartment house, containing sixty or seventy rooms, is in gold value $35,000.
The Government has refused to restore mortgages in the interest of
mortgagees, but has proposed to tax away gains made through repayment
of gold mark mortgages and gold mark industrial bonds in paper marks.
Acceptance of Ten-Hour Day by Ruhr Workers.
According to a cablegram from Duesseldorf Dec. 21 a
referendum among the trade union members in the Ruhr
on Dec. 20 resulted in 42,900 votes in favor of accepting the
ten-hour day recently arranged between the Government
and the unions at Berlin and 539 against the proposition,
while 69,000 members abstained from voting. It is stated
that the heavy abstention is interpreted by the French
authorities here as supporting their information that many
workers are seeking jobs regardless of the usual union
regulation of hours.
Reference to the fact that the German Government was Allies Get Ruhr Products-4,470 Cars of Coal, Coke and
planning to seek permission from the Reparations CommisSteel and Iron Articles Shipped Out.
sion to float a loan of approximately $70,000,000 for the
A Duesseldorf (Germany) cablegram Dec. 22 appeared
purchase of foodstuffs was made in our issue of Dec. 15 as follows
in the New York "Times":
page 2602.
It was announced to-day that 9,807 loaded ten-ton freight cars were
, New German Discount Rate Ten Per Cent.
The following cablegram from Berlin Dec. 22 to the New
York News Bureau from the "Central News," was announced
by "Daily Financial America":
shipped from the occupied Ruhr territory on Thursday, of which 3.848
contained coal and coke for the reparation account;622 crried steel and iron
articles for the devastated regions, and 5,437 had loads for other destinations
and local needs.
On the same date 13,178 tons of coal,8,480 tons oflignite, 2.470 briquettes
and 5,928 tons of coke were turned out by the mines and coke plants working
under the direct management of the occupation authorities.
With the stabilization of the currency by the issuance of the rentenThe following from Duesseldorf, Germany, Dec. 27
mark, the new discount rate established is 10%•
The previous discount rate of the Bank of Germany was 108% discount appeared in the New York "Evening Post":
on paper mark loans to which figure it was raised from 90% established
The coal production of the Ruhr for the week of Dec. 10-15 reached
on Sept. 15.
966,000 tons, or 56% of the output for the same period in 1922. according
Referring to the adoption of the new rate the New York to French official sources. The coke production was 125,000 tons, or 30%
of normal.
'Times" Dec. 23 said:
It was further declared that 55,394 German railroad workers had returned
Germany has undertaken to re-establish some sort of currency by means to their duties permanently.
of the new rentenmark, and this experiment is being watched closely by
bankers and others who regard the entire thing as an interesting innovation.
Whether the method will prove satisfactory ie difficult of judging, reports Italy Warns France on Occupied
Areas—Would Not
of large issuance of new rentenmarks and a growing demand for more
Recognize an Independent Rhineland Nor Any
causing concern as to the new currency's future. The fact, however,
that the Government banking institution has established a 10% discount
Annexation Agreement.
rate is generally accepted as an indication of some optimism on the part
Under date of Dec. 18 a wireless message from Rome
of German authorities at least, this new rate contrasting with the Betel'sbank rate of 90% on better-class transactions and of 108% on paper (copyright) to the New York "Times" said:
mark loans.
It is understood that the Foreign Ministry has taken steps in Paris to
let the Quai d'Orsay know that Italy will not recognize any agreement which
may result from the negotiations between France the Germany wnich in
Berlin Bourse Resumes Gold Quotations.
any matter will change the present political status of the Ruhr and RhineAssociated Press advices from Berlin Dec. 17 stated:
land. This means that Italy would look with ill favor upon the establishTo-day marked the official birth of gold mark figures on the Bourse ment of an independent Rbineland republic or upon annexalton to France
quotations list, but it made little practical difference so far as the previous of the occupied territories, either of which steps, it is feared here. may
quotations have been understood in the trillions. The tradesmen for some be the outcome of the negotiations.
days have been eliminating the cumbersome rows of ciphers from the price
The Italian view is that, neither of these two eventualities being conlists and the sight of the old-fashioned marks and pfennigs has stimulated a templated by the Treaty of Versailles, France would be violating the
more cheerful feeling. It came as a sort of revelation, however, to find treaty if she attempted to bring them about. In that case, it is intimated,
that under the new dispensation certain of the smaller fry among the shares Italy probably would complete revision of the Treaty of Versailles.
were quoted only in pfennigs instead of in billions of marks.
This step is indicative of the apprehensions which are assailing Italian
A law to compel the traders to keep their books and balance sheets in Politicians. They fear that France may permanently settle down in the
gold marks from January 1 will be enacted before the new year under the rich coal producing Ruhr district and that such action coupled with the
Government's emergency powers. Private companies henceforth must reserves of iron actually in her possession would place her in the position
have capital of not less than 5,000 gold marks and shares not below 500, to become a dangerous rival of all other European industrial nations and
while the minimum for limited liability companies are 500 and 10 respec- especially of Italy, which possesses neither iron nor coal. Italy will theretively.
fore strenuously resist any settlement which would place France in permanent possession of the Ruhr coal mines.
The promises with which Premier Poineare has answered Germany's
Renten Bank Attempts to Protect New Money.
proposal to negotiate is here ascribed entirely to the result of the British
From the Brooklyn "Eagle" we take the following from election. As Italy sees the situation France wishes to come to a definite
settlement of the Ruhr problem with Germany before a Labor or Liberal
Berlin Dec. 21:
Government is established in England,either of which,it is believed, would
The first attack on the stability of the rentenmark, which, since its
be likely to be less favorable to France than the Baldwin Cabinet has been.
appearance not long ago, has considerably improved general economic
Another section of public opinion, however, considers that a groat step
conditions throughout Germany, was made yesterday by Minister of
toward a definite solution has been taken by inducing France and Germany
Finance Ruther, who requested the board of directors of the Rentenbank
to enter upon negotiations, whatever chance these may have of being
to grant the Govrenment a credit in addition to that of 1,200,000,000
successful. These hopeful ones, however, see a long and rocky road before
rentenmarks already at its disposal.
France and Germany can come to a durable agreement and think that even
Although Dr. Luther said it was only a question of a short-term credit the
two chiefly interested powers will soon come to the conclusion that
which would have no effect of inflation, the board rejected the request,
revision of the Treaty of Versailles by all the signatories is the only way out
making its decision after it has heard several speakers who expressed of
the impulse.
fear that the Minister's proposed credits to the Government would undermine faith in the rentenmark.
In the face of this refusal Dr. Luther is resorting to another method Extension of Agreement by Bankers' Committee Formed
of obtaining money, and will issue exchequer bills in rentenmarks to banks
to Protect Holders of Russian Government Credit
and agricultural concerns. These bills will be in amounts of from 5,000
of $50,000,000.
to 10,000 rentenmarks each and will become due in terms ranging between
two weeks and three months.
The bankers' committee formed to protect the interests
Germany Planning to Restore a Rent Tax—"Gold
Rents" to be Re-established, Then to be Taxed
at Fifty Per Cent.
A cablegram from Berlin Dec. 16 (copyrighted by the New
York "Times") stated:
In the interest exclusively of the State, the "free rents system" is to be
abandoned. The plan now is to restore practically the whole of the pre-war
rate in gold for rents, thus vastly increasing the present payments. The
Government will take 50% of the new gross rents as a tax, which is expected
ultimately to yield 3,009,000.000 gold marks. To the landlord 50% would
be left for administration, taxes and repairs of apartment houses.
This rent tax is made possible by the fact that virtually all mortgages on
such properties have already been paid off in the old currency for an infini-
of participants in the $50,000,000 Imperial Russian Government 06% three-year credit of 1916, which has long been
in default, announced on Dec. 17 its intention of extending
the protective agreement for another period of eighteen
months from Jan. 1 1924. The committee, of which Charles
E. Mitchell, President of the National City Bank of New
York, is Chairman, consists of the following other bankers:
Thomas Cochran, of J. P. Morgan & Co.; Harold Stanley,
of the Guaranty Company of New York; Lloyd W. Smith,
of Harris, Forbes & Co.; Charles S. Sargent, Jr., of Kidder,
Peabody & Co.; Frederic W. Allen, of Lee, Higginson & Co.;
and Albert H. Wiggin, of the Chase National Bank ant.
DEC.29 1923.]
THE CHRONICLE
2835
Vice-Chairman of the Foreign Securities Committee of the nal loan thirty-year sinking fund 532% gold bonds, dated
Jan. 15 1923, in definitive form against delivery o interim
Investmen, Bankers Associationlof gAmerica.
The statement of the committee, issued to holders 01 par- receipts now outstanding.
ticipation certificates and holders of certificates of &posit
Finland Borrows Again.
for participation certificates in the Russian credit, says:
This committe filed with the Department of State at Washington
According to information received by the foreign depart26 1922 information regarding the holdins of depositor. Under
on June
the protective agreement dated July 1 1919 for use when an opportunity ment of Moody's Investors Service, and made public by it
Dec. 14, the Republic of Finland has practically concluded
occurs for the Government of the Uinted States to lend its assistance.
It is, therefore, essential that the protective agreement be extended negotiations with a Swedish banking syndicate for a loan
months from :an. 1 1924 in order that the comfor another period of 18
mitte may have full authority to continue to act through the Department, of 15,850,000 Kronor, equivalent to $4,247,800 at par of
and to take such stops as may be necessary for the protection of the cer- exchange. The loan is to carry interest at the rate of 6%
tificate holders and the promotion of their interests, as it is believed that per annum and will mature in forty years. It is stated that,
any adjustment of this debt can probably be made to the best advantage
unlike the recently floated American issue of $10,000,000
through the department and the committee.
It is probable that our Government in formally recognizing a Government and the British issue of £1,000,000, the Swedish issue is to
In Russia will insist that provision be made for the payment of American
be secured on "Finnish Government obligations which are
claims which are on file with the State Department. The President,
in his message to Congress. Dec. 6 1923, said: "Our Government does held on deposit in Sweden."
not propose, however, to enter into relations with another regime which
refuses to recognize the sanctity of international obligations.
This committee already represents $39,898,000 of the above $50,000,000
but the committee has no authority to act on behalf of holders who do not
deposit. Therefore, it has been decided to extend the opportunity to
those who have not deposited their participation certificates to make such
deposit now under the terms of the original agreement.
The holders of participation certificates who do not file information
with the State Department at Washington may be seriously prejudiced
by their failure to do so. To file proofs separately will subject the holders
to needless expense and inconvenience, and it is obviously to their interest
to avail themselves of the opportunity to co-operate with the other certificate holders under the protective agreement.
Deposits may be made by sending certificates to one of the depositaries„
either the National City Bank of New York,55 Wall St., New York City
or the Old Colony Trust Co., 17 Court St., Boston, Mass. Certificates
must be endorsed in blank by the registered holders and the signature
guaranteed by a bank with a correspondent In New York City, or by a
member of the New York or Boston Stock Exchange, or acknowledged
before a Notary Public with a County Clerk's certificate attached, showing
the authority of the Notary.
WV,
As the committee has heretofore announced, the members are serving
without compensation and the total expenses of the committee to date
are nominal. The formal consent to the extension of the agreement will
be mailed to all depositors who are requested to sign and return it without
delay to the secretary of the committee.
Payment of Hu-KuanglRailways Bond Interest—Bonds
Called.
From the New York,"Times"LofiDec. 15 we take the
following:
Chinese bonds yesterday partly recovered from the Thursday's break on
the New York Stock Exchange. The drop was caused by the belated appearance of money for payment of the semiannual interest coupon due today on the Imperial Chinese Government 5% Hu-Kuang Railway's loan
of 1911. Notice of deposit of funds in Peking to cover this interest disbursement—which affects bondholders of four countries—should, under
terms of the loan contract, be given on or before Dec.3 of each year. Such
notice was not given until one o'clock yesterday afternoon and with the
approach of the Dec. 15 interest date, without word as to whether the
money had been deposited, bondholders became nervous.
This nervousness was reflected in a 5
-point break in the bonds listed on the
New York Stock Exchange on Thursday. Yesterday the same bonds
opened fractionally below yesterday's close, then ran up to 43H, or 43
points above yesterday's closing price, and closed the day at 42H. The
advance was the result of definite announcement that J. P. Morgan & Co.
had received the American share of the interest amount. Similar announcement was made in London and Paris. The Chinese railway loan was
floated in 1911 and amounted to £6,000,000, or about $30,000,000.
It was announced yesterday (Dec. 28) that J. P. Morgan
& Co. had sent out a notice of drawings of £99,580 5%
Wants Russian Bonds Paid—Deputy Asks France to Hu-Kuang Railways sinking fund gold loan of 1911 of the
Reimburse Her Own Nationals Holding Them.
Imperial Chinese Government. The bonds called are reA copyright cablegram as follows from Paris, Dec. 8, deemable on June 15, with the exception of those of the German issue, which are:regarded by the Chinese dOvernment
appeared in the New York "Times":
In view of the French Government's failure to obtain recognition by the as invalid.
debts to this country, three Deputies have Just
Soviet Government of its
The issue amounts to £6,000,000, and after redemption
presented a bill to the Chamber asking aid for the small holders of Russian
of bonds setlforthithe amount_of the loan outstanding will
bonds.
The bill invites the Government to study the situation and project a law be $5,715,340.
account of the French State the payment of Russian
tending to put to the
coupons to all holders of Russian bonds over 60 years of age and whose
general income does not exceed 10,000 francs.
Rumania to' Pay Interest
-1924 Budget First Since
War to Provide for Foreign Debt.
The following from Bucharest, Dec. 17, appeared in the
Russia Announces Big Sales of Oil.
The New York "Journal of Commerce" announced the New York "Times":
The Rumanian budget for 1924, announced by the Minister of Finance,
following from Moscow, Dec. 19:
will include for the first time since the war some provision for interest on the
The Russian Oil Syndicate announces the completion of one deal for its foreign debt. A total of one and one-third billion lei is estimated for interproducts and the negotiation of a number of others by foreign firms. An est on internal and external loans, the latter including Treasury bonds, of
Italian syndicate, it says, has contracted for a total of 85.000 tons of oil, which about $10,000,000 are payable in dollars, being held in the United
while two offers have been received from France and one offer from a Bos- States.
phorus company for 90,000 tons. A French and Belgian syndicate offered
The budget, which is the largest in the history of the country, about
to purchase 145.000 tons if given a three years' monopoly for the sale of the 24,000,000,000 lei, provides for an increase of about 500,000,000 lei in milisyndicate's oil in England.
tary appropriations. It is expected to show a surplus.
Honduras to Pay Twenty Cents on Dollar.
Persian Minister to United States Hussein Alai, on
From Tegucigalpa, Honduras, Dec. 26, the New York
Recently,Authorized Loans of $40,000,000—
"Journal of Commerce" reported the following:
Proposed New Government Bank.
The Honduran Government has signed an agreement for the payment
The Persian Minister to the United States, Hussein Alai,
of the Honduran debt. The agreement provides that for each /100.000
face value it shall pay only £20,000 to holders of bonds issued in 1868 and In an address, Dec. 8, before the Bankers' Forum, New York
1870.
Chapter of the American Institute of Banking, in undertakCommenting on the above, the paper quoted said:
ing to present a sketch of the present situation in Persia,
In 1867, 1869, and 1870 Honduras borrowed £5,398,570 in Great Britain
to build a transoceanic railway. The scheme ended in a complete failure. stated that since 1921 Persia's political horizon has become
No interest has been paid on the debt since 1872. The arrears of interest brighter. Reference to the fact that the Persian Parliament
to Jan. 1 1921, amounted to £22,326,112.
has recently sanctioned negotiations for loans not exceeding
$40,000,000, and to the stipulation in the law "that the loan
Is Facing Financial Disaster.
Albania
must be placed with American bankers" was made by Mr.
A Paris cablegram, Dec. 18, appearing in the New York Alai, who likewise alluded to the proposed organization of
"Journal of Commerce," says:
the Banke Iran—the new Government bank of Persia, and
Albania is heading directly for financial disaster, according to J. D. the purpose of the
Government to employ an American in
adviser to the Albanian Government, who reported to
Hunger, financial
the Council of the League of Nations to-night that he estimates the deficit the position of Director of the bank. Mr. Alai, following his
In the country's 1924 budget at 7,000,000 gold francs, or 30% of the budget. address, indicated, it is said, that Romaine A. Philpot, of
Mr. Hunger recommends the abolition of the Albanian army, the discharge
Philpot & Cannon, Inc., had been suggested.for the post. In
of one-fifth of the State officials and ruthless economies everywhere.
The league's financial committee, commenting on the report, says it has part Mr. Alai's remarks were as follows:
followed the economic and financial disorganization in various parts of
Since 1921 Persia's political horizon has become brighter. Direct foreign
Europe and fears that the causes of the chaos elsewhere are producing the
same results in Albania.
Republic of Cuba Bonds in Definitive Form
Ready January 2.
J. P. Morgan & Co. annomite that they will be prepared
deliver Republic of Cuba exteron and after Jan. 2 192A
interference, as a result of a new spirit in international relations introduced
by the United States, and of the awakening of the East, has ceased. and
I
may here say that the East is wide awake but not in hostility toward the
West, rather in resentment against certain Powers of Europe, and in the full
determination to insist upon respect of the independence and sovereignty of
its component parts. Being at last, after centuries of coercion, given
a
chance to put our house in order, we lost no time in organizing a small but
efficient homogeneous military force in place of the heterogeneous forces imposed upon us. This army, under the leadership of a strong and
patriotic
2836
THE CHRONICLE
Minister of War—Reza Khan—has re-established order throughout the land,
repressing agitation and unrest largely encouraged by foreign interference
and intrigue, and restoring in the province the authority of the central Government which had been impaired by the presence of foreign troops. The
Persian Parliament, or Madjless, as we call it, met again in June 1921. Its
first care was to vote measures tending toward the rehabilitation of the country after its terrible experiences and sufferings during the war. America's
helpful policy towards China, her advocacy of the open door and equality of
opportunity, her great achievement at the Washington Conference for the
Limitation of Armament inspired Persia with such confidence in her altruistic motives that we naturally turned to you for the technical and financial
assistance required to upbuild Persia after her terrible sufferings. Among
other steps was the employment by Persia of a group of American financial
advisers under the able leadership of Dr. A. C. Millspaugh, formerly Economic Adviser to the Department of State. For nearly a year now the
finances of the Persian Government have been under the control of these
American administrators. The powers of the American group are derived
ultimately from the Persian Parliament, whose comprehensive grants of
authority give the American Administrator and his assistants adequate
powers and immunity from political vicissitudes. The efforts of Dr. Millspaugh have already borne fruit in a steady improvement of the nation's financial condition, and, in his opinion, the Persian Government is now in a position to contract one or more foreign loans. Accordingly, the Parliament
has recently sanctioned negotiations for loans not exceeding $40,000,900 in
the aggregate, destined in large part for public utilities and industrial development to be carried out by American firms. Evidence of the confidence
of the Persian people in the American mission and in the United States in
general was furnished by a stipulation in the law that the loan must be
placed with American bankers.
Since the change of regime in Russia, the Banque D'Escompte—a Russian
institution to which I referred earlier in my remarks—has been transferred
to the Persian Government and a national bank, the Banke Iran, is being
organized in its place. Dr. E. L. Bogart, Professor of Economics at the
University of Illinois, accompanied Dr. Millspaugh to Persia as adviser on
banking and currency on a one-year contract. He studied the banking situation and has now returned to this country. When a number of friends and
myself had the pleasure of entertaining him at dinner last October in this
city he gave a very interesting and favorable account of his experiences in
Persia and expressed the conviction that real progress was being made. It
is the purpose of the Government to employ an American in the position of
Director of the Banke Iran; just as soon as a loan for productive works is
floated in this country a considerable sum will be earmarked for the setting
up of this national institution on a firm basis.
With the exception of the southern oil fields, one of the world's richest
producing areas, the great natural resources of Persia have scarcely been
touched. Under the general direction of the American advisers later to be
appointed for the Ministry of Public Works, it is expected that American
capital will find lucrative employment in road, railway and bridge building;
Irrigation construction; mineral and oil exploitation, and other means of
developing Persia industrially and ecenomically. The budget for the fiscal
year 1923-1924 has, under the supervision of the American advisers, been
balanced. As compared with almost any other country, the debt of Persia,
both gross and per capita is practically negligible. The result is a national
burden phenomenally small as compared with the potential and even the
present wealth of the nation. There is and there has been no inflation whatever in Persian currency. Persia is one of the few countries to-day whose
currency is not debased nor depreciated. I repeat that Persia is in a state
of domestic peace. Her roads were never more safe for commerce. Her
provinces are loyal to the central Government. Tranquillity throughout the
country is assured by a strong, regularly paid gendarmerie, which is entirely
free from foreign intrigue or influence. This force acts as a national constabulary and gives its constant support to the work of the American financial administrators. I have already said that the political situation has completely changed. Soviet influences do not touch the masses of the people,
who are economically, religiously and temperamentally unfitted for Communist propaganda. The dominance of Moscow is in no way likely to be felt
in Persia. On the other hand, Great Britain has withdrawn all of her forces
from the country and definitely abandoned any attempt to control Persia
politically. In short, Persia is ready to take the place to which her brilliant history entitles her among enlightened and progressive nations.
[VoL. 117.
Tho proposed amendment is based in part upon principles laid down by
Richard Boeckel in his new book,"Labor's Money," which has created some
Interest in banking circles.
The proposed amendment would decline co-operative banks as follows:
A co-operative bank within the meaning of this act shall be a bank in
which the following principles are adopted and used:
1. Each shareholder only one vote.
2. Proxy voting prohibited.
3. Annual rate of dividends on stock not to exceed 8%.
4. Profits in excess of one-fourth of net earnings distributable to depositors in proportion to their patronage, after surplus and dividend requirements are met.
The co-operative idea has grown so rapidly in the United States that it
now attracts universal attention. No one is more alert about this progress
than the big financial interests, especially the big banking interests. Alarmed
at its world-wide power, they have decided to check its growth in the
United States by Joining it and directing its activities in lines which they
control. Knowing that the control of credit is the foundation of successful
co-operative marketing, or any—ther co-operative enterprise, they have
decided to organize farmers' producers" co-operatives without' any cooperative credit support.
They shrewdly argue that Rochdale Co-operation is 'consumers' cooperation, and therefore different from the needs of the farmers of the
United States, who are producers. They always neglect to recite the facts
of the great industrial and also agricultural production of the Rochdale
Societies. They mention commodity co-operatives in Denmark, and then
neglect to say that they are sustained by the finest co-operative banking
system in the world. They tell the farmers of the United States that all
they need for a credit system is a warehouse receipt. The present banking
system will take care of them.
..The principal agents of this Wall Street philosophy are Eugene Meyer,
Bernard Baruch and Aaron Saplro. They have succeeded in organizing
many co-operatives upon this plan, and they hope to organize so many more
that they can prevent the farmers from organizing a co-operative banking
system. This puts the farmers in a double danger. If this Wall Street
credit support is withdrawn they must fall, and if not they must become
slaves to it. It is of the greatest importance to the farmers of the United
States that each one and both of these purposes be defeated.
The government wheat corporation now has in the treasury of the United
States a profit of $58,060.000 which rightfully belongs to the farmers. The
Federal Reserve system has a surplus of $218,000,000, a large part of which
also rightfully belongs to the farmers. There is, perhaps, a large profit in
the War Finance Corporation charged to interest which should also belong
to the farmers. These sums amount to probably over $200,000,000, which
would be more than enough to start a co-operative credit system that would
Insure the success not only of the Sapiro co-operatives but of all the other
co-operatives. But Sapiro himself has always opposed such a plan because
It would end the power of Wall Street in the co-operative field.
The farmers of the country must be aroused to this situation and organized for the support of a co-operative banking system of their own and
under their own control. In this city they can count upon the loyal assistance of labor, which is already wide awake to the importance of co-operative
banking. In fact, if the farmers become a little more deeply enmeshed in
the nets of Wall Street finance they will have to call upon labor for their
reserve. ThLs is true notwithstanding the fact that, as a whole,the farmers
deposit far more money in the banks than they borrow back for use in
agriculture.
The New York Journal of Commerce in an editorial
article in its issue of Dec. 15, discusses the movement as
follows:
Co-operative banking is apparently becoming somewhat of an obsession
with Senator Brookhart, for he now plainly asserts that those who have
been counted as among the best friends of the farmer and of the co-operative
banking idea are trying to "smother" the movement. Among those who
are thus guilty, according to this Senator, are Messrs. Baruch, Eugene
Meyer and several others who have been well known for the sympathetic
attitude they have taken toward farm problems.
Mr. Brookhart lets the cat out of the bag when he admits that what
he wants is not a co-operative banking system but such a system "backed
by the Government," or, in other words, not a co-operative system at all.
Co-operation is in its nature and purpose the antithesis of Government
Forthcoming Offering of Argentine Bonds.
operation and ownership, the very idea which underlies it precludinethe
Indications that there would shortly be offered in this notion of public assistance or support. In fact, what the extremists of the
only admit it, has been Governcity a large issue of Argentine bonds have figured in news farm bloc always have wanted,if they wouldundertakings. They now come
ment participation and aid in their various
items from Buenos Aires. Yesterday (Dec. 28) the New forward with a franker demand for this kind of public subsidies than has
York "Journal of Commerce" printed the following from ever before been offered.
The question how far they will get what they seek depends entirely upon
the Argentine city:
the way in which the matter is made to appear to the public. It is an old
The uncertainty which appears to prevail in New York as to the nature of legislative trick to charge conspiracy and allege that Wall Street interests
the forthcoming Argentine bond issue is not shared here, as it is declared in are endeavoring to smother or destroy some project which otherwise would
-year 6% bonds make its way with SUCCCO.
financial quarters the securities must be the $60,000,000 33
-Chase Securities Corporation-Blair & Co.
which the Kuhn, Loeb & Co.
syndicate agreed last September to take from the Argentine Government
at any time prior to March 1 1924.
Oklahoma Bankers Concerned Over Fate of Securities
According to the contract, which was described here in the official decree,
Placed with State Banking Board During Period
to pay off the 355,000,000 six
the proceeds of these bonds will be applied
of Guaranty System.
months' loan dated Sept. 1, which the same bankers advanced to the
Government to meet an equal amount of Argentine obligations which fell
Discussion of the banking situation in Oklahoma figured
due in New York on Oct. 1. The contract stipulated that the bankers
take the $60,000,000 in bonds at 92 and that the first six months' interest in the deliberations of the Oklahoma State Bankers Associacoupon would be payable March 1. The bonds bear amortization of tion in convention at Oklahoma City, Dec. 10-12. Prelim1% annually.
of the asso-
Co-operative Bank Legislation Drafted—Senator
Brookhart's Proposal.
The national committee for co-operative banks, recently
formed in New York, has sent to members of the Progressive
groups in both houses of Congress, for their consideration the
draft of an amendment to the National Banking Act to
authorize the establishment of co-operative banks of a commercial type, according to a Washington dispatch to the
New York "Journal of Commerce" Dec. 16, which added:
In our issue of Nov. 24, page 2280, we referred to Senator
Brookhart's proposal for the establishment of 4he Farmers
and Laborers' Co-operative National Reserve Bank and
Marketing System. In a statement issued on Dec. 9 relative
to his measure, Senator Brookhart said:
inary to the convention the Executive Council
ciation at a meeting on the 10th inst., at which M. J. Shannon, a member of the State Banking Board, was present,
considered plans whereby the assets of failed banks in which
depositors have been paid in full, can be liquidated. The
discussion hinged on the fate of $1,000,000 worth of securities placed with the Banking Board before the State guaranty law ceased to operate. President J. P. Gibson of the
Association is quoted in the "Oklahoma,'" as saying:
It has been reported that we are inclined to criticize or to investigate conditions. Such a move is farthest from our minds. We do not intend to serve
as a disturbing element. We are only seeking to find an equitable solution
to an unprecedented situation in the State.
It is learned from the same paper that little hope that
money and securities deposited with the State Banking
Board when the guaranty law was in effect could be re-
DEC.29 1923.]
THE CHRONICLE
2837
turned in the near future was held out by Mr. Shannon in Nomination
of Frank B. Shepard as Superintendent of
addresssing the convention on the 11th inst. In stating this
Denver Mint Confirmed by Senate.
the "Oklahoman" added:
Federal injunctions against paying out any of the money because of Indian
funds involved make it impossible for a return without some legal authority,
Shannon declared.
A friendly suit to test the question and establish a precedent will be instituted soon by bankers, they intimated after Shannon's address. They will
discuss the matter further Wednesday, morning.
Changes in Law Sought.
Governor Trapp, addressing the bankers, declared that an attempt to
make drastic changes in the State banking laws providing for the depositors
of failed banks to be their own liquidating agents to cut the high fees paid
liquidators will be made at an early date. The Governor cited several instances where liquidators were paid exorbitant fees, and characterized the
liquidating system as "diabolical."
Another change in the laws to provide for the appointment of a Bank Commissioner who is interested in some bank will be attempted, he declared.
William 11fee, President of the Security National Bank of Oklahoma City, is
slated for the position, Trapp said.
Scrambled and Mixed.
The State banking system, like other State departments, is so scrambled
and mixed that none of the officers know their duties or assume responsibilities, the Governor said. He will have a thorough check made of the
Department and also make public soon the actual amount of the assets and
liabilities of failed State banks, he said.
Failures of the majority of the defunct State banks were due to almost
"criminal negligence of the men at the head," Trapp declared.
Because the United States has produced more and spent less, financial conditions have changed from the depression of 1920 and 1921 to a normal basis
and the outlook for the future is bright, Clarence Ousley, former Assistant
Secretary of Agriculture, told the bankers Wednesday afternoon.
No Frozen Loam; Now.
"Three years ago we were in the depths of deflation, congealed with frozen
loans and apparently drifting into a sea of insolvenee, and the granting of a
loan was not a question or security or profit upon the transaction, but of
throwing out a life belt to save a customer from drowning and carrying the
creditor down with him," Ousley said. "To-day liquidation is complete,
money is abundant, credit is easy for every legitimate enterprise and we are
in the enjoyment of comparative prosperity."
"We have recovered because we have produced more or we have consumed
or spent less than we produced or earned. We have simply worked and
saved. That is the one unfailing and inviolable law of prosperity and they
who despise or forget it or try to substitute any other process for it are economic fools."
The nomination of Frank E. Shepard of Denver, Colo.,
to be Superintendent of the Mint of the United States at
Denver, Colo., was confirmed by the U. S. Senate on Dec.
18. Mr. Shepard, who succeeds Robert J. Grant in the post
at Denver, had been serving under a recess appointment.
The nomination had been sent to the Senate by President
Coolidge on Dee. 10.
Nominations by President Coolidge to Inter-State
Commerce Commission.
On Dec. 10 the names of the following as members of the
Inter-State Commerce Commission were sent to the Senate
by President Coolidge.
Nominations by President Coolidge to United Stater
Railroad Labor Board.
On Dec. 10 President Coolidge sent to the Senate the nominations of the following to be members of the U. S. Railroad Labor Board:
Frank McManamy Of the District of Columbia,for a term of seven years
from Jan. 1 1924. (A reappointment.)
Mark W.Potter of New York,for a term of seven years from Jan. 1 1924(A reappointment.)
Horace Baker of Ohio (management group), for a term of five years
a reappointment, his term having expired April 15 1923.
E. F. Grable of Michigan (labor group), for a term of five years, vice
Albert Phillips, term expired April 15 1923.
(Mr.Baker and Mr. Grable are now serving under recess aommissions.)
Edwin P. Morrow of Kentucky (public group), for term of five years.
vice R. M. Barton. whose term expired April 1 1923, now serving under a
recess commission, and who has resigned to be effective upon the qualification of his successor.
Chicago Board of Trade Refuses to Limit Wire
Activity.
According to a dispatch from Chicago Dee. 27, published
President Gibson, speaking at the session on the 11th,
the New York "Journal of Commerce," proposals to
stated that the repeal of the State guaranty law with its in
change the rules of the Chicago Board of Trade so as to
known defects and dangers, has given State bankers the
restrict private wire operations were defeated on Dec. 27
same relation with depositors and stockholders as in naby a vote of 671 to 154.
tional banks." He added:
Our contention is that our liabilities were to the guaranty fund and not
to depositors and amounted to one-fifth of 1% average daily deposits and no
more, and when the 1923 assessment is paid we have met every legal and
moral obligation that can be made upon us and are therefore entitled to our
securities held by the Banking Department.
Creditors of M. S. Wolfe & Co. Receive an Initial
Payment of 75% of Their Claims.
The New York "Times," in its issue of Dec. 23, stated
that the receiver for the brokerage firm of M. S. Wolfe &
Co. of this city, which failed last June, was mailing checks
to creditors covering 75% of their claims against the firm.
This is the first payment made by the receiver, and it is
expected that all claims will be paid in full in the new year.
The failure of the firm, which was a member of the New York
Curb Market Association, was noted in the "Chronicle" of
June 16, pages 2716 and 2717.
Oklahoma Bankers Association Opposed to Branch
Banking.
The movement looking to the establishment of branch
banks in Oklahoma is disapproved in a resolution adopted
by the Oklahoma State Bankers Association on Dec. 12. According to the "Oklahoman," the bankers oppose the movement on the grounds that it removes all profit from the locality where it is made and destroys the "personality" of the
small bank. A copy of the resolution will be mailed to the Brokerage Firm of Richards, Hutchinson & Co.,
New York, Suspended by Curb Exchange.
Comptroller of the Currency in Washington.
Tacomtt, Washington, No Longer a Reserve City.
The December number of the Bulletin issued by the
Federal Reserve Board announces that the latter on Oct. 25
approved the termination of the designation of Tacoma,
Wash., as a Reserve city, effective Nov. 1.
Federal Reserve Board to Consider Bids for Buildings
of Reserve Bank Branches at Salt Lake City
and Little Rock.
From the Federal Reserve Bulletin for December we
take the following:
The Federal Reserve Board has notified the San Francisco and St. Louis
Reserve Banks that it will consider the approval of bids for buildings at
Salt Lake City. Utah. and Little Rock, Ark., respectively. Prior to this
building operations of the Reserve System had been suspended for nearly
a year.
On Wednesday of this week (Dec. 26) the brokerage house
of Richards, Hutchinson & Co. at 42 Broadway, this city,
members of the New York Curb Market Association, was
suspended by that Exchange because of their failure to meet
obligations. The firm, it is understood, refused payment
for about 50,000 shares of Southern States Oil Corporation
stock which they had bought on Dec. 24 for the account
of former Governor C. N. Haskell of Oklahoma, Chairman
of the board of the Middle States Oil Corporation, and other
clients. On the same day (Dec. 26) the Governors of the
New York Curb Market suspended from trading the shares
of the Southern States Oil Corporation, following which
both the Curb and the New York Stock Exchange began an
inquiry, it is said, into the recent heavy buying of this stock
and the failure to pay for 78,000 shares on Monday. The
suspension caused a drop in the price from 335 ,reached on
%
Monday, to an offering price, it is said, of 11 and a bid price
of 5 on the afternoon of Wednesday on over-the-counter
Senate Confirms Nomination of Robert J. Grant as transactions.
Following the suspension of the stock, ex-Governor Haskell,
Director of United States Mint,
intimating that certain brokers had used unfair tactics,
The United States Senate on Dec. 18
confirmed the nomiissuance of the following statement:
nation of Robert J. Grant of Denver, Colo., to be Director authorized the on has nothing whatever to do with thd
Southern States
trading of stock
of the Mint, in place of F. E. Scobey, resigned. The nomi- ofits Issue on the Now York Curb or elsewhere. It is in first-class condition,
had been sent to the Senate by President Coolidge and, as shown by recent appraisal by disinterested experts, shows a book
nation
value of about $40 a share, as I am shown the report with which I had
on Dec. 10. Mr. Grant had been serving under a temporary nothing whatever to do—but is the appraisement of disinterested experts.
commission issued during the recess of the Senate. His The trading In stock has been purely personal by myself and many other
appointment was referred to in these columns Nov. 17, people in no way connected with Southern States company, and who trade
in Southern States stock as the multitudes do in other stocks for their own
page 2170.
account.
2838
THE CHRONICLE
[Arm,. 117.
These statements give the impression, it is claimed, that the bill Is highly
For some days past the trading has been aggressively carried on by both
bulls and bears. If intrinsic value prevails, the bears will get the worst of desirable from a business standpoint, while details that have a direct bearing
it; if desperate tactics prevail, intrinsic values might temporarily be lost on the tax provisions are not made known.
It is not charged specifically that there are jokers in the measure, but it
sight of. With a little more record information, which I am endeavoring
to obtain,I may be able to show desperate methods of the opposition which is claimed that if given full publicity it would bring forth views from tax
honest public opinion will not approve. Temporary suspension in trading, experts and others. It is this that the Republican members are desirous
however,of this stock I believe was wise and proper on the part of the Curb of preventing.
The Republican members of the committee do not take kindly to the
management, to the end that a brief time absolutely necessary to gauge the
coupling of administrative and tax reduction features in a single bill. In
condition could be had.
The New York Stock Exchange made this announcement: fact, they were not anxious to have an Administration measure sent them
preferring merely an outline of Treasury suggestions,
The Committee on Business Conduct of the New York Stock Exchange for consideration,
Is investigating transactions of Stock Exchange houses in stock of the leaving them free to draw up their own bill.
Chairman Green some weeks ago declared that it would be a committee
Southern States Oil Corporation, trading in which was suspended to-day
bill that would come from the committee, but to date it is understood that
Dec. 26 by the Curb market.
the provisions have been adopted substantially as written in the department..
A report that the firm of Richards, Hutchinson & Co. with the exception of one change forced upon the committee by Representacould not meet its obligations was declared by members of tive Garner of Texas, dealing with capital assets.
'When the sub-committee working on the revenue measure adjourned
the firm, it is said, to be without foundation.
to-day it was working on matters pertaining to the taxing of stock dividends.
The question as brought up by Mr. Garner was whether Congress shall
again declare stock dividends subject to taxation and "let the Supreme
Horton Securities Corporation, New York,
Court guess once more." Discussion over the "leak" whereby portions or
pthroepbill weremade public was responsible for failure to act on Mr. Garner's'
.
in Bankruptcy.
•
An involuntary petition in bankruptcy has been filed in
The New York "Commercial" printed as follows yesterday
the Federal District Court against the Horton Securities
(Dec. 28) the text of the income tax provisions of the newly
Corporation, stock brokers and dealers in investment securidrafted bill:
ties, at Broad Street. The petitioning creditors are Charles
5% on earned
The text of the section proposing a special reduction 02
H. W. Fairfax and Fisher-Stevens Service, with income reveala the exact manner in which the Treasury plans to limit
Worem,
this preference.
claims aggregating $1,218. Assets and liabilities were not
Status of Small Farmer.
given in the petition. The attorneys are Kelly & Blinn.
small store keeper who do not work on a
of Revenue Act Under Consideration by House
Committee—Income Tax Features—Board of Tax
Appeal.
The sub-committee of the House Ways.and Means Committee to which has been turned over the task of reviewing
the redraft of the Revenue Act submitted on Dec. 16 to
Chairman Green of the House Committee by Secretary
Mellon, suspended its sessions on Dec. 27 until Jan. 3, its
action, it is stated, being due to the agitation over secrecy
which has been maintained with respect to the text of the
bill. An account of the criticism which this has prompted
appeared as follows in the Philadelphia "Record" of yesterday (Dec. 28):
Redraft
The small farmer and the
salary basis will not receive any benefits from the section as it stands.
An effort will be made, it is expected, to broaden its scope so as to tkae
care of the farmer. Farmers or storekeepers operating on a large scale
and crediting themselves with salaries for their personal services will be
able to obtain the benefit of the provision.
Restrictions included in the earned income section are designed to
prevent a person receiving compensation from a corporation from including as part of his salary a distribution of earnings or profits.
The earned income section is entirely new inasmuch as nothing of the
sort is contained in the present Act. Under the Mellon plan ft is proposed to give the special reduction of 25% on earned income in addition
to the reduction proposed in all normal tax rates and surtaxes.
Earned Income Section Now.
The entirely new section relating to earned income fbilows:
"Section 209 (a) For the purpose of this section—
(1) The term 'earned income' means wages, salaries and professional
fees, but does not include that part of the compensation derived by the
taxpayer for personal services rednered by him to a corporation which
represents a distribution of earnings or profits rather than reasonable
allowance as compensation for the personal services actually rendered.
"(2) The term 'earned income deductions' means such deductions as
are allowed by Section 214 for the purpose of computing net income, and
are properly allocable or chargeable against earned income.
"(3) The term 'earned net income' means the excess of the amount or
the earned income over the sum of the earned income deductions.
"(b) In the case ot an individual who is taxed under the provisions of
Section 210 or 211, the tax shall, in addition to the credits provided in
Section 222, be credited with 25 per centum of an amount which bears
the same relation to the total amount of the tax as the amount of the
earned net income bears to the total amount of the net income; but in
no case shall the credit allowed under this subdivisions exceed 25 per
centum of the amount of the tax.
"(c) In the case of an individual who is taxed under the provisions of Section 208, the tax shall, in addition to the credits provided in Section 222,
be credited with 25% of an amount which bears the same relation to the
amount of the tax on the ordinary net income, computed under Sections
210 and 211, as the amount of the earned net income bears to the total
amount of the ordinary net income; but In no case shall the credit allowed
under this subdivision exceed 25% of the amount of the tax on the ordinary
net income, computed under Sections 210 and 211.
A meeting of the subcommittee to-day was enlivened by charges from
Representative Garner of Texas,ranking Democrat on the Ways and Means
Committee, and other minority members, that the Republicans were deliberately keeping details of the bill from the public so as to promote "the
propaganda that is being carried on in its favor."
Mr. Garner declared that inasmuch as the essential features of the measure had been made public by Secretary Mellon in two communications
to Chairman Green and in a summary of the bill prepared by the Treasury,
there was nothing to be gained by withholding the bill itselffrom the public.
The Republican members of the subcommittee, which include Mr. Green.
declined, however, to release committee members from their pledge of keeping details of the bill a secret. They contended that such had been the
practice in the past during committee consideration of a measure submitted
by the Treasury.
Mr. Garner insisted that if the taxpayers were familiar with all details in
the bill some of them would not be so active in the measure's behalf. He declared that it wasfor this reason that the Republicans on the committee wore
so persistent in maintaining the secrecy rule, although aware that copies of
the bill had "leaked" into the possession of certain individuals interested
in its provisions.
"I do not think it is fair to the people," said Mr. Garner,"to consider in
secret provisions of the bill proposed by the Administration. The country
In Case of Partnerships.
is entitled to know what is under discussion, and to express its opinion before the stage of discussion has passed and the bill put into final shape for
"(d) In the case of a partnership the proper part of the share of the net
passage by the House."
income which consists of earned income shall be determined under rules
Members of the committee have malted that in all its features the bill and regulations to be prescribed by the Commissioner with the approval of
made public by the Treasury. Democrats, the Secretary and shall be separately shown in the return of the partnership
closely follows the summary
admitting there are no "jokers" in the measure, however, criticize Mr. Mel- and shall be taxed to the member as provided in Section 218."
lon for not disclosing certain features.
The normal tax sections, which in the main follow the language of the
except for
Yesterday (Dec. 28) Chairman Green made public the present law follows: the reductions In rates from 4 to 3% and from 8 to
6%, are as
of the bill as submitted by Secretary Mellon.
full text
"Section 210. (a) In lieu of the tax imposed by Section 210 of the Revenue
On Dec. 27 the provisions in the bill creating a Board of Act of 1921, there shall be levied, collected and paid for each taxable year
of every individual (except as provided in subdivision
upon
Tax Appeals to consist of 28 members whose terms would be (b) ofthe net income normal tax of 6% of the amount of the net income in
section) a
at a salary of $10,000 a year each, were excess this credits provided in Section 216, except that in the case of a
for a ten-year period,
of the
citizen or resident of the United States the rate upon the first $4,000 of
printed in the New York "Times", which said:
3%;
Secretary Mellon is in favor of the creation of such a board because he such excess amount shall be
"(b) In lieu of the tax imposed by subdivision (a), there shall be levied,
feels confident that an independent administrative tribunal should be
year upon the net income of every non-resident
organized by the Government to sit on appeals from decisions of the Internal collected and paid for each
of a contiguous country, a normal tax equal
Revenue Bureau, and whose decisions would be as binding on that bureau alien individual, a resident
the following:
as on the Federal taxpayer. There would be recourse by the taxpayer to to the sum of
centum of the amount of the net income attributable to
"(1) Three per
the courts against any decisions of the proposed new board.
wages, salaries, or professional foes for labor or personal services performed
Regarding this feature the New York "Journal of Com- in the United States in excess of the credits provided in subdivisions (d)and
merce" had the following to say in Washington advices (e) of Section 216; but the amount taxable at such 3% shall not exceed
$4,000; and
Dec. 27:
"(2) Six per centum of the amount of the net income In excess of the sum
Members of Congress to-day poured cold water on the scheme outlined of(A) the amount taxed under paragraph (1) plus (B) the credits provided
appeals
Secretary of the Treasury Mellon for establishing a board of tax
by
salary of $10,000 a year each. under Section 216."
with twenty-eight members, employed at a
Provision for Surtaxes.
out that
Among these were Ways and Means committeemen, who pointed
The section of the bill containing the proposed now scale of surtaxes.
every move was for economy
there could not be any such legislation when
extending to a maximum of 25% instead of 50% as at present, follows:
on the part of the Government and curtailment of all expenses.
"Section 211(a) In lieu of the tax imposed by Section 211 of the Revenue
Demo4...vats claimed it to be a political move, with 28 plums being dangled
before election. If Act of 1921, but in addition to the normal tax imposed by Section 210 of this
before the eyes of adherents of the Administration just
taxable year upon the
contained in the bill when reported to the House by the commiztee it will, act, there shall be levied, collected, and paid for each
net income of every individual a surtax equal to the sum of the following:
above all else, give rise to considerable discussion from that angle.
"1% of the amount by which the net income exceeds $10,000 and does not
Exception is being taken to the attitude of the Treasury in trying to force
Its views upon Congress. It is charged that Secretary Mellon has permitted exceed $12,000;
"2% of the amount by which the net income exceeds $12,000 and does not
statements to go out to the people that would have the effect of compelling
exceed $14,000;
Congress to accept the Mellon plan "as is."
DEC.29 1923.]
THE;
CHRONICLE
"3% of the amount by which the net income exceeds $14,000 and does not
,exceed $16,000;
"4% of the amount by which the net income exceeds $16,000 and does not
exceed $18,000;
"5% of the amount by which the net income exceeds $18,000 and does not
exceed $20,000;
"6% of the amount by which the net income exceeds $20,000 and does not
exceed $22,000;
"7% of the amount by which the net income exceeds $22,000 and does not
exceed $24,000;
"8% of the amount by which the net income exceeds $24,000 and does not
exceed $26,000;
9% of the amount by which the net income exceeds $26,000 and does not
exceed $28,000;
10% of the amount by which the net income exceeds $28,000 and does not
exceed $30,000;
Incomes Over $30.000
11% of the amount by which the net income exceeds $30,000 and does not
exceed $32,000;
12% of the amount by which the net income exceeds $32,000 ad does not
exceed $34,000;
13% of the amount by which the net income exceeds $34,000 and does not
exceed $36,000;
14% of the amount by which the net income exceeds $36,000 and does not
exceed $40,000;
15% of the amount by which the net income exceeds $40,000 and does not
exceed $46,000;
16% of the amount by which the net income exceeds $46,000 and does not
exceed $52.000:
17% of the amount by which the net income exceeds $52,000 and does not
exceed $58,000:
18% of the amount by which the net income exceeds 358,000 and does not
exceed $64,000;
19% of the amount by which the net income exceeds $64,000 and does not
exceed $70,000;
20% of the amount by which the net income exceeds $70,000 and does not
exceed $76,000;
' 21% of the amount by which the net income exceeds $76,000 and does not
exceed $82.000;
22% of the amount by which the net income exceeds $82,000 and does not
exceed $88,000;
23% of the amount by which the net income exceeds $88,000 and does not
exceed $94,000;
24% of the amount by which the net income exceeds $94,000 and does not
exceed $100,000;
25% of the amount by which the net income exceeds $100,000;
Repeals Nuisance Taxes.
As already made known the bill repeals the taxes on telegraph, telephone
and radio messages and the tax on admissions.
The 5% jewelry tax in the present law is amended In the Treasury Bill
by adding the following paragraph:
"The tax imposed by subdivision (a) shall not apply to (1) surgical instruments, eyeglasses, spectacles, or silver-plated flat silverware; (2) pencils or
fountain pens sold for an amount not in excess of $1; or (3) clocks or watches
sold for an amount not in excess of $5."
Surgical instruments, eyeglasses and spectacles are exempted from the
tax under the present law but the other items are not. •
The community property clause, which will be one of the points of controversy because of laws in certain States, follows:
"Income received by any martial community shall be included in the gross
income of the spouse having the management and control of the community
property, and shall be taxed as the income of such spouse."
It is learned from a special dispatch from Washington to
the New York "Herald" Dec. 27 that Joseph S. McCoy, the
Government Actuary, has informed Chairman Green of
the House Ways and Means Committee that surtax rates
higher than those recommended by Secretary Mellon in the
tax re,duction bill now under consideration will not appreciably increase revenue from that source as compared with the
Mellon proposal. The "Herald" disptach continues in part:
Mr. McCoy's letter is a reply on behalf of the Treasury Department to
demands made on the Ways and Means Committee by the raidcal group
in the House for higher surtaxes instead of the lower surtaxes recommended
by Mr. Mellon.
Members of the Ways and Means Committee are considering concessions
to the radical demands on surtax rates that either would compromise or
largely surrender the recommendations of Secretary Mellon, which are
supported by President Coolidge.
Under the present law surtaxes start at 1% on incomes above 36.000 and
scale up to 50% on the higher incomes. Secretary Mellon purposes to
start the surtaxes on incomes above $10,000 and scale them up to 25%•
Members of the Ways and Means Committee are considering a plan by
whkh surtaxes would start on incomes above $6.000 and scale up to 25%
on the higher incomes.
•Government Actuary's Reply.
Chairman Green asked Mr. McCoy for information on the effect of the
compromise proposal on Government revenues. The reply of the Government Actuary is as follows:
"Dear Mr. Green'
-In answer to your telephone inquiry of Saturday as
to the effect of a scheme of surtax rates bminning by taxing net incomes
In excess of $6,000 and not in excess of$10.000 at a rate of 1% and increasing
this rate 1% for each $2,000 additional income unitl incomes of $60,000 are
reached, then increasing 1% for each $4,000 additional income until $80.000 net income Is reached, then increasing 1% for each $5,000 additional
income until $100.000 Is reached, all incomes in excess of $100.000 being
taxed at 35% upon the revenue from this source. I have to say as follows:
These rates as applied to the estimated net income for the present calendar
year as compared with the revenue that would result from the application
of the scales of the present law would show a loss of revenue due to the
reduced surtax rates of about $89.160.000 as shown in the following table.
Of course the stimulating effect upon business would be much less with this
maximum surtax rate of 35% than it would be if the maximum was reduced
to 25%.
"Logs in tax upon basis of estimated net income for the calendar year 1923.
"A surtax upon Incomes in excess of $6,000 with rates from 1% to a
maximum of 35 upon net incomes in excess of $100,000:
Income tax brackets. Loss in revenue. Income tax brackets. Loss in revenue.
$10,000
$200.000
$8,000
3300.000
$9.150,000
20,000
300,000
10,000
500,000
8,850.000
50,000
$11,756,850 500,000
20.000
1,000,000
7,700,000
100,000
15,303,030 Over $1,000,000
50,000
9,000,000
150,000
18,750,000
100,000
200,000
8.550,000
Total
150,000
$89,159.880
tfu IY.
.1071PH S. McCOY; Government Actuary."
1
2839
These figures show that the proposal under consideration by the committee would make a net reduction in income from surtaxes of $89,160,000
as compared with the present law, while the full cut recommended by Mr.
Mellon would mean a reduction of income of $100,000,000, or only 10%
more.
. Expects More from Surtaxes. In addition Secretary Mellon, supported by the Government Actuary
and other experts, believes that his proposal would result in an ultimate
increase in the amount collected from surtaxes. For comparison, his
recommendations to the committee, as given in his letter to Chairman
Green, arc as follows:
Reduce the surtax rates by commencing their application at $10,000.
instead of $6,000, and scaling them progressively upward to 25% at
$100,000. This will readjust the surtax rates all along the line, and the
Treasury recommends the readjustment not in order to reduce the revenues
but as a means of saving the productivity of the surtaxes. In the long
run it will mean higher rather than lower revenues from the surtaxes.
At the outset it may involve a temporary loss in revenue, but the Government Actuary estimates that even during the first year, if the revision
is made early enough, the net loss in revenue from all the changes in the
surtaxes would be only about $100,000,000, and that in all probability
the revenue from the reduced rates will soon equal or exceed what would
accrue at the present rates, because of the encouragement which the
changes will give to productive business.
The readjustment of the surtaxes. moreover, is not in any sense a
partisan measure. It has boon recommended on substantially this basis
by every Secretary of the Treasury since the end of the war irrespective
of party. The present system is a failure. It was an emergency measure,
adopted under the pressure of war necessity and not to be counted upon
as a permanent part of our revenue structure. For a short period the
surtaxes yielded much revenue, but their productivity has been constantly
shrinking and the Treasury's experience shows that the high rates now
in effect are progressively becoming less productive of revenue.
The high rates put pressure on taxpayers to reduce their taxable income, tend to destroy individual initiative and enterprise and seriously
impede the development of productive business. Taxpayers subject
to the higher rates cannot afford, for example, to invest in American
railroads or industries or embark upon now enterprises in the face of taxes
that will take 50% or more of any return that may be realized. These
taxpayers are withdrawing their capital from productive business and
Investing it instead in tax-exempt securities and adopting other lawful
methods of avoiding the realization of taxable income.
The result is to stop business transactions that would normally go
through and to discourage men of wealth from taking the risks which
are incidental to the development of new business. Ways will always be
found to avoid taxes so destructive in their nature, and the only way to
save the situation is to put the taxes on a reasonable basis that will permit
business to go on and industry to develop. This. I believe, the readjustment herein recommended will accomplish, and it will not only produce
larger revenues but at the same time establish industry and trade on a
healthier basis throughout the country. The alternative is a gradual
breakdown in the system and a perversion of industry that stifles our
progress as a nation.
In its advices from Washington Dec. 27 the New York
"Journal of Commerce" stated that Secretary Mellon in his
draft revision of the revenue law has prepared a smashing
blow to be dealt holding corporations formed to enable
stockholders to evade the imposition of surtaxes. The
paper quoted stated further:
The text of the Treasury draft is being held confidential by both the de"
partment and the House Ways and Means Committee to which it has been
submitted, but it is understood that one of the most drastic changes in the
present law suggested by Mr. Mellon is aimed at holding corporations.
The proposal of Mr. Mellon is understood to be designed to enable the
collection of millions of dollars of taxable income which yearly escapes from
the revenues of the Government. He proposes to tax the dividends received by holding corporations from constituent companies. As this suggestion comes under the administrative changes in the law proposed by
the Treasury, it is believed that it will escape the opposition expected to
be manifested against some of the recommendations for direct rate reduction.
Would Amend Section.•
Mr. Mellon's proposals to make the income tax laws effective against
holding corporations would provide for the amendment of Section 220 of
the Revenue Act. This section provides that if any corporation is availed
of for the purpose of preventing the imposition of surtaxes upon its stockholders through the medium of permitting its gains and profits to accumulate, instead of being distributed, there shall be a penalty of 25% of the
yearly income imposed in addition to the normal tax of 123i%•
However. in the calculation of not income for the purpoes of taxation the
law permits corporations to deduct the amount received as dividends from
domestic corporations. It is the proposal of the Treasury to include in
corporation net income such dividends of domestic corporations received by
holding corporations when such net income is subject to the 25% penalty
provided by Section 220.
Adoption of the proposed amendment, it is believed, would not only close
the door to one of the avenues of vanishing Federal revenue, but would provide in collections an appreciable offset to some of the suggested reductions
in rates. Experience has shown the Government that under Section 220
as it now stands there is no recourse against the organization of corporations
frankly and openly for thepurpose of permitting their stockholders to evade
the imposition of surtaxes. A penalty for such a practice is provided, but
the deductions from net income permitted by the Act nullify the application of the penalty to the corporations the law seeks to penalize.•
Working of Law.
What has occurred-under the present law works out something after
this fashion. A corporation Lr- organized to receive the dividends of a
number of domestic corporations. The charge is made by the revenue
authorities that the corporation has been fraudulently organized to allow
its stockholders to avoid the imposition of surtaxes. The charge is admitted by the holding corporation and the Government is challenged
to assess the 25% penalty.
But when the Government attempts to compute the net income of the
holding corporation for the purpose of imposing the penalty It is found
that the bulk if not all of the corporation's income is in the form of dividends from other domestic corporations, which is deductable under the
law. In other words, 25% of the holding corporation's net income for
the purpose of surtaxes is 25% of nothing.
The numbers of those holding corporations fortned.for the single
purpose of escaping'the surtaxes aro said to be almost countless. As
the
law now stands there- is nothing illegal in their organization. But-if
2840
THE CHRONICLE
[VOL. 117.
Congress adopts the Treasury's proposal it is believed that their ranks
will be considerably thinned as the Government would collect its taxes
Just as though the dividends of the other domestic corporations were
paid directly to the stockholders.
the cost of the bonus up to 1944. leaving a balance of about $650,000,000
coming due in the later years to be met by new legislation.
Your letter of Dec. 10 1923 calls attention to a statement appearing in
my letter of Nov. 10 to Mr. Green to the effect that'a soldiers' bonus would
As we indicate in another item it was decided on Dec. 21 postpone tax reduction, not for one, but for many years to come. It would
an increase
a decrease in taxes.' This is
justified.
by Republican members of the House to confer on Jan. 10 meanmust add to rather thancost of $250,000,000 a year for well first four
You
the direct
the
to consider the question of reporting a soldier bonus bill out years of the bonus and the average of $211,000,000 per year for the first
of Committee. This week Senator Royal S. Copeland, of twenty years the enormous indirect cost to the Government. The bill
gives the right in the
to borrow
the banks of
New York, in a letter to constituents indicated himself in country and that this first three yearsexercised byfrom great majoritythe
right would be
of
the
agreement with the contention that "reduction of taxes is the certificate holders none denies. The consequent demand for credit
would raise the interest rates which the Government as well as the general
a matter of great importance to the county," and added:
public will have to pay on borrowed money. At the same time the mere
I trust that some measure will be presented to Congress which will
passage of the bill would depress the price of Government bonds and
meet with sufficient favor to insure its passage.
increase their basis of return. In such a money market the Government
I have carefully studied Secretary Mellon's proposals and believe it
would have to take care of the $8,000,000,000 of its securities which mature
possible to carry out every detail in his plan and yet pass a reasonable within
the next five years, and to do so would, of course, have to meet the
bonus, which I also heartily favor.
higher rate of interest. The continuing cost of an increase in interest
rates on such a volume ofrefunding would be very large. The Government.
like every other person in the United States, would also have to conduct its
Secretary Mellon's Letter to A. Piatt Andrew Showing business at greatly increased expense, due to the higher price level generally
Which would inevitably follow the credit expansion and decreased production
Cost of Soldier Bonus.
brought on by the bonus law. Soon the disturbance to business by this
Dec. 21 that Republican members and other factors would reduce the income of the people and thus the GovIt was announced on
of the House of Representatives have decided to consider, ernment's revenue, so that any estimated surplus would no longer exist
at a conference on Jan. 10, the question of reporting out of and recourse would have to be had to additional taxes.
It must be
that a new obligation
Committee a soldier bonus bill. As we noted a week ago United Statesobvious to any impartial mindover $5,000,000,000, of of the
made in time of peace to pay
which
(page 2715), the cost to the Government of a bonus bill was $1.000,000,000 comes in the first four years, and an average drain on the
a letter addressed by Secretary of the Treasury Treasury for twenty years of $211,000,000 a year, which is one-fifth of
the subject of
the total
Mellon to Representative A. Piatt Andrew, and in part we economicpre-war cost of Government,cannot be undertaken without serious
consequences. If such a commitment is made, any reduction of
gave the communication in our issue of last week. Since Federal taxes upon a comprehensive plan will probably not been seen in
this generation.
then the letter in full, as well as a table in which it is shown
Very truly yours,
that the total direct cost of the bonus to the Government
would be $5,085,833,687, has been made available. We
give the letter in full herewith:
Dec. 18 1923.
My dear Congressman:—I have your letter of Dec. 10 1923, in which you
submit as the cost of a bonus three tables which appeared in the report of
April 20 1922, from Senator McCumber, of the Committee on Finance of
the Senate. A fair representation should, of course, include the fourth
year, when the Government is required to take over its btu den which under
the bill is placed for three years upon the banks of the country. These
figures are not estimates of the Treasury Department. The Government
actuary, at the request of Senator McCumber, did the mechanical work of
calculating the cost based upon the assumptions given him for that purpose
by Senator McCumber. The bill in the form submitted never passed the
Congress, and, therefore, no necessity for correction of or comment upon the
tables arose. The figures you quote from the veto message of President
Harding were made by the Government actuary based upon the same assumptions as those given him by Senator McGtunber applied to the bill in
the form it was submitted to the President. In his message President
Harding said:
"The Treasury estimates, based on what seems the most likely exercise
of the options, figures the direct cost at approximately $145,000,000 for
1923; $225,000,000 for 1924; $114,000,000 tor 1925 and $312,000,000 for
1926, making a total of $795,000,000 for the first four years of its operation
and a total cost in excess of $4,000,000,000. No estimate of the large indirect cost ever has been made. The certificate plan sets up no reserve
against the ultimate liability. The plan avoids any considerable direct
outlay by the Government during the earlier years of the bill's proposed
operations, but the loans on the certificates would be floated on the credit
of the nation. This is borrowing on the nation's credit just as truly as
though the loans were made by direct Government borrowing, and involves
a dangerous abuse of public credit. Moreover, the certificate plan of
payment is little law than certified inability of the Government to Pay.
and invites a practice in sacrificial barter which I cannot sanction.
It is worth remembering that the public credit is founded on the popular
belief in the defensibility of public expenditure as well as the Government's
ability to pay. Loans come from every rank in tile and our heavy tax burdens reach, directly or indirectly, every element in our citizenship. To add
one-sixth of the total sum of our public debt for distribution among less
than 5,000,000 out of 110.000,000 whether inspired by grateful sentiment
or political expediency, would undermine the confidence on which our.credit
builded and establish the precedent of distributing public funds whenever
the proposal and the numbers affected make it seem politically appealing
to do so."
In order that I may answer your question, the TreasuryDepartment has
considered the soldiers' bonus bill in the form in which it was vetoed by
President Harding. Taking up each of the three options, the total direct
cost, if 100% of those entitled to the benefits of the bonus accept farm and
home aid, would be $2,068,662,903, and the average cost for the first
four years would be $475,000,000 a year. If 100% should take the vocational training aid the total cost would be $2,318,022,451, of which $1.300,000.000 would be in the first year and $1.000.000,000 in the second year.
If 100% should choose the certificate plan the total direct cost (including
an estimate of $23,000,000 a year for the first twenty years for administration) would be 85,400,526,444, and the average for the first four years
would be about $225,000.000 a year. Senator McCumber assumed that
75% would take the certificate plan, 22% the farm loan and home aid
plan and 2%% the vocational training plan. He also assumed that a
certain amount would be borrowed on the certificates. With the passage
of almost two years since the original assumptions were made, it is believed
that a more probable estimate now is that there would be 90% who should
choose the certificate plan, 9% the farm loan and home aid plan and 1%
vocational training. Since the obvious purpose of the bill is to permit
borrowing, it is clear that greater recourse would be had by the certificate
holders to this privilege. Account has also been taken of the savings to
the Government by probable failure on the part of at least 100,000 men to
receive or redeem their certificates. Based on these estimates the total
direct cost of the bonus would be $5,085,833,687 and an average for the
first four years of over 8250.000.000 a year. A table is attached showing
the amounts to be paid each year.
It has been the policy of the United States to make preparation to meet
large principal payments coming due at a period in the future by use of a
sinking fund, and no other policy is sound. The twentieth year of the
bonus would see requirements of nearly 83,000,000,000. If this sound
policy be continued,it Is estimated that with some borrowing by the Government during the fourth and fifth years. twenty-one payments of $211,476.357 each from 1924 to 1944, both inclusive, if paid annually, would meet
(Signed) A. W. MELLON, Secretary of the Treasury.
Hon. A. Platt Andrew, House of Representatives.
The table which is based on Mr. Mellon's assumption
that 90% of the war veterans would choose the certificate
plan,9% the farm and home aid plan and 1% the vocational
training plan, follows:
Certificate
Year—
Plan.
1924
$65,229,002
56.336.378
1925
56,495.781
1926
639,045,183
1927
124,312,372
1928
34,580,297
1929
120,342,607
1930
84,714,548
1931
58,085,381
1932
58.563,589
1933
50,042,904
1934
50,621,846
1935
1936
42,260,565
43.056,472
1937
1938
52,904,407
1939
26,965,985
1940
10,129,404
1941
a24,491.319
1942
a67,846.370
1943
al51,492,206
1944
2,885,786.816
Total to
1945 -_ -$4,215.643,602
1946 to 1966 644.830,200
Total to
1966 _ _ _$4.860,473,802
Farm and
Home Aid.
$67,500.000
45,000,000
36,000,000
22,500,000
9,000,000
6,179,661
Vocational
Training.
$13.000,000
10.000,000
180,224
8186.179,661
823,180,224
*84,441,003,487
644,830,200
$186,179,661
823,180,224
*35,085,833,687
Total.
*8161,729,002
111,336.378
92,676.005
661,545,183
133,312,372
40,759.918
120.342.607
84,714,548
58,085,381
58,563,589
50.042,904
50,621,846
42,260.565
43,056,472
52,904,407
26,965,985
10,129.404
a24,491.319
a67,846,370
a151,492,206
2,885.786,816
* Includes $16.000,000 paid in cash to veterans whose bonus is $50 or less.
a Excess of receipts over payments.
No allowance is made for cost of administering farm and home or vocational training plans, which would be $3.000,000 a year as a minimum for some
six years.
President Coolidge Directs That Federal Aid in
Highway Building in Arkansas Be Suspended—
Statement by Secretary Wallace.
A statement was made by Secretary of Agriculture Wallace
on Dec. 22 to the effect that "neither the Federal-Aid Road
Act nor its administration is responiible for the troubles ,of
the Arkansas people in their road-building. On the contrary, the administration of the Federal Aid Act has been
helpful and has resulted in bringing about many muchneeded reforms in 'that State."
The statement of Secretary Wallace followed an announcement on Dec. 18 that President Coolidke had directed the
Secretary to withhold Federal aid in the building of Arkansas
roads pending an investigation into the Arkansas road tax
law to determine whether the carrying out of the project
would work a hardship upon property owners along the
highway. According to advices from Washington, Dec. 18,
appearing in the New York "Times," President Coolidge
acted upon complaint of the National Farmers' Union. The
"Times" said:
The memorandum submitted to him by C. H. Barrett. President of the
union, alleged that thousands of farmers in Arkansas are threatened with
confiscation of their homes as the result of the mountain-high road taxes
levied in that State. 7'he principal of that debt, which draws interest at
the average rate of 5%, already is in excess of $63,000,000. In scores of
instances farms are now in the hands of Federal receivers because of inability of their owners to meet the road taxes.
The speed with which President Coolidge acts in matters,such as this
Arkansas road business is illustrated in this instance. The memorandum of
the National Farmers' Union was placed before him early in the afternoon
of Dec. 11. Two hours later the President had acted and the Secretary of
Agriculture had been ordered to stop all Federal aid payments until the
charges made by the National Union were cleared up.
.
DEC.291923.]
THE CHRONICLE
The letter to Secretary Wallace read:
The White House, Washington, Dec. 11 1923.
My dear Mr. Secretary:—Enclosed is a communication about Federal
roads in Arkansas. The situation is such that I consider it unwise to allot
any more money to the State of Arkansas until these charges are cleared up.
I do not understand how any land there could be in the hands of Federal
receivers, except through voluntary bankruptcy, but, in so far as I have
authority to give you any directions, they are to the effect that no money
be allotted to Arkansas until these charges are cleared up.
Very truly yours,
CALVIN COOLIDGE.
Hon. Henry Wallace, Secretary of Agriculture.
Mr.Barrett acted in response to a resolution passed by the recent National
Convention of the Farmers' Union, held at Omaha. The memorandum
which he presented to the President said:
"First—Investigation will disclose the fact that hundreds, if not thousands, of farms, in most instances the lands of poor people, are now in the
bands of Federal receivers as a result of the inability of those farmers to
meet the highway taxes.
"Second—Right or wrong, the opinion is general in the farming communities that the Bureau of Highways of the Department of Agriculture
In giving its approval to the so-called Harrelson law, recently enacted and
which perpetuates the existing Arkansas road district system for years to
come, has by this approval made it possible for the Arkansas road machine
to add additional millions in taxes to the staggering burden of these farmers,
thousands of whom are facing the confiscation of their properties.
Highway Commissioner Accused.
"Third—The Chairman of the new State Highway Commission authorized
by the Harrelson law is Herbert R. Wilson, the State Highway Commissioner, against whom serious charges involving the sale of Federal-aid
money on a 10% basis are now on file in the Bureau of Highways. Robert
Lee Wilson of Wilson, Ark., ex-Governor Frank 0. Lowden of Illinois and
L. C. Yingling, the District Attorney at Helena, Ark., I am informed, are
familiar with the facts in certain of these alleged Federal-aid sale propositions.
"Fourth—The Little Rock Gazette, the principal paper of Arkansas, has
stated within the last week that Federal Bureau officials have been in conference with Wilson and are understood to be ready to restore Federal aid
to the State in a total sum,lam informed, in excess of $2,000,000.
"Fifth—The evidence is conclusive that the only thing that has operated
to relleve, in a very small way, the overburdened farmer taxpayers was the
withdrawal in January of this year of Federal aid, its restoration, it was
stated by the Secretary of Agriculture, depending on a reform of the law
and a lessening of the tax load on the land owners.
"Sixth—Under the new law the people were promised State relief in the
amount of $3,000,000 annually. Already the relief, which, according to
well-informed citizens, is largely 'mythical'and intended solely to perpetuate
the regime now in power, has been reduced to $2,000,000. Even the road
administration makes no claim that the relief will be substantial, as the cold
facts are that in no instance will the relief, if it is realized,touch the principal
43f the road bond debt, every cent of which is levied against the land,in most
instances farm lands. As a matter of fact, which the facts in the case will
disclose, in no instance does the promised relief care for as much as 50%
of the interest charge in 85% of the counties.
"Seventh—Federal aid in Arkansas has been used as a bait in saddling
this outrageous burden on the farmers of the State. Its restoration now
means the endorsement by this Government of a situation with few parallels
in the history of this country, a situation as cruel as it is indefensible."
On Dec. 21 it was stated that President Coolidge had indicated it as his belief that each project to be undertaken in
Arkansas should be decided upon its merits in order that the
Federal Government through its financial aid can work in
co-operation with those living along the proposed highways
and also in order that Arkansas may receive the full share
of the Federal appropriations. Charges that the Department of Agriculture was responsible for the chaotic highway
situation in Arkansas were made on Dec. 19 in the United
States Senate by Senators Robinson and Caraway of Arkansas. From a Washington dispatch to the New York "Times"
we quote the following:
Mr. Caraway, who frankly admitted that many Arkansas land owners
have been ruined by the road taxes, declared that he had "every reason
to believe that any crooked deal that ever was started in Arkansas had
sympathetic co-operation hero in Washington."
Senator Caraway said that he personally made the above charge to
Secretary Wallace, and that at his instance evidence had been placed
at the disposal of the Department involving one ofthe Federal road engineers
in Arkansas, it being alleged that this engineer had given certain road
officials in Arkansas to understand that the Federal engineers "were not
working for the salaries the Government paid."
Congressional Inquiry May Result.
For some weeks certain Senators have been quietly looking into this
Federal highway business. One of these Senators, a friend and supporter
of the President, is a member of the Committee on Post Offices and Post
Roads and when the time comes he is going to ask some very pointed
questions on the administrztion of the whole road program. The investigation now about to start will, in the opinion of some Senators, be extended
to include other States besides Arkansas. It is possible that a Congressional inquiry, which would be independent of the President's inquiry,
may be proposed in a joint resolution.
Senator Caraway took the floor as soon as the Senate convened to
-day.
He declared he had enver approved the Atkansas highway laws passed
In the Brough Administration, laws which levied the entire road cost
against the land, as a result of which, he declared, "many injustices were
perpetrated and many people were practically ruined by these taxes."
"I have protested as vigorously as I could," he continued. "I have
known of injustices. I might say, although I am not complaining of
my own particular situation, I have suffered myself. I know that the
present way of building highways in Arkansas, with the demands of the
Federal Government, makes it absolutely impossible to continue a system
that will result in very many miles of highways being built. It makes
the cost prohibitory, lends itself to inefficiency, and certainly, in many
cases, to dishonesty."
2841
It is estimated that road improvement districts in Arkansas have issued
bonds to the amount of about $63,000,000. Of this only $11,000.000,
about 17% in round numbers, has been used in connection with Federal
aid. The remainder has been used altogether on district projects with
which Federal aid has had nothing to do. The total expenditure from local
funds for roads built in connection with Federal aid and completed and
paid for is $6,120.553. Federal aid paid in connection with these roads
amounts to $3,957,307. There are in process of construction roads for
which the Arkansas district funds are obligated to the amount of $4,780,560,
and these call for Federal aid to the amount of $2,317,141.
Most of the Arkansas road districts in connection with which there have
been serious abuses and gross unfairness to the land-owning farmers were
created before Federal aid amounted to anything. Many of them had
practically exhausted local funds before Federal aid was called for.
Because of the peculiar road district system adopted in Arkansas Federal
aid administration has been exceedingly difficult. In April 1921 it was
discovered that great injustices were practiced in these road districts, of
which at that time there were more than 500, but in only 110 of which
Federal aid had been granted. An engineer of the Department of Agriculture was sent into the State to make a careful investigation to secure
information needed to administer Federal aid funds. He found many cases
of bad management, careless handling and improper payments of local
funds, excessive assessments on land owners,unbalanced and discriminatory
assessments, uneconomic laying out of districts, and a general laxity in
the organization to maintain the roads once they were built. None of these
conditions affected Federal funds, nor could they be remedied by Federal
authority. This investigation was made for the information and guidance
of the Department of Agriculture in administering the Federal aid and for
no other purpose, but a report was made to the Governor calling attention
to these conditions.
Many complaints were received from taxpayers in different parts of the
State. Some of these came from districts in which Federal aid was being
used. Most of them came from districts in which no Federal funds were
being used and which, therefore, could not receive attention at the hands
of the department. The conditions revealed, however, were such as to
lead me to notify the Governor in January 1923 that no further Federal
aid allotments would be made to Arkansas until these conditions were
corrected.
In the spring and summer of 1923 representatives of the Department of
Agriculture held many conferences with the Governor of Arkansas, members of the Legislature and others in positions of responsibility in the effort
to help them reorganize their State Highway Department and their methods
of administration and draft a new bill which would remove cause for criticism.
The Governor called a special session of the Legislature to convene
Sept. 24. I received many letters from members of the Legislature and
others, among them one from Senator P. It. Barnes, Chairman of the
Federal Relations Committee of the Arkansas Senate, in which he said that
"the same interests that plunged our State into this trouble are now moving
heaven and earth to fasten this district system on our farmers for a long
period of years." and asking me to make a statement. In reply I wrote
Mr. Barnes on Sept. 26 and said that while under the law I had no authority
to prescribe the manner in which the States should raise revenue for road
purposes, nevertheless I regarded the district system adopted and then in
force in that State as an "unjust, inequitable and wrong system, throwing
a grossly unfair burden upon the farm property adjacent to the highway.
insofar as I'nay have the power to withhold Federal funds for the construetionofroads under this system I shall exercise that power without hesitation."
The Legislature passed an Act known as the Harrelson Law. It is
better than the old law. Under it no new improvement district can be
created except by a majority vote of the people within the district, and the
assessment which may be levied on adjacent land is limited.
President Coolidge is in thorough sympathy with the course the Department of Agriculture has followed in withholding Federal funds as is shown
by his letter to me under date of Dec. 11. He is determined that every
power of the Federal Government be used to correct abuses and injustices
under which Arkansas farmers have suffered.
All roads on which Federal aid has been used must be properly maintained
by the State. Old road projects which can not be completed without
Federal aid must be cleaned up before Federal aid will be granted to new
projects. New projects under the new law must be established by a
majority vote of the property owners in the district before they will receive
consideration. Old projects not included under the new law will be considered on their individual merits. Methods of financing will be thoroughly
investigated and if unjust or discriminatory assessments are being made on
farm property such projects will not be approved until these are corrected.
Every evidence of graft, unfair practices, or mismanagement will be fully
investigated in so far as it comes within the jurisdiction of this Department,
and such action as may be necessary will be taken under the law.
The Department has no intention of making any further investigation
in Arkansas except as it may be necessary to administer Federal aid funds
justly and efficiently. Abuses due to State laws or State administration
should be corrected by State authorities. To secure Federal aid the law
makes certain requirements, and it remains for the State to meet these.
It is the purpose of the Department to be helpful in administering Federal
aid. Under no circumstances will Federal aid be permitted to be used to
work injustice. It has not in the past, and it will not in the future.
If there are any who think they have reason to believe any member of
the staff of this Department has been guilty of negligence or improper
actions they should make their reasons known to me.
Proposal to Increase Cotton Crop Reports to Two A
Month—Other Recommendations.
A recommendation that the present cotton reports be
increased to two a month was made at a two-day conference
in Washington last week between Secretary of Agriculture
Wallace and the Advisory Committee on Cotton Crop
Reports, representing planters, cotton exchanges, associations of producers, spinners and the farm press of the cotton
States. Various other important recommendations were
made at the conference, which was concluded on Dec. 22;
the recommendations propose that the mid month report
cover cotton conditions as of about the tenth of each month
from July to November, inclusive. It is further recomSecretary Wallace's statement of Dec. 22, in which he mended that the date of reports and the time of issuance be
said that "neither the Federal-aid Road Act nor its adminis- arranged to coincide with the dates of the ginners' reports
tration is responsible for the troubles of the Arkansas people and with the time ginners' reports are issued after ginners'
reports commence, and that they be issued as a combined
in their road building," also had the following to say:
2842
THE CHRONICLE
report, if that be foundjpracticable.*It is)likewise proposed
that the present practicelkof issuingIreortskbefore the:close
of the American exchanges be continued, ut that the
reports be issued later than at present so that adequate
time may be given td 'consideration of theadditional crop
data by the Crop Reportirra Service.% Because re.oft; the
increasing importance to American(cotton_producersZof the
competition of foreign prodirctron:titi,was:recommended that
the Department of Agriculture make provision'tto collect
information which will permit the making of regular reports
on production of cotton in foreign countries. The recommendations were prepared by a committee composed of the
following:
J. D. Eldridge, Little Rock, Ark.; W. A. Pierce, Weltien, N. C.; John
D. Rogers, Navasota, Tex.; George Gilmore, Sandersville, Ga.; B. L.
Moss,Soso, Miss., and Walter Cblbert, Ardmore, Okla., all cotton planters;
C. A. Cobb, Atlanta, Ga.,the"Southern Ruralist"; F. M.Inman,Atlanta,
Ga., president of the Atlantic Cotton Association; R. C. Dickerson, Waco,
Tex., of the Texas Cotton Association; Thomas Hale, New York City,
of the New York Cotton Exchange; Dr. Tait Butler, Memphis, Tenn.,
the "Progressive Farmer", and N.F. Ayer, Boston. Mass., ofthe National
Association Cotton Manufacturers.
The recommendations of the committee are as follows:
Numoer and Frequency of Reports.
The committee recommends that the present cotton reports be increased
to two per month; that the mid-month reports cover cotton conditions as of
about the tenth of each month from July to November, inclusive. These
reports shall cover such factors of crop growth and condition as shall be
found necessary and practicable by the Crop Reporting Service.
Increase in Field Force.
In order that the recommendation to increase the number of reports may
be carried out, it is recommended that the field forces of the cotton States
be sufficiently increased so as to carry out the work as provided, and that
such appointees shall have had experience in cotton farming as one of the
prerequisites for appointment. It is the sense of the committee that the
work of estimating cotton and all other crops in Texas is too great a task
for the force allotted to that State.
Separate Lists of Cotton Reporters.
The committee further recommends that the division of crop and live
stock estimates and field statisticians maintain separate lists of cotton
reporters.
Three Regional Statisticians.
That three regional or supervisory statisticians be appointed, one for the
southeast, one for the south central and one for the southwest; that each
be made a member of the Crop Reporting board and that such supervisors
shall have had as one of the prerequisites for appointment at least five years
experience in growing cotton and in addition thereto shall have been adequately trained in statistical methods.
Further Use of Rural Mail Carriers.
It is recommended that the department further developnts use of the
reports of rural mail carriers in the work.
Field Statisticians Centrally Located.
It is recommended that the field statistician in each State have his headquarters as near the.centre of agricultural production as practicable.
Date of Reports and Time of Issuance.
It is recommended that the date ofreport and time ofissuance be arranged
to coincide with the dates of the ginners' reports and with the time ginners'
reports are issued after ginners' reports commence, and that they be issued
as a combined report, if this be found practicable.
The Hour of Release.
In order that the confusion arising from the issuance of two government
reports on cotton within short intervals of one another may be avoided,
the committee recommends that the present practice of issuing the report
before the close of American exchanges be continued, but that the report
be issued later than at present so that adequate time may be given to consideration of the additional crop data by the Crop Reporting Board.
Intention to Plant.
The committee favorably recommends the intention to plant schedule
with the further recommendation that if issued it be made public not later
than about March 15.
That this report should show the per cent ofintended change in acreage
from the preceding year as stated by reporters on the basis of their actual
acreage for the preceding year and their intended acreage for the present
Year. subject to the uncertainties of the planting season, supply of labor
and other affecting elements. Coupled with this report should be published
available supplemental information concerning probable supplies of labor,
fertilizer, arsenate and other matters having a bearing on the problem not
only of acreage but of yield.
That other available basic data necessary for understanding the national
and world cotton situation be included in the same report.
That additional intermediate information be secured between the time
of issuing of the intention report and the regular July crop schedule as to
the readjustment of intentions which has taken place.
Schedule of Reports.
That a schedule of the season's crop reports be issued in advance with a
fixed summary of procedure and that no variations be made from the
schedule of procedure announced, except in case of extreme emergency
and after ample notice.
[VoL. 117.
facturers and representatives of the cotton trade, said committee or board
to advise with the Crop Reporting Board as to scope and method of the crop
reporting work at such times as it may be called upon by the Secretary of
Agriculture.
Reports Safeguarded.
The committee is thoroughly convinced that there is no possibility of a
leak in cotton estimate*, that it is a physical impossibility for any information to get out of the crop reporting room until it is officially released
by the Secretary of Agriculture or Acting Secretary. Not only are the
windows and shades sealed, telephones disconnected and United States
marshals stationed outside the locked doors, but the Board itself cannot
know what the report will be until a few minutes before it is scheduled
for release.
Crop Reporting Service Commended.
In view of the fact that there has been considerable criticism of the cotton
reports of the Crop Reporting Board, which tend to destroy the confidence
in these reports, made by those unfamiliar with the magnitude and difficulties of the work and its highly technical nature, or by those having a
selfish interest to serve, this committee feels that a word of appreciation
of the work now being done is due.
It is the sense of the committee that the Department of Agriculture be
commended for the manner in which its crop reporting work has been developed and is now being done. The committee feels that the production
forecasts have been as accurate as could have been expected in view of the
rapidly changing and unfavorable conditions that have prevailed since the
extension of boll-weevil infestation over practically the entire cotton belt.
Adequate Support Recommended.
Needed increases in the number of reports and improvements in equipment and methods which will insure fuller information and greater accuracy
in these reports can only come with more adequate funds for doing the work
expected. It is felt that fuller co-operation from the manufacturers and
producers and from the public generally should be given the crop reporting
service.
In a Washington dispatch on Dec. 21 referring to the
opening of the conference. the New York "Journal of Commerce" stated:
New legislation affecting the Government's crop reporting methods is
expected to be an outgrowth of the conference. Members of Congress
from cotton-producing States took part in the proceedings to-day and it is
anticipated that several bills will be introduced to revise the law to make
whatever changes the Committee may find necessary. Secretary Wallace
and Agriculture Department officials are said to be ready to adopt any
constructive suggestions which the committee may put forward in so far
as the latitude allowed the Department by law will permit, and it is understood that the Department looks for recommendations which will permit
a number of changes in the present sustem and which will not require
new legislation.
Discuss Government Methods.
The conference was called by Mr. Wallace to discuss the scope and
methods of collecting and distributing reports relating to cotton. There
has been a pronounced sentiment growing, which has lately manifested
Itself among members of Congress, for a radical change in the present
system. Efforts were made to-day to explain the present procedure
throughly to the advisory committee and the members of Congress attending
the conference, in order that they might be familiar with all the details
of the present system before drafting recommendations for new methods.
Opinions differed, it is understood, as to the necessity for reports of
intention to plant as well as the time when a report should be issued. There
was also argument on both sides of the question of the advisability of
acreage reports at an early date and differnet suggestions were made as
to the proper time for the issuance of the first bale report on cotton.
Question of Time.
The question of the time when Government cotton reports should be
made public is understood to have opened up a very wide field of debate.
The argument is made that the Government reports should not be made•
public until after the exchanges have closed for the day, so that sudden
fluctuations in the market as a result of the official forecasts may be eliminated and speculative activities lessened. On the other hand, it is contended that if the Government holds up its reports until after the markets
in this country are closed the forecasts would be available to the British
traders before the American cotton interests had an opportunity to adjust
their operations to the official findings and the British interests would
have a trading start of some six hours or so on this country, which might
in the end react against the cotton growers.
The above conference was preceded by the discussion of
the collection of information and compiling of estimates of
the cotton crops by the Government, together with the•
question of their publication at a conference at the Capitol
on Dec. 18, participated in by Dr. William A. Taylor,
Chief of the Bureau of Plant Industry of the Department of
Agriculture; members of the Crop Reporting Board, and the
committee of the "cotton bloc" on the readjustment of crop
estimates and crop reports, consisting of Representatives
J. E. Rankin, of Mississippi, Chairman; William B. Oliver,
of Alabama; F. B. Swank, of Oklahoma; Otis Wingo, of
Arkansas, and A. L. Bulwinlde of North Carolina and
Senator Harris of Georgia. This is learned from the New
York "Journal of Commerce," which stated:
It was agreed by all present that the reports of condition of the cotton
crop should be made at more frequent intervals during the critical time of
crop development and while the crop is being gathered and put on the
market.
Attention was called to the fact that the daily market reports made by
the government cover almost every product of American industry except
cotton seed, and it was declared that as a result the cotton growers of the
More Foreign Cotton Production Statistics.
Because of the increasing importance to American cotton producers of South are losing hundreds of millions of dollars annually because of the
Instability of seed prices and the farmers' lack of information on their
the competition of foreign production, it is recommended that the Depar ment of Agriculture, through its Bureau of Agricultural Economics, provide market value at all times. Dr. Taylor admitted this to be a very serious
adequate representation in other countries, whose duty it will be to collect question and one which would have the department's immediate attention.
information that will permit the Bureau to make regular reports on pro- He expressed the opinion that it would only be a matter of time before
cotton seed would be quoted in daily market reports,together with the other
duction of cotton in foreign countries.
agricultural products.
Advisory Board.
The same paper had the following to say in its accounts
The cotnmittee recommends that the Secretary of Agriculture appoint a
committee to be known as an Advisory Board composed of producers, manu- from WashingtoniDec. 25:
Price Reporting Service on Cotton Seed.
The committee further recommends that the department take such steps
as may be found necessary looking to the establishment of a more frequent
and complete price reporting service on cottonseed.
DEC.29 1923.]
THE CHRONICLE
2843
Home grown seed.If possible, or choice seed from the outside,if necessary;
Members of the cotton bloc, it is understood, are preparing to press in
Congress after the holiday recess measures to permit the Agriculture DeFurrowing early in the winter for drainage and early warming of the soil;
Thorough dissemination of reliable information on fertilization and use
partment to carry out the recommendations of the advisory committee on
cotton crop reports for the expansion of the government's system of cotton of poison:
crop reporting.
Use of modern implements;
A flock of hens and a few good grade cows on each farm.
Recommendations made by the committee calling for a greater frequency
of reports and an enlargement in the personnel of the crop reporting Service
Explaining the suggestions Mr. Bodman said they embodied little that
will necessitate additional appropriations before they can be adopted. Is new but are fundamental principles which are overlooked through the
Other of the committee's suggestions, however, are capable of adoption by influence of rising price for cotton. He considers the bankers and business
the Agriculture Department without any further steps by Congress.
men mostly responsible for the present condition, affirming that the supply
men and bankers indicate the policy in most instances. He deplored the
fact that too few appreciate the need.
$100.000,000 to Buy Feed.
Calls Cotton Crop Figures Too High—J. S. Wanna. The total proceeds of the 1923 cotton crop of Arkansas are not sufficient
maker Makes Total 9,650,000 Bales.
to pay for the food and feed needed to raise the 1924 crop, he said. He
The following from St. Matthews,S. C., Dec. 19, appeared estimates that more than $100,000,000, will go out of the State during the
next year for feed alone.
in the New York "Journal of Commerce":
Use of modern implements will be forced by the shortage of labor, acActual yield of cotton this year, in the opinion of J. S. Wannamaker, cording to Mr. Bodman. He advocated purchase of selected grade dairy
president of the American Cotton Association, will be from 300,000 to 400,- cows raised in the State as a start for beginners, declaring high bred animals,
000 bales lower than was indicated in the final estimate of the Government under inexperienced care, deteriorated to poorer milkers.
crop reporting bureau.
George H. Bell, President of the Planters' Bank & Trust Co.of Nashville,
"The Government estimates," said Mr. Wannamaker to-day, "have Howard County, made one of the most pertinent talks and several of
the
uniformly been far away from the actual crop. Last year it showed an ideas he had placed into practice in the last four years were adopted as
excess of 200,060 bales; the year before of nearly 400,000. This year, as part of the program. His latest innovation, which was looked upon with
is now pretty generally admitted, the Government's acreage estimate was favor, is the extension of credit on crop contracts. It is an
advancement
far larger than the area actually planted. In such circumstances, when of the credit statement which most bankers require from their farm
patrons.
other facts at my disposal are given due consideration, I have no hesitancy In addition to rendering a
statement of production and the future plans
In saying that in my judgment the crop of 1923 will not exceed 9.650,000 upon which the loan is to be based, he says an agreement to plant certain
bales.
crops on specified acreage and through enforcement by the banker it will
"Information at my disposal shows that the average bale this year will *result in natural diversification, according
to Mr. Bell. He said the
scarcely weigh more than 482 pounds. This is owing to the rapidity with patron who did not live
up to his agreement would have to look elsewhere
which gathering and ginning have been done,adverse seasonal conditions, for credit the next year.
premature opening and boll weevil conditions, which have caused cotton to
Harvey County, Mr. Bell said, is one of the five leaders in the State
lint out unusually light. A shortage in weight of 18 pounds per bale in a ginning report. He
said this was partly responsible to fertilizer and poison
crop of 10.000,000 would mean a reduction of something over 300,000 bales use and partly to increased acreage. He
pointed out the evil of the latter
on the usual 500 pound bale basis.
in the present situatioia in his county. Cotton has been increased 15 to
"I have in my possession letters that show the Department of Agriculture
25% at the expense of corn acreage. So far this fall his car had purchased
and the crop reporting board did not take into consideration the weight of
from Kansas six carloads of corn, as a result and more would be needed.
bales in this year's final estimate. The harvesting and ginning of the pres
out crop will be completed even at an earlier date than was the case with the
Suggests Spread of Labor.
crop last year. It will soon be evident to the trade at large that the GovernDean Dan Gray of the College of Agriculture University of Arkansas, in
ment has again overestimated the crop by from 300,000 to 400.000 bales.
a letter to the chairman, advocated a diversification by which 60% of the
• At an outside figure, in my opinion, the present crop will be 9,650,000, income should be derived from crops and
40% from live stock. He advoand it may, when all things are considered, yet fall as low as 9,500,000, of
cates self-supporting farms and plantations, and suggests a rotation which
actual 500
-pound bales. Nor do I believe that the South can materially will permit spread of labor nearly the year around. He considers
expert
'increase its acreage next year."
supervision is vital to any gain.
Loy E. East, manager of the Wilson plantation, comprising 50,000
acres gave detailed figures of the results obtained on the plantation. AddiMay Revise Cotton Crop Calculations—Census Bureau tion of fertilizer, costing $6 an acre to the production cost of $50, produced
1,700 pounds of seed cotton, compared with 900 pounds without fertilizer.
Investigating Light Weight Reports.
acre, compared with
Use of good seed raised production to 1,100 pounds
The following advices from St. Matthews, S. C., under 809 pounds through use of ordinary seed, he said.anGood seed, fertilizer,
date of Dec. 7, appeared in the New York "Journal of and use of poison, are investment features which the farmers cannot afford
to overlook, he said.
Commerce" of Dee. 8:
5. E. Pridmore, agronomist of the Southern Soil Improvement AssociaAs a result of information collected by the American Cotton Association,
tion, declared that 30% cotton is creating a tendency toward more extenIndicating that this season's cotton crop is being put up in light
-weight
bales which may necessitate revision of crop estimates, it is stated that an sive planting, which will result in a financial situation far worse than the
investigation by the Department of Commerce is now in progress, the present, if allowed to proceed unchecked. Cotton is the big crop of the
results of which will be made public early in January. Information re- State and should be, he said, but increased yield per acre is the important
ceived by J. S. Wannamaker, head of the association, is to the effect that factor. The State has reached a point where production costs are equal
owing to adverse weather conditions and boll-weevil infestation cotton is to the returns.
Among other speakers were: T.Roy Reid of the Extension Division of the
hating out extremely short of seed and many farmers are harvesting only
enough to gin extremely small packages. Correspondence between Mr. University of Arkansas: John Stinson, St. Louts, agricultural agent of tke
Wannamaker and W. M. Steuart, Director of the Census Bureau, on this Missouri Pacific; Martin Nelson, director, University of Arkansas; E. H.
Abbington, Beebe; Charles Metcalf, Batesville.
subject has brought the following reply from the latter:
"I am in receipt of your letter of the 26th ult. advising that this year's
It is stated that suggestions at the meeting were received
cotton is being put up in extra light bales and that the statistics in running
bales would, therefore. be misleading as to the total amount of cotton avail- from many and the program was evolved from these suggesable for spinning and suggesting that the actual gin weights be presented
tions by a special committee composed of the following:
with the next report on cotton ginning.
"The reports secured by this office for bale weights are obtained in two
George H. Bell, R. J. Dougan. C. W. Pellinger, John Stinson. Loy E.
installments, the first on Nov. 1 of cotton marketed prior to that date and
the other on Jan. 1 of sales subsequent to Nov. 1, the purpose being to have East, J. E. Pridmore, T. Roy Reid, H. M. Cottrell, Martin Nelson, V. C.
the weights represent the varying conditions throughout the season, and Kays, J. F. Sumers and Fred Retaken. The following were appointed as
thus make them of greater accuracy than would be the case if they covered a committee to assist in the campaign in February planned by the Agrionly the first part of the season.
"The first installments of the weights have been received and are now cultural Extension Department: Mr. Pridmore, Mr. East, Mr. Bell, Conobeing carefully examined. Those to be received In January will be given way Scott, Mr. Stinson, Mr. Cottrell and Mr. Heiskell. Visitors were
immediate attention so that a reliable average may be computed for the guests at a luncheon given by the association.
entire crop. It is, of course, Important that this matter be given careful
attention and in cases where the weights returned appear out of line correCommenting on the meeting and its results, the "Gazette"
spondence is had in connection with them. The figures will be published as
.
quickly as they can be assembled."
says:
Crop Plans for 1924.
Arkansas bankers who met here last Wednesday to discuss the State's
Arkansas Bankers, Business Men and Farmers Adopt agricultural problems and next year's crops, very wisely decided to fight
only for fundamentals. Those basic agricultural principles that have been
"More Cotton and Less Acres Program"—
proved sound by years of experience are Incorporated into the farm plan
Thirty-Cent Cotton Plan Opposed.
urged by the bankers and they are not complicated by a multiplicity of
"More cotton and less acres" was adopted as the slogan innovations, suggestions and theories. Boiled down,the bankers of Arkanof bankers, business men and farmers, who met at Little sas advocate more cotton on fewer acres, with sufficient foodstuffs for every
farm's need and those foodstuffs that may be grown easily and cheaply
Rock, Ark., on Dec. 12 at the instance of the Agricultural In Arkansas.
Committee of the Arkansas Bankers' Association. The
Many of the men who gathered here for the conference are farmers as
meeting, according to the "Arkansas Gazette," resulted in well as bankers. All have an intimate knowledge of agriculture in Arkansas,
for a majority of their customers are farmers. The bankers know the probthe adoption of a program "to intensify production of cot- lems of these farmers and know their financial condition. The Bankers'
ton, make every farm and plantation self-supporting and Association of Arkansas is one of the most progressive and virile organizations in the State. Its agricultural committee is carefully selected and works
to build up poor acreage." The same paper states:
with energy and intelligence. When an agricultural emergency arises
1The keynote of the program is greater production of cotton per acre, farmers come to the bankers for advice as well as for financial help.
through means of bettor seed, fertilization, use of weevil remedy and more
More cotton on fewer acres is easily possible in this State and the plan
care, supplemented by home production of food and feed stuff and advance- Includes the only safe method-or cotton farming. To boat the boil weevil,
ment, according to training, in dairy and poultry.
a crop must be set early and this can be done only by proper fertilization,
•
•
•
•
•
Intensive cultivation and the prompt use of poisons when poisons are necesThe program was elaborated in the address of E. J. Bodman, chairman sary. The farmer who holds his acreage to a point where he will be able,
• of the Agricultural Committee of the bankers association in which the main with the labor on hand,to meet any emergency is tho farmer who will make
points, briefly stated were as follows:
money next year. The farmer who overcrops himself will take a desperate
More whole-hearted support from the business men;
gamble, with every chance against his winning.
Advoidance,commercially, of crops in which the grower is not experienced;
The bankers made it very plain that they consider cotton the chief money
Curtailment of acreage to a ratio of 10-12 acres per mule:
crop of Arkansas. They want Arkansas farmers to raise as much cotton
Constant cultivation; well bred seed; fertilizing; use of calcium arsenate; as possible, but they do not want Arkansas to overplant and to lose
money
avoidance of substitutes;
through overplanting. They want Arkansas to pick every acre of cottor
ja Cotton and corn only on acreage which will produce half a bale of cotton it plants and they want every acre planted to be a paying acre. For
this
or 20 bushels of corn with good seed and substitution of cow peas, soy beans reason they urge fertilization. Farmers should remember that as the
per
or legumes on poorer land:
acre production increases the cost of production decreases.
2844
THE CHRONTCLE
In order to give the cotton crop the intensive cultivation it requires under
present conditions acreage must be reduced. The surplus acres should be
planted to feedstuffs, but the bankers warn against planting corn on poor
or worn-out land. They urge the planting of cowpeas, soy beans or legumes
on land that will not produce a half bale of cotton or 20 bushels of corn
to the acre.
The plan outlined by the bankers is one that will appeal to every careful
farmer in the State, and it is one that should be followed. The first big
thing in the plan is good seed. Arkansas will need every pound of cotton
it can make next year and not a pound of bad seed or untested seed should
be planted. The farmer who plants poor seed has saddled himself with
failure before his crop sprouts.
Wheat Subsidy Through Tax on Wheat Exports
Proposed by Oregon Farmers—Opposition by
Merchants Exchange of Portland.
Opposition has been expressed by the Merchants Exchange
of Portland
Iegon, to a plan for the marketing and control
of the Tin! ;States wheat crop, proposed at a meeting in
Portland, ,/egon, Dec. 7, participated in by the Wheat
Committee of the Oregon Bankers Association and representatives of State, co-operative and agricultural organizations. On Dec. 19 a resolution was adopted by the Exchange
seeking delay on the plan, the resolution stating that"we
expect to be able to present facts that will be convincing
that the plan proposed would be detrimental not only to the
business interests of the country but to the farmer as well."
On the following day the Exchange made known in detail
its arguments against the plan, and these we give further
below. In reporting the resolution of the Exchange the
Portland "Oregonian" of Dec. 20 said:
The grain dealers and exporters of Portland, through the Merchants'
Exchange association, have asked the Chamber of Commerce to take no
action in approval of the proposed export wheat subsidy plan until they have
had an opportunity to present their views on the subject.
At a special meeting of the association at noon yesterday the following
petition to the directors of the Chamber of Commerce was approved:
Resolution Is Adopted.
"We, the undersigned Merchants' Exchange of Portland, individual
grain merchants and exporters, respectfully petition your honorable body
not to take any action in indorsement of the plan submitted by the special
committee of the Oregon State Bankers for the marketing and control of
the entire wheat crop of the United States until we have had the opportunity of appearing before your body and presenting to your agricultural
committee a brief on the subject.
"The plan has for its purpose the handling of export and domestic grain
through a governmental agency. This is so foreign to the present world
methods of marketing wheat that action should not be taken without a
thorough understanding of its far-reaching. effects. We do not believe that
up to this time the plan has been given sufficient consideration to enable the
Chamber of Commerce to act intelligently on the subject. It is our desire
to present certain facts to your agricultural committee that we believe will
have a vital bearing upon your decision.
Plan Is Opposed.
"We expect to be able to present facts that will be convincing that the
plan proposed would be detrimental not only to the business interests of
the country, but to the farmer as well."
The views of the grain trade on the subject are being drawn up in a brief
which they expect to present to the chamber to-day.
In its issue of Dec. 8 the "Oregonian" stated:
[VoL. 117.
Price to Be Regulated.
"The purchasing power of the pre-war value of the commodity is presumably a known, fixed quantity. The price is to be regulated from year to
year to equal this known,fixed quantity. The American Wheat Growers'
Associated, Inc., state that this is not price-fixing. They call it 'the reverse
application of the tariff principle.' But the effect is the same. They
propose to maintain the price at a fixed value, call it by any name that
Is desired.
"It is hardly necessary here to repeat the well-known arguments against
price-fixing. Such must have been obvious to the advocates of the plan,for
indirectly they admit such arguments and the impossibility of securing
sufficient support to pass this measure if recognized as price-fixing. This
they have done by their unwillingness to permit the proposal to be known
under that name."
The argument continues to point out that even if the plan could be made
to operate, it would be "objectionable for the following reasions:
Unsound, It Is Said.
"The plan is economically unsound. It is an artificial means of stimulating an industry in which there is already overproduction.
"The effect of such a measure would be cumulative. The burden to
be artificially borne due to over-production would become greater and
greater each year, and unless this plan was permanently adopted, all would
end in economic disaster.
"The plan proposes class legislation. It contemplates an indirect tax
upon the public at large of 23 cents per bushel upon each bushel of wheat
produced through an increase in price to the domestic consumer. This
amounts to a subsidy for the benefit of the people producing less than 12%
of the total value of the country's principal farm crops (from the final estimates of the United States department of agriculture, Dec. 17 1923).
Grain Dealers Would Go.
"The plan will result in the practical confiscation of private property.
It has been proven in the past few years that the co-operative marketing
associations cannot hope to displace the private exporter or grain dealer
in fair and open competition. However, this plan proposes to legislate the
private exporter and grain merchant out of business. It is stated in support of the proposed plan that 'it will greatly assist the growth of co-operative marketing associations.' It is also stated 'it will leave to the co-operative marketing associations the problem of controlling orderly distribution
of the domestic consumption.'
"It is a further entry of the federal government into private business.
The present administration is pledged to stand aloof from the conduct of
private business enterprises except for the correction of abusive tactics and
illegal practices. There has been no claim made that such conditions exist
In private and competitive handling of grain."
Discussing the second question relative to co-operative marketing, the
brief says: "Co-operative marketing has never been able to displace the
private and competitive system of grain handling in open competition.
Legislation Would 73e Unfair.
"To force the extension of co-operative marketing through legislation is
not only eminently unfair, but should certainly not be accomplished until
the co-operative associations assume the burden of proof and show beyond
a reasonable doubt that they can operate for as low a cost per bushel handled
as the private dealer who handles an equal quantity of grain. The human
race is so constituted that men have always worked and accomplished more
for their own private gain than in the service of the public.
"Since the days of the corn laws in England, there have been many
periodic attempts by legislation and otherwise to eliminate the private and
competitive system of handling agricultural products. Such attempts
have always been ended in expense, Inefficient handling, and graft; and
eventually the field has been opened once more to private and competitive
handling. This is at least some evidence that in the long course of human
affairs the problem can better be handled for the producer by private and
competitive individuals under a small margin of profit.
The plan embraces the taxation of all wheat which leaves the farms in
Overhead Is Small.
order to raise a premium which would be applied to the exported surplus of
"There is little or no room for the reduction of expense in the handling
this commodity. Domestic prices are at present controlled by the price of grain. It is handled at present by private dealers at so low an overhead
which is received for the exported wheat in the world market. Through cost that even were all this overhead eliminated it would not appreciably
the subsidy the price of export wheat would be raised and would in turn help the farmer.
raise the price of the domestic commodity and give the farmer the desired
"Co-operative marketing,if extended, would open the door to still further
return.
class legislation and class evasion of monopolistic combinatinos prohibited
The plan is virtually that of the American Wheat Growers' Association, by the Sherman Anti
-Trust Act. The proposed plan deals exclusively
Inc., which was formulated at their meeting in Denver about a month ago. with wheat. Many farmers grow other crops such as corn, oats, rye,
It was unanimously approved by the group representing banks,co-opera- barley,flax and fruit. One farmer may raise but one crop and this of some
tives, farm organizations and business interests.
commodity other than wheat. Every cereal mentioned is selling at a low
The arguments of the grain trade in opposition to the price. It would not be long before we would be requested to fix the price
for rye, corn, barley, oats, fruit and other commodities. When we have
proposal are furnished in the "Oregonian" of Dec. 21, and done this there are many branches of the milling business whose mills, idle
we quote therefrom as follows:
since the war, may want a living price fixed for that commodity."
Included in the argument are a number of references to the part of the
The brief of the grain trade of Portland against the so-called American
Wheat Growers' associated plan for an export subsidy to relieve the grain exporters in building up the port and the regulations which insure their
efficient operation and prevent them from making exorbitant profits.
situation was presented yesterday to the agricultural and legislative committees of the Portland Chamber of Commerce.
At a convention, in Eugene, Oregon, on December
The committees, which are considering indorsement of the plan, will
take a full week to make a study of the objections. The program was 20 of the Educational and Co-operative Farmers Union
originally presented to them by a special committee of the Oregon Bankers' of Oregon the proposal to impose a tax on wheat in
Association.
order to create a subsidy for the exported surplus was
Briefly, what the plan proposes is the creation of a Government export
corporation, empowered to tax all wheat in order to create a fund to be endorsed in a resolution introduced by tho Committee on
applied as a bonus upon that portion of the wheat which, as a surplus, is Marketing, headed by A. R. Shumway, ex-State President
exported. This, with adequate tariff protection, would raise the price of the Union. It is stated that the
Committee also urged
of domestic wheat sufficiently to provide the farmer with an adequate return
grading and standardization of all products, and supported
for his grain, it is contended.
Representing the grain trade, through the Merchants' Exchange, the co-operative marketing associations of all kinds. The
brief was presented over the signatures of Frank Shull. W.H. Wilson, I. C. Union went on
record as favoring a national co-operative
Stanford, A. M. Choystale and N. A. Leach.
marketing Act by Congress which
would create crop pools
Arguments Are Given.
and make warehouse receipts legal tender. Lower freight
• The arguments against the export subsidy program are discussed under
rates on farm products and machinery, as advocated by
two headings. They are:
"First. Under this plan is it possible to guarantee the producer of wheat President Coolidge, were incorporated in the resolutions
a price for his goods which will assure a profit?
'Second. Can marketing through co-operative associations be more adopted.
beneficial to the farmer than the present competitive system, and should
In detailing the wheat subsidy plans approved at the
co-operative marketing be extended?"
Discussing the first question, the brief declares that "this proposal is Portland meeting Dec. 7, the "Oregonian" said:
As outlined by A. R. Shumway,President of the Oregon Grain Growers
nothing more nor less than price-fixing. This statement has been, and
will be, most strenuously denied by the advocates of the plan. The sixth Co-operative Association, the Federal Government would assess a tax of
follows: 'The tax and the premium 7 cents a bushel on all American-grown wheat which leaves the farms.
section of the proposed plan reads as
to be subject to revision by the commission from year to year, depending This fund, which on approximately 700,000.000 bushels would amount to
upon the probable amount of the surplus, always so fixed that the price of $49,000,000, would be applied as a premium to the exportable wheat surplus,
wheat to the farmer will be maintained at a point equal in purchasing power which is approximately 170,000,000 bushels, when billed for export. This
would add approximately 30 cents a bushel to the price received for export
to the pre-war value of the commodity.'
DEC.29 1923.]
THE CHRONICLE
2845
The wheat problem of America depends on Kansas. Kansas is the key
wheat, the amount thus added to the export price acting so as to place the
domestic price 30 cents above the world price. The enhanced world price State. With Kansas unorganized nothing can be accomplished in the other
States. With Kansas organized the fight is half won.
would be met by those desiring to purchase domestic wheat.
Upon your attitude here to-day depends to a larger degree the future of
Creation of a United States export commission to handle the fund
channels, would be created, the wheat grower in America.
collected through railway and mail certified
together with the adjustment of the tariff wall to fit the new conditions
Through co-operative marketing you endeavor to raise the general price
This would result in virtual application of the tariff principle to the product level of wheat. The merchant will tell you the price of any commodity is
after the farmer sells as well as that which he buys, it is pointed out.
determined by supply and demand. If you press him further he will add
the two factors: time and place. In other words the price of a given comTax Subject to Adjustment.
modity is determined by the supply and demand of that commodity plus
The amount of the tax would be subject to adjustment by the export the place the specific article is located and the time it is disposed of.
commission, having the effect of reacting automatically toward the adjustCommodity Basis Needed.
ment of the wheat acreage, because the larger the surplus the heavier the
tax per bushel would necessarily become.
Co-operative wheat marketing will not succeed except upon the commodity
A proposal to set up a Government export commission, supply. basis. We must think in terms of the State's and the nation's
charged with the duty of disposing of the wheat or flour
That supply must be released systematically so the market will not be
surplus was one of the proposals advanced n the annual flooded. There must not be a surplus on the market, because a surplus
beats
The present
report of Secretary of Agriculture Wallace; reference thereto in thedown the price. manipulators.method permits the surplus to be held
hands of grain
Under the commodity system of cowas made in our issue of Dec. 15, page 2612.
operative marketing an even flow of the grain is maintained. There is no
surplus for the grain dealers,for the farmer holds the surplus: the association
will not sell enough at
American Wheat Growers Association Advocates Tax solves the problem. any one time to create a surplus. Orderly marketing'
on Wheat.
This has been the case in the fruit and tobacco industries. It will work
wheat.
Legislation designed to raise the price of American wheat in Each State must organize itself, and we are starting in Kansas. When
22M cents a bushel by taxing domestic wheat 7M cents a each State has organized then it will be possible to co-ordinate with the
bushel and granting 30 cents a bushel premium on all wheat national organization and thus control the marketing of the entire crop in
exported was proposed by the American Wheat Growers' the United States.
If Kansas cannot sign 44
Association in a letter addressed .on Dec. 5 to Minnesota project will not go over thismillion bushels by May 24 1924, it means the
year. But Kansas can sign one-third of its
Congressmen by G. C. Jewett, General Manager. The production in that time, Alberta, a province in Canada, signed up 25,000
growers, representing 45% of the entire crop,in only three weeks this fall.
press dispatches from Minneapolis said:
Under the plan proposed by Jewett, the wheat producers would pay a tax They were not so well prepared for co-operative marketing as Kansas.
of 7% cents on each bushel produced, creating a fund of $52,500,000 on
Harmony, Not Leaders, Lacking.
the present production of approximately 700,000,000 bushels.
Kansas never has lacked leaders. It has lacked harmony. This is
This fund would be used by a Government commission to be created to critical day. If Kansas does not want to market its wheat co-operatively,
pay the agency shipping wheat abroad a premium of 30 cents for each then the matter will be dropped. If it takes more raps than the Kansas
bushel exported, thus giving the farmer a net increase over the world price farmers have got the past two years to make them want a change, they
of 22% cents a bushel.
probably can have more of it.
It is Jewett's theory that this would tend to encourage exportation of
The same paper says:
wheat, as against domestic sale, and ultimately would force domestic consumers to meet the 30 dents export premium, thus giving wheat producers
At the conclusion of Sapiro's address Andrew Shearer,of Marshall County
of this country a net price of 22% cents over the Liverpool or world price.
formerly a member of the State legislature, moved the adoption of Sapiro's
Under Jewett's proposal the present tariff must be increased from 30 plan. This carried unanimously.
Officers were elected and the executive committee then adopted the form
cents to 60 cents a bushel.
of contract presented by Sapiro.
Sapiro's plan was submitted to the organization committee of the tentaBill Creating Wheat Stabilization Corporation With tive association in Memorial hall yesterday morning. It includes all the
main factors ofthe co-operative wheat contracts now in use by the two leadCapital of $300,000,000 Introduced in Congress.
ing organizations in Kansas.
The creation of a wheat stabilization corporation with a
Thesefive main points in the new contract were agreed to,outside of which
capital stock of $300,000,000 is proposed in a bill introduced it follows closely the well known forms:
(1) Wichita will be the headquarters of the new association.
on Dec. 6 by Senator Gooding (Republican) of Idaho. The
(2) Membership is $10 a person.
corporation would be einpowered to establish a minimum
(3) It will be necessary to sign up 44 millions bushels of wheat before the
basic price of $1 50 a bushel for No. 1 Northam spring wheat, contracts are binding.
(4) That amount of wheat must be secured by May 24 1924.
which, it is figured, would stabilize the price of other wheat. (5) The association will have 21 directors, 20 of whom will be elected by
For the purposes of the corporation there would be author- members of the association which will be divided into 20 districts, and one
ized expenditures out of the Federal Treasury not to exceed appointed by the governor of Kansas.
$5,000,000 annually.
Lansdon Elected Chairman.
W,C. Lansdon of Saline County was elected chairman of the executive
committee. Sen. E. E. Frizell of Pawnee County is vice chairman, and
B. E. Corporon cf Sedgwick County is secretary-treasurer.
The executive committee offive includes: Forrest Luther of Gray County,
Walter H. Cappell of Neosho County, Simon Fishman cf Greeley County,
W. P. Lambertson of Brown County and C. J. Cox of Sedgwick County.
The factional fight existing among the various farm organizations of the
State did not make its appearance at the meeting yesterday. Practically
every farm organization in Kansas is represented on the executive committee. Every farm organization in Kansas is represented on the organization committee.
$50,000,000 Live Stock Loan in Behalf of Wheat Farmers
to be Sought in Congressional Legislation.
A Congressional appropriation of $50,000,000 to be
loaned to wheat growers of the Northwest to be used in the
purchase of live stock will be advocated in the Senate and
House as a result of a series of conferences participated in
by the North and South Dakota, Montana and Wyoming
Congressional delegations with agriculturists and business
men from those; States. According to Washington advices Diversification and Co-Operative Marketing Only
Sound Basis for Agricultural Prosperity, Accordto the New York "Journal of Commerce" Dec. 19, the
ing to Commissioner Cooper of Federal Farm
item says:
Loan Board.
The general situation in the wheat country was discussed. It Was
declared that the generally adverse conditions are due In large part to the
'The belief that "diversification and co-operative marketstimulation in wheat production fostered during the war by the Government. This is one of the grounds on which a claim for Government aid will ing furnish the only sound basis for agricultural prosperity"
be made, it is understood.
is expressed by the Federal Farm Loan Board in a statement
A committee consisting of one Representative and one Senator from each
of these States was appointed to draft suitable legislation for presentation issued on Dec. 19 in behalf of the Board by Federal Farm
to Congress. The plan is to encourage diversification on the farms of the Loan Commissioner Cooper. The views of the Board were
Northwest,substituting cattle, hogs and sheep in part for wheat.
based on data supplied by the twelve Federal Land Bank
Presidents, following the conclusion of their winter conferOrganization of Co-Operative Wheat Marketing
ence in Washington. The statement of Commissioner Cooper
Association in Kansas Approved.
said:
Plans for the merger of the Farmers' Union Wheat MarAgricultural conditions on the whole continue to improve, although
keting Association and the Kansas Wheat Growers' Associa- there are sections which, on account of partial crop failure, the low price
of the principal crop or scarcity of labor, are not prosperous. These,
tion, the two largest wheat co-operative marketing associa- of course, include only a fractional part of the total farming area. The
tions in Kansas, into a new organization to be known as the fruit growers and cattle raisers appear to be the most unfortunate. The
wheat farmer,
Kansas Co-operative Wheat Marketing Association were Intermediate on the whole, has not had a prosperous year. Federal
Credit banks have boon able to help many CO-operative
brought under way at a meeting in Topeka on Dec. 12, when associations, and are taking on a considerable volume of discounts for
plans for the formation of the new association were ratified agricultural credit corporations as well as banking institutions. Farm
at the showing which the different
by the organization committee. The Topeka "Capital" says: Loan Board is gratifiedwhole, indicate steady improvement in banks have
made. Reports, on the
agricultural
Executives of the Farmers' Union and the Kansas Wheat Growers' co- conditions. There is every reason to believe that this improvement will
operative associations have agreed to liquidate and merge with the new continue. The most encouraging part of the report to the Board is the
organization by May 24—if the new organization can sign up 32 million tendency throughout the United States to diversified farming. It is
bushels of wheat by that time. That amount, added to what now is con- our belief that diversification and co-opetative marketing furnish the
trolled by the two big co-operatives, would make 44 million bushels under only sound basis for agricultural prosperity.
the control of the now organization.
Collections, it is stated, were described as most
satisfacAaron Sapiro of Chicago addressed the meeting, and is tory in almost all sections, and this was accepted as indicatquoted in the "Capital" as saying:
ing that the farmers are getting on their-feet financially.
2846
THE CHRONICLE
FoL,117.
Conditions outlook by districts are summarized as follows, Jan. 14 1922, page 162) having then disposed of his stock
interests in the paper (acquired in 1918), to a group of
according to the "Wall Street Journal":
New England, New York and New Jersey: General improvement, but citizens. The management at the time Mr. Lamont rehigh wages in industries cause shortage of farm labor. Maryland, Dela- linquished his interest was continuPd unchanged under
ware, Virginia, West Virginia. and Pennsylvania: General conditions
Mr. Gay. In its account of Mr. Curtis' purchase, the New
favorable, farm products have advanced. Growers Co-operative AssociaYork "Times" of Dec.22,said:
tion has been granted loans of $5,500,000.
The purchase price was not made public. A report was current that
North Carolina, South Carolina, Georgia and Florida: Agricultural
conditions better than for three years. Ohio, Indiana, Kentucky, and Mr. Curtis would pay $600,000 cash and $1,000,000 in notes to Thomas
Tennessee: Conditions have materially improved, though cost of farm W.Lamont. but no confirmation of this could be obtained from any source.
labor in industrial sections still present a program. Louisiana, Missis- A little less than two years ago Mr. Lamont, who is a partner of J. P.
sippi and Alabama: Conditions better than a year ago, though cotton Morgan & Co., sold "The Evening Post" to a syndicate, disposing of the
has suffered severely from boll weevil and unfavorable weather. Sugar stock but retaining bonds of the corporation. So far as could be learned,
and rice situation more favorable. No serious shortage of farm labor, the members of the syndicate will receive little return in the present sale
for money which they invested to carry on the newspaper.
with diversification noticeable.
Mr. Lamont declined to discuss the sale of the newspaper. Mr. Gay also
Diversification Encouraging.
declined to discuss the sale outside of his formal statement. Mr. Curtis,
Illinois, Missouri and Arkansas: General conditions slightly improved who was in the city earlier in the day, was said to have returned to Philaover last year. Tendency toward diversification every encouraging.
delphia. It was said at "The Evening Post" office that he would take
Michigan, Minnesota. North Dakota and Wisconsin: Agricultural over the paper just as soon as the necessary papers could be executed.
and economic conditions satisfactory except in northwest Minnesota, and
Mr. Lamont purchased "The Evening Post" from Oswald Garrison
In North Dakota, where wheat, the principal crop, was serioulsy injured Villard and other stockholders on Aug. 1 1918. for $1,000,000. He is
by black rust. In North Dakota diversification and good prices indicate understood to have spent a great deal of money in developing the property.
Improved conditions.
On Dec. 26, incorporation papers of "The New York
Iowa, Nebraska, South Dakota and Wyoming: Conditions generally
satisfactory except in northern South Dakota, where the wheat crop Is Evening Post" were filed with County Clerk James A.
of poor quality. Prices for livestock, poultry and dairy products satis- Donegan. The company will have 20,000 shares of preferred
factory. Cattle ranchmen are slowly recovering from losses sustained
stock at $100 a share and 10,000 shares of common stock
from 1919 to 1922. Collections good.
Colorado. Kansas, New Mexico and Oklahoma: Agricultural conditions without par value. The incorporators are Cyrus H. K.
have materially improved over last year. Texas: Generel conditions Curtis, John C. Martin, both of 600 Chestnut Street,
better than a year ago. Arizona. California, Nevada and Utah: Conten shares, and Hugh
ditions, as a whole, not so good as last year. Idaho, Montana, Oregon Philadelphia, who subscribed for
Burke of 266 Madison Avenue, who subscribed for the same
and Washington: Agricultural conditions better than last year.
amount. In addition to Mr. Curtis, Mr. Martin and Mr.
annual meetNational Farm Labor Union Would Have Congress Burke, the names of the directors until the first
ing are David L. Smiley and Charles A. Tyler, whose adInquire into Loans of Intermediate Credit Banks—
dresses are also given as 600 Chestnut, Philadelphia.
Favors Crop Insurance Legislation.
The history of the paper is outlined as follows in the
At a meeting in Texarkana (Texas), Dec. 19, the National
Philadelphia "Public Ledger" of Dec. 22.
House
Farm Labor Union adopted resolutions requesting the
Committee on Banking and Currency to investigate rates of
Interest charged for short term loans and the extent to which
the Intermediate Credit banks are meeting the needs• of
farmers for this kind of credit. Other resolutions adopted
at the convention are indicated as follows in the "Arkansas
Gazette" of Little Rock:
The resolutions also endorse the Norris-Sinclair Federal market bi
now pending in Congress, a system of crop insurance against crop los
causes not within control of the farmer, to be provided and operated a
cost through the Federal Government; opposing official or unofficial
participation by the Government of the United States in the internal
affairs of any foreign country, or any alliance by which the nation might
be required to furnish troops, naval aid or financial credits in any way.
but favoring co-operation with other Governments to secure the free
interchange of agricultural and manufactured products; demanding the
repeal of the Esch-Cummins Transportation Act and operation of the
railroads ''for unified public service instead of private and speculative
profit," demanding the removal of administration of the Packer and
Stock Yards Act of 1920 from the Department of Agriculture and its
future administration by the Federal Trade Commission; demanding
"the early exemption from taxes for State and local purposes of improvements in and on farm lands, such as houses, buildings, silos, crops, &c.,
and taxing unused lands at the same rate as used land of the same sort
to prevent land speculation and to facilitate and encourage farm home
ownership.
Cyrus H. K. Curtis Acquires Ownership of New York
"Evening Post."
Announcement that negotiations had been concluded
The "Evening Post" was founded in November 1801 by Alexander
Hamilton, John Jay and other leaders of the Federalist Party to counteract
the political disasters which their party had suffered the previous year.
It is the oldest newspaper in New York City. Originally conceived as a
party organ, it gradually underwent the changes of time and expansion
until it became one of the most independent papers in the United States.
Its first Editor was William Coleman. a native of Massachusetts and
prominent New York attorney. Ho created a standard of literary excellence
that was strengthened in successive years by the efforts of William Cullen
Bryant,John Bigelow, Carl Schurz, George P. Morris, Fitz-Greene Halleck,
Joseph Rodman Drake. Edwin Lawrence Godkin, Henry Villard and his
son, Oswald Garrison Villard. It was the "Post" that served in 1809 as
the medium of Washington Irving's ingenious advertisements of his forthcoming "History by Diedrich Knickerbocker." And it was the same paper
that first published Drake's patriotic poem, "The American Flag," ten
years later.
Hamilton's Early Work.
Although Coleman. who was a personal friend and political adherent of
Hamilton, was Editor. Hamilton not only controlled the policy of the paper
on all political matters, but was the author of many of its most notable
editorials. Some of these were written by his own hand, and whatever
time he could spare from his professional duties was given over to the newspaper.
He had daily councils with Coleman, generally at MS own home, but
sometimes in the "Evening Post" office. After Hamilton's untimely death
in July 1804 at the hands of Aaron Burr, Coleman continued to edit the
paper. His ability was literary rather than political, and the paper reflected
his tastes. Many contributors were attracted during these years and questions of national and State interest were discussed in the columns. Gradually the paper became the favorite journal of the literary classes.
History Under Bryant.
In 1826 William Cullen Bryant became one of its editors, and in the
following year a proprietor with Coleman and Michael Burnham, who had
from the beginning.
whereby the ownership of the New York "Evening Post" been the publisherthe paper began to agitate the question of free trade. •It
Soon afterward
is acquired by Cyrus H. K. Curtis of Philadelphia was was at that time the only Journal north of the Potomac that opposed a promade on Dec. 21 by E. F. Gay, President of the New York tective tariff. In contending against the policy of protection, it gradually
fell into a position of hostility to the Administration of John Quincy Adams,
Evening Post, Inc., in the following statement:
and in the election of 1828 it supported Andrew Jackson, who had declared
Edwin F. Gay, President of the New York Evening Post, Inc., an- himself in favor of a "judicious" tariff, by which his friends understood him
mimed that at a meeting of the stockholders of the corporation, held to mean a mitigation of the existing duties.
this afternoon, the offer of Mr. Cyrus H. K. Curtis of Philadelphia to
Bryant became editor-in-chief in 1829, following the death of Coleman.
purchase the New York "Evening Post" was accepted. A statement by William Liggett, who had earned a wide reputation as a writer through his
Mr. Curtis will be published on the editorial page of the "Evening Post" weekly journal, the "Critic," was engaged as assistant editor. Ho retired
to-morrow, Saturday, Dec. 22.
In 1836. and Parke Godwin, who later became Bryant's son-in-law, began
Mr. Curtis, who is the owner of the Philadelphia "Public his long association with the paper.
When the anti-Abolition riots occurred in 1834,the "Post" advocated free
Ledger," the "Saturday Evening Post," the "Ladies Home
speech and the right of assembling, and, as the lawlessness increased, took
Journal" and other publications, announced as follows in bolder ground and insisted that the evils of slavery were so great that the
the New York "Evening Post" of Dec. 22 his acquisition of Abolitionists were worthy of praise in striving tor its extinction. It was
quite natural, therefore, that the "Post" should support the Republican
ownership of that paper:
Party when it was organized in 1856.
NOTICE TO READERS.
The "Post" vigorously defended the war for the Union, and incidentally
By arrangement just completed with the present owners, I shall assume regained thereby much of the advertising it had lost by its stand on the
the sole ownership and direction of the New York "Evening Post" on question of slavery, a loss directly traceable to the fear entertained by
and after Jan. 11924.
many New York merchants that they would offend their Southern customis I know and respect the great traditions of the "Post" reaching back ers if they advertised their goods in a paper opposed to slavery.
nearly a century and a quarter. and I wish to preserve and if possible
Early in the war John Bigelow, an associate editor and part proprietor
strengthen them. I believe that there is room in this community for an since 1849, sold his interest to Godwin, who retired from active connection
evening newspaper which will devote itself exclusively to the business of with the paper in 1865. Upon the death of Bryant, in 1878, the poet's
telling the daily news promptly, accurately, intelligently, and readably son-in-law returned as editor.
without prejudice and without fear of the truth.
After,the war the paper supported a policy of reconciliation as essential to
To accomplish this purpose the "Post" will have the ablest obtainable a stable reconstruction of the States lately in rebellion. and it severely coneditorial staffs, with staff cable demned some high-handed acts of the Grant Administration, such as the
local, domestic, and foreign news and
and wireless correspondents in all the principal news centres of the world. use of Federal troops to suppress political troubles in Louisiana. It also
CYRUS H. K. CURTIS.
advocated the resumption of specie payments.
New York, Dec. 22 1923.
In 1881 the "Post" was reorganized by the late Henry Vilified, who
interest all
It was just about two years ago—in January 1922—that purchased the paper from Godwin (then controlling the Bryant
publisher. In
well as his own) and Isaac Henderson, for many years
a change in the ,ownership of the "New York Evening Post" accordance with Villard's plan from his conception ofthe project, Carl
the
La,np:nat (as reported in our issue .of Schurz became editor, with E.L. Oodkin and Horace Whitens assistants.
occurred, Thomas
DEC.29 1923.]
THE CHRONICLE
2847
The full Board of the Inter-State Commerce Commission has reversed the
former ruling made by a committee of that Board which forbade the building
by the Virginian Railway of a short spur track to a coal property which
the owners proposed to develop. When the ruling was announced last spring,
based on the alleged fact that there were already too many coal mines in
operation in this country with inadequate car equipment for handling the
coal of existing mines, the "Manufacturers Record" took the ground very
emphatically that this decision undertook to make null and void the Constitution of the United States in that it sought by its power to prevent th(•
development of a coal property and thus practically for the time being destroyed its value.
We said then that notwithstanding the technicality of the law under whieb
the committee acted, the broad principles which should guide the Inter-State
Commerce Commission should not permit them to refuse a railroad authority
to build a short line in order to reach property to be developed, and that it
was not the province of the Inter-State Commerce Commission to decide
whether there were too many coal mines in operation or not.
The excuse has been made that the committee in reaching its decision took
the ground that the Virginian Railway had made merely a formal request
and had presented no argument to show why the privilege of this extension
should be granted. In reply to that the "Manufacturers Record" said that
as the Virginian Railway had spent $40,000 several years ago and only desired to spend $20,000 more to complete this short track, no one for a moment could imagine that any argument was necessary to secure the approval
of the Inter-State Commerce Commission, and the application was regarded
purely, we presume, as a formal matter merely because the law so required.
At that time we urged the Virginian Railway in the interest of the country as well as for its individual interest to protest against the ruling, and to
apply to the full Board of the Inter-State Commerce Commission. This was
done, and the full Board has now reversed the decision of last spring and
granted that road permission to complete the short spur track.
It is stated that in reaching this decision the Commission declared that
Death of Frank I. Cobb, Editor of the New York evidence had been produced showing conclusively that the railroad would be
able to increase its coal tonnage extensively by reason of additional facilities
"World."
acquired and anticipated, and that present and future public convenience
Frank Irving Cobb, Editor of the New York "World" for. and necessity required the new construction involved, and the railroad wa
,
the past 12 years, died at his home in this city on Dec. 21 authorized to proceed.
While having the highest opinion for the good judgment in most cases, and
following a long illness. A paragraph in the notice regarding
the unquestionable integrity of the members of the committee that
Mr. Cobb's death, appearing in the "World" last Saturday, adversely last spring, we have never been able to see any fundamentaldecided
reason
whatever in behalf of the position then taken. The arguments which they
said:
A leading spirit in the "World's" editorial council for nearly 20 years, have advanced are not to our mind correct in any particular. We do not
Mr. Cobb became editor of this newspaper about 12 years ago, succeeding believe that the law ever intended or that the law as it exists gives any right
to the position following the death of its founder, Joseph Pulitzer. De- to the Commission to say that a railroad shall not make an extension of this
scribed by the late Henry Watterson as the "strongest writer of the New kind, when in the judgment of its officers a new field for traffic can thereby
York press since Horace Greeley," Mr. Cobb came to the "World" when be developed and an enlarged coal output secured at a lower cost.
If there are too many coal mines in existence as members of the committee
a very young man, quickly attaining distinction.
being unable to mine coal except at a high
have
In addition to the article, Ralph Pulitzer paid the follow- price,claimed, many of them in
then the economic way
which to change this situation is to permit
ing tribute to his late associate:
low cost mines to be opened and in this way gradually eliminate the high
In Prank I. Cobb I have lost a tender and devoted friend. Journalism cost mines. Any arbitrary attempt to do this by the regulation of railroad
has lost an editor of sheer genius and the nation an American who will building is, we believe, contrary to good judgment, if not contrary to the
leave an emptiness where he stood.
Constitution itself.
He gave the "World" his love and his life. He gave it his work in a
In the detailed report of the Inter-State Commerce Commission explaining
spirit of worship. In the days of his health he spent his magnificent the reason for reversing its decision information is given as submitted by the
strength without stint in its service. In later days of tired suffering, railway company as to the reasons why the road had been hampered in the
as long as his ebbing strength could still carry him to his desk, it was handling of coal by the railroad strike and the conditions arising therefrom.
his work alone that he found forgetfulness of his pain.
It is also shown that the company is now building a new coal pier at Sew.
Ile had a giant body and a giant brain, and the simple directness of a all's Point, Norfolk, at a cost of $3,250,000, which will more than double
little child. He spent his life fighting wrong and he fought it simply the railroad's coal handling capacity at deep water, and that a contract has
and fiercely, but all the wounds he left healed clean. Everything he been made to electrify the line from Mullins W. Va., to Roanoke, a
distance
handled became simple in his handling of it. Sometimes he would simplify of 134 miles, at a cost of $13,000,000. These are given as the
reasons for
a bewildering situation or a tangled thought with one easy touch of intuitive reversing the decision. There is not a single fact, however, in this statement
analysis. Sometimes he would labor with his might on some cunningly by the Inter-State Commerce Commission which that Commission
could not
elusive subtlety, and in the end his directness would simplify it into have learned at the time of the former application if it had
been seeking
surrender.
reasons for granting this permission instead of seeking reasons to prevent givHe thought simply and hated sophistry. He wrote simply and hated ing the railroad the authority to build.
florid phrases. He lived simply and hated fuss and feathers. He sucThe plea of the Inter-State Commerce Commission committee that none of
ceeded simply and became a power and a personality in the United States, these facts wese presented to it at that time but
that merely a formal appliwriting editorials he did not sign in a paper he did not own.
cation was presented without any argument in favor thereof, it seems to us,
The simplicity of his mind, thg modesty of his heart, the integrity of is a plea of extreme weakness.
his spirit lived with him. But they will not die with him. They are
If this committee had been eager to get at all facts it could have easily
already preserved as a bright tradition among those of us who had the asked the railroad for all of the
information that it now quotes as reason
honor of working with him and for those who will come after us.
for its reversed decision. Or if it had read the "Manufacturers Record" it
RALPH PULITZER.
would have found al lof this information as to electrification of the Virginian's
Messages, not alone from newspaper men, but from linese and the enlargement of its coal shipping facilities at Norfolk, and of
President Coolidge and others prominent in various walks its own knowledge it should have fully appreciated the difficulties under
which the road had operated
railroad strikes. Instead of doing
of life, were received by Mrs. Cobb deploring the death this, however, the committeeduring theinvestigation, without
without
seeking any
of her husband; that of President Coolidge said:
argument from the Virginian Railway, without using any of the facts in
regard to the conditions which it now mentions and which existed then just
The White House, Washington.
Mrs. Frank Irving Cobb:—
as they do now, acted upon preconceived notions that there were too many
The news of your distinguished husband's death has just reached me. coal mines in operation and that it had the power to prevent the building of
I want you to know of the high esteem in which I have long held him new railroads for the opening of new coal mines.
That position we regarded as extremely inimical to the welfare of the
and his work. His death removes one of the great Journalists of his time
and one of the real powers in shaping American public opinion. My country, and esteeming as personal friends members of the committee who
condolences and profoundest sympathy go out to you in your time of rendered that decision, we regret the necessity of saying that in our opinion
great sorrow.
they acted without due judgment or consideration for the welfare of the
public.
CALVIN COOLIDGE.
At the same time the "Nation," of which Godkin had been the editor'
was consolidated with the Post, as its weekly edition.
In the autumn of 1883 Schurz retired from the editorship and was succeeded by Godkin, whose failing health compelled him to sever hisconnection with the "Post" in 1899. Godkin was succeeded by White, who
resigned on Jan. 1 1903, and was succeeded by Rollo Ogden.
One of the most notable events in the history of the "Evening Post" under
the new management was its opposition to the candidacy of James G. Blaine
for the Presidency. It opened the anti-Blaine campaign by an editorial
article as early as April 1884, and it contributed largely to the election in
the following autumn of Grover Cleveland, whom it supported also in 1888
and 1892. On the financial issue raised by the nomination of Bryan for
the Presidency, in 1896, it supported McKinley. It had opposed the
McKinley Tariff and the Sherman Silver Bill.
On Aug. 2 1918 it was announced that Oswald Garrison Villard. son of
the former publisher, whahad inherited the "Evening Post" on his father's
death, had sold the taper to Thomas W. Lamont, of the banking firm of
J. P. Morgan & Co., whose brother, Hammond Lamont, had been its
managing editor. The control of the stock Mr. Lamont placed in the
hands of a board of three trustees. Theodore N. Vail, President of the
American Telephone & Telegraph Co.; Henry S. Pritchett, President of the
Carnegie Foundation for the Advancement of Teaching: and Ellery Sedgwick, editor of the "Atlantic Monthly."
On Jan. 13 1922 Mr. Lamont announced that he had sold the paper to
a group of thirty-four persons. Edwin F. Gay was head of the syndicate,
which included Harold Phelps Stokes, Franklin D. Roosevelt. Marshall
Field, Finley J. Shepard, George W. Wickersham and Paul M. Warburg.
The "Evening Post" has occupied its present home at 20 Vesey Street
opposite old St. Paul's Church in lower Broadway since 1907, when it was
moved from the corner of Fulton and Broadway, half a block away.
Former President Wilson sent the following message:
Brief reference to the action of the Commission in authorizing on Dec. 10 "an extension of its Guyandot River branch
from its present terminus, 1.25 miles from Elmore, in a westerly direction down Guyandot River, a distance of 1.19 miles,
Governor Alfred E. Smith and former Governor Nathan all In Wyoming
County, W. Va.," appeared in our issue of
L. Miller were among the'honorary pallbearers. Mr. Cobb Saturday last,
page 2772. Noting that the-order denying the
was born in Shawnee County, Kansas, Aug. 6 1869.
application had been issued June 25 1923, the Commission in
its report of the 10th inst. says:
Commerce Commission's Order Authorizing
Inter-State
The applicant filed a petition for rehearing and asked that the
ease be
reopened for the introduction of evidence. The Pocahontas Fuel
Extension of Virginian Railway—Former Order
Co., Inc,
as
asked leave to intervene and for a rehearing. The
intervene, and a
Reversed.
the Pocahontas Fuel Co. was given leave to
proceeding Nv
The, recent action of the Inter-State Commerce Commis was held. The former record, supplemented by additional furtherreoPehearineng
evidence introduced at the further hearing, is now before us for
sion reversing a former ruling of a committee of the Com- previous report
consideration. In our
we said:
mission under which the Virginian Railway had been denied
"The applicant is not now. nor has it in the past been,
able
permission to construct an extension of its line in Wyoming the number of cars ordered by the mines already,opened and to furnith
upon it in whole or in part for car supply. During
depeopedning
.
the weekiy-perlolit
in n eds
County, West Virginia, is commented upon at length in the from Jury 22 1922 to June 9 1923 it in no instance furnished
of 74% of those required, and during
"Manufacturers Record," which has the following to say =tags. in excess of 70%. For 28 only six weeks was'. a•:rce:s
weeks of thd above period
the
era e
ed the mines were less than 50% of the
In the matter:
of new mines would not, therefore. increase require1
the coal supply; he
• T in fact, rsit
ea
It gives me the deepest grief to learn of the death of your gifted husband.
I had learned both to admire and to love him. Pray accept my heartfelt
sympathy.
WOODROW WILSON.
2848
THE CHRONICLE
would reduce it unless the applicant's car supply were greatly increased.
There are at present more mines in the country than are consistent with
the most efficient use of carriers' equipment, and their aggregate capacity
exceeds greatly the country's demand. With the applicant not now
in a position to adequately serve the mines already dependent upon it
for cars, the opening of new mines would necessarily mean that the already
inadequate car supply would be made more inadequate because of the
necessity of placing cars at the new mines. This makes more difficult
the process of distribution, as the cars in service can not be handled as
efficiently, not can as much coal be transported in the aggregate, as if
fewer mines were demanding service."
The applicant admits that it was unable to furnish an adequate car supply
during the period covered by our former report. It claims that this inability
was due to abnormal conditions; that the deficiency in its service was less
than indicated; and that under normal conditions it would have been ahle
to furnish an adequate car supply. The evidence shows that from early in
April to Sept. 1 1922 the strike of bituminous coal miners in union fields
caused an extraordinary demand for coal from mines on the applicant's line,
which were generally worked by non-union labor. This not only increased
the demand for cars, but resulted in sending an unusually large percentage
of the applicant's cars to foreign lines for movement over exceptionally long
distances, thus slowing down the return of the empties. About 86% of the
coal hauled by the applicant is usually moved to tidewater over its own line.
It appears that normally the applicant should have about 700 coal cars off
its line, but that this number was largely exceeded during the period under
consideration. From August 1922 to February 1923, inclusive, the average
number of the applicant's coal cars off its line was 1,842, and the average
number of foreign coal cars on its rails was 154. From March to June 1923,
inclusive, the figures were, respectively, 1,294 and 134.
On July 1 1922 the strike of the federated shop crafts began, and 96%
of the applicant's forces employed in maintaining equipment quit
work. It is represented that normal working conditions in the
shops were not restored until March 25 1923 and that during
the strike it was impossible to maintain equipment properly. Just east of
the coal fields there is a 2.07% grade 14 miles long ascending east. Freight
trains are operated over this grade with the help of heavy locomotives, whose
maintenance requires great mechanical skill. The applicant owns 10 such
locomotives. While the strike was in progress it directed its best efforts
toward keeping them in serviceable condition, but found it impossible to do
so, and its ability to furnish cars to the mines was limited by its ability to
move the loaded cars.
In 1922-1923 the applicant owned 1,000 coal cars of 120 tons capacity, designed and used solely to transport coal to tidewater. During this period it
became necessary to withdraw from service 490 of these cars for heavy repairs. The repairs proved insufficient and the cars were again withdrawn
long enough to mark them with a line limiting loading to 80 tons. For
some time these cars were operated at two-thirds of original capacity, but
they were later restored to full capacity by fitting them with new trucks.
'The withdrawal of these cars from service and their operation at reduced capacity is estimated to have cost 123,767 car days between April 1922 and
September 1923. It appears that the applicant owned 3,500 drop-bottom
cars, of which 2,134 required extraordinary repairs in the year ending June
30 1923. The applicant estimates that these two classes of extraordinary car
repairs diminished the annual carrying capacity of its coal cars 20.4%.
It is contended that until Mar. 19 1923 the demands for coal cars were
based on inflated mine ratings made under the car service rules contained in
C. S. 31, Revised, being the rules adopted under the United States; Railroad
Administration, and that consequently the percentage of car supply was
shown much lower than it should have been. The applicant claims that the
total daily rating of mines on its line, under this system of mine ratings was
sometimes as high as 1,820 cars, while the greatest number of cars ever
loaded in one day did not exceed 1,050. The normal daily loading, with
good conditions as to markets and car supply on both the applicant's line and
the Cheasapeake & Ohio Railway, is about 750 cars. The record apparently
warrants the conclusion that the demand for cars generally exceeds the needs
of shippers. More than one-half of the mines on the applicant's line, with
much more than one-half of the total output, are served by more than one
railroad. The other railroad, except in the case of one mine, is the Chesapeake & Ohio. The joint mines are rated at full capacity by each railroad,
but their tonnage is normally divided about equally between the two. The
probable requirement of cars from the applicant at any time is therefore
less than 75% of its total mine ratings. The applicant claims that its car
supply has been reasonably adequate except for the period covered by our
former report.
The amount of coal loaded at West Virginia mines on the applicant's lines
increased from 2,598,338 tons in 1911 to 7,612,309 tons in 1920. The tonnage for 1923 is estimated at 8,500,000 tons. The tractive power of locomotives owned on Jan. 1 1922 has been increased 16.4% by the purchase of
15 Mallet locomotives, which were delivered between July 1 and Sept 1
1923. On April 13 1923 the applicant ordered 1,000 steel coal cars of 120
tons capacity and 500 of 70 tons capacity, and it is represented that these
cars will add 30% to its coal car capcity. A new coal pier is under construction at Sewall's Point, which will more than double the applicant's
dumping capacity at deep water. This pier will cost $3,250,000 and is expected to be ready for operation by June 1 1924. A contract has been made
to electrify the line from Muliens, W. Va., to Roanoke, Va., a distance of
134 miles, which includes the 14 miles of 2.07% adverse grade. This project
will cost approximately $13,000,000. The electrification will probably be
completed early in 1925, and it is predicted that it will immediately increase
the carrying capacity about 60%. The record contains further testimony
tending to show a progressive policy in providing facilities for a large increase in coal traffic.
The applicant represents that its railroad was designed primarily to transport coal, and was constructed at heavy cost across a territory affording but
a light general traffic; that coal constitutes about 90% of its traffic, and
much of the rest is dependent upon the coal mining industry. In its opinion
the future prosperity of its property requires it to develop the resources of
the coal fields.
The line which the applicant desires to complete is a part of its Guyandot
River branch, which was planned to extend from Elmore, a point on its main
line, down Guyandot River to Gilbert, W. Va., a distance of 42.6 miles. This
line was located in 1902-1903. About 90% of the right-of-way has been
acquired, the deeds thereto bearing dates from June 1903 to June 1908. On
May 11 1917 the applicant made a contract with the Pocahontas Consoli•
dated Collieries Co., Inc., now known as the Pocahontas Fuel Co., Inc., hereinafter called the coal company, by which it agreed to build an extension
or branch from its main line at or near Elmore down Guyandot River to the
coal operations of the coal company. The applicant undertook to begin construction about June 1 1917 and to complete it as soon as practicable. The
purpose of the proposed constriction was to exploit the coal underlying
about 6,000 acres of land leased to the coal company. Under this contract
the applicant constructed the roadbed of its Guyandot River branch for a
distance of 2.55 miles from Elmore, but laid the main track a distance of
1.26 miles only. This, with the necessary sidings, was found sufficient to
serve the development of the coal company as then carried out under temporary plans designed to speed production. The present application is for
[VOL. 117.
authority to extend this track 1.19 miles along the roadbed heretofore constructed. It is shown that the economical exploitation of the coal company's property requires that about one-half of it shall be mined from a new
tipple; and that the coal company, in the early development of its property,
built two villages and made other expenditures in accordance with a plan for
the development of its whole property, with two or more tipples. It appears
that the coal company cannot continue economically its present method of
developing its properties, and it desires to erect a new tipple at a site fixed
in its original plans, to be served by the proposed extension. It did considerable grading at this site in 1917, and in February 1923 let a contract for the
construction of a bridge across Guyandot River to carry mine cars from one
of its tracts to the proposed tipple. Apparently the coal company, if deprived of the opportunity to work its properties from the proposed new tipple, would lose the value of large expenditures it has made, and would probably lose the value of some of its leases.
The coal company mines only what is known as Pocahontas smokeless coal,
which has certain special properties. Many of the'mines in the Pocahontas
field were opened before 1900. It is stated that their production is declining and that new mines are not being opened rapidly enough to supply the
deficiency. The coal company represents that it has expended large sums in
building up a market for its coal, including a very considerable foreign demand, and that it can hold the position it has acquired only by having the
capacity to supply the demands of its markets. It leases about 30,000 acres
of coal-bearing lands and operates 15 mines. From 1913 to 1922, inclusive,
the average annual output of all of its mines was 2,947,645 tons. It asserts
that it is necessary to open new mines to maintain its normal tonnage and
to permit a reasonable increase, or at least some elasticity of production, to
care for varying market demands. The company's producing mines reached
comparatively full development in 1917, and it is not expected that their
output will be materially increased.
The construction cost is estimated by the applicant at $63,012, of which
$40,312 has been expended for work done in 1917 and 1918. Gross system
revenues to be derived from traffic created by the proposed construction
are estimated by the applicant at $226,000 for the first year, increasing to
$1,130,000 the fifth year. After the first five years the minimum annual
revenues are expected to equal those of the fifth year. The increase in system net railway operating income is estimated at $77,309 the first year,
and $393,234 the fifth year. The construction cost will be financed temporarily with treasury funds, but it is contemplated that the treasury will
be reimbursed later by the issue of bonds under the applicant's first mortgage
to an amount equal to the construction cost, but not exceeding $50,000 a
mile. It is proposed to begin construction as soon as authority therefor is
received, and to complete the line within one month thereafter.
Upon the facts presented we find that the present and future public convenience and necessity require the construction by the applicant of the extension of its line of railroad described in the application. A certificate to
that effect will be issued.
Train Service Men to Continue Efforts for Wage
Increase.
The brotherhoods of locomotive engineers, firemen and
trainmen, which recently presented demands to the railroads
for a wage increase of 12%,announced on Dee. 26 that negotiations begun several weeks ago will be carried to a conclusion. This announcement was said to have been occasioned by reports that the settlement reached by engineres on
the Chicago Rock Island & Pacific with that carrier, on the
basis of last year's pay, might be misconstrued as indicating the attitude or probable course of negotiations by the
brotherhoods with other roads. The brotherhoods also
declared emphatically that there was no foundation for
widely circulated reports that the train service men were
preparing to strike. In confirming the announcement of
the Rock Island management several days ago that its engineers had signed a contract for 'another year at last year's
wages, Warren S. Stone, President of the Brotherhood of
Locomotive Engineers, explained that no increase had been
asked for by the engineers on that system. The settlement
applied only to the engineers, he said. "That will have no
bearing on our negotiations with the New York Central
Lines or any other road," Mr. Stone said, "but the railroad
managements are trying to use it. We will return to New
York Jan. 3 to resume conferences with the New York Central Lines for wage increases where they were adjourned for
the Christmas holidays. "The Engineers' Brotherhood this
year made no concerted wage demands and allowed the organization of each road to handle their wage question."
D. B. Robertson, President of the Brotherhood of Locomotive Firemen and Enginemen, who is handling the wage
demands of his men jointly with Mr. Stone and the engineers,
said, according to the daily papers, that the firemen on the
Rock Island had not agreed on a settlement. Demands for
increases on that line have been filed, he continued, and
"the Rock Island firemen do not intend to settle for the old
wage." The trainmen and conductors, who are handling
their wage negotiations with the various railroads together,
will go back into conference with the New York Central
system in New York shortly after the first of the year, according to W. G. Lee, President of the Brotherhood of Railroad Trainmen.
The attitude of the railroads on the wage situation was
indicated in the following from the New York "Times" on
Dec. 28:
The opinion among railway officials here yesterday as to the possibility
of a general wage settlement with the Big Four Brotherhoods on the basis
of that made by the Chicago Rock Island & Pacific was in direct contrast
to that expressed by Warren S. Stone, President of the Brotherhood of
Dnc.291923.]
THE CHRONICLE
Locomotive Engineers at Cleveland, Wednesday. Mr. Stone declared that
he did not consider that the settlement with the Rock Island on a basis of
last year's wages would have any effect on the rest of the roads. The
executives, however, pointed out that the New York Central had practically
effected a settlement along lines very much similar to those of the Rock
Island contract. This will be based on the old wage scale, with either side
permitted to call for a cancellation of the contract on thirty days' notice.
Four or five ether railroads, one executive in close touch with the labor
matters reported yesterday, have practically reached similar settlements
with their men. In each case the men said that last year's wage scale was
satisfactory provided it was approved by the national officers.
2849
Within what formula can all transportation develop best the stimulant of
private initiative and enterprise in the very interest of expanding service
and the utmost economy of operation?
The idea of a conference which would consider the problem
of transportation from the national viewpoint was first suggested at an informal meeting, last January, of representatives of various transportation and business interests, attended also in an unofficial capacity by Secretary Hoover.
In accordance with a resolution adopted at this meeting
the President of the Chamber of Commerce of the United
Railroad Brotherhood's Suit Seeking Recognition from States appointed six composite committees to undertake the
study of as many phases of the transportation problem with
Pennsylvania RR. Dismissed by the United States
the aid, so far as available, of the agencies of the GovernDistrict Court—No Authority to Enforce
ment and of private organizations. The reports of these
Labor Board's Orders, Says Judge Dickincommittees have been completed and made public. -They
son—Decision Appealed.
The suit of the Brotherhood of Clerks, Freight Handlers deal with:
(1) Government Relations to Railroad Transportation;
and Station Employees of the Pennsylvania RR. to compel
(2) Railroad Consolidation;
(3) Readjustment of Relative Freight Rates;
the road officials to recognize their delegates in conferences
(4) Relation of Highway and Motor Transport to Other Transportation
on wages and conditions was dismissed by the Federal Agencies:
Court at Philadelphia on Dec. 21. The Brotherhood charges
(5) Development of Waterways and Co-ordination of Rail and Waterthe railroad and its officials were participants in an unlawful way Service;
(6) Taxation of Transportation Agencies.
conspiracy to obstruct the orders of the United States
Each committee submitted a number of findings and
Railroad Labor Board, which called upon the company
to recognize the Brotherhood in disputes over wages and recommendations which will serve as the basis of discussion
conditions. In dismissing the suit Judge Dickinson declared at the forthcoming conference from the point of view of the
the Federal Court had no authority to enforce the Board's various sections represented and of the various interests
orders. The decision of Judge Dickinson upholds the com- directly concerned in transportation.
pany in its refusal to recognize the Brotherhood as a union
New Issue of Stock of The Finance Co. of America.
of the men. With regard to the decision of the Court
The unsold portion of an issue of $500,000 8% cumulative
Associated Press dispatches had the following to say:
In dismlaging the action of the Railroad Brotherhood against the Penn- convertible sinking fund preferred stock of The Finance
sylvania RR. to-day Federal Judge Dickinson held that the courts had no Company of America at Baltimore is offered by Westheimer
authority to enforce the Labor Board's orders and that the only way the
Baltimore at $2650, with adjustment of dividend,
Board's mandates could be carried out was in the "court of public opinion?' & Co. of
The Board itself, Judge Dickinson declared, had no power to execute its yielding over 7.50%. The stock, par value $25, is redeemable
own orders, "and no power has been delegated to the courts to have the at $27 50. The dividends, which are payable quarterly, Jan.
decrees carried out."
In conclusion the opinion said: "The judgment it (the Labor Board) may 15, April 15, July 15 and Oct. 15, are exempt from normal
render may be acceptable to neither party, but each has the legal right to Federal income tax. The following is the capitalization of
accept it or refuse to follow it. If the parties refuse acquiescence all that the The Finance Company:
Board can
then do is to give publicity to its ruling, leaving the parties to
to their willingess to adjust the dispute under the guidance and perhaps the
stress of public opinion, influenced, or it may be aroused, by the opinion of
the Board."
7% Cumulative Sinking Fund Preferred Stock
To Be
Preseriat
Authorized. Outstanding,
$250,000
$250,000
The Brotherhood of Clerks, Freight Handlers and Station 8% Cumulative Sinking Fund Convertible Preferred Stock
500,000
(thisissue)
500,000
Employees of the Pennsylvania Railroad filed notice on
Dec. 22 of an appeal to the United States Circuit Court of Common Stock, Class "A" (held for conversion of 8% 250,000
Convertible Preferred Stock)
Appeals from the decision of Federal District Judge Dickin- Common Stock, Class "B"
250,000
250,000
son dismissing the brotherhood's suit to compel the railroad
The following information is credit to Louis Eliasberg,
and its officials to recognize the organization as the qualified President of the Company:
Convertible Preferred.—This stock, which is subject only to the 7% prerepresentative of the men in negotiating wages and working
ferred stock, has preference both as to assets and dividends over the common
conditions.
The holders of this stock
stock.
are entitled to a fixed cumulative dividend
at the rate of 8% per annum.
Convertibility.—Convertible any time before redemption at the holder's
Option into one share of Class "A" common stock for each two shares of 8%
convertible preferred surrendered, with appropriate changes in the conversion
basis in the event of the increase of the Class "B" common stock, to insure
the maintenance of the proper ratio.
Earnings.—The company's net earnings for the eleven months ending
Nov. 30 1923, after deduction of preferred dividend, were at the rate of snore
than twice the dividend requirements of the convertible 'referred stock to
be outstanding. However, after giving effect to the sale of the convertible
preferred stock, the company should immediately save in interest, approximately $35,000 a year plus present earnings, which should equal more than
24% on the entire amount of 8% convertible preferred sto2k to be outstanding, and does not take into consideration any additional earnings by reason
of the introduction of increased working capital and normal growth of the
company's business.
Call for National Conference on Transportation.
A call for a national conference on transportation, to be
held in Washington, January 9, 10 and 11, was issued on
December 25, by Julius H. Barnes, President of the Chamber
of Commerce of the United States. It is announced that
200 leaders in agricultural, commercial, educational,financial
and industrial fields have been invited to take part in its
deliberations and in the discussion of problems involved in
the development of an adequate national transportation
system. It is expected that every state will be represented
at the conference. The personnel will include spokesmen
for national farm and labor organizations, public officials,
Issuance of New Stock of Commercial Credit Co.
editors and publishers, heads of large commercial and inof Baltimore.
dustrial corporations, bankers and insurance company
officials, and executives of railway systems, steamship and
Announcement was made on Dec: 20 by A. E. Duncan,
motor transport companies. In calling the conference Mr. Chairman of the Board, that a special meeting of the stockBarnes said:
holders of the Commercial Credit Co. of Baltimore has been
Congress embarked upon a constructive policy for the development of called for Jan. 3 1924 to pass upon certain resolutions of the
transportation by the enactment of the Transportation Act of 1920 but there board of directors
at a special meeting on Dec. 19 respecting
is much more to be done if this policy is to be made effective.
The expanding transportation needs of America can be easily visualized the issuance of new stock. Stockholders have been requested
and must be ,resolved so that national wealth and individual production to endorse an amendment of the charter of the company
may be marketed into consumption. All production, agricultural and
whereby the present authorized common capital stock of
industrial, is dependent on adequate and ready distribution.
National income, earned only through transportation and distribution, 160,000 shares, par value $25 ($4,000,000 present par value)
rises thus:
shall be increased to 480,000 shares of no par value, provid1890
$12,000,000,000
1920
$60.000,000,000 ing, however, that at all times the book value of said
com18.000.000.000
1900
1930
What
mon shares shall continue as at present in being equal to at
1910
32,000,000,000
1940
What?
Representative of all sections of our people are asked to this conference least the aggregate par value of either issue of preferred
to express their sober judgment on questions raised by the past eight months' stock then outstanding, and that dividends in excess of 80
preliminary studies of the Special Committees working under the auspices
cents per share in any year may not be paid on the new no
of the National Chamber of Commerce.
par value common stock unless after the payment thereof
What is the probable future of transportation growth?
What principles of regulation, federal and State, protect the public inter- the book value of the no par value common stock
be at least
est and yet encourage expansion?
150% of the par value of the Class "B" preferred stock then
What policies promise to attract the necessary capital and credit?
What principles of rate-making hold most fairly the scale ofrelative rates? outstanding. The announcement of Mr. Duncan also says:
highway and motor transport
promise its highest service?
Where does
How can water highways contribute their fullest service?
Subject to such approval and ratification, the board of directors have
sold
to Robert Garrett & Sons, Baltimore; Spencer Trask & Co., New
York and
2850
THE CHRONICLE
Boston, and Marshall Field, Glore, Ward & Co., Chicago and New York 40,000 shares ($1,000,000 par value) preferred 7%; and to Robert Garrett &
Sons 40,000 shares ($1,000,000 par value) Class B preferred 8%; and 42,000
shares of new no par value common stock, upon 14,000 shares of which the company retains a limited option for future corporate use. The company is
withholding and will offer the remaining 6,000 shares of no par value common stock to its employees and to those of its affiliations at $22 50 flat
per share.
To properly protect the present equity of common stock now outsanding in
adjustment with the additional no par value common stock about to be sold,
the directors, at a special meeting on Dec. 19 1923 declared a 20% dividend
in common stock, payable on or before Jan. 21' 1924, to common stockholders of record Dec. 21 1923.
Should stockholders approve the plan, each share of common stock of the
present par value of $25 will be exchanged by the company for three shares
of the new no par value common stock, and from Jan. 1 1924 the present
dividend of 16% per annum on the common stock, par value $25, will be
changed to $1 50 per share per annum on the new no par value stock.
'Subject to approval by stockholders, the new stock will alertly be offered
to stockholders with the right to take one share of preferred 7% stock at
$25 per share plus accrued dividend, and one share of Class B 8% preferred
stock at $26 per share plus accrued dividend, for each nine shares of all
issues of stock of record Dec. 21 1923.
Stockholders shall also have the option to take one share of no par value
common stock at $22 50 flat per share for each three shares taken of preferred and Class "B" preferred combined. The terms and conditions upon
which the stock will be offered to the public will be announced later.
In announcing on Dec. 27 the offering of the new stock on
•
Dec. 28, Robert Garrett & Sons said:
We have purchased, with Spencer Trask & Co., New York, and Marshall
Field, Glore, Ward St Co., New York and Chicago, $1,000,000 (40,000
shares, $25 par value) Commercial Credit Co. 7% cumulative preferred
stock,and independent of these two associates we have purchased $1,000,000
(40,000 shares, $25 par value) 8% class "B" preferred stock and 48,000
shares no-par-value common stock of this company.
We and our associates in the first-mentioned issue have to-day syndicated
the $1,000,000 7% preferred with dealers in New York, Chicago, Boston,
Philadelphia and Baltimore, and independent of that syndicate we have
syndicated with dealers in Baltimore and other cities the $1,000,000 8%
preferred. These issues will be publicly offered on Friday the 28th inst.
for subscription, subject to allotment, and to the prior rights of stockholders,
the price on the 7% preferred being $25 and accrued dividend per share, and
on the 8% preferred $26 and accrued dividend per share. Subscribers to
either or both of these issues are offered the opportunity to purchase common stock at $22 50 per share in the ratio of one share of Common for each
three shares of either preferred allotted against their subscription.
Renewed Purchase of United States Securities by
Federal Reserve Banks Expected.
Renewed purchasing of Government securities In the open
market by the federal Reserve banks on a considerable scale
was expected on Dec. 3 to result from the meeting of the
Federal Reserve Board with its special committee on open
market operations, said special advices from Washington to
the "Journal of Commerce" that day, which added:
The Reserve system's holdings of Government securities were found to
be almost at a minimum.
The open market committee, which includes in its membership Governor
Wong a the New York Reserve Bank and Governor Harding, of the Boston
Reserve Sank, the former Governor of the Board, met today with the
Board and was understood to have gone over the Government security
holdings of the various Reserve banks in the light of the probable extent
of future purchases under the.system's uniform open market policy.
May Obviate Rate Change.
Open market operations of the Reserve system are particularly important
In that their effect holds the possibility of producing results which obviate
a necessity for a change in rediscount rates.
According to the Board's latest reports, as of Nov.30, the entire holdings
of Government securities of the twelve Reserve banks is only about $84,000.000, which is very near the low point for these assets, as compared with
about $300,000,000 on approximatelynthe same date last year. Moreover,
probably as much as $50,000,000 of the present holdings of Government
securities represent bonds which the banks would be virtually unable to
sell except at a loss, as bonds taken to secure circulation are included in the
total holdings.
Hence the shelves of the Reserve banks are getting bars of marketable
Government securities and it is expected that the banks will shortly resume
purchasing to replenish their stocks. Purchases probably will be devoted
in the main to Treasury certificates of indebtedness.
Holdings of Acceptances.
Holdings of bankers' acceptances by the Reserve banks aggregate the
respectable figure of $289,000,000, as compared with $259,000,000 a year
ago, but sales of these bills on any appreciable scale would probably involve
• a change in the rate, so that if the Reserve, banks are to continue the free
use of the uniform market policy it 'sill be necessary to stock up on open
Government securities.
Despite the failure of the Federal Reserve Council at its recent conference
with the Reserve Board to discuss the rediscount rate levels, there is a feeling
in some quarters that a reduction of rates is in order. However, a resumption of purchasing in the open market by the Reserve banks would result in
more money being put out on the market, or, in other words, the extension
of credit facilities by the Reserve banks in the nature of an equivalent to a
reduction in rates.
[VOL. 117.
in former years, and there is no difference in principle between what is now
said to be planned and what has been done at other times.
The question whether the policy so continued is or is not wise still remains
open for decision, perhaps more subject to doubt than ever before. Open
market operations are usually undertaken by foreign central banks for the
purpose of affecting or controlling discount and interest rates. They are,
as a rule, made to bear upon the commercial paper current in the market,
including bankers' acceptances and other forms of quick and unmistakably
liquid obligations. Thus the central bank enters the discount market and
becomes a factor therein, either pushing funds into current use by buying
paper or withdrawing them by selling such paper or refusing to renew it
when it reaches maturity. The method has been found in normal times
effective and satisfactory for its purpose.
The apparent plan of the Federal Reserve system is that of letting its
open market operations deal chiefly with Government securities, which it
buys from holders or sells to them as circumstances and its own necessities
require. It wants, among other motives, to earn enough to pay the heavy
overhead charges which were developed through the salary and building
program of the war and post-war years. According to some careful observers this means that about $1,000,000,000 per annum must be kept
steadily at work in order to provide the necessary income. Last spring
the system was fairly well burdened with Government bonds and notes.
whereupon the Federal Reserve Board announced an open market policy.
Circumstances have apparently shown that this policy consisted in getting
rid of the bonds and notes referred to, Just as the reported plan at the present
time is to take them back again. Obviously this is a very different proceeding, and one which is actuated by a theory of banking quite different,
from that of the foreign central institutions.
When the Reserve banks buy or sell Government bonds they do in a
certain sense take funds out of, or put them into, immediate use. Their
effect, however, is quite different from that produced by the foreign banks.
because they carry on these operations with bond holders rather than with
makers or owners of commercial obligations. They furnish money for
speculation or investment, or they withdraw it from those objects, but
they do not supply it to or withdraw it from those who are using it in actual
business, except, of course, indirectly. Such an open market policy.
whether it be undertaken in order to earn expenses or simply to keep current
funds actively at work, may produce business results quite different from
those contemplated by bankers who in the past have developed the open
the past have developed the open market system of operation. They are
far more likely to be influential in advancing or depressing securities than
in enlarging or reducing the funds at the service of business. To be sure,
many foreign banks have fallen into the practice of using their spare cash
In thus operating in the bonds and notes of their respective governments.
But the practice is recognized as a bad result of the war, rather than as a
method to be maintained or even defended.
Unquestionably the time is not far distant when we shall have to decide
whether the Reserve banks are authorized, or can be so managed, as to
engage in real open market transactions with the design of facilitating
actual commercial business. As things stand the typical Reserve bank Is-so far as its larger members permit—being more and more operated like
any ordinary bank, with a view to making money and to keeping its funds
"safe." Both are worthy and desirable objects, but they are not those
for which a Reserve or central bank exists, nor is it true that In the effort
to cover expenses the Reserve banks do wisely in simply going into and out
of the bond market. How unfortunate is such an attitude as that which is
to be adopted may be inferred from the suggestion that the so-called open
market policy now in view is to be a sufficient cause for avoiding any
changes in rates. If it be true that this policy will, in fact, avoid proposed
reductions in rates at this moment the outcome may well give ground for
satisfaction just now. The general objection to the use of this Government bond plan to avoid those changes in rates which ought to be made
remains as positive as ever.
Brotherhood of Locomotive Engineers Co-operative
Trust Company to Begin Business in New York
To-day.
Announcement that a new labor banking institution,
the Brotherhood of Locomotive Engineers Co-optzative
Trust Co., will begin business to-day (Dec. 29), was made
on Dec. 16 by Warren S. Stone, Grand Chief of the Brotherhood of Locomotive Engineers. The new institution will
be located in a new building at Seventh Ave. and 33d St.
In announcing its forthcoming opening Mr. Stone said:
The opening of the bank will be of especial interest to the small depositor,
because it is a step in profit sharing that it destined to work a considerable
change in the savings habits of the people.
We will distribute the bank's profits among the depositors after operating
expenses, a limited dividend and a substantial surplus are laid aside.
The new institution is the first trust company to be
established by organized labor in New York. Its creation
it is stated, will not affect the affiliation which has existed
for some time between the Brotherhood of Locomotive
Engineers and the Empire Trust Co. Mr.Stone is President
of the new trust company, which has a capital of $500,000
and surplus of $250,000.
Another labor bank—the Bank of the International
Ladies' Garment Workers' Union will open for business,
on Jan. 5 at Fifth Ave. and 21st St.
H. J. Haas Made Chairman of Legislative Committee,
Commenting on the expected resumption of purchases of
National Bank Division, A. B. A.
Government securities by the Federal Reserve banks, the
Harry J. Haas, Vice-President of the First National Bank,
"Journal of Commerce" had the following to say editorially Philadelphia, has been appointed Chairman of the Federal
in its ifsue of Dec. 5:
Legislation Committee of the National Bank Division of the
American Bankers Association. Mr. Haas succeeds Waldo
Reserve Bank Policies.
Unofficial announcement is now made that our Federal Reserve system Newcomer, who resigned, owing to the National Exchange
will resume the purchasing of Government securities in the open market. Bank of Baltimore having merged with the Atlantic Trust
Its holdings of this class of investments have been considerab.y reduced
within recent months, during the so-called crop moving period. Now that Co. under the title of Atlantic Exchange Bank & Trust Co.,
Period is drawing to a close, and it is evidently intended to use the funds and thus having gone out of the National bank system.
which are released through the payment of paper In buying Government
pointed out, is one more defection from the Nabonds and Treasury notes. This is the same plan that has been followed This, it is
DEC.29 1923.]
THE CHRONTCILE
2851
tional bank system, evidencing the need of legislation which two institutions will be merged into one bank under a
will permit a national bank to continue its national charter national charter, with a title comprising to some extent the
and be in a position to compete with State banks.
present names of both. It is announced that there will
Rumania Restores Limited Freedom of Petroleum
Trade.
A Rumania cablegram (Associated Press), Dec. 18, said:
'The Cabinet has approved a decree restoring limited freedom olytrade in
the petroleum industry under governmental supervision so as to insure
priority for domestic users. The exportation of crude Mils still prohibited,
but refined products may be shipped abroad under an export tax of 80 lei
for 100 kilograms. Domestic prices must not exceed those on the world
market.
France to Make Loans to Poland and Jugoslavia.
The French Senate on Dec. 17 adopted the measures
authorizing advances of 400,000,000 francs to Polandand
300,000,000 to Jugoslavia, says a press cablegram from
Paris, which states that the measures were previously approved by the Chamber of Deputies.
be no material change in policy or personnel.
Announcement was made in Buffalo on Wednesday, Dec.
26, by officials of the Lafayette National Bank and the
Buffalo Trust Co. of a proposed union of the institutions.
The consolidation will give the Buffalo Trust Co. resources
of $40,000,000. It is expected the Lafayette National Bank
will be operated as branch of the enlarged trust company.
Jules DeWaele, Jr., was appointed a director of the Drovers & Merchants National Bank of Philadelphia on Dec. 18,
succeeding Fred Hasenfus, Jr., who resigned. On Dec. 11
C. Albert Kuehnle was appointed a director of the bank.
succeeding Jacob Rollick, resigned.
Resolutions recording their sense of loss suffered in the
death of Edward R. McKee, Chairman of the. Board of the
Paris Fixes Steamer Rates in Dollars—French Lines First National Bank of Chillicothe, Ohio, were
adopted by
Make This Exclusive Standard—British'Companies
the directors of the bank on Dec. 19. Mr. McKee, whose
Follow.
•
death occurred on Dec. 14, had been in the service of the
The New York "Evening Post" announced the following bank for more than 60 years. He was appointed to his first
from Paris, Dec. 3:
official post in the institution on Jan.-1 1878. when he was
The American dollar has been established as the exclusive standard for
elected Assistant Cashier; on May 21 1883 he was promoted
fixing steamship rates from French ports to the United States by all the
to the Cashiership; on Aug. 1 1905 he was chosen a director
trans-Atlantic liners having offices in Paris, including ,the Government
subsidized French line, the Compagnie Generale Trans-Atlantique, which and made Vice-President; he held the latter position
until
refuses to quote passenger tariffs in francs even to French nationals. The
British companies with offices here are also quoting rates in dollars, to the Mar. 6 1923, when he was selected Chairman of the Board,
in which position he served at the time of his death.
exclusion of sterling. The arrangement came into effect December 1.
A special press dispatch fr-om Barnesville, Ohio, on Dec.
13 to the Pittsburgh "Gazette" reported that the shortage in
the accounts of the defunct National Bank of Barnesville
was swelled to $850,000 on that day (Dec. 13) when it was
revealed that more than $100,000 in bonds were missing from
the safety deposit boxes. The boxes were opened and examined, it was said, by W. T. Hastings of Toledo, Assistant
Charles Cason, Assistant Vice-President of the Chemical State Comptroller. Mention of the bank's failure following
National Bank of New York, and Senator Selden P. Spencer the death of 0. P. Norris, its Cashier, was made in these
of Missouri were the speakers at the closing meeting at Mon- columns in our issues of Nov. 17 and Dec. 1.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Stock Exchange membership of Charles A.
Owens was reported sold this week to Charles Everett Tandy
for a consideration stated as $82,000 and that of Emanuel
J. Heilner to Herman S. Schwabacher also for $82,000, and
unchanged figure from the last preceding transaction.
treal, Dec. 27, of the 79th Annual Convention of the Delta
Special meetings of the sha- reholders of the National City
Kappa Epsilon Fraternity which was attended by graduates
and undergraduates from more than forty American Uni- Bank of Chicago and the National Bank of the Republic of
versities. St. Louis was selected as the next convention city. that city will be held on Jan. 22 1924 to ratify the proposed
amalgamation of the institutions under the title of the latter.
The Guaranty Trust Company of New York announces Mention was made of the proposed consolidation in these
the appointment of J. P. Huber as an Assistant Secretary, columns in the Dec. 15 "Chronicle."
Foreign Department, and of Ernest L. Colegrove as an
Assistant Trust Officer, Fifth Avenue office.
Frederick W. Stevens, of Ann Arbor, M.ch., who represented in China the Amer:can Group in the International
John Moody, President of Moody's Investors Service, ad- Consortium for about three years, and
who was formerly
dressed the Foreign Trade Forum of the National Associa- on the staff of J.P. Morgan
& Co., has been elected President
tion of Credit Men at its meeting on Dec. 21 on the subject of the Michigan Trust Company
located at Grand Rapids.
of
the "Adjustment of Government Debts." Mr. Moody reThe First National Bank of Fergus County at Lewistown,
ferred to the subject as one of the most important, if not
the
Mont., on Dec. 10 failed to open. The following special press
most important,factor In the economic situation of
European
dispatch from Lewistown on that date to the Helena, Mont.,
nations. In 1921 he published an authoritative book
on
"Record-Herald" reported the failure as follows:
"The Remaking of Europe." The National 'oreign
Trade
The First National Bank of Fergus County failed to open its
Council. the Export Managers' Club of New tYork,
Interna- business this morning. Over-extension of credits and a decrease indoors for
deposits
tional Chamber of Commerce, the Chamber Of Commerce
are said to be the immediate causes of the closing. The institution's liabiliof
ties are approximately $4,600,000.
the U. S. A. and the Merchants' Association of New
York
The First National of Fergus was formed last spring by the consolidation
were invited to participate in the meeting, which
was held at of the First National Bank of Lewistown and the Bank of Fergus County.
the Aldine Club, 200 Fifth Avenue, New York.
Its capital was $300,000 and its last statement showed a surplus of $100,000.
4
Plans to increase the capital of the Ironb4und
Trust Co.
of Newark, N. J., from $300,000 to $500,000 will
be acted
upon by the stockholders of the institution at
a special
meeting to be held Jan. 8. It is proposed to
offer the
$200,000 of new stock to existing holders at par,
$100.
Besides the present capital of $300,000 the institution
has
$300,000 surplus and $725,000 undivided profits.
With its
increased the capital the company will have a
surplus of
$500,000, making the combined capital and surplus
$1,000,
000. We are advised that it has not been decided
definitely
when subscription rights will be sent to the
stockholders
but it will presumably be within a few days after the
special
meeting of the stockholders, provided, of course,
that
favorable action is taken at that meeting.
The controlling stock interest in the Red Bank Trust
Co.
of Red Bank, N.J., has been purchased by Charles Allen
Jr.,
George Hance Patterson, Frank McMahon, Benjamin
J.
Parker, Sigmund Eisner and John Enright, directors
of the
Second National Bank of Red Bank. It is expected that
the
W. J. Johnson is President of the closed institution, and Oliver W. Belden,
Chairman of the board of directors.
No official statement regarding the closing has been issued. At the
time
of the merger it was announced that both banks were in a healthy
financial
condition and the move was made for reasons of economy only.
The First State Bank of Shelby, Mont., one of the institutions which closed their doors in July last following the
Dempsey-Gibbons fight, will re-open to-day (Dec. 29)
according to recent newspaper advices from that place.
The failure of the bank was noted in these columns in our
issue of July 21.
Louis E. Dehlendorf, Cashier of the Cass Avenue Bank
and formerly President of the Associated Bankers,
will be
President of the new Twelfth Street National Bank,
which
has been formed in St. Louis with a capital of $300,000
(instead of $250,000, as originally planned) and a
surplus of
$60,000. The organization of the bank has been
undertaken
by interests identified, with the Lafayette South
Side Bank.
The new institution expects to begin business
about Jan. 15,
in temporary quarters adjoining the site of
its permanent
location at the northwest corner of Twelfth
Street and Chou-
2852
THE CHRONICLE
teau Avenue. The directors of the Twelfth Street National
will be: Richard H. Blanke, Secretary and Treasurer of the
C. F. Blanke Tea & Coffee Co. and the St. Louis Tin & Sheet
Metal Working Co.; C. E. M. Champ, President of the Champ
Spring Co.; Louis E. Dehlendorf, President of the bank;
Henry W. Gildehaus of H. W. Gildehaus & Co.; C. W. Johnson, President of the St. Louis Basket & Box Co.; A. C. F.
Meyer, President of the Lafayette-South Side Bank; P. J.
Pauley, President of the Pauley Jail Building Co., and Hugo
F. Urbauer, President of the Urbauer-Atwood Co. and of the
Midwest Piping & Supply Co. The proposed slate for the
election of officers, which will take place next month and
which, it is expected, will be carried through, is as follows:
A. C. F. Meyer, Chairman of the Board; Louis E. Dehlendorf, President; A. C. F. Meyer, 1st Vice-President; H. W.
Krieger, Cashier.
For.. 117.
eral years past having met the last week in May. The first
day of the convention, June 4, will be devoted to the annual
meeting of the Trust Company Section of the C. B. A. and a
meeting of the Executive Council. The regular business sessions of the convention begin on Thursday, June 5. In the
report of Secretary F. H. Colburn to the Council the present
membership of the Association was shown as 1,046.
The Bank of Italy at San F- rancisco announces the receipt
by it of telegraphic advices from the Federal Reserve Board
at Washington authorizing the establishment of additional
branch offices. The specific permits include, it is stated,
the conversion of the Bank of Watsonville and the Watsonville Savings Bank at Watsonville, the Golden State Bank
and the American Savings Bank at Long Beach. Steps will
be taken to incorporate these new units in the Bank of
Italy's organization immediately, it was announced by A. P.
these banks will give the Bank
Discovery of alleged irregularities of Joseph S. Carr, Giannini. The addition of
informed, 73 banking offices in 50 cities
Cashier of the Chippewa Bank of St. Louis, caused the of Italy, we are
closing of the institution by State Finance Commissioner throughout the State.
Millspaugh on Dec. 21. In a statement issued at that time
The Standard Bank (head office Toronto) announces a
Gottlieb Eyermann, Jr., the President of the bank, stated
to office”s and employees based upon
Cashier had admitted he was short in his year-end distribution
that the accused
short- the length of service commencing with 2% of the annual
accounts and had returned $34,000, but that the exact
salary at the close of the year, and adding 1% for each year
age had not been ascertained. According to the St. Louis
Cashier's irregularities of service.
"Globe-Democrat" of Dec. 22, the
probably amount to more than $200,000. It was stated in
The 59th annual statement of the Union Bank of Canada
that issue that Mr. Carr denies a shortage exists in fact, and (head office Toronto) for the fiscal year ended Nov. 30 1923
on the night of Dec. 21 "pledged assets vaLed by him at showed net profits for the period, after deducting expenses
more than $1,000,000 to protect the depositors." Thomas of management, interest due depositors, reserving for interR. Harlan, attorney for the accused Cashier, was reported est and exchange, and making full rovision for all bad and
by the "Globe-Democrat" as saying:
doubtful debts, of $1,033,432. To this amount the sum of
Carr is admitting no shortage exists. There may have been some irregu- $151,265 was added (representing balance to credit of profit
resulted In
larities which attracted the attention of the bank examiners and
been and loss after the transfer on June 19 last of $331,911 to the
an order for a closing down of business, but so far as I know there has
the bank. It Is
110 wilful manipulation of funds by Carr to the detriment of
reserve fund of the bank, making $1,184,697 availthat contingent
quite natural, of course, that suspicion Is directed his way, and for
effort to able for appropriation, which was distributed as follows:
reason he has dumped everythi g ihe has into the hopper in an
the $720,00 Oto pay four quarterly dividends at the rate of 9%
afford every protection possible. He proposes to give full assurance to
him,
authorities that he will be available at any time they wish to question
per annum; $10,000 contributed t °officers' pension fund and
and for that reason I am willing to surrender him to-day on a common law
the $137,622 to pay Dominion Government and other taxes, leavbond if Mr. SIdener (Circuit Attorney) so directs. Carr is accepting
ing $317,075 to be carried forward to next year's profit and
full responsibility and is taking it standing up.
The Chippewa Bank has a combined capital and surplus loss account. Total assets as of Nov. 30, the report showed,
of $300,000. And, it is said, according to a statement issued were $128,299,679, of which $57,877,689 were liqui dresources,
Sept. 14 under the call of the St. Louis Clearing House, of while total deposits stood at $95,621,251. The bank is capwhich it was an associate member, its deposits were $2,483,- italized at $8,000,000 with a rest account of $1,750,000. W.
132.
R. Allan is President of the institution and J. W. Hamilton,
A small Missouri institution, the Park Bank of Parkville, General Manager.
with total resources of about $447,711, has been closed by its
Commencing Dec. 22, a dividend of 25% is being paid to
board of directors on account of "frozen loans."
depositors of the defunct Home Bank of Canada through the
according to the Toronto
The Washington County National Bank of Johnson City, chartered banks of Toronto,
19. Announcement of the completion of
Tenn., for which a charter was recently issued by the Comp- "Globe" of Dec.
for the payment was made at a general meettroller of the Currency, began business on Dec. 7. The new arrangements
ing of the creditors of the institution held at Massey Hall,
bank, which has a capital of $100,000, is a conversion of the
on the night of Dec. 18. The dividend, it was
City Savings & Trust Co. W. F. Carter is President and Toronto,
stated, would be paid to all who had proved their claims
F. L. Wallace, Cashier.
with the permanent liquidators of the institution, G. T.
In addition to paying its employees the regular quarter Clarkson and I. E. Weldon. According to a press dispatch
bonus dividend on their annual salaries, the board of direc- from Toronto on Dec. 20, which appeared in the "Evening
tors of the Hibernia Bank & Trust Co. of New Orleans sur- Post" of this city of that date, trial before a court without
prised four of its officers and employees by announcing their a jury was granted on that day to the ten officers and direcpromotions. Benjamin Roach, heretofore head Discount tors of the Home Bank of Canada. Justice Middleton, it
Teller, and Irving S. Edell, heretofore Chief Clerk of the was stated, ordered the transfer to a county court from the
bank, were both elected Assistant Cashiers. Robert F. Assizes on petition of the prisoners, who await trial on
Schwaner, former Manager of the Transit Department, was charges of filing false reports of the bank's condition.
made Chief Clerk to fill the vacancy created by the promoWe are in receipt of the annual statement of the Commertion of Mr. Edell, and W. Wilbur Pope was appointed Mancial Bank of Scotland, Ltd. (head office Edinburgh) coverager of the Credit Department. Each of these changes reping the twelve months ended Oct. 31 1923. The report, which
resents, it is stated, a distinct promotion given in recognition was presented to the proprietors of the bank at their
annual
of long service and good work faithfully and consistently
general meeting on Dec. 17, shows net profits, after the usual
performed.
deductions, of £347,217. To this sum is added £55,132, repreThe 1924 annual meeting of the California Bankers Asso- senting the balance to profit and loss brought forward from
ciation will be held in the Yosemite Valley. The dates are the preceding year, making together £402,349. Out of this
June 4, 5, 6 and 7 and the headquarters will be Yosemite amount, the report shows, there was applied in July in payLodge. This was decided at the mid-year meeting of the ment of the half year's dividend on the "A" and "B" shares
Association's Executive Council, which met in San Fran- at the rate of 16% and 10%, respectively, 194,254 (under decisco Dec. 15. For many years it has been the expressed duction of income tax 130,746), leaving a balance of 1308,desire of numbers of delegates to hold a convention in the 095, which the directors recommended be appropriated as
Yosemite some year. The Yosemite National Park, while follows: £96,875 to pay the 2d semi-annual dividends on
open all winter, does not get into full swing as regards sum- the "A" and "B" shares at the rate of 16% and 10% per anmer accommodations for its huge rush of visitors until num, respectively (under deduction of income tax £28,125);
about June 1. Then the valley is at its best, with everything £100,000 to be added to reserve fund; £25,000 to be credited
green and the mountain streams and waterfalls at flood to officers' retiring fund, and £30,000 to be applied in reducfrom the Sierra snows. Hence, the convention next year tion of the cost of bank's properties, leaving a balance of
comes one week later than usual—the Association for sev- £56,220 to be carried forward to next year's profit and loss
DEC.29 1923.]
THE CHRONICLE
account. Total assets of the bank as of Oct. 31 1923 were
144,106,029, while total deposits on the same date were £35,822,541. The bank's paid-up capital is £1,750,000, with a reserve fund of £1,700,000.
The 4th annual report of the British Overseas Bank, Ltd.
(head office London), covering the fiscal year ended Oct. 31
1923 was presented to the shareholders at their annual general meeting on Dec. 14. The statement shows net profits
for the period, after allowing for rebate of interest and providing for all bad and doubtful debts, income tax and other
taxation for the year, of £100,968, which when added to £57,814, representing balance available from last account, made
together £158,782. From this amount £30,000 was deducted
to pay an interim dividend on the "A" ordinary shares at
the rate of 6% per annum for the half year ending April 30
1923, together with income tax thereon, leaving the sum of
£128,782 available for distribution, which was appropriated
as follows: £30,000 to pay the 2d semi-annual dividend at the
rate of 6% per annum, together with income tax thereon;
£15,000 to reserve fund against shareholding interests in
foreign banks; £10,000 to reduction of premises account and
£5,000 to furniture account, leaving a net balance of £68,782
to be carried forward to next year's profit and loss account.
Total assets were shown in the report as 15,907,805, of
which
£339,326 represented cash in hand and t bankers.
The bank
has a paid-1n capital of 12,000,000. The Right Hon.
Viscount
Churchill, G.C.V.O., is Governor of the bank and
A. C. D.
Gairdner, Esq., Chairman of the board of directors.
•••
Three Years of Progress in City Government
in New York State.
The following statement regarding the three years
of progress in city government in New York State
is a very encouraging survey of the situation, and it points the way
for
further improvement in many lines, financial and
otherwise,
to the cities of the State. It is taken in abridged form
from
the Fourth Report of the Special Tax Committee, Frederick
M. Davenport, Chairman, which was dated Feb. 1
1923.
(See "Chronicle" of Dro. 22, pages 2731 to 2735.
In 1919-1920 this Committee made an extensive study of
governmental
organization and of business methods in the cities of the
State. (Legislative
Document of 1920 No. 80). All of the major bills which
we have submitted to carry our recommendations into effect have already
been enacted
Into law, with the exception of a single constitution
al amendment. In
addition to these recommendations for legislation,
we offered many suggestions which can be put into operation only by the
cities themselves.
The present summary of three years' progress
in city government is
based on the hearings held by the committee in
various central cities to
which representatives of the surrounding cities
were invited and upon
information gathered at the request of the committee
by the Bureau of
Municipal Information of the State Conference of
Mayors and Other City
Officials.
A —Governmental Organization
Progress of Sound Ideas—Three Charters Completely
Revised.
The most important advance that has been made in
the last two years in
the cities has been the development of sound ideas
with regard to the
question of governmental organization. As a result
of this change, those
cities which have approached the problem of remodeling
their governments
during the last three years have worked out highly
commendable charters.
The suggestions of the committee that charters
should set up more simplified governments with concentration of power and
responsibility have
been followed. Notable examples are the complete
revision of the charters
of Rome, Mount Vernno and Hudson, all of
which used the committee's
report as a basis for their study. Several other cities
have amended their
charters so as to eliminate boards and commissions
and to combine bureaus,
offices and functions.
Unpaid Boards of Health Superseded by Health Departments
in Seven Cities.
The abolition of unpaid administrative boards was
recommended by the
committee. The following cities have abolished
their boards of health
under the law drafted by this committee and
established departments of
health with a single appointive head: Amsterdam,
Cohoes, Mount Vernon,
Olean, Salamanca, Syracuse and Yonkers.
Greatly Improved Methods for Assessment of Property
in Ten Cities.
As a result of the law suggested by the committee
authorizing municipalities to abolish their elective boards of assessors and to
establish a department
of assessment and taxation with a single appointed head,
the following cities
have adopted such a system in the last two years:
Binghamton, Gloversville,
Jamestown, Little Falls, Rensselaer, Rome,
Salamanca, Mount Vernon,
Watertown and Yonkers. Several other cities contemplat
e making similar
changes within the next year.
Relation of Education to City Government in
Unsatisfactory State.
This committee has consistently urged that educational
administration
should be intimately correlated with city administrat
ion. If this is not
done the proper balance between community expenditure
s for education
and for other municipal services cannot be maintained.
Great economies
are also to be effected by combining education and other city
administration
under a single directing authority. We feel sure that this
can be done
without sacrificing educational standards.
The extremely unsatisfactory condition which we pointed
out in 1920
has not been altered substantially. The Court of Appeals handed
down a
decision to the effect that appropriations for education are
municipal funds
and must be included within the 2% constitutional taxing limit.
The only change in the relation of boards of education to city
administrations has been the adoption by a few cities of the plan of segregating
the
tax lovy for education purposes and collecting the school tax separately
from the general city tax.
2853
In the city of Buffalo a referendum was held on the question "Shall the
Buffalo Board of Edcuation be permitted to determine the amount of school
tax which shall be levied, and the amount of school bonds which shall be
issued, without limitation or adoption by the city government?"
The
vote on this referendum stood 12,355 for independence of the board of
education In financial matters and 70,174 against it.
B —Better Business Methods
Central Purchasing in 22 Cities—Pensions, .Sc.
In many directions the cities have improved their business Methods since
1920. This is evident not only in the facts and figures which they are able
to present, but also in their method of presenting information to the Committee. The cities make a more businesslike impression than they did
three years ago.
Twenty-two cities now have central purchasing, the following since the
Committee's report: Albany, Amsterdam. Hornell, Mount Vernon, Rome,
Salamanca, Schenectady, Troy, Watervliet and Yonkers.
Marked economy in the cost of elections in cities has been effected under
the revised Election Law of 1921.
The State in 1921 provided a way for cities to adopt a sound pension system for municipal employees other than those who at that time were being
pensioned under systems created by special law. So far the following cities
have elected to come under the State system: Newburgh, New Rochelle.
Rochester, Schenectady, Syracuse, Watervliet and Yonkers.
Tax Collections Now Made in Advance be 26 Cities.
Twenty-six cities now collect their taxes in advance and thirty others
have to borrow money in anticipation of their tax collection to run their
government. The remaining three have to borrow "occasionally." There
has been only slight improvement in this municipal activity in the last two
years. Several cities, however, have under advisement proposed charter
changes which will enable them eventually to collect their taxes in advance.
Thirty-one cities were borrowing money in anticipation of tax collection
in 1920 and twenty-eight cities were collecting in advance or borrowing only
occasionally.
Sound Bonding Policies Practiced by Most of the Cities.
Sound bonding policies are being practiced by most of the cities in the
State, although there is nothing to prevent any one of them from returning
to the extravagant and vicious practices of the past. Cities are generally
issuing bonds for a period not longer than the usefulness of the improvements
to be financed and all bonds are being issued serially. There is need of a
revision of the laws dealing with the subject of municipal indebtedness.
Interest Payments and Receipts on Balances More Satisfactory in
Several Cities.
A study of the rates of interest received by cities on their daily, monthly
and quarterly bank balances and their inactive accounts, also of the protection cities require from depositories, shows that improvement has been
made by several cities within the last two years.
Since 1920, 30% of the cities of the State have slightly increased the rate
of interest they received 011 their daily bank balances. Two cities which
in 1920 were drawing nothing on their bank balances are now receiving interest. There are seven cities in the State which are still receiving nothing. Nine cities have reduced the rate of interest they are paying on temporary loans.
These conditions have been due in part to the general fluctuation
s of interest rates.
C —Financial Administration
Increasing Municipal Tax Levies Checked—Levies Reduced in 30% of Cities.
An analysis of the net budgets of the cities for 1916. 1921 and 1922 shows
that the increasing municipal tax levies have been checked and that
approximately 30% of the cities have actually reduced their levies
for 1922.
The increase In the total tax levies for city purposes in 1922 was
very
much less than it has been in any year since 1915. The total tax
levy for
municipal purposes in all cities was only 6% greater in 1922 than
that of
1921. The average annual increase for the five years previous
was 12%.
The 59 cities in 1922 levied a tax of $332,822,764 for municipal
purposes.
In 1921 the total levy was 5315,415.893, and in 1916 it amounted
to $194.877.396.
From 1916 to and including 1921 the net budget or municipal tax
levy of
every city in the State. with the exception of Hornell, was increased.
The
smallest increase was 8% and the largest 157%.
Fourteen cities last year decreased their net budget or tax levy
over that
for 1921. These decreases range from 1% to 22%. Forty-five
cities increased their tax levy anywhere from 1% to 45%. The levies of
the remaining four were about the same for both years.
The tax levy for all municipal departments and activities excepting
schools
In New York State cities is on the decline. The total tax levy, exclusive
of public schools and the payment of debt, decreased during 1922
for the
first time in several years and was 3% less than In 1921. We
eliminate
from the tax levy the appropriations for education and debt service
as
present administrations have practically no control over these
outlays.
The tax levy for all city purposes, except schools and debt service,
was less
in 18 cities last year than It was in 1921. In seven others the levies
for both
years were practically the same.
Reports from all cities show that the total tax levy for municipal
purpose.
was $114.054.866 in 1922 after deducting the levy for schools
and debts
In 1921 it was 5117,742,271 and in 1916 the amount was
566.511,970.
an increase for those earlier years of 77%•
Levies for Debt Service and Education Practically Outside of City
Control.
There was a small increase of 1.47% in the levy for debt service
in 1922.
The levy for education, however, in 36 cities increased 28%.
In the other
cities the cost of education is not included in the city tax levy.
Twenty-three cities levied less last year for debt service than
they did
in 1921. Only 7 of the 36 cities reporting education appropriati
ons reduced
their levy for public schools.
Increased Cost of Police Service in 1922 Due to Automobile.
The 1922 increase in appropriations for all city pollee
departments in
New York State was less than that for any year since
1916. The average
yearly increase from 1916 to 1921, inclusive, was
12%. while the total
appropriations for the police department in all cities were
only 7% greater
in 1922 than that in 1921.
A total of 337.148,844 was appropriated by the 59 dties
for police
protection in 1922: in 1921 it was 52,356.518 less. In
1916 the cities
appropriated 521.464,617.
An analysis of the causes for the 1922 increase shows that
it can be directly
chargeable to the automobile.
Thirteen cities reduced the cost of their police department
s last year.
These decreases ranged from 1% to 23%. In 8 other
cities the appropria
tions for 1922 and the year previous were practically
the same. The
increases in the other cities ranged from 1% to
134%. Sixteen cities
increased the number of their patrolmen last year.
Most of these report
increased traffic work as the reason. Practically
all of the other cities
will be forced to make increases within the
next two years for the same
reason.
2854
[Vol,. 117.
THE CHRONICLE.
Cost of Fire Departments Practically the Same in 1922 as 1921.
The cost of fire fighting in New York State cities is practically the same
In 1922 as in 1921, being the first time in many years that there was not
a substantial increase. In 1916 the 59 cities appropriated $13,100,983 for
fire fighting purposes. This increased 83% during the next 5 years, so
that in 1921 the total appropriation amounted to 324.010,109.
Analysis of the reports received from all cities shows very conclusively
the cost of fire fighting has reached its peak in New York State and that
we are beginning to go the other way. Twenty-nine cities report that their
fire department appropriations were less for 1922 than for the previous year.
The purchase of motor apparatus to replace horse-drawn apparatus, which
will eventually reduce expenses, was responsible in 1922 for increases in
6 of the 17 cities whose fire appropriations were larger than in 1921.
Public Health Expenditures Decreased 3%, Against Increase of 73% for
Five-Year Period 1916-21.
The appropriations of public health work decreased 3% in 1922 over
1921. There, however, was an increase of 73% between 1916 and 1921.
inclusive, in all the cities in the State. The total amount appropriated
In 1922 by all cities for public health work was $7,041,840 85. In 1921 it
was $7,271,021 37, and in 1916 $4,207,252 55. The death rate in all
New York State cities decreased 14% from 1916 to and including 1921.
Funded Debt Increased But Little Compared With Borrowing Capacity.
The total funded debt chargeable against the 10% constitutional debt
limit of all New York State cities increased 8% from 1916 to and including
1921. In 1922 there was an increase of 5% over 1921.
The total assessed valuation of real property subject to taxation in all
New York State cities increased 14% between 1916 and 1921, inclusive.
There was a further increase of 13.5% from 1921 to and including 1922.
The total borrowing capacity of all cities in New York State in excess
of the net funded debt increased 90% between 1916 and 1921, inclusive,
and 69% in 1922. It is significant that the funded debt of the cities
increased very little in proportion to the increase in their borrowing capacity
during these years.
The per capita funded debt of all cities was $110 47 in 1916, $107 11 in
1921 and $11227 in 1922.
The per capita assessed valuation of all cities in New York State was
11,347 72 in 1916. $1,378 86 in 1921 and $1,565 60 in 1922.
-Five Cities Have Had Limitations
-Important Changes
Tax Limitations
Removed.
A study of the appropriating and taxing powers of cities from Jan. 1 1912
to date shows that the State Legislature has been called upon to make very
many changes during this ten-year period. Of the 36 cities whose taxing
powers were limited in 1912. changes have been made in 26, either increasing or reducing the amount they could appropriate or raise by tax, or
eliminating their restrictions. In all 82 clhanges have been made.
Five cities have removed their limitations entirely, these being North
Tonawanda, Auburn. Norwich. Lockport and Mount Vernon. Three of
these limitations have been made since 1920. No city whose taxing or
appropriating powers were not limited in 1912 has since placed any restriction on its power.
The following cities have changed from a system of limiting departmental
or total appropriations to specified sums to one of limiting the total appropriations to a percentage of assessed valuation of real estate: Corning,
Elmira. Dunkirk and Hudson.
It is clear that constitutional or charter tax limitations do not stop an
increase in the cost of city government. The total of the net budgets or
tax levies of the 35 cities in New York State, whose taxing powers are limited
either by the constitution or by charter provisions, was 326.299.317 in 1916.
341,567,510 in 1921, and 345.548.687 in 1922. The total net budget or
tax levy of the cities in New York State whose taxing power is not limited
was 114,695.425 in 1916, 323,604,267 in 1921, and $25,615,544 In 1922.
The percentage of increase was as follows:
1921 over 1916. 1922 over 1921.
Total Tax Levy-Cities whose taxing powers are limited_ --10%
58%
61%
whose taxing powers are not limited.
Cities
8%
The above shows that from 1916 to 1921 the total tax levy of the cities
whose taxing powers is not limited was only 3% greater than the increase in
the tax levy of those cities whose taxing powers are limited. However,
from 1921 to 1922. the total tax levy of the cities whose taxing powers are
limited increased 2% more than the total levy of those cities whose taxing
powers are not limited.
Budget Systems-Distinct Improvement Effected.
There has been a very distinct Improvement in budget systems during
the past two years. A number of cities have adopted budget systems and
others have so Improved their methods as to deserve comment. No city
has made more progress in its budget methods than Syracuse.
D -New Municipal Laws
Since the last report of the Committee on Municipal Finance, a number of
extremely important laws, based upno the committee's recommendations.
have been enacted. These are:
1. A law permitting cities to abolish elective boards of assessors and to
establish departments of assessment and taxation with a single appointive
head. (1921 N. Y. LL. Ch. 300.)
2. A law permitting all cities to establish central purchasing agencies or
departments. (1921 N. Y. LL. Ch. 230.)
3. A law permitting cities to abolish boards of health and to establish
departments of health with a single appointive head. (1921 N. Y. LL.
Ch. 299.)
4. A law permitting the State Comptroller to examine the accounts of
school authorities. (1920 N. Y. LL. Ch. 838.)
5. A law permitting the cities to pension municipal employees under the
State retirement system. (1922 N. Y. LL. Ch. 591.)
In addition to this group oflaws,the constitutional home rule amendment
should be mentioned, though it has passed but one legislature thus far.
E -Next Steps
On the strength of the advances made during the past three years. it is
safe to say that the cities of New York State are on the right track. This is
a vindication of the committee's conclusion arrived at in 1919, that our
cities are qualified to exercise complete home rule in local matters.
The State Conference of Mayors and Other City Officials, with its Bureau
of Information. is an organization supported and directed by the cities
themselves. There is no single force for good city government in this State
whose influence is to be compared with it.
The next step in municipal reform under present conditions is, therefore,
the granting of full home rule to the cities. Following this, the next steps
of reform will be primarily in the hands of the cities. Among these there is
none of greater importance than the question of the selection, appointment,
pay rates, promotion, and discharge of public employees. This is generally
referred to as the employment or personnel problem (which the committee
treats of in a special chapter).
THE CURB MARKET.
Oil stocks continue to absorb the attention in Curb
Market trading and, except for some unsettlement caused
by the suspension from trading of Southern States Oil
shares, the market has been active and prices as a rule firm.
As stated above, Southern States Oil was suspended from
trading on Wednesday, thus causing a bad break in Gulf
States Oil & Ref. from 83 to 1 and in Turman Oil from
1034 to 7. The close to-day was at 2% for the former and
83j for the latter. United Oil Producing 8% bonds were
also affected, these selling down from 85 to 60, with a final
recovery to 76. Standard Oil issues show pronounced
improvement. Eureka Pipe Line after loss of a point to
98 advanced to 100. Humble Oil & Ref. moved up from 3634
to 384 and closed yesterday at 3834. Magnolia Petroleum
was conspicuous for a rise of 17 points, to 160, the final
figure being 156. Ohio Oil advanced from 6834 to 7034 and
finished at 703i. Prairie Oil & Gas after early weakness from 225 to 22234 rose to 240 ex-dividend. Prairie
Pipe Line gained 234 points to 10434 and sold finally at 103,
ex-dividend. South Penn Oil ran up from 143 to 158 and
closed yeste day at 157. Standard Oil of Indiana from 634
reached 663. and ends the week at 6634. Vacuum Oil
improved from 5434 to 5734. Internat. Petroleum advanced
from 1834 to 2234 and reacted to 213. Movements in
Industrials were with few exceptions uninteresting. Stutz
Motor was pressed for sale and broke from 934 to 634,
recovering finally to 834. Del. Lack. & West Coal sold up
from 9334 to 9734, and at 97 finally. Durant Motors gained
over 2 points to 3034, and ends the week at 3034; Gold
Dust Corp. was strong, advancing from 28 to 31%, the close
to-day being at 31.
A complete record of Curb Market transactions for the
week will be found on page 2881.
COURSE OF BANK CLEARINGS.
Returns of bank clearings the present week point to a small
decrease in the grand aggregate as compared with a year ago.
Preliminary figures compiled by us, based upon telegraphie
advices from the chief cities of the country, indicate that for
the week ending to-day (Saturday, Dec. 29) aggregate bank
clearings for all the cities of the United States from which it
is possible to obtain weekly returns will show a decrease of
0.9% as compared wtih the corresponding week last year.
The total stands at $6,781,104,786, against $6,845,656,427
for the same week in 1922. At this centre there is a loss of
2.7%. Our comparative summary for the week is as follows:
• Clearings-Returns by Telegraph.
Week ending Dec. 29.
1922.
Per
Cent.
32,810,000,000
New York
419,921,041
Chicago
360.000,000
Philadelphia
238,000,000
Boston
96,303,701
Kansas City
St.Louisa
108,700,000
BanFrancisco
103,616,000
Los Angeles
115,232,761
Pittsburgh
91,956,458
Detroit
70,803.282
Cleveland
66,706,248
Baltimore
56,981,578
New Orleans
32,887,517,920
440,190,868
361,000,000
239,000,000
103,207,937
•
103,300,000
86,797,000
111,792,120
94,158,044
72,129,705
60,741,344
44,452,297
-2.7
-4.6
-0.3
-0.4
-6.7
a
+5.2
+19.4
+3.1
-2.3
-1.8
+9,8
+28.2
Twelve cities,4 days
Other cities, 4 days
34,538,221,069
886,662,760
34,604,287,235
852,237,907
-1.4
+4.0
Total all cities, 4 clays
All cities, 1 day
35,424,883,829
31,356,220,957
35,476,525,142
31,369,131,285
-0.9
-0.9
36.781.104.786
36.845.656.427
-00
Tntwl all cities for week
1923.
a Will not report clearings.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Dec. 22. For
that week there is an increase of 8.9%, the 1923 aggregate of
the clearings being $8,703,676,448 and the 1922 aggregate
$7,995,941,393. Outside of this city, the increase is 9.1%;
at this (entre there is a gain of 8.7%. We group the cities
now according to the Federal Reserve districts in which they
are located, and from this it appears that in the Boston
Reserve District there is an improvement of 26.1%, in the
New York Reserve District (including this city) of 8.8%,.
DEc. 29 1923.]
THE CFIRONTCLE
but in the Philadelphia Reserve District of only 0.1%. In
the Cleveland Reserve District the totals are larger by 4.6%
in the Richmond Reserve District by 8.7% and in the
Atlanta Reserve District by 20.1%. The Chicago Reserve
District has a gain of 6.8%, the St. Louis Reserve District
of 0.1% and the Dallas Reserve District of 17.3%. In the
Minneapolis Reserve District there is a loss of 5.0% and in
the Kansas City Reserve District of 2.2%. The San
Francisco Reserve District enjoys a gain of 19.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ended Dec. 22 1923.
1923.
1922.
Federal Reserve Districts.
(1st) Boston
11 cities 510,052,279 404,415,442
(2nd) New York
10 " 4,901,157,350 4,504,833,412
(3rd) Philadelphia_ __ _10
570,546,855 569,846,478
(4th) Cleveland
387,543,193 370,640,502
8
(5th) Richmond
205,893,729 189,424,977
6
(6th) Atlanta
226,066,065 188,238,867
1”
(7th) Chicago_
834,481,140 828,406,725
19
(8th) St. Louts.
7
81,860,607 81,741,601
(9th) Minneapolis _
130,191,27 136,995,270
7
(10th) Kansas City_ _ II
241,748,27 247,299,124
(11th) Dallas
72,263,97
5
61,625,265
(12th) San Francisco _ 16
491,866,609 412,473,730
Int.or
Dec.
1921.
1920.
+26.1 336,492,975 316,865,191
+8.8 4,116,686,630 4,102,060,368
+0.1 447,600,700 436,440,212
+4.6 318,408,329 406,273,995
+8.7 142,041,534 146,059,786
+20.1 154,489,112 148,938,576
+6.8 691,324,253 626,455,082
+0.1 60,338,963 50,823,666
-5.0 108,837,300 107,884,517
-2.2 220,864,297 284,954,061
+17.3 56,448,847 52,982,244
+19.2 335,845,981 307,912,291
Grand total
122 cities 8,703,676,448 7,995,911,393 +8.9 6,989,378,921 6,988,569,989
Outside New York City
3 384,165,823 3,560,900,998 +9.1 2,931,930,766 2,948,375,429
Canada
29 eitiea
377,716,525 356,229,480 +6.0 370,155,979 422,995,362
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
1Veek ending Dec. 22.
Clearings al1923.
1922.
Inc. or
Dec.
c•-•
8
S
First Federal Reserve Dist net
-Boston
-Bangor__ _ _
Me.
775,106
813,667- 4.7
Portland
2,999,468
3,042,282 -1.4
Mass.
-Boston- 460,000,000 356,000,000 +29.2
Fall River._ _ _
2.417.541
2,644,398 -8.6
Holyoke
a
a
a
Lowell
1,385,794
1,421,030 2.5
Lynn
a
a
a
New Bedford
1,516,200
1,641,871 -7.7
Springfield.
4,580,995
5,035,110 9.9
Worcester
3,817,000
4,328,000 -9.9
Conn.
--11artford
12269,954
11,388,117 +7.7
New IIaven
6,742,821
5,873,517 +14.8
RI.
-Providence
13,547,400
12,267,400 +10.4
Total(11 cities)
510,052,279
404,415,442 +26.1
Second Feder al Reserve II istrict-New
N. Y.
-Albany_ _
7,416,940
4,416,899
Binghamton_ _ _
1,004,600
1.074,446
Buffalo
d52,069,923
45,912,070
Elmira
734,020
715,528
Jamestown__ _ _
d1,137,663
1,139,132
New York_ _ _ 4,819,510,625 4,435,040,395
Rochester
11,291,516
9,180,763
Syracuse
4,237,992
3,619,102
Conn.
-Stamford
c3,277,159
3,231,258
N. .1 -Montclair
476,903
503,819
1921.
1920.
650,850
1,806,000
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
800,000
2,100,000
279,112,546
1,558,621
a
978,838
a
1,276,861
3,939,443
3,474,647
8,966,635
4,500,000
10,177,600
336,492,975
316,885,191
York +67.9
3,571,837
3,900,000
-6.5
1,114,600
1,103,700
+13.4
38,217,289
42,013,080
+2.6
-OA
1,112,576
+8.7 4,057,448,155 4,040,194,560
+23.0
7,538,326
8,621,422
+17.1
3,645,718
4,217,097
+1.4
3,605,917
2,528,498
5.3
432,212
382,011
Total(10 clties) 4,901,157,350 4,504,833,412
+8.8 4,116,686,630 4,102,960,368
Third Federal Reserve Din act-Phila del phi aPa.
-Altoona ___
1,425,403
1,364,509 +4.5
912,176
826,782
Bethlehem ____
4,402,598
4,676,864 -3.9
2,887,919
3,333,374
Chester
1,660,584
1,186,313 +40.0
,
990634
991,825
Lancaster
3,111,566
2,737,698 +13.7
2,089,244
1,810,020
Philadelphia
539,000,000 541,000,000 0.4 425,000,000 414,642,257
Reading
3,694.846
2,973,214 +24.3
2,456,480
2,096,009
Scranton
6,100,807
5,318,227 +14.7
5,099,843
5,297,520
Wilkes-Barre_ _
d3,455,260
3,550,466 2.7
3,011,872
2,400,000
York
1,426,806
1,483,309 -3.8
1,157,387
1,421,817
N.J.-Trentos
6,178,98
5,555,878 +11.2
3,995,145
3,620,608
Del.-Wiliningt'n
a
a
a
a
a
Total (Mettles)
570,546,855
569,846,478
+0.1
447,600,700
436,440,212
Fourth Feder al Reserve D 'strict-Clay elandOhio-Akron _ _
d7,662,000
5,603,000 +38.7
.5,912,000
Canton
4.783.567 -1.5
. •
3,084,801
Cincinnati _ _ _ _
68,688,267
70,575,913
7
54,427,107
Cleveland
111,919,035 100,682,603 +11.2
87,480,622
Columbus
15,933,800
14,8,2,.00 +7.1
14,297,300
Dayton
a
a
a
a
Lima
a
a
Mansfield
d1,1780,599
*1,500,000 +25.4
?
1,189,204
Springfield._ - a
a
a
Toledo
a
a
Youngstown _ _
d3,8
190,639
3,588,534
3.4
3,017,295
-Erie
Pa.
a
a
a
Pittsburgh _
172,855,064 169,034,375 +2.3 *149,000,000
W.Va.-Wheeling
10,358,000
3,762,455
58,116,350
134,000,000
13,949,800
a
a
1,441,246
a
a
4,112,990
a
180,533.154
Total(8 cities) _
387,543,193
370,640,502
+4.6
318,408,329
406,273,995
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'ton
-,238,763
2,425,030 7.7
Va.-Norfolk_ _ _
d9,598,043
8,568,599 +12.0
Richmond
61,005,000
53,312,135 +14.4
a.C.-Charleston
2.819,629
2.091,82 +34.8
Md.-Baltimore. 106,893,294 101,291,94
+5.5
D. C.-Wash'
ton d23,344.000
21,735,44
+7.4
1,723,024
7,546,966
46,132,517
2,817,995
65,009,030
18,812,002
1,900,000
9,261,169
42,841,101
3,000,000
74,655,206
14,402,310
+8.7
142,041,534
146,059.786
Sixth Federal Reserve Dist act-AtIant aTenn.-ChatOgs,
d7,764,946
6,802,704 + 14.1
Knoxville
3,390,815
2,991,357 +13.4
Nashville
d21,611,00(
18,639,000 +15.9
Ga.-Atlanta._ _ _
64,620,697
55,567,519 +16.3
2,110,724
Augusta
1,971,537 +7.1
Macon
1,959,32
1,559,164 +25.7
Savannah
a
a
a
16,572.610
Fla.-Jacks'nville
11,713,279 +41.5
31,504,68,
30,047,248 +4.8
Ala.-Birm'ham _
2,004,152
Mobile
2,083,776 -3.8
Miss -Jackson..
1,163,146
821,211 +41.6
Vicksburg •
441,656
394,437 +12.0
La.
-N. Orleans.
72,922,305
55,647.635 +31.0
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
5,800,000
2,400,000
16,609,253
44,384.403
2,100,000
*1,500,000
a
10,673,446
16,405,804
1,800,000
239,250
47,026,420
154,489,112
148,938,576
Total(6 cities).
Total(12 cities)
205,893,729
228,060,065
189,424,977
Clearings at
Week ending Dec. 22.
\
1923.
1922.
Inc. or
Dec.
1921.
Seventh Feder al Reserve D 'strict-Chi celloMich.
-Adrian _
195,176 +16.2
226,796
160,975
Ann Arbor_ _ _ _
831,808
745,495 +11.6
395,000
Detroit
166,325,982 136,995,727 +21.4 118,089,000
Grand Rapids_
7,018,280
6,429,117 +9.2
5,663,813
Lansing
2,538,879
2,107,576 +20.5
1,646,050
Ind.-FortWayne
2,422,265
2,716,163 -10.8
2,085,800
Indianapolis... d20,861,000
21,084,000 -1.1
16,203,000
South Bend _ _
2,540,000
2.683,500 -5.3
1,534,725
Terre Haute_ _ _
5,877,330 Not included in total
Wis.-Milwaukee
34,974,526
32,168,370 +8.7
26,115,008
Ia.-Cedar Rap's
2,445,125
2,308,943 +S.9
1,751,122
Des Moines...
10,602,432
9,157,283 +15.8
9,401,883
Sioux City.. _
d6,935,000
5,678,375 +22.1
3,950,421
Waterloo
1,537,935
*1,200,00 +28.2
1,151,868
III.
-Bloomington
1,622,418
1,389,91
+16.7
1,136,065
Chicago
612,289,479 593,077,952 +3.2 493,777,215
Danville
a
a
a
a
Decatur
1,341,572
1,321,73
+1.5
1,186,055
Peoria
4,762,674
4.586,02
+3.9
3,193,000
Rockford
2,580,679
2,156,13 +19.7
1,806,594
Springfield
2,624,290
2,405,26
2,176,70
+9.1
Total(19 cities)
884,481,140
828,406,725
1920.
150,196
465,665
79,232,156
4,647.315
1,400,000
1,647,398
13,494,000
1,320,000
23.844,399
1,615.604
7,142,486
4,032,714
1,221,412
1,131,692
476,528,538
a
1,141,528
3,385,907
2,000,000
2,053,572
+6.8
691,324,253
626,455,032
Eighth Fed era 1Reserve Dis trict-St.Lo s-Evansville.
Ind.
5,083,142
4,712,009 +7.9
Mo.-St. Louis..
a
a
Ky.-Louisville..
32,905,334
32,829,689 +0.2
Owensboro.
690,031
861,657 -19.9
Tenn
M emphis
27,942,787
28,059,135 -0.4
Ark.-Little Rock
13,519,351
13,450,771
-Jacksonville.
III.
353,501
331,347 +6.7
Quincy
1,366,461
1,496,993 -8.7
4.976,136
a
24,917,996
930,286
18,855.116
9,279,873
289,842
1,039,714
3,336,328
a
21,275,693
330,697
15,270,539
8,635.777
734,315
1,190.317
+0.1
60,338,963
50,823,666
Ninth Federal Reserve Din tact-Min n enrolls
-Duluth_ _
Minn.
d8,356,532
8,264,755 +1.1
Minneapolis__
75,115,516
80,484.881 6.7
St. Paul
39,186,773
39,836,455 -1.6
-Fargo...
1,956,921
N. 33.
1,902,387 +2.9
-Aberdeen
S. D.
1,431,069
1,335,339 +7.2
-Billings _
Mont.
538.897
596,014 9.6
Helena
3,605,563
4,575,439 -21.2
6,981,735
61,747,216
33,130,329
1,771,454
1,085,836
579,252
3,541,478
8,938,791
59,585,221
32,833.880
2,400.000
1,313,811
962,814
1,800,000
108,837,300
107,884,517
346,779
416,013
2,720.016
30,414,959
2.726,955
10.617,418
132,438,445
a
a
20.739,058
a
903,453
18,818,783
722,413
419,530
361,500
2,954,437
31,656,936
2,851,678
11,000,000
190,268,457
a
a
24,859,002
a
782.134
19,200.337
600.000
220,864,297
284,954,061
1,531,496
30,519.000
11,909,320
8,189,532
a
4.209,499
1,350,000
26,072,.534
13,949,005
8,010.705
a
3,600,000
56,448,847
+17.3
Franci sco35,830,586
+ 19.4
+11.1
9,766,952
a
a
1,450,206
+1.5
28,750,186
+22.8
+15.5
16,458,192
a
a
a
a
+15.8
4,920,884
+34.5
3,531.383
84,129.0W
+28.3
11,209,854
+18.1
3.115,044
+43.8
5,713,552
+17.2
2,467,373
+21.9
+12.1 123,500.000
2,041,256
-9.1
+14.7
789,008
2,172,500
+1.1
26,291,049
10,000,000
a
1,251,923
27,730.419
16,987,577
a
a
4,058,838
2,914.588
68.411,000
9.500,000
2,776,902
4,598,279
2,300,000
123,300,000
1,528,620
668,490
5,585,600
Total(7 cities) _
81,860,607
81,741,601
Total(7 cities)- 130,191,271 136,995,270 5.0
Tenth Federal Reserve Dis trict-Kane as City
Neb.-Fremont..
d413,463
492,455 -16.0
Hastings
485.734 +10.9
538,678
Lincoln
3,900,659
3,683,966
+5.9
Omaha
d39,545,000
40,434,305 -2.2
Kan.-Topeka
d2,525,641
3,273,241 -22.8
Wichita
d7,395,868
10,426,120 -29.1
Mo.-Kan. City. 138,045,048 141,163,546 -2.2
a
St. Joseph_ _ _
a
a
Okla.-NIuskorec
a
a
a
Oklahoma City c126,836,279
24,673,012 +8.8
Tulsa
a
a
a
-Col. Spgs _
1,095,122
Col.
1,170.822 -6.5
Denver
20,599,469
20,600,139 -0.0
Pueblo
e852,445
894,884 -4.7
Total(11 cities) 241.748,272 247,299,124 -2.2
Eleventh Fede ral Reserve District
-Da ilasTexas
-Austin...
1,877,516
1,559,217 +20.4
Dallas
41,513,682
33,416,250 +24.2
Fort Worth _ _ d12,920,461
11.724,434 +10.2
Galveston
10,784,559
9,010,364 +8.8
Houston
a
a
a
-Shreveport
La.
5,167,760
.5,015,000 +3.0
Total(5 cities) _
72,203,978
61,625.26.5
Twelfth Feder at Reserve D istrIct- San
Wash --Seattle..
39,790,147
33,321,085
Spokane
d12,771,000
11,500,000
Tacoma
a
a
Yakima
1,340,564
1,321,327
-Portland _
Ore.
39,423,867
32,098,086
Utah-SaltL.City
20,530,790
17,781,838
Nevada-Reno._
a
a
-Phoenix _ _
Ariz.
a
a
Calif.-Frcsno_ _ _
5,558,223
4,801,969
Long Beach.._
9,126,046
6,786,286
Los Angeles_ _ _ 153,098.000 119,290,000
Oakland
16,821,574
14,238,868
Pasadena
6,328,098
.4,399,192
Sacramento
d8,160,173
6,964,05'
4,266,410
San Diego _ _
*3,500,000
San Francisco_ 168,600,000 150,400,000
San Jose
2,107,003
2,318,083
Santa Barbara_
1,273,114
1,109,641
Stockton
c2,672,700
2,643,500
52,982,244
Total(16 cities) 491,866,709 412,473,730 +19.2 335,845,981 307,912,291
Grand total (122
cities)
8 703,676,448 7,995,941,393 +8.9,6,989,378,921 6,938,569,989
Outside N.Y.... 3,884,165,823 3,560,900,998 +9.112.931,930.766 2,948,375,429
Week ending Dec. 20.
Clearings at
1923.
Canada
M entreat
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 )gat..
Peterborough_
Sherbrooke
Kitchener
Windsor
Prince Albert__
Moncton
Kingston
Tot Canada 29
188,238,807 +20.1
2855
$
109,070,521
120,921,883
65,768,809
15,151,785
7.773,305
5,947,849
2,845,726
6,209,230
8,741,721
2,698,677
2,021,886
3,088,728
4,900,124
4,847,714
739,062
855,051
*2,300,000
1,557,098
1,264,985
1,422,071
588,780
426,635
888.304
829,060
1,202,912
3,395,585
406,157
1,052,167
750.700
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
5,844,461
2,546,451
2,112,936
3,156,73
4,634,126
4,579,78
846,77
795,68
1,793,82
1,493,48
1,002,30'
1,000,57
464,40
375,6”
831,18
797,483
1,140,84
3,324.10
396,91.
1,290,15
690,69
Inc.or
Dec.
-0.5
+5.4
+17.6
+7.3
-5.2
+6.
+7.
+49.
+6.0
-4.3
-2.2
+5.7
+5.9
+7.5
+28.2
+4.3
+15.8
+42.1
+26.8
+13.6
+6.9
+4.0
+5.4
+2.1
+2.3
-18.4
+8.7
1921.
$
120,120,939
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
907,18
873,23
1,095,81
4,346,50
352,040
1,034,31
966,91
1920.
132,456,714
119,200,605
76,914,777
16,777,284
10,348.875
6,925,450
4,335,899
7,357,839
9,122,834
3,235,239 ,
2,829,990
3,412.198
6,059,251
4,987.381
917,938
971,084
2,372.940
2,184,514
1,577,265
1,247,097
668,384
625,696
968,056
1,279,722
1 ,128,438
3.757,236
411,951
920,705
377,716,525 356.229,480 +6.0 .370,1559791
422,995,362
a No longer report clearings. b Do not respond to requests for
figures. c Week
endIng Dee. 19. d Week ending Dec. 20. e Week ending Dee. 21.
Estimated.
2856
[VOL. 117.
THE CHRONTOLE
THE WEEK ON THE NEW YORK STOCK EXCHANGE
Except for one or two brief periods of irregularity the stock
market has improved materially in tone during the present
week. The usual pre-holiday conditions prevailed on
Saturday and Monday and trading fell off somewhat in
volume. Indeed, several times during the two days the
tickers were almost at a standstill. While it was generally
expected that Wednesday would also be a light day, quite
the contrary proved to be the case, as the trading on that
day was the heaviest in several weeks. Oil and steel shares
continued to be the centre of interest, each of these groups
showing substantial gains during the week's trading. In the
abbreviated session on Saturday, price movements were
irregular, the net changes at the close being largely fractional.
The tone was strong as the session opened on Monday, but
there was comparatively little activity during the greater
part of the day. In the last hour many leading issues closed
with substantial advances over the early quotations. This
was partzcul-rly true of United States Cast Iron Pipe and
%
Foundry shares which advanced 25 to a new high for the
year, and Continental Can which moved up 23/i points to
573.4. On Tuesdly the New York Stock Exchange, and all
other exchanges were closed in observance of Christmas.
Renewed activity, accompanied by strong buying, was the
unexpected feature of the market on Wednesday. Advances
of from one to four points in a number of leading issues were
registered during the day's trading. United States Steel
common was the leader of the forward movement with an
advance of three points and the oil shares led by Marland
Oil recorded a general advance for the group. Many other
stocks in the general list participated in the upward movement
and closed the day with substantial advances to their credit.
The final tone was particularly strong after one of the
most active last hours in several weeks. The brisk upswing
that developed on Wednesday was again in evidence on Thursday and carried some of the active issues to new high records
for the year. Oil shares were again prominent in the day's
trading. United States Steel common touched 98 in the
early part of the session,but fell off to 97 in the closing hour.
The movement of prices was somewhat irregular in the
opening hour on Friday. Oil stocks were in strong demand
and steadily advanced. United States Steel common was
conspicuous in the afternoon trading, going over 99, its
highest level in the present advance. In the general list
recessions and advances were about evenly divided. The
tone was strong, however, as the market closed.
States producers, the second largest in the world, to develop the plan
of a silver export association, and in conference at Reno, practically alt
the American producers combined to make a common cause."
INDIAN CURRENCY RETURNS.
Nov. 22. Nov. 30. Dec. 7.
(In Lacs of Rupees).
18220
17830
17878
Notes in circulation
9340
9550
9698
Sliver coin and bullion in India
Silver coin and bullion out of India
H5i
2232
Gold coin and bullion in India
Gold coin and bullion out of India
'
L.i;lii
8
. fi§
5748
Securities (Indian Government)
900
300
200
Securities (British Government)
No silver coinage was reported during the week ending 7th. inst. The
stock in Shanghai on the 8th inst. consisted of about 21,800,000 ounces
in sycee, 29,000,000 dollars, and 820 silver bars, as compared with about
20.900.000 ounces in sycee, 29,000.000 dollars, and 3,430 silver bars on
the 1st inst.
Bar Gold per
-Bar Silver per Or. Std.Or. Fine.
2 Mos.
Cash.
Quotations94s. Od.
32 9-16d.
33d.
December 6
94s. 9d.
32%d.
33 1-16d.
December 7
32 id.
33 3-I6d.
December 8
94s. 7d.
32%d.
33 1-16d.
December 10
94s. 5d.
33d.
33 7-16d.
December 11
94s. ld.
321l-16d.
33%cl.
December 12
94s. 4.4d
32.708d.
33.166d.
Average
-day for cash and forward delivery are respectively
The silver quotations to
as those fixed a week ago.
3-16d. above and the same
-PER CABLE.
ENGLISH FINANCIAL MARKETS
quotations for securities, &c., at London,
The daily closing
as reported by cable, have been as follows the past week:
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
London,
Dec. 22, Dec. 24. Dec. 25. Dec. 26. Dec. 27. Dec. 28.
Week ending Dec. 28.
9-16 Holiday Holiday 33 9-16 334
33
d 3334
Sliver, per ex
94s.5d. 95s.1d. Holiday Holiday 95s.1d. 948.10d.
Gold. per fine ounce
5534
5534 Holiday Holiday 5534
Consols. 23x per cents
9934 Holiday Holiday 9974 100
British,5 per cents
97
9634 Holiday Holiday 9634
British, 434 per cents
54.20
French Rentes (In Parts)_..fr---------Holiday 53.30 53.60
67.60 69.75
Holiday 67.20
French War Loan (In Paris)fr. ____
The price of silver in New York on the same day has been:
Silver in N.Y., per oz.(eta.):
6434
Foreign
643.
Holiday 6434
6454
6474
tfommercial anannsceilaneratsBMA
_
-Sterling exchange has moved within
Foreign Exchange.
narrow limits with the trend towards slightly lower levels.
Trading was restricted by the Christmas holidays. The
Continental currencies were also dull, with the exception of
French francs, which were sensationally weak and showed
considerable nervous activity.
To-day's (Friday's) actual rates for sterling exchange were 4 31 9-16t81
43234 for sixty days, 4 33 13-1604 3574 for checks and 4 34 1-160
3
4 35% for cables. Conunercial on banks, sight. 4 33 11-1604 35; sixty
days, 431 3-1604 3274; ninety days, 4 2915-16®4 3134, and documents
for payment (sixty days), 431 7-1604 3234. Cotton for payment,
4 33 11-16(44 35, and grain for payment. 4 33 11-1604 35.
To-day's (Friday's) actual rates for Paris bankers'francs were 5 033400
5 1234 for long and 5 087405 18 for short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers'guilders were
37.56(437.62 for long and 37.92(437.98 for short.
Exchange at Paris on London, 84.25 fr.; week's range, 84.25 fr. high and
•
86.75 fr. low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sixty Days.
Sterling Actual4 3534
4 3534
4 3274
High for the week
4 34
4 3334
4 3134
Low for the week
Paris Bankers' Francs
THE ENGLISH GOLD AND SILVER MARKETS.
5.20%
5.19%
5.123'6
High for the week
5.00
4.99
week
following from the weekly circular of Low for theBankers' Marks 4.92%
We reprint the
Germany
0.000000000025 0.000000000025
High for the week
Samuel Montagu & Co. of London, written under date of Low for the week
0.000000000025 0.000000000025
Amsterdam Bankers' Guilders
Dec. 12 1923:
38.08
38.04
37.62
GOLD.
High for the week
37.84
37.80
37.40
The Bank of England gold reserve against its note issue on the 5th Low for the week
-Chicago, Par. St. Louis, 15(425c. per 51,000
Domestic Exchange.
compared with £125,943,270 on the previous
Inst. was £126,044,760, as
Boston, par. San Francisco, par. Montreal, 524.375 per
discount.
Wednesday. Fairly substantial supplies of gold came on offer this week, 51,000 discount. Cincinnati, par.
as
the bulk of which will be absorbed by the United States of America.
Gold valued
Indian and Continental requirements were only moderate.
hear from Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
at 52,700,000 has arrived in New York from London. We
Int.
announceInt.
Bombay that the bullion market there was very excited over the
Rate. Bid. Asked.
MaturUy.
Rate. Bid. Asked.
Maturity.
oppoment of the Government sales of gold, and that there was strong
Merchants'
Bullion
10034
sition on the part of the Indian Chamber and the
1924._ 554% 1001,16 1001116 Dec. 15 1927... 414% 100
June
notwithstanding Sept. 15 1924_ 554% 1.00".. 100,116 Mar. 15 1924... 454% 100116 100316
15
Associations to the conversion of gold to sterling securities,
1927.._..
actuate the action of the Government. The Mar. 15 1925_ 454% 10034 10054 Mar. 15 1924._ 434% 10054 l00%
the cogent reasons which
454% 100
10054
780,639 fine mar. 15 1926_ 454% 1009,6 100,116 Mar. 15
100
100161
Transvaal gold output for November 1923 amounted to
tune 15, 1924._ _ 4%
9974
and 764.476 Dec. 151925.... 454% 99111 10011 16 Dec. 161024... 451% 100
,
100 16
99
ounces, as compared with 793.842 fine ounces for October 1923
Sept.15 1926-- 454%
10034
June 15 1925 ___ 454% 100
fine ounces for November 1922.
SILVER.
of supplies
New York City Banks and Trust Companies.
Again the market has remained fairly steady. The clearance
AU pricer dollars per share.
shipment last week to the East naturally rendered
Involved by the large
due, even though Banks-N.Y Bid Ask l
Banks1 Bid Ask Trust Co.'s Bid Ask
It rather difficult to cover "bear" transactions falling
New York
Yesterday's sharp America'..... 210 215 ,Harriman......1 825 830
orders from India have not been much in evidence.
__
154 157
to a large extent of avarable Amer Exch.__ 288 295 Manhattan'. 384 389 Bank of NY. _rise was an indication of a market depleted
-American_.
__ Mecb & Met440
from San Bowery* Cen 160
820
__
& Trust Co 465 475
-- Mutual*
stocks. Silver shipments are still being made on a large scale
Broadway
__ Nat American 120 135 Bankers Trust 350 355
consignments have left for China and are still on the Bronx Bore*. 140
Francisco. whence
__ National City 345 350 Central UnIon 495 505
-in addition to the very heavy Bronx Nat__ 115
way-amounting to 7.500,000 ounces
__ Cominerclaj..l 110 120
the last month Bryant Parks 160 170 New Netb*„ 145
I 305 315
Empire
shipments which have been dispatched to Shanghai during
300
Butch & Drov 185 150 Pacific S
the value of
413 418 Equitable Tr.I 192 195
__ Park
or so. In present conditions any marked improvement in
Cent Merean- 215
for Chase
_ Farm L & Tr.I 550 580
342 345 Port Morris__ 167
bound to be reflected in a lower London price
the pound sterling is
325
__ Fidelity Inter1 198
__ ,Publie
combination Chat & Phen. 253
silver. Ths "Capital" of Calcutta thus refers to the proposed
I 255
- 375 385 Fulton
not generally Chelsea Each* 102 112 Seaboard __ Guaranty Tv..1 242 245
of silver mining interests in the Americas: "It is, perhaps,
Chemical...... 530 540 Seventh Ave.. 80
controlling the price of Coal & Iron.... 210
I 230
__
-- Hudson
__ Standard •-- 210
known that the first move in this direction of
country in Colonial•_ _ _ 375
405 420 Irving Bank._ State*
.
silver was made in Mexico, now the largest silver producing
ColumblaTrl 215 218
the Govern- Commerce __. 296 299 Tradesmen's• 200
the continued fall in the price of silver,
the world. In view of
_ _ LawTit&Tr.I 190 196
forming a silver Com'nwealth• 220 225 23d Ward•.. _ _ 275
__ United States' 165 173 MetropolItan.1 310 320
ment of that country wanted to help the producers by
Continental__ 150
by the following Corn Exch... 420 430 Wash'n HU*. 200
-- Mutual (West
Commission, the aim of which was clearly expressed
cheater) ___ 120 130
-help the silver pro- Cosmop'tano. 115 125 Yorkville•
800
terms: 'It will be the object of this commission to
353 357
_rust
who through East River._ 200N Y T
ducers, freeing them from the control of New York buyers,
Title Gu & Tr 392 387
Fifth Avenues 250 300
under its
235
US Mtg & Tr 305 310
Fifth
to force them to sell their silver
loans, it is declared, are acle
commission, First
.
1430
United Rat 1251 1275
Brooklyn
market value. Besides granting loans to producers, the
-producers Garfield
265 275 Coney Island* 160 170 Westches Tr- 210
which will ne capitalized at 5,000.000 pesos, will encourage silver bankers, Gotham
•
150 160 First
385 400
Brooklyn
be composed of two
and attempt to stabilize the market. It will
Greenwich'... 290 310 Mechanels' •- 130 135 Brooklyn Tr. 475 485
Re-__ Kings County 850
710
__ Montauk'... 170
Hanover
two miners, and two representatives of the Ministry of Finance.'
suggested
_ Manufacturer 275
250
Nalleau
cently the Financial Department of the Mexican Government
388 4015
People's
250 275 People's
coins, specially of
also to the banks that their reserves should consist of
United
•Banks marked with (*) are State bank,. (sl Ex-d1v1dend.
silver. This attitude of the Mexican Government encouraged the
DEC.29 1923.]
THE CHRONICLE
New York City Realty and Surety Companies.
All prices dollars per share.
Alliance R'Ity
Amer Surety.
Bond de M G.
City Investing
Preferred _ _
Lawyers Mtge
FOREIGN
itta
Bid A4i
103Mtge Bond__
95
99 Nat Surety ___
282 286 N Y Title &
78
__
Mortgage__
98
_
U 8 Casualty_
153 158 U Ell Title Guar
Ask
B44Ask
113 Realty Assoc
162
(Bklyn)coin 165
1st pref____ 55l288
199
2d Pref-- 72
77
175 Westchester
Title & T_ 222
108
158
194
160
123
TRADE OF NEW YORK
-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Month.
Imports.
1923.
1922.
Customs Receipts
at New York.
Exports.
I
1923.
1922.
$
$
I
$
$
January __ 152.885.893 100,106.930 115.926,692 106,097,239
February _196,915,003 115,222,960 115,654,813 95,484,633
March.... 194.179,676 135.648,795 136.179,813 131.504.599
April
169,417,394 113,193.073 129,989,307 117,760,933
May
180.962,783 117,438.154 127.527,281 115 522.172
June
150,476,33: 122,369.683 126,727.477 130,550.713
July
130,629,533 117.118.076 122.714.293 115,488,190
August
129,706,34 123.124,817125.059.775 112,281.501
September 119.639.728110.716.286 127,967,562 108,291,707
October
149,561,943 161,418,649 133,087,943 108,234,884
1923.
1922.
26,583,026
26,451,928
33,1 0,206
28,837,30
29,333,843
26,870,486
24,680,863
25.936,476
26,350,449
30,468,923
$
19,322,717
21,620.780
24,650.903
20,639,380
20.909,658
23,181.882
21.433,606
29.206.605
33,110,469
22,085,528
Total_ _ 1 523874636 1 216357423 1 260834956 1 141216521 278,653,512231,161,028
Movement of gold and silver for the ten months:
Gold Movement at New York.
Month.
Imports.
1923.
January __
February.
March__
April
May
June
July
August_
Septembe
October__ _
Total
1922.
$
$
12,834,516 21.126,622
3,041,008 24.034.770
10.697.175 31.300.604
6,854,51
8,440,457
42.291,398 6,660,36
16,323.119 11.462,982
24,412, '
41,477.046
26.481,
17,242,98
24,352,110 27.359,677
24,119,99 19,191,637
191,408,176208,296,64
Biker-New York.
Exports.
1923.
1922.
$
7,715.837
20.378
9,621,840
21,262
7.527
30.926
47,865
737,477
458,016
599,935
$
286,
1,041,057
237.728
806.748
2,645,834
136.321
11,111
19,10
40,117
24,71
19,260.063. 5,248,63
Imports.
Exports.
1923.
1923.
$
1,753.364
838.949
1,360,us
1,136,47
1,069,9
1,904,551
5,859.63
1,494.61
3,423,511
2,717,52
21,508,56
$
4,273.010
820,557
1,737,298
1,242,361
785 1 2
1,229,472
2,886.600
2.725.649
3.649,583
3,941,273
23,290,885
CURRENT NOTICE.
-A new Stock Exchange firm, under the name of Manowitch Bros. &
Filer, has been formed with offices at 25 Broad St. The new firm
will
be composed of Albert Manowitch, a member of M. .1. Meehan & Co.,
and Leo J. Filer, who will be the board member. Benjamin Manowitch,
who retires on Jan. 1 from Raymond Gilroy & Co., and E. Felix Shaskan
will be a special partner. The new firm will be ready for business on
Jan. 1.
Clark, Dodge & Co. have prepared for distribution a comprehensive
study of the position of the Shell Union 011 Corp., one of the
largest and
most important units in the oil industry of this country. The
review
stresses the prominent position occupied by the company in the
American
fields, its strong financial standing and the advantages afforded
through
its affiliations with the Royal Dutch-Shell group.
Dominick & Dominick have prepared a special circular
on "Recommended Preferred Stocks," giving a list of leading railroad,
industrial and
public utility preferred issues, together with a chart showing
the stability
of this type of security.
-Louis Ranger,for many years associated with J. & W.Seligman
& Co..
becomes a general partner in the New York Stock Exchange
firm of Langburgh Brothers as of Jan. 1 next. Robert S. Wormser retires
as a general
partner.
-Gerald Clokey and Wisner Miller, formerly with Grert
Eliott & Co.
announce the formation of the copartnership of Clokby &
Miller witi;
offices at 52 Broadway, to specialize in bank and insurance
stocks.
W. H. Newbold's Son & Co., Philadelphia, announce that
Orville H.
Bullitt has been appointed manager of their bond department
to take
effect Jan. 1 1924.
- M. Lamport & Co., Inc., announce that Frank Jones has
A.
joined
their sales organization.
Meyer Whet has been admitted to the firm of Bristol &
Bauer as of
Jan. 1 1924.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. 'Then we follow with a second table, in which
we show the dividends previously announced, but which
have
not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable
Railroads (Steam).
Belt RR.& Stk. Yards, Inc., corn. (tin.)
Preferred (quar.)
Central of Georgia Ry.. corn
Delaware Lackawanna & Western (guar)
Georgia Railroad & Banking (guar.)._
Now London Northern (gar.)
Extra
Pennsylvania Company
Rome & Clinton
231
Books Closed.
Days inclusive.
Jan. 1 Dec. 22 to Dec. 31
Jan. 1 Dec. 22 to Dec. 31
Dec. 31 Holders of rec. Dec. 15
Jan. 21 Holders of rec. Jan. 5
Jan. 15 Jan. 1 to Jan. 14
Jan. 2 Dec. 16 to Jan. 1
Jan. 2 Dec. 16 to Jan
1
Dec.
*Holders of rec. Dec. 27
Jan. 1 Dec. 22 to Jan
1
Public Utilities.
Adirondack Power & Light,7% Pi.(qu.) 141 Jan. 2 Dec. 22 to
Jan. 1
Eight per cent preferred (gear.)
2
Jan. 2 Dec. 22 to Jan. 1
Bell Telephone of Pennsylvania (guar.)_ 2
Dec. 31 Holders of rec. Dec. 29ci
Binghamton I.., H.& P.,6% pref. (qu.) 135 ...an. 2 Holders of rec.
Dec. 20
Seven per cent preferred (quar)
1,1 Jan. 2 Holders of
seyi Feb. 1 *Holders of rec. Dec. 20
Boston Consolidated Gas, preferred
rec. Jan. 15
Boston Consolidated Co
*2
Dec. 29 *Holders of rec. Dec. 27
Central Illinois Light,6% Pref.(quar.)_
139 Jan. 2 Holders of rec. Dec. 16a
Seven Per cent preferred (guar.)
141 Jan. 2 Holders of rec. Dee. 16a
Name of Company.
2857
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Central Power, preferred (gar.)
141 Jan. 15 Jan. 1 to Jan. 15
Chicago City Railway (tluar.)
139 Dec. 29 Dec. 27 to Dec. 28
Ch. No. Shore & Mil RR., pr. lien (qu.) 141 Jan. 2 Holders of rec. Dee. 170
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 17a
Chickasha Gas & Electric, corn.
1
Jan. 1 Dec. 25 to Jan. 1
Preferred (gear.)
134 Jan. 1 Dec. 25 to Jan. 1
Cln. Newp.,& Coy. L.& Tr., corn.(cm.) 134 Jan. 15 Jan. 1 to Jan. 15
Preferred (mar.)
134 Jan. 15 Jan. 1 to Jan. 15
Citizens Gas Light(Quincy,Mass.)(qu.) *2
Dec. 29 *Holdere of rec. Dec. 27
Detroit United Ry.(quar.)
*139 Mar. 1 *Holders of rec. Feb. 1
Eastern Texas Elec. Co., corn.(quar.)-- *231 Jan. 2 *Holders of rec. Dec. 27
Preferred
Jan. 2 *Holders of rec. Dec. 27
*3
Elmire Water,Light & RR.,qst Pt.(qu.) 134 Dec. 31 Holders of rec. Dec. 21
Second preferred (quar.)
134 Dec. 31 Holders of rec. Dec. 21
Haverhill Gas Light (guar.)
51.1234 Dec. 31 *Holders of rec. Dec. 21
Second preferred (gmar.)
•131 Dec. 31 *Holders of rec. Dec. 21
Haverhill Gas Light (guar.)
51.1234 Jan. 2 Holders otter. Dec. 22a
Jersey Cent. Pow.& L.Corp., pi.(qu.)_ 134 Jan. I Healers of rec. Dec. 17
Laurentlde Power (quar.)
131 Jan. 15 Holders of rec. Dec. 31a
Louisville Gas & Elec. of Ky.,Pt.(qu.)_ 141 Jan, 15 Heelers of rec. Jan. la
Mountain States Power,corn.(No.1)_ _ _ $1
Feb. 1 Holders of rec. Dec. 31
Nashville Ry.& Light, pref. (quar.)_
134 Dec. 28 Holders of rec. Dec. 1
New Jersey Power & Light, pref.(qu.)_. 131 Jan. 2 Holders of rec. Dec. 20
Portland (Maine) Gas Light
$2
Jan. 2 Holders of rec. Dec. 14a
Public Service Co.of Okla.,corn.(qu.)
2
Jan. 1 Dec. 25 to Jan. 1
Prior lien stock (quar.)
141 Jan. 1 Dec. 25 to Jan. 1
Preferred (gear.)
134 Jan.. 1 Dec. 25 to Jan. 1
Quebec Power, preferred (guar.)
141 Jan. 15 Iimders of rec. Dec. 28
.
Rutland Ry.,& Light, pref. (quar.)...._ 131 Jan. 2 Holders of rec. Dec. 20
Sandusky Gas& Elec., preferred (guar.)
141 Jan. 2 Holders of rec. Dec. 20
Sayre Electric Co. 7% pref. (quer.)_ _ 134 Jan. 2 Holders of rec. Dec. 20
Southern Indiana Gas & Elec.6% pref._ 3
Jan. 2 Holders of rec. Dec. 200
Seven per cent preferred (gear.)
141 Jan. 2 Holders of rec. Dec. 20a
Southern New England TeleP.(quar.).. 2
Jan. 15 Holders of rec. Dec. 310
Spring Valley Water(war.)
•131 Dec. 31 *Holders of rec. Dec. 21
United Utilities, preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 21a
Utilities Securities, preferred (guar.) _
141 Dee. 27 Holders of rec. Dec. 15a
Virginia Ry. & Power, pref.(guar.)
*139 Jan. 21 *Holders of rec. Jan. 2
Western Power Corp.. Pref.(quar.)__ _ _
131 Jan. 15 Holders of rec. Dec. 31a
Western States Gas& Elec.,Pref.(quar.) 141 Jan. 15 Holders of rec. Dec. 31
Worcester E,ectric Light (guar.)
3
Jan. 2 Dec. 21 to Jan.
Worcester Gas Light, corn.& pref.(qu.). 2
Jan. 2 Holders of rec. Dee. 24a
Banks.
Bryant Park
Extra
Butchers' & Drovers (National)
Central Mercantile
Extra
Gotham National (guar.)
Peoples National (Brooklyn)
Extra
West End (Brooklyn)
3
4
4
4
2
3
*4
•1
4
Fire Insurance.
Hanover Fire (auar.)
$1.25 Jan. 2 Holders of tee. Dee. 22
Jan. 2 Dec. 19 to Jan.
Jan 2 Dec. 19 to Jan. 1
Jan. 2 Holders of rec. Dec. 29
Dec. 31 Dec. 25 to Jan. 1
Dec. 31 Dec. 25 to Jan. 1
Jan. 2 Dec. 28 to Jan. 1
Jan. 2 *Holders of rec. Dec. 26
Jan. 2 *Holders of rec. Dec. 26
Jan. 2 Holders of rec. Dec. 29a
Miscellaneous.
Alliance Realty (quar.)
2
Jan. 18 Holders of rec. Jan. 10
Allied Chemical& Dye Corp.. corn.(qu.) SI
Feb. 1 Holders of rec. Jan. 15
Amalgamated Sugar. 1st Pref. (gear.).. *2
Feb. 1 *Holders of rec. Jan. 17
Amer. Greenhouse Mfg., pref. (quar.)
2
Jan. 15 Holders of rec. Dec. 310
American Textile Co., Inc.(war.)
Jan. 1 Holders of rec. Dec. 20a
$I
Androscoggin Mills
3
Jan. 2 Holders of roc. Dec. 29a
Associated Dry Goods,common (quar.)_ *131 Feb. 1 *Holders of rec. Jan. 12
First preferred (quar.)
*149 Mar. 1 *Holders of rec. Feb. 9
Second Preferred (gear.)
•141 Mar. 1 *Holden; of rec. Feb. 9
Associated Simmons Hardware,of.(cm.) 131 Jan. 1 Dec. 22 to Dec. 31
Atlas Powder, preferred (mar.)
134 Feb. 1 Holders of rec. Jan. 19a
Beacon Oil, preferred (gear.)
*1.87w Feb. 15 *Holders Otter. Feb. 1
Belton Mills, preferred
334 Jan. 1 Dec. 21 to Jan. 1
Bird & Son, preferred (war.)
134 Jan. 2 Holders of rec. Dee. 15a
Black & Decker mfg.,corn. & pref.(qu.) 2
Dec. 31 Dec. 28 to Jan. 1
Bridgeport Machine, preferred (quar.)
141 Jan. 1 Holders of rec. Dec. 200
Browning Co., common (quar.)
Dec. 31 Holders of rec. Dec. 26a
2
Preferred (gear.)
134 Dec. 31 Holders of rec. Dec. 26a
Canada Salt (war.)
Jan. 2 Dec. 22 to Jan. 1
2
Canadian Industrial Alcohol(guar.)._
139 Jan. 7 Holders of rec. Dec. 31
C4188 & Daly Shoe, pref.(guar.)
131 Dec. 31 Holders of rec. Dec. 20a
Cement Securities Corp.(guar.)
3
Dec. 22 Holders of rec. Dec. 15a
Champion Fibre, preferred (gear.)
141 Jan. 2 Holders of rec. Dec. 20a
Chicago Pneumatic Tool (guar.)
139 Jan. 25 Holders of rec. Jan. 15
Clifton Manufacturing
4
Jan. 1 Holders of rec. Dee. 31a
Commercial Credit Co.(Bait.), common /20
Jan. 21 Holders of rec. Dec. 21
Concrete Steel Co.,common
$4
Jan. 2 Holders of rec. Dec. 26
Preferred
$3.50 Jan. 2 Holders of rec. Dec. 26
Connecticut Mills,first pref.(quer.) _ _ _ •131 Feb. 1 *Holders of rec. Jan. 16
Consolidated Royalty Oil(gar.)
3c. Jan. 20 Jan. 16 to Jan. 20
Corn Products Refining, corn. (quar.)
al% Jan. 19 *Holders of rec. Jan. 5
Common (extra)
*75c. Jan. 19 *Holders of rec. Jan. 5
Preferred (gear.)
•141 Jan. 1 *Holders of rec. Jan. 5
Creamery Package Mfg.,common (qu.)_ 50c. Jan. 10 Jan. 1 to Jan. 16
Common (extra)
50c. Jan. 10 Jan. 1 to Jan. 16
Preferred (guar.)
139 Jan. 10 Jan. I to Jan. 16
Cresson Cons. Gold M.& M.(quite.)
10c. Jan. 10 Holders of rec. Dec. 31a
Davis Coal & Coke
$3
Jan. 15 Holders of rec. Dec. 31a
Del. Lack.& West. Coal(guar.)
51.25 Jan. 15 Holders of rec. Dec. 31a
Special
$2.50 Jan. 15 Holders of rec. Dec. 31a
Detroit Motor Bus (guar.)
Jan. 15 *Holders of rec. Dec. 31
*2
Extra
sl
Jan. 15 *Holders of rec. Dec. 31
Dixie Terminal, preferred (gear.)
154 Jan. 2 Holders of rec. Dec. 15a
Dodge Manufacturing, pref.(quar.)__.. 2
Jan. 1 Dec. 23 to Dec. 31
Dwight Manufacturing
Jan. 2 Holders of roc. Dec. 21a
2
Electric Vacuum Cleaner, Inc., pi.(qu.) 141 Jan. 1 Dec. 23 to Dec. 31
Elgin National Watch (gear.)
Feb. 1 *Holders of rec. Jan. 15
*2
Federre Oil, preferred (gear.)
Jan. 1 Holders of rec. Dec. 20
2
Finance & Trading Corp.,pref.(quar.)_ _
141 Jan. 2 Holders of rec. Dec. 28a
Gaffney Manufacturing
334 Jan. 2 Holders of rec. Dec. 20
General Refractories (guar.)
Jan. 15 Holders of rec. Jan. 7a
$1
Goodyear T.& R.of Can.,prior pf.(qu.) 139 Jan. 2 Holders of rec. Dec. 20a
Gotham Safe Deposit Co.(quar.)
Jan. 2 Holders of rec. Dec. 27
1
Gray & Davis, preferred (gmar.)
Feb. 1 *Holders of rec. Jan. 21
*2
Hazel-Atlas Glass (guar.)
50c. Jan. 2 Dec. 21 to Jan. 1
Hoover'. Owens,Rentschler Co.. pf.(qu.) 139 Dec. 31 Dec. 22 to Jan. 1
Hoover Steel Ball (war.)
2
Dec. 22 Dec. 16 to Dec. 22
Illinois Brick (guar.)
•141 Jan. 15 *Holders al rec. Jan. 3
Imperial Tobacco of Canada ord.(neap_ *1
Dec. 31
Interim dividend
*139 Dec. 31
India Tire & Rubber,common
Jan. 2 Holders of rec. Dee. 20a
SI
Preferred (guar.)
141 Jan. 2 Holders of rec. Dec. 200
International Paper. pref. ((rnar.)
139 Jan. 15 Holders of rec. Jan. 7a
Johnston(R.F.) Paint Co..7% Pf.(qu.) 141 Jan. 1 Holders of rec. Dec.
31a
Eight per cent preferred (guar.)
2
Jan. 1 Holders of rec. Dec. 31a
H.C. Clay Co.& St. Jos. Co.,of (qu.)_
.
134 Jan. 2 Holders of rec.
Kresge Department Stores, 7% Pref___ _ '$2.33 Jan. 1 *Holders of rec. Dee. 20a
Dec.
Laclede-Christy Clay Prod., pref.(guar.) 141 Jan. 2 Holders of rec. Dec. 24
21
Laclede Steel (gear.)
2
Jan. 2 Holders of rec. Dec. 26
Laurens Cotton Mills
339 Jan. 1 Dec. 21 to Jan. 1
Lawton Mills (guar.)
239 Dec. 31 Holders of rec. Dec. 24
Lehigh & Wilkes-Barre Coal
•80
Dec. 24 *Holders of rec. Dee. 18
Long Island Safe Deposit
4
Jan. 2 Holders of rec. Dee. 24a
Manchester Cotton Mills(guar.)
Jan. 1 Holders of rec. Dec. 124
3
Manischewite Co. pref. Omar.)
141 Jan. 1 Dec. 21 to Jan. 1
Manning, Maxwell Moore (extra).3
Jan. 5 Holders of rec. Dec.
Maple Leaf Milling, pref. (quar.)
134 Jan. 18 Holders of rec. Jan. 31a
MeCaskey Register, first pref.(guar.)._
131 Jan. 2 Holders of rec. Dec. 3
26a
Second preferred (quar.)
2
Jan. 2 Holders of rec. Dec. 26a
Meade Baking,preferred
4
Dec. 31 Holders of rec. Dec.
Medart (Fred) Mfg., pref. (war.)
141 Jan. 2 Holders of rec. Dec. la
Mexican Crude Rubber (gear.)
20e. Jan. 2 Dec. 27 to Jan. 28
2
Extra
51
Jan. 2 Dec. 27 to Jan 2
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
Michigan Sugar, pref.(acct. accum.div.) .111)4 Apr. 10 *Holders of rec. Apr. 1
Preferred (account accum. dividends)- .5 July 10 *Holders of rec. July 1
Oct. 10 *Holders of ree. Oct. 1
Preferred (account accum.dividends)Jan. 15 Holders of rec. Dec. 31a
Midwest Oil, corn. and pref.(quar.)_.-- 6)Ie
•75c. Feb. 1 *Holders of rec. Jan. 15
Moon Motor Car (guar.)
Feb. 1 'Holders of rec. Jan. 20
Motor Products Corp., pref.(No. 1)-- *51
Nashua Manufacturing. pref.(quar.)--- 131 Jan. 2 Holders of rec. Dec. 22a
111 Feb. 1 Jan. 20 to Jan. 31
National Tea, preferred (guar.)
Jan. 2 Holders of rec. Sept.3ea
New England Equity Corp.. pref.(quar.) 2
x Dem. 29 *Holders of rm. Dec. 27
New England Fuel & Tramp.(guar.)--ee
Feb. 9 *Holders of rec. Jan. 31
New Jersey Zinc (guar.)
216 Jan. 15 Holders of rec. Jan. 50
New York Dock, preferred
New York Mortgage Co.,corn.(quar.)._ 50e. Jan. 15 Holders of rec. Dec. 31
1% Jan. 15 Holders of rec. Dee. 31
Preferred (quar.)
20c. Dec. 24 Holders of rm. Dec. 18
North Star Mines
Nortor Company,first preferred (guar.)- 131 Jan. 2 Dec. 16 to Jan. 2
Jan. 15 Holders of rec. Dee. 3Ia
$1
Ohio Brass,common (guar.)
116 Jan. 15 Holders of rec. Dec. 31a
Preferred (guar.)
Jan. 2 *Holders of rec. Doe. 20
Ohio Leather, first preferred (guar.)_ _ -- *2
116. Jan. 20 Holders of rec. Dec. 31a
Overman Cushion Tire, common
3% Jan. 10 Holders of rec. Dec. 31a
Preferred
3% Jan. 10 Holders of rec. Dec. 31a
Second preferred (No. 1)
111 Jan. 20 Holders of rte. Dec. 310
-X" preferred
111 Jan. 2 Holders of rec. Dec. 150
Pacific-Burt Co.,common (guar.)
1% Jan. 2 Holders of rec. Dec. 15a
Preferred (guar.)
Jan. 10 *Holders of ree. Dee. 28
Philadelphia & Camden Ferry (guar.) _ er3
Jan. 10 *Holders of rec. Dec. 28
*10
Special
*I% Feb. 1 *Holders of rec. Jan. 20
pref. (guar.)
Phillips-Jones Corp.,
Jan. 25 *Holders of rec. Jan. 10
•1
Pittsburgh Coal, common (guar.)
11yi Jan. 25 *Holders of rec. Jan. 10
Preferred (guar.)
Jan. 1 Holders of rec. Dm. 24a
___ 2
Pittsburgh Rolls Corp., corn.(guar.)
11( Jan. 1 Holders of rec. Dec. 24a
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 260
1
Pittsburgh Steel, common (guar.)
58e. Jan. 2 Holders of rec. Dee. 31
Planters Realty, preferred (monthly)__
211 Jan. 1
Poe (F. W.) Manufacturing '
2
Jan. 31 Holders of rec. Dec. 31
Prairie Pipe Line (gear.)
134 Jan. 2 Dec. 21 to Jan. 1
Renfrew !Manufacturing. pref. (quar.)__
1% Jan. 1 Dec. 16 to Jan. 1
Richardson Co., preferred (guar.)
Robinson (Dwight P.) & Co.,Inc.
1% Jan. I Holden of rec. Dee. 26a
First preferred (guar.)
Jan. 2 Jan. 1 to Dee. 28
St.Louis National Stock Yards(guar.)._ 2
Jan. 5 Holders of rm. Dec. 20
6
Scovill Manufacturing
214 Jan. 15 Holders of rec. Dec. 31a
Securities Company
•50e. Jan. 1 *Holders of rec. Dec. 21
Sefton Manufacturing,common
,
.114 Jan. 1 *Holder of roc. Dec. 21
Preferred (guar.)
Jan. 2 Dc c. 22 to Jan. 1
2
Shredded Wheat, common (guar.)
Jan. 2 Dec. 22 to Jan. I
Common (extra)
134 Dec. 31 Dee. 11 to Jan. 1
Singer Manufacturing Co.(guar.)
Smith (Howard) Paper Mills. cons.(qu.) 116 Jan. 21 Holders of rec. Jan. 100
Jan. 21 Holders of rec. Jan. 100
2
Preferred (guar.)
Dem. 29 Holders of rec. Dec. 26a
3
Standard Safe Deposit (guar.)
Dec. 29 Holders of rec. Dee. 26a
2
Extra
3 Jan. 1 Holders of rec. Dec. 21
Standard Screw, common (guar.)
Jan. I Holders of roe. Dec. 21
3
Preferred
1% Jan. 2 Dee. 23 to Jan. 1
Stedman Products, preferred (quar.)
Co., preferred (guar.)
131 Jan. 1 Holders of rec. Dec. 20a
Thayer-Foes
Jan. 2 Holders of rm. Dee. 260
2
Traylor Engineering & Mfg., pref. (qu.)_
'lc. Feb. 1 *Holders of rec. Jan. 31
United Gold Mine
*2
Ian. 15 *Holders of rec. Dec. 20
U.S.Finishing,common(guar.)
*1% Jan. 1 *Holders of rm. Dec. 20
Preferred (guar.)
3% Jan. 2 Dec. 21 to Jan. 1
U.S.Gauge, preferred
United States Radiator, pref.(quar.)_ *1% Jan. 15 *Holders of rec. Jan. 1
re
Jan. 2 *Holders of rec. Dec. 31
U. S. Safe Deposit
Jan. 2'Holders of rec. Dec. 31
*5
Extra
U.S.Smelt., Refin.& Min.,pref.(guar.) 8714c. Jan. 16 Holders of rec. Jan. 7
& Radiator,Pref.(No. 1) 111 Feb. 1 Holders of roe. Jan. 150
Universal Pipe
500. Feb. 1 Holders of rec. Jan. 15
Ventura Cense!. 011 Fields (guar.)
134 Jan. 2 Holders of rm. Doe. 21
Wagner Electric Mfg., pref. (guar.) _
Jan. 1 Holders of rec. Dec. 220
Ward 'tektite, common (guar.)
131 Jan. 1 Holders of rec. Dec. 220
Preferred (guar.)
(Charles) Co.of Del., corn.(qu.) 40c. Jan. 15 Holders of rec. Dec. 31a
Warner
111 Jan. 24 Holders of rec. Dec. 31a
First and second preferred (guar.)_ _ _
75e. Jan. 2 Holders of rec. Dec. 22
Warren Bros. Co..common (guar.)
114 Doe. 31 Holders of rm. Dec. 200
Washburn Wire, preferred (guar.)
Jan. 5 Holdeer of rec. Dec. 31
5
Westchester Title & Trust Co
Jan. 2 Dec. 16 to Jan. 2
2
Wheeling Steel Corp., pref. A (guar.)2% Jan. 2 Dec. 16 to Jan. 2
Preferred B (guar.)
Whitman(William) Co.,Inc.. pref.(qu.) 1% Jan. 1 Holder; of rec. Dec. IS
Wilson(C.R.) Body Co., pref.(quar.). _ 1% Jan. 2 Dec. 21 to Jan. 1
Winchester-Hayden. Inc.. pref. (guar.)_ 1% Jan. 25 Holders of rec. Jan. 250
111 Dec. 31 Dec. 27 to Jan. 1
Worcester Salt (guar.)
1
Dec. 31 Dec. 27 to Jan. 1
Extra
2% Jan. 2 Holders of rec. Dec. 21a
Young (J. S.) Co.,common (guar.)
134 Jan. 2 Holders of rec. Dec. 210
Preferred (asar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Compost'.
When
Per
Cent. Payaldc
Railroads (Steam).
Alabama Great Southern, Preferred_ .._ 316 Feb. 15
4% Jan. 1
Albany & Susquehanna
Jan. 5
2
(Special)
Jan. 1
3
Allegheny & Western
211 Feb. 1
Aids.Topeka & Santa Fe,met
Dec. 31
3
Atlanta & West Point
311 Jan. 10
Atlantic Coast Line RR.. common
114 Mar.
Baltimore & Ohio, common (guar.)
Mar. 1
1
Preferred (guar.)
11( Jan. 1
Bangor & Aroostook, common
111 Jan. 1
Preferred (guar.)
50e. Jan. 2
Beech Creek (guar.)
234 Dec. 31
Boston & Albany (guar.)
2% Jan. 1
Boston & Providence (guar.)
Boston Revere Beach & Lynn (qua?.) -- 111 Jan. 2
le( Dec. 31
Buffalo & Susquehanna, corn.(guar.)2% Dec. 31
Common (extra)
Dec. 31
2
Preferred
111 Feb. 1
Canada Southern
211 Dec. PO
C-enedlan Pacific, common (qua?.)
Jan. 15
2
Central RR. of New Jersey (guar.)
Jan, 1
2
Chesapeake & Ohio, common
314 Jan. 1
Preferred
1% Jan. 10
Chicago Indianapolis& Louisville.com_ _
Jan. 10
2
Preferred
common--- 114 Jan. 15
Chicago & North Western,
331 Jan. 15
Preferred
Dec. 31
Chicago Rock Island & Pacific 6% pref__ 3
314 Dec. 31
Seven per cent preferred
3% Feb. 20
Chicago St. Paul Minn. & Om.,pref_ _ _
111 Mar. I
Mc.New On.& Tex. Pac., pref.(qu.)_
1% June 2
Preferred (quar.)
1% Sept. 2
Preferred (guar.)
Jan. 19
1
Cleve. Cine. Chic.& St. L.,corn.(T11.1.)
111 Jan. 10
Preferred (guar.)
Dec. 31
2
Colorado & Southern,first preferred-Dee. 31
4
Second preferred (annual)
Febl 24
3
Railroad."referred
Cuba
Jan. 15
3
Detroit River Tunnel
3.22 Jan. 2
Elmira & Williamsport, preferred
1% Jan. 2
PS Paso & Southwestern Co.(guar.)
211 Feb. 1
Great Northern. preferred
Feb. 15
Gulf Mobile & Northern, preferred
Dec. 31
2
Hocking Valley
Jan. 1
2
Illinois Central, Leased lines
134 Jan. 2
Jollet & Chicago (guar.)
[VOL. 117.
THE CHRONICLE
2858
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam) (Concluded).
Jan. 15
Kansas City Southern, preferred (guar.)- 1
Jan. 2
1
Lackawanna RR.of N.J.(guar.)
87140 Jan. 2
Lehigh Valley. corn. (guar.)
$1.25 Jan. 2
Preferred (guar.)
$I Jan. 15
Little Schuylkill Nay.RR.& Coal
111 Jan. 2
Louisiana & Northwest (guar.)
234 Feb. 11
Louisville & Nashville
$1.25 Jan. 2
Mahoning Coal RR., preferred
Jan. 29
10
Michigan Central
Jan. 2
2
Mobile & Birmingham,preferred
314 Dec. 29
Mobbe & Ohio
$2.1212 Jan. 2
Morris & Essex
134 Feb. 1
New York Central (guar.)
N.Y.Chicago & St. L.,cora.& pf (qu.)- 111 Jan. 2
$2.50 Jan. 2
New York dr Harlem, corn. Sz pref
N.Y.Lackawanna & Western (quar.).. 134 Jan. 2
Jan. 2
6
N. Y. State Realty & Terminal
$2 Jan. 15
Northern Central
di 31 Feb. 1
Northern Pacific (guar.)
Northern RR.of New Hampshire(guar.) 131 Jan. 2
Jan. 10
4
Northern Securities Co
Jan. 10
2
Extra
Jan. 2
2
Norwich & Worcester, preferred
Old Colony (guar.)
134 Jan. 1
Jan. 2
1
Pere Marquette,corn.(qua?.)
111 Feb. 1
Prior preference (guar.)
Five per cent preferred (guar.)
13( Feb. 1
234 Jan. 10
Philadelphia & Trenton (guar.)
Pittsb. Ft. Wayne & Chic., corn. (guar.) 134 Jan. 2
134 Jae. 8
Preferred (quar.)
$2.50 Feb. 1
Pittsburgh & Lake tie
$1.50 Jan, 2
Pittab. M ekeeep.& Youghiogheny
Pittsburgh & West Virginia, pref. (gu.). 116 Feb. 29
211 Dec. 31
Providence & Worcester (guar.)
Feb. 14
Reading Company,common (quar.)---- $I
50e. Jan. 10
Second preferred (qua?.)
Jan. 1
4
Rensselaer & Saratoga
St. Louis Southwestern. pref.(guar)--- 154 Dee. 31
134 Jan. 2
Southern Pacific Co.,(guar.)
21e Jan. 2
Union Pacific. common (guar.)
23-4 Tan. 10
United N.J.RR.& Canal Cos.(guar.)
211 Jan. 2
Valley RR.(N. Y.)
Dec. 31
4
Virginian Ry.,common (No. 1)
111 Jan. 3
Western Pacific 1111. Corp., pref.(au.)__
Dec. 31
3
Western Ry.of Alabama
Public Utilities.
Alabama Power. Prof. (guar.)
All America Cables (guar.)
American Gas (guar.)
Amer.Gm a,Elec.. common (guar.)- Common (extra Day. In corn. stock)-.Preferred (guar.)
American Power & Light,Prof.(guar.)._
Amer. Public Service, prof.(guar.)
Amer. Public Utilities, prior pref. (qu.)Participating preferred (guar.)
Six per cent preferred (quar.)
Amer. Telephone & Telegraph (guar.)
Appalachian Power, preferred (guar.)--First preferred (quar.)
Arkansas Light & Power, prof.(quar.)_
Asheville Power & Light, pr.!. (qua?.)
Associated Gas & Electric, pref.(guar.)Baltimore Electric, preferred
Bangor Ry.& Elec.. pref.(quar.)
Bell Telephone of Canada (guar.)
Boston Elevated Ry.,corn.(qu.)
Preferred
First preferred
Brazilian Tract., Lt. & Pow., pf. (qu.).
Brooklyn Borough Gas,common
Preferred (guar.)
Brooklyn Union GM (guar.)
Capital Traction (Wash.,D.C.)(guar.)
preferrPower )
au& 1.1
Carollna ed ( ar. ght, corn. (guar.).Central Ills. Public Serv., pref.(quar.)..
Central States Elec.Corp..prof.(qua?.).
Cincinnati Gas & Electric (guar.)
Cine. & Hamilton Tree., corn. (guar.)._
Preferred (guar.)
Cincinnati Street Ry (guar.)
Cincinnati & Sub. Bell Teleph.(guar.).Citizens Pam. Ry., Philadelphia (eitUtr.)
City Gas of Norfolk, pref.(guar.)
Preferred (guar.)
Preferred (guar.)
Preferred (qua?,)
Preferred (guar.)
_
ty R y. of muar )
Cipreferred Da yton,common
1%
134
116
25e.
(to)
75e.
134
154
194
19,4
231
134
114
114
le(
880
214
134
2
134
334
4
111
50c.
2
2
134
14
131
134
134
114
1
134
111
SI
$3.50
2
2
2
2
2
Si
Books Closed.
Days Inclusive.
Holders of rec. Dm. 310
Holders of rm. Dec. oa
Holders of rm. Dec. 150
Holders of rm. Dec. 15a
Dec. 18 to Jan. 15
Holders of rec. Dec. 10
Holders of rev. Jan. 150
Holders of rec. Dec. 210
Holders of rec. Doe. 28a
Dee. 2 to Jan. 1
Holders of rec. Dee. 17a
Holders of rm. Dec. 8a
Jan. 3 to Jan. 23
Holders of reg. Nov. 15a
Holders of rm. Dec. 14a
Holders of ree. Dec. 14a
Holders of rec. Dec. 28a
Holders of rec. Dec. 310
Holders of rec. Dee. 31a
Holders of ree. Dee. 10
Dec. 25 to Jan. 10
Dec. 25 to Jan. 10
Holders of rec. Dee. 15
Holders of rec. Dec. 15
Holders of rec. Dec. 140
Holders of rec. Jan. laa
Herders of rec. Jan. 16a
1 to Jan. 11
Jan
Holders of rec. Dec. 10a
Holders of rm. Dec. 100
Holders of rec. Jan. Ila
Holders of rm. Dee. 140
Holders of rec.Feb 1'24a
Holders of rec. Dec. 12
Holders of rec. Jan. 22a
Holders of ree. Dec. 17a
Holders of rec. Dec. 15a
Holders of rec. Dee. 15a
Holders of ree. Nov.300
Holders of ree. Dec. 1
Dec. 21 to Dm. 31
Holders of rec. Doe. 15a
Holders of rec. Dm. 200
Holders of rec. Dec. 21a
Dec. 23 to Dec. 31
Jan. 1 Dec. 21 to Jan. 1
Jan. 14 Holders of rec. Dee. 316
Jan. 15 Holders of rec. Jan. 2a
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of ree. Dec. 15
Feb. 1 Holders of rec. Jan. 12
Jan. 2 Holders of rec. Dee. 18
Jan. 2 Holders of rec. Dee. 15a
Jan. 2 Holders of rec. Dec. 20
Jan. 2 Holders of rm. Dec. 20
Jan. 2 Holders of rec. Dec. 20
Jan 15 Holders of rec. Dec. 200
Jan. 15 Holders of rec. Dec. 31a
Feb. ,1 Holders of.rec. Jan. 15a
Jan. 1 Dec. 16 to Doe. 17
Jan. 2 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 15a
Jan. 2 Holders of rec. Dec. I5a
Jan. 1 Holders of rec. Dec. 10
Jan. 15 Holders of rec. Dee. 220
Jan. 2 Holders of rm. Dec. 15a
Jan. 2 Holders of rec. Dee. 150
Jan. 2 Holden; of rec. Dec. 15a
Jan. 1 Holders of rec. Dec. 15
Jan. 10 Holders of rec. Dee. 31a
Jan. 2 Holders of rec. Dec. 206
Jan. 2 Holders of ree. Dec. 14a
Jan. 10
Jan. 1 Dec. 11 to
Feb. 1 Holders of rm. Jan. 15
Jan. 2 Holders of rec. Dec. 15
Jan, 15 Holders of rec. Dec. 31
Dec. 31 Holders of rec. Dec. 10
Jan. 2 Dee. 15 to Dec. 21
Jan. 1 Dee. 21 to Jan. 1
Jan. 1 Dec. 21 to Jan. 1
Jan. 1 Dec. 18 to Jan. 1
Jan. 2 Dec. 21 to Jan. 1
Jan. 1 Holders of rec. Des. 20a
Jan. 2 Holders of rec. Doe. 15a
April 1 Holders of ree. Mar. 15
July I Holders of rec. June 15
Oct. 1 Holders of ree. Sept.16
Jan2'25 Holders of rec. Deo.15'24
Dec. 31 Dec. 16 to Dec. 31
Dec. 31 Dec. 18 to Dee. SI
Dee. 31 Holders of ree. Dec. 92a
Jan. 15 Holders of roe. Dec. 31
Jan. 1 Dec. 24 to Jan. 1
Jan. 2 Holders of ree. Dec. 140
Jan. 2 Holders of rec. Dee. 14a
Jan. 2 Holders of rec. Doe. 140
Jan. 2 Holders of rec. Dec. 15a
Jan. 2 Holders of rec. Dee. 15a
Jan. 2 Holders of rec. Dm. 15a
Jan. 2 Holders of rec. Dec. 15a
Jan. 15 Holders of rec. Dec. 31a
134
116
Cleveland Ry.(guar.)
14
Colorado Power, corn. (guar.)
134
Columbia(S. C.) Ry., Gas & El.. MOM
234
Holders of rec. Jan. 18
Columbus Elea.de Power,corn.(aU.)
134
First pref. Series A (guar.)
Holders of rec. Dec. 15a
114
Second preferred (gear.)
Holders of rec. Dec. 22a
Holders of rm. Dec. 20a Columbus Ry., Pr. & Lt.. pref. A (qu.).. 111
of rec. Dec. 28a Consol. Gas,E.L.& P.,Bait.,corn.(On.) 2
Holders
2
Preferred, Series A (guar.)
Dec. 23 to Dec. 31
1%
Preferred, Series B (qua?.)
Holders of rec. Deo. 140
2
Holders of rec. Jan. 12a Consolidated Traction of N. J
Holders of rec. Jan. 12a Consumers El. Lt. & Pow.(New On.)
134 Dec. 31 Dec. 11 to Jan. 1
Preferred (guar.)
Holders of rec. Dec. 27
234 Jan. 2 Holders of rec. Dec. 15a
Holders of rec. Dec. 15a Consumers Gas. Toronto(guar.)
-- 134 Jan. 2 Holders of rec. Dm. 15
Holders of rec. Dec. 14a Consumers Power,6% prof.(quar.)
134 Jan. 2 Holders of rem Dec. 15
Holders of rec. Nov.300
Seven Per cent preferred (guar.)
Continental Gas & Electric, pref.(quar.) •111 Jan. 2 *Holders of rm. Dee. 19
Holders of rm. Dec. 20
43 Dec. 30 Holders of rec. Nov.30a
rec. Dec. 15a Continental Pass. Re,Philadelphia.
Holders of
111 Dec. 31 Dec. 16 to Dec. 31
Cuban Telephone,common (guar.)
Dec. 16 to Jan. 1
1
Dec. 31 Dec. 16 to Dec. 31
Common (extra)
Dec. 16 to Jan. 1
111 Dec. 31 Dec. 16 to Dec. 31
(guar.)
Preferred
Dec. 16 to Jan. 1
Jan. 1 Holders of rec. Doc. 22
Holders of rm. Dec. 28a Cumberland Co. Pow.& Light, common 1
134 Jan. 2 Holders of rec. Doe. 200
Holders of ree Nov. 300 Dayton Power & Light, pref.(quar.)-.2
Jan. 15 Holders of ree. Dec. 206
Holders of rec. Jan. 4a Detroit Edison (guar.)
Jan. 1
311 Jan. 15 Doe. 25 to
Holders of rm. Dec. 70 Dominion Power dr Transmission, pref
Jan. 2 Holders of rec. Dee. 150
1
Tr. corn. & pref.(qu.)_
Holders of rm. Dec. 70 Duluth-Superior
Holders of rec. Dee. 29a East Bay Water, preferred A (guar.)-- 134 Jan. 15 Holders of rec. Doe. 31
11( Jan. 15 Holders of rec. Dec. 31
Preferred B(guar.)
Holders of rec. Dec. 290
Holders of rec. Dec. 21a Electric Light & Power Co. of Abington
Jan. 2 Holders of rec. Dec. 20
2
& Rockland, Mass.(guar.)
Holders of rec. Dec. 21a
Jan. 2 Herders of rec. Dec. 20
2
Extra
Holders of rec. Dee. 70
3
Jan. 14 Holders of rm. Dec. 220
Holders of rec. Dec. 7a El Paso Electric Co., preferred
50o. Jan. 2 Holders of ree .Dec. 156
Feb. la Erie Lighting Co., pref.(guar.)
Holders of rec.
Jan. 2 Holders of rec. Dec. 20a
2
Holders of rec. Feb. 15a Fall River Elect'le Auer.)
Holders of ree. May 17a Frankf & Soutbwk Pass Ry Philo (qu.) $4.50 Jan. 1 Dec. 2 to Jan. 1
750. Jan. 2 Holders of rec. Dec. 15a
Holders of rec. Aug. 18a Federal Light & Trac.. corn.(guar.)
-- m75o. Jan. 2 Holders of rec. Dec. 15a
Common (payable in pref. stock)
Holders of rm. Dec. 28a
Jan. 2 Holders of rce. Dee. 15
Holders of rm. Dm. 28a General Gas Se Elec., pref., Class A (qu.) $2
Georgia Light, Power & Rys.,pref.(qu.) 111 Jan. 2 Holders of rec. Dec. 2Ia
Dee. 18 to Jan. 1
Germantown Pass. Ry., Phila., (qu.)__ $1.31 Jan. 8 Doe. 19 to Jan. 7
18 to Jan. 1
Dec.
116 Jan. 1 Holders of roe. Dec. 310
Holders of ree.Jan.11924a Gold & Stock Telegraph (guar.)
Holders of rec. Jan. 8a Harrisburg Light & Power,pref.(qua?.). 134 Dec. 31 Holders of rec. Dec. 17
20a Hartford City Gas Lt., corn.& Pt.(qu.). 50c. Dec. 31 Dee. 15 to Jan. 1
Holders of ree. Dec.
134 Dec. 31 Holders of rec. Dec. 14
1141ders of rec. Dec. 200 Houston Gas & Fuel, prof(rred (quar.)__
Dec. 31 Holders of rm. Dec. 290
2
Holders of rec. Dee. 27a Illinois Bell Telephone (guar.)
Illinois Power & Light,7% pref.(guar.). 134 Jan. 2 Holders of rec. Dec. 15
Holders of rm. Feb. I
114 Jan. 2 Holders of ree. Dm. 15
Six per cent preferred (guar.)
Holders of rm. Dec. 7a
Internat. Telephone & Teleg.(guar.) -- 111 Jan. 15 Holders of rec. Deo. 270
Dee. 12 to Jan. 4
Holders of rec. Dee. 20a Interstate Public Service, prior lien (qtr.) 154 Jan. 15 Holders of rec. Dec. 31
Boots Closed.
Days Inductee.
DEC.29 1923.]
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
2859
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Public Utilities (Concluded).
Banks (Concluded).
Illinois Traction,common (guar.)
50c. Jan. 2 Holders of rec. Dec. 20i Europe (Bank of) (guar.)
3
Jan. 2 Holders of rec. Dec. 240
Common (extra)
134 Jan. 2 Holders of rec. Dec. 20
Extra
4
Jan 2 Holders of rec. Dec. 240
Six per cent preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 20
Fifth Avenue (guar.)
6
Jan. 2 Holders of rec. Dec. 31a
Iowa Ry.& Light, pref.(guar.)
131 Dec. 30 Dec. 21 to Dec. 31
Fifth National
.23 Jan. 2 *Holders of rec. Dec. 24
/
,
Kansas City P.& Lt., 1st pf Ser. A(g11.) $1.75 Jan. 1 Holders of rec. Dec. 150 First National (guar.)
(guar.)
5
Jan. 2 Holders of rec. Dec. 310
Kansas City Power Sec. Corp., pt.(qu.). $1.25 Jan. 1 Holders of rec. Dec.
Extra
20
Jan. 2 Holders of rec. Dec. 31a
Kansas Gas at Electric, preferred (guar.) 131 Jan. 1 Holders of rec. Dec. 20
First National (Bklyn.)(guar.)
19
Jan. 2 Holders of rec. Dec. 21
3
Kentucky Securities, common (guar.).1
Jan. 2 Holders of roc. Dee. 210
Extra
Jan. 2 Holders of rec. Dec. 21
2
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 210 First Security Co
Jan. 2 Holders of rec. Dec. 310
5
Lone Star Gas (guar.)
*3714c Dec. 31 *Holders of rec. Dec. 24
Garfield National (guar.)
3
Dec. 31 Holders of rec. Dec. 24a
Extra
51214c Dec. 31 *Holders of rec. Dec. 24
Extra
3
Dec. 31 Holders of rec. Dec. 24a
Iona Island Lighting, pref.(guar.)
131 Jan. 1 Dec. 23 to Jan
Greenpoint National
1
6
Jan. 2 Dec. 21 to Jan. 1
Louisville Home Telephone(guar.)
1% Jan. 2 Holders of rec. Dec. 24
Greenwich (guar.)
3
Jan. 2 Holders of rec. Dec. 20a
Mackay Companies,common (quar.)___
134 Jan. 2 Holders of rec. Dec. 50
Extra
Jan. 2 Holders of rec. Dec. 20a
2
Preferred (guar.)
1
Jan. 2 Holders of rec. Dec. 5a Hanover National (quar.)
Jan. 2 Dec. 20 to Jan. I
6
Manchester Trac., Lt.& Power (quar.)_ 2
Jan. 15 Holders of rec. Jan. 2a
Manhattan Co.,Bank of the (quar.)..- 3
Jan. 2 Holders of rec. Dec. 21a
Manila Electric Corp. (guar.)
2
Dec. 31 Holders of rec. Dec.
Extra
1
Jan. 2 Holders of rec. Dec. 21a
Manufacturers' Light & Heat (quar.)... $1 Jan. 15 Holders of rec. Dec. 21a Mechanics
(Brooklyn) (guar.)
3
Jan. 2 Holders of rec. Dec. 150
Market St. By.,San Fran.,pr. pref.(qu.) 134 Jan. 2 Holders of rec. Dec. 31a
100 Mechanics &Metals National(quar.)
5
Jan. 2 Holders of rec. Dec. 230
Massachusetts Ltg. Cos,6% Pref.(411.) 114 Jan. 15 Holders of rec. Dec. 26
Extra
2
Jan. 2 Holders of rec. Dec. 22a
Eight per cent preferred (guar.)
2
Jan. 15 Holders of rec. Dec. 26
Mutual (guar.)
Jan. 2 Holders of rec. Dec. 260
3
Metropolitan Edison. Pref.(guar.)
141 Jan. 2 Holders of rec. Dec.
Extra
3
Jan. 2 Holders -if rec. Dec. 260
Michigan Gas & Electric, pref.(quar.)_ - •114 Jan. 21 *Holders of rec. Dec. 20a Nassau National
31
(guar.)
Jan. 2 Holders of rec. Dec. 28a
3
Prior lien stock
•134 Jan. 15 *Holders of rec. Dec. 31
Extra
3
Jan. 2 Holders of rec. Dee. 250
Middle West Utilities, pref. (quar.)_...._
134 Jan. 15 Holders of rec. Dec. 31
National City (guar.)
4
Jan. 2 Holders of rec. Dec. 15a
Mineral Point Public Service,pref
314 Jan. 2 Dec. 25 to
National City Co.(quar.)
Jan. 2 Holders of rec. Dec. 15
2
Minnesota Pow.& Light,6% Pref.(qu.) 134 Jan. 2 Holders of rec. Jan. 1
Dec. 21a
Extra
Jan. 2 Holders of rec. Dec. 15
2
Seven per cent preferred (guar.)
134 Jan 2 Holders of rec.
New Netherland (guar.)
2
Jan. 2 Holders of rec. Dec. 26a
Mississippi River Power, pref.(guar.).- 134 Jan, 2 Holders of rec. Dec. 21a
Dec. 12
Park, National (guar.)
Jan. 2 Holders of rec. Dec. 24a
6
Mohawk Valley Co.(guar.)
2
Jan 2 Holders of rec. Dec. 210 Public National (guar.)
4
Dec. 31 Holders of rec. Dec. 240
Monongahela West Penn Pub.Serv. Co.
Seaboard National (guar.)
Jan 2 Holders of rec. Dec. 24a
3
Seven per cent pref.(guar.)
4334g.Jan 2 Holders of rec. Dec. 170
Extra
2
Jan. 2 Holders of rec. Dec. 24a
Six per cent pref.(guar.)
3734c. Jan. 2 Holders of rec. Dec. 17a Standard Bank (guar.)
*Ili Jan. 2 *Holders of rec. Dec. 26
Montana Power,common (guar.)
1
Jan. 2 Holders of rec. Dec. 130 Standard National Corp.(guar.)
*134 Jan. 2 *Holders of rec. Dec. 26
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 130 State (guar.)
4
Jan. 2 Dec. 21 to Jan. 4
Montreal Telegraph (guar.)
2
Jan. 15 Jan. 1 to Jan. 15
Stock div.(subj. to meeting Dec.31)_ _ 20
Jan. 4 Dec. 21 to Jan. 4
Narragansett Lighting (guar.)
$1
Jan. 2 Holders of rec. Dec. 150
United State& Bank of the. (guar.).
- 234 Jan. 2 Holders of rec. Dec. 206
National Fuel Gas(guar.)
$1.25 Jan. 15 Holders of rec. Dec. 31
Washington Heights(Bank of)(quar.)_ _
134 Jan. 1 Holders of rec. Dec. lb
Extra
1
Jan. 15 Holders of rec.
Yorkville (guar.)
734 Dec. 31 Holders of rec. Dec. 21a
National Power & Light, pref.(qua?.)__ 21.75 Jan. 2 Holders of rec. Dec. 31
Dee.
Extra
30
Dec. 31 Holders of rec. Dec. 21a
Nevada-California Elec. Corn.. Pt.(qu.) 131 Feb. 1 *Holders of rec. Dec. 10
29
Pref.(acct.accum.divs..pay.lnpf.stk.) *m28 Dec. 31 Holders of rec.
Trust Companies.
Dec. 29
New England Telep.& Teleg.(guar.)._ _ 2
Dec. 31 Holders of rec. Dec. 100 American (guar.)
114 Dec. 31 Holders of rec. Dee. 20a
New On.Pub. Serv.,tom.(in cons. stk.) *18
Bank of New York & Tr. Co.(qua?.)... 5
Jan, 2 Holders of rec. Dec. 21a
Newport News & Hampton By.
Extra
I
Jan. 2 Holders of rec. Dec. 21a
Gas & Elec. Co.. pref.(guar.)
131 Jan 2 Holders of rec. Dec. 15a Bankers (guar.)
Jan
5
2 Holders of rec. Dec.15a
New York State Rys., pref.(guar.)
114 Jan. 2 Holders of rec. Dec. 21a Brooklyn (guar.)
6
Jan. 2 Holders of rec. Dec. 27a
New York Telephone,Pref.(guar.)
134 Jan. 15 Holders of rec. Dec. 20a Central Union (guar.)
6
Jan. 2 Holders of ree. Dec. 21
Niagara Falls Power. pret.(gpar.)
131 Jan. 15 Holders of rec. Dec. 310 Commercial
*3
Dec. 31 *Holders of rec. Dee. 26
Niagara Lockport & Out.Power,com___ 50c. Jan. 2 Holders of rec.
Empire (guar.)
Dee 15
3
Dec. 31 Holders of rec. Dec. 224
Preferred (guar.)
131 Jan
2 Holders of rec. Dec. 150
Extra
4
Dec. 31 Holders of rec. Dec. 274
North Amer. Light & Power,7% Id.
(Caul
131 Jan. 2 Holders of rec. Dec. 20
Equitable Trust Co.(guar.)
3
Dec. 31 Holders of ree. Dec.
Northern Ohio Tr.es Lt.,6% pt.(qu.)_ _
114 Jan. 2 Holders of rec. Dec. 15
Fidelity International(guar.)
234 Dec. 31 Dec. 21 to Jan. 16
&vex per cent preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
134
Fulton (guar.)
5
Jan, 2 Holders of rec. Dec. 244
Northern States Power,tom.(quar.)..- 2
Feb. 1 Holders of rec. Dec. 310
Extra
2
Jan. 2 Holders of rec. Dec. 24a
Preferred (guar.)
IA Jan. 19 Holders of rec. Dec. 31
Guaranty (guar.)
3
Dec. 31 Holders of rec. Dec.14a
Northwestern Telegraph
$1.50 Jan. 2 Holders of rec. Dec. 15
Hudson (guar.)
214 Dec. 31 Dec. 16 to Jan. 1
Ohio Bell Telephone, preferred (quar.)_
131 Jan. 1 Holders of rec. Dec. 200 Irving Bank-Columbia Trust (guar.)_ _ 3
Jan, 2 Holders of rec. Dec. 21a
Oklahoma Natural 0O-9 (guar.)
3730 Jan. 19 Holders of rec. Dec. 260 Lawyers Title & Trust (qua?.)
2
Jan. 2 Holders of rec. Dec. 22a
Ottawa Light. Heat & Power, com.(gu.) 134 Dec. 31 Holders of rec. Dec. 200
Extra
1
Jan. 2 Holders of rec. Dec. 22a
Ottawa Light,Heat & Pow.,pref.(guar.) 134 Jan. 1 Holders of rec. Dec. 200 Manufacturers
4
(guar.)
Jan 2 Holders of rec. Dec. 20a
Ottawa Traction (guar.)
1
Jan. 2 Holders of rec. Dec. 15
Metropolitan (guar.)
4
Dec. 31 Holders of rec. Dec. 21a
Extra
2
Jan. 2 Holders of rec. Dec. 15
Mutual of Westchester Co.(guar.)
3
Jan. 2 Holders of rec. Dec. 31a
Pacific Gas & Electric, corn. (quar.)...
2
Jan. 15 Holders of rec. Dec. 31a
New York (guar.)
5
Jan. 2 Holders of rec. Dec. 22a
Pacific Telep. & Teleg., pref. (quar.)--- 134 Jan. 15 Holders of rec. Dec. 310 Peoples(Brooklyn)
(guar.)
5
Dec. 31 Dec. 30 to Jan. 1
Panama Power & Light, pref.(guar.)._ _
131 Jan. 2 Holders of rec. Dec. 20
Title Guarantee & Trust (guar.)
3
Jan. 2 Holders of rec. Dec. 22a
Penn Central Lt. a, pr., pref.(quar.)..
$1 Jan. 1 Holders of rec. Dec. 15a
Extra
4
Jan. 2 Holders of rec. Dec. 22a
Preferred (extra)
100 Jan. 1 Holders of rec. Dec. 15a
Extra
4
Mar.31 Holders of rec. Mar.22a
Pennsylvania Edison, pref. (quar.)
32 Jan. 2 Holders of
4
Jan. 2 Holders of rec. Dec. 260
Pennsylvania Pewee'& Light, pref.(qu.) $1.75 Jan. 2 Holders of rec. Dec. 20a U.S. Mtge.& Trust (guar.)
rec. Dec. 15
United States Trust (guar.)
1234 Jan. 2 Holders of rec. Dec. 21a
Pennsylvania Water & Power (guar.).-134 Jan. 2 Holders of rec. Dec. 140
Peop,es Gas Light & Coke (guar.)
134 Jan, 17 Holders of rec. Jan. 30
Fire Insurance.
Philadelphia Rapid Transit (guar.)
76e. Jan. 31 Holders
$3
Jan. 10 Holders of rec. Dec. 29a
Philadelphia & Western Ry., pref (qu.) 6234c. Jan. 15 Holders of rec. Jan. 15a Continental
33
Jan. 10 Holders of rec. Dec. 250
Portland Ry.,Lt.& Pow., 1st pt.(qu.). 134 Jan. 1 Holders of rec. Dec. 31a Fidelity-Phenix Fire
of rec. Dec. 17
Russia (guar.)
$1.50 Jan, 2 Holders of rec. Dec. 15a
Prior preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 17
Porto Rico
Ltd., pref. (quar,).....
131 Jan. 2 Holders of rec. Dec. 15
Miscellaneous.
Porto Rico Telephone(guar.)
Rys..
2
Dec. 31 Holders of rec. Dec. 150
Providence Gas (quor.)
$1
Jan. 1 Holders of rec. Dec. 15
Abitibi Power & Paper, pref. (quar.) _
134 Jan. 2 Holders of rec. Dec. 20a
Public Serv . Corp. of N.J., corn.(guar.) $1
Dec. 31 Holders of rec. Dec. 140 Acme Road Machinery, prof. (quar.)_
2
Jan. 1 Holders of rec. Dec. 31a
Eight per cent preferred (quar.)
2
Dec. 31 Holders of rec. Dec. 14a
Adams Express (guar.)
$1.50 Dec. 31 Holders of rec. Dec. 15a
Seven per cent preferred (guar.)
IA Dec. 31 Holders of rec. Dec. 14a
Advance-Rumely Co.. pref.(guar.)._
% Jan. 2 Holders of rec. Dec.
Puget Sound Pow.& Lt., corn.(qua?.)
1
Jan. 15 Holders of rec. Dec. 20a
Aeolian Weber Piano & Plan -la, pt.(qu.) 134 Dot. 31 Holders of rec. Dec. 142
Prior preference (guar.)
20a
144 Jan. 15 Holders of rec. Dec. 200 Air Reduction (guar.)
$I
Jan. 15 Holders of rec. Dec. 310
Preferred ,guar.)
114 Jan. 15 Holders of rec. Dec. 20a Alabama Company, 1st pref.
(guar.)._ _
111 Jan. 2 Holders of rec. Dec. 206
Reading Traction
750. Jan. I Dec. 11 to Jan. 1
Allied Chemical& Dye Corp.,pref.(qua
134 Jan, 2 Holders of rec. Dec. 14es
Savannah Elec. & Pow.,deb.stk.(qu.)
2
Jan, 2 Holders of rec. Dec. 10
Allls-Chalmers, preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 24a
Second & 3d Sts Peas By Philo (quar.)- $3
Jan. I Dec. 2 to Jan. I
Amer. Art Works.corn.&Pref.(quar.).
134 Jan. 15 Holders of rec. Dec. 31a
Shawinigan Water & Power (guar.)
131 Jan. 10 Holders of rec. Dec. 24
American Bank Note,corn.(extra)
$5
Dec. 31 Holders of rec. Dec. 17o
Southern Canada Power (guar.)
134 Jan. 15 Holders of rec. Dec. 310
Preferred (guar.)
75c. Jan. 2 Holders of rec. Dec. 170
Southern Wisconsin Elec., corn.(guar.). *2
Jan. 15 *Holders
American Beet Sugar. Met (guar.).
134 Dec. 31 Holders of rec. Dec. 8a
Southwestern Bell Telco., pref. (guar.). 131 Jan. 2 Holders of rec. Dee. 31
of
Amer. Brake Shoe & Fdy.,corn,(guar.)- $1.25 Dec. 31 Holders of rec. Dec.
Springfield (Ill.) By.& Light, pref.(qu.) 134 Jan. 2 Holders of rec. Dee. 20a
21a
Preferred (guar.)
131 Dec. 31 Holders of rec. Dec. 21a
Standard Gas & Elec., corn. (guar.). - 6234c Jan, 25 Holders of rec. Dec. 15a
rec. Dec. 31
American Can. comnion (guar.)
114 Feb. 15 Holders of rec Jan. 31a
Toledo-Edlson Co., pref.(guar.)
2
Jan. 2 Holders of rec. Dec. 15
Common (extra)
1
Feb. 15 Holders of rec. Jan. 310
Tennessee Rise. Power,7% 1st pt. (qu.) 131 Jan. 1 Holders of
rec. Dec. 12
American Can. Dref.(guar.)
131 Jan. 2 Holders of rec. Dec. 13a
Six per cent let preferred (guar.)
134 Jan, 1 Holders of rec. Dee, 12
American Car & Foundry, eons.(qua?.). 3
Jan. 1 Holders of rec. Dec. 17a
Tri-City Ry.& Light, pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
Ili Jan. 1 Holders of rec. Dec. 17a
Turners Falls Power & Elec..corn.(qu.). 134 Dec. 31 Holders
of rec. Dec. 15
American Chain,common(No.1)
$1.50 Jan. 2 Dec. 22 to Jan. 1
Employees' stock (quar.)
15c, Dec. 31 Holders of rec. Dec. 15
Class A stock (guar.)
500. Dec. 31 Dec. 22 to Jan. 1
Twin City Rap.'('ran., MInneaP..corn_ _ 3
Dec. 31 Holders of rec. Dec. 100 American
134 Jan. 2 Holders of rec. Dec.15a
Prete re I (guar.)
134 Dec. 31 Holders of rec. Dec. 100 American Cigar. preferred (guar.)
Coal(guar.)
*El
Feb. 1 Holders of rec. Jan. 11
Union Natural Gas (guar.)
*50e. Jan. 15 *Holders of rec. Dec. 31
American Cyanamid, corn. (guar.)
1
Jan. 2 Holders of rec. Dec. 150
Union Passenger Ry., Philadelphia
034.75 Tan. 1 Holders of rec. Dec. 15a
Common (extra)
34 Jan. 2 Holders of rec. Dec. 150
Union Traction,Philadelphia
$1.50 Jan
Holders
Preferred (guar.)
I% Jan. 2 Holders of rec. Dee. 15a
United Gas Impt., common (guar.).--- 8734e Jan. 15 Holders of rec. Dec. 10a
of rec. Dec. 310 American Express(guar)
31.50 Jan. 2 Holders of rec. Dec. 13a
Preferred (quar.)
8714c Mar.15 Holders of rec. Feb. 29a American-Hawaiian
15c. Jan. 2 Holders of rec. Dec. 3a
Steamship
United Light& Rys.American Ice, corn.(guar.)
131 Jan. 25 Holders of rec. Jan. 9a
Common (quar.)
134 Feb. 1 Holders of rec. Jan. 5a
Preferred (guar.)
Common (extra)
114 Jan. 25 Holders of rec. Jan. 9a
34 Feb. 1 Holders of rec. Jan.
Amer. Lace Mtg., corn. (guar.)
2
First preferred (quar.)
Dec. 31 Holders of rec. Dec. 20a
114 Jan. 2 Holders of rec. Dec. 5a
Am.La France Fire Eng.,Inc.,com.(qu.)
Participating preferred (guar.)
25e. Feb. 15 Holders of rec. Feb. la
134 Jan. 2 Holders of rec. Dec. 15a
15a
Preferred (guar.)
114 Jan. 2 Holders of rec. Dec. 26a
Participating preferred (extra)
11 Jan. 2 Holders of rec. Dec. 15a Amer. Laundry
Machinery. pref.(guar.) 131 Jan. 15 Jan. 6 to Jan.
Utah Power & Light, pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 12
15
American Locker. Inc. (quar.)
2
Washington Water Pow.(Spokane)(qu.) 2
Jan. 10 H lders of rec. Dec. 31
Jan. 15 Holders of rec. Dec. 24
Amer. Locomotive,corn.(guar.)
$1.50 Dec. 31 Holders of rec. Dec. I3a
West Kootenay Pr. & Lt. pref.(guar.)_
131 Jan. 2 Holders of rec. Dec.
27
Preferred (guar.)
194 Dec. 31 Holders of
West Penn Company,common (quar.).. 50o. Dee, 31 Holders
of ree. Dec. lba
American Machine & Foundry (guar.).- 134 Jan P24 Holders of rec. Dec. 13a
West Penn Power Co.,Preferred (guar.)_
reo. Dee. la
131 Feb. 1 Holders of rec. Jan. 15
Amer. Manufacturing, corn. (guar.) _
West Phila. Passenger By
_ 134 Dec. 31 Dec. 16 to Jan. 1
o$5
Jan. 1 Holders of rec. Dec. 15a
Preferred (guar.)
14 Dec. 31 Dec. 16 to Jan. 1
Western Union Telegraph (guar.)
191 Jan. 16 Holders of rec. Dec.
24a American Milling,com.(in corn. stock). /50
Winnipeg Elec. Ry., pref.(guar.)
Jan. 15 Dec. 21 to Jan. 14
131 Jan. 1 Holders of
Amer. Multlgraph, pref. (guar.)
Wisconsin Pow.,Lt.& Ht.,7% pt.(qu.) 134 Jan. 19 Holders of rec. Dec. 18
194 Jan. 2 Holders of rec. Dec. 15a
rec. Dee. 310 Amer.Plano,corn.
(extra Christmas dlv.) 2
Yadkin River Power, pref. (guar.)
Jan. 1 Holders of rec. Dee. 26
131 Jan. 2 Holders of rec. Dec. 15
American Plano, common (guar.)
114 Jan. 1 Dec. 27 to Jan.
1
Preferred (quar.)
Banks.
134 Jan. 1 Dec. 27 to Jan. 1
Amer. Pneumatic Service. prof.
America, Bank of (guar.)
50c. Dec. 31 Holders of rec. Dec.
3
Jan. 2 Holders of net. Dec. 20
84
American Radiator, common (guar.)
Amer. Exch. Securities Corp.,el.A (qu.) 2
$1
Dec. 31 Holders of roe. Dec.
Jan. 1 Holders of rec. Dec. 154 Amer. Rolling
Mill, coin. (guar.)
Amer.Exchange National Bank (quar.)_ 4
500. Jan. 15 Holders of rec. Dec. 15a
Jan. 2 Holders of rec. Dec.
Preferred (guar.)
Chase National (guar.)
141 Jan. I Holders of rec. Dec. 31a
4
Jan, 2 Holders of rec. Dec. 26a American
15a
17a
Sales Book,Prof.(guar.)
Chase Securities Corporation (quar.)
131 Feb. 1 Holders of rec.
Jan. 2 Holders of rec. Dec. 170 American Sales
Jail.
Book,corn.(guar.)
Chatham & Phenix National(quar.)
$I
Jan. 2 Holders of rec. Dec. 20a
4
Jan. 2 Dec. 16 to Jan. 1
American Screw (guar.)
Chemical National (hi-monthly)
134 Jan. 2 Holders of rec. Dec. 20a
4
Jan. 2 Holders of rec. Dec. 21a
Extra
21a
1
Coal & Iron National (guar.)
Jan. 2 Holders
3
Jan. 2 Holders of rec. Dec. 12s Amer. Seedling
Mach.. corn. (quar.)..... 75e. Jan. 15 Holders of rec. Dec. 21a
Colonial (guar.)
3
Jan. 2 Holders of rec. Dec. 204
of
Preferred (guar.)
114 Jan. 15 Holders of rec. Dee. 3Ia
Extra
3
Jan. 2 Holders of rec. Dec 20a American Shipbuilding
rec.
, pref.(Qua?.)..
Commerce, National Bank of (quar.)
134 Feb. 1 Holders of rec. Dec. 310
3
Jan. 2 Holders of rec Dec. 14a
Amer. Shipbuilding, cam.(guar.)
2
Extra
Feb. 1 Holders of rec. Jan. 15
4
Jan. 2 Holders of rec. Dec. 140
Common (guar.)
2
Commonwealth
May 1 Holders of rec. Jan. 15a
5
Jan. 15 Jan. 1 to Jan. 14
Common (guar.)
Apr.
2
Coney Island (Bank of)
Aug. 1 Holders of rec. July 154
5
Jan. 2 Dec. 27 to Jan. 1
igo
American Snuff, common (guar.)
3
Corn Exchange (quar.)
Jan. 2 Holders of rec.
5
Feb. 1 Holders of rec. Jan. 31a
Common (extra)
Dec. 144
2
East River National
Jan. 2 Holders of rec.
6
Dec. 31 Dea. 27 to Jan. 1
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 14a
Dec. 14a
Name of Company.
134
Name of Company.
[VoL. 117.
THE CHRONICLE
2860
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Chicago Yellow Cab,Inc.(monthly)---- 33 1-3c Jan. 2 Holders of rec. Dec. 20s
Dec. 31
*5
American Spinning Co.,common
33 1-3c Feb. 1 Holders of rec. Jan. 210
Monthly
15 Holders of rec. Jan. 20
Amer.Steel Foundries,common (guar.)- 75e. Jan.
33 1-3c Mar, 1 Holders of rec. Feb. 20a
Monthly
1% Dec. 31 Holders of rec. Dec. 150
Preferred (quar.)
62Xe Dec. 29 Holders of rec. Dec. la
Chili Copper(quar.)
25c. Jan. 2 Dec. 22 to Jan. 1
American Stores (guar.)
Jan, 2 Dec. 16 to Jan. 1
2
rec. Dec. la Cincinnati Finance (Miura
1% Jan. 2 Holders of
Amer. Sugar Refining, pref. (quar.)
24 Dec. 31 Holders of rec. Dec. 22a Cities Service
AmericanSurety (guar.)
QX J. 1 Holders of rec. Dec. 15
Common(monthly pay.in cash scriP)31 Holders of rec. Dec. 22a
X Dec.
Extra
p1)4 Jan. 1 Holders of rec. Dec. 15
Common (pay, in corn, stock scrip)
*12 Xe Jan. 1 *Holders of rec. Dec. 15
American Thread, preferred
X Jan. 1 Holders of rec. Dec. 15
Preferred and preferred B (monthly)
13 Jan. 2 Holders of rec. Dec. 100
American Tobacco, pref.(guar.)
Common (monthly,Pay. in cash scrip) it% Feb. 1 Holders of rec. Jan. 15
Jan. 10
*1 X Jan. 15 *Holders of rec.
Amer. Type Founders. coin.(guar.)._
in cora, stock scrip) 01X Feb. 1 Holders of rec. Jan. 15
Common (payable
*I X Jan. 15 *Holders of rec. Jan. 10
Preferred (quar.)
X Feb. 1 Holders of rec. Jan. 15
Preferred and preferred B (monthly)-j3 Jan. 1 Holders of rec. Dec. 200
Amer. Wholesale Corp., pref. (quar.)
2
Mar. 1 Holders of rec. Feb. 200
Dec. 20a City Ice dr Fuel, Cleve. (guar.)
Amer. Window Glass Mach., corn.(qua ',. 13-i Jan. 2 Holders of rec.
June 1 Holders of rec. May 20a
2
Quarterly
Jan. 2 Holders of rec. Dec. 20a
1
Common (extra)
Sept. 1 Holders of rec. Aug. 20a
2
Quarterly
of rec. Dec. 20a
1 X Jan. 2 Holders
Preferred (guar.)
Dec. 1 Holders of rec. Nov.20a
2
Quarterly
Dec. 26
American Woolen,cora,and pref.(quar.) 1 X Jan. 15 Dec. 15 ofto Dec. 150 City Investing, common (quar.)
2X Jan. 2 Holders of rec. Dec. 27
rec.
75c. Jan. 21 Holders
Anaconda Copper Mining (quar.)
%
15 Jan. 2 Holders of rec. Dec. 27
Preferred (quar.)
270
1..X Jan. 2 Holders of rec. Dec.
Ancona Company, preferred (quar.)__ _ _
Jan. 2 Holders of rec. Dec. 20a
2
Jan. 2 Holders of rec. Dec. 20a Cleveland Automobile, pref. (quara_ _ _ _
2
Arlington Mills (guar.)
Jan, 1 Dec. 20 to Jan. 1
2
Cleveland Union Stock Yards (quar.)..
1X Jan. 2 Dec. 16 to Jan. 1
Armour & Co.(Ill.). Pref.(quar.)
Dec. 31 Holders of rec. Dec. 15a
1
Worsted Mills (qua:.)
Cleveland
13( Jan. 2 Dec. 16 to Jan. I
Armour dr Co. of Del.. pref.(quar.)
15% Jan. 1 Holders of rec. Dec. 21a
Cluett, Peabody & Co.. Inc.. pf. (qua
1X Jan. 2 Dec. 20 to Jan. 2
Armstrong Cork,common (guar.)
52 Jan. 2 Holders of rec. Dec.d24
Coastwise Transportation, pref.(quara_
Jan. 2
Jan. 2 Dec. 20 to
1
Common (extra)
$1.75 Jan. 1 Holders of rec. Dec. 15a
Coca-Cola Co.,corn.(guar.)
Jan. 9 Dec. 20 to Jan. 2
Common (payable in common stock)_ _ •J'50
3X Jan. 1 Holders of rec. Dec. 15a
Preferred
51 Jan. 1 Holders of rec. Dec. 26
Arundel Corporation,common
191 Jan. 2 Holders of rec. Dec. 220
Cohn-Hall-Marx Co., pref. (guar.)
3X Jan. 1 Holders of rec. Dec. 26
50c. Dec. 31 Holders of rec. Dee. 13a
Preferred
Colts' Patent Fire Arms Mfg.(quar.)__ _
1X Jan. 15 Holders of rec. Jan. 2
Asbestos Corp. of Canada, pref.(quara_
Jan. 2 Dec. 19 to Jan. 1
4
Jan. 15 Holders of rec. Jan. 14a Columbus Manufacturing
Associated Industrials, first pref. (quar.) 2
Jan. 20 *Holders of rec. Jan. 2
folders of rec. Dec. 310 Commercial Chemical (quar.) (No. 1)._ *37%e Jan. 1 Holders of rec. Dec. 290
,
373.c37c Jan. 25 '
Associated Oil (quar.)
Jan. 2 Holders of rec. Dec. 20a Commercial Solvents Corp., Class A_ _ - 51
1%
Auburn Automobile, preferred (quar.)..
Jan. 1 Holders of rec. Dec. 29a
82
First preferred
14 Jan. 1
Augusta Knitting Mills, corn.(quar.)_
Computing-Tabulating-Record. (guar.)- 81.50 Jan. 10 Holders of rec. Dec. 21a
1 X Jan. 1
Jan. 2 Holders of rec. Dec. 200
Preferred (quar.)
of rec. Dec. 17a Connor(John T.) Co.,common (guar.)- 50e. Jan. 2 Holders of rec. Dec. 200
Holders
1% Jan. 2 Holde
(quar.)_
$3.50
Ault & Wiborg Co., Preferred
Preferred
Jan. 150
Austin, Nichols & Co., Inc., pref.(quar.) 1 X Feb. 1 Holders of rec. Dec. la Consolidated Car-Heating (guar.)
1X Jan. 15 Holders of rec. Dee. 310
Jan. 1 Holders of rec.
3X
Baldwin Locomotive Works,corn. dr pf
Jan. 13 Holders of rec. Jan. 5
6
250. Jan. 1 Holders of rec. Dec. 20a Consolidated Mining & Smelting
Balaban & Katz,common
i'4 Jan. 1 Holders of rec. Dec. 200
(guar.)
13( Jan. 1 Holders of rec. Dec. 200 Continental Can, preferred
1 Dec. 16 to Jan. 1
Preferred (quar.)
50e. Jan
of rec. Dec. 20a Corona Typewriter,corn.(guar.)
Jan. 1 Dec. 16 to Jan. I
Baltimore Acceptance Corp., pref. (qu.) 1X Dec. 31 Holders
2
First preferred (quar.)
1X Jan. 1 Holders of rec. Dec. 310
Barnet Leather, Inc., pref. (guar.)
15% Jan, 1 Dec. 16 to Jan. I
Second preferred (quar.)
Barnhart Bros. & Spindler
Dec. 31 Dec. 16 to Dec. 31
Craddock-Terry Co., common (quara_ _ 3
*1X Feb. 1 *Holders of rec. Jan. 26
First and second preferred (quar.)
Dec. 31 Dec. 16 to Dec. 31
3
Common (extra)
50c. Jan. 2 Holders of rec. Dec. 200
Dec. 31 Dec. 16 to Dec. 31
3
BassIck Alemite Corp. (guar.)
First and second preferred
of rec. Dec. 200
25c. Jan. 2 Holders
Extra
Dec. 31 Dec. 16 to Dec. 31
1
and second preferred (extra)_
First
1 X Jan. 15 Holders of rec. Dec. 310
Inc., first pref. (guar.)._
Bayuk Cigars,
334 Dec. 31 Dec. 16 to Dec. 31
Preferred Class C
1% Jan. 15 Holders of rec. Dee. 31a
Second preferred convertible (quar.)_ _
Dec. 31 Dec. 16 to Jan. 1
(qua $1
310 Cramp(Wm &SonaShip&Eng.lilg.
Jan. 15 Holders of rec. Dec.
2
Second preferred non-cony.(quar.) _
134 Jan. 1 Holders ortec. Dec. 11
Crows Nest Pass Coal (quar.)
to Jan. 1
Jan. 31 Holders of rec. Jan. 150
1
Beatrice Creamery,common(quar.)_ _ _ $1.25 Jan. 2 Dec. 21 to Jan. 1
Crucible Steel, common (guar.)
1X Jan. 2 Dec. 21
Preferred (guar.)
1X Dec. 31 Holders of rec. Dec. 15a
Dec. 310 Crucible Steel. preferred (qua:.)
Beech-Nut Packing, common (quar.)._ 60c. Jan. 10 Holders of rec. Jan. la Cuban-American Sugar.common
75e. Jan. 2 Holders of rec. Doe. 8a
1 X. Jan. 15 Holders of rec.
Preferred (quar.)
134 Jan, 2 Holders of rec. Nov.280
Preferred (qua:.)
3Ia
1X Jan. 15 Holders of rec.dDec.
Jan. 15 *Holders of rec. Jan. 4
Preferred (guar.)
•1
Packing, common
1X Jan. 2 Holders of rec. Dec. 14a Cudahy
Dec. 31 *Holders of rec. Dec. 31
Belgo-Canadian Paper, pref.(quar.)..
Six per cent pref (acct. accum. divs.). *h6
Bethlehem Steel Corporation
Dec. 31 *Holders of rec. Dec. 31
Seven per cent pref.(acct. accum.diva *57
I X Jan. 2 Holders of rec. Dee. la
Jan, 1 Dec. 21 to Dee. 31
Common (guar.)
134
Adding Machine. pref. (quara_ _
1X Jan. 2 Holders of rec. Dec. 150 Dalton
Seven per cent cum. pref. (guar.)
13.4 Jan. 2 Holders of rec. Jan. 2a
150 Davol Mills (guar.)
rec. Dec.
Jan. 2 Holders of rec. Dec. 15a
Seven per cent non-cum. pref. (guar.) 1( Jan. 2 Holders of roe. Dec. 150 Detroit & Cleveland Navigation (guar.). $1
Jan. 2 Holders of
2
Eight per cent preferred (quar.)
Jan. 2 Dec. 23 to Jan. 2
3
Detroit Creamery (guar.)
•25c. Jan. 2 *Holders of rec. Dec. 20
Buss(E. W.) Co..common (quar.)
134 Jan. 2 Holders of rec. Dec. 20a
Detroit Steel Products, Prof.(quar.)_ _
Jan. 2 *Holders of rec. Dec. 20
*51
First preferred (quar.)
Devoe & Raynolds,Inc., lot pref.(guar.) 15% Jan. 2 Holders of rec. Dec. 220
*15c. Jan. 2 *Holders of rec. Dec. 20
Dec. 31 Dec. 22 to Jan. 1
Second preferred, Class B (quar.)
2
Dec. 140 Dixon (Joseph) Crucible (guar.)
Blumenthal(Sidney) & Co.. pref.(guar.) 1( Jan. 2 Holders of rec. Jan. 15
50e. Jan. 21 Holders of rec. Dec. 310
Dome Mines, Ltd. (guar.)
250. Jan. 31 *Holders of rec.
15% Jan. 2 Holders of rec. Dec. 180
Blyn Shoes. Inc.(guar.)(No. 1)
Holders of rec. Dec. 21a Dominion Canners, preferred (guar.) 14 Jan. I
Bon Aml Co.. preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 12
Dominion Coal, pref. (quar.)
Boone(Daniel) Woolen Mills. corn.(qu.) 750. Jan. 2 Dec 1 to Dee 4
& pt.(qua. 154 Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 190 Dominion Glass. Ltd., corn. (quara_ _
2
Borden (Richard) Mfg. (quar.)
154 Jan. 1 Holders of roe. Dec. 15
Dec. 200 Dominion Iron dr Steel, pref.
75e. Jan. 2 Holders of rec.
Borg & Beck (guar.)
20e, Jan. 2 Holders of rec. Dec. 10
Jan. I Holders of rec. Dec. 220 Dominion Oil (guar.)
2
Boston Sand & Gravel, corn.(guar.)
134 Feb. 1 Jan. 16 to Feb. 1
(guar.)...
1% Jan. 1 Holders of rec. Dec. 22a Dominion Steel Corp., pref.
Preferred (quar.)
Jan. 1 Holders of rec. Dec. 12a
4
Dominion Stores, Ltd., Class A
Jan. 1 Holders of rec. Dec. 22a
2
First preferred (quar.)
334 Jan. 1 Holders of rec. Dec. 12a
Class B
Dec. 31 Holders of rec. Dee. 130
$3
Boston Wharf
Jan. 2 Holders of rec. Dec. 15a
$1
of rec. Dec. la Dominion Textile, common (quar.)
Brandram-Henderson. Ltd., pref. (qu.). 1X Jan. 2 Holders
1'4 Jan, 15 Holders of rec. Dec. 310
Preferred (quar.)
25c. Jan. 1 Holders of roe. Dec. 200
Bridgeport Machine Co. (guar.)
250. Dec. 31 Holders of rec. Dec. la
25e. Apr2'24 Holders of ree.Mar.20'240 Douglas-Pectin Corp.(quar.)
Quarterly
i'4 Jan. I Dec. 22 to Jan. 17
Dow Drug,common (guar.)
Jan. 2 zDee. 23 to Jan. 1
2
British-Amer. 011, Ltd. (guar.)
34 Jan. 1 Dee. 22 to Jan. 17
Common (extra)
Jan. 2 zDec. 23 to Jan. 1
2
Extra
i3( Jan. 1 Dec. 22 to Jan. 17
Preferred (quar.)
See note (o)
Jan. 17
9
British-American Tobacco ordinary__
Jan. 1 Holders of rec. Dec. 8
3
Draper Corporation (guar.)
See note (0)
Jan. 17
4
Ordinary (interim)
335 Jan. 1
Drayton Mills, preferred
British Empire Steel Corp., Prof. B (qu.) 1'% Feb. 1 Holders of rec. Jan. 12a Dulailler Condenser & Radio, pref. (qu.) $2
Dec. 31 Holders of rec. Dec. 26
Feb.20'24a
Marl'24 Holders of rec.
1
Brown Shoe,common (quar.)
1X Jan. 1 Dec. 23 to Jan. 1
1X Febl'24 Holders of rec. Jan.21'240 Duncan Mills, pref. (guar.)
Preferred (quar.)
Dunham (James H.)ez Co., corn.(guar.) 1% Jan. 2 Holders of rec. Dec. 200
1 Dec. 21 to Jan. 1
Brunswicke-Balke-Collender. pf.(qua - 1% Jan.
1)4 Jan, 2 Holders of rec. Dec. 200
First preferred (quar.)
1X Jan. 2 Holders of rec. Dec. 200
Bucyrus Company, preferred (quar.)
1X Jan. 2 Holders of rec. Dec. 200
Second preferred (guar.)
an. 2 Holders of rec. Dec. 200
Preferred (acct. accumulated divs.).... 7
24a du Pont (E. I.) de Nemours & Co.
1X Jan. 2 Holders of rec. Dec.
Burns Bros., pref. (guar.)
134 Jan. 25 Holders of rec. Jan. 100
Debenture stock (guar.)
1X Feb. 1 Holders of rec. Jan. 180
Prior preferred (quar.)
duPont(E.I.)de Nem.Powd.,corn.(cm.) 134 Feb. 1 Holders of rec. Jan. 190
$2 Dec. 31 Holders of rec. Dec. 20
Burroughs Adding Mach. (quar.)
1)4 Feb. 1 Holders of rec. Jan. 19a
Preferred (guar.)
2X Jan. 2 Holders of rec. Dec. 150
Burt(F. N.) Co.,corn.(guar.)
1)4 Jan. 15 Jan. 6 to Jan. 15
1X Jan. 2 Holders of rec. Dec. 150 Eagle-richer Lead, preferred (quar.) _
Preferred (quar.)
Jan, 2 Dec. 25 to Jan. 2
3
rec. Jan. 20 Eagle Warehouse & Storage
2X Jan. 15 Holders of
Bush Terminal,common
Jan, 2 Dec. 25 to Jan. 2
1
Extra
Jan. 15 Holders of rec. Jan. 20
3
Preferred
Jan, 1 Dec. 16 to Jan. 1
2
Jan. 2 Holders of rec. Dec. 180 Eastern Rolling Mill, pref. (guar.)
Bush Terminal Bides., prof.(guar.).- 1X
Jan, 1 Dec. 16 to Jan. 1
(acct, accumulated divs.)- 56
Preferred
$2.25 Jan. 1 Holders of rec. Dec. 220
By-Products Coke Corp., pref
i3( Jan. 2 Holders of rec. Dec. 274
25c. Jan. 2 Holders of rec. Dec. 150 Eastern Steamship Lines, 1st pref.(qu,).. 395 Jan., 31 Holders of rec. Dec. 31
Cadet Knitting, common (quar.)
rec. Dec. 15a Eastern Theatre (Toronto), preference_ _
Jan. 2 Holders of
2
First pref. and pref. (quar.)
51.25 Jan. 2 Holders of rec. Nov. 300
Holders of rec. Dec. 200 Eastman Kodak, common (quar.)
California Petroleum. preferred (quar.)- 1i( Jan. 2 Dec. 17 to Jan. 1
$1.25 Jan. 2 Holders of roe. Nov. 300
Common (extra)
i'4 Jan. 2
Canada Bread, preferred (guar.)
1X Jan, 2 Holders of rec. Nov. 30s
(guar
Preferred
1X Jan. 16 Holders of rec. Dec. 3I0
Canada Cement(quar.)
65c. Jan, 2 Holders of rec. Dec. 154
Eaton Axle & Spring (quar.)
Canadian Car & Foundry Co.
Edmunds & Jones Corp., corn.(quar.). 50c. Jan, 1 Dec. 21 to Dec. 31
of rec. Dec. 29
Preferred (account accum. dividends). h3'4 Jan. 10 Holders of rec. Dec. 15
50c. Jan. 1 Dec. 21 to Dec. 31
Common (extra)
Jan. 2 Holders
(qu.) 2
CanadianConnecticutCot.MI8,pf.
14 Jan, 1 Dec. 21 to Dec. 31
Preferred (guar.)
IX Dec. 31 Holders of rec. Dec. 17a
Canadian Coasol. Rubber, pref. (quar.)_
394 Jan, 1 Holders of rec. Dec. 20a
26a Edwards(Wm.) Co., 7% preferred
Jan. 4 Holders of rec. Dec.
2
Canadian Cottons, common (quar.)_ _
194 Jan, 1 Holders of rec. Dec. 20a
Six per cent preferred (guar.)
l'4 Jan, 4 Holders of rec. Dec. 26a
Jan. 1 Holders of roe. Dec. 200
Preferred (guar.)
31 Holders of rec. Dec. 31a Elsenlohr (Otto) & Bro., pref. (quar.).... 134 Jan. 1 Holders of rec. Dec. 21
Canadian Explosives, Ltd., corn. (quar.) 1X Jan. 31 Holders of rec. Dec. 310 Eisenstadt Mfg.. prof. (guar.)
i'%
Jan.
3
Dec. 31
Jan. 2 Dec 15 to
51
Common (extra)
1X Jan 15 Holders of rec. Dec. 31a Electric Auto-Lite (quar.)
Jan 2 Holders of rec. Dec. 21a
51
Preferred (guar.)
Jan. 15 Holders of rec. Dec. 3Ia Electric Controller & Mfg., corn. (guar.) $1
-Morse,preferred... 3
Jan. 2 Holders of rec. Dec. 210
Canadian Fairbanks
Common (extra)
13( Jan. 1 Holders of rec. Dec. 150
I% Jan. 2 Holders of rec. Dec. 210
Canadian General Electric (guar.)
Preferred (quar.)
Dec. 31 Holders of rec. Dec. 200
Jan. 2 Holders of rec. Dec 150
Canadian Locomotive, corn.(qUar.)---- 1
Storage Batt., corn. dr pref.(qua 81
i'4 Dec. 31 Holders of rec. Dec. 200 Electric
Jan. 2 Holders of rec. Dec. 150
51
Preferred (guar.)
Common and preferred (extra)
Jan. 1 Holders of rec. Dec. 24a
2
Jan. 2 Dec. 16 to Jan. 17
81
Canadian Oil, preferred (quar.)
Elliott-Fisher Co., corn, and corn. B._
Jan. 2 Holders of rec. Dec. 200
2
$1.50 Jan. 2 Dec. 16 to Jan. 17
Canadian Westinghouse (quar.)
Common and common B (extra)
Jan. 2 Holders of rec. Dec. 200
2
1X Jan. 2 Dec. 16 to Jan. 17
Extra
Preferred (quar.)
21 to Jan. 4
1X Dec. 31 Dec.
b5( Dec. 31 *Holders of rec. Dec. 20
Canfield Oil, corn.(quar.)
Elyria Iron & Steel, Prof.(quar.)
1X Dec. 31 Dec. 21 to Jan. 4
Preferred (quar.)
Preferred (acc't accumulated diva.). *559! Dec. 31 *Holders of rec. Dec. 20
Dec. 31 Holders of rec. Dec. 26a
3
Canton Company
260 Ely-Walker Dry Goods, corn. (extra)... 50c. Jan. 15 Holders of rec. Jan. 4
Dec. 31 Holders of rec. Dee.
1
Extra
Emerson Electric, preferred (qua:.)... 15% Jan. 2 Holders of rec. Dec. 20
j'4 Dec. 31 Dec. 21 to Jan. 1
Carey (Philip) Mfg., pref.(guar.)
194 Dec. 29 Holders of rec. Dec. 220
Empire Safe Deposit (guar.)
$1.25 Jan. 2 holders of rec. Dec. 14a
Carter (William) Co. (stock dividend)- - *e50
2 Holders of rec. Dee. 17a Endicott-Johnson Corp., com.(guar.).154 Jan. 2 Holders of rec. Dec. 140
Case (J. I.) Thresh. Mach., pref.(guar.) 1X Jan. 2 !folders of rec. Dec. 220
Preferred (cluar.)
$1.50 Jan.
Jan. 1 Dec. 27 to Jan 1
81
Central Aguirre Sugar(guar.)
31a Estey-Welte Corporation, common
1'4 Jan. 15 Holders of rec. Dec. 310
4
Jan. 1 Dec. 27 to Jan. 1
Central Coal & Coke,common (quar.)..Preferred
Jan. 15 Holders of rec. Dec.
I X,
Dec. 31 *Holders of rec. Dec. 20
Preferred (quar.)
Fairbanks, Morse & Co.. corn. (quar.)... *81
Dec. 31
Jan. 15 Holders of rec.
1
Jan. 2 Dec. 21 to Jan. 1
Central Foundry,first preferred (quara_ 2
common (guar.)
Falcon Steel,
Jan. 10 Jan. 1 to Jan. 9
$1
Central Steel, corn.(guar.)
X Jan. 2 Dec. 21 to Jan. 1
Common (extra)
21 to Dec. 31
Jan. 2 Dec.
2
131 Jan. 2 Dec. 21 to Jan. 1
Preferred Mara
Preferred Mara
Jan. 2 'Holders of rec. Doe. 150
Certain-teed Products Corp.
Famous Players Lasky Corp.,corn.(qu.) $2
1X Jan. 2 Holders of rec. Dec. 18a Famous Players-Lasky Corp., pf. (qtr.). 2
Feb. 1 Holders of rec. Jan. 15a
First and second preferred (qUar.)Dec. 20a
1X Jan. 2 Holders of rec.
Dec. 31 Holders of rec. Dec. 18a
2
Chace Mills (guar.)
(quar.)
Farr Alpaca
$1.50 Jan. 2 Holders of rec. Dee. 200 Federal Acceptance Corp.,Prof.(guar.). 2
Jan. 15 Holders of roe. Dec. 3Ia
Chandler Motor Car (quar.)
Holders of rec. Jan15'210
$1.25 Febl'24
30c. Jan. 2 Dec. 23 to Jan. 2
Checker Cab Mfg.. claw A Mara
Federal Motor Truck (guar.)
15
2X Jan. 1 Holders of rec. Dee. 15
Jan, 1 Holders of rec. Dec. 314
2
Chic.Jct. Rys.& U.S. Y.,corn.(quar.)
Fidelity Capital Corp., Pref.(quara_ _ _ _
Dec.
1'4 Jan. 1 Holders of rec. Dee. 220 Fifth Avenue BUS Securities
16c, Jan. 17 Holders of rec. Jan, 20
Preferred (guar.)
1'4 Jan. 1 Holders of rec.
(guar.)... 234 Jan. 1' Holders of rec. Jan. 5a
Chicago Mill & Lumber, pref.(quara310 Finance Co. of America,corn.
1'4 Jan. 1 Holders of rec. Dec. 20
Chicago Morris Plan (quar.)
134 Jan, 1' Holders of roc, Jan. 5a
Preferred (guar.)
2 Holders of roe. Dec.
Chicago Motor Coach,preferred (guar.)- 1X Jan. 2 Holders of rec. Dec. 15a Firestone-Apsley Rubber, Preferred_ _ _
33-4 Jan. 1 Dec. 29 to Jan. 1
750. Jan.
Cl. A Mara
Jan. 21 Holders of rec. Jan, 10
51
Chicago Nipple Mfg.,
2 Holders of roe. Dec. 150 Firestone Tire dr Rubber.common
- 25e. Jan.
134 Jan. 15 Holders of rec. Jan. la
Class A (account accumulated diva.)
Six per cent preferred (quar.)
2
50c. Dec. 31 Dec. 21 to Jan.
Chicago Ry. Equip.,common(quara_
(quar.)
134 Feb. 15 Holders of rec. Feb. is
Seven per cent preferred
Dee. 31 Dee. 21 to Jan. 2
$1
Jan. 1 Holders of rec. Dec. )la
Common (extra)
Fisher Body Ohio Corp.. pref. (quar.)
13( Dec. 31 Dec. 21 to Jan. 2
Preferred (Ottar.)
DEC.2,9 1923.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable
Books Closed,
Days Inclusive.
Miscellaneous (Conauded).
Fiske & Co., pref.(quar.)
2
Jan. 1 Holders of rec. Dec. 20a
Fleishmann Co., common (guar.)
50e. Jan. 1 Holders of rec. Dec. 15a
Common (extra)
25e. Jan. 1 Holders of rec: Dec. 15
Common (guar.)
750. Apr. 1 Holders of rec.Mar15'24a
Common(guar.)
75c. July 1 Holders ef rec. June 18a
Common (quer.)
750. Oct. 1 Holders of rec. Sept. 150
Common(quar.)
75o. Jan 1'25 Holders of rec.Dee.15'24a
Foster(W. C.) Co.. common (guar.)... 750. Jan. 1 Dec. 22 to Dec. 31
Preferred (quar.)
$2.50 Jan. 1 Dec. 22 to Dec. 31
Foulds Milling, preferred (guar.)
2
Jan. 10 Holders of rec. Jan. la
French Bros. Bauer Co.,pref.(quar.)
134 Jan. 1 Holders of ree. Dec. 21a
Gainesville Cotton Mills, common
•4
Jan. 1
Preferred
•3
Jan. 1
Galena-Signal Oil, common (guar.)
1
Doe. 31 Holders of rec. Nov.30a
Old and new preferred (guar.)
2
Dec. 31 Holders of rec. Nov.30a
General Aluminum dr Brass Mfg.,com
Jan. 2 Holders of rec. Dec. 20a
2
Preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 206
General Amer. Tank Car, corn
$1.50 Jan. 2 Holders of rec. Dec. 206
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec.,20a
General Baking, common (guar.)
$1.50 Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
$2
Dee. 31 Holders of rec. Dec. lba
General Cigar, preferred(quara
134 Jan. 2 Holders of rec. Dec. 24a
General Cigar, deb. pref. (guar.)
Jan. 2 Holders of rec. Dec. 24
General Electric, core.(quar.)
2
Jan. 15 Holders of rec. Doe. 5a
Special stock (guar.)
15c. Jan. 15 Holders of rec. Dec.
General Fireproofing, common (guar.).- 30c. Jan. 2 Dec. 21 to Jan. 50
1
Common (extra)
20c. Jan. 2 Dec. 21 to Jan. 1
Preferred (guar.)
131 Jan. 2 Dec. 21 to Jan. 1
General Motors. preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 7a
6% debenture stock (quar.)
134 Feb. 1 Holders of rec. Jan. 7a
7% debenture stock (guar)
134 Feb. 1 Holders of rec. Jan. 74
General Railway Signal, pref. (guar.)._ 134 Jan. 2 Holders of rec. Dec. 21
General Tire & Rubber, corn.(extra)
$3
dDe:.20 Holders of rec. Dec.d12a
General Tire de Rubber, prof. (guar.).Jan. 2 Holders of rec. Dec. 20a
Gibson Art Co., common (quar.)
4331c Dec. 31
Dec. 21
Preferred (guar.)
131 Dec. 31
Dec. 21
Gill mfg. (quar.)
•50e. Jan. 2 "Holders of rec. Dee. 20
Gimbel Brothers, pref.(guar.)
131 Feb. 1 Holders of rec. Jan. 15a
Globe-Wornicke Co., pref. (quar.)
134 Jan. 15 Holders of rec. Dec. 20
Goodrich (B. F.) Co.. preferred (guar.). 134 Jan. 2 Holders of see. Dec. 22o
GOodwins, Ltd., prefrered (guar.)
lft Jan. 2 Dec. 22 to Jan 1
Goodyear Tire & Rub. of Can.. pf.(qu.) 134 Jan. 2 Holders of rec. Dec. 206
Goodyear'Tire dr Rubb., prior prof.(qua 2
Jan. 1 Holders of rec. Dec.
Gossard (H. W.) Co., corn.(monthly) *25c. Jan. 2 *Holders of rec. Dec. 20a
20
Common (monthly)
*256. Feb. 2 *Holders of rec. Jan. 20
Common (monthly)
*250. Mar. 1 *Holders of rec. Feb. 18
Goudey Gum,preferred (guar.)
02
Jan. 1
Goulds Mfg.,common (guar.)
134 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 20
Orasselli Chemical, common ((Mara
Dec. 31 Holders of rec. Dec. 15a
2
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 15a
Gray & Dudley Co.,common (guar.)._
134 Jan. 1 Holders of rec. Dec. 266
Preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 266
Great Lakes Steamship (guar.)
*2
Jan. 2 *Holders of rec. Dee. 20
Great Lakes Towing,common (guar.)._
134 Dee. 31 Dec. 16 to Jan. 1
Preferred (guar.)
131 Jan, 2 Dec. 16 to
1
Great Lakes Transit Corp., corn.(guar.) $1.25 Jan. 1 Holders of rec. Jan. 22a
Dec.
Preferred (quar.)
131 Jan. 1 Holders of rec. Dec. 220
Great Weatern Sugar,corn.(quar.)
Jan. 2 Holders of rec. Dec. lba
$1
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 15a
Greenfield Tap & Die Corp.6% pf.(qu.)
Jan. 2 Holders of rec. Doe. lb
Eight per cent preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 15
Guantanamo Sugar, pref. Mara
Jan. 2 Holders of roe. Dec. 154
2
Gulf Oil Corp.(guar.)
3734c.Jan. 1 Dec. 21 to Dec. 23
Gulf States Steel, corn.(quar.)
Jan. 2 Holders of rec. Dec. 140
1
First and second preferred (guar.)._
131 Jan. 2 Holders of roe. Dec. 146
Halle Brothers, 1st & 2d pref.(guar.)... 134 Jan. 31 Jan. 25 to Jan. 31
Hamilton-Brown Shoe (monthly)
25c. Jan. 2 Dec. 19 to Jan. 1
Hammermill Paper, preferred (guar.)... 13t Jan. 1 Holders of rec. Dec. 20a
Hanes(P. H.) Knitting Co., pref.(qu.). 134 jail, 1 Holders of rec. Dec. 20
Harbison-Walker Refrac.. pref. (guar.). 114 Jan. 19 Holders of rec. Jan. 90
Harmony Mills, corn.(In common stock) *1200
*Holders of rec. Dec. 21
Preferred (quar.)
"144 Feb. 1 *Holders of rec. Jan. 25
Harris Brothers, preferred (guar.)
.
1114 Feb. 1 "Holders of rec. Jan. 11
Hart. Schaffner & Marx. Prof. (quar.).._
154 Dee. 31 Holders of rec. Dec. 18a
Hawaiian Pineapple (extra)
'Si Dee. 30 *Holders of rec. Dec. 20
Heath(D. C.) & Co., pref.(guar.)
131 De:. 31 Dec. 27 to Jan. 1
Helme (Geo. W.) Co., corn.(guar.).- 75c Jan, 2 Holders of rec. Dec.
17a
Common (extra)
$1.75 Jan. 2 Holders of rec. Dee. 17a
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 17
Hibernia Securities, preferred (quar.)..._
131 Jan. 2 Holders of rec. Dec. 26
Micros Collieries, common (rillar.)
134 Jan 15 Holders of rec. Dee, 31a
Preferred (guar.)
134 Jan. 15 Holders of A.c. Dec. 310
Hollinger Consol. Gold Mines
1
Dec. 31 Holders of rec. Dec. 13
Holmes(D. H.) Co., Ltd.(quar.)
334 Jan, 2 Holders of rec. Dec. 26a
Prom:Title Insurance (guar.)
3
Dec. 29 Dec. 23 to Jan. 8
Hood Rubber. corn.(guar.)
Dec. 31 Dec. gi to Jan. 1
$1
Howe Scale, preferred (guar.)
194 Jan. 2 Dec. 16 to Jan. I
Howe Sound Co.(guar.)
50, Jan. 15 Holders of rec. Jan. 2a
Hudson Motor Car (guar.)
75c. Jan. 2 Holders of rec. Dec. 20a
Humble 011 & Refit. (quar.)
30e. Jan. 2 Dec. 18 to Dec. 31
HUPP Motor Car,common (guar.)
25e. Feb. 1 Holders of rec. Jan. 18a
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 20
Hurley Machine,common (quar.)
•51
Jan. 7 *Holders of rec. Dec. 9
Common(PaYttble in common stock).- 411
Jan. 15 *Holders of rec. Dec. 29
Hydraulic Press Brick, pref. (quar.)
134 Jan. 2 Holders of roe. Dec. 20
Hydrox Corp.,common (guar.)
25e. Jan. 2 Holders of rec. Dec. 20a
Ide(Geo.P.) dr CO.,Inc.. pref.(quarj
2
Jan. 1 Holders of rec. Doe. 1541
Illinois Pipe Line
3
Dec. 31 Dec. 1 to Dec. 27
Imperial 011,common(guar.)
23.4 Jan. 2 Holders of rec. Dec. 10
Preferred (guar.)
2
Jan, 2 Holders of rec.
Independent Pneumatic Tool(guar.).- $1.75 Jan. 2 Dec. 23 to Dec. 10
Jan. I
India Tire & Rubbcr,common (guar.).- •1
Jan. 1 *Hold,ro of rec. Dec. 20
Preferred (quar.)
Jan. 1 *Holders of rec. Dec. 20
Indian Motocycle, pref.(guar.)
134 Jan. 2 Holders of rec. Dee. 20a
Indiana Pipe Line (guar.)
2
Feb. 15 Holders of rec. Jan. 18
Ingersoll-Rand Co..com.(pay.in stock)/ 10
Jan. 10 Dec. 15
to Jan. go
Preferred
3
Jan. 2 Holders of rec. Dec. 14o
Inland Steel. pref.(quar.)
194 Jan. 1 Holders of
Dec.
Inspiration Consolidated Copper (quar.) 50e. Jan. 7 Holders of rec. Doe, 150
roe.
206
Intereolonial Coal Mining,corn. dr pref._ 4
Jan. 2 Holders of roe. Dec. 27a
Intercolonial Sales CO., Ltd.. common
2
Jan. 2 Holders of rec. Dec. 27
Preferred
4
Jan. 2 Holders of rec. Dee. 27
Interlake Steamship (guar.)
•41.25 Jan. 1 *Holders of rec. Dec. 20
Extra
'Si
Jan. 1 *Holders of rec. Dec. 20
Int. Buttonhole Sew. Mach.(guar.)._ 1(34. Jan, 2 Holders of rec.
Dec. 15
International Cement Corp.. coin. Wu.). $1
Dec. 31 Holders of rec. Doe. 15a
Preferred (guar.)
194 Dec. 31 Holders of rec. Dee. 15a
Internat. Harvester, corn.(guar.)
131 Jan. 15 Holders of rec. Dee. 24a
Internat. Petroleum,corn. & prof.(qua. 25c. Jan. 2 Dec. 23 to Jan.
1
International Salt (guar.)
134 Jan. 2 Holders of rec. Dee. lba
Extra
1
Jan. 2 Holders of rec. Dec. 156
International Shoe. common (guar.).- $1
Jan. 2 Holders of rec. Dec. 15a
Preferred (monthly)
1
Jan. 2 Holders of rec. Dec. 15a
Internat. Silver, Prof.(guar.)
134 Jan. 1 Dec. 16 to Jan. 1
Prof.(acct. accum. dividends)
hyi Jan. 1 Dec. 16 to Jan. 1
Interprovincial Brick (guar.)
Ili Dec. 31 Holders of rec.
Intertype Corporation,coin.(guar.).- 256. Feb. 15 Holders of rec. Dec. 21
Feb. la
Common (extra)
25e. Feb. 15 Holders of rec. Feb. la
First preferred (quar.)
2
Jan. 2 Holders of rec. Dec. 20
Second preferred
3
Jan. 2 Holders of rec. Dec. 20
Iron Products. corn.(No. I)
51.50 Jan. 15 Holders of rec. Jan. 2a
Island Creek Coal, common ((Dutra_
$2 Jan. 1 Holders of rec. Dec. 21a
Corr
e
r(extra)
Si Jan. 1 Holders of rec. Dec. 210
Fre
,
ed (quar.)
$1.50 Jan. 1 Holders of rec. Dec. 21a
Johns-Manville. Inc. (guar.)
75e. Jan. 2 Holders of rec. Dec. 206
Jones Brothers Tea, preferred (guar.)._
Dec. 31 Holders of rec. Dec. 24a
Jordan Motor Car, common
5
Dec. 31 Holders of rec. Dec. 15a
Preferred (quay.)
194 Dec. 31 Holders of rec. Dec. 15a
Judson Mills,corn
3
Jan. / Dec. 25 to Jan. 1
Preferred (quar.)
131 Jan. 1 Dee. 25 to Jan. 1
131
131
131
134
•131
134
Name of Company.
2861
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Jones & Laughlin Steel, pref.(quar,)____
13( Jan. 1 Holders of rec. Dec. lba
Kanawha & Hocking Coal dr Coke, pref. 334 Jan. 1 Holders of rec. Dec. 15a
Kaufmann Dept. Stores, pref. (guar.).- 134 Jan, 2 Holders of rec. Dec. 20
Kaynee Co., pref. (quar.)
134 Dec. 31 Holders of rec. Dec. 20a
Kayser (Julius) & Co., pref. (guar.)
Jan. 2 Holders of rec. Dec. 28a
$2
Kelley Island Line dr Transport.(qua
Jan. 1 *Holders of rec. Dec. 20
*2
Kelly-Springfield Tire. pref. (quar.)
134 Jan. 2 Holders of rec. Dec. 17
Kelsey Wheel,common (quar.)
154 Jan. 2 Holders of rec. Dec. 216
Kennecott Copper Corp.(guar.)
756. Jan. 2 Holders of rec. Dec. 70
Keystone Finance Corp., corn.(quar.)__ 25c. Jan. 2 Holders of rec. Dec. 22
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 22
King Philip Mills (guar.)
114 Jan. 2 Holders of rec. Dec. 20a
Kirshbaum (A. B.) Co., pref.(guar.).- 134 Jan. 1 Holders of rec. Dec. 206
Kresge (S. S.) Co., corn.(guar.)
2
Dec. 31 Hole rs of rec. Dec. lba
preferred (guar.)
154 Dec. 31 Hol......s of rec. Dec. 156
Kress (S. H.),k Co., pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 206
Lakewood Engineering, corn.(No.I).- •$1.50 Jan. 15 "Holders of rec. Jan. 10
Laurentide Co., Ltd.(guar.)
134 Jan, 2 Holders of rec. Dec. 14
Lawyers Mortgage (quar.)
234 Dec. 31 Holders of rec. Dec. 21
Lehigh Valley coal Sales (guar.)
Jan. 2 Holders of rec. Dec. 13o
$2
Libby-Owens Sheet Glass corn (in stock) 150 Jan. 10 Holders of rec. Dec. 31a
Liberty Steel, preferred (quar.)
131 Jan. 2 Dec. 21 to Dec. 31
Library Bureau, common (guar.)
134 Jan. 1 Holders of rec. Dec. 21
Common (extra)
Jan. 1 Holders of rec. Dec. 21
2
Preferred (guar.)
2
Jan. 1 Holders of rec. Dec. 21
Liggett & Myers Tob.. pref.(quar.)
134 Jan. 1 Holders of rec. Dec. 170
Lindsay Light, preferred fauara
134 Feb11'24 Holders of rec.Feb.7'24a
Lockwood, Greene dr Co., Inc., pf. (qu.) 131 Jan. 1 Holders of rec. Dec. 21a
Loew's Boston Theatres, corn.(guar.)._ •$1
Feb. 15 *Holders of rec. Feb. 2
Loew's. Incorporated
60o. Dec. 31 Holders of rec. Deo. lba
Loose-Wiles Biscuit, first pref. (guar.)... 13( Jan. 2 Holders of rec. Dec. 18a
Lord dr Taylor, 2d pref.(quar.)
2
Feb. 1 Holders of rec. Jan. 21
Lorillard (P.) Co.,common (guar.)
Jan. 2 Holders of rec. Dec. 15a
3
Preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 156
MacAndrews & Forbes, corn. (guar.)... 234 Jan. 15 Holders of rec. Dec. 31a
Common (extra)
Jan, 15 Holders of rec. Dec. 31a
4
Preferred (quar.)
1ff Jan. 15 Holders of rec. Dee. 316
Mack Trucks. Inc., corn.(guar.)
$1.50 Jan. 2 Holders of rec. Dec. 20
First and second preferred (quara_ _ _
134 Jan. 2 Holders of rec. Dec. 206
Macy (It. H.)& Co.,Inc., pref.(qua
134 Feb. I Holders of rec. Jan. 126
Magnolia Petroleum (guar.)
1
Jan. 5 Dec. 23 to Dec. 25
Mager Car Corporation, corn. (guar.).- 256. Dec. 31 Holders of rec. Dec. 26a
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 26a
Mallinson(H. R..) & Co.. pref.(guar.).- 131 Jan. 2 Holders of rec. Dec. 206
Monett Sugar (guar.)
$1.25 Mar 114 Holders of rec.Feb.15'240
Quarterly
$1.25 June214 Holders of rec. Mayl5'246
Quarterly
81.25 Sep 1'24 Holders of rec. Aug.15'240
Manhattan Electrical Supply (guar.)... $I
Jan. 2 Holders of rec. Dec. 206
Manhattan Shirt. Prof. (guar.)
1,1 Jan. 2 Holders of rec. Dec. 170
Manning, Maxwell & Moore,Inc.(qu.)_
lff Jan. 5 Holders of rec. Dec. 31
Mathieson Alkali Works, pref.(guar.)._ 131 Jan. 2 Holders of rec. Dec. 20a
preferred (account accum. dividends)_ hl ft Jan. 2 Holders of rec. Dec. 206
May Department Stored, pref.(guar.).- 134 Jan. 1 Holders of rec. Dec. 150
McCall Corp., preferred (guar.)
'
0131 Jan. 2 'Holders of rec. Dec. 15
Preferred (account accum. diva
*MU Jan. 2 *Holders of rec. Dee. 15
McCord Radiator & Mfg., cl. A (qu.). 756. Jan. 2 Dec. 21 to
Jan. 1
McIntyre Porcupine Mines, Ltd
25c. Jan. 2 Holders of rec. Dec. la
MeQuay. Norris dr Co.(quar.)
50c. Jan. 3 Holders of rec. Dee.d29a
Mercantile Bankers Corp., pref.(quara _ 2
Jan. 19 Holders of rec. Dec. 31
Merchants & Miners Transports. (qu.)- 2
Dec. 31 Holders of rec. Dec. 206
Merck dr Co., pref. (quar.)
2
Jan. 2 Holders of rec. Dec. 17
Morgenthaler Linotype (guar.)
234 Dec. 31 Holders of rec. Dec. ba
Merrimac Chemical (guar.)
$1.25 Dec. 31 Holders of rec. Dec. lba
Metroporn Filling Stations Inc.,cm(qu) 134 Jan. 2 Holders of rec. Dec. 20
Preferred (quar.)
2
Jan. 2 Holders of rec. Dec. 20
Metropolitan Paving Brick, pref.(quar.) 131 Jan. 1 Holders of rec. Dec. 15
Mexican Petroleum, common (quar.)
4
Jan. 21 Holders of rec. Dec. 310
Preferred (quar.)
2
Jan. 21 Holders of rec. Dec. 316
Michigan Drop Forge, pref. (guar.)... 131 Jan. 1 Holders of rec. Dec. 250
Michigan Limestone & Chem., pf.(qu.). 131 Jan. 15 Holdos of rec. Dee. 31a
Michigan Sugar,Prof.(quar.)
.
1114 Jan. 2 'Holders of rec. Dec. 20
Midland Securities Co. (quar.)
234 Dec. 31 Holders of rec. Dec. 86
Monarch Mills, common and preferred... 334 Dec. 31 Dec. 25 to Dec. 31
Monomac Spinning (quar.)
2
Jan. 2 Holders of rec. Dec. 18
Montgomery Ward & Co., pref.(guar.). 131 Jan. 1 Holders of rec. Dec. 200
Mortgage-Bond Co.(quar.)
2
Dec. 31 Holders of rec. Dec. 20
Mother Lode Coalition Mines
50c. Dec. 31 Holders of rec. Dec. 140
Mountain Producers(quar.)
206. Jan. 2 Holders of rec. Dec. lba
Extra
10c, Jan, 2 Holders of rec. Dec. 154
Murray (J. W.) Mfg.(quar.)
2
Jan. 2 Dec. 26 to Jan. 11
Stock dividend
e20
Jan. 2 Dec. 21 to Jan. 1
Murray-Ohio Mfg., Prof.(guar.)
2
Jan. 2 Holders of rec. Dec. 20a
National Biscuit,common (guar.)
750. Jan. 16 Holders of roe. Dec. 5141
National Breweries,common (quar.)-- $1
Jan. 2 Holders of rec. Dee. 15
Preferred (quar.)
i31 Jan. 2 Holders of rec. Dec. 15
National Enameling & Stpg., pref.(qua. 134 Dec. 31 Holders of rec. Dec. lla
National Fireproofing, corn. (special).- *50c. Jan. 10 "Holders of rec. Dec. 28
Preferred
I
Feb15'24 Holders of roe. Feb. I'M
Preferred
1
My 1224 Holders of rec. May ru
National Grocer. preferred
Jan. 1 Holders of rec. Dec. 21
3
National Lead,common (quar.)
Dec. 31 Holders of rec. Dec. 146
2
National Licorice. common (guar.)
234 Jan. 8 Holders of rec. Dec.124
Common (extra)
234 an. 8 Holders of rec. Dec. 24
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 24
National Refining, preferred (quar.)_ _
2
Jan. 2 Holders of rec. Dec. 15a
National Sugar (com.)
131 Jan. 2 Holders of rec. Dec. 10
National Supply of Delaware, prof.(WI.) 1 fi Dec. 31 Holders of rec. Dec. 210
National Surety (guar.)
210 Jan. 2 Holders of rec. Dec. 210
National Tea. Inc..common(quara
2
Jan. 1 Dec. 16 to Jan. 2
Naumkeag Steam Cotton Co.(quar.)
Jan. 2 Holders of roe. Dec. 180
3
Extra
Jan. 2 Holders of rec. Dec. 186
2
New England Fuel Oil (guar.)
256. Jan. 2 Holders of rec. Dec. 16
New England Guaranty CorP-Pf.(qua - 191 Jan. 1 Holders of roe. DEC. 15
Newton Steel, common (guar.)
•60c. Dec. 31 *Holders of rtc. Dec. 20
Preferred (guar.)
•134 Dec. 31 *Holders of rec. Dec. 20
New York Air Brake, common (guar.)._ $1
Feb. 1 Holders of rec. Jan. 8
Class A (guar.)
Si Jan. 2 Holders of rec. Dec. 36
Class A (guar.)
Apr. 1 Holders of rec. Mar. 7
$1
New York Canners, Inc., 1st pref
334 Feb. 1 Holders of rec. Jan. 20
Second preferred
4
Feb. 1 Holders of rec. Jan. 20
New York Steam Corp., pref.(guar.).- 134 Jan. 2 Holders of rec. Dec. 150
New York Title & Mortgage (guar.)..._ 3
Jan. 2 Holders of rec. Dec. 21
New York Transit (guar.)
50c. Jan. 15 Holders of rec. Dec. 20
N.Y.Transportation (guar.)
50c. Jan. 15 Holders of rec. Jan. 26
Nil:lasing Mines Co.(guar.)
15e. Jan. 21 Jan. 1 to Jan. 17
Extra
150. Jan. 21 Jan. 1 to Jan. 17
North American Co., corn.(guar.)
CO Jan. 2 Holders of rec. Dec. 50
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec.
North American Provision, pref.(guar.). 134 Jan. 2 Dec. 16 to Jan. 50
1
Northern Pipe Line
5
Jan. 1 Holders of rec. Dec. 7
Nova Scotia Steel &Coal,pref.(guar.)._ 2
Jan. 15 Holders of rec. Jan. 5
Nunnaliy Company
50o. Dec. 31 Holders of rec. Dec. 150
O'Cedar Corporation, Class A common.- *150. Feb. 1 'Holders of rec. Jan. 15
Class B
'20e. Dec. 31 'Holders of rec. Dec. 20
Preferred
*334 Jan. 1 'Holders of rec. Dec. 27
Ogilvie Flour Mills (guar.)
3
Jan. 2 Holders of rec. Dec. 19
Ohio Fuel Supply
6234c. Jan. 15 Holders of rec. Dec. 310
Ohio 011 (quar.)
25e. Doe. 31 Nov.29 to Dec. 23
Open Stair Dwelings Co.(guar.)
144 Doe. 31
Orpheum Circuit. Inc., pref.(quarj_
2
Jan. 2 Holders of rec. Dec. 15a
Ottawa Car Mfg.(guar.)
1
Jan. 2 Holders of rec. Dec. lba
Bonus
1
Jan, 2 Holders of rec. Dec. 15a
Otis Elevator, common (quar.)
2
Jan. 15 Holders of rec. Dec. 31a
Preferred (guar.)
134 Jan. 15 Holders of rec. Dee. 31a
Owens Bottle,corn.(guar.)
750. Jan. 1 Holders of reo. Doe. 16a
Preferred (guar.)
If( Jan. 1 Holders of rec. Dec. 16a
Pacific 011
Si
Jan. 21 Holders of rec. Dec. 140
Pacific State Securities, preferred
4134 Jan, 15
Packard Motor Car. common (guar.)._ 30e. Jan. 31 Holders of
rec Jan. 15a
Pacolet Manufacturing,common
5
dDec.31 Dec. 21 to Dec. 31
Preferred
314 dDoe.31 Dec. 21 to ra. es
Name of Company
[VOL. 117.
THE CHRONICLE
2862
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name Of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Miscellaneous (Continued).
300. Jan. 20 Holders of rec. Dec. 31
Turman Oil (guar.)
Page
-Hershey Tubes, Ltd., com.(guar.) $1.75 Jan. 1 Dec. 23 to Dec. 31
Underwood Typewriter,corn.(qual.)...._ 75o. Jan. 1 Holders of reo. Dec. la
134 Jan. 1 Dec. 23 to Dec. 31
(qual.)
Preferred
194 Jan. 1 Holders of rec. Dee. la
Dec.622
Preferred (guar.)
Paige-Detroit Motor Car (in com. stock) .150 Jan. __ *Holders of rec.
13.4 Jan. lb Holders of rec. Jan. ba
Union Bag de Paper Corp.(qua:.)
Common (qua.)
•300. Jan. 2 *Holders of rec. Dec. 15
*5
Jan. 1
Union Bleaching &Finishing,com
2 *Holders of rec. Dec. 15
'134 Jan.
Preferred (guar.)
1
Jan
*4
Preferred
Pan-Amer. Petrol. do Transport
3% My15'24 Holders of rec. May 80
82 Jan. 21 Holders of rec. Dec. 31a Union Buffalo Mills, first preferred
Common and common "B"(guar.)
-2% Mylb 24 Holders of reo. May 50
Second preferred
rec. Dec. 8
Park City Mining & Smelting (guar.)--- 15e. Jan. 2 Holders of
Jan, 1 Holders of rec. Dec. 60
$1
Union Carbide do Carbon (guar.)
*500. Jan. 2 *Holders of rec. Dec. 20
Parke, Davis So Co. (guar.)
Union Twist Drill. preferred (guar.) --- '134 Dec. 31 *Holders of rec. Dee. 20
$1.50 Jan. 2 *Holders of rec. Dec. 20
Extra
750. Jan. 10 Holders of rec. Dec. 280
United Alloy Steel, common (quar.)---*110 Jan. 10 *Holders of rec. Dec. 31
Paul Rubber Co., corn.(in stock)
131 Jan. 10 Holders of rec. Dec. 280
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 200
31
Yeerless Truck & Motor (guar.)
Jan. 2 Dec. 16 to Jan. 1
United Bakeries, pref. (guar.)
Feb. 15 Holders of rec. Feb. 5
2
Penmans, Ltd., com.(guar.)
United Drug, first preferred (guar.).
- 87%c Feb. 1 Holders of rec. Jan. 150
Preferred (guar.)
194 Feb. 1 Holders of rec. Jan.d21
of rec. Dec. 150
(guar.)_
1 ti Dec. 31 Holders of rec. Dec. 200 United Dyewood Corp.,com.(qUar.)--- $1.50 Jan. 2 Holders of roe. Dec. 1134
Penney (J. C.) Co.. preferred
134 Jan. 2 Holders
Preferred (guar.)
$1.25 Jan. 15 Holders of rec. Dec. 31a
Pennsylvania Salt Mfg. (guar.)
Jan. 15 Holders of rec. Dec. 20
Pettibone-Mulliken Co. 1st & 2d pf.(gu-) 134 Jan. 1 Holders of rec. Dec. 24a United Fruit((NUJ
2
Jan. 15 Holders of rec. Dec. 20
Extra
Jan. 2 Holders of rec. Dec. 20a
$1
Phelps, Dodge Corporation (guar.)
2% Apr. 1 Holders of rec. Mar. 6
Quarterly
32 Feb. 1 Holders of rec. Jan. 15a
Philadelphia Insulated Wire
2% July I Holders of rec. June 6
Quarterly
50c. Jan. 2 Holders of rec. Dec. 140
Phillips Petroleum (guar.)
2% Oct. 1 Holders of rec. Sept. 6
Quarterly
40c. Feb. I Holders of rec. Jan. 2
Pick (Albert) & Co., com.(guar.)
2% Jan2'25 Holders of rec. Dec. 6
Quarterly
13c. Feb. I Holders of rec. Jan. 2
New common
United Profit Sharing Corp., common- _ 15c. Jan. 2 Holders of rec. Doe. lla
Mlyi Jan. 2 *Holders of rec. Dec. 21
Preferred (guar.)
m25c.Jan, 2 Holders of rec. Deo.ylla
150
rommon.(payable in preferred stock)
Jan. 2 Holders of rec. Dec.
Pierce Arrow Motor Car, prior pi.(qu.)- $2
United Shoe Machinery, ann. (quar.)-- 50c. Jan. 5 Holders of rec. Dec. 18
*13.4 Dec. 31 *Holders of rec. Dec. 20
Pilgrim Mills, com.(guar.)
37%c Jan. 5 Holders of rec. Dec. 18
Preferred (guar.)
Dec. 31 *Holders of rec. Dec. 20
•1
Common (extra)
Feb. 1 Holders of rec. Jan. 3
United Verde Extension Mining (qual.) $1
'194 Dec. 31 *Holders of fee. Dec. 20
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 12
- 1
Dec. 31 Holders of rec. Dec. lba U. S. Bobbin & Shuttle.corn.(guar.).
2
Pittsburgh Plate Glass.common (guar.)2
Jan. 310
Dec. 31 Holders of rec. Dec. 12
Common (extra)
Feb. 15 Holders of rec.
5
Common (extra)
1)1 Dec. 31 Holders of rec. Dee. 12
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 17a
2
Common (guar.)
75c. Jan. 15 Holders of rec. Dec. 31
1 Holders of rec. June 18a U. S. Can, common (guar.)
July
2
Common (guar.)
131 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 28
Pittsfield Lime & Stone. pref. (quar.)__ 2
Dec. 31 Dec. 8 to Dec. 20
$1
U. S. Gypsum, common (qual.)
MI% Jan. 19 *Holders of rec. Jan. 1
Plymouth Cordage (guar.)
Dec. 31 Dec. 6 to Dec. 20
Common (payable in common stock)-- 620
Jan. 31 *Holders of reo. Dec. 31
*2
Prairie Oil & Gas(guar.)
Preferred (guar.)
131 Dec. 31 Dec. 6 to Dec. 20
% Jan. 2 Holders of rec. Dec. 20
Price Brothers & Co., Ltd. Moan)
Jan. 15 Holders of rec. Dec. 310
Jan. lb Holders of rec. Dec. 24a U. S. Industrial Alcohol, pref. (guar.).Procter 4: Gamble.8% prof.(guar.)---- 2
U.S. Playing Card (guar.)
Jan 1 Holders of rec. Dec. 210
I% Jan. 2 Holders of rec. Dec. 15
provincial Paper Mills,com.(quar.)__
Extra
500. Jan. 1 Holders of rec. Dec. 21a
134 Jan. 2 Holders of rec. Dec. 15
(guar.)
Preferred
Jan, 31 Holders of rec. Jan. 150
rec. Deo. 15a United States Rubber, let pref. (guar.). 2
Pref.(quar.) 134 Jan. 1 Holders of
Pure Oil Corporation.
Dec. 29 Nov.29 to Dec. 2
13.4 Jan. 1 Holders of rec. Dec. 15a U.S.Steel Corporation,corn.(guar.)--Six per cent preferred (guar.)
3.1 Dec. 29 Nov.29 to Dec. 2
Common (extra)
Jan. 1 Holders of rec. Dee. ISa
2
Eight per cent preferred (guar.)
750. Jan. 2 Holders of rec. Dec. 170
Jan. 15 Holders of rec. Dec. 310 United States Tobacco, com. (guar.)
3
Quaker Oats, common (guar.)
Preferred (guar.)
194 Jan. 2 Holders of rec. Dec. 170
I% Feb. 29 Holders of rec. Feb. la
Preferred (guar.)
Dec. 170 Universal Leaf Tobacco,com.& Pt.(qu.) 2
Jan. 2 Holders of rec. Dec. 24
Dee. 81 Holders of rec.
Railway Steel-Spring. common (guar.)__ 2
Utah Copper Co.(guar.)
Dec. 31 Holders of rec. Doe. 150
$1
2c. Jan. 2 *Holders of rec. Dec. 10
Ranger Texas Oil (guar.)
Utah-Idaho Sugar
*10c.
$2.50 Apr. 15 Holders of rec. Apr. 5
Realty Associates,common
Van Dorn Iron Works,common
50c. Jan. 2 Dec. 16 to Dec. 17
Jan. 15 Holders of roe. Jan. 6
3
First preferred
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 22a
23.4 Apr. 15 Holders of rec. Apr. 5
Second preferred
Victor Monaghan Mills, pref.(qua:).... •1,4 Jan. 1
rec. Dec. 20
134 Jan. 2 Holders of
Regal Shoe, pref.(guar.)
Victor Talking Machine, com.(qUar.)-- 2
Jan, 15 Jan. 1 to Jan. 6
30c. Jan. 2 Holders of rec. Dec. 15
Reece Buttonhole Machine (guar.)
Preferred (guar.)
194 Jan, 15 Jan. 1 to Jan. 6
10c. Jan. 2 Holders of roe. Dee. 15
Reece Folding Machine (qua:.)
Virginia Iron, Coal & Coke,common_
1% Jan. 2 Holders of rec. Dee, 154
Remington Arms, let pf.. ser. A (qu.)-- 194 Jan. 2 Holders of rec. Dec. 200
Preferred
294 Jan. 2 Holders of rec. Dec. 1110
Jan, 2 Holders of rec. Dec. 20a
2
Second preferred (guar.)
13.4 Jan. 20 Holders of rec. Jan. 9a
Vulcan DetInning. Pf. & pt. A (ctn.)._
Remington Typewriter
Jan. 2 Holders of rec. Dec. 14
$1
Wabasso Cotton Co., Ltd. (guar.)
13.4 Jan. I Dec. 23 to Jan. 1
First pref. and let pref. Series A (qu.)_
Wahl Co., corn. (monthly)
50o. an. 1 Holders of roe. Dec. 24a
15c Jan. 2 Holders of rec. Dec. lya
Motor Car (guar.)
Reo
334 Jan 1 Holders of rec. Dec. 240
Deo. Ito
Preferred (guar.)
100. Jan. 2 Holders of rec.
Extra
31510 Jan. 2 Holders of rec. Dec. 20s
Republic.lron & Steel, pref. (quar.)---- 131 Jan. 2 Holders of roe. Doe. 15a Waldorf System.common
20e. Jan. 2 Holders of reo. Dee. 20
First prof and preferred (luar.)
Jan. 2 Holders of rec. Dec. lba
Preferred.(acct. accumulated diva.). __ h2
131 Dec. 31 Holders of rec. Dec. 210
Remaolds(R.J.)Tobaoco.com.A&B (qu.) 750. Jan. 1 Holders of rec. Dec. 180 Walworth Mtg., pref.(quar:)
Dec. 15
of
Reynolds(R.J.) Tobacco.Pref.(guar.). 13.4 Jan. 1 Holders of rec. Doe. 18a Wanner Malleable Casting, corn, (qu.) •6294e Jan. 1 *Holders of rec. Dec. 1
rec.
Ward's(Edgar T.) Sons Co., pref.(qu.). 134 Dec. 31 Holders
*81.50 Jan. 1 *Holders of rec. Doe. 22
Richman Bros., common (qua:.)
2
Dec. 31 Holders of rec. Dec. 20
Waring Hat Mfg., pref. (attar.)
131 Jan. 2 Holders of rec. Dec. 25
Rice-Stix Dry Goods, corn. & 2d pref _
Dee.
194 Jan. 2 Holders of rec. Dec. 26a Warren Brothers Co., first pref.(quar.)_ 1% Jan. 2 Holders of rec. Dec. 22
1st pref.(guar.)
22
Second preferred (guar.)
1% Jan. 2 Holders of rec.
Jan. 15 Holders of rec. Dec. 31a
2
Rickenbacker Motor (guar.)
194 dDeo.31 Holders of rec. Dec. 200
Washburn Wire, com. (guar.)
131 Jan. 2 Holders of reo. Dec. 16
Rogers(Wm. A.) Co., pref.(guar.)
50o. Dee. 31 Holders of rec. Dee. 20a
of rec. Dec. 150 Weber & Hellbroner, com
Dee. 81 Holders
Royal Baking Powder, corn.(quar.)-- -- 2
1,1 Mar. 1 Holders of rec. Feb. 200
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 16a
2
Common (extra)
134 Dec.'3 1 Holders of rec. Dec. 20a
134 Des. 31 Holders of rec. Dec. I5a Weber Piano, preferred (guar.)
Preferred (guar.)
3% Dec. 31 Holders of rec. Dec. 24
Welsbach Company, preferred
25e. Mar.20 Mar. 9 to Mar.20
St. Joseph Lead Co.(guar.)
West Coast Oil, preferred (guar.)
Jan. 5 *Holders of rec. Dec. 24
250. Mar.20 Mar. 9 to Mar.20
Extra
4
Jan, 2 Holders of rec. Dec. 20
St.Louis Rocky Mt.& Pao.Co., pf.(qu) 131 Dec. 31 Hold-rs of r e. Dec 20a Weal Point Mfg
Western Electric, common (guar.)
$2.50 Dee. 31 Holders of rec. Dec. 28
Jan. 2 Holders of rec. Doe. 31
2
St. Louis Screw (guar.)
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 140
(guar.)
15c. Jan. 1 Holders of rec. Dec. 200
Salt Creek Congo'. Oil
el
Jan. 2 *Holders of rec. Dec. 20
Mr 1'24 Hold.of reo. Feb. 1614a Western Grocery Co.of Iowa,common_
Schulte Retail Stores.coin.(in prof. stk.) m$2
100. Dec. 31 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 15a Western States Oil (monthly)
2
Preferred (guar.)
$1.50 Jan. 31 Holders of rec. Dec. 310
13.40.Jan. 1 Holders of roe. Dec. 16a Westinghouse Air Brake(guar.)
Seaboard 011 & Gas(monthly)
Jan, 2 Dec. 28 to Jan. 2
$1
Fears. Roebuck dr Co.. pref. (guar.)--- - 13.4 Jan. 1 Holders of roe. Dec. lba Westmoreland Coal (guar.)
Extra
50c. Jan. 2 Dec. 28 to Jan. 2
Dec. 31
Sharon Steel HOOD, preferred (guar.) -- *2
Jan. 31 Holders of rec. Dec. 310
134 Jan. 2 Holders of rec. Dec. 200 Westinghouse Elec.&Mfg.,com.(guar.) $1
Shawmut Mills. common Omar./
First preferred (guar.)
$1
Jan. 15 Holders of rec. Dec. 310
113.4 Dec. 31 Holders of roe. Dec. 20a
.
Preferred (guar.)
50c. Jan. 20 Holders of roc. Dec. 310
Holders of rec. Dec. 14a White Eagle Oil& Refining (guar.)
Shell Union 011 Corp.. Oam.(quar.)---- 250. Dec. 31
White Motor (guar.)
$1 Dec. 81 Holders of roe. Dec. 200
134 Dec. 31 Holders of rec. Doe. 16
Sherwin-Willlams(Canada), corn.(qu.)
White Rock Mineral Springs Co., cont.._ *50e. Dec. 31 *Holders of rec. Dec. 26
13.4 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
•15,4 Dec. 31 *Holders of rec. Dec. 26
First preferred (guar.)
.15e. Jan. 2 *Holders of rec. Dec. 20
Silver King Coalition Mines (guar.).
250. Jan, 2 Holders of rec. Dec. 13a Whitman (William) Co.,Inc., pref.(qu.) 134 Jan. 1 Holders of rec. Dec. 18
Simmons Co., common (guar.)
*3% an. 1
2 Holders of rec. Doe. 130 Whitney Mill&..
Jan.
Common (payable in common stock).- /4
Jan. 2 Holders of rec. Dec. 20
- *2
Sloss-Sheffield Steel & Iron prof.(guar.) 134 Jan. 2 Holders of rec. Dec. 20a Will & Baumer Candle, pref.(guar.)2
Jan. 2 Holders of rec. Dec. 20
Williams Tool (qua:.)
10e. Jan. 20 Holders of rec. Jan. 1
Southern States 011 (monthly)
Extra (acct. accumulated dividend)
Jan. 2 Holders of reo. Dec. 20
11%
Dec 31 Holders of rec. Dec. 100
South Porto Rico Sugar, pref. (ouar.)-- 2
131 Jan, 2 Holders of rec. Doc. 220
Wilson dr Co. Inc., Pref. (guar.)
Dec. 31 Holders of ree. Dec. 15
2
South West Pa. Pipe Lines (guar.)
2
Jan. 2 Holders of rec. Dec. 22
Winnsboro Mills, common (guar.)
Spanish River Pulp & Paper Mills
134 Jan. 2 Holders of rec. Dec. 22
Preferred (guar.)
194 Jan. 15 Holders of rec. Dec. 31
Common and preferred (guar.)
Woods Manufacturing, preferred (guar.) 154 Jan. 2 Holders of rec. Dee. 27
- *50c. Jan. 2 Holders of rec. Dec. 20
Sparks-Wallington Co., com.(quar.)-Worthington Pump & Mach..Pf. A (en.) 131 Jan. 2 Holders of rec. Dec. 200
*50e. Jan. 2 Holders of rec. Dec. 20
Common (extra)
1% Jan. 2 Holders of roe. Dec. 20a
Preferred B (guar.)
*lji Jan. 2 Holders of rec. Dec. 20
Preferred A & B (guar.)
U Wrigley (William) Jr. & Co.
Jan. 1
4
Spartan Mills
New no par value stock (monthly)---- 250. Jan. 2 Holders of rec. Dec. 20a
Jan. 2 Holders of rec. Dec. 210
2
Spicer Mfg., pref. (qua:.)
25o. Feb. 1 Holders of rec. Jan. 20a
New nova: value stock (monthly).
Standard Comml Tobacco,corn.(guar.) 25c. Jan. 2 Holders of rec. Dec. 24
New no par value stock (monthly)..-- 25e. Mar. 1 Holders of rec. Feb. 20a
331 Jan. 2 Holders of ree. Dec. 24
Preferred
New nova:value stock (monthly). - 25o. April 1 Holders of roe. Mar.20a
Jan. 2 Der% 23 to Jan. 9
4
Coupler, pref
Standard
Wurlitzer (Rudolph) Co., 7% pref.(ct.). 134 Jan. 1 Dee. 21 to rec.Jan. 1
Jan. 2 Dec. 23 to Jan. 9
h4
Preferred (acct. accum. diva.)
Jan. 2 Holders of rec. Dec. 5
Yale & Towne Manufacturing (qual.)... SI
Dec. 31 Dec. 16 to Jan. 1
$I
Standard Oil (Kentucky)(guar.)
- 412-30 Jan. 2 Holders of rec. Dec. 200
23.4 Jan. 1 Holders of rec. Nov.23a Yellow Cab Mfg.,class B
Standard Oil(Ohio).corn.(guar.)
412-3c Feb. 1 Holders of rec. Jan. 210
Class B (monthly)
I% Jan. 1 Holders of rec. Dec. 154
Stand. Textile Prod.. pt.. A & B (gu.)
41 2-3c Mar. 1 Holders of roe. Feb. 200
Class B (monthly)
31.50 Jan. 2 Holders of rec. Dec. 20
Stanley Co. of America (guar.)
Youngstown Sheet & Tube,eons.(qua:.) $1.25 Dec. 31 Holders of rec. Dee. lba
Jan. 2 *Holders of rec. Dec. 15
State Theatre Co., Boston, pref.(gnat.) *2
194 Dec. 31 golden of roe. Dee. 150
5
Preferred (guar.)
Steel Co.of Canada,com.& pref.(guar.) 134 Feb. 1 Holders of rec. Jan. 20
Jan, 2 Holders of rec. Dec.
1
Sterling Coal
Feb. 1 Holders of rec. Jan. 12a
31
Sterling Products(guar.)
•From Unofficial sources. t The New York Stook Exchange has ruled that sleek
Jan. 2 Holders of roe. Deo. 15a
1
Stern Bros., common (No. 1)
will not be quoted ox-dividend on this date and not until further notice. 5Th.
•$3.75 Jan. 15 *Jan. 1 to Jan. 15
Stetson (J. B.) Co., common
New York Curb Market Association has ruled that stock will not be quoted exJan. 15 *Jan. 1 to Jan. 15
*31
Preferred
Jan. 2 Holders of rec. Dec. lla Svidend on this date and not until further notice.
32
Stromberg Carburetor (guar.)
$1.50 Jan. 2 Holders of rec. Dec. lla
a Transfer books not closed for this dividend. d Correction. e Payable In stook.
Extra
Feb. 1 Holders of rec. Jan. 150 !Payable in common stock. o Payable in scrfp. h On account of accumulated
Inc., pref.(q.1.) 2
Sugar Estates of Oriente.
Jan. 15 Jan. 1 to Jan. 13
$1
Ilvidends. us Payable in preferred stock. n Payable In Canadian funds.
(
Sullivan Machinery tsar.)
*Holders of rec. Dec. 28
Sullivan Machinery (payable in stock)._ *ell)
:
b New York Curb Market rules cons stock be ex the stock dividend on Dec.21.
Jan. 1 Dec. 11 to Jan. 10
2
Swift&Co.
(guar.)
1 lie. Jan. 16 Holders of rec. Doe. 31
Tecopa Consolidated Mining
o Transfers received in London up to Jan. 1 1924 will be in time to enable trans
13.4 Jan. 2 Holders of rec. Dec. 100
erees to receive dividend.
Tecumseh Mills (guar.)
25c. Jan. 15 Holders of rec. Doe. 310
Tennessee Copper & Chemical (guar.)
r Subleot to approval by stockholders.
20o. Jan. 2 Holders of rec. Dec. 10
Texas Chief Oil (guar.)
31 Holders of rec. Dee. 70
750. Dec.
•Dividend is 50cts.in cash or 2%% in common stock,as thestockholder elects,
Texas Company (guar.)
Jan. 2 *Holders of roe. Dee. 24
*2
Textile Banking (guar.)
I Temporary Injunction has been obtained restraining the payment on Dec. 20 of
Thompson (John R.) Co.,corn.(mthly.) 25e. iJan. 2 Holders of reo. Dec.d24a the U. 8. Cast Iron Pipe & Foundry Common and Preferred dividends.
25e. IFeb. dl Holders of rec. Jan. 230
Common (monthly)
u New no par value stock to be issued in Dec. 1923 In place of the old $25 par stook.
250. Mar.dl Holders of rec. Feb. 230
Common (monthly)
IN Jan. 2 Holders of rec. Doc.d240 the monthly dividends 01 50 cents a share and 25 cents a share extra on the old stock
Preferred (guar.)
Deo. 31 Holders of rec. Dec. 15a declared for payment in 1924 being all rescinded.
$1
Tide Water 011 (guar.)
20
o Less for third and fourth quarterly installment of 1922 Income tax for ContiTobacco Products Corp..common (qu.). 134 Jan. 15 Holders of rec. Jan. 140
nental Pass. RI., 38c. a share for Union Pass. Ry..59c. a share for Weft Philadel131 Jan. 2 Holders of rec. Dec.
Preferred (guar.)
phia Pass. Ry., 63c. a share.
Sc. Jan. 1 Holders of rec. Dec. 11
Tonopah Extension Mining (guar.)
6294c. Jan. 2 Holders of rec. Dec. 190
to Dividend is one-fiftleth of a share of common stock on each share of common
Torrington Co.. coin.(guar.)
Transue & Williams Steel Forg. (quar.)- 75c. Jan. 15 Holders of rec.dDec. 31a stock held.
35c. Jan. 2 Dec. 21 to Dec. 31
Trumbull Steel, common (qua:.)
x All back dividends also declared for payment Jan. 1 1924.
31
191 Jan. 2 Dec. 21 to Dec.
Preferred (qar.)
y New York Curb Market rules U.S. Profit-Sharing stock be quoted ex-stook diviJan. 15 Holders of rec. Dec. 31
1
Tuckett Tobacco, Ltd., com.(guar.).
dend on Jan. 4.
Holders of rec. Dec. 31
134 Jan. 15
Preferred (guar.)
z New York Curb Market rules stock be quoted ex-dividend Jan. 2 1924.
194
134
Lone.291923.]
THE CHRONTCLE
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
2863
Shares. Stocks.
Price. Shares. Stocks.
Price,
12,500 Morington Mining
$115101 1.000 Bisbee Copper Mining & Dev_17lot
1,800 Mos Bay Iron
$100 lot 110 Lumber Tie & Timber Vulcan100 Atlantic Lobos 011, pfd__39 50 per sh
izing Co
$2 lot
100 Atlantic Lobos Oil,corn-34 50 per eh 100 0.T.Electric Corp
APPLICATION TO ORGANIZE RECEIVED.
350 lot
50 Martin Metals Corp., pref_316 per sh.
Capital. 200 Great Radium Spring Water,
pfd.; 2,000 corn.; 52,0006% deb.
Dec. 20
-The Farmers & Miners National Bank of Pennington
200 Inca Syndicate, Ltd
$1 lot
bonds
Gap, Va
$50 lot 200 Texas Oil Producers
$25,000
500 Sea Coast Canning, pref. v t r $5 p eh. 200 Anglo-American Commercial$1 lot
Correspondent,G.W.Blankenship,Pennington Gap. Va.
151 Columbia Graphophone,cons_.36 lot
Corp., common
APPLICATIONS TO ORGANIZE APPROVED.
•
$1 lot
28 Dingwall Oil Producing, pfd. WO lot 60 13iograph Co., corn
Dec. 20
-The First National Bank of Cosmopolis, Wash
$25.000 20 Dingwall Oil Producing, corn. _310 lot 3.000 Pacific Tungsten Co.,corn. $35 lot
._$2 lot
Correspondent, C. W. Bridgham, McCleary, Wash.
800 Quick Silver Mining corn.; 1,000
1,000 Utah Petroleum
Dec.22
-The Twelfth Street National Bank of St. Louis. Mo..---3250,000
$3 lot
pref., 300 Utah Consol. Copper.
1 Clinton Hall Co
$14
Correspondent, A. G. P. Meyer. 1725 S. Broadway. St.
common
$30 lot 2,500 Banner Cons. Mines, Inc.,
Louis, Mo.
650 Riches, river & Co
$17 per sh. escrow certificates
$50 lot
APPLICATION TO CONVERT APPROVED.
1,000 Murray Mogridge Mining_.311 lot 9,000 Broadway Clarendon Corp_350 lot
Dec.20
-The Commercial National Bank of Hattiesburg, Miss_ _ _3100,000 2,034 Manganese Corp.of Va.,com.
49 Aerial Transport Corp.8% pref _$1 lot
Conversion of the Bank of Hattiesburg & Trust Co.,
1,335 Manganese Corp. of Va.
246 Aerial Transport Corp., corn.,
preferred
Hattiesburg, Miss.
$25 lot
no par
33 lot
2,440 Manganese Corp.of Va.,cm.,
1.991 Alliance Oil dr Refining Co.$11 lot
CHARTERS ISSUED.
1,622 Manganese Corp. of Va.
1,100 Nat. Conduit & Cable, Ine_350 lot
Dec. 18
-12474
-The Reed City National Bank, Reed City, Mich_ $25,000
preferred
$50 lot 348 Lafayette Motors2d pref____3100 lot
Conversion of the Commercial Savings Bank of Reed
3,662 Manganese Corp.of Va.,cm.;
68 Pressed Metal. preference_31,200 lot
City, Mich. President,0. W. Clark; Cashier, R. S.
2,483 Manganese Corp. of Va.
180 Automatic Ticket Register__ _320 lot
Wurm.
preferred
$75 lot 3,000 Amer. Hansa Corp., It pref.335 lot
Dec. 20
-12475
-The United States National Bank of Galveston.
100 Republic Motor Truck, pref._$15 lot 800 Amer. Hansa Corp.. A prof.. 330 lot
Texas
$1,000,000 2.000 Green Monarch Min.& M111.32 lot 80 Amer. Hansa Corp.,corn
35 lot
Succeeds the Texas Bank & Trust Co.of Galveston, Tex.
48 brighton Mills, corn
$255 lot 100 Land Co. C of Edenwaid.310 Per eh
President, L. H. Kempner; Cashier, R. Lee Kempner.
100 1righton Mills,
$3,550 lot LOGO Gold Channel Mining
Dec. 21-12476
31 lot
-The Grape Belt National Bank of Westfield, N.Y $50,000 67 Brighton Mills, prof
pref. A....$2.500 lot 1,000 Italian Submarine Cable Co.
President, C.E. Welch; Cashier. Rex T. Crandall.
40 Brighton Mills, corn
$200 lot temp. subscrip. receipts...89,000 lot
VOLUNTARY LIQUIDATIONS.
350 Syndicated 011 Properties
$1 lot 2,050 Havana Tobacco. com _ _ _3250 lot
Dec. 18
-7965
-The First National Bank of Lindsay, Calif
$75,000 50 Overman Tire, pref.and 50 com_34 lot 50 Gallaudet Air Craft Corp. corn 31 lot
Effective Nov. 24 1923. Liquidating agent, S. A.
500 Anglo-American Commercial
1,000 Nor. American Review Corp.,
Warson, Lindsay, Calif. Absorbed by Pacific SouthCorporation, Ltd
$22 lot
2d pref
$100 lot
west Trust & Savings Bank of Los Angeles, Calif.
500 American Telegraph & Type125 Shallow Water Bost Co
$4 lot
Dec. 19
-189
-The First National Bank of Franklin. Pa
writer Co
$200.000
$100 lot 8,650 Southwestern 011 eic Ref Co_32 lot
Effective Dec. 15 1923. Liquidating agents, Wayne W.
534 Ohio Ranger Oil
$2 lot 50 Rippley Boat, prof
34 lot
Bleakley and F. W. Officer, Franklin. Pa. Absorbed
40 Adjust° Shoe Lace corn. and 20
50 Rippley Boat, corn
$2 lot
by the Franklin Trust Co. of Franklin, Pa.
preferred
$4 lot 20 Idaho Irrigation Co.. Ltd., pref.$5 lot
Dec.21-9184
-The National City Bank of Memphis, Tenn.__ -3300,000 76 Mortgage Financing Co
$130 lot 100 Canadian Fishing 4r Transport
Effective Dec. 8 1923. Liquidating Agent, Guaranty
69,400 Gaston Ltd
$400 lot
Co., Ltd., pref
S5 lot
Bank & Trust Co. of Memphis, Tenn. Absorbed by
262 General Syndicate, common--$50 lot 100 Canadian Fishing & Transport
the Guaranty Bank & Trust Co. of Memphis.
8154 Seaboard Finance & Invest...510 lot
Co., Ltd., corn
$3 lot
Dec. 21-11030
-The First National Bank of Brady. Mont
$15 lot
Effective Dec. 15 1923. Liquidating agent, S. H. $25,000 82 Seaboard Finance & Invest_ ...330 lot 324 Globe Baking Co., corn
$75 tot 5,500 Springfield Tunnel & Devel-$3 lot
60 Ansco Co.common
Severson, Brady, Mont. Absorbed by the Farmers
249 Anse° Co.common
$280 lot 60 Northwest Oil Exploration Co.,
State Bank. Brady, Mont.
200 Foreign Trade Banking _32 50 Per sh.
pref.; 3.000 do common
$15 lot
Dec.21-12310
-The First National Bank of Castle. Okla
tot
Effective Dec. 14 1923. Liquidating agent, E. L. 325.000 275 Shandaken Tunnel Corp.com.$50 lot 50 Spring Lake Electric Light. Heat
220 Ball Rolled Tube Corp
$5
& Power Co.,coin
$10101
Elliott. Castle, Olda. To be succeeded by a State
10,313 Bradshaw Reduction Co...551ot 6,000 Mogul Mining Co.,corn
$1 lot
bank organized for that purpose.
305 North Amer. Collieries, and
3.750 Century Oil Co
$25 lot
Dec. 21-12312
-The State National Bank of Paden, Okla
50e. per sh. 30 Matanzas American Sugar. com$40 lot
$46 37 scrip
Effective Dec. 14 1923. Liquidating agent, A. R. $25,000
10 Robertson Electric Switch, pref _15 lot 25 Martin Metal Corp., pref _310 per sh.
Novotny, Paden, Okla. To be succeeded by a State
10 Robertson Electric Switch, com_32 lot 10 Matanzas Sugar, pref
$61 lot
bank organized for that purpose.
250 United Zinc & Chemical, pref.$10 lot 350 Glenn Springs, corn
$1 lot
250 United Zinc & Chem., com_-$2 lot 100 Glenn Springs, Prof
$1 lot
11 Degnon-McLean Contracting
3,860 Okoboil Oil Co
AUCTION SALES FOR THE WEEK.
$10 lot
Co., common
$25 lot 3.8C0 Okoboil Oil Co
$21 lot
Among other securities, the .following, not actually dealt Certificate of ownership 4,0001,000 Island Oil& Transport Corp..
500,000 int. In Whaley Mm. &
common V, t C
in at the Stock Exchange, were recently sold at auction in
$20 lot
Realty Trust Co
$100 lot 517 Oriental Navigation Co
$300 lot
New York, Boston and Philadelphia:
250 BrIghtwood 51fg. 1st pref_37 per sh. 100 Disbecker & Co.,Inc., prof.-325 lot
1,000 Boggs 011 corn., stamped_3125 lot 200 Disbecker & Co.,Ins., com___$10 lot
By Messrs. Adrian H. Muller Sz Sons, New York:
2,000 Boggs011, corn.,stamped_.3225 lot 2C0 Allied Publicity & Advertising_31 lot
Shares. Stocks.
70e. per all. 45 Cast Steel Ship, pref. B
Price. Shares. Rocks.
Price. 68434 Canterbury Co
$4 lot
34 United Equities Corp. pre ____1$8 per 872 Internat. Sanitary
345 Baltimore Steamship preferred,
65 Cast Steel Ship,corn
TelePhonel
$1 lot
12 United Equities Corp. commonf share 40 Carbon Products
511,000101 500 Catalytic Chemical
and 845 common
1316
$4 lot
1,550 Gaston & Co., ordinary.$6 per sh. 6 Meteor Carbon
I lot 20 Land & River Co., 1st pref -350 lot 500 Feaster Mfg.. pref.; 750 Feaster
10 Weston Wheel Mfg,Prof
1$1 lot 5 American Co
67 Land & River Co. 2d preferred.
Mfg., common
$100
10WeetonWh.M fg.Co.,Inc. com
,
and 3133 33 scrip
8 Carlisle Tire, common
$25 lot 11.250 Little Cottonwood transfer- lot
$1
} lot
1,210 Greene Cananea copper-313 per sh. 8 Carlisle Tire, preferred
100 Mill Factors Corp."A"..320 per eh. able stock, pref
$2
200 Consolidated Copper Mines
500 Century 011
100 Castle Kid Co., pref
$11 per sh. 6,750 Little Cottonwood transfer- lot
$12 lot
Corp. temporary cgs
$1 per sh 18 Prizma, Inc.,common
400 Eastern Steel, common_ _36 per sh. able stock.corn
31 lot
500 Rey del Oro Mining preferred
85 Prizma, Inc., 7% cony. 2d $8 lot 100 Martin Metal, common...32 per sh. 10 Litchfield Linoplate
$10
interim ctfs
310
preferred
50 Martin Metal, preferred__ _$16 per sh. 250 New Haven Hotel, corn.; 207 lot
2,000 Compania Petrola Franco300 Phosphate Mining
$37 per eh. 300 Columbia Graphophone, corn..
New Haven Hotel, pref -33.500 lot
Espanola
$10 200 Carteret Oil Corp., common_ _375 lot
and 15 preferred
$12 lot 100 Paramount Securities Corp_...82 lot
400 La Internacional South Ameri2,600 New Departure Reduction-3100 lot 25 National Nassau Bank, $21 50
2,000 Pianographic Equdpment.31,1001ot
can Destileria Moderns
$10
1,280 Henry Sonneborn 2d pref_3275 lot
paid account of liquidation_ _33 per sh. 500 United West Indies stock- _3100 lot
13 Gotham Development Co
173 Radium Co.of Colo., common1325
$1
100 Low Moor Iron, preferred-315 per sh.
$50 lot
600 Stanwood Rubber, common__ $1
1,375 Radium Co. of Colo., pref._ f lot 50 Low Moor Iron, common_ _ _3225 lot 500 Wyoming Eastern Oil
16 2-3 units Wyoming Eastern 011.350 lot
300 Ray Hercules Copper
$2 lot 100 Central 011 Development
$2 lot
$15 lot 30 New York Rye
120 Allied Oil Corp. common
$6 lot 10 Pierson Publishing Co. of N-1.315 lot 50 Copper Plate Sheet & Tube--5100 lot 100 Fowler, Boyd, Leighton & Dubois, Inc., pref
325 lot
1,200 Allied Oil Corp
55 lot 81 N.Y.Sanitary Utilization,com.$10
6,000 Barnett 011 & Gas
$12 lot 400 Fowler, Boyd & Dubois, Inc..
200 Quincy Mining
$19 25 per sh. 1,000 Cochrane Cobalt Mining, lot 2,100 Flake Graphite
$7 lot
common
41 New York Railways
$10101
$1 lot
Ltd.,common
33 lot 1,020 Northwestern Rubber. com.$35 lot 9,050 Meridian Petroleum Corp.$125 lot
100 Bklyn. Rapid Transit, old stk_S2 tot 1,000 Arizona Binghamton
10 The Jerecyman, Inc
Copper,
$10 lot 100 Selden Truck. prof
140 H. B. Clatiln & Co. first pref. _32 lot
$5 lot
common
$2,000 Mexican National Gas 6s,
5 eta. per
5 Encyclopaedia Britannic+,
10 Gold Club Realty Co
$1 per eh. 195 Jamaica Post Office Building, sh.
1919 coupon on; 108 Mexican Nacommon
10 Sunny Side Land Co
$40 Per sh.
$1 per sh. common
tional Gas, common
38 per sh.
$13 lot 5 Encyclopaedia Brit., corn--538 per sh
10 Lafayette Motor, coramon.....1$1 per 1,600 Link 011 trust
Ws_ _ _50 ets, per eh. 326 Nina Mines, common, and
8834 K. C. Mex. & Orient, pref.
40 Lafayette Motor, preferred-1 share 100 Powers Film
Products
180 preferred
$12 lot
$6101
v. t C
2714 Foreign & Domestic Transii0 lot
10134 Arbuckle Mining, common,j$6 lot 363 Globe Rubber Tire Mfg., vot.
7234 K. C. Mex. & Orient, corn.
portation Corp., common.
.81 per sh. 50 Arbuckle Mining, preferred_
tr. Ws
$6
V. t. c.; 110 Union Construction
20 National Bank of Cuba
$10 lot 325 Seaboard Finance & Invest_ _ $10 lot $100 Canada Copper 6% debit.: 120 lot
Ws.of dep.;50 International Con50 Oconee Timber
$1 lot 500 No. American Collieries, Ltd_
Canada Copper etre, of dep.;
struction ctfs. of dep.; $1,1300
300 Okla.
-Texas Producing & Ref-31 lot 160 Nat. Drug Stores. pf _36 50 $10 lot
17 Maxim Munitions; 50 Pathe
per
K. C. Mex. & Orient 45, 1951,
442 National Drug Stares Corp.,
310 National Drug Stores.com__ _375 sh.
Freres Phonograph;30 The Ocean
Aug. 1913 coupons on
common
$10 let
$85 lot 100 Newmark & Kaufman, Inc., lot
Leather common; 10 The Ocean
92,000 Midwest Development . $5 lot
900 Brooklyn Rapid Transit, corn-1
common
$11 lot
Leather 7% cum. preferred_$136
moo, old stock
181 lot 161 Krower Tynberg Co., corn..8180 lot 100 Excello Tire & Rubber Co_ -32 lot 102,200 Midwest Development_ _ _31 lot
lot 307,000 Midwest Development-- -$3 lot
1,300 Bkiyn. Rapid Transit, corn ,)
50.1. I. Case Plow Works, 1st pf _3255 lot 66 St. Paul Cattle Loan Co.
of St.
100 Dela B. 011
old stock, dtfs. of deposit
$1 lot
30 Port
-O-Phone Corp
$5 per eh.
Paul, Minn
$25 lot 50 Entz Motor Patents
220 Western Stone
$1 lot
$3 lot 75 5-6 Pomander Walk, Inc
360 lot 140 Piedmont Silk Co.,Inc.,com.$500 lot 400 General Food Products
121 Wahlstron Tool
$1 lot.
$50 lot 70 Pomander Walk, Inc
$55 lot 208 Southern Menhaden Corp__ .310101 60 Single Service Package
100 Copper Plate,Sheet & Tube_ 31 per sh. 1.000 Tuxbury Oil& Refining
$1 lot 42 N. Y. Rubber Co., com- .326 per eh. 1,000 Western States 011 & Land, $1 lot
180 Oklahoma Petroleum & Gasoline
100 Green Monster Mining
$4 lot 325 Atmo Signal Corp., pref
$10 lot
12% profit participating pref. _ _El lot 80 United States
25c. per sh.
Ship Corp
$2 lot 13 N. Y. Rubber, common_ _326 per sh. 500 Lance Creek Royalties
50 Hick. Parrett Tractor, pref....32 lot 3,000 American
$5 lot
Equitable Assur30 Atmo Signal Corp., prof
50 Hicks Parrett Tractor. common_31 lot
$4 lot 100 Interborough Consol., pref
lot
ance Co
per
42,427 Ray Hercules Mines,Inc.3100 lot 28 Atlantic Lobos 011
200 Fairhaven Mining offs. of dep.)
$9 per sh.
1.094 Montana Consol. Copper.
$
...$7 ah 50 Barney & Smith Car Co., pref_ _$10 lot 50 International Abrasive Corp.,
7 lot
.
9,400 Fairhaven Water ctfs.of dep.I
10 Joshua 011
$1 lot 18 Barney & Smith Car Co., com.310 lot
$2,500 Fairien Water pr. lien bds_ I
1st preferred
$10 lot
300 Cla Pctrolera Slaritima
$12,500 Fairhin Water 1st M.75_./$3 lot 3,500 Sierra Consol. Mines S.A._320 lot 4,000 San Javier Sonora Mines.._825 lot 400 Carbon Steel, corn
$100 lot
$30 lot
Trackless
31,582 50 Fairhaven Water notes- I
130 Cis Petrolera SlaritIma S. A-35 lot 320 Trackless Trans. Corp., corn._31 lot 15,000 Sugar Cane Harvester--$50 lot
120
Trans.Corp., pref.
-.ill lot 100 American cities. Prof
$1,875 Fairhaven Water W. ofj
$15 lot
2,200 Sierra Cosset. Mines
$35 lot 15 Savoy Trust Co
indebtedness
31 lot 150 Multiple Storage Battery,"A"
84 Particeps Realty
825 lot 150 Edgar Salinger, Inc
500 Hicks Parrett Tractor, pref 32 lot 50 Emerson-Brant Co
$5 lot
com.; 100 do"A"corn,;25do"A"
Ingham pfd, title
35 Pencil Products, pref.; 40 Pencil
500 Hicks Parrett Tractor, corn-. _31 lot
corn.; 100 do "A" corn
$1 per sh.
in Syndicate "G," face value
Products common
100 Multiplex Manufacturing_320 per sh. $3,000
515 lot 80 Multiple Storage Battery, pf si p. sh.
500,000 German marks
10 Concrete Pipe, Preferred
10e. lot 480 Automatic Ticket Register.
$30 lot 250 Camace & Co., Inc., prof $8 Perh
..$25
$58
lot 1,000 Pictoral Soap Mfg. Co.,Inc.,
100 Castle Kid, pref
10 Barney & Smith Car, pref; 20
$14 per eh. 100 Phosphate
234 Independent Chemical. corn. (35 50 1,000 SouthernMining Co.._ _335 per sh.
$1,000 lot
common
.
$1 lot
Phosphate_S2 75 per sh. 10 Dingwall Oil Producing, "A"
234 Ind. Chem.7% cum. let pref.( per 100 Carbon Steel
100 New York Engine
15 lot
$55 lot
pref.; 1 20-100 shares Dingwall
tr. etre. and 12-20th share scrip.1 share 40 Mutual Tire & Co., corn
199 Multiple Storage Battery,cm-$21 lot
Rubber, int. ctf.31 lot
011 Producing Corp. "B" pref.;
61i South Texas Trust, common.
3 420-1000 Moline Plow Tr. ctfs. of
.31 lot 105 Columbia
10 shares Dingwall Oil Producing
5 South Texas Trust, preferred-31 lot 200 Columbia Graphophone,corn..32 lot
deb. bond particiP; 34 20-100
Graphophone, pfd_.325 lot
100 Mine Mount Land
$4 lot
particip. Moline Plow Tr. ctfs. of
$1 lot 11534 American Consol. Oil,tr. ctf.36 lot 50Corp., common
Southwest Metals Co
10 Yale Leasing Corp
$1 per sh.
1st prof. particip; 17 100-1000
$45 lot 1l51.i American Consol.011, pfd_ _310 lot 500 Motherlode
Sheep Creek Min104 Controller Co., preferred
participations Moline Plow Tr.
$5 lot 1,100 Releah Holding Corp., corn.
ing Co
3,000 Buck Creek 0 _11_15 eta, per sh.
$2 lot
Ws.of common stock
$52 per Rh. 230 Eastern Mfg.,2d preferred $5 per sh. 25 Atlantic Nat. Bank ofparticip_Si60 lot
1,500 Waite-Wild Asbestos, corn..1345
New York
50 J.I. Case Plow Works7% pfd.3225 lot
250 Waite-Wild Asbestos, prof..
liquidating payments aggregating
lot 757 Amer. Motor Body Corp.,cm _314 lot 300 British International Corp."B"
$10101 $215 been made
525 Dempsey Oil, pref
$700 200 Pathe Freres Phonograph, cm_52 lot 70 Allied 011
$16 Per sh
250 Dunn Pen,preferred
$5 lot 44 Gillespie-Eden 153 Pre!
lot 88 General Syndicate
32 lot 600 American Equitable Assurance
662 Dunn Pen, common
112 GIllespie-Eden Founders pf. $25 lot
3734 Seaboard Finance & Invest_ _37 lot
-525
Co. of N. Y
$1,000 lot 2,000 Kootenay Gold Exploration, lot
7871.4 Dempsey 011, preferred
_15600 25 Ajax Oil
lot 100 Interborough Met. Co., comLtd.; 1,188 Merkllan Petroleum
825 Dempsey Oil,common
J lot Unique Homes Corp., pfd
corn1
mon, v t c
$5 lot
certificates
200 Dunn Pen, preferred
1$500 6 Unique Homes Corp.,
$11 lot
$1 ot 10,000 Oklahoma Oil
3$1
$18 lot 100 Watt Products
655 Dunn Pen,common
f lot 10 0.8. Walker Co pfd
$1
$10 per sh. 1,000 Hocking Valley Products Co.,
100 National Motor Car & Vehicle.$45 lot 5 0. S. Walker Co., corn
234 Cumberland Coal & Iron, prof.' lot
1 per sh.
$280 lot
3,000 Cumberland Coal & Iro
32 Union National Corp., pref_._.1 5300 50 Grantoa Chemical
Co., pfd. and
1,000 Denver Sr Rio Grande RR.
common
24 Union National Corp.,corn....
lot
3734 common
$90 lot
$65 lot
common (old stock)
$1 lot 40 Columbia Graphophone.
pref- -34 lot
[VoL. 117.
THE CHRONICLE
2864
Price.
Bonds.
F rice.
Shares. Stocks.
$5,500 Shasta Zinc& Cop.88,'25.3110 lot
2,500 Argonaut Salvage, 92 Bethle$1.000 Delta Chi Realty 5s, 1933.$40 lot
Motors, 10,625 Republic
hem
$25 lot 165,500 Seaboard Finalize dc Inv.
Match,75 Seiler Rose.Inc
7s, 1923 int. paid to June 1 1923. 4%
$13 50 per sh.
50 Gilliland Oil, pref
$11 lot 10,000 rubles Russian Government
133 Printex Process
$100 lot
5gs, 1921
100 Chronicles of America Picture
$5 lot $2,000 National 0117s, ctf. of dep_820 lot
"A"
$23 lot $20,000 Island Refining Corp. ctfs.
5 Tyson Co.,Inc., pref
$3,100 lot
$1 lot
of deposit
5 Tyson Co.,Inc.. corn
$1 lot $4,000 Liberty 011 Corp.7s, Ser. A.$2 lot
250 Choralcelo Co
$25 lot
$1 lot $4,500 Particeps Realty Co
10 Choralcelo Co., pref
$50,000Siegel,Cooper& Co 714'21_5451ot
150 Root & Van Dervoort Corp..
lot $50,000 Twenty-third St Ry. 5s. 50%
$10
"A"stock tr. ctfs
53 Winchester Co., 2d pref.. $15 per all. 515,000 Roslyn Estates, Inc., 6s, lot
$55
reg., 1917
2134 Seaboard Finance as Inv.,corn $3 lot
$5,000 Monteclair Dairy Co.6% de25 Multiple Storage Battery. "A"
$60 lot
$5 lot
mand notes
common
1.32,060 Granville Mining, let mfg.
100 Multiple Storage Battery "A"
$100 lot
$6 lot
deb
common
Prod.arlief„cm $134 per sh. $1,000 Seattle-Tacoma Short Line lot
25 Panhandle
$30
coupon on
RR. 68, 1912,
50 Panhandle Prod.& Ref„pi $2934 P.sh.
$100 lot $5,000 St. Mary's Parish, Avoca
250,000 Oceanic Quicksilver
25%
Drainage Dist. 5s, 1950
Quicksilver
Promissory note Oceanic
$500 5.8. C. Corp. 68, 1931. reg....$2 lot
$66,000, dated April 19 1923, due
$10 lot $5,012 66 Lakeland Phosphate as
1927
April 19
Fertilizer 8% notes, 33,373 33
500 South Utah Mines & Smelters $23 lot
dated May 10 1923 and $1,639 33
1.000 U.S. Reduction & Ref., pref-$3 lot
$12 lot
dated Aug. 15 1923
_ _12c. per sh.
2,000 Hedley Gold Mining_
$1 lot $30,300 Manganese Corp. of Va_3105 lot
92 Raymond Cellometer Corp
$5 lot $30,200 Manganese Corp. of Va_8205 lot
33 Strong Textile
$2,500 Bronx Exposition let Mtge. lot
550,965 11 demand notes of the
550
bonds, 1923
$50 lot
Electric Weighing Co
$8 lot 55,000 Louisiana & Northwest RR.
2,000 Nevada Silver Horn
$3 lot
58, 1935
1.025 Big Ledge Copper
$11 lot $5,000 Seaboard Finance dc Invest.
100 Copper Canyon Mining
5%
75, 1923
14.101-064-1000 Times Square Auto
Invest.
Supply Co.,Inc.. 2d pref. v t c-$50 lot 54.800 Seaboard Finance &
5%
78, 1923
Gas & By30 General Reduction
$10,350 Pathe Phonograph & Radio
Products. pref.; 30 General ReducCorp.Inc. bonds,due Dec.30'43- 5%
Gas & By-Products. com--33 lot
tion
$3,000 Pathe Phonograph & Radio 5%
90 Reliance Aniline & Chemical,
Corp. Inc. bonds, temp. rct
corn.; 900 Reliance Aniline &
ctf.,
$1101
$5,000 Boggs OH 10% deb. been
Chemical, pref
1921, upon which $1,000 has
1.000 Yavapal Consolidated Gold$25 lot
$11 lot
paid
per
Silver-Cop
$10,000 Boggs Oil 10% deb. ctf., lot
10,500 Bradshaw Reduction; 5,000
350
1921
Bradshaw Reduction subscribers
$3 lot $99,301 59 Illinois Sou. Securities
receipt
Participation ctf. "D"
50 Tacoma Gas. pref.; 50 Tacoma
$14 lot $99,301 59 Illinois Sou. Securities $100
Gas, corn
lot
52 lot
participation ctfs. "D"
210 Elsom Co
532,664 61 Illinois Sou. Securities
100 New Jersey Southern RR.;
Participation ctfs."D"
& mines:
459 Nevada Smelting
$10,205 25 Illinois Sou. Ry. par4 B. H. Douglas & Sons, pref.:
ticipation ctfs. "E"
1,000 Doctor Mining: 75 Durbin
33,356 95 Illinois Sou. Ry. par- $50
Land & Cattle; $5,000 promissory
ticipation ctfs. "E"
note,dated Oct.21 1913, payable
$10,205 25 Illinois Sou. fly. ParApril 21 1914, made by Adolph
575 lot
ticipation ctfs. "E"
Grinberg & Son
Securities
1g Michigan Electric Ry,. p0."A"$1 lot $99,301 59 Illinois Sou. "D".-$50 lot
participation ctfs., series
$10 lot
875 Harold Texas 011
Rir, Par25 Foote,Pierson as Co., pref.. $1.025 lot 810,205 25 Illinois Sou.
$10 lot
lot
ticipation Ws., series "E"
5634 Foote,Pierson & Co.,com _$2,600 lot
Corp.
$10
$10,000 Southern Menhaden
5 Rock Lodge Health Farm
$100 lot
$10 lot
1st 68. July 1929
25 Bear Tractors, Inc
Club bds.,
1,000 Wyoming Copper Mining...510 lot $1,000 Fairview Country
of
$10 lot
$500 of the Issue of 1917, $500$103 lot
15 Inland Metal Products
$10 lot
the issue of 1920
25 Bear Tractors, Inc
Cons. Cop.88.'27.1
$10 lot $10,000 Alaska
2 1-3 Carroll Investment
lot
1,000 shs. Alaska Develop. Synd__ /37
134 interest Warner Powde Color
$10 lot 35,000 Alaska Dev.Synd. par.ctf_) lot
Photographic Process Co
65, 1931-.111
50 Boston Maritime Corp., com.$1 p.sh. $500 LS.C. Corp. 1st
$5 lot $300,000 Mapos Central Sugar let lot
566 Shasta Zinc & Copper Co
8300
mtge., 1937
5,000 California (Mexico) Land--$10 lot
Utilities 5% "A"
10.000 Alaska Ebner Gold Mines-310 lot $1.000 Chicago deposit
$50 lot
bonds, ctfs. of
$10 lot
150 Congress Brewing
lot
$10,000 Old Colony 68,deb.. 1930.$15
260 International Construction Co.
$5 lot $100,000 Oceanic Quicksilver 1st 55, lot
of deposit
certificate
.
Dec. 1922 coupon on__ _3150
1927
4,606 Bamberger-de Lamar Gold
$10101 $2,000 National Metalizing 135,'23_51 lot
Mines Co
$3 lot $3,500 North Carolina Public Ser500 Shasta Zinc & Copper Co
vice 1st mtge., series "B," due
6634%
April 1 1934
Price.
Bonds.
$30,500 Carolina & Yadkin River lot
$5,000 Buffalo & Lake Erie Trac-1
$60
Ry. 1st 5s, ctfs. of deposit
I 11%
tion 55, 1936
$275 29 Territory of Arizona bond, lot
20 Buffalo & L. E. The.. corn._ _1
325
15 1903
dated Jan.
$5 lot
$1,000 Dalford 011 note
$10,000 Carolina & Yadkin River lot
$17,400 Transporter; Rapidos Flu$20
Ry. let Os,ctfs. of deposit
20%
viales, S. A., 88, 1972
$16,000 Cincinnati Findlay dc Fort
$40,000 Hercules Paper 88, April 15
Wayne RR. 1st 4s, upon which lot
$15 lot
1926 interest In default
$9,520 has been paid,ctf,of dep.$50
325,000 Kemp Bond Co.8s. 1926-310 lot
Yadkin River
Albauch-Dover Co. 1st 60-$125 lot $33,000 Carolina & deposit
$400
$45 lot
RR. let 55, ctf. of
$48,060.70 General Ordnance Corp.
$125 Michigan Electric Ry.let mtge. lot
6% demand notes, dated Mar. 29
$20
$7,700 lot "A" bond, due 1948
1923
31,000 Shasta Zinc & Copper Sc, lot
37,000 Norman 011 8s, 1931 July
$20
Jan. 1923 coupon on
lot
coupon on
1922
$30,000 Electric Compositor 6% lot
10,000 marks City of Bremen 434s
$25
10,000 marks City of Cologne 49-- $1 lot
713.$15 lot
.
32.000 kionte Cr ist o Metals 1st
Frankfort 48.1
10,000 marks City of
Wise, Hobbs & Arnold, Boston:
By Messrs.
Price.
Price. Shares. Stocks.
Shares. Stocks.
25
*
100 Internat. Mercantile Marine, pf 2
Nat.
14 Commons;ealth-Atiantle
White Lunch Co., pref., par $10
200
208
Bank. extra dlv
Mining,
2 lot 300 Porcupine Northern
25 Fidelity Trust
$1 lot
par $1
20234
3 National Shawmut Bank
Geary Syndicate, par $4-.. 1
10 Nashua Mfg. Co., common.-- 7834 22 Units
300 Chapparal Hill Gold Mining. lot
30
50 U. S. Worsted. pref
$10
par $1
Slot
20 Manhasset Mfg. Co.,common
par
2,500 Pacific Tungsten, corn.,
3 B. B. & It. Knight, Inc., pref_-- 20
$1 lot
$I
25
25 Great Falls Mfg.Co
10 Liggett's International, Ltd., 5135
139
7 Pepperell Mfg. Co
preferred. par 550
(Slot
pref
2
5234 Lincoln Mills, Ltd.,
1 Unit Midway Syndicate
5234 Lincoln Mills. Ltd.,corn
85 lot
360 Alaska Placer Gold Mines
per
245 Fiskdale Finishing Co., pref.__ 1
1,375 Mass,Security Corp., pref., $5 on
17 Fltchb.& Leominster St.Ry..cm 27
sh.
Par $10
pref.
14 Boston Real Estate Trust, Par
370 do corn., Bonus, par $10880
81,000
60
1534 20 Winchester Co.. 1st pref
50 Business Real Estate Trust....
30 Jones, McDuffee & Stratton, 25
80
112 Factory Building Trust
corn, class "A"
8134
50 Paddock Building Trust
lot
20 The Hospital Corp., Par 850-35 lot
37 Post Office Square Bldg. Trust- 60
81
4 Strand Film Corp.. par 325
99
10 American Glue Co., pref
t Photoplay Corp.,
25 Mastercraf
100 Lee Tire & Rubber Co., com- 14
$1 lot
par $10
100 Gaston, Williams & Wigmore.
191 lot
3101 200 C.H. Wills & Co.. pref
common
Common
do
100 do
60
75 The Murray Co
17735 Bausch Mach. Tool., com-20-1734
25 Metropolitan Filling Stations.
85
8 H. H.Franklin Mfg., pref
6
common, par $5
10 Units The Midway Syndicate, 6
200 White Lunch Co., pref.. par $10 2
$12
par
5 Boston Chamber of Commerce.
1,000 Silver Reef, par be
5
2d preferred
200 Consul. Manganese, par $1
$17
20 Greenfield Tap & Die Corp..
8834 200 Hill Petroleum, par $10 51.
Prof..ex.-div
lot
200 Arizona Silver mines, Dar
900 MIssiquash Marsh Co., Ltd.,
Arizona Extension Silver
$1 lot 1,000
par$10
Mines, par 10c
468 Submarine Signal Co., par 325. 134
Oil. par 55
90 No.Atlantic & West.SS.,corn_ 52 lot 100 Mayfair Prod.& Ref., com
2
25 Panhandle
___ J
do
do
30
pref. 9
10535 150 Allied Packers, Inc., prior
81AmerIcan Felt Co.,pref
$1 lot
Breck & Sons
79 Waldo Bros.& Bond, 1st pref 14100 20 Joseph Square Trust. corn.
33
Preferred__ _I lot 100 Copley
do
do
300
Price.
Shares. Stocks.
30 Riordon Co., Ltd., let prefer'ce_ 3
15 Wickwire Spencer Steel Corp., pf 1714
30 Lamson & Hubbard Co.,Ltd. pf.$1 lot
200 Logan Johnson Co.,Ltd., cod.
310 lot
trust certificates
50 Amer. Tire Co., corn,, par $10.
30 Northway Motors,cam.,par 510
Prof., par $10_ _ $8
do
60 do
Particip. tr. ctf. 3 shs. Northway lot
Motors common.
3 Northway Motors Sales Co. and
3 shs. Northway Guaranty &
Discount Corp
58
20 Sharp Mfg.,common
550 Anglo-American Commercial ,
$1 lot
Corp., common
75 Internat. Agricultural Corp.,cm.
435
temp. ctfs
150 Crowell & Thurlow S. S. Co..
$1 lot
Dar $10
88 lot
do
do
800 do
14 Merrimack Hat Corp., corn.,
434
par 825
250 Mechanical Rubber Mfg., pf155,000
Common --1
do
25 , do
I
700 Hampden Toy Co., pref
5
MO Pray Buildings Trust
2,000 East Boston Land, par SIO.- 234
100 Cascade Silver Mines, par 31_ -31 lot
50 Gmton & Knight Mfg., pref.__ 33
50 Stollwerck Chocolate, 1st pref._ 2234
2,000 Chaparral Hill Gold Mining.
5100 lot
par $1
50 Cactus Copper, par $5
1 Unit Midway Syndicate
$13
2 Units The Geary Syndicate
3 Bankers Sec. Corp., pt., par $50_ lot
Corn., par $50
3 do
100 Union 011 Co. of Delaware- 60 Package Confectionery. pref_ _ _181.25
J lot
Common
do
67 do
2,425 Interstate Fish Corp., Pref.. 434
850 Interstate Fish Corp., corn- _50c.
435
54 Interstate Fish Corp., pref
500.
54 Interstate Fish Corp., corn
435
54 Interstate Fish Corp., met
50o.
54 Interstate Fish Corp.. corn
434
55 Interstate Fish Corp., prof
50c.
Fish Corp., corn
55 Interstate
9
I Unit The Midway Syndicate_
40 Stollwerck Chocolate Co.,corn.- 1
$10 lot
17 Western Wyoming 011 Co
2 Units The Midway Syndicate--- 1531
& Thurlow S. S. Co..
500 Crowell
$IO lot
par $10
1035
75 Replogle Steel Co.. corn
134
100 Atlantic Coast Co
5-64 Schooner Horatio G. Foss___$17 lot
Price
Shares. Stocks.
$10 lot
2,000 Home 011 Co., par $1
& Ttuniel, par $1 30c.
1,000 Utah Metal
1,000 U.S. Steamship., par $1...._35 lot
300 Southern Fields Petroleum, par
515 lot
$10
52
20 Rex Photoplay, Inc., pref
lot
Common
do
10 do
$13,000 par val. Lustron Syndicate
panic. ctfs
$700
25 Visayan Refining Co
50 The Beaver Dam Orchards, Inc_ lot
-Motors, common.
10 Lafayette
2d Prof
do
40 do
1,000 Boston & Wyoming 011 Co..
$1. lot
par $1
.54 Luthby Storage Battery Corp.,
$5 lot.
par $1
common,
5 Tezultlan Copper MM.& Smelt_ 2
3
440 Pollock Pen Co
1-64 Schooner Samuel W.Hathaway 17
2,000 San Toy Mining Co., par $1_1
500 Cons. Manganese, par $1
$500 Unit Midway Dome Syndicate 8100
5.000 Nixon Nevada Cons., par S1 _ lot
5.000 Pacific Tungsten Mining Co.,
par $1
Receipt for $10,000 Manhattan(850
Piggly Wiggly Corp.8s, 1922...__ J lot
Per Cent.
Bonds.
42,000 Cascade Silver Mines & lot
523
Mills 1st Mtge, Os
$7,500 The Betas Co. 6% notes.
-Jan. 1923 coup.
Jan. 1 1925
$100 lot..
attached
510,003 30 Demand note of the
Alaska Placer Gold Mines, Oct.
325 lot
20 1922
$5,000 Jackson Motor Corp. 78, lot
$100
ctfs of deposit
1922,
250.000 marks Electric Elevatedi
of Berlin 45
General
250.000 marks German
Electric 434s
marks City of Hamburg 4s
100.000
100.000 marks City of Coblenz 4s_ 5100
100,000 marks City of Cologne 45.._ lot
100,000 marks City of Berlin 4s- _
100,000 marks City of Bremen 4g8
10,000 United Electric Rye. Co. 5s,
61&int.
Jan. 1951
40.093 Demand Notes of the True- 850
Alaska Placer Gold
tees of the
1 lot
Mines. interest at 10%
$21,000 Waterloo as Cedar Falls &
14`, flat
Northern Ry. 55, 1940
$2,500 Stine-Scanlon Co. 7s, Jan. lot
$5
17 1923
By Messrs. R. L. Day & Co., Boston:
Price.
Price. Shares, Stocks.
Shares. Stocks.
1,000 General Exploration, $I ea.$10 lot
15 First National Bank, Boston,
General Exploration, $1 each_S5 lot
31934-320 500
ex-dividend
50 Alaska Gold Mines. $10 each...
10 National Shawmut Bank, Bos10 Mass. Chocolate Co.. prof
202
ton,ex-dividend
30 U.S. Wood Preserving Co. pref..
10 Merchants Nat. Bank,Boston_ _294
10 Utah Gas & Coke Co., pref
(Mass.) National
450
37 Winchester
$52.87 100 Utah Metal & Tunnel, 31 each
Bank. est. pd
_
12434 6 National Leather Co.. $10 each.
25 West Point Mfg,Co
50 Atl. B1rm. & Atlantic RR
River 125
33 Merchants Mfg,Co., Fall
10 Boston & Me. RR., let pf. cl. A
40
25 Fairhaven Mills, corn
$1 each.
4634 100 Stewart Mining Co.. $5 ea_
25 Hamilton Mfg. Co
7714 1,000 Alaska Copper Corp., $1 ea. 50
35 Naahua Mfg. Co.,com
Cons. Mining,
2,000 Imperial
80
_
50 Fitchburg Yarn Co
20 International Nitrogen, corn__ - _ 10
2 U.S. Worsted Corp., 1st pref.-. 31
pref. _ _
2334 20 International Nitrogen,
30 Boston & Maine RR., pref. D
Cons. Cop1834 4.500 Nevada Douglas
RR., pref. B
42 Boston & Maine
10
per Co.,$5 each
2 Malden & Melrose Gas Light Co..
$4,000 do do 65, 1925, coup.
32
$25 each
Oct. 1921 & sub. on
9
SE. T. Burrows Co., com
$10 ea.12c3031 2,400 Boston & Mont. Corp., Co.,
SE.'I'. Burrows Co., pref
2,100 Texcelokan Oil & Gas
51 Victory Fertilizer Co., A.... )
823t lot
Inc., 135 each
21
3334 Victory Fertilizer Co., com.B I 12 20 Reed Prentice Co., pref
2,300 Saillir 011 4c Gas Co., 31 eaclil
20c.
each.. 2035 200 LaFayette Motors, 2d pref _33 lot.
15 Boston Belting, pref., $50
New England Equit. Ins. Co12
46 U.S. Grocery Co., Inc., com- 10
t Machine & Press
Thurlow SS.,$10 ea.$13 lot 20 Woonsocke
300 Crowell &
50
Co., common
10 Bath Iron Works, Ltd., pref
1,000 Long Horn 011, be. each._
$1,000 do do 1st 68, 1932- J 25 1,000 Tex.ilig League 011S.,Sc. ea.
Os, 19251
$500 Bath Iron Wks., deb.
ea.
10 60 Tex.Amalgamated Oil S., $1 ea.
100 do do common
50 Texas Production Co.. $1
100 Bath Iron Works. Ltd., com/ 50 5() B.& 0.Petroleum Co
$5,000 do do deb. (is, 1925
9,500 Congressional 011, 10o. each
$12,000 do do litt Os, 1932
1,000 Apex Ref.as Drilling. be.ea.
9,500 Tuckaboe Mining, $1 each-$10 lot 1,000 Cushing-Garber Oil & Re19,250 Tuckahoe Mining, $1 each
lining Co., 10c. each
do 8$, Mar. 1926 coup. 25
51,000 do
50 Continental Oil & Gas,$1 each.
Dec. 1923 & sub. on
20 Auto Film Advertising, pref. _ _ _
25 A. L. Bayles & Sons, p0., $50 ea
20 do do com, as bonus_ --- 50c.
do common, $25 ea_
75 do
011 & Engineering
-Spill. Motor, pf., $50 ea- 11 200 American in), 810 each
30 Her.
$115 lot
Co.(58 paid
common, $50 ea.
30 do do
103 Van Camp Packing., pf,,$50 ea 1634
pref.
50 Texas Gas & Elec. Co.
-919 lot.
1 244 Virginia Indus. cnemicai50 do do common
10 Tex-Le-Home Oil Corp., corn..
,
400 Coco.Plantation.corn. $50 ea5
334 7 do do pref
100 do do preferred
100 Great Texas 011 & Refining...
& H. Can., Ltd., pref.
20 Lamson
50 Sm.Sta. Equip. Corp., 1st pf.
20 do do common
1034.
do do common
1,125 Choralcelo Co.,$10 each...-8 0 lot 25 Serv. Sta. Equip. Corp., 1st pt.
20
100 Crown Crest Zinc & Lead Min5g
do do common
10
ing Co.. $25 each
ice Co., common__ _ 134
100 Priscilla Cleansing, corn., 35 ea. 2 500 Reed-Prent
672 Commonwealth Security Trust,
__
250 The El Placer Co.,$5 each_
7
common,$25 each
1 Purity Ice Co
Ry., common
120 East Neck Holding Corp..---$100 lot 140 At. Blrm.& Atl.
Penn. Coal let 5s_ _ _ _ 535.
54,000 Cent.
36 Morris Cash & Credit Register
$2 lot 100 Collinson Holland Co., $10 ea.
Co., pref
30H. B. Claflln Co., 1st prof
30 New England Equitable Ins.
$5 lot 20 do do 26 preferred
Co., $50 each
1 7 50 Chandler dc Co., let pref
nt Co
25 Pacific Developme
120.
50 do do 2d preferred
10 C.II. Wills & Co.. prof
20 Mass. City Realty, pref
SC.II. Wills & Co., corn
10 F. H.Roberts Co.,7% pref._.
$10 lot
10 No. Adams Industrial Co
$1134 lot 20 WIllys Corp., 8% prat
25 York Utilities Co
P., corn. v.t.c.
10 Certified Foods, Inc., com___-$10 lot 5 Miss. My. Ry.&preferred
do do
500 Clorinda Copper Mln.$1 each-$5 lot 3234
lot
Corp. of Amer.. corn. 135 646 Geyser Electric, corn. $10 ea.$ 0
177 Asbestos
800 Nevada-Utah Minas & Smelter
3,39334 Gila Copper Sulphide, $10
$1 lot
Corp., $10 each
each $22,290 do 8% bonds.5% on bds.
300 East Butte Copper Mining Co.,
100 Blair Corp., corn., $5 each..._1
434
$10 each
100 do do preferred, $5 each! 5
$25 lot
2,575 Indus. 011 & Gas Co
et ImmsbMere due
50 Societe Clyne
Trona Corp., pref.. _
$100 lot 250 American
"The Travelers" (Paris)
,
250
3534 250 do do common
100 American Glue Co., corn
$4 lot 25 Nat. Drug Stores Corp., Corn.. _ 25
26 LeFeyette Motors, 2d pref
prof
$7 lot 50 do do
60 Carbon Steel.2d prof
.. 1
400 Taylor Chemical Co.. corn...
125 Northern Central Coal Co.__ _ 1
7,000 Pacific Tungsten Co.,$1 ea.$20 lot
105
240 Atlantis Coast Co
1,000 Corbin Copper Co.,$25 each_il lot.
35
15 American Glue (Jo., corn
1234 South-Texas Trust, Common) 1
200 Abengarez Goldfields of Costa
25 10 do do pref
Rica, $25 each
1,000 Willow Creek Oil, Ltd., $10
Chemical, pref. cl. C__ _
100 Avery
$I lot
each
33 3-10 O'Bannon Corp.,com.v.t.c.
134 58 Walter M. Lowney Co., new... 634
350 (rights) Parker Young Co
DEC.29 1923.]
Shares. Stocks.
Price.
175 E. Howard Watch & Clock Co-Si lot
100 Denholm & McKay,pref
85
20 Go Gas Co., pref
20 do do Common Class A_
5
30 do do pref. Class B
8 Easthampton Gas Co
99
20 H.F. Miller & Sons Co., 1st pf_ 60
20 B. B. R.Knight Corp., 1st pf_ 20
&
100 Eastern Zinc & Lead Co
44 LaFayette Motors Co., 20 pref _ _15c.
300 Crowell dc Thurlow SS.,$10 ea _59 lot
2-64 Schooner Wm.E.Litchfield _51% lot
650 Dos. & Mont. Dev., $5 each
5X
300 Contact Copper Co., tem. ctf.,
$25 each
20.
45 Graton & Knight Mfg., pref.__ 33
53 Childs Welfare Magazine, 510ea.51 lot
25 New Netherlands Bond & Mortgage Co., pref
5
7 New Netherlands Bond & Mortgage Co., common
2
60 Fisk Rubber Co., 1st pref
431
7 Belden Truck, let pref vot. stockl
4 Industrial Motors Corp
J 100
166 Springfield-Alberta Co.,$25 ea. 5
20 Eastern Mfg. Co., pref
66
5 Beacon Chocolate, prior pref _
5
2 Boston Shipowners Trust
10
600 The Kelly Peanut Co., proff.
1
25 South Street Trust
80
100 South Terminal Trust
65
217 State Street Trust
45
25 Tremont Building Trust
60
Bonds.
Price.
$5,000 Russian Govt. Os, ctf. dep_9%%
$7,000 French Republic 88,Sept. 15
1945
96 & int.
$16,000 French Republic 7%8,
June 1941
91% &
100 Rotary Ring Spinning Co
$1,000 Russian Govt.5%5, Dec.'21} 13
2,000 Russian rubles 554s, 1916-53 lot
10,000 marks Dresden 4%5
10,000 marks Bremen 4148
20,000 marks Hamburg 45
30,000 marks Berlin 45
20
10,000 marks Cologne 45
50,000 marks Berlin 48
50,000 marks Hamburg 43s
THE CHRONTOLE
Bonds.
Price.
$7,000 Russian Govt.6%5,June 18
1919 ctf,de)
1211%
Receipt for rubles 15,000 Russian
Govt. 5)4s, War Loan 1915
5
Receipt for rubles 10,000 Russian
Govt. 53is, War Loan 1915
2
$10,500 Portsmouth Kittery & York
St. Ry. Co. Os (dated March 1
1897) ctf. dep
$20 lot
$10.000 Portsmouth Dover St York
St. Ry. 4%8 (dated June 1 1903)
ctf. dep
1%
$181.000 Portsmouth Dover & York
St. Ry.4%8(dated June 1 1903)
ctf. dep
1%
$16,000 Aft. Birm. & Att. Ry. Co.
income mtge. 58, coupon No. 9
and sub. on
19%
$5,000 Bleecker St. & Fulton Ferry
RR.45, 1950
50%
•
$10,000 Riordon Pulp & Paper Co.
6s, 1929, ctf. dep
20%
$2,500 New Netherlands Bond &
Mortgage Co. 68
50 & int.
$2.000 Hall Switch & Signal Co.
deb. 6s, Series A
55 & int.
$500 Hall Switch & Signal Co.
deb. 68, Series B
55 & int.
$2,000 Riordon Pulp & Paper Co.
6s, 1929
20%%
$8,500 Riordon P.&P. 6s, ctf. dep- 20%
$10,000 Guild Theatre, Inc., 6%
real est, income interim ctf...._ 100 lot
$1,000 Insurance Exchange Bldg.
1st mtge. 6s, 1935
94 & int.
$2.000 Santa Cruz Mines & Smelting 7s, 1921,special contract bond
coupon No. 1 & sub. on
210 lot
5,000 Jackson Motor Co. 78, July
1922 eft. dep
$25 lot
$3,500 Pocasset Golf Club 58, Sept.
1 1936 reg
10%
$6,500 Pocasset Golf Club 55, Sept.
1 1936 reg
10%
$2,000 Troy Foundry & 'Machine
Co. 1st mtge. 8s, Aug. 1 1946_ - 40%
$18.339 10-100 Boylston Shoe Machinery Associates ctf. of interest
dated June 1 1914
$1 lot
$12,000 Lustrom Synth part. cfts.$101 lot
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
Price. Shares, Stocks.
Price.
148 St. Charles Hotel Co.7% pref_ 21
70 Columbus Securities
$6
1 St. Charles Hotel Co.7% pref - 22
100 Autocar Co.of Ardmore,com
60
2 St. Charles Hotel Co. 7% pref-__ 22
300 Utility Battery, com., par 5104100
3 St. Charles Hotel Co. 7% Pref--- 24
28 Peoples Rural Telephone Co.
10 North Penn Bank ($1,000 assessof N. J., par $25
$13
ment paid)
$15
10 Notaseme Hosiery, 1st pref. vot.
50 Elite Auto Service, par $50
k$200 tr. efts
55
4 Speedwell Motor Service, par $505 lot 30 Motors Mtge. Corp., no par_ _ _$20
9 Philadelphia National Bank
391
220 Mexican-Wyoming Petroleum,
4 National Bank of Commerce
132
par $1
$5
20 Union National Bank
225
200 Potomac Oil & Gas, par $1_$16
3 Phoenix Trust Co., par $50
45
200 Potomac Oil & Gas, par $1._ _ _S16
100 Phoenix Trust Co., par $50.-- - 44
400 Mexican-Wyoming Petroleum,
1 Cobbs Creek Title & Trust Co..
par Si
$20
par $50
65
300 Moline-Knight Sales Co. of
10 Mechanics National Bank,TeenPhiladelphia. par $50
$50
ton, N. J
255
15 Mercer Trust Co.,Trenton,N.J. 240
Bonds.
Price.
100 Nevin Electric Survey, par 31_ $2
$7.000 N. Y. Queens Co. Ry. 45,
5 Washington Horse Show & Race,
1946 (ctf. of deposit)
$225
Par $10
$11
$15,000 New York Rya. 55, 1942
5 Atlantic City Transportation
goo°
(ctf. of deposit)
Co., par $50
$3
$6,000 Lake Superior Corp.55,'44_$36
30 Peer Artificial Leg Mfg., par $10 $1
$5,000 Wiadikawkas Ry. Co. 48,
5 Pullman Automatic Ventilator
$3
1957
$650
.5 Armat Moving Picture, par $20-- $1
$11,953 12 Ohio Syndicate Loan6%
.5 Manhattan Coffee Mills, Inc.,
ctf. of deposit
$25
par $10
82
$4,781 2.5 Ohio Syndicate Loan 6%
40 Bathe Freres Phonograph, cornctf. of deposit
$15
mon, par $10
$1
$10,000 Columbus Newark & Zones
20 Planet Steam Pipe v. t. efts._ -$200
vine Elec. Ry.58, 1926
$20
80 Pine Ridge Coal
$
35
$1,000 Columbus Newark & Zones
22 Vulcan Motor Devices
3
vine Elec. Ry.5s, 1926 (ctf. dep.)$10
22% Kitchen & Bakery Equip$25,000 notes of the Netherlands
meat, no par
$30
Company
$5
5 United 011, no par
$3
$233,333.38 notes of Charles H.
820 Pottstown Transit. par $25- -- 6%
ftutt
$20
12011. K. Mulford Co
41
$35,000 notes of the Continental Co. $5
126 Hydro United Tire
$5
$26,063 notes of Charles H.Burr_ -- $5
50 Camden & Suburban Ry
9
$40,548.87 notes of the Netherlands
519 Pardee Phonograph, pref. --$135
Company
$10
4 Steelton Store Co
$6
$10,720 note of Charles H.I3urr---- $1
128 Republic Oil & Gas, par $50--- 2
$22,000 City Water Power Co. 55,
20 West Texas Sulphur, par $30_.. $7
1939
336
20 American Pipe .1: Construc'n___ 26
$5,000 Waterloo Cedar Falls & Nor.
350 American Pipe & Construction,
Ry.58, 1940 (ctf. of deposit)-- --$14
par 550
26
$15,000 Denver Suburban Homes &
100 Amer.Pipe & Constr., par SW- 26
Water Co. 68, 1918
$50
925 N. Y. Sanitary Utilization____ 1
$5,000 Line Mountain Coal Co. 68,
1 Verilite Metals, pref
$10
1922-29 (Mar. 15 1923 coupons
50 Verilite Metals, corn., par $10-520
attached)
560
100 Restaurado Mining & Milling,
$5,000 Caddo Central Oil & RefinPar $50
81
hag Co. 68, 1930
20
200 American Linen Fibre, par $10- 1
36,000 marks Dresden 4%
$3
15 New Savannah Plume, pref_-- 81
32,000 marks Hamburg 4%
54
30 do
do' common
81
35,000 marks Leipzig 4%
55
15 Bay State Gas, par $50
$1
30,000 marks Munich 4%
56
100 Bromo Lithia, pref., par $10-- 32
10.000 marks City of Berlin
$17
130 do
do common, par $10 52
10,000 marks City of Leipsic
$5
107 Denver & Rio Grande RR.,
10,000 marks City of Cologne
$6
preferred (cert, of deposit)
$12
10,000 marks City of Frankfort---- $7
100 Rolls-Royce of Am., Inc., prof_ 35
10,000 marks City of Dusseldorf-- $7
50 Notaseme Hosiery, 1st pref. -815
10,000 marks City of Dresden
$5
75 Columbia Graphophone, prat _530
10,000 marks City of Munich . $8
5 Fox Motors, pref., no par
$21
10,000 marks City of Manheim---- $7
2% do
do common, no par- 33
10,000 marks City of Essen
$7
9 Philadelphia Bourse, common_ - - 20
10,000 marks City of Stuttgart---- $7
10 Internat. Clay Prod., pref
)515
100,000 kronen City of Vienna---520
10 do
do
common
125,000 rubles Govt. of Ruesia 4%,
20 Chiapas Timber & Chicle
$10
due 1894
$41
300 do
$21
$30,000 Gottlieb Bauernachmidt &
100 Lebanon Iron, no par
6
Strauss Brewing,1951
521
600 Florence Pipe Foundry & Ma$335,000 United Copper syndicate
chine, common
1
ctf. of participation(60% Paid)-$100
200 do
do
5
$10,000 Middle States Coal & Iron
40 Saxon Motor,common, no par_ _315
Mines
$24
16 Efate & Kilburn Corp., pref__ -- 8% $10,000 55, 1937
Dayton Covington & Piqua
41 American Cities Co., pref
$20
Trac. Co. 1st 55 (ctf. of dep.)-- 1%
200 Ohio Traction.common
$625
51.700 Sweetwater Mining Co. 88,
40 Penn Seaboard Steel, no par
1952
$180
(vet. tr. cgs.)
$85
$45.89 Sweetwater Mining Co. non100 Federal Dye Stuff & Chemical,
Int.-bearing scrip
$2
no par (vot. tr. ctf.)
$21
$8,000 Waterloo Cedar Falls & Nor.
4 Abbotta Alderney Dairies, 1st pl. 87
Ry. 55, 1940 (ctf. of dep.)
13
$50 Asbestos Corp.of Canada,Ltd.,
55,000 Allegheny Tank Car 83, 1931 1 .
scrip
$5
51,000 Elder Steamship Co.75, 1928 1
78 parts Chicago Rye.. participation
$8,000 Pine Ridge Coal 65, 1940
certificate No.2
$13
(Dec. 1922 and all subsequent
17 Phila. W'house & Cold Storage $20
coupons attached)
315
50 Missouri Metals, par $10
$60
$3,550 Peoples Rural Telephone of
65 Boone County Coal., pref
60
N. J. 5s
3
2865
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Dec. 22. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollost-that is, three ciphers (0OO] onsitteid.)
New
apitaliProfits Loans.
Week ending
Discou
Dec. 22 1923. Nat'l, Sept. 14 InvestState, Nov. 15 nwnW.
omitted.) Tr.Cos..Nov.1
(000
dec.
Members of Fed. Res. Bank.
,
Bank of N Y &
$
Trust Co____ 4,000 12.271
Bk of Manhat'n 10,000. 13,676
Mech & Met Nat 10,000 16,849
Bank of America 6,500. 5,604
Nat City Bank_ 40,000, 52,241
Chem Nat Bank 4,500 16,550
Nat Butch & Dr
500
152
Amer Etch Nat 5,000, 8,128
Nat Bk of Com_ 25,000 39,449
Pacific Bank... 1,000 1,713
Chat & Phen Nat 10,500, 9,791
Hanover Nat Bk 5,000, 21,904
Corn Exchange- 9,073 12,924
National Park__ 10,‘ 001 24,050
East River Nat_ Loos;
832
First National__ 10,0001 55,943
IrVing-Bk-ColTr 17,500' 11.419
Continental Bk- 1,000
980
Chase National- 23,000 23,250
Fifth Avenue.__
503 2,549
Commonwealth_
600 1,050
Garfield Nat___ 1,000 1,642
Fifth National__ 1,200 1,190
Seaboard Nat__ 4, 00 7.358
Coal & Iron Nat 1,500 1.283
Bankers Trust__ 20,000 24,019
U S Mtge & Tr_ 3,000 4,431
Guaranty Trust 25,000 18,406
Fidel-Inter Trust 2,000 1,943
N Y Trust Co__ 10,000 18,342
Metropolitan Tr 2,000 4,032
Farm Loan & Tr 5,000 16,354
Equitable Trust 23,000 9,986
Reserv
Cash
with
Net
Time Bonk
in
Legal Demand
De- arms
Vault. Depost Deposits. posit,. Istortes.
tie's
Average. Average Average Average
65,303
SOS
130,692 2,786
157,161 5.182
77,223 1,883
508,369 4,552
114,766 1,0871
4,436
671
92,434 1.170
309.198 1,149
25,679 1,322
150,325 5,841
117,294
609
180,565 7,329
163,462 1.022
15,647
41
273,192
629
256.649 5,04
8,424
147
336,680 4,692
23,388
874
11,33
356
14,766
470
17,104
221
84,390 1,125
16,091
652
251,61
1,437
47,611 1,130
359,871 1,690
21,04
556
144,722
757
37,927
682
124,434
659
222,69
2,148
Total of averages 289,37 440,3284,304,5
6,435
48,650
14,669
107,13
19,305
147,337
18,130
76,551
53,435 *520,30
12,955
96,177
39
3,392
10.092
76,994
33.900
255,88
3,776
24,994
17,46
118,939
14,138
103,866
22,103
161,229
17,26
131,388
1,646
11,86
25.26
33,133 2 4 06
156,1317
82
9
936
38,563
21 44
6 177
:
2,790
1,257
9,597
2.352
14,557
2,350
17,412
10,517
79,933
2,104
14,04
28,145 .22:243
2 0 87
4
5,68.5
36.980 *364,84
2.382
18,242
14,752
113,311
4,35
32,593
12,935
*93,671
26,494
237,801
Average Av 'op.
$
7,072
18,695
3,545 -O:545
2,921
73,458 2,142
344
5,887
298
31
6,850 4,962
20,103
2,246
28,113 5AO
100
-24
.589
6.172 7 5
2 19 1 10
8
25:080 7 3 1
10 786 :0-23,053 1 0k
3
7
.
-1
1,265
34
1,252
1,831
999
2 : 33
4 614
23
398
250
62
411
42,606
2,079
19,203
2,61S
22,966
16,479
---- ------ ----
:=21
58,590488,86
400.24731,969
Totals, actual condition Dec. 224,363,518 61,133497,4 c3,639,278399,842 31,854
Totals, actual condition Dec. 154,353,761 54,260 507,7 c3,666,352403,34732,219
Totals, actual Co nclit on Dec. 84,324,353 51,067512,19 c3
.656,820 398,11831,881
State Banks Not Members of Fed'I Res've Bank.
Greenwich Bank 1,000 2,386
19,609 2,022 2,000
20,631
41
Bowery Bank__
864
250
5,492
337
443
2,757 2.031 ---State Bank
2,500 5,048
92,448 3,888 2,036
11,493 56,754 ---Total Of averages 3,7
8,299 117,549 6,247 4,47
54,881 58,789 ---Totals, actual co ndition Dec.22 117,317 6,681 4,796
Totals, actual condition Dec 15 116,497 6,198 4,908
Totals, actual condition Dec. 8 115,115 6,100 4,017
Trust Compan lea Not Members of Fed 'I Res'ye Ban
Title Guar & Tr 10,000 13,9641 53,376 1,491 3,459
Lawyerslit & T 6,000 5,715
26.047
927 1,525
55,273 58,852
55,603 58,693
53,381 58,
32,820
15,582
1,44
708
Total Of averages 16,000 19,680
79,423
2,418
4,984
48,402
2,157
Totals, actual Condition Dec.22
Totals, actual condition Dec. 15
Totals, actual condition Dec. 8
78,640
79,820
79,303
2,377
2,437
2,408
4,901
5,007
5,096
47,596
49,329
48,869
2,179
2,16
2,173
Gr'd aggr., aver.309,125408,3074,561,472 67,255498,331 3,769,232 481,19331,969
Comparison wit h prey. week_ -1 +41,326 +4,163-6,761 +13.574-3,120 -25
Gr'd aggr., act'l cond'n Dec. 224,559,4751 70.191507,150 3,742,147460,87331,854
Comparison wit h prey. week --1 +9,397A-7,296-10,515 -49,137-3,331 -365
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act'!cond'n
aggr.. act'. cond'n
aggr., act'!cond'n
aggr., act'!cond'n
&BEM.. act'!cond'n
aggr., act'!cond'n
Dec. 15 4,550,0781
Dec. 84,518,7711
Dec. 14,561,185,
Nov.244,503,4151
Nov.174,510,059,
Nov.104,9,6841
50
62,895517,665
59.575521,308
58,158516,300
56,515501,869
55.148521.555
59,733513,880
3,791,284464,204,32,219
3,759,070458,79531,881
3,816,212 455,874131,924
3.727.781 448.48332,113
3,759.149449,471132,015
3,711.058 457,466 32.106
Note.
-U. S. deposits deducted from net demand deposits in the general totals
above were as follows: Average total Dec. 22, $45,728,000; actual totals Dec. 22,
$46,518,000; Dec. 15, $6,315,000; Dec. 8, $6,314,000; Dec. 1, $9,283,000; Nov. 24,
$10.318,000. Bills payable, rediscounts. acceptances and 0th r liabilities, average
for week Dec.22.8456,385,000: Dec. 15,$455,333,000; Dec.8.8432,556,000; Dec.1,
$442,326,000; Nov. 24. $423,693,000. Actual totals Dec. 22, 5499.229,000; Dec.
15,$475,737,000; Dec.8.3448,044,000; Dec. 1,5436,364,000; Nov.24,8443,931,000.
•Includes deposits in foreign branches not Included in total footings as follows:
National City Bank, $118,144,000; Bankers Trust Co., $12,086,000; Guaranty
Trust Co., 378,811.000; Farmers' Loan & Trust Co., $288.000; Equitable Trust
Co.. $32,117,000. Balances carried In banks in foreign countries as reserve for
such deposits were: National City Bank, $20,685,000
,akers Trust Co., $ ,006.2
000; Guaranty Trust Co.,$7,477,000; Farmers' Loan & Trust Co.,$288,000: Equitable Trust Co., $3,406,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks....
State banks.
Trust companies____
Total Dec. 22___
Total Dec. 15_ _ _
Total Dec. 8____
Total Dec. 1 _ _ _
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
$
488,868,000 488,868,000 488,580,780
4,479,000 10,726,000 9,878,580
4,984,000 7,402,000 7,260,300
287,220
847,420
141,700
8,665,000 498,331,000 506,996,000 505,719,660
8.495,000 505,092,000 513,587,000 504,020,550
8,441.000 502,084,000 510,525,000 504,828.200
8,214.000 504,310,000512.530,096 504,878,240
1,276,340
9
,566.450
.5,696,800
7.651.760
6,247,000
2,418,000
• Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the ease
and trust companies, but in the case of members of the Federal Of State banks
Reserve Bank
includes also amount in reserve required on net time deposits,
which was as follows:
Dec.22,512.007,410; Dec. 15,$12,105,150; Dec.8,$11,948,270;
Dec. 1, $11,740,470.
I VOL. 117.
THE CHRONICLE
2866
Actual Figures.
Rome
Coes
in
Reserve
in Vault. Dcwe=aes
Members Federal
Reserve banks_
State banks.
Trust companies_ _ _
--
Total Doc. 22_
Total Dec. 1!i___
Total Dec. &Total Dec. 1----
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
$
$
497,453,000 497,453,000 485,101,400 12,351400
6,631,000 4,796,000 11,477,000 9,949,140 1,527,860
138,600
2,377,000 4,901,000 7,278,000 7,139,400
9,058,000 507,150,000 516,208,0001502,189,940
8.635,000 517.665.000 526,300,0001508,734,060
8,508,000 521.308,000 529.816.0001504.269.070
8.444.000 516.300.000 524,744,000,511.738.170
14,018,080
17.565,940
25,546,930
13.005,830
•Not members of Federal Reserve banks.
State banks
b This is the reserve required on net demand deposits in the case of
Reserve Bank
and trust companies, but In the case of members of the Federal was as follows:
Includes also amount of reserve required on net time deposits, which 1,S11,858,910.
Dec.22,$11,995,280; Dec.15.512,100,410; Dec.8,311,943,510; Dec.
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Dec. 26
1923.
Dec.19
1923.
Changes from
Previous week.
Dec. 12
1923.
$
$
57.300,000 57,300,000
57,300,000 Unchanged
Capital
195,000 83,491,000 83.521,000
83,686.000 Inc.
Surplus and profits
Dec. 9.205,000 866.709,000 851,506.000
Loans, discls & Investments_ 857,504,000
Individual deposIte.incl.0.8. 597.077,000 Dec. 15,040.000 612,117,000 603,138,000
108,249,000 Dec. 8,091,000 116,340,000 112,703,000
Due to banks
126,084,000 Dee. 719.000 126,803,000 127,868,000
Time deposits
20,531,009Inc. 3,964,000 16497,000 .5.875,000
United States deposits
23,998,000
Exchanges for Clearing House 26,631,000 Dec. 2,926,000 29,557,000 65,892,000
65,800,000 Dec. 6,361,000 72.161,000
Due from other banks
67,653,000 Dec. 1,728,000 69,381,000 68,989,000
Fed. Res. Bank
Reserve In
578,000 11,333.000 10,085,000
Cash in bank and F. R. Bank 11,911,0001Inc.
Reserve excess In bank and
407.000
654.000
498,000 Dec. 156,000
Federal Reserve Bank..._
Not in Clearing
State Banks and Trust Companiesnt reports weekly Philadelphia Banks.
-The Philadelphia Clearing House
-The State Banking Departme
House.
return for the week ending Dec.22,with comparative figures
figures showing the condition of State banks and trust com- for
the two weeks preceding, is given below. Reserve
panies in New York City not in the Clearing House as follows:
requirements for members of the Federal Reserve System
IN GREATER
SUMMARY OF STATE BANKS AND TRUST COMPANIES
are 10% on demand deposits and 3% on time deposits, all
STATEMENT.
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.) Differencesfrom is not a part of legal reserve. For trust companies not memurrious week.
Dee. 22.
bers of the Federal Reserve System the reserve required is
$814,092,900 Inc.$10,429,900 10% on
Loans and Investments
demand deposits and includes "Reserve with legal
32,500
3,798,000 Dec.
Gold
22,640,900 Dec. 413,600 depositaries" and Cash in vaults."
Currency and bank notes
257,500
72,879,200 Inc.
Deposits with Federal Reserve Bank of New York
852,429,300 Inc. 10,811,99.0
Total deposits
Week ending Dec. 22 1923.
Deposits, eliminating amounts due from reserve deTwo Ciphers (00)
positaries and from other banks and trust com1923.
Trust
Membersof
omitted.
798,613,800 Dec. 745,800
panies In N.Y.City,exchanges and U.S. deposits
F.R.System Companies Total.
135,669,100 Inc. 4.190,900
Reserve on deposits
Percentage of reserve, 21.9%.
$39,875,0 25.000,0 844,875.0
Capital
RESERVE.
108,274,0 15,513.0 123,787,0
- Surplus and profits
- -Trust Companies
-State Banks
Loans, cliscls & investmls 698,705.0 43,185,0 741,890,0
969.065,600 16.58% Exchanges for Clear.lIouse 33,416,0
•$30,252,500 18.54%
464,0 33.880,0
Cash In vault
26,710,300 6.41% Due from banks
9,640,700 5.90%
17,0 104,069,0
104,052,0
Deposits In banks and trust cos_ _
982,0 116,413,0
115.431,0
Bank deposits
895,775,900 22.99% Individual deposits
339,893,200 24.44%
528,888,0 25.735,0 554,821,0
Total
1,020,0 61.333,0
60,313,0
which for the Time deposits
7 0
704,630,0 27, 37, 732,367.0
Total deposits
•Include deposits with the Federal Reserve Bank of New York,
13,700,0
U.S. deposits (not incl.)._
State banks and trust companies combined on Dec. 22 was $72.879.200.
3,006,0
3,006,0
Refrve with legal deposit's
54,777,0
with F. It. Bank.. 54,777,0
Reserve
12,029,0
1,248,0 13,277,0
Cash in vault
-The Total reserve and cash held 66,806.0 4,254,0 71,060,0
Banks and Trust Companies in New York City.
3,986.0 59.450,0
55,464.0
Reserve required
268,0 11,610,0
of the New York City Clearing House banks and Excess res. Az cash in vault 11,342.0
banks and
.
4 Cash in vault not counted as reserve for Federal Reserve
companies combined with those for the State
averages
trust
trust companies in Greater New
Clearing House are as follows:
York City outside of the
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK.
Loans and
Investments.
Demand
Deposits.
*Total Cash
in Vaults.
IN
Reserve in
Depositaries.
Dec. 15
1923.
Dec. 8
1923.
$44,875.0
123,787,0
740,389,0
31,758.0
103,869,0
117.792,0
560,174,0
60,739.0
738.705,0
1,028,0
3.734,0
55,764,0
12,603.0
72,091,0
60.333,0
11,758,0
members.
544,875,0
123,787,0
740,371,0
31,578.0
99.148,0
121,307,0
555.621,0
61,043,0
737,971,0
2,836,0
3,192.0
56.074,0
11,849,0
71,115,0
60.185,0
10,930,0
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 D e. 26 1923 in
comparison with the previous week and the corresponding
date last year:
26 1923. Dec. 19 1923. Dec. 271922.
Dec.
$
$
$
Resources168,220,308 169,914,535 121,730,000
and gold certificates
$
Gold
$
$
$
Weekended.81,720.373 186,672,000
79,233,800 577.416,800 Gold settlement fund-P.R. Board-- 76,886,381
5.257,620.900 4,354,662,100
Sept. 1.
79,476.700 584,092.300
5,299,993.700 4,380.653,300
Sept. 8
245306.088 251,634,908 308,402,000
Total gold held by bank
82.333,900 591.433,500
5,305,103,700 4.404.072,200
Segt.15
608,673,840 633,742,140 709,059,000
79,777.500 601,935,000 Gold with Federal Reserve Agent
5,343,149.700 4,456.769.600
10,919,000
6,492,373
sows. 22
10,194,903
79.056.100 587.766,500 Gold redemption fund
5,351,110,900 4,422.478.500
Sept. 29
80,036,500 002,701,800
6,389,173,500 4.488,842,200
Oct. 6
883,975,432 891,869,422 1,028,380,040
Total gold reserves
82,900,900 598,292,700
4,401,182,100
5,353.284.200
27,602,000
Oct. 13
22,526,091
21,248,794
83.304,800 600.034,000 Reserves other than gold
5,355,646.100 4.503.826,700
Oct. 20
81,105.600 599,275,700
6,350,680,100 4,495.610.900
Oct. 27
885,222,228 914,396,413 1,055,982,000
Total reserves
80.947.800 608.669,300
5.373.050,300 4.533.531.000
8.727,762
Nov. 3
9,937,232
84,949,200 612.693.900 'Non-reserve cash
5,337,904.700 4,522.471,900
Nov 10
85.487,900 616.672.200 Bills discounted:
5.336,645.600 4.561,107.300
Nov. 17
158,190,000 104,894,000 125,487,000
obligations
Secured by U.S. Govt.
81,487,500 608,185,800
5.313,324.400 4.553,358300
19,324,000
25,703,599
Nov.24
46,756,404
All other
83.180,100 612,246,900
5,342,550,200 4.562.572,400
45,789,000
89,293,915
Deo 1
90,052,013
85.764,500 609,403,800 Bills bought in open market
5,335,770,100 4,558,091,100
Dec. 8
89,977,000 609,685.200
5,323.809.000 4,555,017,600
Dec. 15
295,008,418 219,891,514 190,600,000
Total bills on band
93,693.900 607,561,200
5,375,564,900 4,567,845,800
41,497,000
6,108,750
Dec. 22
11,248,760
U. S. bonds and notes
U. S. certificates of Indebtedness
3,000,000
One-year certificates (Pittman Aet)72390,000
4,590,000
11,150,000
All other
New York City Non-Member Banks and Trust Cornreturns
tu
er
ofolloevrimnbgarienstthierteitounrs to the Clearing
317,407,168 229,590,264 307,287,4100
.
a -The n na
Eaniesri
Total earning assets
10,760,000
14,515,997
14,527.748
dwhich arenot
Bank premises
non-member
149,000
5% redeto p. fund agst. F.It. bank notes121,205,997 166,243,462 151,328,080
cle
Uncollected Items
2,174,000
1,116,589
1,359,374
All Other resources
NEW YORK CLEARING
OP NON-MEMBER INSTITUTIONS OF
1,349,659.748 1,334,590,491 1,530,680 000
Total resources
HOUSE.
included in t "Clearing House Returns" in the foregoing:
swam
-that is. three ciphers (000I omitted.)
(Stated Is thousands of dollars
fesLlabill,
29,439,300
Capital paid In
59,799,523
Surplus
Deposits
9,202,772
Government
-Reserve account.... 705,484,880
Member banks
10,792.752
All other
725,480,405
Total
428,578,921
F. R. notes in actual circulation
notes In eireWn-net liability
F. It, bank
100,863,765
Deferred availability Items
5,497,833
All other•liabllitles
29,437,500
59,799,523
28,688,080
60,197,000
I Net Loans
979,000
3,781.183
Nat'l
Net
Reserve! Net
Capital.Profits. Dis669,706,810 707,106,000
with Demand Time Bank
counts. Cash
12,251,000
10,926,190
De- OgrenDeLegal
In
Nat.bks.&pie Invest
posits. posit*. lotion.
Dem)
Week Ending Btatenlos.Nv.1. meats. Vault. tortes.
684,474,185 720,336,000
Dec. 22 1923. Tr.cos. Nov.1. .te.
422,165,415 599,001,000
2,450,080
Average Mcrae Averagrverage Average
Averag
Members of
$
133,460.185 113,478,000
$
$
3
3
$
$
$
Fedi Res've Ban
6,530,000
5,253,682
2,781 4,616
56:
1
1.626 8,961
509
W.It. Grace& Co
1.349,659,748 1,334,590,491 1,530,680,080
2,781 4,61
568
1
Total liabilities
500 1,626 8,961
Total
State Banks
Ratio of total reserves to deposit and
Not Members of
80.0%
82.6%
76.7%
F. It. note liabilities combined
Fedi Res've Ban
5,626 1,458
337
082
6,480
Contingent liability on bills purchased
38
200
Bank of Wash. Hts
12,638,556
6,188,922
6,110,523
for foreign correspondents
800 2,302 22,10p 2,615 1,37: 21,455
Colonial hank.
•Not shown separately prior to January 1923.
27,081 1,45:
1,71
, 1 i 1 1 2,891 28,5801 3,29
Total
Trust Company
Not Member of
Fed'I Reeve Bank
2,976 5,711
14.
324
8,940
40
I
54ech.Tr..Bayonn
-The Trust Department of the Guaranty Trust Co.of N. Y., 140 Broadway, N. Y. City, is now prepared to deliver definitive Series "A," "B"
2,976 5,711
14
324
8,940
407
5001
Total
and "0"6% Serial Gold bonds issued under International Securities Trust
2,000 4,724 46,481 3,640 2,432 1132,838 11,78.1
of America Agreement dated June 1 1923, in exchange for the outstanding
Grand aggregate
-169 -16 -1,189 +32
.
Comparison with revious week. -512
temporary bonds.
11,457 --Dominick & Dominick have prepared a special analysis of the New
Ord aggr. Doe.15 2,000 4,724 46,993 3,809 2,59 1134,027 11,328
of the
Gr'd aggr.,Dec. 8 2.006 4,580 46,501 3,8291 2,79 233,772 11,570
York Title & Mortgage Co., which shows that present earnings
232,171
2.000 4.580 45,841 3.618 2,376 .32)532 1L537
Gr'd aggr..13ec. 1
company are at the rate of more than 30% on the capital stock, and net
na•
Gr'd aggr., Nov.2 , 9 Ann A. 5An SR II17, a Am 2
eleven months of 1923 were 54% ahead of the corresprofits for the first
been placed
•United States depoeits.deducted. $106,000.
ponding period of 1922. The stock of the company hoe just
Bills payable. rediscounts, acceptances and other liabilities. 8149,000.
on a 12% annual dividend basis.
Excess reserve, 5164.480 decrease.
CLEARING
NON-MENIBE
1
CURRENT NOTICES.
1
DEC.29 19231
THE CHRONICLE
2867
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board
Thursday afternoon, Dec.27,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday.
In
as a whole in comparison with the figures for the seven preceding weeks the first table we present the results for the system
and with those of the corresponding week last year.
The second table shows the resources and liabilities separate
ly for each of the twelve banks. The Federal Reserve Agents'
Aocounts (third table following) gives details regarding transact
ions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve
banks. The Reserve Board's comment upon the returns for the latest
week appears on page 2832, being the first item in our departm
ent of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES
OP THE FEDERAL RESERVE BANKS AT THE
CLOSE OF BUSINESS
DEC 26 1923.
Dec. 26 1923. Dec. 19 1923. Dec. 12 1923. Dec.
5 1923. Nor. 28 1923. Non. 21 1923. Nov. 14 1923. Nov.
7 1923. Dee. 27 1922.
RESOURCES.
$
$
$
8
uoia and gold certificates
5
5
$
341,401,000 348,584,000 367,158,000 358,847,00
5
$
0 359,568,000 376,216,000 388,047,000 373,643,00
Gold settlement fund, F. R. Board
553,604,000 541,011,000 584,501,000 647,658,00
0 273,825,00
0 587,079,000 600,741.000 584,046,000 573,514,000 569,580,00 0
0
Total gold held by banks
895,005,000 889,595,000 951,659,000 1,006,505,
Gold with Federal Reserve agents
2,109,814,000 2,10,445,000 2,100,895,000 2,055,625, 000 946,647,000 976.957.060 972.093,000 947,157,000 783,405,000
000 2,104,845,000 2,098,784,000 2,107,168,000 2,107,970,000 2,198,846,
Gold redemption fund
66,108,000
000
61,095,000
63,085,000
56,009,000
60,944,000
59,715,000
54.748.000
58,188,000
67,789.000
Tota gold reserves
3,070,927,000 3,091,135,0003,115,639,000 3,118,139.
000 3,112.436.000 3,135,456,000 3,134,009,000 3,122,916,000 3,040,439,000
Reserves other than gold
66,589,000
72,303,000
78,010,000
79,516,000
84,846,000
77,425.000
75,370.000
73,325,000 108,398,000
Total reserves
3,137,516,000 3,163,438,000 3,193,649,000 3,197,655,
'Non-reserve cash
000 3,197,282,000 3,212,881,00 3,209,379,000 3,195,241,
69,661,000
000 3,148,837,000
64,548,000
67,612,000
68,460,000
131111 discounted:
58,754,000
71,881.000
72,860.000
68,172.000
Secured by U. S Govt. obligations
441,842,000 385,425,000 363,293,00
0 359,078,000 382,643,000 341,6350,0 373,536,00
Other bills discounted
415,309,000 364,771,000 398,635.00
0 377,705,000 316,495,000
0 387,185,00
Bills bought In open market
336,415,000 322,379,000 329,383,000 398,370,000 411,738,000 404,553 000 417,576,000 439,747,000 313,390,000
0 289,004,000 284,554,000 268,450,00
0 248,028,000 246,293,000
Total hills on hand
1,193,566,000 1,072,575.000 1.091,311,000 1,044,633.
Q. EL bonds and notes
000 1,083,385,000 1.030,742 000 1,059,562,000 1,065,480,
88,835,000
000 876,178,000
72,957,000
77,182,000
70,384,000
U. S. certificates of Indebtedness
71,341.000
68.332,000
78,657,000
15,323,000
75,440.000 179,192,000
8,292.000
19.112,000
20,911,000
Municipal warrants
13,119,000
5,031,000
11,663,000
14,852,000 278,691,1100
51,000
51,000
154,000
51,000
154,000
51,000
317,000
40,000
317,000
Total earning assets
1,297,775,000 1,153,875,000 1,187,656,000 1.136,082,
Bank premises
000 1,167,999,000 1,104,156.000 1,150,199,000 1,156,089,
57,105,000
000 1,334,101,000
56,951,000
56,456,000
56,715,000
5% redemp. fund agst. F. R. bank notes
56,649.000
56,559,000
56,162,000
55,954,000
28,000
47,227,000
28,000
28000
28,000
Uneollected items
28,000
28,00
28,000
591,608.000 734,270,000 683,968,000 643,289,00
28,000
2,520,000
0 603,579,000 680,640,000 787,899,000 588,520,00
All other resources
15,684,000
0 757,500,000
15,515.000
14,860,000
14,602,000
13,987.000
13,828,000
13.945,000
14,019,000
15,226.000
Total resources
5.169,377,000 5,188,625,000 5,204,229,000 5,116,831,000
5,098,278,000 5
.139.973,000 5,290,472,000 5.078,023,000 5,305.411,000
LIABILITIES.
Capital Paid in
110,103,000 110,156,000 110,142,00
Surplus
0 110,114,000
218,369,000 218,369.000 218,369,000 218,369,000 110,095,000 110,103,000 110,023,000 109,835,000 107,256,000
De905its-Government
218,369,000 218,369,000 218,360,000 218.369.00
42,811,000
0 215,398,000
11,334.000
30,065,000
26.612,000
Member bank-reserve account
34,803,000
26.072 MOO
44,911,000
18,485,000
7,809,000
1,874.486,000 1,849,596,000 1.923,505,000 1,884,010,000 1,881,025,
Other deposits
000 1,891.027.000 1,913,355,000 1,864,808,000 1,861,281,000
20,572,000
21,922,000
21.429,000
21,556,000
22,765,000
24,380,000
24.165,000
26,090,000
31,165,000
Total deposits
1,937,869.000 1,882,852,000 1.971,673,000 1,035,504,000 1,938,593,
1.R. notes In actual circulation
000 1,941,479.000 1,982,431,000 1.909,383.000 1,900,255,
1.R. bank notes in circulation-net nab. 2,340,375,000 2,296,436,000 2,266,831M00 2,252,598,000 2,246,300.000 2.223,074.000 2 263,048,000 2,265,556,000 2,464,121,000
470,000
000
477,000
489,000
483,000
Deferred availability items
502.000
498,000
507.000
517,000
10,632,000
535,490,000 654,456,000 610,980,000 574,347.000 559,044,00
ill other liabilities
0 621,602,000 691,589,000 550,334,000 578,502,000
26,701,000
25,879,000
25,410,000
25,751,000
25,379,000
24,75.1.000
24,505.000
21,029,000
29,247,000
Total liabilities
5,169,377,000 5,188,625.000 5.204,229,000 5,116,831,000 5.098,278.
Ratio of gold reserves to deposit and
000 5.139.973,000 5,290,472,000 5.078,023,000 5,305,411,000
F. It. note liabilities combined
71.8%
74.0%
74.5%
73.5%
74.4%
Ratio of total reserves to dePoelt and
75.3%
73.8%
74.8%
69.7%
F. R. note lialdlltlee combined
73.3%
75.7%
76.4%
75.3%
77.1%
76.4%
Contingent liability on bills purchased
75.6%
76.5%
72.1%
for foreign correspondents
17,808,000
17,889,000
18,373,000
18,366,000
24,635,000
25,045,000
35,709.000
38,946,000
33,981,000
Distribution Os Maturities3
•
3
$
$
1-15 days bills bought in open market_ 117,280,000
$
5
$
.
5
)3
09,634,000 103,719M00
92,000,000
1-15 days bills discounted
88,265,000
90,994,000
84,356,000
90,763,000
612,660.000 522,364,000 528,800,000 506,804.00
83,210,000
0 542,731,000 489.878.000 520,155.000 539,629.00
1-15 days U. S. certif. of indebtedness_
5,123,000
0 436,465,000
1,924.000
20,186.000
17,259,000
1-15 days municipal warrants
9,881,000
2,818,000
9,289,000
31,000
6,800,000 103,595,000
10,000
113,000
10,000
16-30 days Mils bought In open market.
266,000
65,124,000
266,000
68,180,000
14,000
65,184,000
51,144,000
16-30 days bills discounted
45,431,000
41.031,000
43.170,000
64,310,000
38.667.000
50,737,000
63,220,000
70,082,000
72.584,000
16-30 days U. S. certif. of Indebtedness
73,512.000
73,420,000
84,621,000
77,064,000
48,609,000
16-30 days municipal warrants
1.000
1,000
2,558,000
1,466,000
10,000
31,000
31-60 days bills bought in open market_
31.000
31,000
113,000
10.000
94,220,000
18,000
88,448,000 103,904.000
81-60 days bill, discounted
96,973,000
85,172,000
80,488,000
61,380.000
84,069,000
54,936,000
69,056,000
77,781,000
84,867.000
92.131,000 104,881,000 108,193.000 110.911,00
51-60 daye U. S. certif of
.
indebtedness..1
0 118,469,000
63,372,000
01-60 days municipal warrants
,000
1,000
1,375,000
10,000
4,348,000
76,000
10,000
61-90 days bills bought in open market_
10,000
10,000
31.000
31,000
55,119,000
10,000
10,040
8,1100
58,640,000
48,641,000
52,588,000
61-90 days bill discounted
63,376,000
64,186.000
66,514,000
69,118,000
57,701,000
38,083,000
58,171,000
50,519,000
111-96 days U. S. certif, of indebtedness.
48,257.000
48,287,000
50,977,000
54,847,000
783,000
63,135,000
50,059,000
1,022,000
51-90 days municipal warrants
1,000
1,000
62,670,000
Over 90 days bills bought in open market
10,000
10.000
4,663,000
31,000
31,000
7.477,000
7,955,000
Over DO days bills discounted
5,665.000
6.760,000
7,855,000
10,426,000
29,598,000
5,961,000
5.207,000
28,751,000
27,660.000
26,487,000
Over 90 days eertlf. of indebtedness
24,970,000
23,720,000
9,417,000
20,578,000
19,251,000
31,380,000
5.346,000
1,852.000
Over 90 days IMMICIDal warrants
724.000
679,000
746.000
098,000
3,703,000 112,350,000
10,000
10,000
Federal Reserve Notes
Outstanding
3,838,398,000 2,793,837,000 2.755.949.
000 2,732,743,000 2,719,721,000 2.721,504.000
Hem by banks
498,023,000 497,401,000 489,118,00
2,730,668,000
0 480,145,000 473,421.000 408,430,000 467,620,00 2,725,392,000 2,835,092,000
0 459,836.000 370,971,000
In actual circulation
2,310,375,000 2,296,436,000 2,266,831.
000 2,252,598,400 2,20,300,000 2.223.074,1100 2,263,048,
000 2,265,556,000 2,464,121,600
Amount chargeab.e to Fed. Res. Agent 3,646,647,000
3,630,501.000 3.607,858,000
ID bands of Federal Reserve Agent
808,249,000 836,664.000 851,909.000 3.601,797,000 3.602,150.000 3,614.813,000 3,595,957,000 3,576,956,000 3,679,260,000
869,054,000 852,4293100 893,309.000 865,289,00
0 851.564,000 844,168,000
Issued to Federal Reserve 13anke
2,838,393,000 2,793,837.000 2,755,949,
000 2,732,743,000 2,719,721,000 2.721.504.000 2,730.668,
---4
000 2,725,392.000 2,835,092,000
iloon Secured1 gold and gold certificates
17
326,534,000 327,084,000I 320,084.001
ay eligible paper
728,584,000 653,392,000 655,054,00 3 320,534,000 320,534,000 320.534,000 320,534,000 320,534,000 353,657,000
Cold redemption fund
114,480,000 113,751.000 119,433.000 677,118,000 614,876,000 622.720.060 623,500,000 617,422,000 636,246,400
With Federal Reserve Board
0
1,668,750,000 1,693,610,000 1,661,372,000 117,197,000 106.648,000 115,375.000 119,972,000 107,548.000 133,090.000
1,617,594,000 1,677.663,000 1.662,875,000 1.666.662.
000 1,679,888,000 1,712,099,000
Total
2,838,398,000 2,793,837,000 2,755,949,
000 2,732,7433100 2,719,721,000 2.721.504,
000 2,730,668.000 2,725,392,000 2,835,092,000
-.m5? •.0I5.I
•
iHOl 1,030.304
,
,1)00,510.000 1,036.394,000, 989,636,00
0 1,008,342,000 1,011.460,060 816,933,600.
•Not shown separately prior to Jan. 1923.
_
)
WEEKLY STATEMENT OF RESOURCES AND
3:
LIABILITIES OF EACI1 OF TIM
12 FEDERAL RESERVE BANKS AT CLOSE
OF BUSINESS DEC 26 192.
Two ciphers(00) oclItted.
Boston. Ntta York.
Federal Reserve Bank ofPhita. Cleveland Ale/mons Arlosto
Chimes. St. bows. ditnne4p. Kan. My
Dana,. Mn Fran.
Total
RESOURCES.
$
Gold and gold certificates
19,237.0 168,220,0 32,177,0. 11,906,0
$
$
5,366,0
Gold settlement fund-F R.111rd 39.010,0
76.886,0 23,454,0, 80,367,0 34,622,0 6,546.0 47,590,0 4,609,0 8,789,0 3,172,0 11,879,0 21,910,0 341,401.0
18,783,0 121.441,0 33,154,0 23,848,0
45,919,0 15,137,0 40,180,0 553,004,0
Total gold held by banks
58,247,0 245,106,0 55.631.0. 92.773.0
Gold with F. R. Agents
170.969.0 008,674,0 182,749,0 224,381,1) 39.998,0 25,332.0 119.031,0 38,063,0 32,637,0 39,091,0 27,016,0 62,090.0
859,005.0
71,14,0
Gold redemption fund
304,973.0 48,7893) 52,314,0 34,565,0
11.231,0
10,195,0 11,481,0 2,743,0 2,421,0
4,734,0 4,80,0 3.848,0 1.517,0 6,081,0 26,419,0 218,352,0 2,109,814,0
2,050.0 4.934,0
06,108,0
Total gold reserves
1,40,450,0 863,975,0 249.861,0 319,902,0
113.576,0
Reserves other than gold
3,220,0
21,247,0 9,241,0, 2,918,0 2.593.0 116,531,0 558,806,0, 90,700,0 86,468,0 89,737,0 55,485,0 285,376,0 3,070,927,
0
4,280,0 6.034,01 6.153,0
643.0 3,021,0 5,733,0 1.500,0
66,589,0
Total reserves
243,670,0 885,222,0 259.102,0 322.820,0
116,175,0
Non-resene cash
15,351,0
9,937,0 2.996,0 4,829,0 1.817.0 120,811.0 564,900,01 96,853,0 87,111,0 92,758.0 61,218,0 286,876,0 3,137,516,
0
Hills dleoounted:
8,356,0 5.317,01 6,976,0 1,464,0 3,209,0
2,555,0 6,844.0
69.661,0
Secured by U.S.Govt.obilga'ne 27,180,0 158,190.0
45,453,0 39,917.0 26,740,0 20,301.0
Other bills discounted
53,292,01 19,785.0 6.413,0 18.599.0 2,808,0
52,032,0
46.766,0 16,697,0 28,893,0 28,763.0
23,134,0
Bills bought In open market
33,973,0
90,052,0 32,951.0 39,809,0 2,321.0 49,034,0 51.875,0 42,424,0 16,418,0 31,052,0 9,485.0 41,820,0 441.842,0
12,493,0 40,1,02.0
43,0
182,0
670.0 47,976,0 35,343,0 415,309.0'
336,415,0
Total bulls on hand
113,235.0 295.003,0 95,101.0 108,649,0
57,824,0 81,828,0 145,769,0 62,252,0 23,013,0
50,321.0 60,269,0 100,297,0
1,193,566,0
[VOL. 117.
THE CHRONICLE
2868
RESOURCES (Concluded)
Two ciphers (00) omitted.
U. 8. bonds and notes
U. 8. oertificates of indebtedness..
Municipal warrants
San.City Dallas. San Fran
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Maned:).
S
S
$
$
$
$
$
$
$
$
$
8,638,0 12,504,0 6,355,0 9,185,0
284,0 10,229,0
12,349,0 12,805,0 9,943,0 1,341,0
350,0
514,0
14,0
72.4,0
7,0
147,0 1,247,0
10,050,0
51,0
Boston. New York.
8
5,202.0
2,272,0
Total.
Phila.
S
88,835,0
15,323,0
51,0
1,297,775,0
82,170,0 156,720,0 62,252,0 31,665,0 63,339,0 66,974,0 109.482,0
57,105,0
317,407,0 108,053,0 119,839,0 59,165,0
2,143,0 4,989,0 1,953,0 3,088,0
755,0 9,580,0 2,617,0 2,055,0 8,715,0 1,348,0
14,528,0
28,0
28,0
against
38,627,0 591,608,0
57,209,0 25,008,0 70,194,0 29,269,0 14,878,0 37,366,0 26,035,0 4,192,0
15,684,0
803,0 3,248,0
53,281,0 121,206,0 60,382,0 58,153.0
100.0 3,596,0
496,0
677,0
580,0
215,0
176,0
1,360,0
241,0
162,011,0 449,109,0 5,169,377,0
237,563,0 239,957,0 806,372,0 106,798,0 140,857,0 202,464,0
437,686,0 1,349,660,0 431,464,0 515,436,0
Total resources
4,556.0 4,194,0 7,862,0 110,103,0
LIABILITIES.
4,430,0 15,179,0 5,020,0 3,498,0
29,439,0 9,941,0 12,338,0 5,756,0 8,942,0 30,398,0 9,665,0 7,473,0 9,488,0 7,496.0 15.263.0 218,369,0
7,890,0
Capital paid In
42,811,0
59,800,0 18,749,0 23,495,0 11,288,0 4,685,0 4,186,0 2,213,0 2,353,0 1,356,0 3,751,0 4,288,0
16,312,0
Surplus
9,203,0 1,990,0 2,339,0 2,342,0
4,105,0
68,027,0 47,118,0 75,240,0 58,082,0 143.800.0 1,874,486,0
Deposits: Government
115,177,0 156,678,0 58,139,0 53,691,0 271,265,0
20,572,0
432,0 4,651,0
779,0
466,0
438,0
bank-reserve son 121,784,0 705,485,0
1,090,0
161,0
Member
204,0
317,0 1,116,0
10,792,0
126,0
Other deposits
62,265,0 152,739.0 1.937,869,0
60,685,0 58,537,0 276.541,0 70,678,0 49,037,0 77,375,0
126,015,0 725,480,0 117,484,0 160,133,0 109,265,0 148,367,0 420,296,0 78,896,0 66,749,0 68,994,0 55,508,0 232,397.0 2,340,375,0
Total deposits
428.579,0 233,016,0 263,478,0
/.R.notes in actual circulation_ 234,830,0
470,0
470,0
tank notes In circulation
7. R.
38,514,0 535,490,0
net liability
48,920,0 17,805.0 61,349,0 30,938,0 11,843,0 40,654,0 29,540,0 2,334,0
26,701,0
1,397,0 2,538,0
51,210,0 100,864,0 50.020,0 53,833,0 1,649,0 1,876,0 2,609,0 1,601,0 1,357,0
Deferred Availability Items
2,159,0
5,498,0 2,254,0
1,429,0
All other liabilities
162,011,0 449,109,0 5,169,377,0
237,563.0 239,957,0 806,372,0 196,798,0 140,857,0 202,464,0
437,686,0 1,349.660,0 431.464,0 515,436,0
Total liabilities
Memoranda.
ISAR° of total reserves to deposit
73.3
74.5
52.0
63.4
74.7
64.8
81.1
58.4
68.4
and F. R. note liabilities com76.2
73.9
76.7
67.5
bined, per cent
17.808.0
644.0 1.270.0
769,0
608.0
787.0
733.0 2.486,0
930,0
Contingent liability on bills pur6.111.0 1.538,0 1,932,0
chased for foreign oorrespond'ts
120,709,0
4,434,0
Teta learning assets
Bank Premises
II% redemption fund
F. R. bank notes
Uncollected items
All other resources
1923.
AGENTS ACCOUNTS AT CLOSE OF BUSINESS DEC. 26
STATEMENT OF FEDERAL RESERVE
Federcl Reserve Agent at
Boston. New York Phila.
Cleve. Richm'd Atlanta Chicago.
$
8
8
IS
3
286,460 40,200 43,320 25,830 68,317
714,279 255,717 284,674 118,692 162,568
Si. L. Mina. R.City. Dallas. San Fr.
Total.
$
5
$
5
$
S
5
116,040 23,190 8,880 28,153 25,009 61,800 808,249
59,263 275,976 2,838,398
464,457 93,173 70,604 81,189
___ 326,584
7,391
____
10,130 13,052
8,329 2,659 1,262 2,205 3,528 15:290 114,480
376,644 36,000 38,000 32.360 15,500 203,062 1,668,750
79,484 44,384 18,290 46,624 32,844 57,624 728,584
66,042 17,713 3.002 3,487 26,038 42,191 408,124
$
(In Thousands of Dollars)
Resources
81,050
federal Reserve notes on hand
257,806
Reserve notes outstanding
Federal
outstanding
2,400
Collateral security for Federal Reserve notes
35,300 235,531 14,000 8,780
1,869 5,065
Gold and gold certificates
27,143 14,860 14.601
17,669
n fund
Gold redemptio
118,000 346,000 153,889 201,000 69,295 79,000
Gold Fund-Federal Reserve Board
86,837 105,605 72,968 60,293 47,528 76,103
Eligible paper( Amount required
26,398 159,940 1,894 47,214 8,577 5,628
lExcees amount held
1,110,996 227,249 153,090 194,018 169,573 655,943 6,893,169
623,060 1,874,958 553,528 659,882 271,791 399,081
Total
received from
580,497 116,363 79,484 109,342 84,272 337,776 3,046,647
Wet amount of Federal Reserves notes
338,856 1,000,739 295,917 327,994 144,522 230,885 384,073 48,789 52,314 34,565 26,419 218,352 2,109,814
86,465
Comptroller of the Currency
170,969 608.674 182,749 224,381 71.164 81.731 145.526 62,097 21,292 50,111 58,882 99,815 1,136,708
Collateral received from I Gold
113,235 265,545 74,862 107,507 56,105
Federal Reserve BanklEllgible Paper
6,803,169
399,081 1,110,996 227,249 153,090 194,018 169,573 655,943
623,060 1,874,958 553,528 659,882 271,791
Total
162,568 464,457 93.173 70,604 81,189 59,263 275,976 2,838,398
257,806 714,279 255,717 284,674 118,692 14,201
44,161 14,277 3,855 12,195 3,755 43,579 498,023
Federal Reserve notes outstanding
22,976 285,700 22,701 21,196 9,427
ederal Reserve notes held by banks
78.896 66.749 68.994 55.508232.397 2.340.375
924 Ann 428579 233.016 263.478 109.285 148.367 420.296
federal Reserve notes In actual circulation
l Reserve System.
Weekly Return for the Member Banks of the Federa
giving the principal items of the resources
nt issued by the Federal Reserve Board,
Following is the weekly stateme
week behind
weekly returns are obtained. These figures are always a
liabilities of the 764 member banks, from which
nt
and
the different items in the statement were given in the stateme
Definitions of
Chose for the Reserve Banks themselves.
of the Reserve Board upon the figures
"Chronicle" Dec. 29 1917, page 2523. The comment
of Oct. 18 1917, published in the
Discussions," on page 2832.
week appears in our Department of "Current Events and
for the latest
Dec. 19 1923. Three c utters (000) omitted.
banks in each Federal Reserve District at close of business
I. Data for all reporting member
Total
Chicago Si. Louis Minneap. Eon. City Dallas SonFran.
Boston New York Ma. CievdancI Richmond Atlanta
Federal Reserve District.
764
65
52
73
28
35
106
39
76
80
55
S
112
43
$
$
$
S
$
s
Number of reporting banks
$
$
$
$
225,413
$
11,988
$
3,021
5,954
3,869
discounts, gross:
11,979
37.411
9,466
8,643
liens and
28,167
15.449
76,148
13,318
s
69,185 186,777 3,830,001
77,042
41.700
65,087 588,145 148,992
Secured by U.S. Govt. obligation
7,900.583
231,370 1,620,863 265,177 412,621 123,042
1,129,616 312,632 198,421 345,493 223,323 811,199
Secured by stocks and bonds
644,761 2,495,317 345,517 688,331 333,115 372,858
discounts
All other loans and
295,529 1,009,964 11,055,997
1,129,119 464,800 447,411 1,755,172 473.603 243,990 428,489
275,706
30,077
19,661
889,449 4,192.328 626.143
11,540
9,161
15,193
24,790
Total loans and discounts
14,374
29,736
48,743
10,694
49,006
90,742 1,005,389
12,731
15,641
45.715
12,263
22,520
94,443
0.13. pre-war bonds
14,208
27,297
42,425 109,126
82,703
13,522
2,431
78,026 446,983
3,597
. 955
6,945
12,388
1,709
3,027
U. S. Liberty bonds
4.745
3,089
840,088
25,568
37,283
17,158
4,727
16,303
28,289
17,075
6,198 104.229
15,150
U. 8. Treasury bonds
53,713
45,906
133,646
17,289
5,862
26,939 471,845
4,389
2,865
9.318
23,030
9,092
5,077
U.S. Treasury notes
11,933
6,969
31,783
6,039
13,806 157,560 2,194,893
58,995
27,774
86,497
42,435 345,233
49,936
0.8. Certificates of Indebtedness
169,873 758,942 183,962 299,880
Other bonds, stooks and securities
370,088 1,302,437 16,488,422
595,023 535,427 2,359,285 631,151 325,297 569,028
95,612 1.355,021
5,976,455 919,188 1,657,259
27.095
45,058
21,720
37,856
34,528 198.470
Total loans & dieo'ts & Investmls_ 1,187,784 600,688
35,304
68,804 106,808
335,637
23,500
10,486
83.078
13,102
6,477
9,429
62,503
Reserve balance with F. R. bank
20,355
15,931
41,126
19,605
755,465 11,103,347
89,631
23,486
1,456,651 341,935 199,328 399,087 257,681 551.220 4.057,952
in vault
Dash
82,927
800.4604,727,690 674,026 881,341 336,260 273,423 806,025 190.275
84.869 131,829
Net demand deposits
195,566
16,252
8,543
1,934
267,840 893,475 115,132 606,883 150,682 176,795
2,516
6.943
20,791
4,435
11,088
Time deposits
27,212
15.820
58,982
21,050
Government deposits
with
BID§ payable and rediscounts
254,305
18,579
1,423
19,875
5,640
11,306
25,502
15,981
Federal Reserve Bank:
20.879
28,464
21010,
19,623
22.555
4.248
78,036
19.998
8.997
2.84.0
s
2102.0
11,174
99 888
19.228
94)204
Secured by U.S. Govt. obligation
9 177
12 A41
0,1 920
C
all other reporting banks.
In Federal Reserve Bank and branch cities and
2. Data of reporting member banks
Total.
Branch Cities Other Selected Chlet.
City of Chicago. All F. R. Bank Cities. F. R.
New York City.
12. IDec. 19. Dec. 12. Dec.19'23 Dec. 12'23 Dec. 20'22
,
fleet ciphers (000) omitted.
Dec. 12. Dec. 19. Dec. 12. Dec. 19.1 Dec.
Dec. 19. Dec. 12.1 Dec. 19.
782
766
764
304
304
25720
257
49
49
$
67
$
$
$
67
$
$ 2031 $
8
reporting banks
$
Number of
$
$
287,157
$
224.070
225,413
$
35,458
35,613
40,94
40,182
147,672
149,618
28,559
Loans and discounts, gross:
3,830,001 3,767,997 3,714,832
66.2131 28,585
68.361
2,695,299 2,634,821 616,605 821,184 518,097 511,992 7,900,583 7,925,456 7,279,570
Secured by U.S. Govt. obligation 1,428,794
1.372.5081 436,642 446,87:
4,873,6051.064.9821,665.8961.380.632 1,385,955
Secured by stooks and bonds
2,199,417 663,202 666,489 4.855,069
2,179,276
All other loans and discounts
3 11,281,559
7
7,650.0082,321.7692.328.0201.934,242 1,933,405 11,955,99 11,917.52
274,070
3,676,4313,638,138 1,128,429 1,141,926 7,699,986
275.706
75.546 106,891 105.414
75,547
93.110
93,268
4,201
Total loans and dIscounte
4.201
37,923
38,051
613,521 231,081 231,528 165,089 167,445 1,005,389 1,012,494 p1.485.624
609,219
pre-war bonds
37.496
U. S.
37,268
80,834
82.703
19,079
389,337 390.373
19,472
18,753
20,094
43,002
43,137
5,213
U. S. Liberty bonds
5,214
18.389
841,379*834,747
840,088
73,200
17,458
72,554
625,835 142.374 142,344
625,160
61,841
U. S. Treasury bonds
60,354
241,863
85.403
133,646
14,058
.
440,171 438,997
,
41,475
45,800
72.178
4,832
9,456
17. 5. Treasury notes
2,272,643
24.008
28,061
1,146,498 590,882 589,8541 441,102 440,989 2,194,893 2,177,341
17. S. Certificates of Indebtedness
372 767.942 186,024 1.162,909
.
stocks and securities_ 543.834 532
Other bonds,
2 16,389,04416,116,436
10,305,85710,223.864 3,423,222 3,411.5902,759.3432,753,590 16,488,42 1,423,824 1,384,597
5,133.3435,080,2001,412,864 1,421,533
951.291 1,014,830 240,905 239,613 162,825. 169,381 1,355,021
Total loans & disa'M & I nvest'tts. 552,310 598.139 136.601 146,074
344,814
321,286
335,637
90.479
90,905
69,201
81,532
161.606
R. Bank
163,200
31,596
0
Reserve balance with F.
74.92834,937
71,070
1,928,445 1.6(11,800 1,676,819 11.103,347 11,252,421 11,186,19
Casb In vault
3,687.168
975.238 1.006,044 7,534.904 7.647,157 1,906,643
4,236,7814,267,184
861,155 4,057,952 4,058,847
378.560 1,988,677 1,980.4251,203,9661,21l,2671865,309
Net demand deposits
511.368
33,500
195,566
2,861
607.461 613,609 382,870
8,893
15,602
49,819
21,746
130,145
1,615
Flme deposits
10,053
7,171
54,062
Government deposits
'
203,245
Bills payable and rediscounts with
241,213
254,30
45,013
43,674
86,183
110,017 85,424
125,207
5,931
F. R. Bank:
147,436
6,393
247,741
47,780
53,370. 216,161
47,55
52,897
72,114
70,063
121,987
93,201
by U.S. Govt.obligations
3,946
Secured
4,558
26,342
6,845
1
All other
2.
Ratio of bills payable at rediscounts'
3.0
2.9
3.6
3.5
4.5
4.5
2.3
2.1
0.7
with F. It. Bank to total loans
0.8
1.5
i 1
1
I
• Includes Victory notes.
DEC.29 1923.]
THE CHRONICLE
tianittre Oazeitt
Wall Street, Friday Night, Dec. 28 1923.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 2856.
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. 28.
Sales.
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
STOCKS.
Sales
Week ending Drc. 28. for
Week.
2869
Range for Week.
Lowest.
Highest.
Range since Jan, 1.
r,
Lowest. I Highest.
Indus. & 111Iscell. Par. Shares 3 Per share. $ per share.
'3 per share.$ per
US Realty & Imp full pd 1,100 100% Dec 22
10274 Dec 28 07.54 Aug 10831shard1
Mar
Va-Carolina Chem B__*
500 534 Dec 24 536 Dec 24 331 June, 17
Feb
Van Raalte
100 800 2831 Dec 24 30 Dec 26 27
Dec 64
Jan
Vulcan Detinning_..100
100 831 Dec 22 84 Dec 22 5
Janl 10
July
West Elec 7% cum p1100
100 112 Dec 22 113 Dec 22 11136 Mar 117
Aug
West Penn Power_.i00 300 47 Dec 22 47 Dec
22 384 Apr, 5234 May
Preferred
100
100 8936 Dec 28 8936 Dec 28 654 Apr, 90
Nov
White Oil ctfs
* 5,200
31 Dec 24
14 Dec 26
36 Oct
51 Nov
Wilson Co, prof
100 600 67 Dec 26 69 Dec 271 63
Nov' 89
Feb
Worthington Prof A.100
240 65 Dec 28 694 Dec 26 65
Dec 8334
Preferred B
100 200 593.4 Dec 22 60 Dec 24 5931 Dec', 71% Mar
Mar
Wrigley (Wm) Jr
*, 3,400 39 Dec 22 40 Dec 26 3761 Dec
404 Dec
* No par value. c Ex 300% dividend in stock.
Highest.
Railroads.
Par. Shares $ per share. $ per share. $ Per share.
per share.
The Curb Market.
Bangor & Aroos, pret 100
-The review of the Curb Market is
100 84% Dec 27 84% Dec 27 84
Dec 9431 Jan
Brinswick Term
100 1,000 1
Dec 28 136 Dec 24
74 Nov 24 Jan given this week on page 2854.
Buffalo Koch & Pitts_100
80 50 Dec 28 52 Dec 28 50
Dec 68
Jan
Preferred
100
A complete record of Curb Market transactions for the
10 85 Dec 28 85 Dec 28 85
Dec 90
Aug
Canada Sou thern_ _ _ _ 100
10 5336 Dec 27 5336
Apr 533.4 Dec week will be found
Central RR of N J_ _ _100 300 210 Dec 27 212 Dec 27 50
on page 2881.
Dec 26 175
July 231
Feb
C C C &St Louis_ __ _100
800 110 Dec 22 11434 Dec 26 76
Jan 115
Nov
TRANSACTIONS AT THE NEW YORK STOCK EXCHA
CStPM.4.0
100 1,800 29 Dec 24 3036 Dec 26 29
NGE
Dec 78
Mar
Preferred
DAILY. WEEKLY AND YEARLY.
100 200 72% Dec 22
Duluth S S & Atl_ _ _ _100 1,000 2 Dec 26 75 Dec 26 7136 Dec 100 June
2% Dec 22 2
Oct
June
%
Preferred
100 600 3 Dec 27 336 Dec 28 3
Dec 53.6
Stocks,
Railroad,
Stale,
Ill Cent pref full pd
United
1.000 10236 Dec 27 10231 Dec 22 10254 Dec 10436 Feb
Week Ending Dec.28.
Shares.
&c.
Municipal &
Preferred
100
Slates
100 10636 Dec 28 106% Dec 28 105% Oct 11836 Dec
Bonds.
Mar
Foreign Bcts
RR sec
Bonds.
100
30 65 Dec 28 65 Dec 28 644 Nov 70
Mar
Keokuk & Des M_ _100, 100 2 Dec 27 2
Dec 27 131 Dec 336 Mar Saturday
378,061
$3,338,000
$477,000
Manh Elev Gtd
$1,114,000
100
100 40 Dec 2
734,991
Apr Monday
4,606.000
M St P & S S NI_ _ _100 2,90039 Dec 26 40 Dec 22 32% Dec 60
616,000
2,502,000
42 Dec 28 39
Dec 63)6 Mar Tuesday
BOLT DAY
Preferred
100 400 68 Dec 2 68 Dec 27 60
Dec 100)6 Mar Wednesday
1,313,515
N y Central rights
5,890,000
1,051.000
2,177,000
7,625
31 Dec 2
Thursday
he Dec 22
31 Dec
1,304,101
7,272,000
% Dec
1,170,000
Reading rights
7,471,000
53,568 331 Dec 2
356 Dec 22 331 Dec 34 Dec Friday
1,095,700
8,517,000
1,290,000
Industrial &
3,279,000
Am Cotton 011 ctfs
Tet•n I
5,900 94 Dec 26 10% Dec 27 8)6 Dec
0 10 105
.
590099 nnn C4 004 nnn 510 045 nnn
Preferred ctfs
5,200 27% Dec 22 3136 Dec 28 264 Dec 1014 Dec
314 Dec
American Snuff
100 300 136 Dec 28 137 Dec
Sales at
Am Teleg & Cable_..100 200 40 Dee 27 4031 Dec 27 130 June 15231 Feb
Week ending Dec. 28.
Jan. 1 to Dec. 28.
24 40
Dec 58% Feb
New York Stock
Atlas Powder
6; 5001 534 Dec 26 54 Dec 27
51
July 573.4 June
Exchange.
Am Metal tern ctf pf_100', 200106)1 Dec 22 107
1923.
1922.
1923.
1922.
Feb
Am Writ Paper etre de13-1 3,500 1 Dec 27 1% Dec 22 106 June 117
Dec 27 1
Dec 136 Dec Stocks-No. shares _ _ _
Assets Realization._ _10 700
5,636,368
4,256,284
234,241,018
Dec 22
256,123,428
31 Dec 22
Nov 1
Bonds.
Jan
Atl Fruit Col T elf dep _ 1,300
Dec 28 136 Dec 24
Nov
Atlas Tack
0 1,100 836 Dec 27 9 Dec 26 8)6 Dec 2% Feb Government bonds_ _ _ 516,543,000 $22,909,000
',
5802,658.000 $1,868,083,000
2036 Feb State and foreign bonds
Auto Sales
4,604,000
6,943,000
50 400 236 Dec 27 236 Dec 27 2
435,711,000
590,626,000
Jan 436 Feb RR.& miscell. bonds__
Preferred
29,623,000 27,947,000 1,531,636,000 *2,058,3
100 1154 Dec 27 1131 Dec 27 11
50
15,000
July 14)6 Feb
Bayuk Bros 1st pref_100 10 9831 Dec 27
9831 Dec 27 97
Oct 12436 Apr
Total bonds
Burns Bros prof
350,770,000 557,799,000 $2,770,005,000 $4.517,0
100 30 9436 Dec 26 9434 Dec 26 94
24,000
Sept 1094 June
05 20 1
Calumet & Hecht
* Corrected total.
834 Dec
Case (J I) Thr Mach___*1 1,70 2036 Dec 22 1836 Dec 22 175.6 Oct 2034 Oct
26 22 Dec 28 17
DAILY TRANSACTIONS AT THE NEW YORK
Dec
Mar
Century Rib Mills
CURB MARKET.
• 70 2954 Dec 26 2931 Dec 26 28 June 42
363.4 Apr
Cert-Teed Prod
100
10 30 Dec
July 45
Mar
Cluett Peabody pref_100' 20 10436 Dec 27 30 Dec 27 23
STOCKS (No. Shares).
2 105 Dec 28 9931 Oct 110
BONDS (Par Value).
Feb
Conley Tin Foil
Week Ending
' 1,400 1036 Dec 28
3
Commercial Solvents,A •j 20 404 Dec 27 II% Dec 24 936 Nov 2231 Jan
December 28.
Ind.&.3fis
Ott.
Mining. Domestic. For'n Cori.
404 Dec 28 25
Ape 46
Feb
*
500 364 Dec 28 3734 Dec 26 15
Apr 40
Dec Saturday
C Congoleum Co
34,205
•10,10 4451 Dec 28 4536 Dec 27 4434 Dec
78,955
123,425
262,000 5106,000
4536 Dee
Consolidated,Gas rights_ 10060
63,498
185,875
14 Dec 22 256 Dec 27 131 Nov 24 Dec Monday
285,750
237,000
48,000
Tuesday
Cosdcn & Co pref _ _100
Holiday- Christmas Day
70 92 Dec 26 93 Dec 27 8331 Oct
10931 Feb Wednesday
Crex Carpet
50,470
540 20 Dee 28 24 Dec 22 20
100
175,405
176,925
319,000
Dec 3036 Nlay Thursday
142,000
Deere & Co prof
64,840
100 300 6036 Dec 28 61
261,010
179,125
Dec 27 6031 Aug
446,000
134.000
Dome Mines
64.915
• 2,200 1951 Dec 28 1936 Dec 27 1734 Nov 733.4 Jan Friday
154,944
204,750
611,000
204 Nov
137,300
Douglas Pectin
*, 1,300 11 Dec 26 11% Dec 28 11
Oct 1431 June
Total
Du Pont deb 6% _ _ _ _100 400 8551 Dec 27 86 Dec
277,928
856,189
969,975 51,875,000 5568,300
26 8136 Apr 8934 Apr
Elk Horn Coal Corp pf 50
100 20 Dec 28 20 Dec 28 20
Dec 36
Jan
DAILY TRANSACTIONS AT THE BOSTON, PHILAD
Emerson-13rant prof _100 1,500 8 Dec 28 9
ELPHIA AND
Dec 26 85.4 Dec 3036 Feb
Fairbanks Co (The)_ _25
BALTIMORE EXCHANGES.
200 3 Dec 26
Dec 13
Feb
5, 2,200 5 Dec 28 35-4 Dec 28 3
Gardner Motor
531
Dec 1421 Apr
Gen Am Tk Car7% p1100, 100 93 Dec 26 93 Dec 24 5
Dec 26 86
Nov 103)1 Mar
Boston.
Philadelphia.
General Baking Co_ _ .
Baltimore.
200 9336 Dec 22 9336 Dec 22 72
Week ending
July10336 Nov
Gen Refractories
1,300 52 Dec 28 534
Dec. 28 1923.
Shares. Bond Sales. Shares. Bond Sales. Shares.
Dec 5536 Dec
Gimbel Bros pref. _ _ _100 400 99 Dec 24 994 Dec 22 52
BoneMales.
Dec 22 964 Jan 1024 Feb
Great West Sugar 01_100 200 1054 Dec 22 10554
Dec 22 10236 Aug 1084 Mar Saturday
•15,097
16,700
Gulf States St'l 1st p1100 600 1004 Dec 27
3,322
7,500
404
13,000
10031 Dec 27 9831 Oct
Monday
*27,925
120,400
Hanna 1st prof Cl A_100
9,661
10534 Feb
267,000
100 92 Dec 22 92 Dee 22 88
488
Nov 97
Christmas Day-St ock Excha nge Closed 22,500
Aug Tuesday
Hartman Corp
• 3,200 40)6 Dec 27 413.4 Dec 26 3
931 Nov 424 Nov Wednesday
*23,627
203,300
Hupp Motor rights
10,255
950.000
10,100 14 Dec 27 14 Dec 27
596
32,000
134 Dec 1% Dec Thursday
*53,937
346,500
Hydraulic Steel pref _100
10,250
451,700
1,053
300 336 Dec 28 336 Dec 24 2
31,000
Dec 25
33,659
Apr Friday
114,000
Indian Motorcycle_ _ _
5,300
60,000
1,400 18 Dec 24 1954 Dec 26 18
1.973
15,300
Dec 1934 Dec
Ingersoll Rand
100
27 15436 Dec 22 157 Dec 27 119
Total
Apr 185
154,245
Nov
Inland Steel WI
800,900
39,788 1,736,200
• 7,900 3431 Dec 24 3634 Dee 26
4,514
113,800
31% July 4034 Apr
Preferred w I
100 600 99 Dec 22 9936 Dec 27
9634 June10536 Apr Pl.ncr mnolr rnsylanfl 110 920 1 770 700
cn non 9 RRR non
Invincible Oil v t ctfs._• 1,500 154 Dec 26
7 412
102 onn
Int Agricultural new.___ 3,450 4 Dee 28 1636 Dec 26 94 July 1636 Dee
* In addition sales of rights were: Saturday. 1,344;
416 Dec 26 4
Dec
Monday, 1,194; Wednesday,
International Shoe.._ _*
500 7734 Dec 26 7941 Dec 28 644 June 43.6 Dec 364; Thursday, 122.
794
Preferred
100
115 Dec 27 115 Dec 27 14% Sept 120% Dec
Mar
Int Tel p & Teleg_ _100
500 6736 Dec 28 6851 Dec 26
Intertype Corp
400 29% Dec 27 3034 Dec 26 24% Nov 71% Apr Daily Record of U. S. Bond Prices Dec. 22 Dec. 24 Dec. 25 Dec. 213
Dec. 27 Dec. 28
4136 Mar
Iron Products ctfs
400 4636 Dec 27 48
K C Pow & Lt 1st pref.' 100 93 Dec 24 93 Dec 26 3151 Aug 49% Dec First Liberty Loan
(High 9920.. 991632
Dec 24 91
June 9736 Sept
9920.2 991055 995.5
Kansas & Gulf
10 1,500
354% bonds of 1032-47_( Low_
36 Dec 26
61 Dec 24
9916.1 99,
)1 Aug 3% Jan
4,
99,41 994, 9942
Kelly Spr Tire6% p1.100
700 7234 Dec 26 75 Dec 27 70
(First 3%s)
(Close 99103. 9910.
Nov 96
9920
. 9903.
Aug
990.3
Kelsey Wheel pref.. _ _100
100 104 Dec 27 104 Dec 27 98
Total sales in $1,000 units_ _ _
165
73
May 10436 Apr
358 1,052
224
Kinney Co
• 100 59)1 Dec 28 61
Converted 4% bonds of (High
Dec 27 3536 Apr
Loose
-W Disc 2d pf_ _100
-100103)1 Dec 28103)1 Dec 28 103% Dec 644 June
1932-47 (First 4s) _ ___( Low_
117
Mar
Mall'son(IIR)&C) pf 100
100 88 Dec 26 88 Dec 26 82
(Close
May 904 Feb
_Macy al II) Pref. _100
Total sales in $1,000 units__
200112)1 Dec 24113)1 Dee 28 111% July 115
-Feb
- -- Mackay Cos pref....IGO
-- ----Converted 434% bonds (High 980
100 644 Dee 24 644 Dec 24 644 Dec
..
9811.2
9820.1 9810.: 9810.1
7036 Feb
Manhattan Bcacti
01 1932-47 (First 431s) Low
100 65 Dec 28 65 Dec 28 65
(
982.,
Dec 65
986.,
982.1
982.1
Dec
Met Edison prof
982.2
300 924 Dec 27 93 Dec 24 87
(Close
95's,
95'31
Aug 9936 Mar
98t32
980.1
Nat Bk of Commerce 100
980.1
Total sales in 31,000 units__
6 298 Dec 28 298 Dec 28
16
115
35
122
Mar
Nat Cloak & Suit p1_100
40
Second Converted 421% (111g
200 96 Dec 27 96 Dec 27 89% June 309
____
980.,
Nat Dept Stores
Feb
5,300 4031 Dec 28 42% Dec 24 354 June 104
bonds of 1932-47 (First( Low_
___ 086
.,
42% Apr
Preferred
100 600 9336 Dec 22 94% Dec 26
Second 431s)
(Close
____
9841
08103
,
National Supply
50 2,700 66% Dec 27 664 Dec 27 0034 July 974 Apr
Total sales in $1,000 units__-54%
1 BOLTPreferred
100 200101)1 Dec 28101)1 Dec 28 1014 Oct 68% Dec Second Liberty Loan
(High
........DAY..._
Dec 104
983
.1
N Y Canners
Nov
9- •n
8
4% bonds of 1927-42.._ Low_
300 243.4 Dec 27 25 Dec 22 2454 Dec
(
____
- --____
32% June
NY Steam, preferred 100
9821.
9823.
100 91 Dec 22 91 Dec 2 91
(Second 4s)
__ _ _
____
(Close
___
Onxy Hosiery
Oct
983
..
982n
Total sales in $1,000 units ___
• 100 253-4 Dec 28 2554 Dec 28 25% Dec 92
Dec 50
- -Apr
--2
Preferred
4
145 80 Dec 24
100
Converted 434% bonds (High 980-OP.. 982.:
..
98
Dec 98
1.1
Apr
Otis Elevator, pref 100 200 994i Dec 28 86 Dec 2 86
9821.
of 1927-42 (Second (Low_ 981
9931 Dec 28 9831 Au 10031
.,
986
.,
986
.,
Otis Steel, prof
98412
June
9842
100 400 57 Dec 22 58 Dec 28 45
431s)
(Close 986..
Oct 724 Mar
9842
984, 984, 9842
Pacific Tel & Tel, pf _100
100 93 Dec 24
Total sales in
114
115
292
542
Panhandle P & It p1.100 675 30 Dec 22 93 Dec 24 9136 Jan 9436 Sept Third Liberty 51,000 units_ _ _
69)
38 Dec 26 2736 Dec 68
Loan
(High 9942
mon 9911.
9914,
9942
Jan
Penney (J C) Co Prof 100
431% bonds of 1928
100 10334 Dec 24103)1 Dee 24 102
(Low_
Apr 10436 Dec
9942
9941
9941
Penn Coal & Coke_ _ _.50 700 2754 Dec 27 2936
9942
99ln
(Third 4)48)
Dec 27 27
(Close 993.1
9911,, ogio,
Nov 4331 Apr
iinii.
9941
Phoenix Hosiery
5
100 2936 Dec 26 2936 Dec 26 27
Total sales in $1,000
.
672 1,595
Or
1,034 4,176 1,08)
Preferred
Mar Fourth Liberty Loan units__
100
200 933.4 Dec 27 9336 Dec 27 89 June 47
(High 9810:1 9805,
98"n 98•st
Philo, Co 6% Pref _ _ _ _ 50
Mar
9814
434% bonds of 1933-38-- i Low. 982.,
200 413.4 Dec 28 423.4 Dec 26 4134 May 100
982.1
454 Feb
980
..
Pierce Arrow prior prof.
9821.
982.1
• 300 6334 Dec 28
(Fourth 4 368)
(Close 9841
July 7236 July
98ln
98ln
Pittsburgh Steel 01'0_100 600 94% Dec 22 64 Dec 27 60
98 n
,
984,
Total sales in $1,000 units_ _ _
199
335 ,
15 1 018
,
93;
Apr Treasury
Pitts Utilities, prof. _ _ 10 200 1036 Dec 27 95 Dec 26 904 Dec 98
1036 Dec 27 10
,
(High 0911., 9922
., 9910
Jul 1136 Sept
9911., 9910
Porto Rican Am Tob 100
.
421s, 1947-52
200 65 Dec 28 65
(Low_
990
” 9933,
Feb 96
994:
9941
99ln
Mar
Prod & Ref Corp ars_ 50 1,300 224 Dec 24 23% Dec 28 60
(Close 9910.1 9911.,
990
.,
990.1
990
TnIns col.. its CI nn0 ....o.
P S Corp of N J pf 8%100 1,100 99 Dec 26100)1 Dec 28 1736 Nov 2336 Dec
.,
AK
520
Dec 22 95
64
Dec 1084 Mar
541
24:
7% Preferred
100 200 9736 Dec 28 99%
Sept 10436 Apr
Ry Steel Spring pref_100 300 113 Dec 27 1134 Dec 22 90
Note.
-The above table includes only sales of coupon
Dec 22 11031 Oc 1213.6 Mar
Reis (Robt) & Co
400 15 Dec 24 15 Dec 24 10
Aug 194 Mar bonds. Transactions
1st preferred
10
in registered bonds were:
600 73 Dec 24 73 Dec 24 67
Sep 82
Jan
So Porto Rico Sug P1-10
200 98% Dec 28 98% Dec 28 9
,
994., to 996
254 Jan 100% Nov 12 1st 3%
.146 3d 431s
Stand Milling Pref _ _ _10
990,1 to 990..
100 8136 Dec 26 8136 Dec 26 81
981.1 to 984., 71 4th 431s
Dec 97
Mar 22 let 4318
Superior Steel 1st p1.100
986.. to
30011451 Dec 24.115 Dec 27 954 Jun 115
9841 to 9841 9 U.S. Treasury 454ti.__9941 to 980..
Dec 11 2d 4)15
Tex Pac Land Trust_ 100
50 320 Dec 24 321
99ln
Dec 27 274
Dec 324 June
Transue & W'ms Steel_• 200 34 Dec 26
Quotations for U. S. Treasury Certificates
3431 Dec 27 30 June 40
Apr
Union 011
of In• 1,000
36 Dec 22
31 Dec 26
Jan,
34 Jan debtedness, &c.
United Cigar Stores_ _100 1,1001204 Dec 26 210 Dec
-See page 2856.
26 129
OcU220
Feb
United Paper 11.1_ _ _10n
500 1831 Dec 22 1034 Dec 28 14
June 19% Dec
1
134
34
31
1
36
Foreign Exchange.
-See page 2856.
2870
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
page
For *ales during the week of stocks usually inactive, see preceding
Sales
-PER SHIRE, NOT PER CE.VT.
ir AND LOW .34.1.11 PRICE
------------ for
--------the
1Prklay,
Wednesday. Thursday
Tuesday.
Monday.
Saturday,
Week.
Dec. 23.
Dec. 27.
Dec. 26.
Dec. 25.
Dec. 24.
Dec. 22.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHIRE
Range since Jan. 1 1923.
On Oasts of 100-share lots
Lowest
Highest
PER SHARE
Ranye for Previous
Year 1922.
Lowest
BloAsif
$ per short $ per shire I per that's
Purl $ per share
Railroads
per share $ per share $ per share $ per share $ per share Shares. Ann Arbor preferred
$ per share
8
277 Jan 62 Aug
100 21 Sept 28 45 Feb 23
200
32
.31
37 .3114 37
32
4 3113 3111
4
.31
31,
913 Jan 10812 Sept
Topeka & Santa Fe_ _100 94 Oct 27 10518 Mar 3
4 9638 964 4,700 Atch
963
9613 96
96
9612
8
4
4 96
953 953
843 Jan 9512 Aug
5
100 8558 Dec 23 90 8 Mar 6
Do pref
8
4 884 8812 855 854 3,300
8778 883
513 Apr
8
881s 88 4 8818 883
,
34 Feb 21
33 Jan
114 Aug 14
1,700 Atlanta Birm & Atlantle 100
17
14
8
14
178
8 2
*17
8
17
14
2
83
8 2
Jan 1247 Bent
*17
8
500 Atlantic Coast Line RR__ _100 1097 July 31 127 Feb 26
11138 112
4
*111 1113 111 111
111 111 •111 11212
3312 Jan 6014 Aug
4
100 4018 Jan 17 603 Dec 8
5334 5812 534 584 534 12,600 Baltimore & Ohlo
58
5814
5818 584 58
524 Jan 6614 Aug
8
4May 7 607 Mar 21
100 553
Do pref
1,500
8
5814 5814 5814 5312 587 59
4
5812 58, 5812
.58
914 Oct 29 1438 Dec 13
4
133
4 1318 133 13,700 Bklyn-Manh Tr ctfs___No par
13
3
127 14
*1212 1273 1258, 13
4
Certificates, pref _ _ _ _No par 3412 Oct 29 473 Dec 26
8 7,500
463
4 46
4 4512 473
44
473
,
4
4313 434 4312 433
100 139348003 21 160 Apr 18 11918 Jan 1515 Aug
14614 1164 11614 14634 3,060 Canadian Pacific
1454 146
Jan 79 Aug
145 14518 14512 1454
54
100 57 June 27 764 Jan 30
6914 694 4,900 Chesapeake & Ohlo
71
7018 7118 6914
8
693 6912 6934 7012
8
3
100 98 June 29 1047 Feb 23 1003 Dec 1054 Oct
Do pref
500
4
8 933 99
8
124 May
8
9 14 9812 983 983
*9312 99 .9812 99
4
13 Jan
44 Dec 3
2 May 21
100
333 314 3,100 Chicago & Alton
314 33
3
2 312
33
8
314 33
,
34 Jan 20% May
314 3 4
8
8
33 Jan 12 123 Dec 1
100
Do pref
3 912 3,100
93
4 94
93
10
104
10
10
*978 10
1214 Jan 434 Aug
100 19 Aug 6 384 Feb 13
2514 254 2,300 Chic & East Ill RR
2534 26
26
28
28
26
26
28
3118 Jan 644 Aug
100 4612 Aug 15 6214 Mar 26
Do pref
,
49
4912 4912 4913 49 4 4912 2.400
49
4
49
50
34 Dee 103 May
*49
7 Feb 7
24 Oct 26
1,830 Chicago Great Virestern_100
4
4
414
4
418 44
414 414
44 44
7 Dec 2412 May
26 17 Feb 6
67 Oct
a
100
Co prof
104 104 104 104 2,703
1014 11
10
10
1012 10
8
1714 Jan 363 Aug
2638 Mar 5
8 1214 134 19,400 Chicago Mliw dr St Paul__ _ 100 1114 Oct 25 4512 Mar 5
133
1212 1318 13
Jan 5514 Sept
1178 1214 12
3
123
29
100 204 Dec 19
Do prof
29,900
4
8 223 234 224 23
2212 233
3
Jan 954 Sept
214 213
59
4 214 223
483 31,030 Chicago & North WiNtern_100 4718 Dec 27 88 Mar 5
4773 4834 474 4812 48
Jan 125 Aug
8
475 483
4
4314 4813
100 974 Dec 2S 1184 Mar 21 100
Do prof
2,500
9718 973
99
98
,
98 2 994
3012 Dec 60 Sept
99
99
100 100
Chicago Rock Isl & PacIfic_100 1918 Oct 25 3778 Mar 21
20,000
4 2012 21
213
2112 21
21
4
8314 Jan 105 Sept
2112 214 213 22
4 95 Feb 9
100 72 Aug
7% preferred
1,300
751
75
7612 7514 76
76
76
*7612 7712 76
7014 Jan 95 Sant
8
100 607 Aug 4 85 Mar 5
6% preferred
3,400
6414 13312 611
4
643 6512 63
Jan 5312 Apr
4
643 647
38
8 6511 6514
100 17 Oc.29 454 Feb 13
5,200 Colorado & Southern
191
1914 19
19
19
19
1912 1812 1914
1912
100 93I4 July 7 12412 Feb 13 106314 Jan 14112 Sent
1,700 Delaware & Hudson
108 108
108 108
4 107
1053
Oct
4
4
106 10614 1053 1053
Delaware Lack & Western_ 50 1094 Oct 26 13012 Feb 8 108 Feb 143 4
4,300
11114 112
112 115
113 113
153 May
Jan
11214 11213 1121.1 11212
7
4
100 1018May 22 223 Dec 6
8
215 224 2114 214 2114 211 24,300 Erie
2812 Aug
3
114 Jan
s 213 2153
2114 213
100 15 Jan 17 3114 Dec 6
Do 1s1 preferred
11,500
8 295 297
8
3
8
8 295 297
4
293 303
8
2914 2914 293 2912
71 Jan 2014 May
8
100 1034May 21 275 Dec 6
Do 2d preferred
2514 254 4,600
4
8
257 2618 253 26
2512 253
4
25
25
704 Jan 954 Oct
8
100 505 Oct 25 80 Mar 5
8
554 5614 5218 5318 515 524 29,000 Great Northern pref
8
5512 56
2318 Nov 453 Apr
4
553 56
Iron Ore Properties_No par 25 July 2 36 Mar 19
2914 2712 28,2 12,500
8 28
293
28
19 May
2814
Jan
8
275 2814 28
5
100
912 Aug 22 20 Mar 5
400 Gulf Mob & Nor tr ctfs
4
143 1434 1418 1418
15
•14
Oct
Jan 47
16
*1313 15 •13" 15
4
8
100 447 Jan 2 623 Feb 21
Do pre(
800
51
5012 50,
50
2
51
*49
4
503 50 4
3
974 Jan 11514 Sept
*48
51
100 9953 Dec 19 11712 Feb 21
4 012 3,000 Illinois Central
10114 10112 10014 10012 993 10
10112 10112
4
*10114 102
173 Doc 3214 Aug
gi2June 30 22% Mar 14
100
8 1114 114 5,400 Interboro Rap Tran
4 1114 115
113
11
3
103 1114
1034 11
17 Nov 3014 Apr
8
8July 31 247 Mar 21
2,400 Kansas City Southern_100 153
4
173 18
18
1818 18
18
18
,
52 4 Nov 5912 Apt
18 .174 184
4
100 48S July 30 573 Mar 5
Do pret
200
53
53
53
51 .52
*52
5253 524
*52
53
564 Jan 72 Sept
50 54 June 30 7138 Feb 7
7,800 Lehigh Valley
59
8
597 6012 594 594 59
Jan 1444 Oct
6913 60 3
3
61
*66
4
100 813 Oct 30 155 Feb 26 108
& Nashydle
1,300 Louisville
4
873 88
4
8 873 88
833
88
8
88 8818 877 8813
18 4512 Apr 17
2
8 285 2914 9,300 Mani) Elevated, mod guar_100 2712 Dec 26 22 Mar 12
4
283 297
2912 30
11 Mar
294
34 Jan
29
2914 2914
100
712 Oct
300 Market Street RY
1212 1212 *1112 12
13
13
Jan 504 Apr
*1012 13 .101. 12
17
100 23 Oct 29 6812 Mar 12
Do prof
100
41
.35
41
.35
35 35
42
Jan 76 Nov
40 .26
35
*35
87 Mar 12
100 5612 Oct 29
Do prior prof
4 1,700
3
647 653
67
66
69
86
*6412 66
66
Vs Jan 32 Apr
*63
100 144 Oct 29 5614 Mar 12
Do 2d prof
400
8
294 295
30
*29
31
30
1412 Apr
Jan
30
30
5
*26
*26
912 Feb 13
8
7 Aug 15
100
8
13
14
114 1,800 Mlnneap & St L (neto)
118
8
.114 13
4
193 Aug
712 Jan
114
114
3
•114 13
4
93 Oct 31 17 Feb 15
8
8 107 111 10,600 Mo-Kan-Texas
113
1118 1112 11
1114 11
2412 Jan 484 Aug
1118
11
8
247 Oct 30 4512 Feb 14
Do prat
8
304 295 30 4 3,200
,
8 30
8
293 305
1512 Nov 2514 Apr
8 2913 2912
8
295 297
814 Oct 24 194 Feb 14
trust etts_100
3
913 93 11,000 Missouri Pacific ctfs
4
4
914 93
,
0 2 94
40 Nov 633 Sept
4
912 94
912 93
100 2214 Oct 25 49 Feb 10
Do pre( trust
2834 2712 2814 11,200
28
2814 29
74 may
4
8
43 Feb 15
23 Nov
28
2834 2814 29
114 Nov 20
prof_ _100
15s 1,300 Nat Rys of Max 2d
8
15
112
8
15
4
8
4 13
13
8
547 Jan 873 Dec
14 105 Mar 26
*134 2
4 13
13
4
e_100 8212 Aug
8 2,100 New On Tex & Mos v t
963
4 95
4
9658 9631 953 953
7234 Jan 10118 Oct
954 9638
4
963 97
100 9012May 4 10714 Dec 12
10334 10414 104 10412 104 10438 24,100 New York Central co w 1_100 6712 Aug 9 8013 Dec 3
104 1044 10353 104
800 N Y C & St L new
7613 761
77
77
77
77
*7634 7714
77
77
100 88 Nov 15 9512July 3
Preferred w 1
1,900
86
86
86
Aug
86
86
86
Stock
12'z Jan 313
*86
864
86
86
8July 5 2212 Jan 30
95
100
11,100 N Y NH & Hartford
4
1812 Dec 304 Apr
8
137 1418 133 14
4
133 14
8
1312
1318 1314 13
100 1414June 28 215 Feb 13
2,500 N Y Ontario & Western
8
4 155 16
8 1512 153
834 Jan 2212 June
1838 Feb 9
*1514 16 Exchange '1514 157
*1514 16
9 Sept 1
100
Norfolk Southern
200
4
123 1234 124 1218 .1234 14
9614 Jan 1254 Sept
4
8
*1234 14 .123 14
100 100 Jelly 30 1173 Feb 9
7,000 Norfolk & Western
4
8
Oct
10158 1027 1013 1023
Jan 82
72
10234 10234 Closed- 10112 103
103 103
100 72 Sept 7 7812 Aug 15
Do pref
300
77
7412 *75
8
75 .70
75
73 Dee 903 Aug
8113 Mar 5
77
*75
75 75
4
100 493 Oct
Pacific
35,600 Northern
52
3 51
5112 5214 5113 523
3314 Jan 40% Oct
8
474 Apr 4
514 5212 515 5214 Christmas
8
50 407 Nov 2
8 4114 4112 4114 411 16,250 Pennsylvania
4138 415
104 Jan 264 Aug
8
8
8 413 415
414 415
8 Oct 1 17 Mar 21
100
100 Peoria & Eastern
1012 1014 101
Day
*912 1012 . 2 1012
4
*93 1012 *10
9,
3
Jan 405 Aug
19
100 36 Jan 1 4714June 11
Pere Marauette
4,000
4134 4012 41
4038 4138 41
Jan 82 Aug
63
8
4
4012 404 405 404
100 6712 Oct 15 783 Mar 5
Do prior vet
100
72
*71
71
71
72
*71
744 Aug
72
5018 Jan
4
713 *71
.71
100 5712 Oct 25 704 Jan 9
Do pref
1,200
5912 5912 5912 5912 594 60
Jan 4153 Aug
23
6012 *59
60
*58
8May 10
I00 3378 Jan 27 505
1,000 Pittsburgh & West Va
3818 384 374 38
39
39
Jan 95 Nov
76
*3812 39
•3812 39
100 85 Dec 22 93 Jan 9
Do prat
100
*85
87
87
87 .85
*85
87
*85
85
7118 Jan 871a Oct
85
60 6812.1une 29 8118 Feb 7
Reading
764 7818 7612 7814 7718 771 14,400
8
43 Mar 57 May
7614 7612 71313 765
50 44 June 26 5613 Feb 7
Do lot preferred
,
5138
5414 5414 5312 53 2 534 534 1,000
Jan 594 May
45
54 54 .54
4
50 45 June 28 563 Jan 30
Do 26 preferred
500
*5212 54
53
5312 5333 53
5333 5314
1712 Feb 534 June
54 54
100 2212 Oct 21 39 Dec 4
pref
100 Rutland RR
3214 324
*3112 35
*3112 35
8
2014 Dec 323 Aug
*3112 35
*3112 35
27 27 Mar 21
4 1712 1814 5,900 St Louis-San Fran tr ctts 100 164 Oct 3 50 Mar 5
183
4 18
1814 183
4
343 Nov 58 Aug
1814 1814 1814 1814
100 3212 Jan
Do pref A trust ctfs
41
4114 4114 1,500
4 41
413
41
8
8 404 404
8
203 Jan 367 Nov
8
404 407
Aug 4 363 Feb 10
100 2512
7,300 St Louis Southwestern
8 314 32
2
8 314 327
3112
3114 327
s
323 Jan 597 Nov
8
8June 28 637 Mar 21
3112 3112 *31
100 543
Do Met
4 5718 5714 1,100
4 573 573
.5678 573
4
Apr
,
10
713 Feb 10
24 Jan
5612 561 .
*5812 57
434 Aug 15
100
618 1,400 Seaboard Air Line
6
6
6
6
614
WA Apr
6
418 Jan
6
Dec 7
4
614
814 Aug 1 153
100
Do pref
4 1,200
4 135 133
8
4 133 133
4
8
135 133
1312 1312
7818 Jan 9614 00r
1278 13
100 8414 Aug 14 954 Fob 21
Southern Pacific Co
4
8714 8618 863 11,800
8512 8714 86
8
1714 Jan 284 Aug
854 854 855 86
4
100 243 Jan 6 384 Dec 6
3733 16,300 Southern RallwaY
3634 3712 37
3733 37
Oct
Jan 71
46
8
3614 361. 364 384
100 63 July 2 707 Mar 22
Do pref
400
4
4 664 603
4 663 663
664 663
4
Apr
4
183 Nov 36
67
*66
67
67
100 14 Aug 4 2912 Mar 21
1,300 Texas & Pacific
1812 19
19
1812 1912 *18
1312 Nov 254 May
19
1914 Feb 10
183
4
,
19
.,
1838
812 Dee 28
100
813 85
8 1,400 Third Avenue
8 9
9
85
9
Jan 6212 Sept
34
9
9
9
9
Twin City Rapid Transit_.100 5614 Jan 19 7712June 11 125
_
634
6378
64
Jan 1542 Sept
4
6412
1001 12112 Aug 4 1444 Feb 26
. 2 127
8
1263 12712 15,100 Union Pacific
4
1253 12714
80 AU3
7114 Jan
l263i 127l
1001 7012 Oct 30 7612 Jan 6
Do prof
1,500
4
., 703 714 703 7133
4
3
713 713
4
714 713
*7114
713 Jan
8
197 Apr
74 Oct 29 2178 Mar 6
1114 1,700 United Railways Invest_._100
4 11
113
1112 11
10
2014 Jan 3812 Apr
4 93
10
93
4
10
100 26 Oct 29 62 Mar 5
Do prof
3814 4,400
40
4 37
3812 393
Ws May
36
Jan
3514 354
6
7 Mar 10 12 Dec 8
.3513 37
100
8 3,100 Wabash
8 103
104 104 103
Ws Aug
4
103 11
Jan
19
100 2314 Jan 17 3613 Dec 6
4 104 10%
104 103
Do pref A
3
8
344 33 4 344 12,800
335 3478 34
Ws Aug
1214 Jan
3314 3312 335 34
8
Jan 18 2334 Dec 8
100 1612
1)0 pref B
300
2218
*2114 224 2214 2214 22
174 Aug
814 Jan
8 Sept 27 15 Feb 9
*2114 2212 .2114 23 2
,
100
8 1,800 Western Maryland
8 87
87
2812 Dec
914
9
Jan
13
4
8
8
100 14 Sept 27 263 Mar 22
,
*873 9 2 *87 93
Do 26 preferred
lly 19'4 1513 1512 1,900
538
134 Jan 2478 Apr
4
3
153 16,
Mar 5
4
16
•153 1614
100 12 Sept 28 2014
16
8 2,700 Western Pacific
1478 153
1578 16
5112 Mar 647 Sept
8
1518 16
3
15,
100 53 May 7 634 Mar 5
*1514 1512 15
Do pref
300
61
60
5814 59 .58
1612 June
*53
6 Feb
5912
*58
6 Oct 25 1012 Feb 13
61
.58
8 712 3,700 Wheeling & Lake Erie Ey _100 10 Oct 30 19 Feb 13
67
8
4
73
7
94 Jan 293 June
74 8
100
74 713
714 712
Do prof
900
13
1314 135,3 1334 14
13
Jan 3314 Mar
35
8
4
100 23 Aug 4 387 Dec 12
.1312 1414 *134 133
900 Wisconsin Central
'33
35
35
35
35
35
35 35
*34
35
Industrial 8c Miscellaneous
Oct
Jan 83
48
100 67 Sept 28 82 Mar 3
300 Adams Express
74
7418 *733 7414
4
74
74
3
107 Jan 23 Aug
612 Oct 29 1912Mar 8
100
75
*74
4
*733 75
1,300 Advance RumelY
914 97
8
933 94
8
84 9
313 Jan 304 Aug
100 24 Nov 1) 5438 Jan 14
812
,
8 2 812
.84
Do pref
3 2,100
333
4512 Jan 66
Oct
3214 3214 3213 32
31
2 724 Mar 19
31
31
*3014 31
700 Air Reduction, Ino____No par 50 July 16 147 Mar 14
94 July
4
4
6714 6612 67, '664 6712
181 Apr
*67
8
414 Oct
50
6714 674 6714
.67
940 Alas Rubber, Inc
512 6
8
58 55
8
2
7 may
4 Dec
513 57
%Mar 9
18 Aug 16
10
5$i 6
54 6
4
2
:
18
18
3.800 Alaska Gold Mines
2 may
Bs Jan
8
17 Oct 19
10
4 Oct 9
1748
*15
14
*Is
1
118
14 3,600 Alaska Juneau Gold Min par 5914 Aug 9 80 Jan 2
1
14
1
5538 Jan 91% Sept
78
*4 1
8
3 083 6913 13,800 Allied Chemical & Dye_No 100 10.533 Aug 16 112 Mar 2 101
4
2 685 693
Jan 1154 Sept
3
685 70,
52 704
6914 63
69
Do prof
1,600
4
4
4
•11014 1104 1103 1103 1103 11034
8
•10912 11012 11014 1103
4
373 Jan 594 Sept
100 3734June 28 5114 Feb 16
3 4512 4512 6,000 Allis-Chalmers Mfg
4618 454 463
45
8612 Jan 104 Sant
100 89 Nov 20 974 Jan 27
444 4412 4.413 4412.
Do prof
9034
9034 •89
4
903 .89
*89
2714 Nov 4272 June
8
3 367 Feb 21
91
3
92 8 .89
*90
1212 1312 11,300 Amer Agricultural Chem_ _100 1018July
4
123 1314 1258 13
Jan 7214 Sept
56
8
100 284 Oct 31 687 Fob 21
8
3
117 1214 1211 127
Do pref
4 7,900
423
40
4018 42
Dec
4
393 41
Jan 91
58
50 77 Jan 6 109 Nov 26
4014 4038 4112
39
Americas Bank Note
98
98 .95
98 .95
•95
51 July 5512 Dee
50 5012June 29 5514 Aug 14
98
.95 98 *95
Do prof
200
54
"51
5312
5312 •5113
53
314 Jan 49 June
100 25 Aug 4 4912 Feb 13
Sugar
5312
5312 .51
.51
4114 2,900 American Beet
8 41
417
Apr
4112 421s 41
3114 Jan 49
Mar 6
414 414
4134 42
1,500 Amer Bosch Magneto_ _No par 2234 Oct 30 80 Feb 16
36
83
363 36 4 364 3 4 36
3
4
Jan 8812 Sept
51
6918 Sept 13 8314
4
4
353 363
36
36
7612 7714 1,400 Am Brake Shoe dc F_ __No par 102 July 3 110 Jan 14
4
753 76
Oct
7414 75
9814 Jan 113
100
74
744 *73
*73
Do prof
200
105 105 .103 10712 10712 10712
3214 Jan 764 Nov
100 7312 Jan 2 10753 Dec 17
.IC3 10712 *105 10712
4
8
10118 10512 104 105% 1033 1053 49,100 American Can
9314 Jan 1134 Deo
100 106 Sept 6 115 Feb 20
103 10414
prof
103 104
Do
300
8
Oct
•10814 10913 •1083 10912 •10812 10912
Jan 201
Mar 7 141
4
10834 1083 •10314 10913
2,000 American Car & Foundry-100 14814July 12 189
8
,
161 1627 16114 16314 162 162
100 117 Sept 17 1254 Jan 18 1154 Jan 1261 Nov
16012 16113 *16012 162
Do pref
100
120 120 *119 121
•116 121
,
8June 28 25 2 Mar 29
'116 121 *116 121
600 American Chain, cl A....25 203
*2212 23
23 23
23
14 May
23
5 Nov
8
4
53 Jan 30 173 Nov 7
No pa
23
2278 224 23
8
16
1514 154 157 1612 2.800 American Chicle
16
3012 Mal
1514 Nov
334 July 11 204 Jan 4
100
4
*153 16
8
157 16
American Cotton Oil
_
-334 Nov 61 may
Jan 4
4
100 14 May 18 381
Do prof
714 Aug
44 Jan
752 Feb 23
44 Sept 19
Amer Druggists Syndicate_ _10
4 *513 57
512 53
514 54 1,700
Oct
100 87 Nov 19 14313 Mar 2 126 June 162
512 6
54 512
•
900 Amer can Expreed
90
104 Dec 1713 Apr
8918 8912 8812 8918 "88
4
618 Aug 9 133 Mar 7
90
*8812 90 .89
,
918 934
914 9 4 6,700 American Hide & Leather-100 293 Aug 9 741
Jan 74a4 Sept
58
84 914
4Mar 7
7
4
100
8 88
83
8
8
Do pref
49
5012 15,000
53
8 50
8
5014 525
243 Dee 304 June
Corn 100 18 Sent 25 334 Mar 28
4612 464 4614 4912
,
4
224 234 213 221 15 300 Amer International
224 23
22'., 23
22
22
3
ItIg7.8,
A
•Bid and asked prices
a Ex-dividend.
New York Stock Record-Continued-Page 2
For metes during the week of stocks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday,
Dec. 22.
Monday,
Dec. 24.
Tuesday, I Wednesday
Dec. 25.
Dec. 26.
Sales
for
the
iWeek.
STOOK
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranye since Jan. 1 1923.
On basis of 100
-share lek8
2871
PER SHARE
&MO!for Precious
Year 1922.
Thursday,
Friday,
Dec. 27.
Dec. 28.
Lowest
Highest
Lowest
Highest
g Per share $ per share
per share 5 per share $ per share
per share Shares. Indus. & MIscell.(Con.) Par
per share
863 863 •874 873
Per share $ Per share I Per tars
4
4
87
4
/ 88
1
4
86
863
8 343 36
4
1,700 American Ice
100 78 Oct 29 11111 Apr 2
•7914 80
78
Jan 122 Sept
7914 7914
79
79
78
783
4 7814 7814
Do prof
800
100 773 Oct 30 89 Feb 21
4
11
Jan 9514 Aug
72
1114 103 103
4
4
104 1054
1034 1034 *103 1672 1,500 American La France F E
8
10 10'* July 6 13 Mar 1
•17
94 Jan
18
14 July
171 175
/
4
8
177 183
8
8 17
18
17
175
8 2,500 American Linseed
100 13 Oct 30 38 Mar 5
.3212 35
28 Nov
33
4212 Oct
33
3418 3412 3412 344 3312 337s 1,000
/
1
Do pref
100 2812 Oct 30 59 Feb 15
725 7314 7278 7314
8
68 Nov 6412 Oct
744 75
/
1
73
7614 7458 755 42,900 American Locom, new _No par 643
8
4July 5 7614 Dec 27
.115 116 *115 116
.115 116
1153 1154 11514 1153
4
300
Do pref
4
100 114's Sept 15 122 Feb 9 iii- Jan 12214 - 4118 413
4 4114 4134
115e;
411 423
/
4
4 421 4314 .423 43
/
4
4
4,700 Amer Metal temp Ws_ _No par 4014June 30 557 Mar 5
944 9614 96
/
1
8
44 Sept 534 Dec
/
1
97
9512 9612 95
951s 94
9518 4,500 American Radiator
25 76 'an 2 97 Dec 24
*65s 63
82
Jan 129
4 .6
/ 63
1
4
Oct
4
612 64
64 65
8
61 6
/
4
/ 4,300 American Safety Razor_ _
1
4
25
4 .
/ one 27
1
4
918 Feb 19
104 11
33 Jan
4
8
/ Oct
1
4
1012 11 18
103 1114 104 1118 105 107
/
1
4
8
8 7,400 Amer Ship & Comm_ ..No par
101
/
4July 2 2138 Jan
.5714 5712 573 573
54 Jan 244 May
8
4
573 5314 58
8
5913 581 5312 15,300 Amer Smelting & Refining _100 511 Oct 27 694 Mar 5
/
4
/
4
.953 96
43
4
2
/ Jan 6712 May
1
4
953 954
4
.9512 96
954 953
4 955 954
8
800
Do pr et
100 93 June 27 1024 Mar 6
/
1
37
8618 Jan 1044 Oct
371s 3718 3738
3712 38
• 38
3812 375 3814 4,700 Am Steel Fdry tem ctfs_33 1-3 311
8
/
4July 2 404 Mar 21
•101 10112.101 10112
3034 Jan
4618 Sept
*101 10112 10112 10112 *10112 103
100
Do pref temp ctfs
100 977 Aug 14 10514 Feb 9
8
55
91
Feb 10814 Oct
5518 541 553
/
4
s
543 553
4
8 5418 57
.541 5612 13,200 American Sugar RefinIng 100 48 Oct 27 85 Feb
/
4
13
9314 9314 921 93
5418 Jan 857 Aug
/
4
8
92
93
*94
97
93
93
900
Do pref
100 92 Dec 26 1084 Jan 3
1918 1918 184 1912
84
Jan 112 Aug
19
19
194 1912 1918 207
8 3,000 Amer Sum-Ira Tobacco__ _100 16 July 2 36 Feb 14
/
1
4
•44
2314 Feb
48
47 May
47
47
4512 464 4714 4714 50
50
603
Do prof
100 3212July 11 6514 Feb 13
5214 Feb 71
Jan
12412 125
1247 125
8
12412 125
12412 125
12434 125
2,200 Amer Telep & Teleg
100 11918353ne 29 12834 Dec 14 11418 Jan 12814 Aug
*149 151 .148 150
1504 1503 1497 1503 14814 14812 1,100 American Tobacco
4
8
4
100 140',July3 1614 Feb 13 12918 Jan 16912 Sept
•100 10212 1004 10112
10018 10112 *101 10212 101 101 I
900
Do pref
100 10018 Nov 27 10578 Mar 3
•14712 14812 •14712 149
964 Jan 1083 Oct
3
148 14812 1471 1483 147 14712 3,800
/
4
8
Do common Class B_100 140 May 20 1591 Feb 9 126
.38
4
Jan 1658 Sept
40
*38
4
40
3812 384 4014 4112 41
414 1,900 Am Wat Wks dr El v t a_ _ _100 2712 Jan 29 4434 Apr 28
*884 8812 *S818 8812
Jan 3314 Nov
0
8812 8812 833 90 .8818 9014
4
Do 1st pref (7%) v t c_100 8514 July3 93 Jan 16
700
62
62
67
Jan 934 Sept
*6214 6212
6212 644 65
6712 66
67
3,200
Do panic p1(6%) v t 0.100 484 Jan 3 6712 Dec 27
713 72
4
174 Jan 5514 Oct
724 734
7312 7414 724 741 725 734 20,800 American Woolen
/
/
1
4
8
100 65 Oct 27 109 Mar 21
59912 100 4 *9914 10014
/
1
4
7814 Jan 105
,
Oct
100 100
*993 100 8 99
4
9912 •
,
400
Do Orel
100 96 Oct 27 11114 Jan 3 102
11 13
/
4
/
1
4
8
Jan 1114 Dec
112
114
11 11
/
4
/
4
15
8 14
134
178 6,400 Amer Writing Paper pref_ A00
118 Itec 14 34 Mar 7
7
2213 Jan 55 Sept
7
/
1
4
*714 812
7
73
8
67ii
75
7
8
71 1,500 Amer Zinc, Lead & Smelt_ _ _25
/
4
.2412 2512 2484 244
64 Oat 30 1914 Feb 16
124 Jan 21 Sept
26
26
2712 2712 28
28
Do Dre'
400
25
36
3614 36
Jan
36
57 Sept
363
4
36
3612 364 3678 354 3612 28,400 Anaconda Copper Mining_ 50 244 Dec 24 5814 Feb 27
9214 9214 92
324 Oct 29 5312 Mar
/
1
65 Nov 57 May
9214
9214 9214 92
92
92
924 2,100 Armour, pref
100 883 Oct 19 9414 Dec 8
12
4
1214 1212 1318
13
/
1
134 124 121 1212 1234 8,900 Arnold Constable
/
4
570 par 1012 Nov 7 13 4 Oct 3
83
3
833
4 837 843
8
4
8
.833 8412 804 83
784 81
6,900 Associated Dry Goods____100 6214 Jan 5 89 Mar 19
.85
86
86
Jan 707 Dec
43
*
86
86
86 .85
86
85
85
300
Do 1st preferred
100 82 Nov 26 89 Feb 13
*89
90
Jan
75
•39
86
Oat
90
.89
90 .89
90
•89
Do 20 preferred
90
100 84 Oct 26 9312 F3b 26
*2818 284 2812 291
/
1
76
Jan 9111 Oct
/
4
2914 2912 28
/ 2912 28
1
4
287 10,300 Associated Oil, new
8
25 244 Oct 31 2912 Dec 26
.14
13
8
11 13
/
4
8
11 112 .14
/
4
11
/
4
1
114 2,600 Atlantic Fruit
No par
342 Feb 14
12 Nov 15
1718 1738 173 1712
14 Dec
8
51 API
1712 184 17
/
1
164 1712 10,200 At! Gulf & W I SS Line_100
18 4
,
914July 5 34 Mar 19
•14
15 .14
194 Dec 4314 May
15
1312 15
1412 1412 1312 1313 1,600
Do pre!
1001
127 127
84 July 3 27 Mar 191 15 Dec 3114 May
126 126
.125 126
125 126
126 127
Atlant c Refining
900
100, 993 Sept 18 1534 Jan 10 117 Deo11575
8
Oot
m_ _ _ 11712 .116 11712
•11.6 11712 *116 11712 .116 11712
Do pref
100 115 May 2 120 Jan 18 113
2814 29
Jan 119 Dee
2814 283
/
1
4
8
283 3018 285 30
4
8
28
2858 11,8001 Austin, Nichols & Co_ _No par
17 July 6 354 Jan 12
84 84
94 Jan 4012 Sept
/
*85
1
86
•85
86
86
86
84
84
3001 Do pref
100 783
4June 21 8911 Jan 23, 68
65
8 73
Jan 91 Sept
63
4
4 74
,
73
8 84
7
/ 73
1
4
4
64 712 11,800 Auto Knit
No par
8
65 Dec 21., 2814 Apr 18
12312 1244 123 12518
_
/
1
4
1241 12618 1243 1267 12412 1255 65,1001 Baldwin Locomotive Wkii_100
/
4
4
8
8
1104 Aug 4 14414 Mar 19
111 111
934 Jan 142's Oct
112 112
110
110
.110
____
3001
Do pref
100 111 Apr 2 1164 Jan 4 104
.2012 25
Jan 118
223 224
4
Oct
2212 2278 224 23
23
234 1,700, Barnet Leather
No par 2012 Dec 20 55 Feb 16
15
/ 154 15
1
4
Jan 6712 Sept
40
/
1
/ 1612
1
4
16
1638 155 1618 15
8
1512 4,8001 Barnsdall Corp, Class A_ _ _ 25
9 Aug 23 35 Mar 23
/
1
4
.10
191 Jan 584 Apt
/
4
1014 103 1012
8
.10
1012 103 103 •10
8
Do Class B
1012 23001
4
25
6 Oct 31 22 Jan 2
18
14
17 Nov 39
•18
14
Apr
I
4
*4
18
4 1,200, Batopi astMlaIng
14
8
,
20
18July 2
5 Aug 31
8
*5314 5412 *54
4 Dec
11 Mai
/
4
55
.534 55
/
1
*54
56
55
55
3001 Bayuk Bros
NO par 50 June 21 62 Apr 4
/
1
4
33
5312 54 8 535 505
Apr 66 Seel
,
8
8
5612 58
553 57
4
55
5618 19.900 Beech Nut Packing
20 4818 Dec 13 8414 Mar 28
5112 514 515 514
30 July 53 Dee
/
1
4
8
/
1
553 5312 534 5414 5218 533 22,700 Bethlehem Steel Corp
4
100 413
4
4June 29 70 Mar 3
51. Jan 79 May
•105 107 .105 108
.105 108 .105 107
105 105
109
Do cum cony 8% pref_100 10014June 21 11114 Mar 12 104
Jan 1161 June
9014 9018 904 91
2
/
1
Stock
*9018 903
4 905* 904 9018 91
Preferred new
1,700
100 87 July 2 9713 Mar 9
94 Nov 101
514 53
Oct
4
55
8 64
5
/ 6
1
4
5
/ 53
1
4
7,000 Booth Flatteries
512 6
4
No par
334 Oct 25
718 Jan 18
4 Nov
•4
104 Aug
418 .3
/ 418 Exchange
1
4
35
8 3 8 *3
5
/ 418 *35
1
4
8 41s
100 British Empire Steel
100
3 Dec 11
97a Mar 2
812 Jan
*54 _ _ _ _ .533
15 Sent
4
__
03 4*534 - -- - *533
3
4
Do 1st preferred
_
100 5214 Dec 11 6912Mar 13
58 Mar 7614 Am
13
13
1312 1312 Closed
- *1314 137 *1314 137
8
8 134 131
/
4
600
Do 2d preferred
100 1218 Dee 10 2613 Feb 20
1918 Mar 39 Sept
11118 11118 110 1103
4
•110 11012 11014 111
110 110
1,200 Brooklyn Edison, Inc
100 10414May 22 12112 Jan 9 100
Jun 1245 Aug
11412 11412 *114 115 Ch rIstmas 116 116
8
1154 116
11513 11612
900', Brooklyn Union Gas
100 10312May 11 128 Feb 7
70
•4712 52 .4712 52
Jan 1244 Nov
54834 52
.4712 52
*4713 .52
!Brown Shoe Inc
100 411 Oct 29 657 Apr 2
/
4
8
42
103 103 •102 103
Jan 647 Sept
2
Day
102 10218 102 10214 102 10212 1,800. Burns Brothers
100 100 Sept 29 1144 Mar 23 11312 Jan 147 Dec
4,24
243
/
4 244 2412
1
2414 243
8' 243 2438 2318 24
8
1,8001 Do new Class B corn
2112Sept 29 43 Jan 2
44 5
283 Jan 53
8
54 5'8
Oct
44 5
5
5
4
/ 5
1
4
4,800, Butte Copper dr Zino v t c__ 5
41 Oct 27 111 Feb 14
/
4
4
54 Mar 104 Dee
1812 1812 .1814 1812
1812 19
183 1914 10
4
1,000: Butterlek
19
.14
22 Aug 18
1434 •14
15 Nc v
141
34 Feb
1418 1438 1418 1412 1418 1414 2,800, Butte & Superior Mining_ 100 1314June 21
_ 10 127 Oct 1 377 Mar 1
8
8
2
2
/ J.
1
4
20
2
23
8
3514 Oct
2
24
17s
218
14 2
5,400 Caddo Cent Oil & Ref_No par
94 Feb 16
114 Nov 3
80
80
63 E,e 1518 API
80
4
8014
S0i2 8012 801 80
/
4
/ 8012 801
1
4
8001 California Packing... No par 77 Aug 4 S7 Feb 9
243 2478 247 261
4
88
8
n 8612 SeD1
2638 27
,
26
27
2558 261 97,800, California Petroleum, new 25 1718Sept 19 294May 31
.9612 100
/
1
99 1001
101 1023 10234 10234 .99 102
4
2,1001 Do pref
100 9012Sept 27 11012May 23
418 41
8
Jan 981k APP
83
412 434
412 43
4
45
8 43
5,900, Callahan Zinc-Lead
.
10
*421 43
514 Feb 1112May
33 Oct 29 125 Feb 20
4
8
42
/ 427
1
4
42
424 42
424 42
42
1,600 Calumet Arizona Mining
10 42 Oct 26 66 Mar 1
5012 Nov 6612 June
*2
41
*2
41
*2
412 *2
412 *2
1 Carson rill 1 Gold
41
*12
a
4.12
1
112 Dec 1
958 Feb 19
64 Dec 164 Mat
h
4
12
12
500 Case (.1 I) Plow
No par
6812 6812
•67
70
434 Feb 21
3 Mar
14 Oct 22
94 June
.67
70
*65
68
6612 67
5001 Case (J 1) Thresh M pf ctf_100 65 Oct 1
1312 137
85 Apr 9
1312
13
08 Feb 934 Aug
1318 1313 124 123
/
4 124 133 13,500, Central Leather
1
8
100
95 Nov 23 012mm. 7
38, 391
8
2
375 383
29
8
/ Jan 41 8 Sept
1
4
4
,
3778 39
3634 3812 355 37
8
11,3001 Do prof
100 2818 Nov 2S 794 Mar 7
445 45
8
4512 4578
633 Jan 824 Sept
8
/
1
453 454 45
8
4534 45
451
5,300, Cerro de Pasco CoPPer-No
611
63
6412 663
323 Jan 4618 Dee
4
4
6714 683
4 6512 684 654 663 22,500 Chandler Motor Car_ -No Par 3613 Oct 24 5012 Mar 28
.82
Par 43 Oct 1
83 .82
76 Mar 14
474 Jan 794 Apr
83
81
8413 8312 85 .84
841
3,000: Chicago Pneumatic Tool 100 7512June 20 903 Mar 21
27
271
4
60
274 274
Jan 8958 Sept
265 273
8
8 27
2758 2714 275
8 9,300, Chile Copper
25 244June 2
1714 17
8Mar 1
303
/ 174 171
1
4
1518 Jan 2914 Nov
/
4
1718 1712 17
/ 1712 1712 173 14,500 Chino Copper
1
4
5 1434 Aug 30 311 Mar 2
*6814 631
/
4
6812 71
2214 Nov
3338 June
70
71
70
70
704 713
/
1
2,500 Cluett, Peabody & Co__ 100 60 July
.7314 74
7614 Mar 28
43
733 73
Jan 70 Dec
4
/
1
4
/
1
4
73
7314 73
74
74
75
6,700 Coca Cola
No par 6514 Oct 2
23
8338June 8
23
41
22
Jan 8214 Oct
2214
2214 2412 2312 2514 233 25
4
/ 12,600 Colorado Fuel & Iron
1
4
100 20 Oct 30 35 8May 31
3
24
Jan 37 May
.4514 451
4514 4514
4412 444 4512 4834 4312 511 12,000 Columbia
No par 41 Oct 19 5118 Dec 28
33
/ 337
1
4
3312 334
/
1
337 3512 347 3512 3478 351 19,700 Col Gas & Carbon
8
8
Eloc, new_ No par
374 Apr 19
3014June 2
-- -_
Columbia Graphophone No par
Oct 1
24 Feb 6
14 Jan
54 Jana
Do pref
-6T2 - 2 9153 95
/ Oct 22 1212 Jan 15
4
5
601981- -64C2 -- - 56/ 973 - - ;i156 Computing-Tab-RecordNo 100 671June 30 9612 Dee 26 5514 Feb 21 Jima
2
664
23
Par
Jan 794 Apt
Congoleum
No par C1413 Dec 20 1843 Nov 26
15 'fit; "iiis -11;8
143 15
147 15
15
8
par
141 Dec 2
4
3933 Jan 3
183
- 61312 60
60
*6312 6812 *6312 6612 6612 -1-511- 8,500 Consolidated Cigar_ _ _ _No 100 60/ Dec 20 83 Feb 17 47 2 Feb 42P4 Oct
6612
Do pref
200
593 6012 60
4
Feb 87 4 Nov
605
8
,
605 6112 603 614 603 61
8
4
8
58,100 Consolidated Gas(N Y)_ _ A00 563 July
69 8 Feb 2
4
6
5
64
6
64
8512 Jan 1454 Sept
6
/
1
4
6
68
,
618 20,300 Consolidated Textile_ _ _NO par
6
534 55
/
1
6 Oct 30 1412 Feb 2
544 57
/
1
9 July 15
/
1
4
/ Apt
1
4
5614 573
8 553 563
8
4 543 56
4
49,300 Continental Can, Inc
100 4278May
.614 63
573 Dec 24
8
/ 65
1
4
454 Jan 1154 Dee
4 .6
8
6,
4 62
,
614 6
/
1
4
65
8 4,500 Continental Motors_ __No par
63
1523 153
4
5 Oct 24 124 Jan 19
1535 15312
1114 Dec 184 Dee
8
/
1
158 16012 1563 16012 152 8 1567
4
8 45,200 Corn Products Refining_ _100 11438July
*11912 122 *11912 121
16012 Dec 26
9114 Jan 13414 Oct
11978 1,191 120 120
/
4
1203 12034
4
Do pref
300
34
100 11512 Nov
1223 Feb 24 111
354 314 354
8
/
1
Jan 1224 Nov
36
365
8 354 363
4 35
3612 67,200 Coselen & Co
64
6112 633 6414
No par 224Sept 1
6214 Mar 9
4
313 Jan 54 Dec
8
6414 68
67
684 6618 671 23,000 Crucible Steel of America__100 5712Sept 2
/
4
*88
9012 •8912 91
8412 Mar 21
524 Feb 981 Sept
/
4
.88
9012 90 901 .88
/
4
9012
Do pref
300
154 163
100 853 Aug
9412Mar 2
4
4 16
165s
Jan 100 Beet
80
1638 163
4 153 161 1514 154 11,600 Cuba Cane Sugar
8
/
4
/
1
812 Aug 2 20 Feb 13
6314 613
4 63, 65
No par
2
84 Jan 1914 Mat
634 6512 6212 653
/
1
8 62
6418 42,200
Do pref
337 34
8
100 3312 Aug 4 6512 Dec 26
333 341
/
4
4
154 Jan 417 July
8
344 344 33
/
1
3414 33
34
17,200 Cuban-American Sugar- 10 23 Aug 1 3738 Feb 13
•96
9712 9718 974
1412 Jan 28 Aug
9712 9712 .9512 9812 •96
9712
Do pref
200
618 64
64 614
100 92 July 12 108 Apr 5
7818 Jan 1024 Dec
614 6
/
1
4
634 7
67
8 714 6,600 Cuban Dominion Sugar No pa
.46
49
*46
3 July 2 1214 Mar 15
48
_
.45
47
4512 467 •46
8
49
400
Preferred
10
30 Aug 28 5812 Mar 20
69
70
69
7212
71
724 6912 71
69
70
10,900 Cuyarnel Fruit
697 72
8
NO
693 7312
4
5412July 6 7212 Dec 24
_
723 76
4
_7114 7334 6912 713 98,500 Davison Chemical v t o_No pa
8
.1858 204 19
par 203
8May 21 81114 Dec 13
19
2318 Nov 65 8 Apy
*1812 2014 .1834 2014 . 4
3
183 201
/
4
300 De Beers Cons Mines_ _No par
*104 105 *104 105
183 Dec 21 28 Mar 1
4
/
1
4
1512 Jan 2558 Sept
•10414 105
10312 105
10414 10412 1,100 Detroit Edison
100 10014June 26 111 Mar 2 1003 Jan 11812 Aug
8
Dome Mines, Ltd
.107 1. 1117 8 1e772 1 1 7
78
710 304May 22 444 Jan 4
( - /8
1812 Jan 464 Nov
10773 1087- HliT2 1032
- 8
700 Eastman Kodak Co
.23
No par
2312 2313 2312
1
4
2312 23/ 2318 - 1- 234 foil; 1,100 Eaton Axle & Spring_ ....No par 89/ Jan 2 11514 Apr 3 70 July 9012 Dec
1
4
2312
235*
1271 1274 *1284 1287
,
20 Oct 31 27 July 24
8
129 131
1283 13112 12758
4
595 60
8
60
603
6012 60 4 6034 6112 6014 12912 10,800 E I du Pont de Nem & Co_ _100 10614 Jan 17 1484 Apr 28 105 Dec -1654 Nov
,
605
8 2,000 Mee Storage BatteryNo par 52 July 5 6718 Mar 21
1238 124 *1213 13
4012 June 6884 Dec
1212 1212 125 125
8
8 1212 124 1,400 Elk Horn Coal Corp
/
1
50
3
s Dec
3
4
7
8
7
5
8
144 Jan 244 Dee
8
7
3
4
84
7
8
7
8 2,100 Emerson-Brantingham_ _ _ _100 123, Dec 22 204 Jan 2
6538 653
8 65
7t2 Feb 20
5
8
19
6614
25 Jan
8
613 6512 64
4
1118 June
644 03
/ 6414 4,500 Endicott-Johnson
1
4
11514 116
50 584 Oct 29 9414 Jan 2
1154 11614
/
1
7614 Jan 944 Dec
1164 11614 *____ 11534 *1134 115
/
1
4
/
1
800
Do prof
.20
23 .20
100 110 Oct 29 118 Jan 3 104
23
•20
Jan 119 Dec
23
194 20 .19
/
1
22
500 Exchange Buffet
No Dar 191 Dec 4 31 Jan 10
675 6812 685 7012
8
/
4
8
2612 Dec 314 Oct
71
72
711 73
/
4
703 72
8
41,200 Famous Players-Lasky-No Par 52 Oct 27 93 Jan 2
1086
83
88
834
•8714 8812 8812 89
754 Jan 107 Sept
887 887
8
8
Do preferred (8%)_ _ _ _100 82 Oct 29 993 Feb 14
500
.11
1018 *9
1018
4
914 Jan 1074 Beet
•10
1018 10
10
*9
10
200 Federal Mining & SmelVg_100
.4112 4214 .4112 4214
5 June 5 13 Nov 9
9
54112 4214 413 4112 40
Jan
8
1612 May
4113 1,500
Do pref
100 3414June 4 6012 Feb 13
*93
4 95
9
/ 94
1
8
4
/
1
912 93
3712 Mar 6214 Sept
4
912 94
/
1
911 94 5,700 Fifth Avenue Bus
/
4
160 162
7148ept 21 10 8 Jan 2
NO Par
160 162
3
160 163
834 Dec 105a Dee
160 162
16212 16212 5,000 Fisher Body Corp
No par 140 July 3 2124 Jan 11
9812
9814 *98
*97
98
98 .97
75
Jan 218 Dee
98 .97
9813
100 Fisher Body Ohio pref _ _ _ _100 94 July 3 1023
714 73
8
718 7
/
1
4
8June 14
718 712
764 Jan 1034 June
73
8 753
7
/ 8
1
4
10,400 Fisk Rubber
No par
3 8 Oct 19 1612 Feb 13
4414 444 441 444
7
/
4
/
1
4434 443
4 444 4434 441 443
105 Nov
8
/
4
1912 Aro
8 I too Plpiaell man Co
Ws Dar 37 Frh 17 471,Mav 4
/
1
4
*Bid and asked prices; no Wel on this day. e Es. 300%
In s. z Es dividend.
2872
New York Stock Record-Continued-Page 3
preceding.
For sales during the week of stocks usually Inactive. see third page
PER SHARE
PER SHARE
Range for Preotems
Range 81/344 Jan. 1 1923.
STOCKS
Sales
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Year 1922.
-share tots
On harts of 100
NEW YORK STOCK
for
EXCHANGE
the
Friday.
Wednesday. Thursday,
Tuesday,
Monday.
gaitudal/.
Highest
Lowest
Highest
Lowest
Week.
Dec. 28.
Dec. 27.
Dec. 28.
Dec. 24.
Dec. 25.
Dec. 22.
$ per share $ per share $ per sitars
per share
Shares. Indus. & Miscell.(Con.) Par
share 5 per share
$ Per share $ per share $ per share $ Per
8July 20
Vo par 5813 Oct 29 783
1'
6
; 6 r,e
600 Foundation Co
,
,
66 4 66 4 * 66 4sha6 4
67
87
3
.663 67 •8612 67
271k 003
124 Jan
912July 2 22 Jan 13
No Par
4
1238 113 12% 5,800 Freeport Texas Co
1212 12% 12
8
8
•124 1212 123 123
4
453 Jan 80 003
s
3,375 Gen Amer Tank Car_ No Par 3812 Oct 29 717 Feb 20
43
43
44
43% 43% 4278
42
42
41
4418
3714 Nov 73% July
100 23 Aug 9 54 Mar 7
General Asphalt
42.700
8 3914 41
4113 43% 4014 427
40
4112 414 42%
69 Nov 111 July
100 60 Sept 27 83 Mar 7
Do pre
9454 72 2
'7012 9614 1,300
71
7414 71
73
7212 7414 7314 74
85 Mar 83% Dee
100 8018June 28 97% Dec 24
13,500 General Cigar,Inc
94% 96%
9678 97
94
93
95
9712
Oct
Jan 109
94
110 Apr 2
Debenture preferred_ _ 100 10414 Nov 14
200
106 108 •10312 106
*104 106
106 106 *10414 106
Jan 190 Deo
100 18738Sept 21 20214 Dec 11 138
193 19712 7,380 General Electric
,
19512 196 4 192 196
•19212 193
193 19512
,
101 Oct 12 Sept
10 1014 Oct 19 12 Jan 2
Special
4 2,300
4
103 103
4 10% 103
10% 11
10
107
8 107 1053
8
1514 July
814 Jan
4
8
145 14% 14% 143 98,400 General Motors Corp_ _No par 1234June 28 171s Apr 18
4 14% 143
1412 15
1412 143
8
Jan 88 Sept
89
100 79 July 10 89 Apr 17
Do pref
300
8218
8
8118 81, *8114 8312 '81
82
81
.
8113 814
4
673 Mar 9814 Oct
July 17 90 Apr 7
4
Do Deb stock (5%)__..100 783
4 2,100
4
8113 8118 8112 813 813
81
.8114 82
8118 8112
7914 Mar 100 Sept
4
Do Deb stock (7%)- _ _100 933 Oct 30 105 Apr 10
900
9812 9812
99
98
98% 99
99
99
99
99
3818 Oct 454 Ool
No par 3912June 27 514 Apr 24
800 Gimbel Bros
8
4
47% 47% 475 473
48
48
48% 483
1814 June
8 4818 4814
9 34 Nov
No par
6 Sept 22 1238 Feb 9
812 812 1,200 Glidden Co
812 812
4
3
9
3 4 83
9
9
9
8 Nov 5 2218June 5 ____ _ _ _ _
,
9 4 5,500 Goldwyn Pictures, new_No par
8%
934
9
,
4 94
83
8% 8%
8% 85
8
May
2812 Nov
23 4118 Mar 22
No par
8
173 Oct
22% 2134 2218 4,200 Goodrich Co (B F)
8
217 223
8 22
3
20 4 214 21
2112
Apt
794 Nov 91
100 67% Oct 20 9212 Mar 8
Do pref
800
73
7412
75
*74
75
74
74 87212 74
74
100 35 Oct 28 6212 Apr 25
2,700 Goodyear Tire, pref
8
3912 40% 395 40% 3912 40
39
3914 3912 40
Prior preferred
100 88 Oct 30 99 Feb 19
300
8834
.8814 8912 "8813 8912 88
*8812 8912 *8812 8912
35 May
22 Nov
6,200 Granby Cons M,Sm & Pow 100 12 Oct 24 33 Mar 23
3 1413 15
1412 15% 1414 15,
14
14
1314 1312
8
197 May
8 Nov
634 Dec 27 1558 Mar 7
2,100 Gray & Davis, Inc__.No par
6% 7
7
8
7
4 67
63
8 7
67
6% 6%
22 Nov 34% May
20 3418 Mar 6
8
14
8 1353 144 4,200 Greene Cananea Copper__ _100 133 Dec
143
13% 14
13% 13% 135 13%
8
7 Feb 14% Mar
5 Sept 19 1412 Feb 14
,
74 7 4 1,400 Guantanamo Sugar__ __No par
71
*7
714 712
Vs
8
73
7
7
Al% Jan 514% Oca
100 86 June 28 10458 Mar 21
8
7914 vgiy 793 81
8112 84% 825 84% 824 83% 22,600 Gulf States Steel tr ctfs
4
3% Mar
14 Jan
4 Aug 8
212 Jan 12
500 Hablrshaw Elec Cable_No Par
53
4
3
4
3
2
*3
3
4
3
%
% • eta
•%
4
Hartman Corp
100 793 Nov 1 94% Feb 6
_
_
31 July 5 44 Apr 19
100
40 107- 40 164 40 16(4 - 3/700 Hayes Wheel
8
4014 "_614
6
4 4
T4 - - 1Jan "gig; Sept
15
- Hendee Manufacturing__ _100 12 July 2 23% Feb 16
Jan 82 Nov
55
100 54 Dec 17 797r Jan 2
700 Homestake Mining
4
55
5512 .553 5813
*5513 57
57
57
57
57
No par 2853July 2 39% Mar 15
8 344 34% 4.500 Household Pro
.3414 343
4 3412 347
8
335 3418
8
•335 34
100 40% Aug 4 78 Feb 18 -614 Nov 9153 Oct
694 7112 20,900 Houston Oil of Texas
72%
70% 72% 71
71%
69% 70 4 70
,
1912 Aug 2638 Des
3234Mar 8
4
2812 273 2812 27% 27% 5,300 Hudson Motor Car_ _ _ _No par 20 June 28 304 Apr 2
28
27
4
,
27 4 2718 273
,
107 Jan 2618 Dec
10 1513 Dec 24
16,300 HuPp Motor Car Corp__
15% 16
8
1512 15% 155 16
17
1714 151a 18
34 Feb
1418 June
812 Jan 8
12 Oct 27
No par
4,200 Hydraulic Steel
13
12
12
12
12
12
8
5
82
5
3
12
1114N1ay 3
3
3 8 Sept 21
612 6%
8 718 12,000 Independent 011 & Gas_No par
67
6% 712
612 6%
4
6% 63
314 Jan -18%Dec
1 Oct 19 19 Mar 19
6
8 4,900 Indlahoma Refining
17
134
2
1%
1% 218
8
1% 17
4 2
13
11% Juno
Jan
6
812 Apr 8
10
312 Dec 10
413 453 7,200 Indian Refining
8
4% 47
4 5
43
54 54
4% 518
45 June
31 Nov
9,900 Inspiration Cons Copper_ 20 2314 Oct 24 43I4Mar 1
243
24% 24
2418 24% 24
2412 24% 244 243
4
4
Pt Des 118 May
100
13 Oct 28 11 Feb 20
3,800 Internat Agricul Corp
81
7
2
7
4
3
8
7
1
%
1
4
3
1
1
281s Nov 43% Ma/
100
44 Oct 30 3978 Feb 23
Do pref
3,800
612 7
534 63
4
6% 7%
634
•6
84 612
1
/
334 May
Jan
28
42% 4318 4212 4213 2,700 International Cement. N0 par 31 June 28 44 Mar 19
4
4114 413
4134 4134
42 42
2018 June 30% Sept
8June 28 2718 Apr 6
193
2438 243
4 7,700 Inter Combus Engine_.No pa
24% 24% 25
24
24
24
24
244
79% Jan 115% Aug
100 683 Oct 29 984 Feb 7
4
7712 75% 7812 4,900 Internal Harvester
,
76 2 77 2 77
,
4
763
77% 7712 76
10 108 Oct 27 11814 Jan 4 1064 Feb 110 Sept
100, Do prof
.10812 10712 .10812 10712
,
•106 4 10712
"10612 10712 10812 101112
4
83 Dec 274 May
4% Aug 9 115 Feb 14
8
100
4,900 lot Mercantile Marine
714
512
612
6
618 612
612
8
6% 63
41% Dee 87% May
100 1812 Aug 8 47 Jan 5
Do pre1
2878 3013 294 30% 2813 2913 17,200
2812 2912 2812 29%
4
193 Ape
1114 Jon
135 13% 13,100 International Nickel (The) 25 10% Oct 26 1814 Feb 18
8
4
4
133 1414 133 14
13% 133
4 13% 144
Jan
Jan 85
60
4
100 893 Jan 4 83 June 12
Do pref
4,700
79
4
783 78% 79
79
79
7912
*79
80
79
.
43% Mar 83% Oct
100 27% Oct 28 5858Mar 6
38
3812 3612 37% 4,800 International Paper
38% 39%
39/4
3712 37% 38
59 Mar 801s 13 01
Do stamped preferred.100 60 Oct 24 754 Jan 5
•
100
65
64% 64% '64
65
*64
65 .6412 65
*64
1218 July 2014 Apt
1914 Mar 7
74 Nov
4
4 1678 173 79,200 Invincible Oil Corp_ _ _ _No Par
4 1813 173
8
153 163
15%
15
153
8 15
Jan 5318 Oct
24
_ _ _No par 3212 Aug 6 5814 Mar 8
4
4912 5212 4914 5212 49% 503 11,000 Iron Products Corp_
49% 491
*4812 50
3 Jan
53 Feb 24
14 Nov
10 .03 Nov 26
Island 011 & Transp v t o
_I
221s May
Jan
10
100 15% Oct 11 24 Mar 15
2114 7,200 Jewel Tea, Inc
,
:
-inf. If
l9.t 21's
-151- 10
8
- -1953
1
;
8
384 Jan 783 Dec
100 82 June 20 8812 Dec 27
Do pref
1,000
4
88
8712 873 8812 *87
85
83
83
•8112 83
7
344 Feb 57 s Sept
8
100 203 Dec 21 63% Mar 16
23% 7,200 Jones Bros Tea, Inc
2412 2312 2414 23
24
Stock
225 2318 234 25
8
34 May 48% Aug
4575 Feb 23
7
3514 3514 1,200 Kayser (J) Co, v t c _ _ _No par 28 July 2
3513 3512
3512 35
38
36
35% 36
94 May 10812 June
No Par 96 July 2 104 Mar 23
Do 1st pref
300
98
98
98 102 Exchange "98 102 '98 102
*98 102 .
344 Jan 53% Mey
25 2012 Oct 17 6218 Mar 22
3214 3314 3112 324 14,200 Kelly-Springfield Tire
3214 328
321
3013 31% 32
4
901s Jan 1073 May
8% prof100 78 Nov 3 108 Jan 18
250
85
85
85
•82
85
Closed- •82
85
85
84
84
61 Feb 11512 Dec
Oct 18 11714 Mar 6
100 75
1,200 Kelsey Wheel, Inc
98
.95 100 .95 100 '93
9812 991
,
9714 99
2512 Jan 39% May
No par 293 Oct 28 45 Mar 1
8
14 337
24,800 Kermecott Copper
3314 34
3318 3312 33
3318 3312 3312 33% Chrlstma
8
4% Nov 243 May
8
15 Oct 19 114 Mar 24
253 6,500 Keystone Tire A Rubber__ 10
212
27
4
27
259 23
2% 2%
2% 2%
Jan 18918 Nov
100 177 Mar 2 300 Dec 8 110
200 Kresge (S S) Co
2863 290
4
.290 295 "285 295
Day
287 295 .287 295
.
Jan 9413 Anil
43
1
600' Laclede Gas (St Louis)._ _ _100 75 July 5 89/8June 9
784 788 7712 7712 •77 1 7812
7912
4
783 783 •77
4
2414 Nov 3518 Mar
8
8
113 Oct 19 313 Mar 7
4
1414 133 1418 2,000 Lee Rubber & Tire____No par
1455 1453 14
14 .1313 1418
14
Oct
4May 21 240 Dec 8 I53% Feb 235
200 Liggett .4 Myers Tobacco_ _100 1903
23712 23712
23714 2374 .238 240
•225 240 .225 240
Jan 12312 Nov
100 1113 Apr 4 1184 Jan 8 108
4
Do pref
•11514 118 *11514 118 •115 14118
•11514 118 *11514 116
s
52 Nov 1177 May
Loc Wks temp etf.No per 5814June 28 74% Mar 20
6612 8,600 Lima
8 66
4
653 6812 6613 677
.6512 65% 6,54 6612
14
10% Jan 2314 Sept
1714 1712 1712 173
4 1714 1712 7,300 Loew's Incorporated___No par 14 June 21 2114 Feb
8
•17
1714 165 17
14% May
Jan
9
6 Sept 8 11% Jan 5
No par
5,100 Loft Incorporated
65, 7
8 718
67
7
7
74 718
7
7
Jan 87% Sept
30
100 3614 July7 684 Dec 12
Loose-Wiles Biscuit •
*5812 59
60
82 '59
•61
61
*56
60
.57
100 148 June 21 18234 Dec 11 147% Jan 180 Sept
169 16918 1,200 Lorillard (P)
17314 170 173
1724
.171 17312 *172 174
Jan 117 Dec
72
100 103 May 23 121 Feb 6
300 Mackay Companies
1077 108 •107 112
*10618 108
•10618 108 "10612 108
25% Jan 8171 Sept
NO per 5818 Jan 2 9312 Apr 6
, 9014 9114 40,000 Mack Trucks, Inc
4
90, 912
8953 91
874 87% 87% 89%
88 Feb 94% Dec
100 87 July 3 9914 Mar 12
Do 1st preferred
900
96
.9512
9514 96
94
94
9413 941.
*9412 95
Jan 87% Sept
54
100 72 June 29 92 Mar 5
Do 2d preferred
169
8812 90
90
9014 "87
"88
8814 9014
*8514 9014 .
59 Nov 82 Dec
No par 57 July 2 714 Jan 20
2,500 Macy
67
8712 6812 6612 6712 67
6513 684 6712
*65
4
353 Sept
2718 Nov
Magma Copper
No par 2714 Oct 29 3814 Mar 3
3059 1,500
3018 3014 3018 3012 30
.30
304
2912
1511 Jan 40 Aug
2753 2814 27% 27% 274 2712 5,100 Mallinson (1.1 10 & Co_No par 21 June 27 40 Jan 2
2712 28
.2712 28
30% Jan 52 Mar
100 43 July 31 7514 Mar 14
450 Marian Sugar
62
6112 6112 62
63
.61
64
61
65 .
.62
7314 Apr 8414 Sept
100 72 Oct 22 90 Feb 28
Do met
100
87
8013 8012 *80
85
.80
83
83 .73
.73
41 Mar 89% Apr
3733 1,800 Manhattan Elea Bunt/17Na par 35 Oct 18 88 Mar 21
3712 374 37
40
'39
40
39
40 .
"39
32 Mar 58% Oct
25 40 Oct 30 47% Jan 5
Manhattan Shirt
4212 4212 4,200
43
4339 4212 43
4423 43% 42% 43%
18 Sept 17 2338 Dec 26
, 2834 2714 12,100 Maracaibo Oil Expl_ _ No par
2739 2839 264 275
2713 2713 2814
27
48% June
8
223 Jan
No WV 1713 Oct 31 59% Apr 2
8
8 383 3912 377 394 140,800 Marland 011
3814 393
3812
37
3
353 37
5% Mar 2639 Mat
314 Nov 7 16 Feb 26
No par
600 Marlin-Rockwell
9
8
814 814 .
4
93
8
9% *714 8
•8
2014 Jan 3614 Juno
37% Apr 17
...No per 26 July 31
4,600 Martin-Parry Corp..
3512 36
4
3618 36% 353 363
38
3618 304 36
Jan 54 Nov
22
3714 384 3,800 Mathieson Alkali Works__ _ 50 314 Oct 23 6334 Mar 13
4
373 3818 3559 38
384 3812
4
373 39
4
4114 Nov 745 May
14,400 Maxwell Motor Class A___100 36 Oct 13 6314 Mar 8
3 4718 49
493
48
4914 48
8
4
463 4712 4712 48
Feb 257 June
11
1014 Oct 2 21 Apr 5
13% 12% 13 4 11,000 Maxwell Motor Class B No par
,
,
13 4 13% 13
1314 1312
13
13
65% Dec 17453 Dec
8
10,100 May Department Stores__ _100 675 Jan 5 93 Dec 24
4
893 91
91
90
9013 03
9158 93
914 92
1059 Jan
2155 Mat
15 Sept 18 2012May 4
300 McIntyre Porcupine Mines__
1814 .175 18
3
4 18
8
•175 173
8
*175 18
8
•175 18
Oct 341 July
16
4
53 Aug 15 2334May 28
16
1514 1534 8,000 Mexican Seaboard Oil_ _No Par
15
15% 16
15%
15% 15
Oct 3218 July
15
12
6 Aug 15 2314May 28
__
Voting trust certificates__
1412 15
4
133 14% 5,900
1438 14%
8
135 14
14
14
5 2012 Oct 29 3012 Feb 23 25 Nov 3139 May
2112 21% 21% 21% 2112 2112 2,900 Miami Copper
2112 21% 2112 2112
16 Apr
11 Nov
312 Nov 16 1214 Jan 12
10
8 6 194,325 Middle States 011 Corp__
55
4
53
4% 6
5
613 7
Mg Dec 4514 May
4
8 63
83
200 Midvale Steel & Ordnance_ 50 2112June 29 33% Apr 18
4
2312 2812 •2814 2914 283 28%
4
2812 *273 2812
Jan 7633 Sept
.28
63
100 644June 28 75 Mar 8
300 Montana Power
4
6212 "603 62
62
*8112
61
4
12 Feb 23 Aug
4
1
/
*60% 62 .603 63
261 4 Nov 15
8 2418 24% 2414 24% 23,200 Mont Ward & Co Ill Corp. 10 1814May 22 293 Mar 22
245
24
23% 2412 23% 2412
13 Aug 191 Dec
8
4
No par 173 Jan 17
25% 2512 5,200 Moon Motors
Ms 2612 2514 26
93 Nov 1214 Des
2412 24% 2518 264
718June 20 14 Feb 20
9,800 Mother Lode Coalition_No Par
7% 8 4
8
,
8
8
8
8
81.3
8
1714 Dec 34 Mar
8
No par 1018 Aug 21 29% Mar 15
400 Mullins Body
1212
3
•1212 13% •1213 13 4 12
*1213 144 •1212 1312
No par 3112 Oct 26 3012 Nov 7
2,500 Munsingwear
,
35 2 354 3512 3512 36
35
3514 3514 "33% 351*
70 Dec 825 July
No par 754 Jan 2 114% Jan 12
1,850 Nash Motors Co
9614 101
.98 102
.98 102
102 102
*98 101
100 9612 Apr 23 10114 Jan 17 10111 Aug 108 Dec
Do preferred A
100
9712 99
•99 101
'99 101
912 Nov
.99 101
2153 Apr
*99 101
7 Nov 12 1818 Feb 19
50
1,500 National Acme
7% 814
,
,
82 8 2
812 812
387 Des 270 Deo
,
8 2 812
*812 912
25 38 Jan 5 52% Nov 28
4 4,000 National Biscuit
5214 5112 513
51
5134 52
Oct
4
.51
5114 50% 513
100 11812July 5 125 Feb 2 1131! Jan 128
Do pref
100
122 122
•122 123
•122 123
,
•122 123 .122 123
Jan 667 Sept
26
200 National Cloak & Suit_ _ _ _100 40 June 18 8714 Feb 21
62
63% 633
4 82
64
'56
64
56
64 .
*58
1 Dec
4% Apr
1% Feb 24
14May 31
Nat Conduit & Cable_ _No Dar
30% Jan 68% Oat
14
73
35 Oct
- -. Nat Enam'a &
104
s
-ioi 412 4034 41' -39T2 1443- _ .13;065 National Lead Stamping 100 108 July 15 148 Mar 26 85 Jan 129% Dec
403 403 -40i8
Dec
8
8
100
21,900
140
14134 146
144 148
Jan 117
Oct
13312 1373 138% 14312
4
100 10712June 2 114 Jan 4 108
Do pref
"112 1133
4
4
4
"112 1133 '112 1133
1318 Nov
.111 112% .111 11234
19% June
918 Oct 27 18% Mar 5
5
4 6,500 Nevada Congo'CoPPer
11% 113
11% 11% 11% 12
2412 Nov
8
•11% 117
42%
8 115 113
4
41% Sept
8
2,2001 NY Air Brake temp etre No par 285 Jan 2 5114 Nov 23
41
41
4112 42
40% 41%
Feb 13
454 Nov 514 Oct
4018 404 40% 403
4
No Par 4514 Aug 2
Class A
5001
*4713 48
4612 4712 •4714 48
*47
20 Nov 46 June
48 .47
48
100 1514June 30 27 Apr 2
New York Dock
19%
1912 1912 '1813 1913 •18
48 Nov 6812 June
18
1938 19% 18
100 37% Aug 14 5112 Mar 15
Do pref
"4014 433
4
*4014 4234
44
'40
43
38
2414 Apr 13
•
43 .38
10 1712May 2
2214 8,900 North American Co, new
8 2218 2238 22
2218 223
38
Jan 47l Aug
2218 2214 2218 2214
50 4212July 2 4812 Feb 14
Do pref
8001
44
•43
44
43
*4314 44
44
43
43 .43
29% Mar 3
20% Feb 40 Sept
100 Nova Scotia Steel & Coal_ _100 144 Nov
*1412 1912 •1412 19
15
15
1912
•I5
8 July 1214 May
19 .15
Oct 20 1018 Feb 9
7%
400 Nunnally Co (The)_ .._ _No Par
9
9
•8
,
4 8 4 *8
8 812 •73
83
9
5 Nov
1414 Apr
104 Jan 29
•8
1% Dec
900 Ohio Body & Blower_ _.No par
214 214
212 2%
212 212
3
2% 278 •2
4
318 Feb 8
15 Dec
5
8
43 June
8
7 Nov
112 4,300 Okla Prod & Ref of Amer
1%
112
1%
1%
114
14
1%
114
Dec 15
4% Jan
1%
We Mar
3 July 21
800 Ontario Silver Mining_ _ 100
8
,
8 *7 4
6% 67
7
7
734
1
/
124 Jan 28
7%
8
7
•
215 Apr 28
Oct
7
11314June 2
1
1,100 Orpheum Circuit, Inc
4
1834 183
4 183 18%
18% 18%
•1813 1834 18% 187
8
Jan 68% Oot
100 11412July 3 153 Feb 16 116
142 14414 2,000 Otte Elevator
143 143
145 145
139 141
14312 14412
4
6% Nov 1812 Apr
7 June 30 143 Mar 21
No par
10,500 Otis Steel
8% 94
7
8 8 914
4
853 83
8 914
85
Jan 42% Sept
24
5284 Apr 2
% 8%
8
25 36% Jan
2,600 Owens Bottle
44
44
44
4 43
43% 443
423 4234 43
4
43
Dec 14% Apr
214 Mar 5
%Nov 2
2 2,100 Pacific Development
3
5
3
8
3
3
3
%
%
60
Jan 91% Sept
91% Dec 17
12 '
12
8
*3
3
3
100 73 July
Pacific Gas & Electric
9314 9314 9312 93% 1,700
93
93
9314 93
9318
93
Jan
11
19 June
12% Mar 14
5
7 July
1012 1,400 Pacific Mall Steamship
8 10
8
103 103
1012
10
11
10
10
•8
•Eld and asked prices; no sales' Mir day. •Ex-dlvlden0.
5001
New York Stock Record-Concluded-Page 4
For sales during the week of stocks usually Inactiv
e, see fourth page preceding.
2873
HIGH AND LOW SALE PRICE
PER BHARE
-PER SHARE, NOT PER CENT.
PER Zli ARE
I
.Sales
STOCKS
Range since Jan. 11023.
Zange for Prestos,
for
NEW YORK STOCK
On basis of 100
Monday.
Tuesday.
-share loll
Wednesday. Thursday,
Year 1922.
Friday,
the
EXCHANGE
Dec. 24.
Dec. 25.
Dec. 26.
Dec. 27.
Dec. 28.
Week.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per stare
$ per share 3 per share Shares. Indus. & Miscell.(Con.) Par
4712 4784 48
$ per share
50
$ per share $ per share $ per share
498 5112 505 5214 504 513 93,800 Pacific 011
8
12
1214 12
3114 Sep,19 5214 Dec 27
125
8
1212 128 1214 125
4212 Nov 6918 May
8 1214 12% 11,900 Packard Motor Car
*9112 9212 9212 9212
10 97 Oct 23 151:Mar 22
10 Deo 21 Nov
*9212 933
4 9212 9212 *9214 93
200
Preferred
623 63
4
100 9018June 5 99 Feb 7
63
6312
6314 64
9114 Dec 92 Dec
625 64
62
63% 17,200 Pan-Amer Petr & Trans
597 6014 60
50 53 Sept 28 9312 Feb 7
61
61 ' 62
8
487 Jan 1007 Dee
603 61% 60
8
8
613 54,600
4
Do Class B
2
2 14
60 5012 Oct 19 86 Feb 7
23
8 23
8
4012 Feb 958g Dee
212 212
214
212 *23
8 212 2,300 Panhandle Prod & Ref_No par
138 137
8 134 133
14 Oct 26
/
1
614 Apr 5
4
3 Dec 1211 Jan
1314 133
8 1314 1314 13
13,
8 1,700 Parish & 13Ingliam
278 3
No par
27
9 May 23 1512 Mar 13
3
234 3
712 Nov
27
17
27
318
Ape
3
19,300 Penn-Seaboard St'l v t cNo par
963 9714 *97
4
112 Oct
6 Apr 4
9714
238 Dec 133 May
97
974 97
97% 97
8
9714 1,400 People's CI L & C(Chic)___100 86 Apr 8
4214 4212 4212 4212
27 977 Dec 18
4212 4312 423 427
59
/ Jan 99 Sept
1
4
* 423 4212 3,200 Philadelphia co (Patel))
4
8
•55
58
*55
_ 50 41 July 2 5014 Mar 19
58
3112 Jan 451* Sept
*55
58
*55
5918 56
56
100 Phillips-Jones Corp
2138 215
8 218 22,
No par 55 Aug 9 80 Apr 4
8
2114 213
734 Oct 1054 Jan
4 2018 2114 20
2114 13.200 Phillip Morris
321* 327
8 3218 333
10 114July 2 2418 Dec 13
333 3414 33% 3414 3318 34
8
47,200 Phillips Petroleum ___No par
14 9 4
*83
4 914
4Sept 18 6918 Apr 5
193
9
,
95
2814 Jan 5914 June
9
9
93
8
9
9
2,500 Pierce-Arrow Mot Car_No par
2514 253 *2512 2612
4
614July 2 1514 Jan 14
26
8 July 243 Apr
27
2578 27
26
8
2612 2,400
218 214
Do pref
24 23
100 1312July 2 3538 Jan 9
8
24 212
18% July 49
218 212
218 214 7,800 Pierce 011 Corporation
Ara
27
27
2718 2718
25
112July 5
37 Des 12
6 Feb 13
2512 2618 25
2614 23
Jan
2418 2,800
Do pre
6318 6314 63
100 16 Oct 11 45 Jan 4
63
63
32 Sept 71
6314 63
63
Jan
*62
63
1,200 Pittsburgh Coal of Pa
*98
983 *98
4
100 58 Jan 16 67 2 Mar 7
99
7
9812 9812 98% 98% *98
55 Nov 728s Sept
99
300
Do pref
100 96 Oct 26 100 Apr 6
9018 Feb 10012 Sept
5712 5812 5712 5814
5714 583
4 563 5712 56
4
563
4 6,500 Postum cereal
112 112 *110 112
No par 47 July 5 134 Feb 6
*110 11112 *110 111 *110 111
655 Apr 120
Oct
100
Do 8% preferred
*5112 53
4
4
523 523
1001 10812June 30 11414 Jan 25 10512 Apr 11212 00,
52
53
534 5314 5112 52
1
1,100 Pressed Steel Car
*803 83
4
*8012 83
8012 8212 81
63 Jan 9514 Sep;
1001 4212 Oct 23 8112 Jan 2
81
*8012 83
400
Do pref
303g 31
3078 33
1001 80 Oct 23 998 Jan 5
91
3218 3412 34
Feb 108 Sep'
3512 3414 383 46,100 Producers & Refiners Corp_
4
*4314 44
7
j
*421 2 43
501 17 Nov 15 5818 Mar 20
43
2418 Jan 51 Sept
434 4214 434 4214 4234 2,900 PubServCorp
121 12112 1203 1213
orN.I.new No par 42 Sept 18 5112 Apr 16
4
4
12114 122
12214 1247 1223 12314 10,600
8
4
571* 5818 58
100 11012July 2 134 Mar 8 10512 Jan 1398 Sept
585
573 587
8
4
8 565 584 564 5818 21,400 Pullman Company
Punta Alegre Sugar
203 203
4
4 21
213
bOi 41s July31 69 Apr 19
4
217 25
/
1
4
31
Jan 6314 June
2418 2518 237 247 88,900 Pure 011
*91
9212 *91
(The)
9212
251 1814Sept 21 32 Feb 13
92
92
2612 Nov 3818 Jan
93
93
*9112 9213
250
*106 108
Do 8% preferred
10612 10612
100 8212 Aug 28 100 Mar 9
*106 10712 *10612 107
94 July 1023 Apt
4
10712 10712
200 Railway Steel Spring
*3014 34
*3014 34
1001 9912 Oct 29 123 Mar 17
*3014 34
94
Jan 12814 Sept
*293 34
4
*3014 34
Rand Mines Ltd
11
1118 114 111*
No par 2914July 16 343 Feb 19
8
11 18 1112 1118 1114 11
194 Jan 3612 Sept
111 11,100 Ray Consolidated ColVer_ 101
33
33
*3214 3212
97 Sept 21 1714 Mar 1
8
33
1218 Nov
343
4 33
19 May
33
33
33
2,500 RemlngtonTypeWrltervtclOOl 24 June 27 4818
91
91
.863 92
4
Mar 6
*91
24
93
Jan 42 Mat
*91
92
893 90
4
224
1st preferred v to
*95
98
*95
97
1001 89 Dec 14 104 Feb 13
*95
98
55
Jan 105 Dec
*95
97
*95
97
103 11
2d preferred
4
11
11
1001 80 Jan 3 99 Nov 23
1112 12
5012 Feb 8034 De(
1112 12
1012 113
8 4,300 Replogle Steel
484 4811 483 48%
/
1
No par
4
8 Oct 25 313 Feb Hi
4
49
51
21 Nov
5014 517
3812 Mal
8 495 51% 20,200 Republic Iron & Steel
894 8912 *8914 897
100 4018June 30 6634 Mar 21
8918 898 894 90
4811 Nov
7812 Mal
894 89's
2012 2012 203 203
600
Do pref
100 8434 Oct 1 967 Mar 21
4
4
8
203 21
8
74 Feb 95% May
20
21
2013 4,300 Reynolds Spring
20
73
7318 734 737
No
14 June
7314 74
1214 Nov 503 June
7312 74
4
7314 7312- 5,400 Reynolds(R J) Tob Class B parl 47 Jan 30 29% Apr 17
*1137 118 *115 118
8
251
10 7438 Dec 18
•115 118 *114 11614 *115 118
43 Mar 63% No•
4814 4814 475 4733
Do 7% preferred
lOOl 114 July 9 118 Feb
4778 4914 4812 4918 4812 49
6,850 Royal Dutch Co(NY shares)- 4012 Aug 1 5518 Feb 9 11118 Apr 118% Oct
2212 2213 2234 2318
19
4718 Jan 87 Juni
23
2318 23 23
23
23
3,400 St Joseph Lea
3
333
3
10 17 June 29 2312 Dec 13
31
125 Jan
3
33
8 *3
2014 Sep.
34 *3
318 1,600 San Cecilia Sugar v t c_No par
323 33
4
*3314 3313
114 Oct 4
5 Feb 14
323 3312 33 .33
4
112 Jan
6 Ma,
/
1
4
*3212 3312 1,100
•11012 111
11014 1115
8
108 11112 107 10812 10614 10818 13,500 Savage Arms Corporation_100 1812 Jan 3 3512 Dec 11
10 14ug 247 AD
k
Schulte Retail Stores__No par 88 May 3 11634 Dec 8
8614 863
4 8678 877s
874 874 857 8712 853 8614
8
4
*109 113 *110 113
4,700 Sears, Roebuck dr Co
100 653
4June 30 9218 Feb 13
*111 113 *10912 113 *110 113
5935 Feb 9478 Aul
Do pref
5
53
8
100 10612June 4 115 Nov 28
5
51
512
91
Jan 112 Aui
54 53
518 038
6,400 Seneca Copper
4 7
*63
47 Oct 26 1212 Mar 3
*63
No par
4 7
*63
6
8 67
Oct 2314 Jar
8
612 63
4
6
*315 327
6 14
500 Shattuck Arizona Copper__ 10
8
33
33
5 Oct 15 107 Mar 2
8
3212 3314 3238 32% 323
612 Nov
12 Jun,
8 3233
1612 17
900 Shell Trans') & Trading__ £2 294 Oct 3 4114 Mar 7
167 1714
171 1712 1612 173
3412 Dec 4818 Ma]
/
4
8 1612 167 41,900 Shell Union 011
8
*91
9118 *91
No par
1238 Jan 8 194May 23
915o
124 Dec 134 Do
*91
9133 9158 9218 9112 9212
Preferred
114 1112 1112 1184
600
100 8912Nov 2 95 May 23
115 117
8 1133 1134 1114 118 4,900 Simms Petroleum
2312 2312 2314 2314
612July 31 16 Feb 28
10
23
2358 2334 2334 23
2312 5,600 Simmons Co
2514 257
8 2533 2613
No par 2234 Dec 20 343 Mar 23
8
2612 27
263 273
4
4 2612 27
93,300 Sinclair Cons 011 Corp_No Par
*8518 86% 853 86
16 Sept 18 393, Mar 19
8
Stock
188 Jan 38% Jun,
86
8 8614 8612 8512 88
863
1,300
Preferred
234 233
4 24
100 8014 Aug 23 9918 Feb 14
2412
237 243
4 24
245
2412 2518 28,000 Skelly 011 Co
5612 57
10
*5613 57 Exchange
95 Jan 2 35 Mar 31
8
5734 62
85 Nov
8
604 83
s
117 Oe
6012 617 11,300 Sloes-Sheffield Steel & Iron.100 3914July 11
8
•80
87
*81
85
63 Dec 27
.80
3412 Mar 544 Mal
84
*8212 87
*81
85
Do pref
6578 657
100 68 Jan 13 90 Mar 16
654 67'4 Closed6712 693
68 Mar 80 Aul
8 68
70
6612 683
4 6,200 South Porto Rico Sugar ..,100 3814 Aug 4 70 Dec
•153 16
4
1612 161
27
33 Nov 574 Ma
16
16
1618 16% 16
1614 1,300 Spicer Nita Co
*88
933 Christmas •88
4
93
No pm
88
4June 30 274 Feb 16
113
15 Nov
92
*88
24 Jun,
93
*88
93
Do pref
*6014 6112 604 62 •
100 88 Oct 19 977 Feb 2
8
*60
67
84
613 613 *60
Apr 96 Sep
4
4
613
4
800 Standar
617 6212 6212 631
8
100 6014 Dec 24 901 Jan 23
Day
/
4
644 6214 6333 621 6312 64,600 Standard Milling
6314
843 Dec 141 Sep
4
d 011 of Callfon•la_ 25 4718July 30 12312 Jan 2
374 375
91% Jan 135
3678 373
Oc
3738 3814 38
39
3914 40
60,700 Standard 0 101 New Jersey 25 307 July 31 444 Mar
*11612 117
11612 1161
*11612 1163 1163 1163 1163
3
3812
4
4
4 1163
4
60
400
60
Do Prof non-voting_ 100 1143 Aug 24 11814July 27 11333 Dec 25012 Oc
60
0112
4
613 63
4
6212 6212 *617 6212 2,200 Sterling Products
Jan 11612 No
8
.
*89
894 8912 893
No par 51 June 29 6758 Mar 2
893 9012 90
4
4518 May 633 De
9113 8912 903 11,200 Stewart-Warn Sp Corp_No
4
4
78
78
78
79
7914 80
244 Jan 79 De
8012 8113 7912 8012 5,100 Stromberg Carburetor_No par 74 July 5 12412 Apr 17
10433105's 10514 1063
par 5912July 2 9414 Mar 6
8
10633 108
3514 Jan 71 De
1053 10735 1054 1065 54,750 Studebaker Corp
4
*1164 117 *11612 1183
8
(The)___100 933 Oct 1 12614 Mar 21
4
*11612 1183 *11612 117
4
794 Jan
11612 117
11
600
11
Do pref
*1033 111
100 112 Jan 4 117 Nov 7 100 Feb 141% De
103 1114
8
1014 11% 11
11814 No
1218 15,000 Submarine Boat
2
214
218 214
No par
7 Jan 3 15 Apr 6
214
212
312 Jan
24 23*
87 No
2
*3018 3112 *3618 311
Superior 011
214
No par
2 Sept 18
634 Feb 15
*304 33 *__ __ 3135 83014 3138 8,400 Surerlo
4 Nov
1014 Jun
3
27
3
8 31
r Steel
100 2312 Oct 27 34 Mar 22
*278 3
27
26
27
Jan 3912 Al
27
3
*9
2,100 Sweets Cool America
911
9
9
10
1 June 4
918 914
4 Oct 30
914 912
13 Nov6 Ma
8
918 93
42
4273 4238 43
8 June 21 1234 Feb 21
43
4312 434 4334 4318 4333 2,600 Tenn Copp dr C tr ctfs_No par
83 Nov12 4 Ma
8
3
6014 61
36,500 Texas
604 61
25 345
8Nov 2 527 Mar 20
61
6118 605 6112 603* 6134 6,100 Texas Company (The)
8
42 Mar 524 Or
8
1114 1112 11
Gulf Sulphur
1133
10
1114 113
4 11
3812 Jan 6718 No
111 103 1118 14,400 Texas Pacific Coal & 011__.. 10 63'4 July2 65 Jan 15
/
4
4
*116 117
1173 1173
4
512 Nov 2 2414 Feb 2
4
118 3
41191 1204 12012 120 1203
1812 Nov32 Jun
4 1,800
/
1
4
*3814 3833 3814 39
100 94 July 2 144 Mar 2 10914 May
39
3918 3814 3835 3818 38's 3,300 Tidewater 011
154
Or
7012 7133 6912 714
Timken Roller Bearing_No par 3318 Jan
70
713
8 6835 703
2812 Sept35
8 673 70
Or
4
9012 91
78,400 Tobacco Products Corp _100 4634 Aug 2 45 Mar 8
9014 91
9012 903
4 783 Dec
4
4914 Nov8414 Jun
8835 9012 887 89
•113 11312 *113 11312
12,000
Do CIA (since July 15) 100 7612July 2 927 Dec 8
•113 11312 113 113
14
767 Aug8912 Set
8
113 113
35
200
Preferred
33
4
33
4 4
100
33
4 4
33
88 Mar 115 Set
4 3s
7
3 8 37 32.600 Transcontinental OIL .No par 1044 Feb 9 11512 Oct 25
5
3912 3912 40
4112
*40
114 Oct 25 14 Jan 5
41
/
1
4
712 Mar 2018 Ma
3933 40% 403 41%
4
*61
63
62% 62%
6212 6414 6312 6312 627 62% 4,300 Underwood Typewriter_ _25 358 Aug 1 4134June 29
8
1,500 Union Bag & Paper Corp 100 50 Oct
_892
27 7712 Mar 28
95
*92
55 Mar 78 SetIt
95
94% 9434 *92
95
*92
95
'10612 10712 *10612 10712
100 Union Tank Car
100 81 Feb 1 9934 Mar 19
*10612 10712 510612 10712 *10612
85 Dec
10712
*30
3012 •30
Do pref
3012
100 106 Sept 6 112 Jan 19 102 Feb 134% De
3012 3012 304 32
3012 31
113 Set
2,400 United Alloy Steel
•79l2 81
87914 81
No par 29 July 31 3912 Mar 21
*7912 81
7914 794 79
25
Jan 4114 Ma
80
*4712 4812 *47
300 United Drug
4812
100 7414 Oct 31 8534 Feb 26
*4712 4812 *4712 481 *4712
607 Mar 85
8
4812
0(
*176 178 *176 178
Do 1st preferred
50 4614 Feb 14 49 July 1
17712 178
17814 1781* 17812 1783
4118 Feb
517g 01
4 1,200 United Fruit
27
27
8
27
27
100 16212 Jan 17 18712 Dec 8 119
•2'1 33
4 *218 3
/ Jan 162 04
1
4
*218
3
300 United Retail Stores__ _No par
65
6614 6512 6814
a212 Dec 10 8418 Apr 17
673 6912 653 673
4
8
4312 Feb 874 0(
4 661* 6818
*82
84
83
83
8312 8312 8314 8314 8314 843 48,100 US Cast Iron Pipe & Fdy_100 20 July 3 6912 Dec 26
1818 Jan
30 Au
8 1,400
33* 338 *33
Do pref
8 312
34 3:4
100 64 June 21 87 Nov 23
34 33
8
3
60
Jan 78 Au
318 7,000 U S Food Products
18
19
*18
19
Corp_ _100
1812 1812 18
218June 28
Mar 19
612
18
28 Feb
173 173
4
1018 Ja
4
643 6514 65 653
8
500 US Hoff'n Mach CorD_No par 133
7 687
65
6834 70
Oct 26 25 Jan 27
184 Nov 257 Ma
7018 7112 100,500 US Industrial
8
973 973 595
4
4
98
Alcohol
*95
100 40 June 29 7314 Mar 16
98
*96
98
37
*95
Jan 727 01
98
9314 931 4 593
40
Do prof
9314
9368 94
100 9514June 29 101 Mar 28
9418 944 94
724 Dec 102 01
9812 5,000 US Realty & ImProv
363 3712 364 3712
8
3714 38
ement100 884July 2 106 Mar 5
375 383
8 374 373 14,600
56
Jan
927 01
4
8
8612 8712 8614 87
867 8712 87
8
100 3055 Oct 26 647 Mar 22
871387 4 8812 2.700 United States Rubber
8
46 Nov
3
8712 Al
•19
193
4 19
Do 1st preferred
1914
18
19
100 764 Oct 26 105 Jan 13
1812 193
91 Sept 107 Jul
191 20
/
4
3914 3914 *3912 41
6,500 US Smelting, Re!& Mtn
3912 3912 3838 3912 *393
50 181* Oct 29 433 Mar 2
,
33 Feb 481 04
4 4014
*
1,100
9412 9434 947 9514
Do pref
9514 98
973 9838 9714 994 200,200
50 383 Dec
8
4214 Feb 49 At
1195 1195 11912 11933
8
8
United States Steel Corp 100 8512Jul 27 494 Jan 3
1197 1197 1193 11934 11938 11934
8
8
y 31 10933 Mar 21
8
82
Jan
/
1
4
1,400
3312 64
Do pref
63
6312
100 11618 Aug 6 12312 Jan 15 1133 Feb 11112 0,
64
64
643 65
8
633 65
8
4
123 Set
•1612 17
1.800 Utah Copper
*1612 17
10 5512 pet 25 7612 Mar 5
16% 17
17
1718 1612 1612 1,000 Utah Securiti
59 Nov
7112 Set
29% 3014 2938 297
es v t o
s
100 14 Oct 31 243 Feb 16
294 3114 303 313
8
97 Jan 234 Set
8
4 30
31
11.300 Vanadium Corp
No par 243
4July 5 4438 Mar 20
*80
8614 8514 8533
30
/ Jan 538 At
1
4
80
80
*79
80
793 793
4
4 1.100 Van Attalla. 1st prer
83
4 83
4
812 94
100 793 Dec 23 98 Jan 25
9
9 14
4
85
8 9
92
85
Jan 100
9
5,100 Virginia-Carolina Chem
2912 2912 2935 3155
0,
100
3018 313
64June 27 27 Feb 20
8 304 31
293 3173 6,575
2314 Nov
387 mi
2
*50
53
Do pref
*50
53
*50
100
53
53
53
*50
58 July 83 6
53
100 Virginia Iron, C & C ____100 17 June 27 69 Mar 15
*79
86
.79
86
*79
86
62 July 2 68 Mar 5
•79
86
*79
43 Mar 944 a
86
•136 133
8
4 1334 141
Do pref
1413 143 15
14
100 7712June 28 85 Apr 23
1414 145
66 Mar 86 0
3,900 VIvaudou(V)
•1518 16
153 1534
,
No par 12 Oct 23 23 Mar 22
1514 1514 15
1518 15
64 Jan
15
2,200 Waldorf System
16 D,
1312 133
14
4
1414
No par
1455 15's 147 15
1458June 20 20 kf ay 24 ____ ____
1514 1512 7,200 Weber & Hellbroner
__ __.
*35
3618 35
35
No pan
•34
124 Jan 27 153 Sept 18
361 *3518 3618 3518 354
4
107 Oct 17
*
300 Wells Fargo Express
1087 1087 *10833108
8
8
Al
100 33 Dec
*107 10712 10712 108
108 108
6614 Jan 98% 0
500 Western Union Telegraph_100 10118July 6 105 Mar 2
•834 843
4 843 8434
4
85
85
5 11912 Feb 20
85
85
*84
39 Feb 12114 Ai
85
300 Westinghouse Air Brake
6018 6014 6014 6033
50 76 July 5 120 Feb 17
6012 61% 61
6114 6012 6112 4,400 Westing
80 Mar 114 D,
2512 253
4 253 26
4
house Elee & Mfg_ 50 624June 30 6718 Feb
257 261
2614 27
16
494 Jan 654 Ai
26
26% 7,600 White Eagle Oil
55
55
5512 56
No var 20 Oct 31 30% Mar 20
5512 5812 5512 56
5512 5512 2,600 White Motor
25 May 3338 Nc
34
3
4
%
14
%
7
8
3
8
58 4,700 White Oil Corporation_No 50 4514June 28 607 Mar 19
ki
354 Jan
12
54 Se,
318 314
3
par
3 1s
3
Oct 19
31
57 Feb 19
34 314
3
318 6,900 Wickwire Spencer Steel.__
213 Dec 12 M1
9 4 1012 103 1034
3
8
1014 105s
5
2 Dec 2 14 Feb 13
93 1018 40,300 Willys-Overlan
4
97 1012
84 Nov
80
813
217k Mi
8 81
82
d (The)
25
5 June 21 1114 Dec 13
793* 82
794 8114 7834 8078 17,600
412 Feb
Do pref
2412 24
10 MI
24
2434
100 4212 Jan 2
2533 27
26
2718 257 257
24 Feb 4912 Ju
7,300 Wilson & Co.Inc. v t c_No pan 19 June 27 82 Del 24
280 280
280 286's
288 290
28834 28834 285 2853
423
274 Jan
2,100 Woolworth Co (F W)
2414 25
100 1994 Jan 24 290 4 Mar 7
25
5012 Be
25
2512 26
25
26
Dec 28 137
243 257
4
8 2.400 Worthington P & NI v t o
Jan 223 NI
•13
13
13
*13
131
131
8
13
1318 *13
1318 1,400 Wright A eronautical___ 100 197 Oct 30 4018 Feb 15
267 Nov 657 Jut
8
*673 69 •6318 69
4
No pa
68
84 Jan 17 1311 Nov 8
69
•68
69
68
68
6
300 Youngstown Sheet & T_No par
Jan
11 a Al
•Bid and mired prices; no sales on tals
62 Oct 24 80 Jan 26
day. s Ex-dividend.
•After distribution of dividend In shares of United Cigar
Store at the rate of 38.8 shares for 100
shares of United Retail Storm.
Saturday, i
Dec. 22, 1
2874
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"—except for income and defaulted &Inds
I ii3a
BONDS.
t
N. Y. STOCK EXCHANGE Vis
ending Dec. 28.
Week
Price
Friday
Dec. 28.
Week's
Range or
Last Sale
(fc'3%3
Range
Since
Jan. 1
BONDS.
N. Y. STOCK EXCHANGE
Week ending Dec. 28.
11.5
Price
Friday
Dec. 28.
Week's
Range or
Last Sale
Range
Since
Jan, 1
High
. Low
Ask Low
BM
Hioh
High
70
23
65
8
685 7212 70
70
Atl Birm 30-yr 1st g 4e_e__1933 M
9
80% 8612
8518
99133101.90 Atl Knox,/ & CM Div 48.....1955 MN 8518 Sale 84
4
983 9913
9912 Nov'23
97(11 98.90 ALI Knox dr Nor 1st g 5s_ __ _1946 J O
92%
88
4
913 93
9214 Dec'23
981(3399.10 Atl & Charl A L 1st A 4;0_1944 J J
96 100
J J 9714 9812 9812
9812 21
-year 5sSer B
97.00 99.00
1st 30
82% 89
5
19 2
874 38
Atl Coast Line 1st con 45 _711944 MS , 8612 Sale 8612
1 106 108
8
1930 MN 1075 _ _ _ _ 107% 107%
-year secured 75
983(3198.70
10
89%
82
92
87% Dec'23
1 82
51954 ID 88
General unified 450
983(3398.88
7812 83
MS 82
82
87
8214 27
coll gold 4s
L dr N
7372 79%
75 Dec'23
1948 32 734 75
ii
97Iln 999 Atl & Deny 1st g 48
8118 687
8
65 Aug'23
1948 32
284,
7612 78%
1949 AO 77% 79% 7814 Dec'23
97.31 99.04 Atl & Yad 1st g guar 45
1
934 9714
4
1941 J J 93% 953 9612
9612
981'31100.04 A & N W 1st gu g 58
10211 10414
38
11
9318 97
97
4
4
1925
01925 ii 963 Sale 963
103 Balt dr Ohio prior 350
102
931, 9414
Q J 9012 9814 9412 Oct'23
104
103
Registered
61
8
745 82%
82
8
k1948 AO 817 Sale 8134
10318 10311
1st 50-year gold 48
7418 80
80 Dec'23
01948 Q J
Registered
841,
77
4
823 -140
1933 MS 82 Sale 82
10-year cony 4568
79% 85
8312 81
8
1995 J O 825 Sale 8258
Refund & gen 58 Set A
48
99 101%
101
1929 2 ..1 101 Sale 10014
9814 101
-year 68
10
914 96
95% 9518 96 Dec'23
99% 1027
8
P Jet & M Div 1st 53348
.1925 MN
703
73
4
4
7934 27
100 10212
PLE&W Va Sys ref 4s_ _1941 M N 793 Sale 7814
911s 96%
4
8
10312 108
96% 114
Southw Div lot gold 350_1925 J J 983 Sale 963
6152 68
8
8
8 17
667
4
1013 10712
Tel& Cin Div 1st ref 45 A.1959 J .1 683 687 6612
574 60
584 Apr'23
101% 10718 Battle Cr & Stur 1st gu 3s 1989 J O 5314 63
8812 907
8
9034
10218 107% Beech Creek 1st gu g 48-- — 1936 J J 89% 91% 0034
86
88
Feb'23
811
95 10014
1936 J J
Registered
104 May'12
1936 J
99%
95
26 guar gold 5s
_ 60 July'22
98 1004 Be3ch Cr Est 1st g 350_ _31951 A0 7514 _
-ioTs
82
1944 ID 80
9912 Big Sandy 1st 4s
8014 July'23
95
81
7512
61 Nov'23 _
1955 FA
4
583 61
10112 107% B & NY Air Line 1st 4s
89
89
10112 10712 Bruns & W 1st gu gold 4s_ _ _1938• J 8514 8912 82 Felo'22
9912 1015
5
8
99%
8512 91
4
Buffalo R & P gen gold 58_ _1937 P.1 S 9912 993 99%
8614 924
1957 MN 8714 Sale 87%
8712 34
10112 10313
Consol 45is
2
95
9911
99
1934 AO 9514 96
96
102% 10212 Burl C R & Nor 1st 58
11214 11214
94 100Ie
Canaria sou cone gu A 55__ _1962 A0 96% 9814 9812
9812
4 1107 115
8
11214
1 0
Canadian North deb a f 78.._1940 J o 112 Sale 112
8
8 27 1105 11314
J J 11158 Sale 11112 1115
25-year f deb 6355
1
74% 80 .1
8014 283
Canadian Par Ry deb 45 stock__ J J 8018 Sale 79
_
9212 Oct'23
8 54 10014 10318 carb Shaw 1st gold 4s___ _1932 MS 8512 90
10112 Sale 10112 1017
1
72
68
1949
72
2
„▪ I 7112
72
7714 9314
833 853 Caro Cent let con g 45
6
83%
83%
84
83
9
884 94
52
93
8
Cur Clinch dr 0 let 3-yr 58._ 1938 ID 93 Sale 923
8812 182
8
857 Sale 85%
8
985
89
J o 9612 Sale 0618
9114 10312
9612 33
973
65
4 61
974, sale 974,
4
703 79%
1948 J O 793
93
8
91
7958 Dec'23
983o Cart & Ad 1st gu g 45
0712 58
9633 Sale 9634
i
05Ig 097
ID
93 10314 Cent Br U P 1st g 4a
67
67
97% 31
8
977 Sale 9714
1
8 48 58
1961 .1 .1
5214 ---650450 12 - f1- 5214
r
52 2
12 107 10912 Cent New Eng 1st gu 4s
10812 109 10812 109
1930 MS
4
933 Dec'22
15 10712 11314 Central Ohio 450 1930
108 Sale 10712 108
100 102
00
83% 94 Central of Ga 1st gold 58_01945 FA 102% fcii- - 10059 Nov'23
8612 75
4
85% Sale 853
8
925g 981s
MN
Sale 05
8912 8312
0512
Consol gold 55
Sale 74
4 87
Sale741
753
5
995 10112
June 1949 3D 10518 10 1 10014
2
95
9 18
0
34 0
778 99
913 84
10012 19
113-yr secur (is
60
05
94
974
96812 ssallee 0511
8212
74
Oct'23 ---Chatt Div pur money g 40_1951 ID 77 ---- 74
129
79
78
8
1046
: 2
07
941 110
007 1004
8
Mac & Nor Div 151 g 5s__194 .1 2 94% __ __ 9(13 Sept'22
96% 27
94
94
1947• J 927 __ _ 94 July'23 ----- 9018 98
4
4
99 1013
Atl Div 5s
Mid Ga &
-61
997
8
997 Sale 993
4
8
013 9712
.1 .1
9812 Dec'23 ____
Mobile Division 55
110
993 Sale 99% 100
4
9014 074
_ 9
8
01 Dec'23 ____
99 10212 Cent R R & B of ga coil g 5s..k1037 MN
81
101 Sale 9912 101
6 102% 108
,
99 4
gold 54.1987• J 1033'8 Sale 10334
104
Central of N J gen
994 Sale 98%
9912 123
0
03 10312 105 10314 Dec'23
Registered'
10412
9 100 1 514
103 Sale 103
1 ° 1
,
4
85% --i6 184:4:911
3
, ,81 4
5 10012 10438 Cent Pac let ref gu g 4s ____1949 FA 853 Sale 8512
8
1024 103 10223 1027
9l3
15
Mort guar gold 350._ -..k1929 J 11 191: 8_a_l_e_ 91%
24
95
Sale 9412
96
793 86%
4
8
82
00
14 12 150253142
Through St L let gu 48-1954 AO 82 Sale 82
10314
10314 Sale 103
2
11412 June'23
Charleston & Savannah 75 __An J J
38
42
4
403 Sale 40
2
9818
0618
19
106 11212 Ches & Ohio fund & inapt 53.193f: J J
8
4
1073
4
1073 Sale 107
917 3 1047114
1
N 106 100 2 100
100 ---5- 19 113'814 1913 1
0
9
96118
8812 9815
1st COTISol sold 55
5
9412
9412 Sale 0412
1939 MN 95
8612 9212
99 giDec'23
99
Registered
8814 27
3381, Sale 8714
8
8
0
8
91 1,: 92
8717 : 89%4
8
1992 MS 893 Sale 84%
0
8514 --iFo
74 4 8
9014 997
General gold 4348
95
92 12 12
94
92
1992 MS
8 11 96
871 89
8212 Nov'23
Registered
9112 93
9418
92
8218 8912
-ii
8814 -2
-year convertible 4Xs 1930 FA 88% Sale 87%
20
1
82
4 82
823
81
96%
89 12 108
-year cony secured 58 1946 AO 8918 Sale 89
30
9118 Sale 0014
911, 673
89
99%
1940 J J 92
77
9214
9214
9612
Craig Valley 1st g 55
33
945
9414 Sale 94
,
0 14
946
05
10812 10932
7814 May'23
Potts Creek Branch 1st 4s_ 1080 Ii 73%
4
1071 1
1063 10714 107
3
8
6
%
7 4 7°85
794i4 70
7 :4 8114
1
:
-- .8_
8
787
7914 ::i.
R & A Div 1st con g 4s _A989 ii
4 22
107% Sale 10834 1073
107 110%
13
4
743 Aug'23
28 consol gold 45
10812 Sale 10818 10812 11
9034 93
Springs V 1st g 5s 1941 MS 03
9334 93 Dec'23
Warm
93 Sale 93
94
53
93
99
504 5614
9514 102 Chic de Alton RR ref g 3s_ _ -1949 AO
5518
55% 16
14 5 8
101
1N3 10112 101
10
31814 53
90
84
_ _ 53 July'23
New York Tr Co ctfa
8512
I
8534 34
4912 52
____
-LOT., r;3-1, 52
_
9214 9814
int_ - 1050
9504 96
Oct'23
951, sale ova
Stamped Oct'22
8
485 5112
9734
92
5112 Dec'23 --__
Stamped Apr '23 int_
9434 39
4
3 Sale 94
94
2518 351,
3568'1: g::11- - 33
3 -578 55779
e
'3311 68
87% 0414
Railway 1st lien 350
9018 72
90 Sale 893
7813 87
, 2
4
9
Chic Burl & Q—Ill Div 350_1949 J .1 7834 8014 794 Dec'23 ____
9413 Sale 94
96
394
8512 90%
3
87
88 4
963 98083814 87
Illinois Division 45
9212 409
92 Sale 9112
9512 97
1
1118:674134
1927 M N
96
96
Nebraska Extension 4s
99
10014 163
99 4 Sal
4
953 9659
1927 M N 9512
98 Nov'23 ____
Registered
10g% 109 108314 1087
e
2
42 1089906491
8912
83
824
5
1958 M S 8618 Sale Ms
8818 37
General 45
7614 Sale 764
77
68
We 10118
1971 F A 977 Sale 97%
4 35
983
lat de ref 58
'
87 3 98
41
88
8714 Sale 8718
4
921/ 983 Chic City de Conn Rye 55-1927 A 0 4912 Sale 4912
4912
9812 983 9812 Dec'23 ____
4
112
2
_
9011 9418 Chicago & East III 1st 65_ _ -1934 A 0 103% ____ 103% Dec'23 _ _2 10712 1g7
932 Sale 9212
8
93% 17
937
76%
E Ill RR (neto co) gen 58_1951 M N 76 Sale 76
9212 923 9212
4
38
874 837 C & & Erie 1st gold 55
7
6_
2
9
931 Chic
a 3:
' L11
Lit; 50
1982 M N 122 Sale 9212
9212 _98_
33
81
81 Sale 804
50
Chicago Great West 1st 4s_ _1959 M S 4934 Sale 4018
88% 74
8812 Sale 88
6914 83%
49 Sale 48
49
With Sept'24 coupon on
7578 81
7414 Sale 74
8 5 4
694 8312 Chic Ind & Louisv—Ref68_ 1947 .1 .1 10412 1057 10412 Dec'23 _ 9 1% 1j73
9 7J J
s
7618 71
7412 Sale 74
92
9712
2452,
80
9418 958 9412 Dec'23 __
Refunding gold 5s
30 Dec'23 ____
33
30
7912 88%
07
, J J
1 946 rd N 80
80 Nov'23 ._____ ._
85
Refunding 48 Series C
75
46
43 Sale 43
8 45482131' General 55 A
7918 84
14
80
80 Sale
8018
50
27
2812 Sale 2614
931
98
95
91%
85
c1966 2 J 95 Sale 9434
General 88 11
10
51
8512 Sale 8512
13/3
9 8
, 9412 10212
,
9 48 3
.1 71
74
824 Dec'23 ....6.
Ind & Louisville 1st gu 45-1956
954 Sale 94%
J 83
Dec'23
-year 45 1956
85 85
4 16 109 11234 Chic Ind dr Sou 50
2 Sale 11114 1113
1111
92% 100 Chic L S dr East 1st 4;0_1969 J D 8714 ____ 8814 June'23 ---1
A 13
I
27
93
9212 Sale 9212
54
2 6 8
606714 7:
9214 96% CM & Puget fld 1st gu 4s
6_3 40818 684,
1949 J J 4912 Sale 48
4912 __31_
9314 54
4
9318 Sale 923
4
943 97% Ch M & St P gen g 48 Ser A_e1989 J J 70 Sale 6958
70
96t2 sale 9612
9812 21
9912
93
64
6214 Dec'23
gold 3X13 Ser B. e1989 J J 60
21,
, 9313 9312 931, 3 1037,10,1, General
83%
77
e1989 .1 .1 7814 Sale 77
8 63
787
General 434s Series C
18
10434 Sale 10412 105
6
464 621
283
34
101 A O
s
50
Gen & ref Series A 450_ _320: 2 5 D 4912 Sale 483
10014 27 100 102%
10018 Sale 100
91% 9914
a2014 F A
5414
5414 Sale 517
Gen ref cony Ser B 58
9
9312
9212
9212 94
11'4
(
07
4) N
87
7c1
:1
54 Sale 513
54
4
Convertible 4348
8 87
883
88 Sale 87
418
;1 ,604 8133
80 :
4
3E
19252 D 6614 Sale 6538
4
68
833 9712
73
48
8612 Sale 854
88
100 10012
1934 J J 4814 Sale 47%
4812
-year debenture 4s
25
10014 28
100 Sale 100
9318 993
96
Chic & Mo Riv Div 5s_ _1926 J J 9559 9812 96
8 60
965
14
4
953 Sale 95'
945 06%
__
9512 100 Chic & N'west Ext 413_1886-1926 F A 96
98
9512 Dec'23
4 12
983
9814 Sale 9814
90
__
933 9559
1886-1926 F A _
78
0512 Dec'23
8012 Sale 80
8112 82
.
1987 M N 69 53% 7812
3X5
jolts 704 7014 _ ....4 6934 77
68
65
It ri Itg rid
Genegas eoed
64 Sale 64
6814 8811
p1987 Q F
6812 86
6814 Oct'23
Registered
79 sale 78
70
5
1987 M N
79 Sale 70
87
80
9
42
General 4s
4 72 101% 108
10418 Sale 10418 1043
11112 11914
1987 NI N
Stamped 45
8012 Nov'23
4 11214 28
11214 Sale 1113
6312 77
971
1987 M N ioo- Sale 100
8
7
9914 105
1
100 ---i
General 55 stamped
64 Sale 84
22
8
(143
6
9914 107
1879-1029 A 0 1017 103 103
8
4
: 101 1081
103 :::
Sinking fund 68
10314 104 10314 Dec'23
8
1879-1929 A 0
1084 1137
1014 Apr'22
Registered 58
11112
_ 11012 111 --i.
1879-1929 A 0 97l 99
97 16411
97 Dec'23
Sinking fund
1 23 A O
1879-1939 M N
971, 971,
9714 Mar'23 ___ _
Registered
97 103
98
9812 0812
9812 10
Sinking fund deb 55
9412 ____ 9458 Dec'23 ____
21'
99 8 10961%
5
4
991
1933 M N
97
98
97
Registered
14
97
Oct'23 ____
0818 102 100
8112
1930 J D loii4 Sale 10514
78
1053
0 10112 110
4
-year secured 78 g
10
10
79
79
7814
8314
81
10618 Sale 1064
101118 10 10514 111
-year secured 8X g _1938 m
5
I
81
4
823 814 Dec'23
90 Chic R I & P—Railway gen 45'88 J J 7818 78% 784
87
82
76
4 19
783
8
885 -- -38
883 8918 8853
80Ts
74
8411 858
761* ____ 74 Sept'23
Registered
8
5612 Sale 5612
4
563
5s
5 A j
19 1 I D
8414 9112
7212 83
ni.
t dIr gold 4s
RefundingN o801d 89_ _1934 j 0 7312 Sale 7314
735 139
100
87
3
865 Sale 8853
89 Chic
81
95 102
4
993 102 10112 Dec'23 ---Re
11
88
86
7512 8212
J 13
9552 95Te
Registered
95% May'23 ---1
79%
8
' 7i3- 5- - - 4 795
1951 J D 77
,
7859 79 s
77% May'23
8014 70
795 Sale 7914
2 Gold 350
1
7
44 gt, Joint 1st ref .5s Series A__ _1963 J D 93 9159 975
4
if 94
s
943
8214 ____ 83 Dec'23 ____
86
o
837
1951 J D 80
78
78
84
78 Sept'23
Metnph Div 1st g 4i3
10
83
8212 Sale 8212
994 10059
77% 0414 C Elt L & P 1st cons g 50..„1932 A 0 903 -- -- 9912 Sept'23
4
7912 8112 7912 Dec'23 ____
---- 10212 107%
9
103
4
933 9612 Chic St PM & 0 cons 6s.__1930 J D 1023 Sale 10218
____
4
9518 9512 953 Dec'23
8958 9211
7712 83
8
Cons 88 reduced to 350 1930 J D 895 9112 8958 Dec'23
79% Dec'23 ____
7034 81
9659
92
35
1930 M S 03 Sale 92
8159 8654
93
Debenture .5s
4
8412
8412
8414 86
8
785 83
72
hit 5(3_ _1960 J D 7713 Sale 785
777,4
8
8712 93 Chic T fl & So East
894 11
4
893 Sale 8953
High No,
Ask Low
U. S. Government.
Bid
'First Liberty Loan
J D 99',, Sale 99131 992032 1872
334% of 1932-1947
J D 08333 -- 08',,Nov'23
Cony 4% of 1932-1947
in 98131 Sale 98733 981132 328
Cony 434% of 1932-1947
J D 973333981(n 956, 9810311
26 cony 434% of 1932-1947
Second Liberty Loan
MN 98232 Sale 983a 98532
6
4% of 1927-1942
MN 98533 Sale 9813, 98532 1758
Cony 451% of 1927-1942
Third Liberty Loan
M S 991133 Sale 09(n 9914,2 8560
434% of 1928
2'ourth Liberty Loan
AO 98 3, Sale 98731 983033 2502
,
434% of 1933-1938
AO 99532 Sale 99633 99133s 1023
Treasury 4513 1947-1952
10412 July'23
81930 @ J
Is corool registered
81930 Q J
-_-- 103 July'23
2z consol coupon
1925 Q F ---104 May'23
as registered
1925 Q F
1034 Aug'23
es coupon
100 July'21
Panama Canal 10-30-yr 2s__k1936 Q F
1981 QM
9412 Apr'23
Panama Canal 3s gold
State and City Securities.
5
9912
9912
WY City-430 Corp stock_1960 MS 9912 100
101
3
1964 MS 993 10014 101
4
&Us Corporate stock
1966 AO 993 10014 10014 Nov'23
4
451s Corporate stock
1971 in 10312
10312 Oct'23
• e Corporate stock
- -14
• s Corporate stock_July 1987 ii 10312 104 10414 Nov'23
1965 J D 10312 10414 10358 Dec'23
4348 Corporate ste.ok
1983 MS 10312 10414 104 Dec'23
• s Corporate stock
1959 MN 9612 _
97 Nov'23
4% Corporate stock
1958 MN
9614 Dec'23
9612 _
4% Corporate stock
1957 MN 9612 ____ 97 Nov'23
4% Corporate stock
_ 95 July'23
Corporate stock reg 1956 MN
4%
1957 MN 10312 10414 104 Dec'23
95- _434s Corporate stock
1957 MN 10312 10414 104 Dec'23
434% Corporate stock
88% Nov'23
83.6% Corporate stock_1954 MN 854 87
1961 MS
-43
_ 10212 June'23
New York State
10212 June'23
Canal Improvement 4s_1961 ii
11214 July'23
Highway Improv't 434s_ _1983 MS
10412 Apr'22
Highway Improv't 434v_ A965 MS
1991 ▪ .1
7114 Oct'20
Virginia 2-35
Low
9
ment.
Foreign G
1927 F A
Argentine(Govt)75
Argentine Treasury 55 of 1909_ __ M S
1943 J D
Austrian (Govt) 7s w I
Belgium 25-yr eats f 734s 6_1945 J D
Jan 1925 J J
5-year 6% notes
1941 F A
20
-years f 85
1945 M N
Bergen (No way) s f 85
1945 M N
Berne (City of) s f 88
Bolivia (Republic of) 8s__ _1947 M N
Bordeaux (City of) 15-yr 68_1934 M N
1941 1 D
Brazil, U S external 8s
1052 J D
72 (Central Ry)
1952 A 0
734s (Coffee Security)_
Canada (Dominion of) g 533A926 A 0
1
5s931 A 0
do
do
do
1929 F A
10
-year 5545
1952 MN
58
Chile (Republic) ext s f 8s....1941 F A
1926 1 0
External 5-years f 8s
4
,
1942 A N
75
1946 M N
-years 1 8s
25
Chinese (Hukuang Ry)55 1951 J D
1945 A 0
Christiania (City) s f 85
Colombia(Republic)650_ _ _1927 A 0
Copenhagen 25
-years f 554'3_1944 J J
1944 M El
Cuba 58
Ester debt of 55'14 Ser A_1949 F A
1949 F A
External loan 4545
1953 J J
5X5
Czechoslovak (Repub of) 88_1951 A 0
Danish Con Municip 8.5"A"_1946 F A
1916 F A
Series 11
1945 A 0
Denmark externals 1 8a
1942 J J
20-year (18
Dominican Rep Con Adm s 15858 F A
1942 M S
5345
Dutch East Indies ext Oa__ _1947 .1 J
1962
-year 65
40
1953 M S
534e trust rcts
Prench Repub 25-yr ext 8s 1945 M S
20-yr external loan 750_ A941 .1 D
Gt Brit & Ire(UK of) 550_1937 F A
1929 F A
-year cony 530
10
1952 M N
Greater Prague 750
1952 A 0
Haiti (Republic) 63
Italy (Kingd of) Ser A 650_1925 F A
Japanese Govt—loan 4X8_1925 F A
1925 J J
Second series 450
1931 J .1
Sterling loan 45
Oriental Development 68_1953 M S
-year 68._1934 M N
Lyons (City of) 15
Marseilles(City or) I5-yr 68_1934 MN
1943,M N
Mexican Irrigation 41X5
1945 Q J
-5s of 1899
Mexico
1954
Gold debt 4; of 1904
1952 J D
Montevideo 75
Netherlands(3s (Pat prices) 1972 M S
1940 A 0
Norway external s f 8s
1952 A 0
68
1943 F A
61 (interim certificatea)
Tr rects_1953 J D
Panama(Rep)550
Porto Alegre (City of) 85..._.1961 J D
Queensland(State) ext sr 78_1941 A 0
1947 F A
-year Os
25
1946 A 0
Etlo Grande do Sul 8s
-year 11183_1948 A 0
Rio de Janeiro 25
1947 A 0
8e
El Salvador(Rep) temp 8s._19IS J - J
1952 M S
Ban Paulo (City) s 1 85
San Paulo (State) eat s I 80_1936 J J
1942 J J
Seine (France) ext 78
Serbs. Croats & Slovenes 83_1982 MN
1936 M N
Salmons(City)fis
-year 65
Sweden 20
1939 2 D
Swiss Confereen 20-yr 8 f 8s_1940 J J
M S
Tokyo City 5s loan of 1912
Uruguay Republic ext 8s_ ._ _1948 F A
1945 A 0
Burtch (City of) 8 f 8s
16.5=.6
Railroad.
1943 J D
Ala Cit. Sou 1st cons A 55_
Ala Mid 1st guar gold 5s_ __ _1928 M N
1946 A 0
AR)& Susq cony 330
Mimi di West 1st g 4s gu___ _1998 A 0
1942 M S
Alleg Val gen guar g 45
01995 Q 2
Ann Arbor 1st g 48
Atoh Top ds S Fe—Gen g 48_1995 A 0
1995 A 0
/c1995 Nov
Adiustment sold .113
11995 Nov
Stamped
1955 1 D
Cony gold 45 1909
1955 J D
Cony 4,1905
.
P8110 of 1910 _ _1960 .1 D
Con,4'
East0 . Div 1st g 4s_ _1928 M S
1965 J J
Rocky Mtn Div 1st 4s
-Con Short L lat 45_1958 J J
Trans
Cal-Arts 1st es ref 41•58"A 19IRM 5
DUe July. 1 Due Aug. 0 Due Oot. p Due Nov. 0 Due D.a Option sale.
o Due May.7 Due June.)
*No mice Friday: lateot bld and aoled. a Due Jan. .2 Due April.
lg
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 28.
Price
Friday
Dec. 28.
West's
Range or
Last Sale
alQ
Range
Since
Jan. 1
High No
Ask Low
Bid
90% 13
905 Sale 90%
8
7
99
99 Sale 99
11514 Sale 1147
11514 18
105
_ 105 Dec'23 - -.
7212 39
7114 Sale 7118
10212 Sale 10213 10298
8
95 97% 9434 Nov'23 88 Mar'17 -881. 8984 88 Dec'23 --8814 90 8812 Dec'23
87 Dec'23 -848 June'23
8512
9712
-- 9718 Dec'23
943 - -- 93 Mar'23 - _ _
7912
1
479% 80 7912
8
9218
9112 93 92%
981
1
9812 Sale 9812
1005 Sale 1003. 1013
8
7
_ _ _ 10134 Nov'23 _
1024
853 87 86 Nov'23
7812
1
77
7812 7812
79% 8078 793 Dec'23 - - _ _
85% -- -- 8512 Dec'23 - _ _
8
_ _ _ 825 Sept'23 _ _
8310414 105 10414 Dec'23 _ _
96%
-- 9612 Oct'23 -- _ _
8412 Nov'23
9414
9414 _ _ _ 95 Nov'23 -_
923 -- 91 Mar'21
943 953 10412 Dee'15 _ _
4- 4
4
7612 Feb'12 8014
9018 Dec*12
67 Jan'21 81.
9018 Dec'23
9018 91
1024 Sale 102
10234 11
951a Sale 95%
95% 23
7712 80 8012 Nov'23 92% 18
923 923 92
8
4
4
803 Sale 8034
8114 26
80% 844 8034 Nov'23 _
7958 Nov'23 4
793
8118 8112
8112
5
low2 100 Dec'23
_
N
BONDS
Y. STOCK EXCHANGE
Week ending Dec. 28.
2875
Price
Friday
Dec.28.
Week's
Range or
Lad Sale
Rasps
Since
Jan, 1
Low
High Illinois Central (Concluded)
Bid
Hioli No, Low
Rd Low
High
Purchased lines 33.4s
877 923
2
t
1952 S i 75
7512 801s
78 77 Dec'23
Collateral trust gold 48...1953 MN 8014 Sale 793
95 1001,
774 83
4
8014 19
11212 11518
Registered
1953 MN
764 784
77 Dec'23
1044 105
Ref 5.
1955 MN 100% Sale 10014 10058
9
9918 100 8
5
6812 751e
15
-year secured 04s
1934
10114 Sale 100% 10112 41 100 102 s
7
10112 10314
15
-year secured 049 6-1936
10718 111
10812 110 10914 Dec'23
94 97
Cairo Bridge gold 48
1950
8238 87
8414 8512 8438 Dec'23
Litchfield Div let gold 38_1951
683 73
s
8918 70 70 .Dec'23
4
86's 898
Loulav Div & Term g 3348 1953
72% 79%
7314 74% 7412 Dec'23
8618 9073
A 684 -- 6812 Oct'23
Omaha Div 1st gold 33_ _ _1951
6734 694
87 87
St Louis Div & Term a 321_1951
68
71
70 Nov'23
674
8312 85 4
Gold 35413
7612
3
3 75 80
1951
7612 Sale 7612
7512 7511
97 99
Spring( Div let g 048
1951
753 ---- 7512 Dee'23
8
93 94
A 84Is --- - 84% Dec'23
Western Lines let g 48
80
813
1951
4
76 821s
A 1951
Registered
92 Mar'16
90
9312 Ind B & W 1st pref 48
1940 A 0
. 8 871,
"85
86 Mar'23
9533 100 Ind RI& Iowa let g 413
8212 8533
1950
8412 8512 8414 Dec'23
100 1024 Ind Union Ry Se A
1965
9413 100
9618 98 95 Dec'23
10012 103 Int & Great Nor adjust 6e 1952
33
4914
8
4012 Tin
40 Sale 395
8013 88
let mtge 65 cBs
8612 974
82
1952
9014 Sale 9014
91
754 7884 Iowa Central let gold 58-1938
57 734
624 6712 6314
6414 22
747 831g
8
14
40
109
Refunding gold 0
1951 M
164 Sale 18%
17
8213 8812
8058 82 James Frank & Clear let 49_1959 in 83 844 83
52
10
82 87
83
10313 10638
944 98 Ka A & R lstsu g 5s
1938 3' 2614 9912
844 95 Kan & M let gu g 4s
75 Fifs
1990 *0 7612 78 7612 Dec'23
95 95
2d 20
1927 S i 9412 9512 97 Nov'23
9157 98
s
-year 58
C Ft 13 & M cons g 13s.--1928 N 1003 Sale 10034 1003
4
2 10012 1023
4
4
K C Ft & M Ry ref g 415---1936 A0 73% Sale 733
78 7912
73% 46
8
Ec&mR&B lstgu5s
1929 A0 93% 97% 9312 Dec'23
92o4 95
Kansas City Sou let gold 35_1950 *0 69 Sale 687
6314 72 8
1
35
69
8
Apr 1950 J J 85% 86 8512
Ref & Impt 58
1
88 89 4
12
88
8913 98 Kansas City Term let 45---1960 is 8112 Sale 81%
1
76*4 83 4
8218 49
101 106 Kentucky Central gold 4e.--1987 S i 82 83 82
MN
15 81
82
94
9614 Kook & Des Moines 1st 5e--1923 *0 62% 63 6212
623
4 13 61 92
793 85 Knoxv & Ohio 1st g 69
4
1925 S i 10012 1003 10012 Dec'23
7
100 101 4
4
4
903 9312
8011 87% Lake Erie & West let a 54
1937• J 9338 94 94
9118 97
9418
5
78
8034
1941 S i 8818 Sale 88%
2d gold 55
8114 87
14
8618
1
8034 Lake Shore gold 35411
76
1997 in 78 Sale 75%
7213 784
76
9
80 87
1997 in ___ 745 721 Sept'23
Registered
724 75
4
100 10512
M S 9438 Sale 94%
gold 48
904 96
Debenture
1928
94% 20
1931 MN 9214 Sale 92
-year gold 45
904 934
25
9212 38
Day & Mich let cons00-1931 is 92
91
9334 92 Dec'23 _ _ _
9314
1931 MN
Registered
8512 July'23
Del& Hudson 1st& ref 45._ _1943 ▪ N 833 Sale 8312
4
8334 30 824 90 Leh Val N Y let gu g 4541---1940 S i 9233 931s 9312 Dec'23
If'
20
-year cony Si
1935 * 0 9214 923 92
92% 31
4
90 98
1940 S i
Registered
90 923
4
901. Oct'23
15
-year 5s
1937 ▪ N 98% 98% 9812 Dec'23
•971 10212 Lehigh Val(Pa) cons g 48-.2003 MN 7633 778. 7612
4
764 8112
763
4
4
10
-year secured 75
1930 in 1064 1074 10712 10712
84
9212
2 108 11114
2003 MN 8612 Sale 86
General cons 045
8812 25
D RR & Bdge lit gu 45 g--.1936 P A 893 _ _
89 Nlay'22 4
1004 10212
Leh V Term Ry 1st gu g 58-1941 AO 99 10138 10138 Oct'23
Den & B. Gr-lat eons g 48_1936 ii 65 Sale 65
67
105 65 761
1941 * 0 99
100 100
Registered
100 Sept'23
Conaol gold 04e
1936
72 80 Leh Val RR 10-yr coll 89_151928 MS 10218 10212 10212 102% 25 10013 105
7112 76 7212 Dec'23
Improvement gold 59.-1928 J
7914 88 Leh & N Y 1st guar gold 48-1945 MS 8134 8214 89% Oct'23
7934 Sale 79%
8014 894
793
4
1
lit & refunding 58
1955 FA 38 Sale 38
37 58 Lea & East 1st 50-yr be 01-1965 * 0 99
4214 296
97 100
9
99% 9855
993
4
do Registered
4912 OcV2C
1982 MN
81
811
/
2
Little Miami 45
8138 Nov'23
farmers L&Tr rota Aug '55.
4
37% Sale 3778
1063s 107
4134 63 87 Ii( Long Dock consol gee
1935 A0 1068. --- 10658 Nov'23
Bankers Tr ctfe of den
40 50 Long Told 1st cons gold 56-111931 Q
3612 42 4512 Dec'23 95es 98
97 100 97 Dec'23
do Stamped
37 42 4218 Dec'23
51931 Q
4214 60
90 9214
let consol gold 40
87
_ 90 Dec'23
Am Ex Nat Bk Feb '22 ate.
883 48
4
45 Dec'23
_
1938 J D 85 Sale 85
8612
General gold 48
85
2 81
do Aug 1922 We
414 4318
1932 J D 82%
42 454 Dec'23
8112 8112
Gold 48
8112 July'23
Des M & Ft D let gu 4e_ _ _1936 ii 3914 Sale 3914
•S 7834 Sale 7834
aa 45
44
43
1949
75 81
Unified gold 48
783
4
1
Dee Plaines Val let gu 043..1947 MS
9314 Sept'23
1934 J D 903 93% 91 Dec'23
91
94
Debenture gold to
8
- -- Dot & Mack-let lien g 4a--1995 in 65_ 65 Dec'23
_
1937 MN 8412 861 8412
8215 854
-year p m deb 55
20
8412
Gold 45
1995 in 5518 Guar refunding gold 48._1949 MS 793 80 8038
3 55 7314
55%
i6 55%
83
75
8012 15
8
Det Ely Tun 454e
1961 MN 88 893 88 Dec'23 _ _
85 9034
92
4
96
Nor Sh B 1st con g gu 58-01932 Q J 9212 94 9312 Dec'23
Dal Miseabe & Nor gen 59_1941 is 983 - -- 99 Oct'23 - _
981 9912 Louisiana & Ark Lets 55---1927 M S 9514 98 97 Dec'23
4
8
93 98
Did & Iron Range let 59._ 1937 * 0 98 Sale 98
98 10034 Lou & Jett Bdge Co gu g 48-1945 M
98
1
77
83
80% 80 Dec'23
80
Registered
1937 A0
954 9812 Louisville & Nashville 59
9518 July'23 ---1937 MN
9733 103
10212 Dec'23
Dul Sou Shore & Atl a 58-.1937 ii 76 Sale 76
74 80
7834 20
19405, 8934 Sale 8934
Unified gold 4s
874 92
1
9014 27
1940 S i
Registered
1
90 4 90 4
1
9014 May'23
_
E Minn Nor Div let g 48--1948 A0 841
_ 8412 July'23 - _
8412 90
1931 MM 9734 98 98 Dec'23
Collateral trust gold 5e
97 101
E Tenn reorg lien g be
1938 M
914 9312
97% 9218 Dec'23 -93 2-year secured Te
1930 ▪ N 10634 107 107
10
107
17 106 109
E TVa&GaDivg5e
1930 Si 98
9878 98% Dec'23 _
97 100
2003 * 0 104% Sale 104% 104%
1st ref 534s
4 10114 1054
Cons let gold 58
1956 MN
9812
9812
964
95 971a
2003 * 0 97% Sale 9718
58 B (w _
97% 108
Elgin Joliet & East let a 5s 1941 MN 9712 99 99 Dee'23 - _2 9713 9912
_
10014
1930 is
N 0& M 1st gold 65
101% 1031
4
10358 Nov'23
__
• Erie let consol gold 7e ext 1930 MS 10412 Sale 10412 105
8 10212 105
28 gold 65
1930 is 10358971a 10111
10114 104 101% Feb'23
1st cons g 4s prior
1996• s 61
8214 107
614 614
5412 6412 Paducah & Mem Div 48-1946 FA 8512 88 87 Nov'23
821 87
4
Registered
1996• J
57 Mar'23 _ _ _
St Louis Div 2d gold 38.-1980 MS 61
5812 63
61
6114 61
Let consol gen lien a 48-_1996 ii 5334 Sale 5334
557
8
547 282
L&N&M&Mlst2001945 MS 95%
9212 96
9334 Sept'23
Registered
1996 is
43 48
- 48 Oct'23 L & N South joint M 98-1952 S i 7812 Sale 7812
804
72
79
Penn coil trust gold 46-1951 FA 8884 8914 8$ Dec'23
82 90
_
Registered
51952 Q J
7312 734
7312 Apr'23
50
-year cony 4s Stu A 1953 * 0 5434 Sale 548.
4112 5512 Louhw Chi & Lea gold 045-1931 MN 9512 --- 9514 Dec'23
5514 53
944 974
do Series B
1953 * 0 543 Sale 5434
4
4214 56
5514 71
Gen cony 48 Series D--.1953 *0 80 Sale 5914
4342 5914 Mahon C'I RR let 58
608. 397
'
S
1934
9812 100
9934 Dec'23
Erie & Jersey letif 69
1955 ii 884 90 88%
89
9 84 90 Manila RR(Southern Lines) 1939 MN _ 9914 Rn - 60 Oct'23 _ _ _
61
71
Erle & Pitts gu g 3;48 B
194(J Si 8314 ____ 84 Oet'23 _ _ _ _
83% sa Manitoba Colonization 59-1934 in 15iig 973 9712 Dec'23
95 4 98 4
1
1
s
Series 0
1940• .1 8318 -- -- 8234 Dec'23
_
82 8314 Man GIB&NW 1st 3I4e_ -1941 is 8038 _
82 88
82 Sept'23 _ _
Evans & T U let gen g 5e_ _ _1942 * 0 102 ____ 88 Apr'23
_
Mex Internat'l lit CCM g 451-1977 MS ---- --- 77 Mar*13
Sul Co Branch let g Se.... _1930 * 0
6912 Apr'21 _ _
fir'
1931 MS 9734
_ 101 Nov'23
Fargo & Sou 66
1929 .1
9914 9912 Michigan Central Si
9912
9914 Oct'23 _
Registered
1931 QM 9712 Sale 9712
9712
Fla Cent & Pen lit ext g 56_1930
2 9712 1004
'
3
9318 Dec'23 _ _ _ 9318 9412
' 87% 8814 86 Nov'23
5
1940
gs
854 88
Consol gold 58
1943 ii 8518 - - 9338
9l334
98
91
934
4
Registered
'S 85
85 aa
1940
88 85 Oct'23
Florida E Coast let 4348-1959 .1 1) 88
8812 874
873
4
2 8513 89
J L & let gold 33.48
80 80
1951 MS 75% 78 80 .Feb'23
Fonda J & Glov 4I4e
1952 MN 6314 8512
6313 72
64
let gold 334s
7613 84
1952 MN 78 79 80 Dec'23 _ _ _ _
Fort St U D Co let g 434e1941 ▪ J 8214 833 631s 00'23 13
81%
79 811
4
20
-year debenture 48
1929 * 0 92% 93 924
891 934
8
Ft W & Den C let a 045-1981 J
9234 27
983 10034 9912
4
9812 103 Mid of N J let ext 55
995
8
87
87
1940 AO 8114
87 Apr'23
Ft Worth & Rio Or let g 4s_ -1928
Dec'23
82 88
9713 100
8813 994 Dec'23 ___ _
From Elk & Mo V lit6N--1933 A0 10558 107 84% Dec'23 ____ 10512 109 Mllw L El & West imp g 58-.1929 A 8812 10512
Ashland Div let g as
1925 MS 99% 101 100 Dec'23
_ 100 100
GH&SAM&P 1st ba----1931 ▪ N 97 9812 97
97
10 95% 99%
Mich Div 1st gold 68
$
19245'
10018
1 100% 1007
28 eaten Si guar
1931 3' 9514 90 98 July'23
9313 98 Milw & Nor 1st ext 4I4s.....-1934 J D 100- _ _ 10018 Dec'23
874 924
4
8812 90 8912
____
Gate Howl & Bend lit 55..
.1933 *0 8918 93 8912
9 8514 894
8912
Cons extended 434s
1934 in 8618 8912 8914 Nov'23 _
89 91
Genesee River let i i 011
1957 ii 88 89 88
82 90 Mil Spar & NW let gu 49.--1947 MS
89
4
834 89
Oa & Ala Ry let col 58._01945 JJ 8312
8418 85 85% Nov'23 _
8312
1
7912 85 Milw & 8 L 1st gu 3348
-- 8312
1941 J J
Ga Car & No ist ga g 58....1929
664 Aug'23
9138 Sale 91%
90 9214 Minn & St Louis let 78
91%
1
-97 1021
1927 in 99 100 99 Dec'22
4
Ga Midland lit 3e.
1946 * 0 59 82 62 Nov'23 _
6044 1144
let consol gold 59
55
76
1934 MN 63 64 62
Gila V G & N let gu 5a
623
8
1924 MN 993 5
99% Dec'23
9914 993
8
let & refunding gold 4s._-1949 MS 18 Sale 18
1512 40
Gou & Oswegatch 55
1812 48
1942 J D 9512 983
4- -4
Ref & ext 50-yr Si Ser A_ _1962 Q F 16 Sale 1534
14
- 89 92
394
Or R & lea let gu g 048_ _ _1941 • s 90% 91% 91 Nov'23
16
21
8•133 904
Grand Trunk of Can deb 79_1940 AO 112 Sale 1114 11214 21 11084 116 M St P&SSM con g 48 int gu'38 S i
87% 864
874 10
let cons 55
1938 S i 003.
98 101
15
-year f Oa
9938
_ 9814
1936 MS 10312 Bale 1033
5
8 1033
4 33 10244 106
10
-year coil trust 04e
1931 MS In% 103 103
Grays Point Ter Si
103
1947 J O 8512
5 10014 108
10112 Apr'07
69 A
1946 S i
97 4 1052
8
4
9734
Great Nor gen 78 Series 4t._1936 ▪ J 10852 Sale 10638 107
99
67 IR;
lea Chicago Term sf 431041 MN 9812 -- -- 9212 Dee'22 16
__ _
1st & ref 43s Series A-1961 .1
_8
8514 9212 MSBM&A 1st g 4s lot go.1928 Si
863 Sale 8618
861
5 37
Registered
1961 J
9612 97% 964 Nov'23 _ _ "tieig If
90 June'23
86 4 90 Mississippi Central lit &L._ _1949 S i 923
8712 loo
1049 Series B
8814 ---- 88 Dec'23
1952• J 90 Sale 9534
96
9441024 M K & Okla let guar 5s_
95
1942 MN
9134 94
914 May'23 _ _
Green Bay & W deb etfe
Feb 56 Sale 56
56
5512 75 Mo Kan & Tex-let gold 45_1990 J D ____
1
7315 8014
78 Sale 76
Debenture etre "B"
7612 21
Feb
Sale
7
1814 Mo-K-T ER-Pr 18;Ser A-1962 is
714
74
712 11
7434 833
1
7914 Sale 79
Greenbrier Ry 1st gu g 48__ _1940 MN 83
7912 96
8411 8412 40
_ 8412 Oct'23
-year 48 Series B
1962 is 6512 Sale 6514
6112 6712
Gulf & B I let ref & t g 5e._b1952 J J 8312 Sale 8312
653
4 14
8318
78 8412
-year (is Berlea C
10
1932 is 94% Sale 9418
4
Harlem R & Pt Mies let 49_ _1954
95
33 9234 961
N 73
74 75
67 7812
75
Cum adjust 58 Series A
ii 51% Bale 5113
4855 68
Hocking Val let cons g 0411_1999 5, 83 Sale 83
523 622
3
834
a 80 86 Missouri Pacific(reorg Co) 1967
Registered
1999 5,
8112 July'23
8111
81
1st refunding 55 Ser A 19135 P A 75% Sale 7412
s
7512 29 734 861
T C let g 59 int gu
&
1937
J -5.12 II% 9712 Dec'23
7
954 974
let dc refunding 56 Ser 0.1926 P A ____ 9478 94% Dec'23
903 961
4
Houston Belt & Term let 59.1937 5' 9014 Sale 9014
88 93
9014
let & refunding 63 Ser D_1949 FA 874 Sale 8714
85 99
88
141
Hotly E & W T lat g 58
1933
N 9412 97% 9512 Nov'23
98
98
General 4s
1975 M
4714 6314
5112 189
51 Sale 51
let guar 56 red
1933 MN 9518 98 93% July'23
984 98 Missouri Pacific,
Housatonic Ry cons g 58._ _ _1937 MN 80 _ _ 83 Dec'23
85
8712
3d 75 1:xtended at 4% _ _ _1938 MN 8034 _ _ 8034 Dec'23
7811 82
Bud & Manhat 55 Series A.._1957 FA 8012 Bale 8012
8114 115
764 847 Mob & Bir prior lien g 5a_ 1945 S i 9238
11
817g 93
93 Oct'23
Adjust Income 59
1957 A0 57 Sale 57
5812 202
55 6438
Mortgage gold 48
1945 S i 7078 7414 7438 Oct'23
6912 7422
Illinois Central let gold 4s_ _1951 ii 817 ---_ 8712 Dec'23
8
8
8712 921 Mobile & Ohio new gold 69..1927 S D 102
1023 10212 10212 15 100 10412
4
Registered
1951 ii
8318 Sept'22
1st ext gold 69
51927 Q J 100% 10112 10012 Nov'23
9912 1037.
1951 is 79% 863 7412 Oct'23
let gold 0414
8
7413 88
General gold 49
1938 MS 7312 7478 7312
7258 7811
73%
Registered
1951 is
80 Oct*22
Montgomery Div 1st a 53_1947 FA 903 Sale 9034
4
903
90
4 20
9424
Extended 1st gold 33.48-1951 * 0 -7 6479 83 Feb'23
7
"iig83
S D 9312 94 943 Oct'23 ____
St Louis Div 53
1927
94
4
9512
1951 * 0
Registered
761 Sept'23
4
7614 7814 Mob & Ohio coll tr g 4a
1988 MS 75% 7614 7538
7412 7812
75%
1
1951 M
let gold 38 sterling
5912 72 834 Mar'22
Mob & Mal 1st go I 48
1991 MS 81%
81 Oct'23 __ _ _
81 8233
Collateral trust gold 49_1952 MS 834 8512 8512 Dec'23
771 85s Mont C let gu g
4
1937 S i 108 110 109 Oct'23 __ _
107 111
Registered
1952 * 0
933 Sept'19
8
Registered
1937 Si 106 10912
let refunding 48
1955 MN 851z 858. 8514
8511 18
82 88 4
1
let guar gold 55
1937 S i 9914 993 9938 Nov'231---99I 101's
4
_ _
no price Friday;latest bid am:leaked Me woe. a Due Jan, I Due Feb. 0 Due June. ADue July. •Duo soot
o Due Oct, OPUOD WO. "Chic Un Sta'n let gu 045 A_1963 J J
Si B
1963 J J
lit Series C (ilis
1963 J
Chic .fc West Ind gen a 6e__91932 QM
Consol 50
-year 4s
1952 S i
15
-year s f 7348
1935 MS
Oboe Okla & Gulf cons 5e
1952 ▪ N
0Find & Ft W let gu 4e g
1923 MN
01011 & D 2d gold 045_. 1937 S i
ISt L & C 1st g 49
51936 Q F
Registered
51936 Q F
Cin Leb & Nor gu 49 g
1942 MN
Clo S & CI cons let g 56
1928 J
Clearf& Mah lst gu g 5s._1943 .1 .1
Cleve Cin Ch & St L gen 41_1993 J o
20
-year deb 4s
1931 ii
General ba Series B
1993 in
Ref & impt 65 Series A_ _ _1929 S i
8s C
1941 ii
Cairo Div 1st gold 48
1939 J
Cin W & M Div let g 48_ _1991 S i
St L Div let coil tr g g 45._1990 MN
Bpr & Col Div let g 4a--- A940 MS
W WVal Div let g 4e__ _1940 S i
OCC&I gen cons g 69
1934
Clay Ler & W con 1st g 5a 1933 AO
CI& Mar let gu g 4J4s
1935 MN
Clev & Mahon Vail g 5a
1988 is
01& P gen gu049Ser A
1942 is
Series B
1942 A0
lot reduced to 048
1942 *0
1948 MN
SeriesC334i
Series D 38
1950 FA
Cleve Shor Line let gu 048.1961 * 0
Cleve Union Term 048
1972 AO
58 (w I)
1978 *0
Coal River Ry let gu 41_ _1945 in
Colorado & South 1st g 45-1929 A
Refunding & eaten 045_1935 MN
Ool & H V let ext g 4a
1948 A 0
Col & Tol let ext 49
1955 FA
Cuba RR let 50
-year 55 g
1952 S i
let ref 7Sie
1936
-a
'a;
New York Bond Record—Continued—Page 3
2876
BONDS
N.Y.STOCK EXCHANGE
Week ending Dec. 28.
t
Price
Friday
Dec. 28.
Week's
Range or
L031 Sale
42
Range
Since
Jan. 1
BONDS
N.Y. STOCK EXCHANGE
Week ending Dec. 28.
t.a
It
Price
Friday
Dec. 28.
Week's
Range or
Lou1 Sale
2:34
Range
Since
Jan. 1
High
Bid
Ask Low
Nish No Low
High
High No . Lew
Ask Low
Bid
6812 78
1
6812
1
78 Peoria dr East 1st cons 45__ _1940 A 0 6812 Sale 6812
74
75
2000 JO 7478 7712 75
& E 1st gu 3348
20% 30
1990 Apr. 21% Sale 21
2138 10
Income 43
8
985 101
Nash,Chatt & St L 1st 58_1928 AO 9978 101 100 Dec'23
9034 98
9112 146
9614 98 Pere Marquette 1st Ser A Is 1956 J 3 9112 Sale 914
1937 FA
9614 Oct'23
N Fla & S 1st gu g 68
757 8211
8
1956 J
7
76
75%
77% 75%
let Series B 48
2414
30 Sept'23
Nat Ry of Mex pr lien 419_1957 J J
1943 M N
4
873 924
8912 Dec'23
23 "gcs Phila. Bait dr W 1st g 4s
2414 Sale 2414
2414
July coupon on
49%
39
41
4
39 Sale 39
25
35 Philippine Ry let 30-yr s 1451937 3 .1
23
do off
26% 26 Nov'23
93
1940A 0 885 - -14 933
974
11
935'
894 9334
4
2618 2618 P C C &St L gu434sA
8
2618 July'23
1977 AO 235
General 45 (Oct on)
7
97 1
93
1942 A 0 934 9414 94 Dec'23
Series B 434e guar
21
244
1812 25% 21 Dec'23
April coupon on
9134 9414
1942 M N
9314 Nov'23
Series C 434s guar
2912
20
24 Dec'23
18
23
do off
89% 93
1945 51 N 8612 9412 9118 Oct'23
8 0
935 9
Series D 48 guar
_ _ 3814 June'23 _
Nat RR 54ex prior lien 4348_1926 J J
1949 F A
8412 93%
8414 90
90% Oct'23
2412 44
Series E 334s guar gold
3512
6
1812- 3412 3812 3514
July coupon on
91%
1953 J D 87
89
Series F guar 4s gold
34
4
873 9112 June'23
44%
34
Oct'23
3312 35
off
do
1957 M N
8512 89
8
93 Sept'23
895 93
Series G 45 guar
28
27
28 Apr'23
1st consol 48 (Oct on)____1951 AO
3
9014 94 0
9012 0612 9014 Oct'23
9134
2114 2612
Series cons guar 434s___ _1963 F A 06
1914
_
23 Nov'23
on
April coupon
914 94
1964 M N 90% 9112 9112 Oct'23
Series J 434s
1812 28 8
,
6
1914 23 2034
204
do off
1970 J D
1
93% 97
9614
General 59 Series A
9614
6818 8818
1954 MN 65
6818 May'23
Naugatuck RR let 45
a1928 A 0 963
75
9012 Pitts & L Erie 2d g 5s
- 99 Nov'22
4
1945 J J 773 877 75 Aug'23
4
New England cons 58
8
7514 Pitts McK & Y 1st gu 681932 J J 102
64
105 Dec'22
64
1945 J J 6812 76
Oct'23
Consol 45
1934 J J
82
80
211 guaranteed 65
9514 June'22
80 Dec'23
__
let 4s_ _ _ _1986 FA 80
N J June RR guar
9714 100
1940 A 0 9814 99
8214 Plus Sh & L E 1st g 5a
9838 Dec'23
77
NO&N E let ref & Imp 434s A'52 J J 8258 8312 8112 Dec'23
100 100
1943 J J 963 98 100 Feb
.23
4
let consol gold 5s
731g 793
7
4
8
7612
New Orleans Term let 4s__ _1953 J J 75% Sale 757
9918
08 June'22
10012 10012 15 100 1014 Pitts Y & Ash let cons 58.._ _1927 M N
N 0Texas & Mexico 1st 68_1925.JD 10012 Sale
115 115:
1957 M N
3314
72% 8634 Providence Scour deb 4s
3314 Dec'23
8658 67
1935 AO 854 Sale 8514
Non-cum Income 58
4
7134 713
1956 M
73%
7134 Dec'23
8914 9012 Providence Term 1st 4s
92% 90 Dec'23
N & C Edge gen gu 434e__1945 J3 90
1997 J J 87 13;1; 86%
8
827 88
59
91% 94 Reading Co gen gold 4e
87
NYS& M B 1st con g 58_1935 AO 9212 9612
88
79
4 37
863
8
863 Sale 86
Certificates of deposit
s
1037 442 101 106%
Y Cent RR cony deb 6e_ _1935 MN 103% Sale 103
87
80
4
Jersey Central colt g 4s___1951 A 0 823 85
8212 Dec'23
763 83
8
8112 33
1998 PA 81 Sale 81
Consul 4s Series A
84
88% Renss & Saratoga 20-yr 6a._ _ 1941 M N 10812
2
2
853
8
2013 AO 854 855 85%
Ref & impt 4348 "A
978 99
1927 A 0
98 Nov'23
92% 98% Rich & Dan 55
8
957 174
2013 AO 9512 Sale 954
& itnpt 58
Ref
72
1948 51 N
72
7
Rich dr Meek let g 53
a' 12 72
72 Mar'23
Y Central & Hudson River—
96 100
1952 3 J 943 97
72
4
773 Rich Ter 58
4
4
963 Nov'23 _
46
74 Sale 7312
1997 J J
74
Mortgage 33411
87
19392 D 83% 863 84 Dec'23
_
83
694 734 Rio Or June let gu 5a
4
J J
72% Dec'23
1997
Registered
318 9
1940 J
4
614 Sale
614 10
861a 913 Rio Gr Sou let gold 45
614
1934 MN 88% Sale 8878
8912 29
Debenture gold 45
12
7
1940 J
4
843 9014
518
Guaranteed
7 Dec'23
1942 ii 8538 861, 8612 Dec'23
30-year debenture 49
72
1939 J J
78
25
8 21
722
6818 76 Rio Or West 1st gold 48
77
7312 7512 77
7112
7112 Sale
Lake Shore coil gold 336s-1998 PA
6018 68
73
6034 15
69
Mtge & coll trust 45 A...._1949 A 0 6012 Sale 6018
7112 7032 Dec'23 _
1998 PA
Registered
7154 81
6
7614 R I Ark & Louis 1st 4348_..1934 M S 733 743 7434
71
74%
4
4
_
7212 7334 7212 Dec'23
Mich Cent coil gold 3345 1998 PA
70
1949 .1 .1 65
70
_
8
693 75 Rut-Canada 1st RU g 48
70
70 June'23
1998 PA 7012 7214 704 Nov'23
Registered
81
79
1941 J J
8
837 9014 Rutland let con g 434s
8912
4
79, s - -- 81 Dec'23
2
1937 AO 89 2 Sale 8912
Y Chic & St L 1st g 4s
,
4
1947 J J
6914 758
2
75
854 88 St Jos & Grand Iel g 4s
75 Sale 75
1937 AO
Registered
974
91
1996 J J 9018 93
8
833 80 St Lawn & Adir 1st g 55
9714 Nov'23 - -.1931 MN 88 Sale 8 8 C121.23
7
88
8
8
Debenture 45
1996 A 0 9612 s - 08 Nov'23 - 95% 084
98 101
2d gold 6s
MN 100 Sale 100
10014 37
1931
2d 68 A B C
90
841e 88% St L & Cairo guar g 4s
19313 J
87
1
8912
8912 sale 8912
5
8
NY Connect let gu 4348 A 1053 FA
865
81
9318 994
81
8 19
967
St L 1r M & S gen con g 58_1931 A 0 9512 96% 9612
1947 MN 868 _1_ 8
8
834 __ 2 80 Sept'23
8
Y & Erie 1st est g 4s
82% 89%
1929 J
9912
95
Unified & ref gold 49
83 Sale 83
8314 51
95 May'23
1933 MS
3d ext gold 4345
7111 86
1933M N
9318 94
Riv AG Div let g411
72 Sale 713
4
7212 89
____ 95 Mar'23
1930 AO 96
4th ext gold 5a
99
96
4
_1930 A 0 98
4
913 923 St L 51 Bridge Ter gu g
_ _ 9614 Nov'23
1928 3D 92 ____ 9234 Dec'23
5th ext gold 45
70%
85 St L & San Fran (reorg Co)4e_'50 J
5s_66
125
6512 Sale 654
72
66
1946 MN 82
____ 85 Dec'23
Ft Y & Green L gu 58
7914 85%
1950 J .1 8014 Sale 79%
7319 77%
80% 42
Prior lien Ser 13 as
2000 MN 743 ____ 74 Sept'23
N Y & Harlem g 33411
1928 J J 987 Sale 9812
15
97 10018
99
4
993 100
8
Prior lien Ser C 68
9934 June'23
Y Lack & Western 55._ _1923 FA
8634 9211
1942 J J 863 Sale 863
20
87
4
4
534e
1973 MN
let & ref 55
s
673 90
7112 237
"Er: If
Cum adjust Ser A 6a____111955 A 0 7114 Sale 7012
MN 9712 ____ 97 Nov'23
1973
1st ds ref 434e
1814 154
)11960 Oct
5314 67
Series A (is
5712 Sale 57
103 103
Income
103 June'23
1930 M
NY L E dr W lst 78 ext
10212 104
9914 St Louie & San Fran gen 65__1931 J J 10314
94
9914 Nov'23
1943 Ji
-- 10318 Dec'23 - Dock & Imp 55
9538
1931 J J
98
General
98
1932 FA -9612
9612 9612 2 0434 9878 St L & gold Is g 48-1996 J .1 0714 - - 98 July'23 - 3 8212 100
N Y & Jersey 1st 53
8241
8412
8212
F RR cons
1941 MS 8512 ____ 91 July'22
NY dr Long Br gen g 4s
91
91
91 June'23 -Southw Div let g 5s_ __ _1947 A 0 9012
NY N H & Hartford—
9818 103
1948 J J 98 - 5- 9812
22
09
34% 47 St L Peo dr N W 1st gu 5s
9i 8
1954 AO 3814 Sale 3714
Non-cony deben 334s
3814 25
86121 894
1931 M 5 8812_ _ 885 Dec'23 - - - 8
4
473 49 St Louis Sou let gu g 48
1947 MS 43% 4412 42 Dec'23
Non-cony deben 45
17
4
723 784
76
7334 69:1C 75%
38
48 St L S W 1st g 48 bond ctfs 1989 51 N
38 Dec'23
1947 MS 3818 40
Non-cony deben 3348
66% 7612
1
etfa_p1989 J J
70 Sale 70
70
4
373 51%
211 g 4s income bond
1955 23 403 Sale 40
8
403
Non-conv deben 48
8 63
4
734 785
33
1932 J D
78
7714 Sale 77
50
37
Consol gold 4s
44 Dec'23
1956
deben 45
39
44
Non-cony
734 824
8
4
4
763
34
4812
list terminal & unifyliag 5s_1952 J J 763 Sale 76
1958
5
Cony debenture 3345
3814 Sale 3814
3814
7218 5112
7234 7312 7218 Dec'23 -62
7314 St Paul & K C Sh L let 4345_1941 F A
49
1948 JJ 58 Sale 5712
59
Cony debenture 65
4
9019 902
2714 423 St Paul E Gr Trunk 4348_1947 J J 8812 9114 9012 Nov'23 4
1957 MN 34 Sale 34
3412 38
4% debentures
9012 93
19332 J 92
4
0512 903 Dec'23 - - _ _
5418 81
St Paul M & Man 4s
1925 AO 704 Sale 70
4 51
703
73 European Loan
1933 J J 105 107 10514 Dec'23 --- 10514 1094
63
7112
1st consol 5135
1925 AG 683 6912 68%
290
4
Francs
6912
95% 994
15
8
96
6s Reduced to gold 4345 _1933 J J 95% Sale 955
Cons Ry non-conv 48_ __ A930 PA 35 4 ---,
8814 93
1937 J D 88
41)
893 8912 Dec'23 - 4
4611
Mont ext 18t gold 45
1054 JJ
.__ 55 -445- c:122•"93
Non-cony 48
83
85
1940 J J
85 July'23---387 44
8
Pacific ext guar 45
1955 JJ
9
387 Oct'23
Non-cony deben 48
4
70% 753
1943J J 71 Sale 71
7159 61
40 40 SA&APasslstgug4s..
1956 JJ
40 Sept'23
50
Non-cony deben 4s
99
97
1942 NI
97 May'23 -4
973 99
09
99% Santa Fe Pres & Ph (55
1927 AO
Oct'23
Y & Northern let g 5s
99
7812 8314
2
8
805
195(1 A 0 8012 Sale 8012
6014 70% San Fran Terml 1st 43
MS 62
63
13
NY O&W ref 1st 5 45_41992
624 6212
1934 A 0 10678 108 1075s
*
1075
1 107 10814
.564 705 Say Fla & W 6s
9
1955 in 57 Sale 56%
11
57
General 45
991g 993
4
1934A 0 99 10014 9918 Dec'23 -Is
1942 AO 7234 _ _- 73 Aug'22 MY Prov & Boston 48
84% 874
8
865 Dec'23 - gu g 45._ _1989 M N --- 86
8014 823 Seto V & N E 1st
4
8014 Sept'23
N Y & Pu 1st cons gu g 48_ _1998 AO 8034 85
62
53
1950 A 0 5814 ___ 58%
1
9
585
9618 Seaboard Air Line g 45
95
S 9618
1927
NY& R B let gold 5s
9619 Dec'23
4
593
52
1950 A 0 5812 Sale 5814
5812 17
60
50
Gold 4s stamped
1937
5
50% Sale 5012
8
505
Y Susq & W let ref 58
224 45
4
443 115
01949 F A 4314 Sale 4212
4019 493
s
Adjustment 58
1937 PA 43 Sale 43
4
43
211 gold 4345
8
483
39
32
48
1959 A 0 4712 Sale 4712
3712 49
Refunding 45
1940 FA
13
40
5s
38
4012
41%
General gold
s
584 697
1945 M
6812 138
93%
68 Sale 6712
84
let & cons lis Series A
1943 MN
8412 Nov'23
Terminal 1st gold 58
3
03 4 973
4
1926 J .1 9712 973 97%
8
975
3212 50 4 Seaboard & Roan let 5s
4
,
3714 46
3714 Sale 3612
N Y W'clacedr B let Ser I 4348_'46
3512 3714
1943 J D
3612 June'23 -71 Sher Sh & So let gu g 58
61
FA 6314 Sale 63
6358 15
Norfolk Sou let & ref A 55 1961
98 1014
1936 F A
8
987 Aug'23 -87
9312 S & N Ala cons gu g 511
1941 MN 8614 8812 8918 Dec'23
Norfolk & Sou 1st gold 5s
8
9612 997
1963 A 0 983 - -- 9834 Dec'23 - 106 10812
4
Gen cons guar 50-yr 55
1931 MN 10314 108 10612 Sept'23
Norf & West gen gold 6s
7712 85
83% 44
110 110 So Pac Col 48 (Cent Pac col)_k'49 J D 83 Sale 83
1934 PA 106 108 110 Mar'23
Improvement dr extg
904 934
40
51929 M
9212
4
8
9212 Sale 923
1083 107,
-year cony 4s
20
1932 AG 10334 107 106 Dec'23 _
New River 1st gold
9758 1024
1934 J D 0712 987 983 Dec'23 -4
8514 9314
8
3
-year cony 58
20
8712
1996 AO 8718 8712 8712
& W 11.y let cons g 4s
101 103%
1937 51 N
Oct'23 90 So Pac of Cal—Gu g 5s
95 103 103
85
1996 AO
_
4
853 Oct'23 _
Registered
9111
88
8
9112 Nov'23 823 89 So Pac Coast 1st gu 48 g--- -1937. 3 893 _ _
1
4
7
88
881gen g 48_1944 J J 88 - 2 88
'
Div. 1st lien &
83
8012 84
884
1955 J J 8614 Sale 9614
101 108 So Pac RR 1st ref 48
82 Dec'23
1938 51 S
10-25 year cony 4348
92% 984
J 9512 Sale 9518
1994 J
96 68 6614 6978
4
1929 M
e
106 62:1- - 106
1063
4 86 106 1173 Southern—let cons g 5s
-year cony tle
10
697 140
1956 A 0 694 Sale 683
4
8
843 88%
Develop & gen 4s Ser A
1941 J D 865 8934 863
4 20
863
4
Pocah C & C joint 45
9612 28 9614 964
1956 AG 9612 Sale 0612
88
79
fle (w i)
1
82
82
87
North Ohio 1st guar g 58 ,.1945A 0 82
1951)A 0
8
81
1013 139 100 102
87
Sale 101
634s
8 84
817
Sale 81
1997 Q
81
.
Nor Pacific prior lien 4s
90
97
80
8312
9
1'2 9
94 Dec'23
183
3
Div 1st g 4358
-5s-1996
Mom
80 Nov'23 - 1097 Q 3
Registered
4
754 81
1951 J J
8
7834 Sale 783
4
56, 6214
784
St Louis div let g 48
27
58
a2047 Q F 5 Ts Sale 564
-6
General lien gold 35
1
97
993
4
564 60 So Car & Ga 1st ext 5349_1929 M N 987 10012 99
99
8
Q F
5618 10
0047
58% .5618
Registered
4
813 8812
8
,
79% 90 2 Spokane Internet let g 5s._ A955 J J 823* 844 825 Oct'23
9
797 Sale 797
18
8014
Ref & !mot 4348 ser A__ __2047 J
1943 J D
80
3
Oct'20
10212 52 102 109 4 Staten Island fly 4348
2047 .1
10214 Sale 10218
6s ser 13
1936 J
9114 100 Sunbury & Lew 45
Oct'23 ---- -9i- 91
8212 ___ 91
1
9214
9214
2047 J
9012 92
58 C
9414 Superior Short L let 585._41930 M
91
95 May'18
____
3
9114
2047 2J 903 9114 9114
4
58 D
90
95
89 89 Term Assn 01St List g 43411_1939 A 0 9284 9312 927 Dec'23 ---89 Feb'23
St Paul-Duluth Div g 4s 1996 JO
1944 F A 07% Sale 073
917
8
9812 987
9812
3
let cons gold 55
St Paul & Duluth 1st 55.._1931 Q F ---- -- 98% Jan'23
17
19533 J 7955 Sale 7912
82
77
8414 8414
795
Gen refund e f g 48
3D 8014
3414 Jan'23
1968
let coneol gold 45
90
4
1943J J
1.513
108 110 Tex & N 0 con gold 58
903 May'23
8
4
10938
8
Nor Pac Term Co let g 6a.....1933 J J 1095 Sale 10958
8918 96
99 102 Texas & Pao let gold 58
2000 J D 9134 Sale 913
9214 45
4
99 Dec'23 ---1938 AO 99 100
Woof Cal guar g 58
404 54.
82000 Mar 61
58 Aug'23 65
211 gold income 55
1930 32 10214 - - -- 100 June'23 North WISC019119 1st 65
924
84
1931 J J
70
55
Dec'23 -92
91
90
La Div 13 L let g 55
68 Dec'23 -- - 69
1948 ii 68
Og & L Chem let in 4s g
1935 J
95
4
983
864 864 Tol & Ohio Cent let gu 5a
9718 Dec'23 -893 Oct'23 - -1943
8914
Ohlo Conn Ry 4s
9214 96
1935 AO 9412 97
9512 0818
95 Nov'23
Div 1st g 50
Western
9612 Oct'23
97
1936
Ohio River RR let g 3s
JO 9112
944 9512
87111 92
9118 Dec'23
General gold 5s
1937 AG 9412 9512 9414 Dec'23
General gold 5s
2812 32
98% 100 Tol Pen & West 45
917
1935 J J
20
30
30
Oct'23 -9914
1927 JJ 994 9912 9914
Ore & Cal 1st guar g 58
9312 9014
844 88 Tol St L & W pr lien g 3348_1925 J J
9618 ____ 06 Dec'23 - -2
8612
1946
8614 Sale 8614
Ore RR & Nav con g 48
6812 77
22
09 1041/ To518W-year go g,04s A
1950 AO 77 Sale 764
77
v a old 48
102
II
102
102 Sale
Ore Short Line—let cone g 5e_'48
95
2
953
4
95
8
33
997 105
1931 2J 95 Sale 95
1
102
1946 JJ 102 Sale 102
Guar con 55
23 95
9414 964
90% 93
8
957 9514 June'23 — - Series B 434a
924 31
1929 JD 9212 Sale 9214
Guar refund 48
754 82
1942 51
8712 ____ 867 Nov'22 - 7984 49
Series C 45
7912
J
1961
7912 Sale
Oregon-Wash 1st & ref 48
744 793 Tor Ham & Buff 1st g 4a___11946 JO 804 834 80 Dec'23 -- -8
5
7512
0O5 82
Pacific Coast Co let e St.-1946 3D 7512 Sale 7512
D
8712 Ulster & Del Istcons g 611_1928
9618
84
905 Dec'23 ---9059 92
8
4
8634
4
4
Pac RR of Mo 1st ext g 48_1938 FA 863 —_ 863
94% 97
63% 70
1952 A0 O1 19 6738 6353 Dec'23 -let refunding g 4a
8
963 Nov'23 -9458 95
1938 J J
2d extended gold 5s
5s
J
894 91
8814 94
907
1947
9038 Sale 9014
s 88
Union Pacific 1st g 4.8
__
4
893 Nov'23
J J
8912 _ _ _ _
1955
Paducah & Ills Ist s 4348
9414 984
9512 81
654 7812
1927
953 Sale 954
-year cony 4s
20
6814 106
Paris-Lyons-lvled RR 65....l958 F A 68 Sale 87
9914 1004
978
52008 MS 993 Sale 9912 10234 86
00
4
let 64 ref temp 58
95
95
1942 M
9612 95 Dec'23 -- _ _
Pau0sta Ry 7s
88
80
8812 9314
92008 M
82 Sale 82
1st & refunding 48
81112 89 Dec'23 -- - Pennaylyanla RR—cons g 4s 1943 MN 89
27 1021s 1054
874 9111 . , perm secured 65._1928 J3 1023 Sale 10234
4
".•; ar
34
88
1948 M N 88
9
883 88
Consol gold 48
934
90
1
/ 0
924 9
84 98s,
1944 MS 874 9212 9212 Nov 258 26
'3
82
Cae ge
g9ld 5o n
Dec'23
MN 86
,
87 4 86
May 1 1908
88 stamped
2
,
99 4 997
1926 J J
0914 Nov'23
Ut-1:11.1&11NRo,
8
4
4
943
943
1960 F A 943 95
4
Consol 434s
4
9014 913
1933 J J 9212- - - 904 Dec'23
9012 921/
113
let extended 4s
218
01
1965 J D 9012 Sale 9012
General 4348
8412 8514
57
98 10134 Vanden& cone g 48 Ser A
1935 PA 843 ____ 8412 Dec'23
4
64
9 10018
1968 J D 99% Sale 997
General 55
87
MN
85
85 May'23
Consol 4e Series B
10712 60 1081s 110114
1930 A 0 10714 10712 10718
-year secured 7s
10
374
34
36 June'23
_
6 1064 11114 Vera Cruz & P 1st gu 4348_1934 ii
10814 3
1938 F A 10814 Sale 108
-year secured 6348
15
45
25
0
3
2712 - - - 29 Dec'23
July coupon on
Pennsylvania Co—
9814 9814
8414 8414 Verdi V I & W 1st 5 55
1926,M -8 95
9712 984 Mar'23
8414 Dec'23
reg A _1937 NI S 8312 85
Guar 3,348 coll trust
me 58 4
3
1926 M S
8
98, Sept'23
81% 8319 Virginia Mid Ber E Is
8218 Dec'23
8134
Guar 3348 coil trust Ser BA941 A A
1
97 4
93
4
1938 M N 9719 Sale 974
9718
8114 814
General 55
814 Dec'23
1942 J D 81
88
Guar 334a trust ctfs C
9112 934
81Ig 93 Va & So'w'n let gu 5a
20033 J 90
9.012 0112 Sept'23
8118 Dec'23
J D 8118
Guar 334s trust etre D.._1944
3
3
75 8 81
7612
1958 A 0 751 7612 7612
874 93
2
-year 56
1st cons 50
92
Guar 15 -year gold 4a 1931 A 0 92 Sale 92
-25
8312 90%
1952M N 833 844 84 Dec'23
4
Guar 4s Ser E
Due Feb. 0 Due June. h Due July 1 Due Aug. oDue Oat. 2/Due Nov.(Due Dec. 4094Ion 'ale.
•No price Friday; latest bid and aaked this week. a Due Jan, 8
New York Bond Record-Continued-Fage 4
BONDS
X. Y. STOCK EXCHANGE
Week ending Dec. 28.
°1
4?.
Price
Friday
Dec. 28.
Week's
Range or
Last Sale
g=2
11,4 1
,
Range
Since
150.1
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 28.
3
2877
Price
Friday
Dec. 28.
Week's
Range or
Last Sale
•3
c.
7
Range
Sines
Jan. 1
Bid
Ask Low
High
High No. Low
Bid
Ask Low
High No. Low
Etch
Virginian 1st 58 Series A __ _ _1962 M N 9212 Sale 9212
123
94
9012 98 Det United lot cons g 434s_ _1932 .1 J 8412 85
8412
8412
8
82
86%
Wabash 1st gold 55
1939 M N 9652 Sale 96
4 42
963
3 99 Diamond Match s f deb 73-52 1936 M N
93
10478 Oct'23
104% 10812
2d gold 55
7 Dec'23 ____
1939 F A 87
87% 87
9214 Distill Sec Corp cony 1st g 381927 A 0 453 47
83
4
46
46
5
46
64
1st lien 50-yr g term 4s___1954 J J 6712 71% 713
2
713
8
1
6714 976134
94
Trust certificates of deposit_ _
4 4534 612 45
4512 37
45
ea
Dot & Ch ext iota 5a__1941 J J 95
9812 9512 Nov'23 ____
Dominion Iron & Steel 55_ __1943 5i 78
_-79
793 Dec'23
4
76
8512
Des Moines Div 1st g 45_ _1939 J J 73
75
71
Oct'23 ---71
8
1942 J .1 8612 863 86
733 Donner Steel 75
8612 24
4
93
84
Ora Div iota 334s
1941 A 0 6812 Sale 6814
6812
2
6214 6934 da Pont (E I) Powder 436s _1935 1 D 8912 --- 9112 Nov'23
8734 9112
Tol & Ch Div g 48
1941M S 753 ---- 723 Oct'23 ____
4
4
71% 72% duPont de Nemours & Co 734:'38 J N 108 Sale 10734
931 M J
108
37 105%
Warren 1st ref go g 3348
,
2000 F A ____
7418 Mar'22 ____
Duquesne Lt lot & coil 613_1949 J .1 1037 Sale 10312 104
8
46 101 1094
10412
Wash Cent 1st gold 45
80
1948 Q M 74
78% Dec'23
-7:4E2 16734s
____ __ 1.06% June'23 _
7488 80
10615 10858
W 0 dr W 1st cy gu 4s
1924 F A 9918 1.00
8
995 Dec'23 ____
977 9952 East Cuba Sug 15-yr of g 7348'37 ail S 107 Sale 10612 10814 279
8
94 11314
Wash Term 1st go 334s___ _1945 F A 79% 81
793 Dec'23 ____
2
7612 8018 Ed El Ill Bkn lot con g 45_1939 .1 J 88
90
89 Dec'28 _
86
91
1st 40-year guar 48
1945 F A 843 __
8
8512 June'23 ____
8.5% 6512 Ed Elee III 1st cons g 55-1995 .1 J 98 100 100 Nov'23 _
99 103
W Min W & N W 1st gu 5s1930 F A
80
77
80 Aug'23 ---80
8712 Elk Horn Coal cony 65
1925.8 D 9512 973 9514
96
9
9514 9914
West Maryland 1st g 4s
1952 A 0 573 Sale 57118
4
5818 38
5612 053 Empire Gas & Fuel 7345..-1937 M N 903 Sale 90
4
8
903 130
2
8812 93
West N Y & Pa lst g .5s
1937 J J 975 99
8
8
985 Dec'23 ____
9012 100 Eqult Gas Light 55
1932 M 9 94
94% 9414 Dec'23
93
95
Gen gold 4s
1943 A 0 7612 Sale 7612
7612
2
7314 81
1942 M 9 94 Sale 93
Federal Light & Trac 6s
94
2
90% 9614
Western Pac 1st Ser A 5s
1946 M S 793 Sale 793
4
15
807
4
8
78
1953 M S 100 Sale 100
8312
75
100
3
100
136s
1946M S 9212 94
9214 Dec'23
86
95 Fisk Rubber 1st s 1 85
1941 m 5 10288 Sale 10112 10258 42
99 10812
0361 J
West Shore lot 4s guar
7812 Sale 7812
24
79
77
8378 Ft Smith Lt & Tr lot g 55_1936 M 5 775 79
4
78 Dec'23
701s 80
Registered
2361 J .1
77
7814
75
82 Framerie Ind & Dev 2yr 7348'42 j J 86 Sale 8512
08612 17
8314 93%
Wheeling & L E lot g 5s_ __ _1926 A 0 983 99
2
98114 D
77 2 Dec'23 ------97
1942 M N 10118 10112 10118 10118 10
99 Francisco Sugar 748
9914 103%
Wheeling Div lot gold 5a_1928 J J 95
99
Oct'23 ____
96
96
99 G88& El of Berg Co cons g 551949 .1 D 927 9414 9114 July'23
8
9114 9312
Exton & Rapt gold 5s
94 9112 Oct'23 ---1930 F A 91
9112 9588 General Baking 1st 25-yr 68_1936 J D 10012 --- - 101
Dec'23
99% 10112
Refunding 43 s Series A 1966 M S 54 Sale 54
,
54
5
4514 62 Gen Electric deb g 3yis
1942 F A 8118 ---- 813
81%
5
8
763 8214
8
RR lot consol Is
1949 M S 593 Sale 48%4
4
59
6912
40 2
9
2
48
57,8 60
65%
Debenture 52
1952 M S 10114 - - 101
101%
2
99% 1033
Wilk & Eard 1st gu g 5s
4
1942.8
4818 Sale
GenRefr lots 1 68 Ser A_ _l952y Ai
7
9712 - -34 F z DeV3
8
97
71s
97 101
Will & SF lot gold 55
1938.8 D 99
991 995
99%
1
98 101
1847
634
Goodrich Co 63.s
9612 101%
Winston-Salem 9 13 lot 4s_ A960 J
813 81
81
81
2
76
14
8112 Goodyear Tire & Rub lots 188'41 M • 197%12 Sale 11414
N
1144 77 113% 1177
2
Wls Cent 50-yr lot gen 4s_ .J949.8 J 77 Sale 763
4
77
4
7414 82
41931 F A 100% Sale 1003
10-year 5 1 deb g 8s
10112 43
99 106
Sup & Dul div & term 1st 4s'36 M N 76
763 753
3 7 _8_0_5 Granby Cons M S & Peon 6a 1'N M N 89
4
76
. !
19 rA
89 Dec'23
88% 93
W A Con East lot 448
1943 J J 605 _--- 65 May'22 ____
8
N 89%
Stamped
92 June'23
92
92
INDUSTRIALS
1925 M N 87 gale 87
Cony deben 8a
89
8
87 100
Adams Express coil tr g 4S-1948 M S 80 Sale 80
80
3
80
1932 F A ____ 91% 89
80% Gray & Davis 7a
1
89
85 101
Ajax Rubber 88
1936 .1 D 8712 Sale 8714
875
8
9
8714 9914 Great Falls Power 1st 8 150.1940 2 14 99
1952 51 3 7
814 993 98%
987
7 2
874
8
2
97 100
Alaska Gold M deb es A
1925 M S
6
63
6
4
6
5
8 Hackensack Water 45
793 Dec'23
2
77% 82
Cony deb 6s series 11
1926 M S
5% 6
5
518 21
5
612 Havana E Rv L & P gen Is A 1954 M S 817 82 4 8112
2
82
,
7
80
851
4
Am Agric Chem 1st to
1928 A 0 9714 99
9838
983
8
8
95 10011 Havana Elec rouse] g 5s... _ _1952 F A 9314 933
94
87
lat ref s 734s g
9738 Sale 97
1941 F A
9738 42
10434 Hershey Choc 1st if 1 g 65_ _ _1942 M N 101 Sale 101'8 lge 41
2
,9
96 10112
American Chain Os
1933 A 0 933 Sale 9332
4
8334 46
9114
8
987 975 Holland-Amer Line 6s WA _1947 SON 7752 Sale 7738
91 8
7752
1
71
92
Am Cot 011 debenture 5s
1931 M - 1 8114 Sale 89
.
59
8114 Hudson Co Gas 1st g 55_ _ _ _1949 M N 94 Sale 94
94
2
92% 95
Am Dock & inapt go 6s
1936
10614
- 10572 Dec'22 ____
. - H8Mble Oil& Refining 5345_1932 J .1 9818 9812 9818
1,7
8
9838 48
9412 99
Amer Republics 65
1937 A 0 8612 Sale 86
8 -g8- 6W Illinois Bell Telephone 55
8612
mg i D 9414 Sale 94
dleph ons
eeb oi e
9414 163
9318 95%
Am Sm & R lat 30-yr 5s ser A1947 A 0 92 Sale 9134
9214 50
8412 93 Illinois
O 91
9112 907
8
907
39
88
225
5
80 13
1947 A 0 102% Sale 102
10212 161936 N 781s ---- 79 July'23
9952 10314 Ind Nat G &05s
M
79
8012
Amer Sugar Refining 6a
_1937 .1 J 101 Sale 10038
101
53 9952 104 Indiana Stec 1st 50
1052 M N 1017 Sale 100%
'
,
8
1017
8 38
99 1017
8
Am Telep & Teleg coll tr 45.1029.8 J 92% Sale 9214
9212 72
81935.8 J 967 -- 96 Nov'23 _
90 a 9312 Ingersoll Rand 1st 5s
8
Convertible 45
1936 M S 87% Sale 87
87% 11
86
9014 Interboro Metrop coll 434s 1956 A 0 103 Sale 1034
4
103
4
7
815 . -1i
20
-year cony 434s
10414
1933 M
1043
8 104% 73 105 105
19
9
0
07 4
98
,
Certificates of deposit
1
1
4
138 101; 4 Nov'23
p8
911
4
30-year coil tr 50
1946 J D 9732 Sale
Guar Tr Co Ws 113%, stamped- ----138
13
8 11
12 1%
7
-year convertible 6s
1925 F A 11814 119
11812
7 113% 12012 Interboro Rap Tran let 513_1966 J J 59 Sale 5812
593 167
4
56% 73%
Am Wat Wks & Elec 5a
1934 A 0 84 Sale 8318
38
84
82
Stamped
86
5812 Sale
57% 7212
Am Writ Paper s 1 7-6e
1939 J J 4212 Sale 4012
4212 106
4012 8614
1932 A 0 553 Sale
4
10-year 68
527 7312
2
Anaconda Copper Ss
1953 F A 95% Sale 953
4
9614 196
9412 9884
1932 M 5 8314 Sale 8214
78
833 146
4
82 14 94%
70
1938 F A
9772 Sale 9712
9512 1043 lot Agric Corp 1st 20-yr 58.-1932 M N 6614 Sale 6614
98
186
4
6712 12
55
814
Armour & Co 1st real eet 4301939 .1 G 833 84
8
8312
8414 41
82
90 Inter Mercan Marines 160_1941 A 0 79 Sale 7814
7914 170
74
902
4
Associated Oil temp 6s ..1935 M S 95% Sale 951s
9512 137 94% 9534Internati005l Paper 55
1947 .1 J 8214 Sale 8214
8318
5
81
8812
Atlant ic Fruit cony deb 78 A.1934 J D 35 Sale 2914
35
32
1947 .1 J 83 Sale 8212
1812 4012
lot & ref 55 13
8314 38
81
88%
Trust certificates of deposIt___ _ _
28 Salo 2612
104
32
18
3912 jurgens Wks 6s (fi(lt price)...19473 j 79 Sale 772
2
79
28
73% 84%
do stamped
2712 Sale 25
3412 32
177 44 Kansas City Pow & Lt 55_1
1
.19T la 8 893 Sale 8914
2
S
4
894 77
87
91
Atlantic Refg deb 50
1937
97 Sale 965
2
97
17
9414 995 Kan Gas & El 6s
9212 9412 9212
4
93
8
8912 964s
Baldw Loco Works lot 50.._ _1940 M N 10012 Sale 10012 101
4 100 103 Kayser & Co 7s
1942 F A 10518 Sale
1021s 107
Barnsdall Corp s f cony 8%, A1931 J
9712 Sale 9712
9812 25
94 103 Kelly-Springfield Tire 8s
1931 M N 1017 Sale
8
9534 109%
Bell Telephone of Pa 1s
1948
J 9814 Sale 977
2 37
983
9512 99% Keystone Telep Co lat 55_ -1935 j J 7312 __ -- 7212 Oct'23 ____
7212 7212
Beth Steel Ist ext 51 55
1928 J J 9912 100
9912
0912 15
9612 100 Kings Co El L & P g 55.._...l937 A 0 100 Sale 100
109
1
9614 100
lst & ref 58 guar A
7
1942 M N 95
953 9452
4
94
4
903 974
1997 A 0 11012 ____ 11012 11012
Purchase money 65
4
1 1084 11312
20-yr p m & imp s 1 5s_ _1936 .1 J 89 Sale 8814
89
21
1925 M S ____ ___- 977 Sept'23
Convertible deb 65
804 9312
8
977 10412
s
Gs A
973
19485' A 97% Sale 97
35
9534 100 Kings County El 1st g 40_ _1949 F A 7012 7314 70
70
2
6912 74
1953 F A 8812 Sale 8814
5348
88% 29
8718 937
1949 F A
Stamped guar 48
71 Sale 70
71
4
75
eq
Booth Fisheries deb of 6s_ _1926 A 0 7812 79
78 Dec'23 ___
703 80 Kings County Lighting 58.1g. i . 2 7Ig
2
5
51
1
34 9
95 Dec'23
75
7514 8012
Braden Cop M coil tr
(is_ _1931 F A 10012 101 1003 Dec'23 --_4
973 101
4
83411
95
94 101
Brier Hill Steel lot 534 s_ _ 1942 A 0 93 Sale 0234
9314
17
9138 988 Kinney Co 730
1936 J D 10114 10112 10112 10152 1(
) 9912 102%
1
lYway & 7th Av 1st c g 58_1943 J D 6212 65
6312 Dec'23 ____
6112 69 Lackawanna Steel 55 A_ _1950 M S 88 Sale 87
88
16
87
921f
Brooklyn City RR 55
1941 j .1 8712 881 87 Dec'23 --83
88 Lac Gas Lot St L ref & ext 581934 A 0 92
9212 92%
9212
2
893 96
4
Bklyn Edison Inc gen 55 A193
194
0
.1 9814 983 98
2
98
8
943 99 Lehigh CA Nov of 455e A 121; .1 9018 ___ 91 Nov'23
,
8
8812 924
General (its Series B
10214 1027 10234 1027
8
6 10012 104% Lehigh Valley Coal 5s
.1 9814 foo
9814 Dec'23 ____
973 100%
4
General 7s Series C
1930 .1 J 1063 1071 10634 D
4
Dec'23 105 10812
1933 .1 J 8912 _-- 8312 Oct'21 ____
45
General 78 Series D
1940 J D 10812 Sale 10818
10852 16 106 1093 Lax AY & P F lot gu g Sa
4
1993 M S 337g 3612 Dec'23
37
_
-3L1-2 4714
Bklyn Man R Tr Sec(tern)68- '68.8 J 7014 Sale 695
7034 722
85% 7432 Liggett & Myers Tobac 78-1A41 t O 1g1 Sale 1r
,28
5
,
A
34 658 11732 --li 112 11914
614
Bklyn Qu Co & Sub con gtd 58'41 MN 67
64 Dec'23 --__
58
68
5s
93
lot 55
0814
1941 J J 92
7912 Nov'23 _
1944 A 0 121 la7 1g3
Lorillard Co (P) 75
,
; .8
24
4
1N34
8 1117 11812
2
2
Brooklyn Rapid Tran g 58..1945 A 0 7814 -- 7334 Nov'23 --__ -E81951 F A
-ii5e
9312 9711
Trust certificates
7814 Sale 7814
7814
4
54
79 Louisville 0 &El 50
1952 M N 88 Sale 88
86% 8812
8818
8
let refund cony gold 4s_2002.8 J 64% _ -- 7312 Nov'23 -__
54
68 Magma Cop 10-yr cony g 75-1932 .1 D 111 Sale 110
111
25 107 120
3-yr 7% secured notes _ _1921 J J 9514 Sale 9412
9514 11
84% 96 Mama Sugar 735111
1942 A 0 98% Sale 97%
98% 26
961 102
4
Certificates of deposit
9514 ___
9414 Dec'23 ____
84
9512 Manhat Ry (NY) cons g 48_1990 A 0 5414 Sale 5414
54
5514 39
6472
Ctfs of deposit stamped_
903 _- 90 Dec'23 -___
4
78
2013 J D __
9512
2d 4s
45
493 493 Dec'23
aa
4
2
Bklyn Un El let g 4-5s
1950 F- -A 803 Sale 80
4
803
4 11
7712 85 Manila Elec 7e
1942 M N 951g Sale 9518
9518
95
2
98%
Stamped guar 4-55
1950 F A 8014 803 80 Dec'23 _-_763 843 Manila Rice Ry & Lt 51 5s 1953 M S 8118 8312 83 Dec'23
4
4
8114 847
2
Bklyn Un Gas let cons g 55_1945 MN 9514 973 96
9612 12
8
9312 100 Market St Ry 1st cons 55_..1924 N1
4 A.
9414
97
88% 97
75
1932 M N 11332 113% 11334 114 12
32 10712 1167493% 96
6 re
5-year 6% notes
93
21
99
lot lien & ref 6s Series A 1947 M N 10312 Sale 10318 1035
r 93
'
5
1v18 rya Marland Oils 18s with waents'31 A 0 125 133 4 125
14
12514 30 109 1611
/
4
78
1929 M N 1133 Sale 1133
8
8
1133
8 12 1
Without warrant attached...... A 0 103 Sale 10252 104
97 1074
39
Buff & Susq Iron s f 55
1932 J D 903 _ _ _ _ 91
4
Dec'23 __
91
923
7is Series B
1931 F A 120 135 119
131
97 159
21
Buah Terminal 1st 4s
1952 A 0 80% 8112 8117
8112
5
80
87
without warrants
do
9914 100
101
98
912 10412
4
Consol 5s
1955 J J 83% 8414 843
2
8412 15
8252 89% Merchants & Mfrs Exch 78_ _1942 -- 10418 ____ 104% Nov'23 98
i 6
95 106
Building 50 guar tax ex.._ 1960 A 0 91% Sale 9154
9214
9
8IK
-9 , Metr Ed lst&ref g Os Ser B_1952 F A 98 Sale 07
52
95
12
98
997
s
Cal & E Corp 58
1937 M N
9634 97
9634
9634
4
9412 9814 l's,1 etr Power 65
1953 J D 9412 95
94% 96%
9412 11
9412
Cal Petroleum 6125 0v
1933 A 0 9434 Sale 9412
9417 6638 Mexican Petroleum a f 8s
9634 82
1936 M N 104 10412 10412 10412
3 101 10914
Camaguey Sue lot of g 7s__ _1942 A 0 95
9512 9512
9512
9
94
99
lot 58
Mich State Telep
1924 F A 997 100
997
997
9932 100 s
10
Canada SS Lines lstcoll s 1 75'42 M N 9012 Sale 9012
3
9034 11
9012 9712 Midvale Steel &0cony of 58 1936 M S 8512 Sale 8512
84% 91%
87
147
Canada Gen Elec Co (35_ _1942 F A 103 Sale 10212 10314 21
99 10312
Certificates of dePoalt
Dec'23
84
1936
- 86
865
90
Cent Dist Tel 1st 30
-year 56_1943 J D 9714 98
9714
9712
2
97 100 Milw Elec Ry & Lt cons g 55 1926 - -A 9812 99 2 8614 Dec'23
F
9858
Cent Foundry lots f 8s_ _ ...1931 F A 9012 93
98
994
91 Dec'23 --__
8512 9914
Refunding & exten 4348_1931 J J 92
9212 92 Dec'23 ____
Cent Leather 20
884 93
-year g 58_1925 A 0 95 Sale 9438
9514 116
8712 10012
Gen 58 A
1951 J D 925 Sale 92
8
Cerro de Pasco Cop 8s
884 944
2
9238
1931 J
137 Sale 135
137
20 115 150
lot 58 13
1961 J D 8014 Sale 80
7912 891s
Ch G L & Coke let go g 58_1937 J
807
2 46
9234 94
9312
9312
2
92
965 Milwaukee Gas L lot 45__.._1927 M N 9438 95
4
2
Chicago Rys 1st 55
9274 944
943
943
1
2
1927 F A
7314 Sale 7314
7412 69
7214 837 Montana Power lot 50 A_ _ _ _1943 J J
s
Chicago Tel 50
9514 Sale 95
93
9512 18
1923 J D
984
100 Nov'23 ---9912 10012 Montreal Tram lot & ref 58_1941 J .1
Chile Copper Os Ser A
86
91
863
2 12
1932 A 0 9918 Sale 987
9914 158
96 10314 Morris & Co 1st s 1 430...A939 J .1 8638 Sale 8614
773 Sale 773
Cincin Gas & Elec lot & ref 50'56 A 0 95% 9612 90 Dec'23 --__
4
734 878
7884 29
4
4
943 992
4
4Mortgage Bond 4s
1966 A 0 773 78
6412 6412
4
5348 Ser B due Jan 1
ec
6412 D'23 ____
1961 A 0 9714 _ _ _
9618
9714
7
95
9812
5s
1932 A 0 9234 Sale 9212
Colo F & I Co gen sf 5s_
911/ 934
9234
5
1943 F A 8612 Sale 86
87% 11
8512 8912 Mu Fuel Gee 1st cog 5s _ __ _1947 M N 9234 933 93
Col Indus lot & coil Is gu
2
93
3
1934 F A 75
89 4 95
8
7512
76
16
76
74
7912 Slut Un gtd bds ext 5%.....1841
MN 9272 ____ 9518 Feb'23
Columbia G & E lot 50
954 954
_
1927 .1 J 9638 Sale 9 ,
9612 22
84
95
9752 Nassau Rice guar gold 4s
1951 .1 J 5414 Sale 5414
51
Stamped
5452 -- -9
1927 1 J 9612 Sale 96
574
4
9612 55
951s 97% National Acme 7e
1931 .1 D 9012
Col at 9th Ay lot go g 5s..1993 M S
90
911
18
958
4
818 Sale
8
812
9
8
20 Nat Enam & Stamps 1st 58_1929 .1 D 96 Sale 9012
99
Columbus Gas lot gold 5a 1932 .1 J 93% Sale 933
9712 June'23
5
97
9758
9335
9332
4
92
933 Nat Starch 20-year deb 5a1930 J J 9514
2
Commercial Cable 1st g 4a_ _2397 Q
95 95
___
Oct'23
95
72 Sale 7114
72
12
69
7512 National Tube 1st 55
1932 MN
Commonwealth Power (is_ _ _1947 M N 8712 Sale 87
97 10112
8712
5
84
8914 Newark Con Gas So
Comp Azu Bars 734s
9214 95
1937 J J 10052 Sale 10018
Dec'23 --11
-9812 10112 New England Tel & Tel 55 1952
10038 12
971
9
Computing-Tab-lice e f 68_ _1941 J J 983 Sale 9834
Sale
951s 100
4
993
4
9512 10112 New Onl Ry & Lt gen 43 _ _1935 J D
6
-is
.1 J _97_
82
Conn Ity & L 1st & ref g 4.Y4a 1951
62
97
Oct'23 .... __
82
J
7714 Sept'23 ---7612 8738 N Y Air Brake 1st cony 11a_ _1928 M N
10214 1-02-3-4 1023 Dec'23 _
Stamped guar 434s
100 104
4
1951 J .1 8014 81
81
Dec'23 -- __
76
8314 N Y Dock 50-yr 1st g 40.....1951 F A 73
Cons Coal of aid lot & ref 58 1950 J D 8714 Sale 87
744 80
8
7518
7618
873
4 34
84% 90 N Y Edison 1st & ref 63.6s A..1811 .1 0 11014 6
Con Ci Co of Ch 1st gu g 58..1936 J J
Sale 11012 11012 32 10652 11212
93 Nov'23 ____
90
95 4 NYGEL&Pg 55
3
9512 100
19
98
Consumers Power
0 98 Sale 9712
1952 M N 87 Sale 87
875
8 18
8412 9212
Purchase money g 4s__1949 F
7918 8314
82
8212 11
Corn Prod Refg f g 58
1931 MN
100
Oct'23 --__
9812 100 N Y Munic Ry 1st 5 1 55 A 1966 J A
J 8214 Sale 82 June'23
_
82
76
1st 25-yr s 1 5s
1934 MN 98
9814 99
99
21
98 101
NY Q El L & P 1st g 5s_ _ 1930 F A
4
96
9114
Crown Cork & Seal (to
99% - --I
1943 F A ---_ 83% 83
83
2
83
95 N Y Rya 1st R E & ref 4s_ _ _1942 J J 991 Sale 9914
32
2814 3814
1
I
3252
Cuba Cane Sugar cony 7s_ _1930 J J 90% Sale 893
33
4
9052 56
82
94
Certificates of deposit
33
64
27
37%
- 32 Sale 3112
Cony deben stamped 8%..1930 J J 973 Sale 9512
8
9712 249
8712 9814
30
-year adj Inc 5s
a1942 ;CO
112 112
I%
112 50
Cuban Am Sugar let coll 88_1931 M
5
4 8
10712 Sale 10634
10712 74 105 10812
Certificates of deposit
118 203
1
ale
81 S85
3
54 74
Cumb T & T 1st & gen 5s_ _ _1937 J J 9414 Sale 94
9412 20
91
8314 9412 N 's
90
t State Rya 1st cons 434s Igg3 Mmji 5852 Sale 5812
?.4
5812 69
231
59
Den Gas & EL Ist&ref at g 5051 MN 8412 Sale 8412
8412
4
83
83
83
17
9711
Dory Corp (1)(1)7s
1942 M S 74
75
74
75
8
55
99 N Y Steam 1st 25-yr Os Ser A 1947 M N 9212 923 9212 Dec'23
4
92
98
Detroit Edison lat coil tr 58_1933 .1 J 993 100
4
9912
993
4 30
94% 10012 NY Telep let & gen o f 4345_1939 M N 9312 Sale 9314
9312 40
90
34 95 4
,
let & ref 55 Series A
81940 M
9518 Sale 95
951
27
995 98
30
-year deben a f 6s.._ _Feb 1949 F A 10512 Sale 10512 10612 27 10312
108%
1st & ref fis Series 13
81940 M
10378 Sale 1033
4
103721 15 101 10412
-year refunding gold 65_1941 A 0
20
104
10412 103 10214 10714
Ma price Friday:latest bid and Elated. a Due Jan 4 Due April, 0 Due March. 4 Due May. s Due June. h Due
July. 8 Due Aug. o Due Got, 9Due Dec. tOvtion sale.
listi
221 2?1, IN
4
12% Ign t4
2'4 N3 28'42
THE CHRONICLE
2878
New York Bond Record-Concluded--Page 5
BONDS
.
ICY STOCK EXCHANGE
Week ending Dec. 28.
h
it
...., a.
Price
Friday
Dec. 28.
Week's
Range or
Last Sale
13,
rate
Range
Since
Jan. 1
High
High No, Lon
Ask Low
Bid
9 9514 101
9912
8
Niagara Palle Power let54-1932 3 J 9914 9912 993
4 10112 105
a1932 A 0 10418 10412 10438 10412
Ref ds gen 68
9712 101
leag Lock &0Pow let Si._1954 M N 10014 101 10014 10014 11
8912 go
9138 22
1952 M 13 9112 Sale 9078
No Amer Edison 138
12
89 95
8
Nor Ohio Trim & Light66-1947 M 9 ___ 887 9012 Nov'23 ---8738 93
9014 51
NM States Power 25-yr 56 A.1941 A 0 9954 Sale 8912
4
983 102
1007s 37
let & ref 25
-year 66 Ber B_1941 A 0 1007s Sale 100
Northweet'n Bell T let?. A_1941 F A 10712 Sale 10712 10734 34 107 10818
9138 9212
8
North W T let fd g 4348 gtd-1934 J J 913 93 9138 Dec'23 ---2 101 108
4
1946 A 0 10414 1043 10412 10412
Ohio Public Service 7}is
9934 10514
1
1947 F A 1003 Sale 10034 10034
4
78
9234 9612
4
9318
Ontario Power N F let 5s-1943 F A 9334 94 9318
8
9214 983
4
MN 933 94 9312 Dec'23 ---Ontario Transmission 56-A945
3 96 10112
9812
1941 F A 9812 Sale 98
Otis Steel 8s
2 9012 9478
9218
9312 9238
lst 25
-year s f g 7;6s Ser B 1947 F A 93
917s 48 8812 9314
Pacific0& El gen & ref 56_ _1942 J J 9112 Sale 9118
7
89 s 94
8
Pao Pow&Lt lat&ref 20-yr 56'30 F A 9214 923 9234 Dec'23 ---4
943 9912
g 19
987
8
1937 J J 963 Sale 96
Pacific Tel & Tel 15158
9038 15 88 9211
1952 MN 9038 Sale 9012
51
4
6
Pan-Amer P & T let 10-yr 761930 F A 10214 Sale 10134 10214 12 1013 1053
5
963 9712
97 175
1935 MN 9612 Sale 9688
64e(w1)
4 10
972
96 100
1953.3 J 96 Sale 96
Park-Lex (ctfs) 61.4s
4
1
/
92 94
8
Pat de Passaic G & El cons 50 1949 M 9 933 Sale 98 Dec'23 --__
4
10 108
PeoP Gas & C let cons g 6s 1943 A 0 190 10414 104 Dec'23 -8718 94
g
gold 58 -_, 1947 M S 8714 877 8818 Dec'23 -Refunding
s
983 10112
18
1944 F A 9938 Sale 9938 100
Philadelphia Co 68 A
12
87 9112
26
90
3
536e
1938 74 5 8914 90 4 89
7678 122 6518 8234
1943 M 9 7538 Sale 7538
Pierce-Arrow 88
70 98
4
8018
1931 J D 8018 Sale 80
Pierce Oils f 8s
3
94 4 90
12
95
4
Pillsbury Fl Mills es (rcts) 1943 A 0 9434 Sale 943
89 94
58 1928 J J 8714 93 94 Dec'23 ___
Pleasant Val Coal let get
9018 943e
95 9212 Nov'23 ___
Pocah Con Colliers isle f 56-1957 J J 91
9112 9512
J 95 -___ 9212 Dec'23 --Portland Gen Elec 1st 58_ _ _i935.
e
5 8434 887
8518
Portland By 1st & ref 58_ _ _1930 M N 8518 Sale 8518
1
801/ 8714
2
8112 10
Portland By. Lt & P Ist re156F42 F A 8112 sale 80
9012 9614
MN 8834 8918 91 Dec'23
1947
6s B
3
1 103 4 10714
4 10334
4
let & refund 7M s Ser A.__1946 M N 10338 1033 1033
3 1017e 106
4
1043
Porto Rican Am Tob 86.._ _1931 M N 104 ____ 104
3
6
8 876 93 4
8912
1933.3 J 8812 9038 8938
Pressed Steel( ar 56
4
6 1063 13312
Prod & Ref s f 8e(with war'nts)'31 J D 11112 Sale 11034 11134
4 12 100 10812
4
Without warrants attached-__ J D 10612 1063 0612 1063
24 .76'! 86
79
Pub Sera Corp of N J gen5e_1959 A 0 79 Sale 78
178 105 124
1937
J 110 Sale 0914 111
Punta Alegre Sugar 741
7
3 90 8 96
9314
1937 M N 9314 Sale 9$14
lemington Arms 66
3
89 95 4
9534 29
8
lepub I & 8 10-30-yr 56 sf 1940 A 0 9534 Sale 923
8
867 9434
8818 15
556s
3 8812 Sale 88
1953
9112 99
1952 D ___ 9018 9112 Dec'23 _
lobbing & Myers 6 f 76
91
91
Jan'23 ____
loch & Pitts Coal & Iron 56_1946 MN 9018 ____ 91
80 86
4
82
8338 82
logere-Brown iron Co 7s_ _.1942 MN 80
8
767 7934
1
6
767
4
1937 M N 767 Sale 767
8
It Joe Ry, L, H & P 58
J 5738 92 8518 Dec'22 --- - -, ---It Joseph Stk Yds 1st g 4s1930
8412
la
.1 77
775 7612 Nov'23 --- it L Rock Mt & P 56 stmpd-1955
4
543 62
2
59
1024 A 0. 59 6012 59
It Louts Transit 5s
9
8
It Paul City Cable 58
J 00% ____ 903 Dec'23 ____ . 0'2 93
1937
13 100 10412
1942 M 8 103 Sale 0012 103
lake Co 76
4
90 943
8
9312
9212
J 9312 94
Ian Antonio Pub Sec 6s___ _1952
97 10412
34
100
!heron Steel Hoop ist 8s ser A '41 M 9 100 Sale 99
9912 103
2
1942 A 0 101 Sale 0034 101
!hetfield Farms BAs
8212 8712
5
4
833
liens & San Fran Power 59.1949 F A 8212 833 83
4
9012 10112
8 79
947
lInclair Cons 011 15
-year 78-1937 m 8 9314 Sale 9314
85 9714
1938 D 8712 Sale 871s
8
873 101
1)
(iYis B (w
4
94 1003
1925 A 0 9712 Sale 9712
9712 36
linclair Crude 011 5346
8
8
935 997
1926 F A 97l8 Sale 9678
9712 25
fis
8138 80 80 8912
1942 A 0 81 Sale 8834
linclair Pipe Line 56
8 9812 102
s
both Porto Rico Sugar 7a..1941J D 1007 Sale 10078 101
7
3
90 4 95 8
J 9418 9438 9434 Dec'23 ____
louth Bell Tel & T lst s f 56-1941
4 86 92
86
louthern Colo Power 6e___.1947J J 86 Sale 86
9634 10012
4
9912
Rand Gas dr El cony s f es_.1926.3 D 9914 9978 9938
3
94 8 9914
1930 MN 9518 9612 96 Dec'23
Itandard Milling 1st 56
18 100 10712
104
keel & Tube gen is f 7eser C-I951 J J 104 Sale 103
8 94 9934
9634
9534 95
Estates (Orienti) 75_ -1942 M S 95
lugar
9018 92
8
lyracuee Lighting let g 5s 1951 J D 9112 93 917 Dec'23 _ __ _
23
8 4 86
Light &Power Co col tr a f 58'54 J J 8312 84 8234 Dec'23 __
981e 101
51
RR gen 58, J J 1003 10118 10038 Dec'23 ____
8
Tenn Coal, Iron &
9914 10112
Tennessee Cop list cony 66 1925 M N 10014 10012 10014 Dec'23 ____
924 95
38
1947 J D 937s Sale 9312
94
rennessee Elec Power 61
5012 62
1960.3 J 5334 Sale 5318
5334 17
Third Ave let ref 411
39 6234
4314 231
Adjumtmentincome 5s__-o1960 A 0 4212 Sale 42
90 9514
10
91
Sale 91
['bird Ave By 1st g 58
1937 3 J 91
1931 F A 1023 Sale 10214 10212 10 10112 105
8
rlde Water Oil 656 e
_ _ _ _ 10778 Dec'23 ____ 10234 10812
robacco Products s 1 718-.1931 „I D _
1941 M S 19534 Sale 10512 10614 24 1051s 10738
roledo Edleon 75
9712 9912
8
1925 F A 9712 977 9712 Dec'23
roiedo Tted7L & P65
9214 95
8
?rent= G & El 1st g 56-1949 M 8 927 ____ 9234 Nov'23 ____
2 85 9314
87
Indergr of London 066.-1933 J J 87 Sale 87
8634 8914
1948 .1 J 8012 _
8914 Oct'23
138
Income
3
8 10 95 100 4
967
1942 MN 9614 97 9618
Inion Bag & Paper Se
74
95 9 3
4
Inion Elec Lt & P let g 56_ -1932 M S 962 ____ 9634 Dec'23 --__
8814 9212
9212 13
1933 M N 92 Sale 92
56
6812 70
Inion Elev (Chicago) 56...-1945 A 0 67' 6978 6812 Dec'23 ____
96
2 90
9414
1931 .1 J 9414 Sale 9414
Won 011 58
9712 10238
4
F A 9812 Sale 9812
c1942
9918
fls
9 10212 105
felon Tank Car equip 76-1930 F A 10338 Sale 10328 104
3
1941.3 D 11112 Sale 11012 11112 24 10914 113 4
hilted Drug cony da
99 98
9314 15
hilted Fuel Gas lets f 611-1936 J J 9212 93 9212
7 8714 9712
9114
Inv 56 Pitts issue 1926 MN 9118 Sale 9078
fnited Rye
5612 8412
52
62
fnited Rye St L let g 413-.1934 J J 62 Sale 6114
85 93
5
86
1937 M N 85 ogle 85
hilted SS Co Int rcte 68
98 10112
9812 14
1942 A 0 98 Sale 98
hilted Stores(is
1932 J J 10314 10414 10314 Dec'23 ___ 1001e 10412
f S Hoffman Mach 8a
812 10912
9
113 Realty & I cony deb g68 1924.3 J 9938 100 9818 Dec'23 ___
8
837 8912
131
86
f S Rubber 1st & ref 58 ser A 1947 J J 8478 Sale 8478
20 10214 10912
1930 F A 104 Sale 10312 104
10
7558
-year
s
987 102
3
9934
9934 Sale 99
f 8 Smelt Ref & M cony 68-1926 F A
4 104
10312
r 6 Steel Corplcoupon ___d1963 MN 10238 Sale 10214 Dec'23 174 1003 10412
100_
_
-----1017,
561regi3tered 41963 MN
I110-60-yr
4
"I 918
7934 61
1tah Light & Traction 56.._ -1944 A 0 7934 Sale 7938
3
85 4 92
8834 46
1944 F A 8734 Sale 8734
FUJI Power & Lt let 5e
96
4
95
----11514 Sept'23 ---idea Elec L de Pow lit s 1 56 1950 J J 9512
8875 9214
9112 91.14 Nov'23 ---19573 J 90
Wets Gas & Elec ref 5s
9834 10012
4
------983 Nov'23 ____
5. Caro Chem let 15-yr 58- _1923 J D
75 98
8234 281
1947 J D 8238 Sale 8118
7e
4111
55 9
178
71
3 i 71 Sale 6778
1937
-year s f *6s
12
9012
2 58
6718
Without warrants attached_ J J 6718 Sale 6718
9512
90
92 92 Dec'23 ___
V a Iron Coal & Coke 1st g 56 1949 M 9 90
89
13 84
89
1934.3 .1 88 Sale 88
V a By Pow let & ref Si
93 99
9312 13
1942.3 D 03 Sale 93
V ertlentes Sugar 76
74 10114 106
1941 J 0 10112 Sale 10114 102
?Miser Sugar le
91
9811 100
1
100
1039.3 -I 9912 9934 100
Flush Wat Powers f 55
9312 9714
____
8
?hatches Ltg g 5setmpd gtd 1950.3 13 9618 __ __ 963 Dec'23
88 95
4
9034
M S 9012 Sale 9014
Fest Penn Power Ser A 5a_ _1948
3 100 10912
let 40
-year (Is Series C.....1958.2 D 10118 Sale 10118 10118
1 10218 1014
c1946 F A 10414 10434 10412 10412
lot series D 78
8612 thole
9
87
56 E
1963 M S 87 Sale 8612
7 96 100
9714
Feetern Union coil tr cur 58_1938 .1 .1 97 Sale 9684
4
7 89 9
9138
8
9112 913
Fund & real estate g .00_1950 M N 90
7 106 1117
8
1938 F A 10914 10912 10914 10938
-year 636s g
15
41 10512 10812
M 7s _ _ _ _1931 MN 10E178 Sale 10668 107
Feetinghouse E &
98
72
53
7714
Fickwire Spen Steel 1st 7s_ _1935 J J 73 Sale 73
93 102
9514 70
Filson & Co let 25-yr s f 58_1941 A 0 95 Sale 9412
8212 88
111
88
8
19283 D 80 sale 83
-year cony s f Be
10
93 106
4
983 133
1931 F A 98 Sale Ws
nig
1941 A 0 101 Sale 10034 10111 129 1001s 106
lincheeter Arms 7iis
9314 9912
9418 30
mna'n Rh444 b TR..(so 11 1943 .1 .1 41414 Fifth. NU
Due
*No price Friday;latest bid and asked. a Due Jan. S Due Apr. c Due Mar. e
May. g Due June, Due July. 1 Due Aug. o Due Oct. ja Due Dec. s Option sale.
[VOL. 117.
Quotations of Sundry Securities
All bond prices are "and interest" except where marked' I"
Railroad Equipments PerCi. Ban.
Par Bid I Ask
Standard 011 St
5.65 5.35
AngleAmerican Oil new. £1 .18121 1614 Atlantic Coast Line Bs
5.50 5.30
Equipment63513
100 127 12712
Refining
Atlantic
5.75 5.45
100 11612 11712 Baltimore & Ohio 136
Preferred
Equipment 4M s & 5s____ 5.60 5.35
100 140 150
Borne Scrymser Co
Buckeye Pipe Line Co--50 •7012 7112 Buff Roch & Pitts equip 68. 5.50 5.30
Chesebrough Mfg new 100 235 240 Canadian Pacific Oils & es_ 5.50 5.30
5.55 5.35
100 112 116 Central RR of NJ es
Preferred new
5.70 5.45
Continental Oil new..... 25 *42 4234 Chesapeake & Ohio 13s
5.60 5.35
Equipment6,34e
Crescent Pipe Line Co-- 50 *15 17
5.55 5.30
Cumberland Pipe Line...100 106 108 . Equipment55
Eureka Pipe Line Co_....-100 99 101 Chicago Burl Os Quincy 135._ 5.85 5.35
Galena Signal Oil com--100 6512 6612 Chicago & Eastern Ill 53(0. 6.25 5.50
4s 5.50 5.25
100 110 114 Chicago & North West 41
Preferred old
5.75 5.40
Equipment Be
100 102 104
Preferred new
5.70 5.40
Equipment6Mii
3812
8
Humble 011 & Ref new.. 25 •383
100 139 140 Chic RI & Pac 43•5e & Se... 5.70 5.35
Illinois Pipe Line
5.87 5.60
Equipment6s
25 *113 114
Imperial Oil
Indiana Pipe Line Co--- 50 *8412 85 Colorado & Southern Ss... 5.75 5.40
5.65 5.35
() •211,8 2114 Delaware & Hudson 611
International Petroleum6.20 5.75
Magnolia Petroleum----100 155 157 Erie 430 & 58
6.25 5.95
Equipmentfle
2112
National Transit Co-12.50 *21
.5.75 5.40
New York Transit Co- -100 76 78 Great Northern 68
5.45 5.25
Equipment 56
Northern Pipe Line Co-100 90 92
5.75 5.45
25 *70 703 Hocking Valley Be
Ohio 011 new
4
5.60 5.35
Equipment 5s
25 *44 453
4
Penn Mex Fuel Co
5.45 5.20
Prairie Oil& Gas new___100 239 240 Illinois Central 4;66 & 58
5.65 5.35
Equipment Be
Prairie Pipe Line new___100 103 104
Equipment 76 & 63is.-- 5.55 5.30
100 170 174
Solar Refining
Southern Pipe Line Co_ _100 8914 90 Kanawha & Michigan 65-__ 5.85 5.50
5.65 5.25
Equipment065
100 157 159
South Penn 011
Southwest Pa Pipe Lines-100 77 81 Kansas City Southern 54e_ 5.65 5.35
8
Standard Oil (California) 25 *6314 633 Louisville & Nashville Si.... 5.65 5.40
5.50 5.30
Equipment6s
Standard 011(Indiana)_ 25 .6618 8614
25 *4114 423 Michigan Central 58 & (111._ 5.50 5.25
4
Standard 011(Kan)
Standard 011(Kentucky) 25 10814 10812 Minn St P&EISM 4;is 58 5.75 5.40
,
Equipment 836s & 78.__ _ 6.80 5.45
Standard Oil(Nebraska) 100 232 240
Standard 01101 New Jer. 25 *3934 3978 Missouri Kansas & Texas 68 6.00 5.50
6.15 5.70
Missouri Pacific 8s &
100 11638 117
Preferred
Standard 011 of New York 25 *483 467 Mobile & Ohio 43.5 & 55... 5.55 5.30
8
100 295 305 NewYork Central 436e ds fki 5.45 5.20
Standard 011(Ohio)
5.65 5.40
100 114 118
Equipment63
Preferred
5.55 5.30
100 37 38
Equipment 7/1
Swan & Finch
5.35 5.15
Tank Car Co____100 92 95 Norfolk & Western 434S
Union
5.60 5.35
100 107 10712 Northern Pacific 78
Preferred
25 55712 57% Pacific Fruit Express 7s____ 5.55 5.35
Vacuum 011 new
10 •20 23 Pennsylvania RR eq 56 & Os 5.60 5.20
Washington 011
5.55 5.30
Other 011 Stocks
Pitts & Lake Erie 8;is
5.75 5.40
5
Equipment6s
(1) *4
Atlantic Lobos Oil
50 *8 12 Reading Co Ois ASS
5.35 5.10
Preferred
25 *5912 6012 St Louis & San Francisco 58. 5.75 5.50
Gulf Oil new
5 *33
4
Mexican Eagle Oil
4 43 Seaboard Air Line 4;is & Se 6.10 5.75
5 •1278 13 Southern Pacific Co 4%s__ 5.45 5.20
Mutual 011
100 85 90
5.55 5.30
Equipment76
National Fuel Gas
5.60 5.30
Salt Creek Producers- _ 10 2114 2112 Southern By 430 & fm
5.8.5 5.50
Equipment6s
*80c 90c
Sapulpa Refining
5.85 5.50
Toledo & Ohio Central(16
5.45 5.20
Union Pacific 75
Public Utilities
Tobacco Stocks
Amer Gas & Elec new...() 543 44
50 *4112 4212 American Cigar common 100 77 79
Preferred
100 282 85
MAN 9312 9412
Preferred
Deb 66 2014
Amer Light & Trao com-100 117 119 Amer Machine & Fdry-100 137
100 92 94 British-Amer Tobac ord. £1 *21 22
Preferred
22
El *21
Bearer
Amer Power & Lt com 100 188 190
100 8412 86 Helme (Geo W)Co, new 25 557 59
Preferred
lee 109 111
Mdt13 9134 9234
Preferred
Deb tis 2016
e
30 33 Imperial Tob of G B & Irel'd •1438 157
Amer Public Util corn.
100 73 76 lot Cigar Machinery-100 55 60
7% prior pref
100 49 51 Johnson Tin Foil & Met_100 80 90
4% partlo pref
Blackstone Val0&Ecam 50 573 75 MacAndrews & Forbee_-100 143 147
100 98 101
79
Preferred
Carolina Pow & Lt com_100 76
100 20 23
Cities Service Co com---100 140 143 Mengel Co
100 6712 6812 Porto Rican-Amer Tob. 100 60 70
Preferred
75 85
Scrip
CitiesServiceBankers'Elhares 1412 1514
Colorado Power com____12 M14 22 Universal Leaf Tob com.100 240 50
100 288 89
Preferred
Preferred
93
100 108 112
Com'w'th Pow,Sty & Lt_100 39 40 Young (J 13) Co
100 100
Preferred
Com'w'th Pow Corp pref 100 70 71
Rubber Stocks(Cleveland) Prices)
Consumers Power pref__100 85 87
Elec Bond & Share pre(-100 983 9712 Firestone Tire .3, Rub corn 10 *68 72
4
100 92
6% preferred
Federal Light & Traction(0) *70 73
100 89 00
100 *74 76
7% preferred
Preferred
Lehigh Power Securities-a) *2912 3012 General Tire & Rub corn 50 *150
100 97 98
Preferred
Mississippi Riv Pow corn 100 2112 2212
7
8 8 915
100 80 83 Goodyear Tire & R com_100
Preferred
First mtge 58, 1951-104 gm 9234 Goody'r TAR of Can p1.100 080
212
Mason Tire & Rub com..(i) •2
13 F g deb 78 1935-M&N 101
100 1812 zo
Preferred
671
Nat Power & Lt corn. _() *6512 100 68
Preferred
(I) *83 85 Miller Rubber
100 9312 95
Preferred
Income 719 1972
J&J 87 89
100
8
5
7 Mohawk Rubber
Northern Ohio Electric-(t) *6
40 50
Preferred
100 20 22
Preferred
466
North States Pow com_100 97 100 Seiberling Tire & Rubber(S) *4
100 38 48
100 92 94
Preferred
Preferred
Co com_100 58 62 Swinehart Tire & R com-100 10 20
Nor Texas Elea
100 35 40
100 87 70
Preferred
Preferred
Sugar Stocks
Pacific Gas & El let pref 100 8712 8812
50 *1312 1512
5 Caracas Sugar
Power Securities corn..-(5) *2
(t) •13 16 Cent Aguirre Sugar corn. 20 •83 85
Second preferred
100 11312 115
trust (is 1949___J&D 79 84 Fajardo Sugar
Coll
Incomes June 1949-F&A j59 64 Federal Sugar Ref coin_ _100 61 65
100 90 100
as
Preferred
Puget Sound Pow & Lt__100 43
7
100 774 az Godchaux Sugar, Inc.-- Cl) 4.3
6% preferred
100 43 50
100 4103 105
Preferred
7% preferred
nig 1941_ MAN 1034 105 Great Western Sugar new 25 *89 91
Gen mtge
(i) *25 30
Republic By & Light--100 15 17 Holly Sugar Corp corn..
100 80 82
100 40 42
Preferred
Preferred
South Calif Edison com_100 101 102 Juncos Central Sugar- _ _100 110. 120
100 114
17 National Sugar RefinIng_100 87 89
8% Preferrea
97 100
Standard Gas & El (Del) 50 *2712 2812 New Nlquero Sugar
8
4
50 .47 48 Santa Cecilia Sug Corp pf 100
Preferred
Tennessee Eleo Power._ _(2) *1512 1612 Savannah Sugar corn- _(t) *59 61
100 7812 8012
Preferred
(i) *46 48
Second preferred
Western Power Corp_.--100 2812 2912 Sugar Estates Oriente pref.. 85 88
100 82 8312 West India Bug Fin oom_100
Preferred
100 18 1iPreferred
Short Term Securities
Am Cot 011 66 1924_ _M&S2 993 00 In d ustrlalBM iseell
4
Amer Tel&Tel 63 1924..F&A 100 0018 American Hardware---100 260 61
Anaconda Cop Min '29 J&J 10114 0134 Amer Typefoundera corn 100 93 05
100 97 100
Preferred
Angie-Amer Oil nig'25 A&O 1013 02
4
Bliss (E W) Co new___) *1714 1814
Federal Bug Ref(Is'24_M&N
4
50 *55 SO
MAN 9788 973
Preferred
Se 1933
Hocking Valley 66 1924 M&S 100 100114 Borden Company oraa_100 121 12212
100 102 105
Preferred
Interboro R T 85 1922.M&S
- 100 77 82
Celluloid Company
K C Term Sty (is'23 M&N15
J&J 102i2 10314
100 108 111
Preferred
65i6July 1931
)
1926 10034 101 Childs Company corn newa *3714 373
6
51211
100 112 114
Preferred
Lehigh Pow Sec es'27.F&A 95 9512
4
100 106 111
Sloso-Sheff SdsI 86 '29 _F&A 9614 962 Hercules Powder
100 104 108
Preferred
U Rubber nig 1930.F&A 10314 104
100 82 87
International Salt
Joint Salt Land Bk Bonds
Chic It SA Land Bk 56-1951 993 10114 International Silver pref 100 2103 108
4
9934 10114 Lehigh Valley Coal Sales 50 76 78
58 1952 opt 1932
100 135 145
10214 10314 Phelps Dodge Corp
ais 1951 opt 1931
476s 1952 opt 1932
9814 9912 Royal Baking Pow com_100 121
.100 07 160
Preferred
9712 9812
4548 1952 opt 1932
9814 9912 Binger Manufacturing_ _100 125 127
476's 1983 opt 1933
•Per share. I No par value. S Basis. el Purchaser also pays accrued dividend.
I New tam*. I Flat price. k Last gale. a Nominal. z Ex-dividend. g Ex-r ebb!.
a Ex stock dividend. a 881e [Prise. e Canadian Quotation.
BOSTON STOCK EXCHANGE-Stock Record see,B43e7(13
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday.
Dec. 22.
Monday,
Dec. 24.
. 146 146 *2146 148
79
80
80
80
•29112, 93
92
92
•z11212114
11212 11212
96
96
96
97
9
9
9
9
912 812
9
9
13
1314 1314 14
18
18
18
19
•16
16
1614
*2314 2412 234 2312
•
.21.43 14512 *1143 145
•____ 21
21
60
60
*60
*52
55
*52
*32
33 *32 -- 33
327 33 *__
8
327
8
*2314 24
*23
24
13
1318 13
1314
*760 _
•
260
•z____ 8412 •z_ _ _ _ 8412
70
70
70
70
*3112 34 4 *3112 3414
,
72
72
72
72
Tuesday.
Dec. 25.
Wednesday. Thursday.
Dec. 26.
Dec. 27.
Friday,
Dec. 28.
146 147
147 147
146 146
7912 80
794 80
7912 793
4
•.292
_ _ +.292
*z11212114
112 114
111' 112
•96
96
97
9612 95
95
9
10
9
10
9
9
9
9
9
9
9
9
1312 14
1212 1314
16
1712 1812
18
*16
16
16
223 2314
4
2312 24
-143 1434
•_... 21
20
193 20
4
20
60
*60
60
604
*52
5312 54
54
55
543
4
33
34
*32
32
3278
31
327 324 •__ _ 33
8
3212 3312
*2312 24
234 235
s 2312 2312
1358 14
133 143
4
8 135 133
8
4
*160
*z60
*z____ 85
75
75
75
75
70
7112 70
6912 70
70
3212 33
3114 35
3214 3214
72
72
72
72
Sales
for
the
Week.
„
„
2879
Range since Jan.1 1923.
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Highest
Shares
Railroads
40 Boston & Albany
100 143 Apr 3 151 Juno 14
909 Boston Elevated
100 75 Juno 29 84 Jan 5
15 Do Peel
100 9112 Aug 9 100 Mar 6
Do let pref
10
100 11118 Aug 2 125 June 12
Do 26 pref
136
100 95 Nov 19 108 Mar 5
2,054 Boston & Maine
8 Dec 27 2012 Mar 2
100
Do pre/
145
9 Oct 17 27 Feb 13
100
1,713 Do Series A 1st pref__..100 1212 Oct 29 3212 Mar 1
Do Series B 1st pref_ _100 16 Dec 27 48 Feb 6
1,628
Do Series C let pref. 100 16 Nov 10 42 Mar 22
132
Do Series D let pref._.100 21 Oct 25 59 Feb 7
281
130 Boston & Providence
100 135 July 21 16012 Jan 25
535 East Maas Street Ry Co 100 18 Feb 16 35 Mar 22
Do 1st pref
35
100 58 Dec 21 72 Jan 16
Do pref B
4
352
100 503 Dec 21 65 Mar 19
Do adjustment
281
100 31 Dec 28 46 Mar 22
398 East Maas St SY (tr ctfs)_100 31 Nov 19 45 Mar 21
405 Maine Central
100 2252 Dec 14 43 Jan 2
2,564 NYNH& Hartford
93
4July 5 2212 Jan 30
100
Northern New Hampshire_100 62 Dec 4 84 Feb 3
82 Norwich & Worcester pref _100 75 Dec 27 100 Jan 3
243 Old Colony
100 6412 Oct 25 81 Feb 14
193 Rutland pref
100 2112 Aug 25 387 Dec 4
8
65 Vermont & Massachusetts.]00 70 Nov 26 98 Jan 11
PER SHARR
Range for Prestos
Year 1922.
Lowest
Highati
13014 Jan
734 Feb
9414 Mar
116 June
10112 Nov
152 May
8912 Sept
105 Sept
126 Sept
109 Sept
3112 May
37
Apr
4412 Apr
62 May
54 May
7712 May
163 July
263 July
8
77 July
60 Nov
47 Aug
47 Aug
55
031
347 May
2
96 July
1034 Dea
984 May
5272 June
100 Aug
20
22
38
30
40
125
18
66
51
28
29
274
124
69
58
57
15
78
Jan
Jan
Jan
Jan
Jan
Jan
July
Aug
July
July
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Miscellaneous
57 Amer Pneumatic Service_ 25
1 Sept 19
312 Jan 9
212 Dec
414 Jan
Do pref
25
12 Dec 24 20 Jan 10 13
Feb
2014 Atli
12434 125
1,744 Amer Telephone & Teleg-I00 119 June 29 12812 Dec 14 11458 Jan 1284 Aug
74
70
530 Amoskeag 5113
No par 6712 Oct 9 112 Jan 5 101
Jan 121 Dec
74
743
Do pref
152
4
No par 72 Oct 9 SS Jan 5
80 Nov 91
Aug
Art Metal Construe, Inc__ _ 10 143 Nov 15 1 .12 Mar 14
4
14 Nov
2012 May
812 Dec 21 2018 Feb 14
9
2,000 Atlas Tack Corn
9
No Dar
13
Jan
22 May
26 Boston Cons Gas Co, pref _100 104 Oct 17 10812 Feb 24 104 4 Aug 107 Dec
,
---. 5 .05 2,020 Boston Mex Pet Trus_No Par .05 Irec 26 .30 Jan 25 .10 Sept .50 may
0
2414 2414
190 Connor (John T)
10 19 July 5 27 Mar 19
154 Jan 304 Dec
23
4 23
10
2 Dec 21
4 1,000 East Boston Land
4 Jan 2
Jan
3
6
Apr
1,785. Eastern Manufacturing
5 Dec 10 1418 Mar 5
5
754 714
7 Dec 1414 Feb
3712 3912 3,170 Eastern SS Lines,Inc
25 31 Nov 1 12712 Mar 22
3812 Jan
8212 Oct
Edison Electric Ilium
159 1593
8 1,278
8
100 1523 Nov 8 172 Jan 3 156 Mar 185 Sent
112 Dec 4 107 Jan 2
3 4 3 4 14,347, Elder Corporation
No par
,
2
,
3 Mar 13 May
39 Galveston-Houston Elec_ _100
5 July 9 2912 Feb 5
28 Dec 39 Aug
54 -/4
300 Gardner Motor
5
No Dar
514 Dec 26 1553 Mar 3
19 Nov
164 Apr
25 1434 Nov 27 24 Feb 10
1514 157
8 1,089 Greenfield Tap & Die
17 Dec 2714 Feb
5112 5112
No par 50 Dec 6 634 mar 13
55 Hood Rubber
43 Mar
5438 Deo
Internet Cement Corp_No par 32 July 2 44 Mar 19
26
Jan
3838 May
Internet Cotton Mills
50 10 Sept 14 22 Fe', 19
20 Nov
32
Jen
Do prof
100 50 May 31 7912 Jan 10
60 Aug 85 Dec
.15 .15 2,025 International Products_No Dar .10 Dec 27
3 Mar 20
l's Dec
612 Mar
512 Dec 17
Do Prof
.60 .75
240
100 .75 Dec 24
8 Mar 15
Apr
418 Dec 13
412 412 1,060 Libby,McNeill & Libby... 10
812 Aug 20
158 Apr 1112 June
25
814June 27 11 Apr 26
13 Loew's Theatres
8 July 13
Jan
7412 495 Massachusetts Gas Coe
100
i67312 Dec 20 87 2 Jan 2
,
Jan 904 Nos
63
4511 Do prof
100 62 Dec 27 73 Jan 25
623 627
4
8
62
Jan 74
Oct
22, Mergenthaler Linotype_ _ _100 147 June 19 179 Jan 6 130
15112 15112
Jan 181
Oct
3 Dec 21
1414 Feb 19
11 Dec 271 June
54 512 1,715 Mexican Investment, Ino__ 10
8
Mississippi River Power__ _100 18 Nov 7 2814 Jan 31
22
22
Jan 34 Aug
13
Do stamped pref
100 80 Jan 16 84 Feb 14
7212 Jan 8512 Oct
2 -14 _4,107 National Leather
15,4Dec 17
10
83 Feb 13
4
16 4 Dec 1158 Jan
,
2
2 Oct 9
214 2.148 New England 011 Corp tr ctfs_
412Sept 13
22 Dec
5
Jan
110 11138
.100 110 Dec 28 122 Jan 3 109
235 New England Telephone.
Jan 125 Sept
4July 12 2112 Apr 26
1 163
8 1,250 Orpheum Circuit. Inc
183 187
4
13
Jan 28
Oct
8412 85
886 Pacific Mills
84 Dec 24 190 Jan 2 1153 Oct 192 Dec
4
161 Reece Button Hole
10 71434 Dec 14 18 Mar 14
1512 1512
124 Apr 16 July
Reece Folding Machine
10
2 Jan 11
34 Mar 15
158 Dec
3 Mar
Simms Magneto
5 .10 Dec 18
2 Feb 20 .50 Nov
74 Apr
102 103
542 Swift & Co
100 9812Jupe 26 1094 Jan 0
9214 Jan 11012 Sept
393 4114
177 Torrington
4
4
25 393 Dec 28 50 Mar 9
39 Jul
8112 June
712
1,000 Union Twist Drill
5
6 Dec 3 11 Mar 7
8 Ma
144 Feb
34
3414 2,446 United Shoe Mach Corp.._ 25 3212 Nov 2 5534 Mar 8
37
Jan 45 Mar
2512 2534
Do pref
232
25 2458June 14 • 284 Jan 11
25
Jan 3712 July
2618 26,
3 4,970 Ventura Consol Oil I bide. 5 1934 Aug 23 30 Jan 2
217 Jan 3312 June
2
15
1,819 Waldorf Sys,Inc,new 812No par 15 Dec 28 e2218 Mar 19 e1314 Jan 41912 Dec
15
404 Walth Watch CI B com.No par
74
,
7
5 Feb 15 13 Mar 17
24 No
144 Apr
12 Preferred trust ctfs
100 1512 Mar 6 2912 Mar 19
11 No
49 Apr
1613 1613
830 Walworth Manufacturing_ 20 1114 Jan 5 18 Dec 4
74 .Fe
13
Oct
293 30
8
645 Warren Bros
50 2512 Jan 31 3412 Mar 14
1712 Jan 35 4 Sept
,
Do let pref
200
50 3012 Dec 10 3912 Mar 14
304 Jan 3814 Oct
-3858 - 6
Do 26 pref
25
3
50 33 July 10 42 Mar 15
Fe
31
4434 J1117
300 Wickwire Spencer Steel.- 5
3 Dec 27 1212 Feb 21
8 4 Nov
,
21 may
Mining
.20 .40
•
•.25 .50 •.20 .35 •
Adventure Consolidated... 25 .10 Nov 28
.20 .50
1 Feb 28 .50
Jan
1
Apr
Ahmeek
25 64 July 5 87 Mar 1
56 Nov 66 may
-;.10 .15
-Algomah Mining
-:IL
25 .10 July 5 .50 Mar 2 .03 Sept .50
Apr
Allouez
25 15 Aug 9 34 Mar 1
19 Doc 324 Jan
17
-;ii4 -1- -11E2
1,255, Arcadian Consolidated
/it -Ile
25 .70 July 3
414 Mar 5
2 Mar
458 May
,
712 73
7
4 *73
712
73 72
,
,
4 814
734 73
430' Arizona Commercial
4
5
7 Dec 18 144 Mar 2
6 Nov
104 June
•14
•14
15
15
*14
15 '14
15
*15
16
'Bingham Mines
10 1412 Oct 30 19 Feb 19
13
Jan
184 Sept
183 184 18
4
183
4
183 1812 18
8
1812 18
1812 3,124 Calumet & Hecht
25 17 Oct 25 49 June 15 248 Nov 301 Aug
24 21s
214 212
24 214
2
212
21g 2f
4 4.190 Carson Hill Golcl
94 Feb 13
1
17 Dec 13
8
5 s Nov
7
164 May
Centennial
-- - 25
7 Jan 18 15 Mar 1
8 Nov
1312 Feb
23 2
23
23
234 -- -12314 -- -3- 23 -- -323 4
23 4 23's 231k 1,067 Copper Range Co
25 2218 Oct 31 463 Mar 1
4
3513 Dec 463 may
4
.
312 37
s
312 34
4
412
33
4 4
414
10
5 Feb 23
414 4,235 Davis-Daly Copper
214June 28
218 Nov
94 Jan
45
8 44
458 45
8
44 43
4
412 412
412 4
4 1,555 East Butte Copper Mining. 10
43 Nov 1
8
1112 Mar 1
74 Nov
1214 Jan
.99
.90
114 •
114
•
.90
1
.90 .90
.7.5 .90
Franklin
338
25 .30 May 22
25 Mar 5
8
1
Apr
372 Apr
•114
114
114
•114 112 *114
11r
112 •11s
20 Hancock Consolidated
112
25
1 Oct 30
4 Mar 5
112 Aug
312 Mar
2814 2814 *28
2834
2812 2914 28
29
*28
29
455 Hardy Coal Co
1 24 4 Mar 28 335
,
8June 7
•
.25 .50
.26 .26
• 25
50 •
.25 .50 ..25 .50
900 Helvetia
25 .10 Sept 17
114 Feb 20 .50
96
9612 96
9612
9512 964 96
2612 9512 96
574 Island Creek Coal
1 9312 Nov 7 11512 Apr 7
Jan 11532 June
•
79012 9312 •z9012 934
*79512 9612•
z9012 92
*90
92
Do pref
1 9014 Nov 28 10012 Star 28
88 Feb 2712 Nov
*1712 1812 •1712 1812
18
18
1712 1712 17
17
100 Isle Royale Copper
25 16 Oct 24 334 Mar 3
18 Nov
26 4 May
,
*17
8 214 *17
8 214
"14 214 *17
8 214 .13
4 214
Kerr Lake
5
2 July 17
358 Jan 2
3 Feb
472 Apr
112 ..99
.99
•
112
•.99
112 •.99 112
1
1
20 Keweenaw Copper
25 .60 Sept 4
24 Mar 5
1
Feb
312 Apt
1
1
1
1
1
1
1
114
1
14
1
210 Lake Copper Co
25
1 Oct 25
514 Mar 1
214 Feb
54 May
•1
114 •1
114
.
1
114
.88 .88 +.90
P4
100 La Salle Copper
25 .50 Dec 20
34 Mar 1
1 Nov
24 Apr
•112 17
8 *14 14
•152
134
*112 13
4 •112
Mason Valley Mine
5
118 Nov 16
52
2 Mar 27
*,50
14 Jan
1
2 4 May
,
•
.50
112
•
.50 1..50 .50
•
.50 .60
210 Mass Consolidated
2 .50 Dec 27
414 Mar 3
DI Dec
434 Apr
15
8 15
15
8 15
s
8
15s 15
8
1° 4 2
X
134 1,038 Mayflower-Old Colony_ _
112
2
112 Oct 19
7 Feb 10
218 Dec
612 Apr
.
112 2
*112 2
•112 2
*112 2
_
Michigan
2
Mar 17 .75 July
90 July 3
7
Apr
*3112 32
32
32
3014 31
31
3114 -3012
410 Mohawk2
27 Oct 31 71 Mar
52 Nov 68 June
16
"153 1614
4
16
153 153
4
4 16
16
.153 1614
4
150 New Cornelia Copper
1414 Oct 29 244 Mar 2
1514 Dec 2012 June
•212 214 .214 3
•24 3
*24 3
New Dom. Copper
24 Aug 20
414 Apr 4 ------- ---- -*37
44
44
537
•37
44
*37
44
*37
44
New River Company
100 35 Apr 1
40 Apr 27
87
Jan 40 Feb
•75
*74
78
78
•74
78
75
75
*75
_-__
5
Do prof
84 Mar 16
100 72 Nov
Oct
64 614 *61s 61
*618 63
8
638 63
;
8 .63
8 612
250, Nipissing Mines
43 July
4
5
64 Feb 20
*218 214
2
24
4
2 2 'X,
134 24
112 2
4,775 North Butte
15
12 4 Mar 1
,
1514 Nov
" ane,
15IIki
3i
•
.50
.52
1
52
•
.50
1
• 50
I
.52 .52
105 Oilbway Mining
25 .50 Nov
258 Mar 5
14 Dec
412 Apr
1512 1512 *1512 1612
•1514 1612 1514 1514 1514 1514
340 Old Dominion Co
25 1312 Oct 3
324 Mar 1
16 Nov
27
Jan
-- -- ---25 245* July 1
46 Mar 1
25 Nov 381s Aug
.414
;;:1- --, 1- ;;1f4
,'.ii- -II- --4-1'
4
Mining & Smelt_ 5
412 Nov 27
214 Aug I
218 June
124 1212 .1214 1312
33 Nov
:1214 1312 1214 1214 *12
4
z4
44
1
13
250 Pd Crk Pocahonta tCo_No par 1214 Dec 1
1614 Mar 23
20
2012 20, 204
8
20
2014 193 203
4
4 1912 193
4
561 Quincy
25 18 Oct 3
60 Mar 2
'
0331
33 *731
.
731
33
33
303 31
4
3012 3012
105 St Mary's Mineral Land
53t2 Mar 1
25 27 0c13
40 .40 * 40 .50
.40 .40
.35 .42
.40 .40
500 Shannon
10 .30 Dec I
112 Mar 5
• 25 .75 *.25
75
• 25 .75 • 25 .75 • 25 .75
MayMay
South Lake
25 .10 June 4
1 Aug 8 .35 Dec
*114
114 May
13
4 *114
5114
134
13
4
1
114 *114 14
190 Superior
25
1 Dec 2
34 Mar 3
112 Dec
•.90
118
.80 .80
43 July
4
• 85 14
.75 .90
.75 .80 1,280 Superior & Boston Conner_ 10 .75 Dec 2
314 Feb 23 .90 Mar
22 0
4
02
.50 .65
.60 .65
.50 .50
.60 .60
.60 .70
630 Trinity Copper Corp
.20 Oct 24
112 Feb 15
Dec
.40 .40 *.40 .50
•.40 .50
.40 .40 • 40 .50 1,015'Tuolumne Copper
10 .30 Dec 13
152 Aug 18
*212 25
8
25
8 25
8
21 6 2 if,1
X
25
8 25
s
212 24
750' Utah-Apex Mining
24 Oct 2
6 Apr 13 .hfilA
.01
.01 •.01 .03
A lae
.01 .01
i
.01 .01
.01 .01 3,485' Utah Consolidated
.01 Dec 1
3 Mar 5
1
Feb
•.30 .50
.31 .35
.30 .35
.30 .31
.27 .30 3,195 Utah Metal & Tunnel
1 .25 Dec
15 Feb 27
8
.711 .75 •
.75 .85
• 75 .85 •
.75 .85 •
24 Apy
.75 .85
500,
25 .60 Aug 3
258 Feb 28
• 25 .40 '.25 .40
212 Jan
• 25 .401
25
25
25
25
530' Winona
25 .10 Dec 1
1 4 Mar 5 .25
,
____ .5 - --Jan
.5
224 Apr
5
6
101 WolverIne
412 Nov 5 13 Mar 1
25
758
ay
*BM and asked prices; no sales on this day. 2 Ex-rtghts. 6 Ex-dividend
and rIgbta. s Ex-dividend. g Ex-stook dividend. a Assesemealt
paid,
*Beginning with Thursday, May 24. trading has been in new shares, of which two new shares of no par
value were given In exchange for one attar of
olfl v
N o itOok oili g
nisi value. In order to make poesible ooraperbtons with previous quotations, we have divided all these prevIoue
le
n
quotations by two.
*1112 13 *z112 13
112 112
4
2
2
4
•1212 1312 12
1212
*12
1312 *12
1312
12412 125
12458 125
1245 125
1243 125
8
4
71
71
7012 71
71
71
7012 71
*74
74
75
75
75
75
75
75
•1454 1614 *143 1614
4
*1434 1614 *143 1614
4
*8
9
9
9
94 91s
84 814
*10612 107 *10612 107
10612 10612 1063 108
4
.07 .07 +.07 .12
.05 .07 •
.05 .10
24
24 *12312 2414
2414 2414 2414 2414
*212 23
4 *212 234
212 212
212 212
83
4 9
83
+812 83
4 94
73
,
8 8
4
*34
36
*34
36
36
3612 3814
36
1583 15812 15818 15812
8
15814 1583 15838 159,
4
s
•14 212
2
414
3 4 414
,
3 4 33
,
4
11
11
14
•11
11
•11
11
13
514 514 •5
*5
612 *5
612
612
15
15
143 1434
4
1434 153
4 1514 153
4
*15112 54 *15112 54
54
54 •z52
54
•z41
42 •z41
42
•z41
42 *24212 431
•
.25 .50
"1
214
715
_
_
.30 .30
.15
.15 .15
.10 .25
1
1
.75 .75
•
.50 2 4
,
1
14
454 414
414
414
438 43
412 45
8
4
*10
1012 "10
1012
1012 1018 1012
7512 76
7514 76
75
7412 7514
75
64
64
637 637
8
8
633 633
4
63
4 62
162 152 "7152 153
152 152
152 152
*414 5
43
4 514
5
51
54 6 2
,
.22
23
+22
23
22
2214 *22
2214
•z80
8214 •z80
Stock
8214
*.280
823 *.r80
824
2
2
178 218
2
24 212
21
214 3
212 25 Exchange
214 21
214 214
111 1114 .111112112
111 1111 111 112
•1812 19
19
Closed
- •1812 19
19
183 183
4
4
85
85
84
853
4
84
847
8 8412 85
•115
154 •z15
115
1518 Christmas.
4
15,
s 143 143
4
z24 278 *r238 24
•
*223
8 27 *z238 27
8
8
Day
.12 .12
10014 10114 1003 10214
4
10278 104
103 10312
413
8 414 411
41
403 42
41
4
41
*8
11
73
4 73
8
10
3312 34
3313 34
337 341
3414 3412
8
26
26
26
26
26
26
•2614 2612
255 2714 27
8
275
2612 273
8 264 27
1512 1512 1512 151
153 151
8
1514 15513
712 712 *7
*7
71
74 71
712
•1512 17
•1512 17
*1512 17
16
17
•1618 17
1612 17
167 17
8
17
17
2912 2912 2912 293
2912 30
293 30
4
•135
3612 5/
35
361
36
36
36
3612
.
737
40 *737
40
39 .
z37
137
•
39
3
3
112 1,i,
so
566
811,
Dec
7g71, AT;
.238 14N.ay
5 Oct
r
Ty;
n
pae
ca r i
iso ' rcaity
-i5" Nov -LO" M.
5
5
1
..12 Nov°
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Dec. 22 to Dec. 28, both inclusive, compiled from official lists:
Outside Stock Exchanges
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange Dto. 22 to Dec. 22, both inclusive:
Bonds-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale.
Par. Price. Low. High. Shares.
Alaska Deb 6s,Ser B_ _1926
Amer Tel & Tel 4s.. A929
Atl Gulf & WI SS L 581950
Chicago Great West 451959
Chic Jet & U BY 5s_ _1940
45
1940
1927
Current River 5s
Domin Iron &Steel 58_1939
E Mass St RR ser SC'25-29
Series B 5e
1948
Hood Rubber 75
1936
K C Clin & Spring 58_ A925
K C Mem Ry Bdge 58_1929
1929
Mass Gas 4348
Miss River Power 55_ _1957
New England Tel 58..1932
1952
Series A 53
St L & S Fr 55, Ser B_1950
1944
Swift de Co 58
Warren Bros 715 s_ _ _1937
1932
Western Tel 58
Jan. 1.
Range since.
Low.
5
$3,000
5
5
1,000 91
92
92
4635 484 154,000 404
20,000 50
50
50
5,000 88%
94
94
10,000 78%
80
80
80
1,000 95
95
95
1,000 85
92
92
1,000 98
99
99
3,000 63
64
63
63
7,000 100
1004 101
2,000 76
84
84
1,000 9134
9355 9335
5,000 92
9415 ,95
15,000 89
91% 92
92
97% 9715 9754 4,000 95
9735 974 2,000 974
23,000 79
97
79
95% 954 964 9,000 91
2,000 102%
106 106
964 9534 9655 6.000 95
47%
High.
6 June
Dec
Dec
Apr
6
Mar
Nov 62
Dec
Dec 50
Mar
May 95
Feb
May 84
Mar
Mar 95
Nov
Jan 93
Jan 99% July
Nov 7735 Jan
July 10234 Jan
Feb 84% Nov
June 9454 Jan
Apr 964 Mar
Jan
Apr 95
Nov 9935 Jan
Dec 9735 Sept
Dec
Dec 79
Apr 9935 June
Mar
July 115
Feb
Mar 98
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange Dec. 22 to Dec. 28, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
American Elec Pow Co_ _ 50
American Gas of N J....100
•
American Ship
•
American Stores
100
Brill(J G)Co
50
Cambria Iron
•
Congoleum Co,Inc
100
ELsenlohr (Otto)
Elec Storage Battery_ _ _100
•
Erie Lighting Co
100
General Asphalt
•
General Refractories
Insurance Co of N A_ _ -10
Kentucky Sec Corp_ _ -100
Keystone Telep, Pre(....50
Lake Superior Corp_ _ _ _100
50
Lehigh Navigation
60
Lehigh Valley
10
Lit Brothers
Pennsylvania Salt Mfg 50
50
Pennsylvania RR
.50
Phila Co, pref(cum 6%)
25
Phila Electric of Pa
25
Preferred
Phila Rapid Transit_ __ _50
Phliade phia Traction__ _ 50
60
Phila & Western
50
Preferred
50
Reading Co
Tono-Belmont Devel. _1
50
Union Traction
100
United Cos of NJ
50
United Gas Impt
50
Preferred
Warwick Iron & Steel _ 10
West Jersey & Sea Shore_ 50
50
Westmoreland Coal
50
York Rys prof
233.4
8515
11
2915
86
30
454
8
5
60
2334
4135
5234
4915
46
27
3
64
6034
2415
86
4134
4114
314
31
3534
5834
84
32
7634
24%
854
11
31
87
39
4535
59
61
2334
4134
5215
4915
46
27
334
65
6036
264
86
414
42
3134
3154
3715
60
835
32
7834
565
30
500
5,462
140
18
10
415
170
10
100
100
285
10
120
3,295
752
15
900
55
3,256
130
2,401
594
3,379
535
100
30
100
'ii
M
1,550
40 „ 41
191 191
584
5835 57
5536 5534 5534
'834 834
40
4035
65
65
3434 3435 3415
1,048
5
7,698
90
95
500
45
30
2314
3034
86
6834
234
4934
27
334
6434
25
86
3134
31
374
5834
41
Range since Jan. 1.
Low.
15
714
11
20
49
3834
4415
58
5234
2334
2634
424
424
354
25
234
64
5734
20
79
41
41
2734
2934
30
58
8
32
7034
55
35
190
474
55435
0'
33
65
34
High.
Apr
Feb 30
Aug 854 Dec
Dec 2034 Feb
Oct
June 32
Mar
Jan 91
Jan
Dec 45
,
I31 y
Dec 240
Jan
Dec 86
July 664 Mar
Feb
July 27
Aug 5331 Mar
Feb 5955 Mar
Apr
Jan 50
Dec
Jan 46
Aug 3415 Mar
Oct 1035 Feb
Jan
Aug 75
Feb
July 71
Feb 2635 Dec
June 9334 Apr
Nov 4734 Jan
Jan 4555 Feb
May 3334 Jan
May 3334 Jan
Jan 3734 Dec
Jan
Nov 67
Jan 1234 Apr
Dec 3615 Jan
Feb
June 80
Mi, Jan
Dec
June 4131 Dec
Jan
July 200
May 5934 Dec
May 5634 Feb
Feb
9
Oct
Jan 4454 Oct
Dec 8615 Mar
May 3615 Jan
Stocks-
July
Dec
July
Apr
Oct
Feb
Dec
Nov
June
Nov
Mar
Apr
Nov
Nov
May
Apr
9515
8215
7115
80
31
94
118
10234
73
9334
8234
103
103
994
10634
8834
Apr
Jan
Jan
Jan
Feb
Jan
May
Jan
Jan
Mar
Mar
Jan
Feb
Oct
Jan
July
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange Dec. 28 to Dec. 22, both inclusive compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
par. price. Low. High Shares.
145
144
395
______
11
______
21
914
51
91
10314
353
200
6134
Bonds
Moloch Long Distance 55
Miss Riv & Bonne T Ry 58
Wagner Electric Mfg 78___
• No Dar value.
9515 11636 $1,000
3,000
95
95
1,000
99
99
Low.
140
140
358
260
50
10
32
14
88
4634
70
9134
204
4734
315
1
114
6434
70
104
7914
734
101
21
71
20c
6834
5715
Nov
Nov
May
Dec
Mar
Dec
June
Aug
Nov
Oct
Aug
July
Aug
July
Aug
Oct
Oct
July
Dec
July
Jan
Aug
July
Aug
July
Dec
Jan
Nov
High.
148
15334
395
270
60
17
45
25
994
65
90
96
254
654
6%
19
119
80
7655
125
102
93
10634
3534
83
45c
63
644
May
Mar
Dec
June
Oct
Jan
Dec
Feb
Jan
Mar
Feb
Feb
Mar
Dec
Feb
Mar
Mar
Dec
June
Dec
Dec
Dec
Dec
Apr
Dec
Feb
Mar
Dec
Feb 0614 May
94
Dec
9454 Feb 95
9715 Sept 100 May
High.
Bonds974 9715 $4,000 9636 May 98
Balt Traction 1st 58_ -1929
6,000 7055 May 72
72
72
Carolina Central 48._1940
Sept 101
5.000 98
98
98
Consolidated Gas 58._1939
May 9115
8834 2,000 86
88
1954
General 415s
974 6,000 96% Nov 100
5%13'52 974 97
Cons E L & P ser E
1949 1005 1014 10154 15,500 100% Apr 10336
Ser A 6s
1,000 10515 Oct 10835
1931
10614 10655
Ser C 7s
0536 0554 11.000 9415 Nov 9936
Elkhorn Coal Corp 65-1925
4,000 80
May 84
84
84
Georgia & Ala cons 58_1945
1,000 4935 Apr 57
56
56
Macon Dub & Say 55_1947 56
Dec 984
1,000 96
96
96
North Bait Trac 58. _1942
9834 9815 3.000 9836 Oct 9836
North Cent ser A 58._1926
Dec 100
1,000 99
99
99
Pubic Service Bldg 58_1940
1,000 11636 Dec 95%
9631 9636
Southern Rys cons 58.1994
14,000 704 Dec 744
48-_1949 7015 7036 71
United Ry & E
Dec 55
1949 5036 5034 50% 20,000 50
Income 419
Sept 10236
9,000 99
99
99
1949 911
Os
Dec 7714
704 4,000 70
70
Wash Bait & Ann 55_1941 70
Mar
Dec
Jan
Nov
Jan
Jan
Feb
Jan
Deo
Dec
Jan
Sept
Apr
Dec
Jan
Jan
Jan
Jan
45%
51
2615
11036
3534
75
25
26
110
10536
79
182
6815
8815
264
23
82
104
21
11
394
99
164
157
5
32
50
26
5
104
25
105
15
30
1,000
5
150
7
26
20
165
209
404
174
34
9
445
100
117
76
38
36
20
50
166
20
120
138
4
49
38
60
3
77
555
80
105
8
47%
50
91
88
40
15,4
43
3236
2534
.12
2354
255
100
1084
3455
48
2435
2536
10615
103
114
7834
170
25
80
7835
3834
26%
80
60
2436
2136
82
104
18
10
35
72
9834
1536
147
5
5036
Nov
Dec
Dec
Dec
Jan
Nov
Nov
Aug
Oct
Aug
Oct
July
Dec
June
June
Jan
Oct
Aug
July
July
Sept
Dec
Jan
Jan
Jan
Dec
Jan
Dec
Aug
July
Dec
Oct
Sept
Des
Feb
May
Jan
July
Sept
Aug
Jan
Dec
Dec
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange D,o. 22 to Dec. 28, both inclusive,
compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
8535 87
-100
Amer Pub Serv, pref_.100 87
63
63
American Shipbuilding.100 63
3715 3736
Am Steel Foun,com_33 1-3
92
9255
Armour & Co (Del), p1.100 92
8035 80
834
Armour & Co, pref __ _ -1
715
7
15
7
Armour Leather
100 78
7734 78
Preferred
Ralaban&Kata,com v t e.25 5134 5136 52
90
100
90
Preferred
Bassick-Alemite Corp- --• 35% 3135 3534
•
134
1
136
Beaver Board
14
13
First pref certificates-- 14
536 538
534
Booth Fisheries. (new) •
28%
• 28% 27
Borg & Beck
10
10
Bridgeport Machine Co_ • 10
9
9
10
9
Bunte Bros
1
1
•
Case (J I)
100
35
4
Si
2d preferred
50
50
100
Chicago City Ry
335
336
53's
Chic Cy&Con Ity, pt sh pf•
34
34
4
Chicago Elev Ry, pref _100
18515 18536
Chic Motor Coach, com- _5
soi 864 90
Preferred
036 4015 41
Chic Nipple Mfg,CI"A"50 4
204 2015 23
Class "B"
1
h
h
Chicago Rys Part Ctf Ser 2
15
15
Com Chem Co of Tenn__ ••
12734 128
Commonw'th Edlson__100 128
64 635
635
-10
Continental Motors11015 110 11036
Crane Co, preferred
6036 61
Cudahy Pack Co, com_100
3235 33%
Daniel Boone Wool Mills 25 33
18
18
Deck (Alf) & Cohn, Inc_ •
86
87
ioo
Preferred
62
81
100 61
Deere & Co. pret
100 11936 118 11915
Diamond Match
•
15
%
Earl Motors Co
3336 34
Eddy Paper Co (The). •
102 1024
.
(The), pref _100
Fair Corp
1736 1815
• 18
Gill Mfg Co
53;
5
1
Godchaux Sugar,com-- _' 5
2736 2715
pref_ - _100
Gossard,11W,
794 80
Great Lakes D & D.---100 80
118 118
HartSchaff&Marx, corn 100
10 15% 15% 17
Hupp Motor
14
13.4
134
Rights
53
53%
•
Hurley Machine Co
8 1854 1835 1954
Hydrox Corp, corn
8315
100 ------83
Illinois Brick
84% 84%
Illinois Northern Util, pref
Indep Pneumat c Tool__ • 80% 80% 80%
25 ------3436 36
Inland Steel
83.5
735
834
Internet Lamp Corp__ _25
44
44
Switchboard_ __ _25 --____
Kellogg
27
27
5 27
•com.
Kuppenh'er(B)&Co,
100 ------9234 924
Preferred
44 444
45
Libby, McNeill & Libby_10
9515 9534 98
Lyon & Beall), Inc, pref___
305 354
Co- __• 35
McCord Rad Mfg
1915 2054
1936
McQuay-Norrls Mfg Co_ _
w.cc7
95
2334
62
5
135
11535
794
______
5
16
17
13
50
288
5
20
50
10
10
10
175
80
350
498
75
519
2
41
2
256
171
276
50
3.000
1,000
7,000
Low.
Mar
Mar
Feb
June
Dec
Feb
Apr
June
Jan
Jan
Dec
Dec
Dec
Mar
Deo
Dec
Dec
Jan
Mar
Mar
Jan
Jan
Apr
Deo
Mar
Apr
Dec
Dec
Jan
Jan
Feb
July
Jan
Apr
Aug
Mar
Deo
Jan
Mar
Jan
Jan
Oct
Nov
91
65
65
60
60
9135
91
88
88
4536 47 '
20
20
51
50
3515 3534
2534 2534
14
.14
2614 2615
436 434
100 1004
1104 110%
3515 3515
75
75
2534
25
26
2636
1094 110
105 1054
115 11534
7836 7936
182 183
67
6836
88
884
7834 79%
47
4736
2635 2635
90
90
5234 53
2436 2435
23
23
82
82
104 1 4
21
21
1115
11
394 3934
7434 74%
9915
99
1635 164
157 157
555
5
5035 5034
4
Boatmen's Bank
Nat Bank of Commerce
Mercantile Trust
Mississippi Valley Trust _ _ _
Title Guaranty Trust
United Railways, pref
.
American Bakery cora_ _ _
Best Clymer Co
Brown Shoe preferred
Common
Certain-teed Prod 1st pref_
Emerson Electric, pref___
Ely & Walker Dry O'cls com
Hydraulic Press Brick pref.
Common
Indlahonia Refining Co
International Shoe, pref.__
Common
Laclede Gas Light, pref_ _ _
Laclede Steel Co
Missouri Portland Cement_
National Candy common_
Southwestern Bell Tel. pref
Wagner Electric common__
Preferred
Granite BI-Metallic
Alton Granite & St L Trite fe
United Railways 48
145 145
144 144
395 395
260 280
57
57
11
10
45
45
21
21
904 9134
51
51
76
76
95
95
234 2315
82
62
5
534
14 2
11515 116
793 793
72
72
125 125
100 100
91
90
1034 10334
35%
35
824 824
204 20c
6014 6034
6134 6134
Range since Jan. 1.
Range since Jan. 1.
68
67
98
'
9
484
25
65
36
2636
.50
2735
414
10035
1104
3554
8436
2536
274
118
108
120
98
190
70
100
14435
4715
2636
95
5736
2635
264
90
121
22
1636
30%
77
10831
2015
164
17
52
65
00809MMO00000MOSOOMM0000002.0.00000000MOM10.00MOMOMOSOMOOSOOSOMO
M.-. NO0
W.—.NOW00000N..0.-4ON05.4
M6OMMOWNON,V0 CNONt-00t—NOO
ON
M
..00wo *NCOMN 4.0
....MONN w.NCO
.
N
.
0
0504—.VNCIN 00
WW0
Bonds- •
8,000 82
8534 86
Amer Gas dr Elec 5s__ _2007 86
8,000 60
61
60
Consol Trac NJ 1st 581932 60
36,000 60
6234 63
Elec & PeoPle8 tr els 4s '45 63
20.000 70
Keystone Tel 1st 58_.1935 7554 7515 78
8.500 10
15
13
Lake Super or Corp 58 1924 15
3,000 91
91
91
Lehigh C&N cons 415s 1954 91
annuity Os__ ______ 11715 117% 2,000 11734
Lehigh Vail
9834 9834 1,000 98
Lehigh Vail Coal 1st 5s 1933
1,000 65
69
69
Peoples Pass tr °Us 48.1943
Phila. Co cons & stpd 58'51 8834 8834 8834 3,000 88
1,000 81
82
82
1950
Phila Elec tr ctf 48_
9815 29,200 96
98
1966 98
1st 58
9815 9835 5.000 98
1947
5558
1953 9835 9834 984 25,500 954
5155
15,000 10214
1941 10334 10354 104
13s
Reading general 48_.l997 8634 8634 8634 1,000 834
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
100
Alabama Co
100
2d preferred
_100
Amer Wholesale. pref _100
Armst-Cator 8% pref__10:'
Arundel Sand & Gravel _ 100
100
Baltimore Tube
100
Preferred
Benesch (I), corn
25
Preferred
1
Celestine Oil
10
Central Fire Ins
Cent Teresa Sug, pref._ _10
50
Centuary Trust Co
Ches & Po Tel of Balt-100
25
Colonial Trust
25
Commercial Credit
25
Preferred
25
Preferred B
Consol Gas E L & Pow..100
100
7% preferred
100
8% preferred
Consolidation Coal_ __ _100
100
Continental Trust
•
Eastern Rolling Mill
100
8% preferred
50
Fidelity& Deposit
Finance Co of America_ _25
Preferred wl
Flouston 011 pref tr ctfs_100
Manufacturers Mnance_25
25
1st preferred
25
2d preferred
Maryland Casualty CO.._25
Merch & Min Tr Co_ _ _100
Monon Val Trac pref _ _ _25
Mt V-Woodb Mills v t r 100
New Amsterd'm Cu Co 100
50
Northern Central
Penna Water & Power_100
United Ry & Electric. _ _50
U S Fidelity & Guar._ _50
Wash Bait & Annan--50
West Md Dairy, pref. _50
Stocks-
Stocks-
[Vox,. 117.
T H 141 CHRONICLE
2880
Range since Jan. 1.
Low.
High.
Aug 97
June 74
Oct 4034
June 108
June 96
10
Nov
Dec 8736
mg Nov 5636
Nov 92
89
27% Feb 42
415
Dec
1
Oct 25
10
814
434 May
2215 May 3635
Sept 184
10
11
July
8
835
15 Oct
54
15 Dec
Dec 65
50
336 Nov 10
84
4 Nov
May 212
118
May 99
85
4015 Dec 444
2015 Dec 2536
336
h Dec
Nov 154
15
116% Nov 131
34 Oct 12
10615 Oct 115
June 6431
40
1036 May 6215
Nov 2036
11
Jan 02
70
4836 June 744
121 •
10915 Jul
135
% Jan
2236 Apr 40
Jan 106
100
1635 June 284
Dec 2615
4
2455 Feb 3536
75 June 0436
Jan 120
98
15% Dec 2536
2
14 Dec
4134 July 5534
1515 Sept 32%
Apr 9634
60
83 June 87
Oct 8315
80
July 5015
32
636 Dec 32
39% July 47
244 Aug 31
Sept 95
87
8%
4% Dec
9415 Oct10134
June 39
26
104 May 26
8331
59
34%
8434
71
7
75
Feb
Jan
Dec
Feb
Jan
Jan
May
Oct
Nov
Oct
Jan
May
Jan
Oct
May
Mar
Mar
Feb
Mar
Nov
Mar
Oct
Oct
Nov
Dec
Mar
Nov
Jan
Jan
Feb
Jan
Jan
June
May
Jan
Jan
Feb
July
Jan
Apr
Apr
Apr
Feb
Nov
Mar
Deo
Nov
Apr
Jan
Sept
Oct
June
Apr
Sept
Nov
Jan
Apr
Mar
Apr
Apr
DEc.29 1923.]
THE CHRONICLE
Friday
Baler
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Pox. Price. Low. High Shares.
Middle West MIL com-100
Preferred
100
Prior lien preferred
Natl Dairy Prod, w 1 a _ --•
Natl Carbon, pref (new)100
National Leather
10
Philipsborns, trust certifs__
Pick (Albert) & Co
10
Pub Sery of N III, com___*
Pub Serv of N Ill, com.100
Preferred
100
Quaker Oats Co
100
Preferred
100
Real Silk Hosiery Mills_ -10
Reo Motor
1
Standard Gas& Electric _50
Preferred
50
Stew Warn Speed, com _100
Swift & Co
100
Swift International
15
Thompson,J R,com _ _ _ -25
TJnion Carbide & Carbon _*
United Iron Works v t 0_50
United Lt & Rys,com._100
First preferred
100
Participating pref
100
Unit Pap Board, com_ _100
U 8 Gypsum
20
U S Steel, common_ _100
Vesta Battery Corp, corn..
Wahl Co
*
Ward, Montg & Co, pf _100
When issued
20
Class "A"
*
Western Knitting Mills...*
e
Wolff Mfg Corp
Rights
Wrigley, Jr, corn
25
Yellow Cab Mfg,Cl"I3".10
Yellow Taxi Co
Honda
Chicago City Ry 58_ _1927
.
Chic City & Con Rys 55'27
Chicago Railways 5s_ _1927
5s, Series"A"
1927
4s. Series"B"
1927
Commonw Edison 5s.1943
Northlyagtown FA An
1941
Range Mica Jan. 1.
Low.
High.
44
43% 44
1,715 38% May 53
Fet
85% 8416 8534
420 8134 July 8634 Jar
94% 93% 95
205 9334 Dec 104
Jar
33% 3334 34
400 3334 Dec 34,
Der
12014 12034120)4
50 115 June 123
Apz
234
2
234 3,580
17 Dec
8% Fet
%
114
1
116
21% No
925
1
Dec
21% 20% 2116
640 17% Aug 3
63.4 Mal
9954 9916 9934
145 96
Nov 103% Arm
99
9914
40 97
Dec 103% Aro
9316 9334 94
30 89X Oct99
Apr
215 215
15 210
Mar 285
API
99% 9914 100
850 85 June 100
Jar
29% 29X 30
515 28% Dec 3
Dez
17
17
17%
260 11% Jan 20
Mal
29% 28% 30
3,395 1734 Jan 3234 Mai
47% 47
4714
.555 4614 June 5116 Alai
90% 88% 91% 18.600 6414 July 124% Api
102% 10016 104
3,030 98% June 109% Jar
20
18% 20% 10,756 16 Jun
21% Jar
50
49
50
1,189 433,4 June 5414 00
56
55% 56% 5,140 51% July 67)4 Jar
4
4%
4
890
4
Dec 13% Fel
135
135 140
110 71
Jan 164
Mal
80
7974 80
220 69% July 94
Ap
90X 90X 90X
20 87
Nov9974 Ma
18% 19%
465 14
Jul
19% De,
90
87% 92
2,200 51
July 104
Oc
9534 96
100 88% Oct9614 Noi
29
29
100 1616 Aug3734 Sep
3834 3816 39%
815 3734 Dec 58% Jar
110
110 110
25 953, Feb112 Jun,
24% 23% 2434 3,530 18% May 2616 No
,
108
108 108
100 93
Jan 110
De
14
14
X 2,912
14 Dec 10% Ma
6
5% 7
3,175
434 Sept 3534 Ma
1-32
1-64 1
6,0.0
1-64 Dec
194 De
3934 39
39% 1,975 38
Dec 41
No,
96
90
99
1,545 87% Nov 114
Oc
6214 5834 63% 11,450 5734 Dec 19034 Sep
7354
50
56
43
95%
9111,4
73%
50
73
56
43
9516
Oft4+,
7394
50
74
56
43
9534
9844
85,000
27,000
23,00
5, 00
1,000
13,000
9 nnn
73
47
72%
53
41
95%
7Rtz
Dec 8316 Ma
Jan 6514 Ma
Dec 82
Feb
Dec 70
Ma
Dec 56
Ma
Nov 10514 Ma
el•,- OfilL Tly
•No par value.
Pittsburgh Stock Exchange.
-Record of tran ontions at
,
Pittsburgh Stock Exchange Dec. 22 to Dec. 28, both inclusive, compiled from official sales lists:
Stocks-
rrutuy
acrses
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High, Shares,
Am Wind Glass Mach_ _100 92%
Preferred
100
Arkansas Nat Gas, corn, 10
434
Bank of Pittsburgh
60
Carnegie Lead & Zinc --.5
234
Consolidated Ice, pref 50
Harb-Walk Refrac,com100
Indep Brewing, corn. __50
Jones
-Laugh Steel pref_100
Lone Star Gas
25
Mfrs Light & Heat
50 5334
Merchants Say & Tr_..100
Nat Fireproofing, com__50
Preferred
50
Ohio Fuel 011
1 16
Ohio Fuel Supply
25 3334
Oklahoma Natural Gas_ _25
Pittsburgh Brew, corn-50
Pittsburgh Coal, pref....100
Pitts Malleable Iron
Fitter)& Mt Shasta Cop--1
Pittsburgh Oil& Gas
5
Pittsburgh Plate Glass_100 210
Salt Creek Consol Oil_ _ _10
934
Stand San Mfg,com__ -100
Tidal Osage 011
10
8
Union Natural Gas
25 2834
West'house Air Brake_ _50 85
_SO
92% 9241
9334 9334
4%
bi
138 136
234
.:
I.
19
:.0 120
2% '%
107% 108
26% 27
5334 5414
46
46
73,4 8
203.4 21
13% 16
33
34
22% 2316
1%
13,4
9894 989,4
86
9
9c
95
83,4
814
210 214
93,4 954
9934 9934
7% 8
2834 2814
85
85
BondsHeidenkamp PI Glass 844s_
100
100
,
Range since Jan. 1.
Low.
60
10
7,425
10
2,375
25
30
75
285
825
380
25
110
131
1,140
935
775
855
25
150
1,000
75
111
495
20
7,490
200
820
78
89%
454
130%
1
18
102
2%
106%
- 23
51
46
6
14%
11
30
1854
114
97
86
8o
5h
165
574
73
73,4
2314
67
86,000
9936
July
Aug
Nov
Jan
Nov
Oct
Mar
Dec
Mar
May
May
Dec
July
July
Sept
July
Mar
Dec
Jan
Dec
Nov
Sept
Jan
Nov
Mar
Oct
Feb
Apr
High.
97
107%
10
136
4%
36
122
434
110
27
60
48
834
21
1834
36)4
3614
2%
10
90
280
10%
219%
17%
9954
1334
29
8636
Dec
Mar
Jan
Dec
Oct
Jan
May
Aug
July
July
Feb
Oct
Feb
Dec
Feb
Mar
Mar
Jan
Mar
Dec
Jan
Feb
Dec
Sept
Nov
Feb
Sept
Dec
Oct 1003.4 Aug
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from Dec. 22
to
Dec. 28, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par Price. Low. High. Shares.
Week ending Dec, 28.
Stocks-
Range since Jan. 1.
Low.
Indus. & Miscellaneous.
Acme Packing
10
6e
6c
2,000
513
Allied Packers, new
1)4
1% 1%
500
1
Amalgamated Leather.-.' 11% 11% 1114
300 11
Preferred
0
55% 55%
200 43%
Amer Cotton Fabric p1.100
97
97
100 95
Amer Gas dc Elec. pref. _50
42
42
100 40
American-Hawaiianf38...10 1314
12% 14
2,100 11%
Am Light & Trac, com.100 117% 11714 117%
20 100
Amer. MultlgraPh
21
21
300 20
American Stores
•
30
30
30 2034
American Thread, Pref _5
3% 3%
100
3%
Archer-Daniels Mid Co_ •
2414 27
700 19%
Armour & Co (Ill) pref..100 80
7914 82
320 73
Aemour Leather, cora_...15
7
7
7
100
6
•
Atlantic Fruit Co
1% I%
114
1,400
114
Blyn Shoes Inc, corn__..10 10
934 10%
1,400
916
Borden Co, common.
..100 121% 12114 121%
25 110
Bridgeport Machine Co. •
10% 10%
100 10
Brit-Amer Tob,ord bear..C1
2114 21%
200 19%
Brooklyn City RR
10 10% 10% 1034
900
74
Candy Products Corp
144
Pio 114 10,200
Pie
Car Ltg & Power. corn_ _25
2% 2%
600 75o
Central Aguirre Sugar_ _20
84
84
MB 25 84
Cent Teresa Sugar,eorn_10
1% I%
500 505
Preferred
10
4% 444
4%
400
2%
•No par value.
High.
June 350
Nov
3
Oct 19%
Dec 65
Nov 102
June 46%
Oct 2514
July 140
Aug 23
June 30
Feb
4%
Nov 40%
July 94
Nov
19
Sept
2%
Dec 12
Mar 124%
Oct 18%
Jan 25
Jan 11%
Dee
1%
Mar
3
Dec 99%
July
25,4
Jan
Jan
Apr
Apr
Apr
Mar
Feb
Mar
Jan
July
Nov
Nov
Apr
Feb
Feb
Feb
Nov
Nov
May
Sept
Oct
Oct
Aug
Apr
Mar
Feb
2881
Friday
Sake
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price, Low. High. Shares
Centrifugal Cast Iron Pipe*
Checker Cab Mfg Class A •
Chi Nipple Mfg,new,C1 A50
New Class B
50
Childs Co., new stock_
•
Cities Service. corn_ ___100
Preferred
100
Preferred B
10
Stock scrip
Cash scrip
Bankers' shares....
•
Cleveland Autom, corn_ _ _*
Colorado Power, corn. 100
Cons Gas(NY)corn w i..•
Cuba Company
•
Curtiss Aeropl & Motor
Corn ctfs of deposit
Preferred
100
Preferred ctfs of deposit
Del Lack & West Coal_ _50
Dubiller Condenser & Rad•
Dunhill Internet
•
Durant Motors, Inc
Durant Motors of Ind_ _10
Eastern Steel Co,coin_ _100
Elec Bond & Share, pf...100
Federal Teleg of Cal__ _10
Ford Motor of Canada_100
Garland Steamship
3
Gillette Safety Razor _ _•
Gleasonite Products Co_10
Olen Alden Coal
•
•
Gold Dust Corp w
Goodyear Tire & R.com100
Great Atl & Par Tea pf-100
Heyden Chemical
•
Hudson Cos, prof
100
Bud & Manh RR,corn _100
Hupp Motor Car, new, wi.
Intercontinental Rubb.100
Internat Concrete Indus_10
•
Kelsey Motor Co
Kresge Dept Stores, corn.'
Leader Production
Lehigh Power Securities_ _•
Lehigh Val Coal Sales 50
Libby. McNeill dc Libby _10
Old stock
Lucey Mfg, Class A._ _ 50
Madison Tire & Rubber...
McCrory Stores new corn_•
Mercurb' k(Vienna)Am sb
•
Mesabi Iron Co
•
Midvale Co
Motor Products Corp,new*
Nat Dairy Products Corp.*
National Leather
10
New Me:& Aria Land_ .1
N Y Telep 644% [ref-.100
•
Park & Tillord, Inc
Peerless Truck & Motor_50
Pyrene Manufacturing_ _10
Radio Corp of Amer,corn.'
Preferred
5
Reading Coal
10
Reo Motor Car
RePetti, Inc
5
Republic Ry & Lt, pref.
_100
Roamer Motor Car
Rosenb'm Grain Corp pf 50
Saguenay Pulp & Power_ _5
Preferred
5
Shelton Looms, corn
*
Singer Manufacturing_.100
Southern Coal & Iron_ _ _ .5
Standard Motor Constr_10
•
Stutz Motor Car
Swift & Co
100
Swift International
15
Tenn Elec Power,com- •
Timken-Der Axle, pref.
_100
Tob Prod Exports CorP--•
Todd Shipyards Corp.__ _•
Union Carbide & Carbon_•
Unit Bakeries Corp, cota_•
United Profit Sher, new..
_1
Unit Retail Stores Candy.'
US Cities Corp. Class A...
US Dlstrlb Corp corn_ _50
US Light & Heat.com-10
Preferred
10
U S /Octal Cap & Seal_ _ _10
linty Pipe & Rad common•
Preferred
100
Waring Hat Mfg
•
Wayne Coal
5
Western Knitting Mills_ •
Willy',Corp,1st pref._ _100
1st prof ctfs of dep
Yel Taxi Corp, NY,new_•
Rights.
Pan-Amer Pet & Trans....
Reading Coal w 1
Former Standard Oil
Subsidiaries
Anglo-American
_ _ _ gl
Buckeye Pipe Line
5)
Chesebrough Mfg
100
Continental Oil
25
Crescent Pipe Line
25
Cumberland Pipe Line_100
Eureka Pipe Lffie
100
Galena-Signal Oil, corn .100
Humble Oil & Refining_ _25
Illinois Pipe Line
100
Imperial 011 (Can) Cour,_25
Indiana Pipe Line
50
Magnolia Petroleum__ .100
National Transit_ __ _12.50
New York Transit
100
Northern Pipe Line_.
.100
Range since Jan. 1.
Low.
30%
38
29% 3234 3.000 10
35% 41
3,000 28%
4154 413,4
200 36%
21
2314
21
600 17
37
37
400 37
141
141 14214 1.400 128
68
6734 6814 4,000 64%
5)4
6% 8%
100
77
77
80
9,000 72
72
72
72
$3,000 70
14% 14% 1454
1,100 12%
21% 21% 21%
500 19%
21% 21% 2134
20 16
60
6134 1,000 5634
35% 3614
800 30
41
97
11
2814
3014
834
9634
279
12)4
76
31
8%
1%
22%
12
314
12%
75c
4314
334
2914
2
1454
8
18
33%
2%
110
28%
22%
11%
434
411
4534
60c
1
21
17c
2%
814
19%
82
3%
44%
55%
52%
7%
5
19%
38
750
500
59%
844
52o
37
1%
20%
7
Aug
12
12
700
Jan
41
41
100 21
40
Sept
40
200 30
Jan
82
93% 9736
725
4% Jan
10% 11%
2,400
28% 29% 1.900 2734 Dec
28
30% 14.200 20% Nov
744 Oct
7% 9
1,600
6
Dec
6
6
200
July
9614 9714
130 96
3% AP
794 7X
500
Nov
415 415
10 392
65c 65c
200 65c Dec
277 279
480 238 June
Oct
12% 12)4 1,100 10
Jan
7454 76
1,800 56
Oc
28
31% 4,700 18
841 Oc
841 9
1,200
Dec
106 110
45 106
1
Sep
1,200
22% 22%
200 1214 Aug
12
July
8
12
1,300
1511 15%
900 153,4 Dec
Oct
3
314
314 2.700
9% Dec
1234 1214
1,800
755 75c
100 75c Dec
4314 45%
700 333,4 Sept
June
1
3% 3%
800
25% 30%
800 1754 July
76
76%
75 75% Aug
4
Dec
4% 441 1,000
1
Feb
1
1
100
2
2
Sept
2
100
2
Dec
2
2
100
68
68
100 4034 May
1434 15% 1.900 14
Dec
4% Sept
7% 8
5,600
18
18
1,500 11% June
45
45
1.300 19% Oct
33% 33% 3.000 3341 Dec
2
154 Nov
24 1.400
3% of 1.600 214 Oct
no 110)4
275 107% Nov
2834 28% 3,600 25
Sept
2234 26
900 22% Dec
9
11
Mar
1114
400
4
24 June
4% 23.600
31111 411• 8.800
Pis Jan
45
July
47
2,200 39
17)1 17%
900 13% Feb
910
1%
200 75e Sept
39
39 June
39
10
4% 4%
4% Dec
600
49% 4944
100 46% 'Oct
(10o 60c
2,400 50c June
1
Mar
1
1
700
20
Aug
21
200 18
125 127
60 113% Sep
120 18c 47,600
Oct
8o
2% 2%
234 May
40
6% Dec
654. 9% 7,200
103 104
Jun
50 98
18% 20%
600 1644 Nov
15% 15%
July
100 12
82
82
Dec
100 82
3
4% 6.800
23.4 Jun
44% 45% 1.200 44
Dec
55% 58%
Oc
200 52
49
56
May
3,003 24
7% 8
454 Ja
10,900
5
5
5% 5,500
Jan
19% 20
Dec
800 18
38
38% 1,300 20
Jun
700 78e
4,000 700 Nov
lits 13.4
Jan
500 90c
500 50c
500 50c Fe
18
18
100 11% Sera
59% 63
Oct
- 1,000 55
8% Dec
814 9%
400
505 700
4,700 50c Dec
250 25c
200 250 Dec
8
314 Nov
10
900
3 June
754. 794
100
3654 38
700 3854 Dec
134 2
18.300
2
03,4 21% 16,700
1654 15% 16IX
71% 70
71%
233
233 234
42% 42
43%
15
15
107% 98 10716
100
98 100
66% 65
6716
38% 3814 3854
140
139 140
114
11134 116
84
84
85
156
143 160
2054 2134
76
75
77
90
90
94
70% 68
70%
Penn Mex Fuel
25 4414 37
4534
Prairie Oil & Gas_
100 2240
22216 240
Prairie Pipe Line
100 z103
102% 104%
Solar Reflning
100 172
172 173
South Penn Oil
100 157
143 158
Southern Pipe Line_
100 8914 8914 90%
Standard Oil (Indiana)..25 66% 6316 6611
Standard Oil (Kansas) _25 42% 41
42%
Standard 011 (Ky)
25 108% 108 111%
Standard 011 (Neb)_...i00 235
230 235
Standard 01101 N Y__ _ _25 48% 43% 46%
Stand 011 (Ohio) corn..100 303
283 303
Swan & Finch
100
35
38
Vacuum Oil
25 5716
5454 58
• No par value.
11,500
865
60
1,700
100
70
16
69
10,100
7
7,23
26
2,13
500
1,11
150
4.60
8,700
5,03
1,05
50
1.73
28
81,100
9,400
5,200
130
36,100
250
175
28,000
990 Dec
1444 July
13;4
69%
207
3234
15
85
87
55
28
115
92
78
123
19)4
70
90
4841
10%
152
91
161
100
87
49%
36%
80
186
35%
270
21
40
High.
Jan 36%
Oct 863,4
Sept 4441
Sept 25%
Nov 38
Oct 195
June 70
Oct
6%
June 102
Sept 78
Oct 19%
Oct 34%
June 2534
Nov 61%
Nov 38%
Dec
Feb
Nov
Dec
Nov
Feb
Mar
Mar
June .
Aug
Feb
Apr
Mar
Dec
June
15
Oct
41
Dec
40
Oct .
97
Dec
13% Apr
32% Dec
84
Jan
25% Jan
6
Dec
99
Mar
7% Sept
460
Mar
1% Mar
292
Apr
12% Dec
80% Nov
3111 Dec
16% May
110
Dec
2% Feb
24% Dec
13
Dec
16
Dec
6% Jan
12% Dec
3% Nov
4741 Dec
43,4 Mar
•
30% Dec
90
Jan
8% Apr
1% May
20
Apr
5
Mar
8641 Oct
15% Nov
12% Jan
2141 Apr
45
Dec
34
Dec
844 Feb
1541 Apr
112
Jan
34% Oct
30% Nov
1141 Dec
4% Mar
4114 Nov
5344 Dec
2041 Max
2
Jan
45
Mar
11
July
54% Mar
1
Jan
2
Jan
27% Mar
128
Dec
500 May
3% Jan
24% Jan
109
Feb
21
Feb
19
Mar
91
Mar
6% Mar
60
MAY
6544 Mar
62% Dec
Dec
8
8
Mar
20% Dec
40% Dec
23.4 July
3% Apr
1% Feb
20% Apr
72
Apr
2251 Apr
2% Jan
93.4 Jan
113.4 Jan
103,4 Jan
40
Dec
3% Dec
24% Dec
Sept 194(
Nov 94%
Jan 237
Aug 50
Dec 26
Jan 117
Nov 117
July 7944
Bent 41%
Nov 171
July 123
Nov 168
Sept 168
Nov 29
Dec 138
Dec 110
July 85%
Aug 4541
Sep 275
Sep 118%
Sept 2123,4
July 196
Nov 116
Aug , 69%
Sep
57
Jan 111%
Jan 285
May 49%
Jul 317
Jan 39
July 58
Jan
Jan
Mar
Feb
Feb
Nov
Apr
Max
Mar
Feb
Feb
Mar
Jan
Feb
Apr
Feb
Feb
Dec
Feb
Feb
Feb
Feb
Feb
Mar
Feb
Deo
Feb
Jan
Apr
Feb
Dec
[VOL. 117.
THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Other 011 Stocks.
Sale
Par Price. Low. High Shares.
1
Allen 011
10
Allied 011
Arkansas Nat Gas corn_ _10
Atlantic Gulf 011
Atlantic Lobos011 corn.....'
50
Preferred
Boston-Wyoming Oil_-1
25
British Amer 011
Carib Syndicate
5
Creole Syndicate
Derby 011 & Refits, corn....'
Preferred
Engineers Petroleum Co_ _1
5
Federal 011
General Petroleum com_25
Gilliland Oil v t c
10
Glenrock 011
Granada Oil Corp el A..10
Gulf 011 Corp of Pa _ --25
Gulf States 011 & Ref----5
1
Hudson 011
Humphreys Oil
2d pref ctfs deP
International Petroleum--•
Keystone Ranger Devel--1
•
Kirby Petroleum
Lance Creek Royalties..._1
Latin-Amer 011
1
Livingston Oil Corp
Livingston Petroleum--•
5
Lowry 011 Corp
•
Mammoth Oil class A_
Marland 011 of Mexico---1
Mexican Eagle 011 com- _ _ 5
Mexican Panuco Oil_ _ _ -10
Mexico Oil Corporation.10
1
Mountain & Gulf Oil
Mountain Producers...--10
Mutual 011 vot trust certile
New Bradford Oil. _ _-5
• 25
New York 011
Noble(Chas F)0& °coral
North Star 011 & Gas
1
Northwest Oil
1
Ohio Ranger
Oklahoma Natural Gas-25
10
Omar 011 & Gas
Peer 011 Corporation
10
Pennok 011
25
Red Bank 011 new
Royal Can 011 Syndicate.'
Ryan Consol Pet Corp...-'
10
Salt Creek Cons Oil
-10
Salt Creek Producers
5
Sapulpa Refining
1
Savoy 011
5
Seaboard 011 & Gas
Sinclair Central
10
Southern States 011
10
Tidal Osage 011
Non-voting
10
Turman 011, new
Ventura Cons 011 Fields_ _5
Western States Oil & Gas_l
1
Wilcox Oil& Gas
1
"Y"011 & Gas
Mining Stocks
Alaska-Brit Col M etals_ _ _1
Alvarado Min & Mill__ _20
Arizona Globe Copper-1
10c
Belcher Divide
100
Belcher Extension
Black Oak Mines Co
Boston-Montana Corp_10
1
Butte & Western
1
Caledonia Mining
10
Caned° Copper
1
Candelaria Silver
1
Cash Boy Cons ,l
Central Amer Mines,Ino-1
Como' Copper Minee._ _1
Cons Nevada-Utah Corp_
1
Copper Canyon
1
Cortez Silver
Crackerjack Mining
Cresson Con Gold M & N..1
1
Crown Reserve
Diamond B1 Butte (reorg)1
Divide Extension
Dolores Esperanza Corp_2
1
Ely Consolidated
1
Emma Silver
1
Eureka Croeeus
Fortuna Cons Mining--Goldfield Deep Mines 5
-e
Goldfield Development
1
Goldfield Florence
Gold Zone Divide
Green Monster Mining-50c
1
Hard Shell Mining
Hawthorne MinesInc
250
Hecla Mining
Hilltop-Nevada MiningHollinger Cons Gold Mhz..5
Homeetake Ext Min Co..1
1
Howe Sound Co
Independence Lead Mln....1
Indian Mines Corp, Ltd___
Jerome Verde DeveloPm't 1
Jumbo Extension Mining.1
Kerr Lake
Keystone Mining
5
La Rose Mines
Loma Prieta
Lone Star Coneolldated_l
MacNamara Min & Milli
1
Marsh Mining
b
Mason Valley Mines
1
Mohican Copper
500
National Tin Corp
New Cornelia
New Dominion Copper...5
New York Porcupine Min5
Nipessing Mines
1
Ohio copper
1
Park Utah Mining
Plymouth Lead Mines- _1
Premier Gold
5
Ray Hercules, Inc
Red Hills Florence
Rex Consolidated Mining_l
St Croix Mines Corp
Salida Mining
Silver Dale Mining
Sliver Horn M & D
1
Silver King Consol
Silver King Divide (Reorg)
1
Simon Sliver-Lead
South Amer Gold & Plat 1
5
Sc
5
454
9
1
554
31
6c
50c
1%
32e
50c
60
2%
Sc
21%
3e
1%
75e
85e
500
30c
1%
17%
13
90
75c
13
6
4%
2%
21%
800
72c
7%
7
8%
40
60
4%
1
4%
9
1
34%
5
2%
7
30%
5c
50e
36%
32e
28e
59g
Sc
24%
18%
20
1%
lc
710
150
700
250
58
334
50c
30e
16%
1134
9%
90
50c
130
2c
2254
730
154
13%
4
2034
80e
1%
70c
2
32
6%
6%
7
27
150
80
10c
75e
14e
lc
140
2%
3c
134
25c
58c
40
7c
70
Sc
3c
40
76e
8%
730
254
16e
620
10e
75c
120
lc
lc
35e
14e
230
Sc
2
20
Sc
1
154
Sc
25e
54c
3c
65c
5o
40
50o
lo
lc
10c
70
Sc
80
.430
4c
30
3o
700
30
11%
60e
2%
15e
540
40
2
850
12c
180
5e
70
20
20
10e
14e
1%
1%
350
430
12e
140
15%
234
234
30c
300
651 . 6%
770
770
4
310
32e
2
150
150
2c
lc
le
1%
1%
380
50
Sc
70
8e
800
40
lo
20
2%
334
Range since Jan. 1.
Low.
High.
38e
17c
10
8
Feb
Feb
Mar
Feb
2,000
1,000
3,500
1,000
53' 4,600
6,200
10
lii • 1,700
200
3454
6% 17,700
13,300
2,300
700
33
70 38,300
8,200
670
900
38
100
3,000
340
9,900
500
61% 12,900
8% 9,400
6c 16,000
4c
Sc
4%
1
234
5
650
28%
3%
154
Dec
Jan
Nov
Dec
May
Dec
Sept
Nov
Sept
Sept
22
30
100
3014
1
230
280
43%
3%
80
Nov
June
Nov
Oct
Dec
Dec
Dec
Sept
Dec
Nov
400
24%
22% 39,630
30 40,000
1,900
2
1.000
le
2,900
75e
1,000
150
2,300
94e
1,000
250
100
58
9,800
400
33-4
3,100
55e
4,000
330
154 2,500
18% 12,200
13% 85,800
634 7,900
500
9%
120 20,1300
1,000
50e
2,000
Sc
1,000
2c
30
22%
7,600
820
1% 1,600
13% 2,520
500
63-4
6,200
354 1,900
100
21% 6,700
3,800
90c
200
5,600
80c
400
2
33% 93,800
734 1,100
7
400
10% 1,000
100
27
2,000
150
13,600
8c
4,000
Nov 24% Dec
23
13% June 24% Feb
Feb
m A
o Nov
4
Apr "° Jan
20 Nov
lc Oct
530 Nov 750 Dec
60 Apr 20e Mar
231 Mar
500 Aug
1% Feb
250 Oct
Dec
Apr 58
45
5% Nov
14 Aug
3
Dec 10% Feb
Mar
40o Dec $3
2sse Mar
280 Nov
1% Mar
Sept
1
11% Dec 20% Feb
• 834 Sept 15% Mar
5% May
3% Nov
5 June 21% Feb
60 Aug 30o Jan
50c Nov 50c Nov
220 Jan
70 Feb
t
1.e
10 Sept
18% Apr 2254 Dec
Pie Mar
450 Aug
Mar
750 Sept 13
9% Jan 14% Apr
8 June
1% Oct
7% Mar
2% Aug
2% Nov
MarMar
63-414
634 Nov
15% June 25% Feb
Oot
4% Mar
80o
Nov
3% Jan
1
Apr
4
650 Oct
Dec
Dec
2
2
11% Sept 33% Dec
Dec 13% Feb
6
Dec 12% Mar
6
Nov 10% Dec
6
Jan
10 Sept 30
100 Aug 300 Feb
4 Sept 1031 Jan
tic Nov 200 Mar
2,000
42e
1,800
1
14e 115,000
lc
1,000
4,000
le
35e 13,000
15c 11,000
6,000
30e
1,000
So
4,800
30 32,000
2,000
Sc
1% 1,100
134 14,100
6.000
80
3,500
45c
58e 29,200
1,000
30
3% 1,900
4,200
700
Sc 13,000
1,000
40
4,400
700
1,000
le
5,000
2c
4,000
13e
70 50,000
4,000
70
4,000
90
1,000
43e
130 11,000
4,000
4c
40 123,000
770 29,100
1,200
9
4,000
40
200
1134
3,500
730
700
170 30,000
710 46,200
300
2,000
40
2% 1,000
800
89e
5,000
180
210 17,000
90 41,000
2o 38,000
9,600
140
1% 2,700
430 31,000
140 38,000
100
15%
234 2,500
7,500
Mc
654 3,900
840 10,600
200
4
6,700
320
2% 1.600
8,000
200
7,000
20
2c 13,000
1% 94,600
5,000
40e
60 22,000
So 22,000
100
80o
2,000
40
5,000
2o
3% 2.000
261 MarMa
10e Dec
750 Dec
Feb
60 Aug 854
5
Mar
le July
Jan
lo Aug
320 Dec 85
0 Dec0
6
90 Feb
Opt
100 Oct $50 A er
3
8
5o Aug 100 Feb
11.4 Oct
2% Jan
20 Oct 880 Jan
4o Dec
jan
Dee
Oct 14 1 Mar
1
2
Nov
1
50 Aug 15e Jan
m Marar
250 Dec 660 Mar
400 Sept
134
lc Jan 15c Jan
Oct
Apr
2
8720% APT
820 Feb
90 Nov
lo Nov
40 June 12
% Jan
500 Dec
9e July
lo July
40 Jan
lc Apr
lie Aug 870 Jan
50 Sept 740 Jan
60 Apr 240 Jan
40 Jan 340 Jan
29e Jan 76o Feb
10 Aug llo Feb
3o Dec 10e Mar
lo Sept 130 Jan
450 Nov 770 Deo
9% Apr
5% July
2o Oat 1 13-16Fen
Feb
Oct 14
10%
Pie Oct
500 Nov
4% Mar
2% Oct
150 Dec 480 Mar
540 Dec 750 Dec
8% Feb
950 Apr
4o Sept 100 Jan
3% Jan
1% Dec
70o May 90c Dec
12o Dec 40o Feb
150 Dec 220 Dec
20 June 100 Jan
70 Jan
lo June
60 Jan 160 May
2% Mar
1% June
50 Oot 930 Apr
194 June 320 Jan
14;4 Oct 24% May
4% May
254 Jan
Dec
Dc
300 Jan
4% July
Pie Mar
370 Jan
4% Jan
2% July
25o Dec 27e Dec
3% Apr
1% Aug
231 Mar
200 Nov
So Mar
lo May
8o Feb
le July
1% Dec
450 Nov
June
1
380 Dec
90 Oct
3c Nov
40 Oct 160 Oct
1% Apr
500 Mar
lo Aug 250 Apr
lo Dec 500 Apr
4% Mar
2% July
40
60
5%
1
a
jb
7
24%% Fe°
1% Feb
AT;
7
3% N
7%
18;4
4954
25e
1
38%
2%
2sie
3
6831
9%
18e
APT
ApT
Mar
Jan
Jan
Apr
Dec
Jan
Feb
Mar
Dec
Jan
Mining Stocks
(Concluded)
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price. Low. High. Shares.
Spearhead
Stewart Mining
1
1
Superstition Cons
1
Teck-Hughem
Tonopah Belmont Dev_ _ 1
1
Tonopah Divide
1
Tonopah Extension
1
Tonopah Mining
Tr -Bullion Smelt
5
Trinity
1
Tuolumne Copper
United Eastern Mining..
United Verde Extension500
United Zinc Smelting
U S Cont Mines
a
Unity Gold Mines
Walker Mining
Wooden Copper Mining
West End Consolidated-5
West End Extension Min_
Western Utah Copper_ -1
White Caps Min Co__ _100
5
Yukon Gold Co
Bonds
Allied Pack 8s, Ser B.1939
1939
Cony deb tis
Aluminum Coot Am 7e1933
1925
78
Amer Cotton 011 fits. _ _1924
Amer G & E deb 6a _ _2014
Amer Light & Trac 65_1925
Without warrants
Amer Rolling Mill 63.1938
Amer Tel & Tel 68._ _1924
American Thread 6s_.1928
Anaconda Cop Min 65.1929
Anglo.Amer 011 754a._1925
Assoc Simmons Hardw1933
554e
Atl Gulf & W I SS L 5e 1959
Beaver Board Cos 88...1933
Beth Steel equip 7s _1935
Boston & Maine RR 661933
Canadian Nat Rye.is.1935
5s
1925
Charcoal Iron of Am 881931
Chic & NW Ry 58w 1.2037
Chic RI & Pac 5348.1926
Cities Service 7s. Ser C1966
1966
75, Series D
Columbia Graph 8s....1925
Certificates of deposit...
Cone GEL&P Balt 68'49
1952
55is
1941
Consol Textile 88
Cuban Telephone7548 1941
Cudahy Packing deb MO1931
Deere & Co 7548
Detroit City Gas 65..1947
Detroit Edlson 6s.--1932
DunlopT&Rot Am 78.1942
Federal Sugar 68
1933
1925
Fisher Body 6s
1926
Os
1927
68
1028
Oa
Gair (Robert) Co 78_1937
Galena-Signal Oil 75-1930
General Asphalt 8s_ _1930
Grand Trunk Ry 650_1936
1937
Gulf 011 of Pa 59
Hocking Valley RR Os 1924
1936
Hood Rubber Ts
Internet Match 6%8_1943
Kan City Term Ry 549'26
Kennecott Copper 7e.1930
Laclede Gas Lt 554s_ A953
Lehigh Power Scour M 1927
Libby.McNelli&Libby78'31
Liggett Winchester 78_1942
Manitoba Power 7s_..194b
1925
Maracaibo 011 78
_1930
Morris & Co 754s
National Leather 85.-1925
New Orl Pub Serv 50_41952
Nor States Pow 6%s w 1'33
1952
Ohio Power fes
Park & Tilford.Inc. Os 1936
1953
Pink% Elea 5545
1947
5548
,
Public Sell Corp 76..1941
,
Pub Seri Elec Pow 6s.1948
Pure on co 650
1933
Reading Coal 4548. w I ---58. when issued_ __ _1951
Shawsheen Mills 7s- _1931
1927
Solvay & Cle 88
South Calif Edison (Se _1944
Stand 011 of NY 6548.1933
7% serial gold deb. 1925
7% serial gold deb-1926
7% serial gold deb_-1927
7% serial gold deb_1928
7% serial gold deb_ _1029
7% serial gold deb_ _1930
7% serial gold deb._1931
1931
Sun Co 78
Swift & Co Ss-Oct 15 1932
011 78_ .1931
Tidal-Osage
Union 011 6s, Series B _1925
United 011 Produe 88_.1931
United Rye of Hay 748'36
1936
Vacuum 011 75
1937
Valvoline 01168
Virginia Ry 5s Ser A._ 1962
1939
Warner Sugar 78
WebsterMIlis654%notes'33
Foreign Government
and Municipalities
Argentine Nation 63..1924
French Victory 5s__ _1931
1945
Mexico 4s
5s
8s 10 year Series A
Netherlands(Kingd)lis B'72
Peru (Republic) 8s. .1932
Russian Govt 6548_1919
Certificates
1921
554e
Certificates
Switzerland Govt 5345 1929
Ext 5% g notes_ _ _1926
2c
lc
1%
SOC
38e
154
lc
950
28
1
33.4
154
620
30
30
2c
20
lc
20
20
Isle 1%
50c 50e
38c 39e
1%
154 isle
be
be
61c 61c
4c
4c
91c 96c
27
28
25c 30e
170 18e
1
88c
3%
3
isle Pie
55e 62c
Sc
2c
33e 33e
2c
2c
65c 66c
12,000
14,000
1,000
3,900
1,400
5,000
5,100
800
5,000
100
1,000
9,100
300
10,000
5,000
7,200
15,400
7,200
3,400
80,000
1,000
1.000
800
Range since Jan. 1.
Low.
20 Dec
Oct
be
2c Dec
810 Jan
35c Nov
360 Dec
1% Dec
1% Aug
le Dec
50e ' Oct
30 Dec
850 Dec
?554 Nov
250 Dec
I3o Apr
88o Dec
Dec
3
280 June
550 Dec
le May
150 July
Jan
2o
510 Nov
High.
310 June
fic Jan
16c Feb
13.4 May
lsls Jan
51% Mar
4
Mar
2% Jan
16e Feb
134 Jan
670 Feb
2sie Feb
88% Apr
15' Apr
280 July
5% Mar
3% Dec
Pi. Dec
1% Jan
80 Jan
55c Feb
12e Mar
2sie Apr
Aug 84%
74% 810,000 51
70
9,000 51% July 76%
6254 63
10531 106
4,000 1063.4 July 106%
10134 101% 101% 1,000 101% Sept 104
Feb 100
26,000 85
100 100
9434 93% 94% 97,000 9154 July 9754
Jan
Jan
Aug
Jan
Nov
Jan
101%
100%
10151
10354
10334
103%
Feb
Jan
Jan
Mar
Feb
Jan
70
100%
98%
100
10134 10154
101%
101% 101%
9034
48%
10234
72
89
9334
8954
8751
1834
97
88%
8554
9954
10234
9754
9954
9851
97%
96
104
105%
100
9234
10034
103%
89
95
95
98
82
98
98%
9851
101
96
9234
8534
9134
30
10%
53%
06%
10%
10%
10
10
9754
97%
2,000
2,000
7,000
6,000
6,000
9,000
10054
97
100
101%
100%
101%
Nov
July
Dec
May
July
Sept
90% 92
46% 48%
71
71
102% 102%
72
72
107 107
99% 99%
5854. 89
93%
93
9754 9754
89
893.4
87% 88
21,000 9014 Dec 98% June
Mar
60,000 4054 Oct 62
1,000 65% Feb 82% June
13,000 101% Sept 103)4 Deo
Dec 9554 Feb
1,000 72
13,000 106% Dec 11054 Jan
July 99% Feb
9,000 97
Mar
Nov 97
4,000 85
Dec 93% Nov
22,000 93
July 98% June
40,000 96
Nov 96% Apr
9,000 87
July 93% Jan
57,000 87
17
20
101.% 10154
9654 97
88
89%
105 105%
8434 87
9934 100
99% 9954
102 102%
92
92%
9754 9734
100 100%
98% 99%
98% 98%
97% 97%
9554 96
103% 10354
104 104
104% 105%
94%
94
100 100
100% 101
92% 9354
1003' 101
103% 103%
89
89
95%
95
98% 98%
103% 10354
96%
95
275 280
973-4 98
9754 98
81% 82
9854
98
84% 84%
85%
85
98% 98%
98% 9851
101 101%
9554 96
92%
91
85% 85%
91% 9134
8954
106
102
104%
105%
105%
106
106%
107
101%
91%
10154
100
85
10551
106%
10251
93
96%
100(4
65,000
6,000
8,000
19,000
2,000
13,000
4,000
24,000
15,000
25,000
18,000
10,000
14,000
27,000
45,000
16,000
1,000
8,000
13,000
10,000
1,000
6,000
66,000
35,000
6,000
1,000
5,000
6,000
3,000
8,000
9,000
6,000
49,000
12,000
74,000
14,000
26,000
20,000
4,000
17,000
20,000
26,000
34,000
20,000
5,000
19,000
30,000
19,000
11,000
9,000
8,000
2,000
1,000
7,000
4,000
3,000
15,000
1,000
7,000
51,000
1,000
8,001)
1,000
56,000
1.000
79,130
100
32%
31
1054
56
9634
9754
10%
934 1034
10
10%
9
97% 98%
97% 97%
67,000
49,000
33,000
10,000
30,000
6,000
1,000
81,000
146,000
65,000
38,000
47,000
188,000
mg 10354
194% 104%
8934 89
105%
106
101%
1043' 104%
10534 105%
10554
106
106% 106%
107
101
9034 90%
101%
99%
60
76
105%
106
106
102% 102%
92
93
9634
100% A00
99%
100%
9854
100
10154
101%
102
99%
32%
30
10%
53%
94
9714
July
10
10054 Apr
9654 Dec
Dec
88
105
Jan
84% Dec
98% Jan
Sept
99
100 June
Oct
92
9834 June
9654 Mar
July
97
96 May
94% Mar
94
July
Nov
102
99 June
103)4 Apr
9354 Mar
Mar
100
100 June
92% Dec
99% Oct
101% July
Dec
89
91% July
July
97
10154 Mar
Jan
95
Mar
105
Aug
97
9454 Dee
81% July
97% Dec
Dec
83
Dec
85
97% Nov
97% Dec
99% Sept
94% Oct
Dec
91
84% Nov
July
87
101% Oct
103% Sep
Ma
87
104% Apr
101% Oct
Apr
103
Apr
103
Sept
104
Apr
104
105
Apr
10554 Dec
100 June
89% Mar
Aug
100
Nov
99
Dec
60
103% Apr
105% June
July
102
92
Dec
96% Dec
9034 Nov
99%
32%
293.4
11%
4934
9034
96
854
8%
8
854
97
96%
Sept
Dec
Nov
Aug
No"
Nov
Sept
Oct
Oct
Nov
Nov
Nov
Nov
Jan
35
103% Jan
Jan
100
Feb
106
Jan
107
Dec
86
1033' Feb
101% Jan
Jan
104
9754 APT
98% May
10054 June
Feb
100
99% Feb
98% Feb
99% Jan
105% Mar
Jan
105
Jan
107
9754 Jan
100% Apr
Jan
102
94% Nov
Dec
101
105% Jan
90% DEC
95 m Dec
102% Jan
104 May
102% Feb
De0
280
10634 Jan
Jan
102
89)4 Mar
99% Nov
Jan
92
Dec
86
9954 Oct
102% Jan
104% Feb
98% Jan
9204 Dec
8834 July
94% Nov
10555 Apr
105% Mar
Jan
93
107% Jan
106% Feb
106
July
10734 Jan
10754 Jan
10834 Feb
109% Jan
Feb
110
Mar
103
Feb
94
104 May
100% Apr
108% Mar
Jan
107
107% Jan
10354 Mar
Dec
93
9634 Dec
10054 Dec
100
50
44%
191(
6334
1024
100%
183'
16%
16
16
104
97%
Dec
June
Mae
May
Mae
Atli
Apr
Feb
Feb
Feb
May
155
Dec
the
•No par value. k Correction. us Dollars per 1,000 lire flat. 1 Listed on
New
Stock Exchange this week, where additional transactions will be found. e
y Ex-rights. e Er-stook
Mock. s Option sale. is When issued. s Ex-dividend.
dividend. n Ex-stock dividend of 40%.
eAmiestuxent anti gailroad Intelligente.
2883
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
ROADS.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Jan 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Previous
Year.
Current
Year.
Previous
Yesr.
Week or
Month.
Current
Year.
Previous
Year.
Jan 1 to Latest Date.
Current
Year.
Previous
Year.
$
Akron Canton & Y_ November
216,312 188.800 2,477,681 2,010.653 Minneap & St Louis 3d wk Dec 323,851 310,106 16,303.994 15,247,252
Ala & Vicksburg_ _ _ November
302.917 289.604 3.196,139 2.760,129 Minn St P & 88 M. November 2,518.647 2,787,992 26,958.235 25,660.863
Amer By Express__ August
13771958 12774074 105480084 98.842.769
Wisconsin Central November 1.623.105 1,791.924 18,950.019 17,251,351
Ann Arbor
28 wk Dec 103.293
95.022 5,291.560 4.810.622
Total system_ _ _ November 4,141.752 4.579,916 45.908,254 42.902,214
Atch Topeka & S Fe November 22062474 22245314 218771981 202447769 Mississippi Central_ November
156.381 138,370 1.654,075 1.369.623
Gulf Colo & 8 Fe_ October
2.867.636 2.571.774 20.582.579 19*.158,857 Missouri-Kan-Tex _. October
3.132.213 3.390,173 28.964.599 27.218.457
Panhandle & S Fe October
910.818 888.765 6.994.830 6.455,816
M K Tex By of T October
2.300.300 2.392.821 17.123.145 17.531.249
Atlanta Birm & AlL October
411.473 382.801 3.836.130 3.241.862
Total system....October
5.432.513 5.782.994 46.087,742 44.749.706
Atlanta & West Pt_ October
275.375 268.757 2.441.721 2.095.853 Mo & No Arkansas. October
149.145 128.802 1.253.170
491.781
Atlantic City
October
315.656 307.113 4.314.372 4.106,416 Missouri Pacific__ _ _ November 10293814 8.884,393 105032565 91.194,536
Atlantic Coast Line_ October
6,634.481 6.118.955 66.024.840 57.533.462 Mobile & Ohio
3d wk Dec 347,621 372.319 19,595.144 17,392,914
Baltimore & Ohio- Nbvember 20057155 19845040 238519181 179894064
Colum & Greenv. October
_
153.380 145.914 1.288.373 1.270,384
B &0Chic Term_ October
342.444 304.063 3,130.169 2.545.576 Monongahela Conn_ November
185.302 167,910 2,499.240 1,512,598
Bangor & Aroostook November
629.446 619.064 6,215,767 6.929.294 Montour
October
223.409 213.335 2.118.407
809.624
Bellefonte Central._ Octoaer
9.593
12.191
107.096
88,695 Nashv Chatt & St L November 2.093.472 2,066.580 22,867.659 20.352.901
Belt Ry of Chicago_ October
646.668 610.752 6,050.451 4.977.838 Nevada-Calif
-Ore
2c1 wk Dec
6.800,
368.945
7,588
320,336
Bessemer & L Erie November 1,605,373 1,662,570 19,436.600 13.395.146 Nevada Northern.. October
118,9911 82.748
836.015
469.983
Bingham & Garfield October
41,366
27.094
381.890
181.325 Newburgh & So Sh_ November
183,675 179.919 1,949,802 1.766,984
Boston & Maine_ _ _ November 6.895,876 7,057.448 79,572,047 73,006.493 New Orl Gt North November
227,612; 212,027 2.625.595 2.323,731
Bklyn E D Terminal October
120.108 123.582 1.266.234 1.309.776 N 0 Tex & Mexico_ October
251.1911 329.184 2.417.168 2.290,616
Buff Roch & Pitts_ _ 3d wk Dec, 349,555 504.469 20,989,923 16,091,116
Beam Sour L & W October
240.2391 207.990 1.978.667 1.677.317
Buffalo & Susqueh_ November 1 223,784 222,082 2.545.626 1.435,202
St L Browns & M October
595.923 375.316 5.081.332 4.334.677
Canadian Nat Rys_ 3d wk Dec 5,455,793 4,677,709 248547528 227580007 New York Central_ - November 2243752 36659729 388479266 328907650
Atl & St Lawrence November
194,076 281,393 2,722,746 2,538,469
Ind Harbor Belt_ October
1.101.119 1.168.737 9.810.944 8.472.273
Ch Det Can G T J October
258.618 208.583 2.850.049 1,837.427
Michigan Central October
8.334.047 8.255.635 80.111.139 67.610.184
Det0 H & Milw. October
674.875 576.737 5.781.775 4,427.924
C C C & St Louis November 7,575.064 7.596,012 87.875.296 76.791,593
Canadian Pacific... 3d wk Dec 4,305,000 3.570.000 184988000 176786000
Cincinnati North_ October
463.301 324.409 4.426.876 2.766.656
Caro Clinch & Ohio_ November
749,559 665,93 8,508,773 6,959,605
Pitts & Lake Erie November 3.147,805 3,577,555
25,835,793
Central of Georgia November 2,176,469 2,165,549 24.149,588 21,078,853 N Y Chic & St Louis November 4,629,995 4.564.328 41.612.310 46,133,759
53.084.222
Central RR of N J November 4,789,343 4,797.187 53,045,594 44,902.859 N Y Connecting_ _ _ -October
276.440 313.430 2,
821.432 2.459 237
Cent New England_ October
825.095 669.220 6.624iiS7 5.339.200 NYNH & Hartf'd_ October
11655012
112171283 101481178
Central Vermont
November
679,927 860,933 8,022.870 6,867,845 N Y Ontario & West November 1,095,511 1.035,893 12,908.411 11.336.472
Charles & W Caro.... October
336.649 267.945 3.269,852 2.688.061 NY Susq & Western October
410.512 431.782 4.053.300 3.364,808
Chas & Ohio Lines_ _ October
9.557.797 6.693.743 85.392.903 69.198.700 Norfolk Southern
November
873.729 785,463 8.547.222
Chicago & Alton... November 2,780.022 2.575.120 31.025.02724.711,937 Norfolk & Western_ November 8303.413 6,716.216 87,420.535 7,678.470
Chic Burl & Quincy_ November 14268971 15616190 1579914561149855219 Northern Pacific... November 10002383 9,433.995 94.133.549 83.353.990
87,733.885
Chicago & East III_ _ October
2.549.561 2.371.433 23.872.360'19.936,499 Northwestern Pac.. October
776,769
6,817.526
Chic Great Western November 2,109,651 2,150,586 23,807,620 22,076,038 Pennsylvania Syst October
67480969 67171S453 65h708107 572210674
Chic Ind & Louisv.. October
1.621,2691.524,651 15,081.398 13.111.981
Penn RR & Co November 56113732 59410370 666627846 588907 546
Chic Milw & St Paul November 13681662 1454983 156329775 142983970
October
Bait Ches & AU
153.278 130.886 1.353.351 1.354.628
Chic & North West_ October
14924884 1486407 135246521 121255715
Long Island
November 2,533,288 2,377,497 31,507,708 28,573,099
Chic Peoria & St L. October
134.519 178.033 1.167.588
Mary Del & Va.. October
102.821 101.979
952.182
996.696
Chic River & Ind
October
884.116 632.59. 6,239.3971 5.588.807
Monongahela_ __ _ October
470.587 382.016 4.865.644 2.900.122
Chic R I & Pacific.. October
11418170 1124911 103639641198.841,937
Tol Peoria & West October
165.399 166,495 1,552.321 1.376,997'
ChicR I & Gulf_ _ October
531,479 505.847 4.714.710 4.813.605
W Jersey & Seash November
852,330 988.365 13.300,344 13.047,297
Chic St Paul M & 0 November 2,332,552 2.278.35 26.036.758 25,425.179 Peoria & Pekin Un_ October
172.235 180,995 1.474.887 1,500.624
Cinc Ind & Western October
430.799 460.556 3.906.289 3.538.558 Pere Marquette__ _ _ October
4.419.562 3.602.421 38.459.156 31.587.005
Colo & Southern _ October
1.173.033 1.200.57 10.435.034 10.819.039 Periclomen
October
97.102 117.465
937.886 1.074,782
Ft W & Den City_ October
983.158 953.24 7,773.768 7.818.756 Pulls & Reading_
November 7,937,125 8,521,783 97.154,901 73,076.125
Trin & Brazos Vail October
484.940 237.333 2.491.172 2,352,150 Pitts & Shawmut_
November
72.189 110,469 1,172.110
945,947
Wichita Valley_ _ - October
206,654
1,185.831
..
Pitts Shaw St North October
99.447 146,162 1.176.996
976.926
Delaware & Hudson November 3.797,312 1.856,93l 43.299.873 34.289.235 Pitts & West Va... November
353.003 253,586 3.539.818 2,554,796
Del Lack & Western November 7,842.329.6.866.9,30 80,925.3708.112.454 Port Reading
October
211.634 169.059 2.277.536 1.462.264
Deny & Rio Grande October
3.783.788 3.397.224 28,502.355'27.218.189 Pullman Co
October
.878.590 5.654.154 61.139.778 54.413.178
Denver & Salt Lake October
296.985 233.764 2.213.684 1.178.978 Quincy Gin & K
107.081 153.186 1.0.51.129
October
975.427
Detroit & Mackinac October
218.022 190.387 1.619,122 1,580.725 Rich Fred & Potom_ November
920.979 858.03911.041.007 9.908,382
Detroit Tol & Trent- October
961.364 780.033 8.822.316 7.467.782 Rutland
November
537,301 612.920 6,226.508 5.302.893
Det & Tol Sh Line October
359.757 338.999 3.560.586 2.929.832 St Louis-San Fran.. 2d wk Dec 1.575.688 1,656.675 85,160.595 78,592.585
Du)& Iron Range-- October
849.353 723.705 7.143,294 6.317.042
St L-San F of Tex October
173.433
1.395.466 1,406.885
Dul Missabe & Nor_ October
2.823,991 1.775.056 20.225,846 13.687.250
Ft Worth & Rio G October
153,548 149.831 1.255.744 1.124.344
Dul So Shore & Atl. 3d wk Dec
98,404
84.333 5,631,798 4,215,280 St Louis Southwest. October
.956.335 1.842.404 17.256.421 14.714.201
Dul Winn & Pacific_ November
204,005 168.823 2,192.012 1,811.530
St L S W of Texas October
1.034.546 796.552 7.077.610 6,155,746*
East St L Connect October
215.574 192,530 2,013.773 1.697,976
Total system_ .._ 2d wk Dec 513.558 612.843 28.152,588 24.707.558
Elgin Joliet & East_ October
2.214.802 2.095.680 23,536.110 17.140.196 St Louis Transfer_ _ October
76.252
68.292
730.566
614.688
El Paso & South \V_ November 1,090,035 962.383 11.602,044 10,219,646 San Ant St Aran Pass October
775.695 646,115 5,250,719 4.792.781,
Erie Railroad
October
10652293 9,504.959 100021809 75.588,414 San Ant Uvalde & G October
101.895
88.638 1.035.674
889.286:
Chicago & Erie October
1,416.987 1.146.951 11,937.446 9.265,339 Seaboard Air Line.. October
4.529,107 4.203.614 42. 20.612 36.938.134
NJ&NYRR
October
132.894 130.555 1.333.772 1.249.242
Southern Pac Co_ November 17941 363 16617029 187859784 167895320
Evan Ind & Terre H October
172.749 154.589 .457.031
963.078 Southern Pac Syst_ November 26174945 24099332 264525234 239082508.
FloHda East Coast_ October
1.156,585
.202 13.128,984 11.147.440
Atlantic S S
October
1.373.263 1.199.461 11,519.714 9.755.518
Fonda Johns & Glov October
110,489 1'23.950 1.231.402 1.159.353
Arizona Eastern_ November
337.606 285,416 3,406,822 2,878.000
Ft Smith Sr Western November
152,124 178.640 1.451,548 1,527,346
Gal Harris & 8 A. October
2.378.728 2.158,83119.445.388 18,127.408
Galveston Wharf_
November
168,606 167,060 1.377.719 1,462.445
Hous & Tex Cent. October
1.602.913 1.596.878 11.911.095 12.235.944,
Georgia RR
October
603.017 541.319 5.160.286 4,226.160
How:E & NV Tex_ October
361.645 308,534 2.593,097 2
.594.547
Georgia it Florida... 2d wk Dec
35,100
29,900 1.700.342 1,295,148
Louisiana WestM. October
453.429 382,825 3.821.253 3.447.569
Grand Trunk West_ October
1.693.394 .400.041 16.775.903 13,505.456
blorg La & Texas October
842.582 814.876 7.304.441 6,576.767
Great North Syst 1st wk Dec 1,970,270 1.814.190 115934351 99.079,232
Texas Sz New On. October
860.123 772.937,
Green Bay & West_ October
121,771 124.989 1.094,955 1.136,243 Southern By System 3d wk Dec 3.780,456 3.516,896 7.431.107 7.171.702
193429 156 160288367
Gulf Mobile & Nor_ October
575,128 423,108 4,076.586 3.856.167
Southern Ry Co_ _ November 12730044 12176615 138035 159 116265 554
Gulf & Ship Island_ October
315,112 248,738 2.765.724 2.464.983
Ala Great South_ October
954.236 718.544; 9,054.512 6,806.975
_ November 1,398,404 ,383.658 16,509.201 12,558.393
C,New On & T P. October
.879,671 1.537,950 19.206.363 13.365.977
Illinois Central Syst November 15203712 6616450 172319476 158508182
Georgia Sow& Fla October
461.506 371,733 4,376.362 3.730.676
Illinois Central Co October
14334184 15595017 139881918 126023025
New Orl & No E. October
575.043 483,270 5.777.373 4.361.453
Yazoo & Miss Vail October
2,154,096 ,097,365 17.173.846 15,686.008
North Alabama_ October
164.344 151,334 1.450.050 1.141.307
Internat Gt North October
1.805.860 .654.293 12.681,598 12.016.867 Spokane Internarl. October
107.902 116.241
985.506
980.494
Intern By Co of Me October
164.801 169.852 2.186.254 2.122.574 Spok Port & Seattle October
881.349 662.128 6.827.846 5.985.589
K C Mex St Orient- - October
114.336 102.335 1.501.124 1.109,348 Staten Island R 1
221,281 184,475 2.355,465 2,228,610
K CM & Or of Tex_ October
181.461 145.656 1.451.501 1.226.105 Tennessee Central.. November
October
279.944 264.313 2.597,482 2.045.406
Kansas City South_ October
1.815.382 .631,247 16.609.744 14.842.173 Term RR Assn ofStL October
443.347 398.633 4.279,860 3.723.525
Texark & FtSmith October
208,517 221.625 2.376,111 1.736,564
St L Men Bdge
407,373 459.475 4,083.1127 3.244.736
Total system_ _ _ _ November 1.860.893 ,828.828 20,846.748 18.407.565 Texas & Pacific T. October
_
Kansas Okla & Gulf October
211.521 275.280 2,070.506 2.362,475 Ulster & Delaware_ _ 28 wk Dec 679.041 760,709 30.736,870 29.668.588
November
117,098 121.917 1.658,495 1.536.152
Lake Superior & Ish November
115.519
45,279 1.269.570 1.065,616 Union Pacific
October
13815637 12688907 97,622.6(11 87.701,096
Lake Terminal By.. November
98,244
82.445 1.066.532
961.931
Total system... November 20349341 18650234 194948598 175738991
Lehigh & Hod River October
298.190 284,826 2.566.696 1.974.461
Oregon Short Line October
4.462.256 4.146.858 .31.857.181) 29.837.593
Lehigh & New Engl. November
464.276 612,100 5,423.964 4.049,604
Ore-Wash RR & N October
3,481.500 2.903.010 24.859.488 23.402.733
Lehigh Valley
November 6,723,185 5,602.080 69,621.297 6.924.124
St Jos & Grand Is) October
347.306
Los Ang&Salt Lake. October
2.545,523.
20,259.922 16.147.335 Union RR (Penn)_ _ November 1,005.763 305.303 2.717.139 2.594.241
981,665 11,769,455 10.339.652
November
La & Arkansas
330,524 282,697 3,470,062 2,989,881 Utah
October
212.117 160.688 1.347.229 1.404.635
La By & Navig Co_ October
372.056 398,007 3.254.262 2.889.782 Vicks Shrev & Pac_ November
400,698 345.663 4.083,536 3.344,315.
Louis Ry & N of T October
165,071
761.766
Virginian RR
November
923.640 1,453,000 19.150,031 17,519.983
Louisv & Nashville_ November 11432481 10012472 125132836 10769621 Wabash RR
Louisv Rend & St L Octobbr
318.660 299.341 2,919.586 2,723.475 Western Maryland_ November 5,665.343 5,085.572 61,081,370 52.827,450
Maine Central
November 1,745,215 1.783.048 19,567.515 8,750.207 Western pacific.... 28 wk Dec 401,734 430.84922.094,463 17,682,744,
October
1,819,487 1.569.773 11.880.899 10,299.018
Midland Valley___ November
369,003 426,587 4,132,870 4.272,069 Western By of Ala.. October
303.704
Mineral Range
3d wk Dec
8,627
7,140
448.706
300,151 Wheel & Lake Erie_ November 1,677.344 304,043 2,494.057 2.196.371
1. .
108 303i17 865 372 12.113.076
. .
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Current
Year.
Previous
Year.
Increase or
Decrease.
Current1 Previous
Year.
Year.
Increase or
Decrease.
%
i
$
i
Mileage. Cur.Yr. Prey.Yr.
$
$
$
2d week Oct (13 roads ...... 19.218,468 18.650,173
568.295 3.04 January ____235.678 235.827 500,816.521 1395.000.157 +70.803.472
8d week Oct (14 roads).... 22,532.470 21.968.811
563.559 2.57 February- --235.399 235.528 444.891,872 400,146.341 +44.745431 21.00
4th week Oct (12 roads).... 33.151.847 28.920.884 +4.230.963 14.69 March
235.424 235.470 533.553,199 473,747.009 +59.806.190 11.18
12.63,
let week Nov i16 roads).- 22.798.500 22,391.225
+407.275 1.82 A 1
234.970 235.839 521.387.412 415,808.970 +105578442 25.89
2d week Nov 16 roads)____ 23,329.297 22.225,106 +1,104.101 4.97
a)
235,186 235.472 545.503.898 447,993.844 +97,510.03.4 21.77
8d week Nov 14 roads)____ 21461.611 20,276.234 +1.185.377 5.84 June
236,739 236.683540,054.165 473.150.664 +66.903.501
14.14
4th Ivo& Nov (13 roads)____ 26,391,027 25,500.402
+890,625 3.49 July
235.477235.813 534.634.552 442.955.873 +91.678.87920
70,
1st week Dec (16 roads)---- 20,736,442 20,333.045
+403,397 1.98 August
235.357 235,696 563.292.105473,110,138 +90.181.967
19.00
week Dec (15 roads).- 14.634,894 14,505.340
2d
+129,554 0.89 September._235,611 . .
544,270,233 499.720,575
'IA IA fillk Dec
(8 roads)._ _ 14,667.307 13,042.942 +1.624.365 12.45 October
8.91
235.608 236.015 586.328.886 549.080.662 +44.549.658 a /0
+37.248 994
Notc-Grand Rapids & Indiana and Pitts. OM.Ohio & St. Louis included in Pennsylvania BB. Lake Bela is
Western Included in New York Central,
Tnledn St. Louis & Western included In New York Chicago & St. Louts.
Weekly Summaries.
%
Monthly Summaries.
THE CHRONTCLE
2884
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third week
of December. The table covers 8 roads and shows 12.45%
increase over the same week last year.
Third Week of December.
1923.
$
349,555
Buffalo Rochester & Pittsburgh_
5,455.793
Canadian National
4,305.000
Canadian Pacific
96,404
Duluth South Shore & Atlantic_
8,627
Mineral Range
323,851
Minn & St Louis
347,621
Mobile & Ohio
3,780,456
Southern Railway
1922.
Increase. Decrease.
$
$
504.469
4,677,709
3,570.000
84,333
7,140
310.106
372,319
3.516,866
24,698
263.590
14,667.307 13,042,942 1,803.977
1.624.365
Total(3 roads)
NetIncrease(12.45%)
$
154,914
778,084
735.000
12.071
1.487
13,745
179,612
In the following we also complete our summary for the
second week of December:
1923.
Second Week of December.
1922.
Increase. Decrease.
$
$
Previously reported (11 roads). 13,512.220 13,276.294
29,900
35,100
& Florida
Georgia
7,588
6.800
Nevada-California-Oregon
760,709
679,041
Texas & Pacific
430.849
401,733
Western Maryland
$
235,926
5,200
14.634,894 14.505,340
241,126
129.554
Total (15 roads)
Wet inerernAn (1) Sici.Z.1
S.
783
31,663
29.116
111,572
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
Taxes
-Gross from Railway- -Net from Railway- -Net after 1922.
1923.
1922.
1923.
1922.
1923.
$
$
Akron Canton & Youngstown
50,153
67,604
61,266
81,975
188,800
November _ 216,312
695.342
794.241
807.083
950,402
From Jan 1 2,477.681 2,010,653
Alabama & Vicksburg
289.604
November _ 302,917
From Jan 1_ 3.196.139 2,760,129
45,654
766,072
37,805
400,338
25,465
451,431
18.381
189,056
Baltimore & Ohio
3,702,483
November _20,057,155 19,845.040 3.708,372 4,022,780 2,767,222 23,347.548
From Jan 1_238519181 179894,064 54,594,842 30,113,288 45,458,434
Bessemer & Lake Erie
588.936
398,249
695,689
473,812
November _ 1,605.373 1,662,570
From Jan 1 19,436,800 13,395,146 6,804,592 4,159,223 5,807,176 3,734,967
Buffalo Rochester & Pittsburgh
121,591
November _ 1,461,564 2,256,391
From Jan 1_20,600,829 14,658,194 1,679,705
Buffalo & Susquehanna222.082
Novem...er _ 223,784
From Jan 1 2,545,626 1,435,202
-23,196
159,443
Canadian National Rya-Atl & St Lawrence-8.920
281.393
194,076
Novemoer _
From Jan 1 2,722.746 2,538,469 -642,755
311,946
95,541
327,009
155,867 1,303,125 -194,254
28,236
-45,073
15,979
-38,646
35,592 • -99,656
31,770
41,670 -24,070
-66,193 -809,461 -241,310
Carolina Clinchfield & Ohio
685.930
November _ 749,559
From Jan 1_ 8,508.773 6,959,605
219,707
202,367
2,479,457 2,692,145
Central of Georgia
430,518
293,410
560,485
390,830
November _ 2,176,469 2.165,549
From Jan 124,149.588 21.078.853 4,744,487 4,815,617 3,613,697 3,696,271
Central RR of New JerseyNovemoer 4.789,343 4.797,187
From Jan L53,084,222 46,133,759
Central Vermont
860,933
November _ 679,927
From Jan! 8,022,870 6,867,845
200.627
409,286
8,727,607 8,140,014
72,994
899,858
197,288
949,450
53,973
673,990
179,027
754,544
Chicago & Alton
209,521
489,360
285,636
628,958
November 2,780,022 2,575,120
1,808,280
From Jan 131,025,027 24,711,937 7,390,591 2,639,750 6,339,428
Chicago Great Western
November _ 2,109.651 2,150,588
From Jan L23,807,620 22,076,038
210,893
1,720,083
Chicago St Paul Minn & Omaha
November _ 2.332.552 2,278.352
From Jan 1_26,036.758 25.425.179
220,445
374,499
2,601,876 3,108,654
-27,327
-19,299
Delaware & Hudson
402,469
406,147
490,463
507,467
November _ 3,797,312 3,856.931
1_43,299,873 34,289,235 7,352,833 2,191,512 6,379,320 1,238,256
From Jan
Delaware Lack & Western
335,447
749.852 1,343,996
November _ 7,842,329 6.866.909 2,009,381
11,410,653 5,593,298
From Jan 180,925,373 68,112,454 16,652,668 10,138,054
Duluth Winn & Pacific:
168,823
November _ 204.005
From Jan 1_ 2,192,012 1,811,530
38,139
259,320
8,147
94,746
27,939
104,381
-298
-4,806
El Paso & Southwestern
190.317
237,128
237,819
310,166
962,383
November. 1,090,035
2,063,115 2,233,990
From Jan 1_11.602,044 10,219,646 3,104,818 3,192,207
Ft Smith & Western
178,640
152,124
November _
From Jan 1_ 1,451,548 1,527,346
24,870
200,429
54,644
306,908
17,860
134,214
48,834
241,496
Galveston Wharf
167,060
168,608
November _
From Jan! 1,377,719 1,462,445
67,329
410,543
75,708
340,075
47,326
208,452
59,830
154,219
Rocking Valley
November _ 1.398,404 1,383,658
From Jan L16,609,201 12,558.373
71,849
-18,592
2.445,705 2,00b,887
Illinois Central SystemNovemoer .15,263,712 16,616,450
From Jan 1_172319476 158508,182
2,142,135 2.138,934
22.422.173 23,247,881
Kansas City Southern
331.037
165.537
449,095
422,289
November _ 1,860,892 1,828.828
4,287,733 3,478,973
From Jan 1_20.846,748 18,407,565 5,552,857 4,682,463
Lake Superior de Ishpeming
45,279
115,519
November _
From Jan 1 1,269,570 1,065,616
50,525
566,192
-2,274
462,571
43,225
484,315
-7,760
400,813
Lake Terminal RY98,244
November _
From Jan 1 1,066,532
--3,935. -4,704
228,031
46,549
--9,869
-21,911
--8,844
169,186
82,445
961,931
[VOL. 117.
--Net from Railway- -Net after Taxes
-Gross from Railway
1922.
1923.
1922.
1923.
1922.
1923.
$
Lehigh de New England
224,535
38,314
273,273
52,601
612,100
November _ 464,276
550,369
730,652 1,080,321
From Jan L 5,423,964 4.049,604 1,286,102
Lehigh Valley
166,728
343,173 1,135.977
November _ 6,723,185 5,602,080 1,235,188
955,928
From Jan 1_89,621.297 56,924,124 7,813.636 2,893,098 5,383,563
Louisiana & Arkansas
77,735
96,019
99.775
124,305
282,697
November _ 330,524
848,288
849,737
889,588
From Jan L 3,470,062 2,989,881 1,133,040
Louisville dr Nashville
November _11,432,481 10.012,472 1,990,765 1,711.976 1,285,958 1,308,749
From Jan 1125132,836 110769,621 24.060,797 19,826,152 18,670,174 15,522,223
Maine Central222,379
234.165
Novemoer _ 1,745,215 1,783,048
1,758,161 2,253,074
From Jan L19,567,815 18.750.207
Midland Valley
28,094
88,218
44.936
103,540
426,587
November _ 369,003
From Jan 1 4,132,870 4,272,069 1,307,335 1,460,334 1,138,328 1,294,643
Mississippi Central
24,364
30,185
29,624
35,186
138,370
156,381
November _
124,541
268,687
192,279
328,593
From Jan 1 1,654,075 1,369,623
Missouri Pacific
710,517
1,301,362
November _10,293,814 8,884,393
8,026,847 6,723,721
From Jan 1_105032565 91,194,536
Monongahela Connecting'
-2.366
171
10,005
11,780
167,910
October. __
185,302
173,899
417,318
197,871
443,827
From Jan L 2,499,240 1,512,598
Nashv Chattanooga & St 1.
276,344
154,447
311,802
214,805
November _ 2,093,472 2,066,580
From Jan 1 22,867,659 20,352,901 3,160,641 2,867,579 2,496,088 2,265,694
Newburgh & South Share
23.491
28,113
36,297
39,370
179,919
183,675
November _
199,445
438.934
300,740
341,355
From Jan 1 1.949,802 1,766,984
New Orleans Great Northern
65,317
39,896
80,906
56.693
212,027
November _ 227,612
590,789
848,003
757,628
533.685
From Jan 1_ 2,625,595 2,323,731
New York Centre-November .32,243,752 36,659,729 5,897.978 9,514,220 3,923,385 7,287,105
From Jan 1_388479266 328907,650 91,244,824 65.684,289 09,524,536 45,937.730
Cleve Cln Chic & St Louis
1,078,376 1,078,434
November _ 7.575.064 7.596,012
16,197,957 2,1342,650
From Jan 1.87,875.296 76,791,593
Pittsburgh de Lake Erie
541,009 1.176,814
727,483 1,384,468
November _ 3,147,805 3,577,555
From Jan 1_41.612,310 25,835,793 13,629,984 3,654,792 11,045,609 2,548,799
N Y Chicago & St Louis
324,896
129,748
November _ 4,629,995 4,564,328
8,727,607 8,140,014
From Jan L53,084,222 46,133.759
N Y Ontario & Western
128,790 --118,902
145,790 -76,879
November _ 1.095,511 1.035.893
979,089
From Jan 1_12.908,411 11,336.472 1,637,790 1,376.371 1,244,690
Norfolk Southern168,089
181.300
200,404
785.483
220.760
873,729
Novemder
From Jan L 8,547,222 7,678,470 2,024,647 1,604,003 1,600,362 1,261,522
Norfolk & Western
16,526 1.515,194 -433.806
November _ 8,303,413 6.716,216 2,066,797
From Jan 1_87.420,535 83.353,990 20,107,554 21,487.034 14,397,845 15,929,321
Northern Pacific
November _10,002,383 9,433.995 3,557,680 6.168.659 2.827.271 5,424.010
From Jan 1.94.133.549 87,733.885 19,091.009 20,902,184 11,235,559 12,894,758
Pennsylvania RR & Co
7,688,279 7,026,645
November _56.113,732 59.410,370
88,016,262 76,069,733
From Jan 1_666627846 588907.546
Long Island
372,996
245,253
482,994
390,852
November _ 2,533,288 2,377.497
From Jan L31,507,708 28,573.099 7,892,312 7,429,028 8.197.130 5,680,165
West Jersey & Seashore
83,203
-6,229
988,365
November _ 852,330
10,297,388 1,473,578
From Jan 1_13,30g.344 13,047,297
Philadelphia h Reading
234.552 2,738,226
726,149 2,906,019
November _ 7,937,125 8,521,783
From Jan 1_97.154.901 73,076.125 27.826,259 16,823,693 23,868,020 14,721,093
Pittsourgb & Shawmut
--9.473
--4.380 --26,372
110,469 --26,257
72,189
November _
945,947 -127,040 --142,922 --144,158 --157.006
From Jan L 1,172,110
& West Virginia
Pittsburgh
53,116
15,027
253.586
November _ 353.003
312,640
230,322
From Jan 1_ 3,539,818 2,554,796
Richmond Fred & Potomac
208,005
223.751
246.152
271,347
858.039
November. 920.079
From Jan 1.11,041,007 9,908,382 3,803,738 3,302.445 3.183,288 2.757,813
Rutland
53,858
89,798
78,798
112,200
512,920
November _ 537,301
409,304
800,288
649,774
From Jan 1_ 6,226,508 5.302,893 1,059,576
St Louis Southwestern
638,419
715,502
630,669
781,821
November _ 1,953,098 1.850,983
From Jan 1_19,211,519 16,565,184 7,347,589 6,262,857 8,176,334 5,440,687
Southern Pacific
Arizona Eastern
117,414
115,363
285,416
90,335
139,793
November. 337,606
974,494
844,710
From Jan 1_ 3,406,822 2,878.000 1,269,558 1,112,009
Pacific CoSouthern
November _17,641,383 18,617,029 6,444,854 5.721,028 4,547,335 4,219,394
Fr'm Jan 1187.859,784 167895.320 61,488,123 51,191,335 46,557,571 37,320,099
Southern Railway Co
2,582,785 2,468.600
November _12,730,044 12,176.615
25,213,266 17,980.555
Fr'm Jan 1138.035.159 116265,554
Staten Island Rapid Transit
184.475
--7,844 --23,886 --31,035
--8,229
November - 201,281
89,186 -171,958 -70,629 -371,953
From Jan 1_ 2.355,465 2,228,610
de Delaware
Ulster
121,917
20,025 -18,582
28,025 -10,541
117,098
November _
96,368
269,992
30,267
203,959
From Jan!. 1,658,495 1,536,152
Union Pacific-Total System
November _20,349,341 18,650.234 7,331,411 6,016,295 6,079.990 4,888,582
Fr'm Jan 1194,918.598 175738,991 54,545,844 44,650,985 42,086,854 32,064,415
Union RR (Penna.)254,009
210,254
981,865
225,254
248,009
November _ 1.005,763
From Jan L11,789,455 10,339,652 2,957,273 3,141,825 2,478,153 3,047,080
Vicksb Shreve de Pacific
66.603
80,809
84,889
87,626
345,663
November. 400,698
377.018
820,867
583,765
From Jan 1_ 4,083.536 3,344,315 1,153,873
Virginian RR
28,0428
-159,000
November _ 923,640 1,453,000
40,149,243 3,538,373
From Jan 1_19,150,031 17,519,983
Wshash RR494,278
963.384
883.476
Nevem oer 5,605,343 5,085,572 1,153,895
From Jan 1_61,081,370 52,827,450 13.380,165 8,700,149 11,280,458 6,602,739
Wheeling & Lake Erie
261,981 -87,717
November. 1.677.344 1.108.303
331.759
2,512,562
From Jan 1_17,885,372 12,113,076
DEC.29 1923.]
THE CHRONTCLE
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Name of Road
or Company.
Latest Gross Earnings.
Month.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
Latest Gross Earnings.
Month.
Jan. I to Latest Date.
Adirondack Pow & Lt November 636,536 557,787 *6.895.380 *5.610,166
Alabama Power Co__ November 7a3.050 641.490 *7.705.991 *5.593.473
Amer Elec Power Co.. October
1649.996 1657.671 17.324.720 15,812,095
Am Pr Ss Lt Co subsid October
2756.778 2505.411 *31096249 *28319967
American Tel & Tel . September 5796.462 5645.669 53.341.075 47.861,878
mAm Wat Wks & Sub October
3006.201 2483.730 *34034070 *22545584
.Appalachian Pow Co November 302,397 265,185 *3.417.151 *2.898.941
cArkansas Lt & Power October
132.765 101.630 *1,447.691 *1.264.670
Asheville Pow & Light October
84.325 74.868 *961.294 *890.769
Associated Gas& Klee October
292.405 174.672 *3.157373 *1.922.575
Aug-Aiken Ry"& Elec October
98.008 104.685 *1.217.914 *1095421
Bangor Ry & Electric October
129.659 131.659 *1.538.863 *1,476.772
kBarcelona Tr, L & P October
4339.001 4081.364 41.430.358 37.715.045
Baton Rouge Electric October
51.504 47.998
518.712
481.469
Beaver Valley Tree__ November
55.320 54.116
639.786
579.984
Binghamton L. H & P September
99.752 83.207 *1.141.057 *989.361
Blackstone Val G & E October
417.696 357.024 *4.494.109 *3.926.015
Boston "L" Railway.. November 2924.542 2831.759 31 018.05329,693.831
Brazilian Tr, Lt & Pr October
23083000 18231000 203963000 162141 000
Bklyn Heights (Rae).. September
6.837
7.415
63,924
66,186
BklynQCo&Sub(Rec) September 206.728 215,828 1,906.147 1,913391
Con I & Bklyn (Ree)_ September 245.605 249.266 2.234.553 2312,410
Coney Island & Grave September
14,261 15.179
117,426
130.679
Nassau Electric
September 467,526 446.844 4,147.355 3.848.650
South Brooklyn
September 105,503 101,396
951.541
889.375
Bklyn City RR
November 1015.750 1004.220 s5.103,196 35.057.156
ON Y Rap Tran Corp_ October
2292,510 1988,297 21,468,667 19,584,944
CapeBretonElCo.Ltd October
59.380 57.789
570.146
500.063
Carolina Power & Lt_ October
225.056 207.870 *2.217.774 *1.928.502
Central Illinois Lt Co October
302,272 270.272 2.866,198 2.428.108
Cent Miss Vail El Co_ October
49.559 46.762
570.924
540.756
Cities Service Co
October
1049.915 1114,936'16592772 *14558623
Citizens Tr Co & Sub- October
77.108 72.748 *953,483 *790.592
Cleve Painesv & East October
56,629 59.733
587,758
610.888
Colorado Power Co November 126,525 90,273 *1,221.754
Columbia Gas & Rice November 1855.548 1716.408 18,902,288 *1.029.781
16.615,968
Columbus Elec & Pow October
197,940 179.339 1.855.783 1.604.685
Com'w'Ith Pow Corp October
2639.466 2326.687 24.295,841 21.204.573
Com'w'Ith Pr,Ry & I. October
3230,8782880.454 *36888775 *32589289
Connecticut Pow Co_ October
177.537 163,750 1.652.920 1.429.296
Consumers Power Co October
1484.051 1256.198 13.643.404 11.480.343
Cumberland Co P & L October
318.754 301.688 *3.741.567 *3.445.930
Detroit Edison Co.__ November 2859.665 2461,310 28 498,505 23,589.722
Duquesne Lt Co Subs November 1704.683 1530.774 17,605.356 15.268.627
Eastern Maas St Ry.- November 800.861 858.347 9.841.633 9.750,291
Eastern Penn Ele Co October
276,082 218,789 *2,880.163 *2.384.234
East ShG&E Co&Sub November
51.307 45,570 *553.721 *498.652
East St Louis& Sub November 365,222 386.016 *4.450.427 *3.847.839
East Texas Elec Co_ October
170,795 149.076 1.699.369 1.469.078
Erns El Ill of Brock'n October
138.784 129.457 *1,565.425 *1.354.031
El Paso Electric Co_ October
198.002 192,912 *2.389.276 *2,281,237
Klee Lt & Pow Co o
Abington & Rocld'd __October
41.008 34.689 *445,202 *369.772
Fall River Gas Works October
96.172 98.258
855.469
830.907
Federal Lt & Trac CoOctober
455.516 433.460 4,501,163 4,160,305
o Ft Worth Pow & Lt October
268.227 236.435; 2.949.253 *2.494.906
'
1
Galv-Hous Elec Co_ October
283,193 275.547 *3.318312 *3.300.945
Gen CI & L & Sun ('Os September 1306.741 1110.830 •1
_ _
Georgia Lt, Pr & Rye October
164,611 143.864 1.571.290 1.394.185
5551655Georgia Ry & Power November 1457.871 1309.364 14.588.329 13.021.891
Great West Pow Syst October
596.134 633.309 5.919.166 6.239.267
Havana El Ry, L & P October
1130.044 1065,144 11.059.743 10.688.372
Haverhill Gas Li ht October
50.049 49.043
473.902
449.924
Honolulu Rapid Trail October
85,728 83.512
810.946
804.444
Boughton Co Electric October
43.760 45.935
429.226
444.553
Hudson & Manhattan November 1001.468 938.391 10.5.12.884 10.013.037
Hunting'n Des & Gas October
94.611 104.604 *1303.403 9.180.356
Interb Rapid Transit_ October
5080.419 4740.651 46.540.138 52.353,127
Subway Division ,October
3318,917 3069,901 30,530,811 36.720362
Elevated Division_ October
1761,502 1670,750 16,009,327 15.632,765
Idaho Power Co
'October
193.089 186.406 "2.509.276
Kens City Pow & Lt. November 819.462 765.098 *8,919,623 '2.424.074
,761,190
d Kan Gas & Eke Co-ISeptember 402.937 315.068 *5.475.222 *4.979.0f.
Keokuk Electric Co October
34.837 34.015
Kentucky Trac Term November 127.793 127,981 5744.3 3 37 . •
0
'6.731
Keystone Teiep Co.... November 152.460 142,628 1.638.096 1.534,442
Key West Electric...... October
19.944 21.718 *249.040 .218.976
Lake Shore Electric October
221,739 201,531 2,306,692 2.067.932
Long Island Electric_ September
37.882 36.200
301.548
300.669
Loa Angeles 0 & E Co October
988.521 851.691 10.015,174 9.418,569
Louisville Gas & Elec October
499.449 451,694 5.198.119 4.447,227
Lowell El & Lt Corp. October
218.28 123.484 1.338.986 1.053.756
Manhat Bdge 3c Line September
22.35
23.660
206.331
212,198
Manh & Queens(Rec) September
33,24
34,787
297,129
286.424
Manila Electric( rp. October
309,303 313,043 *3.579 617 *3,579 (157
Market Street Ry
November 829.10 803.711 8.968.131 8.744.616
Mass Lighting Co
October
300.513 284.883 2.737,098 2.431.561
e Metropolitan Edison September 642.82 573.441 .7,64137.. *1),4z9.1110
Milw Elec Ry & Light November 1933.11 1782.534 *22144829'19187968
Miss River Power Co_ October
258.04 228.495 *3.014.540 *2.889.278
Munic Ser Co & Subs_ October
382.57 400.692 *4.837.380 *3.238.927
d Nebraska Power Co October
324.26 310.463 *3.773.928 *3.367.723
Nevada-Calif Electric October
280,30 249.681 *3.950329 *3.324.200
New Bed G & Ed LL October
293.201 283,598 3.003.116
New Eng Power Syst_ October
658.728 545.350 *7,391,978 *5.638.567
New Jersey Pow & Lt September
86.206 63.558 *929,829 *640.305
Newpt News & Hamp
By.Gas & Elec Co. October
166,218 177.035 *2.117.809 *2.086.672
New York Dock Co.... November 268.480 280.623 3,025.173 3.549.916
New York Railways.. October
816,888 831.143 7.614.865 7,874.616
Eighth Avenue____ September
94.888 100.591
875.455
906.676
Ninth Avenue
September
41,840 41,538
374.402
380.729
NY & Queens (Rec)_ September
56.508 59,461
505.657
775.397
NY & Harlem (Ree)_ September 111.682 121,640 1.090,612 1,146,414
N Y & Long Island September
46,297 52,753
371,848
437,381
Niagara Lockport &
Ont Pow Co & Subs November 499.792 479.110 5.040,621 3.723.420
Nor Caro Public Serv September 117.236 102.444 1,375.263 1.204.573
Northern N Y UHL
November 215.137 130.139 1,818.856 1.440.662
Nor Ohio Elec Corp.._ October
786,472 817,837 8,438.365 7,710.217
Nor'west Ohio Ry & P September
55.643 48.423 '558.860 *467.135
North Texas Elec Co_ October
258.112 273.076 2.391.580 2.538.032
Ocean Electric
September
38,518 37,296
281,256
294,556
d Pacific Pow & Light October
293.173 257.344 *3302.297 *2.989.-46
Paducah Electric_ __ _ October
50.589 48,475
498.924
454.760
Penn Central Light Sr
Power Co & Subs October
297.789 241,348 *3.215,617
Pennsylvania Edison_ September 279.291 219.390 *3.096.595 *2,384.577
*2.526.302
Phila. Co & Subsidiary
Natural Gas Cos November 1255.680 1076,327 13,198.634 12,345.136
Philadelphia Oil Co.... November
19.070 65.117
368.313
835.048
Philadelphia & West_ November
71,890 70,665
793.395
752.596
Phila Rapid Transit November 3834.083 3694.545 40,902.865 38.647.718
October
Pine Bluff Co
79.183 73.165 *866.596 *824,999
dPortland Gas & Coke October
291.844 274.386 *3,'393.785 *3.349.539
Portland Ry, Lt & Pr October
903.484 842.131 *10741 353 *10001 609
Puget Sound Pr & Lt.. October
1062.716 878.635 *12085719 •10351213
Reading Transit & Lt September 252.012 246.057 *3.085335 *2.940.911
Republic Ry & Lt Co. October
825.051 746.177 8350.308 6.774.767
Richm Lt & RR(Rec)September
68.064 68,911
618,706
607.777
Rutland Ry,Lt & Pr.. September
49.102 54,741 *550314 *572 537
Sandusky Gas & Mee September
58.524 51.062 *855.989 *760.636
Savannah Elec & Pow October
165.931 136,638 1,435.704 1.331.206
16.473 15.733 *202.853 *184.304
Sayre Electric Co........September
87,656 87.119
Second Avenue (Rec) September
762,175
747,993
3,540 • 3.029
17th St Incl Plane Co November
35,754
35.262
Name of Road
or Company.
2885
Sierra Pacific Elec Co October
Southern Calif Edison November
So Ind Gas & Elec___ October
Southern Utilities Co_ October
aSouthwest'n Pr & Lt October
Staten Isld Ed Corp_ _ November
Tampa Electric Co October
Tennessee Elec Pr Co October
Texas Electric Ry_
November
oTexas Power & Light October
Third Avenue Ry Co_ October
United Electric Rye.... September
United Gas & El Corp November
United Lt&Rys&Subs September
United Rys & Electric October
Utah Power & Light_ October
atoll Securities Corp November
Vermont Hydro-Elec_ September
Virginia Ry & Pow Co November
Wash Water Pr Co__ November
West Penn Co & Sub_ October
Winnipeg Electric Ry September
nYadkin River Pr Co October
York Utilities Co____ November
Youn & Ohio Riv RR September
Jan. 1 to Latest Date.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
87.094 78.464 1.242.023 1.119.338
1769,405 1443.498 *20258109 '16654458
232.408 203.716 2.196.432 1.903.222
195.903 182.586 *2.516,649 *2.327,076
1011.800 905.621 *10872663 *9.693.715
240.623 205.141 *2,603,777 *2.432,395
176.981 153,649 .2.090.053 *1.772.657
794.849 706.579 7.495.426 6,500.001
281.067 245.849 *2.929.240 *2.708.152
562.918 473.691 *5.455.025 *4.792.448
1255.245 1240.168 z4.815.845 z4.874.166
627.685 721.756 6,060.406 6.072.819
1281.708 1146.738 *13944700 *12375014
985.875 956.394 9.070.640 8,408.991
1432.288 1421.207 13.798.071 13.490.398
777.155 633.732 *8.312.341 *6.948.093
910,558 806.937 *10037160 *8.748.349
68.55, 58.673 *717 652 *563.600
904,931 873.482 9,562,689 8,576.646
507.015 461,891 4.919.184 4.504.000
1953.832 1738.057 *22952498 *16029967
418.942 432.315 *5.515.387 *5.489.680
169.225 115.823 *1.761.504 *1,219.350
13.581
16.8'3
209.171
211.328
50.472 41.284
159 341
15.310
a The Brooklyn City RR.I no longer part of the Brooklyn Rapid Transit
System, the receiver of In
rookiyn Heights RR. Co. having, with the
approval of the Court,2 ned to continue payment of the rental: therefore
since Oct. 18 1919 th
rooklyn City RR. has been operated by Its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated
on July 111919.since which date these roads have been operated separately.
O On June 15 1923 the New York Consolidated was reorganised under the
name of the New York Rapid Transit Corporation. c Includes Pine Bluff
Co. ri Subsidiary of American Power & Light. Co. e Inch' lea York Haven
Water & Power Co .1 Earnings given in milreis. g Subsidiary companies.
k Given in pesetas. m Includes West Penn Co. n Includes Palmetto
Power & Light Co. o Subsidiary of Southwestern Power & Light Co.
* Earnings for 12 months. s Earnings for 5 months ending Nov. 30.
z Earnings for 4 months ending Oct. 31.
Electric Railway and Other Public Utility Net
Earnings.- The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Alabama Power Co
Nov 783.050
641,490
336.373
235.433
12 mos ending Nov 30__ 7.705.991 5,593,473 3.498.786 2.709.360
Beaver Valley Trac Co_ _Nov
55,320
54,116
14,014
1,238
11 mos ending Nov 30- 639.786
579.984
126.079
133.803
Brooklyn City RR Co_ _Nov 1,015,750 1.004,220
201.242
221,158
5 mcr ending Nov 30- 5.103,196 5,057.156 1,054.928 1,040,723
Colorado Power Co
Nov 126.525
90,273
71.271
43,110
12 mos ending Nov 30-- 1.221.754 1,029.781
648,841
475,434
Columbia Gas & El Co-Nov 1,855.548 1.716.408
972.804
919.056
11 mos ending Nov 30....18.002.288 16.615.968 9,374.936 8,386.391
Duquesne Light Co_
Nov 1.704,683 1,530,774
632.974
610,771
11 mos ending Nov 30....17,605.356 15.268,627 6.206.345 5,955,146
Georgia Ry & Pr Co_
Nov 1,457,871 1.309.364
509,034
318,394
11 mos end Nov 30
14.588,329 13,021.892 4.218.953 3.905.583
Philadelphia Co & flubs'y
Natural Gas Co
Nov 1,255,680 1,076,327
330.584
260,049
11 mos ending Nov 30....13,198.634 12,345.136 4,718,627 4,595.431
Philadelphia Oil Co__ _ _Nov
19,070
65,117
2,014
50,379
11 mos ending Nov 30__
368.343
835.048
140,745
580.886
17th St Incline Plane Co Nov
3,540
3,029
163
2.717
11 mos ending Nov 30_ 35.754
35.262
434
1.382
Staten Isl Edison Corp.. Nov 240,623
205.141
88,564
39.825
12 mos ending Nov 30.... 2,603.777 2.423.395
828,288
596,979
Gross
Net after
Fired
Balance,
Earnings.
Taxes.
Charges.
Surilus.
Companies.
Boston "L" Ry
Nov '23 2.924,542
727,716
'22 2,831,752
805.504
11 mos ending Nov 30'23 31,018,053 7,260.740
'22 29.693.831 8.090.867
East St Louis &
Nov'23
365.222
'79.722
Suburban
'22
386.016 *124.609
12 mos end Nov 30 '23 4.450.427 *1,190.598
'22 3347.840 *1.184.462
Eastern Shor G &
Nov'23
51.307
21.330
E & Subs
'22
45.570
17,903
12 mos end Nov 30 '23
553,721
206.555
498,652
'22
164.792
Kentucky Trac
Nov'23
127,793
55.676
Term
127.981
'22
46.351
5 mos end Nov 30 '23
325,222
744.393
726.731
'22
281.183
Los Angeles Gas
Oct '23
988,521
385,117
& Eiec Co
851.691
22
290,018
10 mos ending Oct 31 '23 10,015.174 3,790.502
'22 9.418,569 2.958,958
Milwaukee Elec
Nov'23 1.933.110 *626.030
Ry & Light Co
'22 1,782.534 *531.908
12 mos end Nov 30 '23 22.144,829 *6.249.592
'22 19.187,968 *5.861.247
New York Dock
Nov '23
268.480 z144.845
Co
280,623 z152.050
'22
11 mos end Nov 30 '23 3,025.173 z1.673.363
'22 3,549.916 z1,922.594
Penn Central Light Oct '23
297.789
127.711
& Power Co
'22
241,348
105,900
12 mos ending Oct 31 23 3,215.617 1.420.829
'22 2.384,577 1,028.675
United Gas & El
Nov'23 1.284.708 *456.825
Corp
'22 1,146.738 *417.267
12 mos end Nov 30 '23 13.944,700 *4.822,487
'22 12.375,014 *4,360,261
Virginia Ry &
904,931 *345.802
Nov'23
Power Co
873.482 *336.780
'22
11 mos end Nov 30 23 9,562.689 *3.589.648
'22 8,576.646 *3,046.521
Washington Water Nov '23
507.015
284.363
'22
Power Co
461,891
271,312
11 mos ending Nov 30 '23 4,919,184 2.665,063
'22 4,504,000 2,452.615
644,305
629,941
6,955.573
6.980,475
54,653
52.582
636.042
635.179
8.602
8,768
103.776
93.917
23.230
22.710
116,116
103.716
150.187
113.106
1,279.146
944.465
194.721
227.653
2,323,311
2,422,278
105.282
116.979
1.188.345
1,307.150
41.725
28.706
363,521
345.371
148.743
142.286
1.747.129
1.740.328
101.578
97,982
1,094.769
1.085.295
48,915
47.707
557.297
551,280
83,411
175,563
305.167
1,110,392
25.069
72.027
554.556
549.283
12,728
9.135
102.779
70.875
32.446
23.641
209.106
177.467
234.930
176.912
2,511,356
2,014.493
431.309
304.255
3.926.281
3,438.969
39.563
35,071
485.018
615.444
85,986
77.194
1,057,308
683.304
308,082
274.981
3,075,358
2,619.933
244.224
238,798
2.494,879
1.961.226
235.448
223,605
2,107,766
1;901.335
* After allowing for other income. z Net after expenses, taxes
Included
In charges.
THE CHRON7CLE
2886
[VoL. 117.
We certainly hope and feel quite confident that the decision of the Court
will be (to quote the words of the Supreme Court of the United States) that
"if real competition is to continue, the right of the individual to exercise
reasonable discretion in respect of his own business method must be preserved.
-The following is an index to all
Outlook.
-We are entering the coining year under very favorable condiAnnual, &c., Reports.
street railways tions, with modern plants, ample distributing facilities, a high quality of'
annual and other reports of steam railroads,
product, a competent organization, relatively small inventories and a
and miscellaneous companies published since and including comfortable margin of liquid assets. I feel confident, therefore, that
-and
with a continuation of the present prosperous industrial conditions
Nov. 24 1923.
the indications are for even further improvement in this direction-the year
This index, which is given monthly, does not include 1924 should be a remunerative one, not only to the company but to the
stockholders.
reports in to-day's "Chronicle."
RESULTS FOR FISCAL YEARS ENDED
Bold face figures indicate reports published at length.
Oct. 271923. Oct. 281922. Oct. 291921. Oct. 301920.
Page. Total sales •
$190.289,000$180,164,0004173.695.0004288,802,000
Page. Industrials (Concluded)Steam Roads1.231.499 df.1,569.563
624,286
Net profits
2,010,198
Firestone Tire & Rubber Co. of
Algoma Central &Hudson Bay Ry.21358, 2788 Ist Pref. div.
None
$120,000
$120.000
Ltd
$120.000
Algoma Central Terminals, Ltd__2320
2658 2d Pref. div.
None
458,535
458,535
458,535
2768 Fisher Body Corp
Baltimore & Ohio RR
2658 Res. for 1921 Pref. diva.. x578,535
Interborough Rapid Tran.Co-2432, 2765 Fisher Body Ohio Co
2776 Common dividend
(5.4)905.5982653 Fisk Rubber Co
Manila RR
2439
2769 Freeport Texas Co
Mexican allway Co
2439
$652,964 df$1.569.563 def$859.845.
4853,128
Balance
2769 General Cigar Co., Inc
Midland Valley RR.Co
$5,058.843 $4,205,714 $3,552.750 $5.122.721
243 Guantanamo Sugar Co.(Cuba)2651, 2664 Total p. &I.surplus_
Missouri-Kansas-Texas RR
2658, 2777
x Declared payable Dec. 31 1923 as above.
2654 Holland-America Line
Reading Co
2440
2430 Holyoke Water Power Co
Texas & Pacific Ry
COMPARATIVE BALANCE SHEET.
Imperial Tobacco Co.of Canada,Ltd2540
Oct. 27 '23. Oct. 28 '22.
2440
Oct. 27 '23. Oct. 28 '22.
Independent Brewing Co
Electric RailwaysLiabilities-.
2440. 2547
Assets$
2541 Indiana Power Co
Cape Breton Electric Co.,Ltd
2440. 2547 Car & refrig. line_ _ 2,795,899 2.256,072 1st pref.stock(6%)2,000,000 2.000.000
Ry--2323 Ingersoll-Rand Co
Eastern Massachusetts Street
2d Pref. stock(7%)6,550.500 6,550,500
2432 International Milling Co.(Del.)_ ---2430 Real estate, bidgs.
Georgia Ry.& Power Co
machinery,&c 22,884,930 21,818,148 Common stock-17,249,500 17,249,500
2432 Jamaica(N Y.) Water Supply Co--2440
Indiana Service Corp
2329 Farm I'd & impts. 208,590
163,208 534% Sink. Fund
Central Pr.& Lt. Corp
Milwaukee Electric Ry.& Light Co_2433 Jersey
15,000.000 15,000,000
2659 Sales branches_ __ 5,261,979 4,940,524 debentures
2542 (S. S.) Kresge Co
New York Railways Co
2767
5% 1st Mtge.Gold
2543 (B.) Kuppenheimer & Co., Inc
New York Rapid Transit Corp
9,954,400 10,312,500
bonds
2549
Total
31,131,398 29,175,952
2770 Lever Brothers Co
Northern Ohio Electric Corp
2766 Deprec.reserve_ _ _ 2,969,558 3,457,586 Notes payable_ _ - _13,216,000 13,133,200
2771 Libbey-Owens Sheet Glass Co
Philadelphia Rapid Transit Co
2329
Accouiks payable_ 1,351,973 2,086,284
Boston Theatres Co
2654 Loew's
Portland Ry., Lt. & Power Co
2659
Tot.fIxed assets-28,161,840 25,718,366 Bond & note inter2433 Long Bell Lumber Co
Southern Colorado Power Co
272,517
261,230
2329 0.D.C.adv.invest., 750,000
750,000 est accrued
2544 McCrory Stores Corp
Third Avenue Ry
289,268
Cash
6.701,456 11,694,933 Pref. dive. payable 289,268
Telegraph Co. of
United Light & Rys.Co.(of Maine)-2655 Marconi Wireless
2329, 2549 Acc'ts & notes rec_11,354.917 10,576,043 Reserve for 1921
United Rys.& Elec. Co.(Balt.)---2324 Canada, Ltd
578,535
2659, 2778 Inv.in stks.& bds- 1,243,005 1,345,111
Preferred dive
2324 Marland 011 Co
Virginia It)'. & Power Co
2659 Material & suppl's 21,140,732 18,504,598 Surplus
5,058,843 4,205,716
2434 Matbieson Alkali Works. Inc
West Penn Power Co
2322 Advs.on purch's
784,373 1,157,691
Utilities Co_ ___2324, 2772 Mergenthaler Linotype Co
West Virginia
2778 Unexpired laser.75,127
97,301
2772 Merrimac Chemical Co
Wheeling Public Service Co
2659, 2778 Prepaid interest
136,625
68,447
Metropolitan Edison Co
2778 Bond & note diact.
Mexican Seaboard 011 Co
Industrials(being amort.) 1,140,002 1,209.147 Total (each side)-71,510,249 71,..99,462
2325 Nashaweena Mills, New Bedford ---2441
Acushnet Mills Corp
2659 -V. 117, p. 2775.
Ad'rondack Power & L ght Corp---2325 National Dairy Products Corp
Inc-2441,2660
Amalgamated Silk Corp., N. Y----2656 National Dept. Stores, Mills
2779
2435 New England Southern
Interborough Rapid Transit Co.
American Chain Co., Inc
2773 N.Y.dr Honduras Rosario Min.Co-2550
American Gas & Electric Co
(Annual Report for Fiscal Year Ended June 30 1923.)
2773 Niagara Lockpprt & Ontario Pr.Co-2331
American Ice Co
2441
2435 North American Co
American Linen Co
2331
Frank Hedley, Pres. & Gen. Mgr., reports in substance:
American Rolling Mill Co-___2435, 2545 North American Edison Co Call:--2442
-Gross operating revenue for the year ended June 30 1923 was
Results.
2436 Pacific Gas & Electr c Co. of
Appalachian Power Co
2442 $55,559,436, as compared with 453.540,859 last year, a gain of $2,018.577,
Pacific Mills, Lawrence, Maas
2765
Archer-Daniels-Midland Co
2780 or 3.77%, the result of a gain on the Subway division of 41,701.418, or
Armstrong Packing Co., Dallas.Tex-2436 Paige-Detroit Motor Car CoTransand again on the Manhattan Ry, division of $317,159, or 1.68%.
2437 Pan American Petroleum &
Atlas Steel Corp
2431 4.91%,
The gain in the revenue from the transportation of passengers being
port Co
2437. 2545
Beech-Nut Packing Co
2437 Panhandle Producing & Refining Co-2443 $1,577,759, and the increase in the other street railway operating revenue
Berkshire Cotton Mfg. Co
2781 (principally from the sale of power), $440,818.
Penn Seaboard Steel Corp
(Sidney) Blum nthal & Co., Inc.
2333
-Operating expenses were 434,392,509 as compared
Operating Expenses.
2325 Pennok 011 Co
(Shelton Looms)
2326 Pennsylvania Coal & Coke Corp....2443 with $32.72,509, an increase of 42,119.999, or 6.57%,of which 41,590,715.
Borden Mfg. Co
(Richard)
2539 or 7.81%. was on the Subway division and $529,28'5, or 4.44%, on the
Pierce Oil Corp
Bristol Mfg. Co. (New Bedford.
2430 Manhattan division, the increase being due substantially to cost of addi2437 Pittsburgh (Pa.) Brewing Co
Mass.)
2430 Pittsburgh Malleable Iron Co_2333, 2443 tional train service and an increase in the cost of coal, reduced by the savings
Brown Shoe Co.,Inc
Lansing, Mich_2766 In labor by use of mukiple unit door control on Subway cars and of autoCaddo Central 011 & Refining Co-2774 Reo Motor Car Co.,
2444 matic turnstiles on stations.
2326 Sheffield Farms Co., Inc
Callahan Zme-Lead Co
2334
Of the increase of $2,119,999 in operating expenses there was an Memos
Canada Iron Foundries, Ltd_ _2437, 2540 Shell Union Oil Corp
Sherwin-Williams Co. of Can., Ltd-2322 of $333,643 in maintenance of way, structures and equipment, $1,483,292
Canadian Western Natural Gas,
2444 In traffic and transportation expenses, and S303.064 in general expenses.
2438 Skelly 011 Co
Co
Light, Heat & Power
2334, 2540 Of the increase in transportation and traffic expenses the sum of 41.343,622
2326 (A.0.) Smith Corp
Careen Hill Gold Mining Co
2774 Southern Canada Power Co., Ltd--2781 was in the item of "fuel for power." reflecting the high cost of fuel during
(Wm.) Carter Co
2782
as the additional coal required to operate the increased car
2650 Southern States Oil Corn
(J. I.) Case Plow Works Co
-2444 the year as well
sold to outside comCentral Aguirre Sugar Co-___2766, 2784 Stewart-Warner Speedometer Corp 2553 mileage and to supply an increased amount of power the standard quality
2774 Stromberg-Carburetor Corp
panies and the variation in the quality of coal from
Car Co
Chandler Motor
2444 usually furnished to the company's power stations. Of the $303,064 inCo
2438 (B.F.) Sturtevant
Cities Service Co
2444 crease in general expenses $38,873 was in store expenses, $220,330 was for
2657, 2775 Superior Oil Corp
Congoieum Co., Inc
2334 accidents and damages and legal expenses in connection therewith, and
2546 Sweets Co. of America. Inc
Consolidated agar Corp
Forg.Corp-2334 $43,305 in general law expenses. Tim increase in general law expenses was
2431 Transue & Williams Steel
Consumers Gas Co. of Toronto
2782 due to the readjustment plan and the increase in cnonection with accidents
2327 Tuinicu Sugar Co
Rubber Shoe Co
Converse
2321 U. S. Hoffman Machinery Corpthe liquida Jon last year of liability for previous years when the
was
Cuba Cane Sugar Corp
2334, 2445 cashdue to of the company compelled postponement of liquidation.
position
Cuban-American Sugar CO._2650, 2663
-The net operating revenue was $21,166,927 as
2775 U. S. Realty & Improvement Co--_2782
Net Operating Revenue.
Cudahy Packing Co
2662. 2782 compared with $21.268.350 last year. a decrease of $101,423, or 0.47%,
2546 Vulcan Detinning Co
De Beers Consol. Mines, Ltd
2553 the result of a gain on the Subway division of 4110,703, or 0.77%, and a
2438 Wamsutta Mills, New Bedford
Manufacturing Co
Eastern
2445 loss on the Manhattan By. division of $212,126, or 3.03%.
2658 White Eagle 011 & Refining Co
Emerson Electric Mfg. Co
2445
White MCorp
Taxes.
-The total amount of taxes was $2,662.310, as compared with
Empire Gas & Fuel Co. (of Del.)
2322
2327, 2438 Wickwire-Spencer Steel Corp
$2.802.824 last year, a decrease of $140,513, or 5.01%; Subway division
Co., Toledo, 0_
2327 WIllys-Overland
increase of $3,716,or 0.83%, while the Manhattan By. division
Exchange Buffet Corp
2650, 2662 shows andecrease of $144,229, or 6.12%.
Fain Knitting Mills, Inc., N. Y. C_2327
2664,2783 shows a from Operation.
(Wm.) Wrigley Jr. Co
-Income from operation was $18,504,617, as
Income
Famous Players Canadian Corp.,Ltd2547
2335
2776 Youngstown Sheet & Tube Co
compared with 418,465.527 last year, or an increase of $39,090. or 0.21%,
Federal Mining & Smelting Co
the result of a gain on the Subway division of $106,987, or 0.77%, and a
loss on the Manhattan By. division of $67,897, or 1.46%.
The Cudahy Packing Company.
-Non-operating income was 4573.850, as against
Non-Operating Income.
result of a decrease
ending Oct. 27 1923.)
4652,876last year. a decrease of $79,025, or 12.10%,thean increase on the
(Annual Report-Fiscal Year
on the Subway division of $88,708, or 15.25%, and
E. A. Cudahy, Chicago, Dec. 20, reports in Manhattan Ry. division of $9,683, or 13.60%• as compared with $19,President
-Gross income was 419,078,467,
Gross Income.
substance:
decrease of 439.935, or 0.21%. the result of a gain on
$2,010.198. When compared 118.402 last 3Pear, a
Results.-Profita from operations were result is decidedly encouraging, the Subway division of 418.278. or 0.12%,and a loss on the Manhattan Ry.
with the results of the past few years this earned over 8% for the year division of $58.213. or 1.24%.
has
-Income deductions were 419,210,263 as compared
and the fact that the Common stock last headed in the right direction.
Income Deductions.
indicates that the packing industry is at a sum sufficient to pay the divi- $21.885,199 last year. a decrease of $2,674.938, or 12.22%.
-The number of passengers carried was 1,025,175,131 compared
There has been reserved from surplus
Traffic.
made,
in 1921. When this payment is
dends on Preferred stocks deferred will have been lixtid in full. (The direc- withN3,492,690 last year, an increase of 31,682,441, or 3.19%, the result
division of 31,674,957, or 4.91%,and a gain on the
back dhidends on Preferred stocks
6% Preferred stock of a gain on the Subway
tors have declared a dividend of 6% on the $2.000.000 stock, covering the Manhattan Ry. division of 7.484.
on the $6.550,500 7% Preferred payable Dec. 31 to
and a dividend of 7%
The traffic on the Subway division reflects the continued increase in the
cumulative unpaid dividends for the year 1921, both declared a dividend number of people occupying buildings and apartments contiguous to the
OD that date. The directors have also par $100, payable new and old Subway lines. The Manhattan Ry. division shows a small
holders of record
stock,
with a very substantial decrease in the previous year
of 1% on the outstanding $17,249,500 Common
previous dividend paid on increase compared the falling off in the Elevated travel has terminated.
Jan. 15 to holders of record Jan. 4. 1 he last
and indicates that
quarterly dividend of 1)(%, paid on July 5 1920.)
-$9.305,846 was spent during
Maintenance-Additions and Betterments.
the Common stock was a
company to maintain and,
roadway, power houses, electrical
-E very effort has been made by the
Sales.
products and to increase the year for maintaining the structure,
possible, improve tho high standard of itsconsistently followed has equipment and rolling stock in good operating condition. This sum inwhere
the efficiency of its organization. This policy the sales for the year ex- cluded the renewal of rails on 2.38 miles of single track and 18,035 ties on
that
resulted in the expansion of our business so of the previous year. and were the Manhattan Division. Also 23.05 miles of single track and 14,602 ties
ceeded in tonnage lay more than 20% the sales
on the Subway division. It also includes an expenditure for maintenance
the company.
the heaviest in the history of merchandise of the highest grade and dis- of cars and electrical equipment of cars to the amount of $841,030 over the
produce
similar purposes during 1922.
-To
Expenditures.
heavy expenditures for plant amount spent forspent during the past year for additions and betterments
tribute in increased quantity has necessitated
$4.086.622 was
During the year we constructed
improvements and up-to-date equipment. our car line, remodeled many of to the property. This sum includes the ocmpany's contribution toward
200 refrigerator cars of the latest type for number of new branch houses, new construction and equipment under Contract No. 3 and the related
a
the older packing house units and builtof our fixed assets. Plants and certificates and expenditures in the acquisition of 100 new Subway steel
Trust Series "A." (See offering In V. 117. ro.
thus materially increasing the value
very much below their present trailer cars under Equipment
branches are carried on our books at a figure they have been at any time.
i532.)
Expenditures for maintenance and improvements during the past year
and are In better condition to-day thanof Agriculture to Have Right to
value
Statement Regarding Demand of Secretary to have a brief statement and were unusually large. Considerable replacing and reinforcing work, to-It may be of interest to you this company in connection gether with other miscellaneous repairs and improvements, was performed
Examine Books.
taken by
explanation given of the position of Agriculture, dated Nov. 17 1923, for on the Elevated structure, always keeping it up to the standard required
at the 161st St.
with the demand of the Secretary
given constant access to, for safe and economical operation. Temporary facilities
the right to have his duly authorized agentsaccounts, records and mem- station of the Lexington Ave. line to accommodate traffic to and from the
American League Baseball Park are ming followed by permanent construcand the right to examine and copy,our books of
oranda, &c.
Government, and while tion to increase the convenience to passengers and the capacity of that staat the
While we regret to have any controversy with the
has been conducted tion. An extension of 15 ft. to both sides of the express platform
we are fully satisfied that the business of the company has Constitutional northerly end of the Pennsylvania Station is being constructed, and the
the company
entire legality, we have felt that and undue Government interven- Jackson Ave. station of the Queensboro line is also being lengthened. An
with
rights as against an unreasonable search felt that we should refuse to con- additional pipe line with fire hose attachments and city water main coninstalled in the Clark St. tunnel from Wall St. to Borough
is
tion in its business, and have therefore
course, if the Secretary persists in nections being
168th St,
cede the demand. Therefore in due a legal proceeding In which the merits Hall station, as an extra precaution against fire hazard. The additional
,
•corv r,r!,•re -.•Ith
the demand,there will undoubtedly be
stiffen ef the Breadssar-Pereeth Ave."re ,
FINANCIAL REPORTS
nf flys ,......,,,•/ v., fyleZt.n.V. t'i'
.
t0
DE:C.291921]
THE CHRONICLE
elevators and new entrance on west side of Broadway as a means of increasing the convenience to passengers and its capacity, and escalators are
being installed at Park Place and Borough Hall stations of the BroadwaySeventh Ave. line for the same purpose. Additional automatic signals and
track circuits have been installed at the Grand Central station for the purpose of decreasing the headway of trains through that congested centre.
.Additional stairways and emergency exits are also being installed at various
points for the accommodation and safety of passengers.
Other Additions, etc.
-The increase in service winch has been added to the
company's schedule during the year made necessary large improvements
and additions to our power house equipment. These have either been made
or are under way, and will be completed in time for the heavy winter traffic.
An additional 1,000 gallon per minute turbine driven boiler
was
installed in the 59th St. power house to take care of the feed pumpload
imposed upon that power station. An adait.onal stack and increased1,200
two new
Ii. p. boders together with the necessary stokers, superheaters. forced and
induced draft fans,furnaces, ash hoppers, &c.,are also being installed in this
power station. This installation is necessary in order to provide additional
boiler capacity to meet the additional load imposed as a result of placing
100 new Subway cars in operation during the coming winter.
Important improvements in the art of turbine design have shown
much higher degree of safety of operation would be assured if certain that a
of the
wheels of the three 30.000 k. w. turbines at the 59th St. power station were
replaced by wheels of improved design. These replacements are now being
made to secure added safety of operation and the consequent greater
ance of continuous operation of the turbines. In addition the assnrdiaphragms are being replaced by new and improved diaphragmsoriginal
for the
purpose of securing a higher operating efficiency of the turbines; 635 ft. of
30
-inch conveyor belting was renewed, one set of reduction gears on No. 3
turbine exciter was renewed,and the larger part of the work of replacing the
worn reduction gears of the circulating water pumps for the 30,000 k. w.
turbo-generator units and of repairing the turbines 'driving the pumps, has
been completed. The rotor of one of the 30.000 k. w. generators was
balanced and the end turns of the field coils were enclosed in aluminum
saddles.
At the 74th St. power station an extensive overhauling of the 60,000 k.
three element turbine unit is being undertaken to assure the continuity w.
of
the operation of this unit. Part of the blading in each of the low pressure
elememts of this unit is being replaced to guard against possible breakdown
of this blading as a result of the crystallization of the metal that was
taking
place.
The greater part of the work of dismantling, trucking and reinstalling
six 1.500 k. w. and three 4,000 k. w. rotary converters and their complementary transformers from certain Manhattan and Subway substatinos
other Subway substations has been completed. This relocation of to
converters and transformers was made necessary as a result of the redistribution
of load that will be brought about by the operation of 100
additional
Subway cars.
New Cars.
-The 100 new Subway trailer cars have been
been equipped and placed in operation and the remainderreceived: 18 have
will be placed in
operation for the fall service.
Multiple Unit Car Door Control.
-The Installation of multiple unit car
door control has been extended to include an additional 414 Subway cars,
which work was completed June 30. thus making a total of 1,396 Subway
cars operating with this new type of safety device. Improvements are
being
introduced which will further increase economies in operation. Contracts
have been let for the manufacture of multiple unit car door control apparatus
for 465 Elevated cars, which work should be completed early in
1924.
Multiple unit car door control, while new and
pany, has now been in service a sufficient length originating with this comof time to demonstrate the
value of its economy and safe operation.
Coin-Operated Safety Gates.
-The Subway and Elevated stations are now
equipped with coin-operated safety gates, and this novel type of apparatus
has exceeded expectations, for it has pleased the public from the very beginning, which is somewhat unusual in the operation of new devices. The
installation of the slug-detecting device has been completed and has practically eliminated the small loss during initial operation. The original estimates of economy for the coin-operated safety gates are now more than
realized.
Improved Elevated Service.
-In the early part of the spring the matter of
improving the service on the Manhattan Elevated lines was taken up with a
view to making it more convenient and attractive as a means of securing
increased traffic on these lines and relieving so far as possible the congestion
in the subways. By reason of the financial condition of the company in the
past we were unable to maintain an attractive general appearance of the
Elevated stations and rolling stock, but after the adoption of the readjustment plan it was believed that the company was in a position to remedy
these conditions. Funds were therefore appropriated for painting the rolling stock and stations, as a visible indication of the company's intention to
furnish improved service. The exterior of the cars is being painted orange.
the interior mahogany finish and the ceilings enameled white, and the station
painting is being made to harmonize with the rolling stock.
As a further means of making this improved service attractive
public new schedules were put into effect calling for an increase of 428to the
per day, distributed between local and express service, thus giving atrains
more
frequent service on all divisions and adding greatly to the convenience of
the traveling public. Those changes involved an expenditure of over
$2,000,000 and added very considerable to the operating expenses, but the
response was instantaneous and has encouraged the management to continue
the service and to make additional improvementsfrom time to time as opportunity offers.
Elimination of Outside Connections.
-Chairman Grayson M.
-P. Murphy,
in detailing what was accomplished under the readjustment plan,stated that
it was the aim of the now board of directors to give the best service it possibly
could and to do all in its power to co-operate with and assist the authorities
to provide adequate rapid transit facilities for New York City. The company's ability to render this assistance is strengthened by the elimination.
through the recent readjustment, of all outside connections, such as the
Interborough-Consolidated Corp. and the New York Railways system and
by taking steps to liquidate, through a receivership, its investment in the
surface railways in Queens. which lines have heretofore been a constant
drain on its resources. The Manhattan guaranteed 7% rental has also
been readjusted and reduced to a basis whereby it is only paid if earned and
at rates ranging from 3 to 7% as warranted by the earnings. Through
the same readjustment $10.500.000 was provided by the present security
holders, part of which was used to pay off extended 7% notes and the
balance reserved for other capital expenditures.
-This is part of tht preparation which the company is
Growth of Traffic.
making to place its finances and organization in shape to take care of the
regular increase in travel by reason of the growth in population. The total
number of passengers carried by city lines in 1872 was 138.722,196. while in
1922 the number had Increased to 2.596,100,410. As an illustration of the
rapid growth of travel following the opening of new lines, the Queensboro
Subway furnishes an excellent example. This Subway was opened in June
1915 and the travel for the first full fiscal year was 3.093,594. whereas for
the fiscal year ended June 30 1923 the Interborough traffic had grown to
24,679.8113, or an increase of 700%.
Officials Always Ready to Co-Ope.rate with City Authorities.
-The company
appreciates keenly the discomLorts of present traveling and is doing everything it can to overcome them. New equipment is being instaden and large
expenditures are being made for signals and other safeguares in an effort to
shorten the headway of trains. Mechanical devices intended to accelerate
the movement ot trains and quicken their passage through the stations are
being devised and installed and steps have been taken to equalize the traffic
over the different lines so as to relieve some of the severely congested sections
in the Subway, but in the end decided and permanent relief can only be
obtained through the construction of additional subways.
Our contracts with the city establish a relation intended to create cooperation in the solution of rapid transit proolems. There is a joint reeponsibility which can only be fulfilled to the best advantage by the active
and friendly action of both parties. It is extremely difficult under the most
favorable circumstances, with conditions as they exist to-day, to meet the
demands of the service in an efficient manner, and the only way the situation can be improved is by all parties working together for the pu etc good.
This company stands in the position of a trustee of the city's property,
operating it in the interest of its citizens. As such trustee it is also charged
with the duty of making such constructive suggestions as its experience
leads it to believe will, in the most economical manner, add to the facilities
at its command to handle the ever-Increasing tide of travel. These suggestions are made with a sincere desire to be of service to the community and
to supply the kind of transportation contemplated by our present contract.
We have shown by the drastic steps recently taken in the readjustment of
our affairs that we are anxious to render the full measure of service expected
of us and for this purpose our experience and whatever ability we may
possess is at the disposal of the public authorities.
2887
NO.PASS.CARRIED BY INTER13ORO.R.T. CO.
(IN ROUND MILLIONS
Year1912. 1914. 1916. 1918. 1919. 1920. 1921. 1922. 1923.
Elevated
304 311 312 352 348 389 374 348 348
Subway
302 340 371 418 461 586 639 644 676
Total
606 651 683 770 809 955 1.013 993*1,025
* Includes 155.786 (234c.) passengers-school children, carried during
New York City Jubilee, June 4-22, 1923.
The usual comparative income and surplus account, together with the results by divisions, for the year ended
June 30 1923 was published in V. 117, p. 2765.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1922-23.
1921-22.
1920-21.
1919-20.
Miles of road June 30_ .
_
115.28
114.70
114.70
102.73
Miles of track June 30__
374.36
373.14
373.15
336.44
Passengers carried
1025175131 993.492.690 1013678.831 955.133.110
Gross oper. revenue--355.559,436 $53,540,859 $55,031.941 $51.478,411
Operating expenses
34.392,509 32,272,509 36.024.646 31.695.209
Taxes
2.662.311
2.802.824
2.735.694
2.623.411
Operating income-418,504.617 $18,465.537 $16.271.601 $17.159,791
Other income
573.850
652.875
639.123
608.369
Gross income
$19,078,467 $19,118,402 816,910,724 $17.768.160
Int. & s. f. on city bonds $2,584,035 $2.482,633 $2.435.768 $2.438.488
Int. on Co. 1st & Ref. 5s 8,032.090 8.022.326 7,900.780
7.410.893
S. F.on Co.1st & Ref..5s 2,136,051
2,103,340
2.057.705
1.843.018
Int. on Man. Ry.Cons.4s 1,627,320
1.627.320
1.627.333
1,627.360
Div.rental Man.Ry.stk. 1,710,000 4.200,000
4.200.000 4.200.000
Other interest, &c
3.120,766
3,449.586
3.153.965
2,494.237
Total deductions
Net deficit
$19,210,262 $21,885,199 $21.375.551 $20,003,996
8131,795 82,766.797 $4,464.827 $2,235.&36
DIVIDEND ACCOUNT, INCLUDING ACCRUALS.
(Items accrued under City Contract But Not Receivable Till Earned.)
1922-23.
1921-22.
1920-21.
1919-20.
Net deficit
$131.795 $2.766,797 $4,464.827 $2.235.836
Accruals (see footnote *) 8.071,620 10.238.489 11.016.654
8.233.560
Total
Dividends I. R.T
87.939.825 $7,471.692 $6,551.827 $5.997,724
Last dividends were paid in 1918-19($1,750,000)
Balance. surplus
$7.939.825 $7,471,692 $6.551.827 $5.997.724
* Accruals under the provision of contract No. 3 and related certificates
are the amounts which, under the agreements with the city, are payable
from further earnings. In other words, these are the sums accrued to it •
on or out of future earnings, prior to any participation of the city in those
earnings.
GENERAL BALANCE SHEET JUNE 30.
1923.
1922.
1923.
1922.
Assets8
/debt/Wes$
$
$
Fixed capital207,709.200 203,622,578 Capital stock__ 35,000,000 35.000,000
Investments _ __a21,528,898 21,522,722 1st & ref. M.Ss _ 162,106,000 162,106,000
B. T. Co. trus.
-year secured
3
under coll. hid 59,603,186 59,603,186 cony.7% notes
756,000 38,697,4541
I. R.T. lst&ref.
10-year secured
464,000
464,000 cony. 7% notes 33.658.110
5% bds. reacq
Due from assoc'd
10-yr.6% notes. 10,500,000
companies ___ a8,077.963 7,736,558 Equip,trust ctfs.
2,284,240 5,238.461
Cash
Series "A"
1,400,000
U.S.ctfs. of Ind. 2,100,000
1st & ref. M.55.
Pur.of scrip ctfs.
pledged as coll.
for arrears of
to 3 & 10-year
div. rentals on
7% notes__ 59,602,000 59,602,000
M.Ry.Co.stk
188,249
let & ref. M.5s,
733,277
Acc'ts receivable
615,799
released by B.
Bills receivable_
2,250
T. Co
464,000
464,000
109.211
let. & diva. me98,702 Man. RY. lease
.4111
Materials& supp 2,743.902 3,358.817 account
377,323
377,323
Special deposits- 3,943,325 4,310,063 Loan from R. T.
Accruals, contr't
Sub. Constr. •
No. 3 & ctfs.
Co.acct.Sara.
payable
48,017,801 39,946.182 award
1,954,318 1,954.318
Conn.& eq.fds. 7,077,341 5,104,371 Interest due_
4,052,650 4,072,016
N. Y. Tr. Co.,
Dividend rentals
628.689
trustee(equip.
Div. on M. By.
trust Ser."A") 1,021,125
Co. stock_
3,150.130
Prepayments_ __
261,919
143,444 Scrip ctfs. for arSec. in trust for
rears of divi53.258
vol.relief fund
53,258 dend rentals
2.968,413
Deferred charges 10,004,592 9,805,690 Int, and rentals
Profit & loss def.
524,783
524,866
not due
2,745,360 2,642,100
Coupons due not
163,030
presented _
74,472
Due for wages_ 501.237
408.106
Sub. constr.cash
Ilab. for adv.
from gen.fund
705.000
Acc'ts payable__ 1,703.687 2.559,352
Taxes accrued._ 3,001,895 3,414,420
Sinking fund on
5% bonds_ _ __ 65,542,700 3,325.620
1,214,387 1,602,871
Reserves
Items awaiting
distribution
88.671 2,049.599
Deferred profit &
Total(each sIde)376,446,271 362,150,947
loss credits.-- 48,017,801 39,946,182
a Several of the items included above in "Investments" and "Due from
Associated Cos." are in course of liquidation and will probably realize a
comparatively small sum. When their value shall be definitely ascertained
and items of a similar character shall have been re-valued in accordance
with existing conditions, the balance sheet will be re-cast and there will be
entered upon the books the full asset value of Contract Ne. 3, the Subway
lease, Including the appraised present worth of the Subway preferentials
when earned. This value has not been set forth heretofore in full, but it is
now being appraised. It is believed that the additional value of the lease
when finally determined will be in excess of the shrinkage in the other assets.
b Under the plan of readjustment of May 1 1922, payments of the sinking
fund installment due from July 1 1921 to and including Jan. 1 1926, are
postponed.
-V. 117, p. 2769. 2765. 2652.
Canadian Car & Foundry Co., Ltd.
(14th Annual Report-Year ended Sept. 30 1923.)
President W.W.Butler reports in substance:
The report covers the operations of the company and its subsidiaries.
the Canadian Steel Foundries, Ltd., and the Pratt & Letchworth Co., Ltd.
The total output of all plants for the year amounted to $20,689,639,
being considerably in excess of the preceding year,and after charging against
operations the cost of plant maintenance and depreciation, interest on outstanding bonds and negotiable scrip, and after providing for all contingencies, including Government income tax, the net profit amounted to
574, as compared with a loss for the preceding year of $586,632. $1,427,The directors consider this result satisfactory. more especially In view of
the fact that the trade depression continued well into the fiscal period
under
review.
The balance sheet discloses an improved liquid condition. the surplus
of
current assets in excess of liabilities amounting to $6,834,261, after
providing for dividends declared payable Oct. 10 1923 and Jan. 10 1924, and
after
making allowance for accrued interest on outstanding bonds and scrip.
Bond sinking funds to the amount of $377,503 have been
provided for
during the year and a redemption fund has been set up to take care
outstanding negotiable scrip which matures Dec. 24 1927. There of the
bank loans outstanding the company having been able to finance itsare no
entire
year's program without banking accommodation, while on the
other hand,
Interest and discount earned amounted to $129.529.
2888
THE CHRONICLE
[VOL. 117.
trainDividends in arrears at Sept. 30 1923 amounted to 8%%,and directors at Cleveland, Ohio, Dec. 26 by leaders of the engineers, firemen andwidely
for
hope that business conditions will continue favorable so that such arrears men, who also declared emphatically that there was no foundation to strike.
due regard must circulated reports that the train service men were preparing
may be paid off in the near future, but in this connection
be had for the maintenance of sufficient working capital to meet all ordi- "New York Times" Dec. 27, p. 20. Injunction to Clerks of Pennsylvania
Federal Court at Philadelphia Refuses
nary needs of the company's business.
of Delegates
The value of unfilled business carried forward to the ensuing year RR. to Enforce Decree of U. S. Labor Board Respecting Recognition
-Judge Dickinson held that the Federal Courts have
amounted to approximately $7,500,000, which is reflected in the balance of the Brotherhoods.
materials and supplies, no authority to compel compliance with Labor Board's orders. In consheet as at Sept.30 1923. where large inventories of
Board) may render
together with correspondingly heavy trade accounts payable, appear. The clusion the Judge said: "The judgment it (the Labor
right to accept
completion of this unfilled business will, however, reduce the inventories may be acceptable to neither party, but each has the legal
it or refuse to follow it. If the parties refuse acquiescence all that the
of materials and supplies to approximately $1,500,000.
to its ruling, leaving the parties to
The physical condition of all plants has been well maintained during the Board can then do is to give publicityunder the guidance and perhaps the
Year. Tne head office has been moved to the company's own building, their willingness to adjust the dispute it may be aroused by the opinion
acquired in 1917, which now adequately provides for the company's require- stress of public opinion. influenced, or
ments. The mortgage loan of $100,000 previously placed on this building of the Board." "New York Times" Dec. 22, p. 20.
-Hunt & Swiger,
Appeal Will Be Taken from Decision of Judge Dickinson.
has been paid in full.
attorneys for Brotherhood of Railway Clerks, declare injunction was
1920.
1921.
1922.
1923.
Unfilled Ordersdirected against Pennsylvania RR.'s "company union" rather than for
$7,500,000 $2,300,000 $4,000,000 $26,000,000 enforcement of Labor Board's orders. "New York Times" Dec. 23.
As of Sept. 30
Sec. 2. p. 12.
INCOME ACCOUNT FOR YEARS ENDED SEPT. 30.
Dec. 22.-(a) Half of coal mines in East
Matters Covered
(Incl. Can. Car & Fdy., Ltd., Can. Steel Foundries, Ltd., and Assoc. Cos.) shut down; reportin "Chronicle"Ry. Association, p. 2705.
of American
1919-20.
1920-21.
1921-22.
1922-23.
$32,000,000 $27,000,000
Approximate output_ _ --$20,689,639 $10,300,000
$209,266 $1,188,853 $1,515,712
Alamance Ry.-Petition for Receiver.
$2,430,188
Combined profits
516,800
365,800
385.800
435,800
Depreciation
A dispatch from Greensboro, So. Caro., states that a petition for a
459,515 receiver for this company, which has a line between Burlington and Graham
715,449
410.098
x366,815
Bond int., &c.(net),,
200,000
Prov.for income tax,&c.
and a branch to Haw River. has been filed by the American Trust Co.,
(54)393,750(8i)656,250 Richmond, Va., trustee. The complaint alleges that the company has
_
(7%)525,000
Pref.divs.(in cash)_
1918 and subsequent interest payments on $120.000
$116,853 defaulted in the May 15Gold bonds dated Nov. 15 1917, and has permitted
$286,147
$586,632
sur$902,573
Balance, deficit
-Year
1st Mtge.6% 20
3,251,207 y3,537,353 6.360,456 Judgments against it in Alamance Superior Court to go unsatisfied, is not
2.664,574
Previous surplus
now operating and its property deteriorating. The company was organized
Tot.p.&I.sur.Sept.30 $3,567,147 $2,664,575 $3,251,207 $6.243,603 in 1917. It is stated.
x Interest on bonds outstanding, $411,559; int. on negotiable scrip,
1.84.785; total, $496,344; less interest earned (net). $129,529.
-Sale of Fox River Div.
Aurora Elgin & Chicago RR.
y After deducting $800,000 reserve for shrinkage in inventory values,
The Western United Corp., which controls the Western United Gas &
$200,000 provision for Government taxes and general purposes, and $1,706, Electric Co. of Aurora and the Coal Products Co. of Joliet. together with
250 (223 %) dividends paid on Preference stock on account of accumula- other properties, will take over the Aurora Elgin & Fox River Electric
4
-year 6% negotiable scrip due Dec. 24 1927.
tions in 7
Ry. on Ian. 1. This was formerly known as the Fox River Division
of the old Aurora Elgin & Chicago ll.R. The owners are Cleveland banks
CONSOLIDATED BALANCE SHEET SEPT. 30.
-See V. 117, p. 1554.
& Assoc. Cos.) who bought the road in a recent bondholders' sale.
(Incl. Can. Car & Fdy. Co., Ltd., Can. Steel Foundries, Ltd.,
1922.
1923.
1922,
1923.
of 13.%.
-Dividend
Bangor & Aroostook RR.
$
LiabilitiesAssets$
The directors have declared a dividend of 1 y, °7 on the Common stock.
Preference stock__ 7,500.000 7,500,000
Real estate, plant,
Ordinary stock_ _ _ 4,975,000 4,975,000 payable Jan. 1 to holders of record Dec. 27. A like amount was paid
good-will, patM.b4,371,842 4,598,497 June 30 last.
-V. 117, p. 2768.
ents, &c
23.137,227 23,136.072 Can.C.&F.
Can. Steel F'dries
Material, supplies.
-Bonds Authorized.
Boston & Maine RR.
1st M.& collat_c1,735,551 1,878,197
2,837,361
ace
549,000
The I. S. C. Commission on Dec. 19 authorized the Company to issue
Mont.8t.W.lstM. 537.000
Dominion of Can100.000 81,106.000 of series "N" and $5.894,000 of series "0"6% mortgage bonds;
d855,724 1,398.418 Craig Bt. Mtge__
ada bonds
480,898 7-yr.6% neg.scrip 1,384,822 1,483,689 to be delivered at par to the Secretary of the Treasury as collateral for seCompany's bonds_ 410,182
544.688 curity for a loan of $7.000.000 in two parts, in amounts of $1.106.000 and
427,538 Acc'ts, &c., pay__ 2.019.464
Mii. investiren s_ 380,872
137,148 85.894.000 each, certified Dec. 5 1923 under section 210 of the transportaInterest accrued__ 128.971
Acets, bills receivtion act of 1920, as amended. The purpose of the loan is to procure new
able, less reserve 1,639,114 1,212,540 Dividends payable 525.000
4.829.855 equipment and for additions and betterments to existing equipment and
514,247 Deprec'n reserve__ 5,285.454
Cash in banks_
321,298
500,000 to roadway and structures.
94,432 Special reserve_ __ 500,000
87,722
Deferred items_ _ _
345,057
The applicant represents that it has expended or has a program to expend
Opemt., &c., fund 571,477
Profit and loss.... 3,587,148 2,664,575 for capital purposes the following:
Estimated
Expended from
Expenditures
Mar. 1 1920 to
33,081,531 30.101.503
Total
33,081.531 30,101,503
Total
to Complete.
Aug. 31 1923.
a Inventories of manufactured and partly manufactured product, ma83,448,446
$418.054
terials and supplies at cost or less, and not in excess of present market New equipment
959,720
3.248,768
prices. b Less redeemed by sinlVng fund, $1,903,358. c Less bonds in Additions & betterments to exist. equip
3,398,962
2.091,273
escrow by Montreal Trust Co.towards redemption of Montreal Steel Works Add.& betterments to roadway de struc
Ltd., bonds,$637,436, leaving $3,012,564.from which is deducted amount
$7,807,128
85.758.095
Total
retired by singing fund, $1,277,013. d Includes scrip redemption fund.
-V.117, p. 1559, 1466, and that to Dec. 31 1923. it will have expended for these purposes a total
3348,885,invested in Dominion of Canada bonds.
it proposes
of not less than 17,000.000. In respect of the new equipment
to issue $1.106.000 of Series "N" bonds and in respect of the other items.
American Ice Co.
a total of $5.894.000 of Series "0" bonds.
(Report for Fiscal Year ended Oct. 311923.)
The stockholders and the Massachusetts Dept. of Public Utilities also,
-V. 117, p. 2541. 1460.
approved the issuance of the 87.000.000 bonds.
President Wesley M. Oler reports in substance:
The decrease in earnings as compared with last year is due to the unusual
weather throughout the summer. The cool nights and lack of peaks in
temperature were responsible for the falling off in earnings. While sales
of ice were 47,400 tons larger than the year previous, under normal conditions the operations of new plants and additional facilities purchased
or built would have shown a very much larger increase. This lack of
demand not only curtailed sales but affected prices unfavorably and
increased the cost of production while the increased investment added
to depreciation, maintenance and taxes on property.
Though the company has spent in the last three years $7.011.137 in
the acquisition of property and new construction, it has not been necessary
to use the power granted at the last meeting of stockholders for the sisuance
of bonds and stock to replace the capital so spent and doing so is not contemplated unless some unexpected occasion should arise.
The usual comparative income account for the year ended
Oct. 31 1923 was given in V. 117, p. 2773.
CONSOLIDATED BALANCE SHEET OCT. 31 (INCL. SUB. COB.).
1922.
1923.
1922.
1923.
$
$
Liabilities- •
AssetsPref. stock, nonLand, bides., ma15,000,000 15,000,000
chinery, &c. 2_19.568,022 18,458,323 cumulative
7,500,000 7,500,000
Common atock
Good-will, water &
patent tights___17,175,011 17,153,286 Bonds and mtges- 5,895,700 5,991,100
932,167
248,482 Accounts payable, 1,001,519
Invest't securities_ 385,551
302,000
855,788 1,454,378 NOteo payable_
Cash
Accrued bond Indc accounts
Notes
124.168
85,102
1.156.493 1,126,215 terest, &c
receivable
Ins. & workmen's
Employ's acc't for
578,630
compens.reserve 494,153
68.444
purch. pref. stk_
9,337 Profit and loss
11,086
Insur. premiums__
9,497,942 9,084,224
(surplus)
Inventory of mer698,938 Reserve for Fed°hand's°, &c___ 680.770
617,484
553,060
612,390 erai taxes
Fund investments_ 496,753
40,329,478 39,827,773 Total
Total
-V.117. ro• 2773.
a Less reserve for depreciation.
40,329,478 39,827,773
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
In the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
1.-S. C. C.Rules That RRs. in Southwest Must Keep Rate of Fare at 3.6c. per
Mile.-Rallroads in Arizona. Nevada and New Mexico must reduce passenterritory
ger rates by Feb. 25 to level of 3.6c. per mile. In Southeastern Southern
the Grand Canyon Ry. as a whole and the branch lines of the
Pacific, Santa Fe. Rock Island, Western Pacific. &c.. will be permitted to
charge present rates, which in some eases range as high as 9.6c. per mile.
New York Times" Dec. 28, p. 25.
Strike in Progress Since Feb. 1921 Calkd Off -Missouri & North Arkansas
RR.strike, in progress since Feb. 1921, called off by union representatives
who get Circuit Court's dismissal of charges against 18 strikers who jumped
bail, the 820.000 bail to be paid by the unions of which they were members,
and pardon for two strikers serving penitentiary sentences. "Wall Street
Journal" Dec. 22, p. 3.
Brotherhoods Announce That Wage Increase Demands Will Be Continued.
conNegotiations for a 12% Increase in wages for train service men will beRock
engineers settled with the Chicago
tinued despite the fact that the
Island & Pacific RR. on the basis of last year's pay. This was announced
-Subsidiary ComBrooklyn-Manhattan Transit Corp.
pany Out of Receivership.
-V. 117, p.
See Brooklyn Queens County & Suburban RR. below.
1883, 1555.
-ReceiverBrooklyn Queens County & Suburban RR.
ship Lifted.
Judge Julius M.Mayer signed a decree Dec.2 terminating the receivership
by Lindsay M. Garrison of the company which was placed in the receiver's
hands on July 14 1920.
The plan and agreement dated March 15 1923 for the reorganization
of the Brooklyn Rapid Transit Co. and its subsidiary companies (V. 116.
p. 1646) has been declared operative as to all of the securities of and claims
against Brooklyn Queens County Sz Suburban RR. Holders of certificates
of deposit for the bonds of the company, upon surrender thereof to the
respective depositaries mentioned below and upon compliance with the
conditions of the plan and agreement of reorganization, will be entitled
to obtain on or after Dec. 28 1923 the re-delivery of their bonds, duly
stamped as consenting to the plan, with all coupons maturing after July
1 1923 thereto appertaining, and also the cash and (or) the voting trust
certificates for the Preferred stock of Brooklyn,Manhattan Transit Corp.
to which they are respectively entitled under the plan.
Holders of certificates of deposit for the 1st Mtge. 5% Gold bonds of
the company should surrender their certificates of deposit to Guaranty
Trust Co., 140 Broadway, New York City.
Holders of certificates of deposit for the 1st Consol. Mtge. 5% Gold
bonds of the company should surrender their certificates of depmit to
Brooklyn Trust Co., 177 Montague St.. Brooklyn, or No. 2 Wall St.,
New York. specifying in writing the names in which they desire the voting
trust certificates for the Preferred stock, to which they may be entitled,
to be issued.
The Chase National Bank, 57 Broadway, N. Y. City, has been designated as the fiscal agent of the company for the purpose of paying the
coupons maturing after July 1 1923 on such of the above-mentioned bonds
as have consented to the plan.
Under the B. R. T. plan the $1.497.000 1st Mtge. 5s and the $2,803,000
1st Consol. Mtge. 5.s were re-instated. The $336,825 accrued interest on
the 1st Mtge. 5s will be paid in cash (8225 per $1.000 bond). The $560,600
accrued interest on the Consol. 5s ($200 per $1,000 bond) will be paid
-V. 116, p. 1646.
$150 in 6% Preferred stock and $50 in cash.
Canadian Pacific Ry.-Leases Store in Chicago.
The Canadian-Pacific Ry. has leased the store In the new Straus building,
southwest corner Jackson Blvd.and Michigan Ave., Chicago,and additional
space in the interior, for a term of 10 years, at an annual rental of $40,000.
or $400.000 for the term. The lease includes $1,500 square feet in the basement and 2,500 square feet on the 10th floor. The lessees will convert the
room leased into an elaborate railway and steamship ticket office and will
merge their present widely scattered offices in Chicago,111.-V. 117, p. 2651.
Central Indiana Ry.-Sale Postponed.
No bids having been received when the road was offered for saleion
Dec. 3 by Charles Martindale, master in chancery of the U. S. District
Court, the road will again be offered for sale on March 17.-V. 117, lzo•
1992. 438.
-Authority to
Chicago Burlington & Quincy RR.
Issue Bonds.
-S. C. Commission for authorityjto
The company has applied to the I.
issue $43,000,000 5% 1st & Ref. Mtge. bonds. The carrier proposes,to
sell $20,000.000 of bonds in the near future, whenever the bond market
is favorable, in order that funds may be available for improvements, road
extensions, new equipment. &c. The remaining 823,000.000 of bonds
will be disposed of subject to the farther order of the Commission.
V. 116, p. 2636, 2006, 2001.
-Hold Sale
Chicago Elevated Rys. Collateral Trust.
of. Stock Legal.-
DEC.29 1923.]
THE CHRONTCLE
The Illinois Appellate Court has reversed the order recently entered
by the Circuit Court enjoining the sale of the collateral pledged as security
for $14,000,000 6% Gold notes which have been in default since 1919.
The collateral consists primarily of stocks of the Northwestern. South
Side and Metropolitan roads. The collateral was to have been sold publicly on Oct. 3 by the Illinois
-Merchants Trust Co. of Chicago, trustee
under the loan, but the sale was temporarily enjoined on the application
of certain stockholders. The latest court order overcomes legal obstacles
to the sale and paves the way for the reorganization as proposed.
-V.
117, p. 2768. 1662.
Chicago & North Western Ry.-Equip. Trusts & Bonds.
2889
the company to the War Finance Corp. in half payment of the $10.000.000
demand note outstanding against it.
-V. 117. p. 2769. 1883.
Gainesville & Midland Ry.-Sale.W.H. W.Schley, Master Commissioner, will offer the entire property Par
sale on Jan. 1 at the court house door in Athens. Ga.-V. 113, p. 1052.
Georgia R.& Power Co.
-Fare Increase Sought.
-
The company has petitioned the Atlanta (Ga.) City Council for authority
to increase the rate of fare from 7 cents to 10 cents, with a 2
-cent charge
for transfer.
-V. 117. p. 2432.
The I. S.0.Commission on Dec. 17, authorizing tho Company to assume
Grand Trunk Ry. of Canada.
-Interest Payments.
obligation and liability in respect of$6,180.000 of Series"0"and $1,560.000
The estimated earnings of the Wellington Grey & Bruce By;for the
of Series "P" 5% Equipment Trusts of 1923. to be issued by the Farmers'
-year ending Dec. 31 1923. applicable to meet interest on the bonds.
half
Loan & Trust Co. under a certain agreement and to be sold at not less than
9734 and Int. In connection with the procurement of certain enuivaent. will admit of the payment of £3 17s. 10d. per £100 bond, and this payment
The certificates will be sold at an average price of not less than 973. will be applied as follows, viz.: £2 17s. 10d. In final discharge of coupon 79.
It is represented that no arrangements for their sale have been effected, due Jan. 11910. and £1 on account of coupon 83, due July 11910, and will
but that the company will invite bids therefor and the highest bid will be be made on and after Jan. 1 next at the offices of the Canadian National
Rys.. Orient House,42-45 New Broad St., London,England. The coupons
accepted.
The 1.-S.C. Commission has authorized the company to issue $15,250,000 must be left three clear days for examination. Last year AG 16s. 2d. was
paid.
1st & Ref. Mtge. gold bonds: said bonds to be sold to Kuhn, Loeb & Co.
See also Wellington Grey & Bruce By. below.
-V. 117. p. 1347.
at not less than 9034 and int. and the proceeds used for corporate purposes.
See offering in V. 117, p.2211. 2651.
Greenwich & Johnsonville Ry.-To Pay Bonds.
Fred W.Sargent has been appointed Vice-President and General Counsel
The $500,000 4% 1st Mtge. gold bonds, maturing Jan. 1 1924. will be
succeeding James B. Sheean. R. N. Van Doren has been appointed
paid off at maturity.
-V.117, p. 2212.
General Solicitor.
-V. 117, p. 2651.
Chicago Rock Island & Pacific Ry.-Lease of Keokuk
& Des Moines Ry. Authorized-Other Acquisitions.
The I.
-S. C. Commission on Dec. 22,authorized the Company to acquire
control of the railroad of the Keokuk & Des Moines Ry., by lease. The
report of the Commission says in substance:
The Keokuk Company is controlled by the applicant through the ownership of a majority of its capital stock. Since May 14 1878, the railroad has
been operated by the applicant and its predecessor under a lease expiring
Dec. 31 1923. The applicant paid as rental 25% of the gross receipts
the line, plus the taxes, which amounted to approximately $103.000 of
a
year. It also guaranteed payment of the interest, but not the principal,
of $2,750,000 let Mtge. bonds, the interest payment being deducted from
the payment of 25% of the gross receipts. It is stated that the total rental
aggregated from $250,000 to $260.000 a year. The bonds matured
Oct.
1923. Default was made in the payment thereof and on Dec. 1 1923, 1
the
Keokuk Company was placed in the hands of receivers in foreclosure proceedings instituted by the trustee under the mortgage. The court
has
entered an order approving the form of the proposed lease, and directing
the receivers to execute it prior to Dec. 26 1923.
By the terms of the proposed lease the receivers demise to the
the railroad of the Keokuk Company,together with all the rights, applicant
and franchises of which they are now possessed, or which mayprivileges,
inure to them with respect to said railroad, but not including the hereafter
franchise
of the Keokuk Company to be a corporation, and excepting, also, cash
on
hand and any sums due or to become clue from the applicant under
tho
of May 14 1878. The term of the proposed lease is to commence lease
expiration of the prior lease and is to continue during the pendencyon the
of the
receivership unless sooner terminated by order of
less than 30 days, or by either party giving to the court, effective in not
the other party 60 days'
notice, in writing, of its election so to do. The applicant
agrees to continue the operation of the railroad as at present; to maintain
in the same condition it shall be in on the termination of the property
the prior lease:
and to pay a rental of $10,000 a month, plus all taxes, assessments,
and
governmental charges, for the period during which it is in
control of the
property.
The I.
-S. C. Commission has authorized the Company (1) to acquire a
line of railroad in Tillman County, Okla., extending from
Granfield. Okla., a distance of approximately 14.95 miles; Chattanooga to
and (2)
In connection with such acquisition $452.000 1st & Ref. Mtge. goldto issue
bonds.
The line in question is owned by the Rock Island & Oklahoma Railway
and forms an extension of the Company's branch line which terminates at
Chattanooga. The entire capital stock of the Oklahoma Company. consisting of 150 shares of the par value of$100 each,is held by the Rock Island
or by its nominees as directors.
-V.117, p. 2768, 2541.
Cleveland Cincinnati Chicago & St. Louis Ry.Bonds Authorized.
The stockholders have approved the issue of
Mtge. bonds, which are to be used for other $10.000,000 Ref. & Impt.
than refunding
raising the amount which may be issued for other than refundingpurposes.
from $25,000,000 to $35.000,000. This action was necessary purposes
the company to issue and sell $20,000,000 of these bonds, to enable
application
covering which is pending before the I.
-S. C. Commission.
-V. 117. p.
2323, 1992.
Colorado Columbus & Mexican RR.
-Denial.
-
The I.
-S. C. Commission has denied the application for authority
$4,976,000 and $20,000,000 1st Mtge. 5% the proceeds to be used to issue
in connection with the construction of a proposed line of railroad
extending from
Columbus to Farmington, N. Mex. Compare also V.
117. p. 2768.
Denver & Rio Grande Western RR.
-Acquisition.
-
The I.
-S. C. Commission on Dec. 19
in the name of the company the line of authorized the receiver to acquire
railroad extending
tion with the Loma branch of the company's railroad at from a connecKehler No. 2 station in a general southwesterly direction to Alamo. a distance
of 4.18 mites.
The line was built by the Alamo Coal Co. to provide
ties for the output of its mine at Alamo. It is stated transportation facilithat it would be impractical for the coal company to operate the line,
place it at a competitive disadvantage with other as such operation would
district. all of which have the same freight rates. coal mines in toe same
By a contract made Aug. 3 1923 the Denver company
chase the line for the cost of construction, estimated to be agrees to purfrom $80,000 to
$85,000. The consideration is to be paid in semi-annual
installments.
upon the rendition by the coal company of statements therefor
equivalent to 15 cents per ton for each ton of coal originating in amount.
and moved in carload shipments over the lines of the Denver on the line
company to
ultimate destination on said lines, or as near to ultimate
destination on the
lines of other carriers as may be practicable: and a like
amount on each
ton of inbound carload shipments moving altogether over
Denver company, when the shipments originate on such the lines of the
greatest pract cable d.stance over its lines where the sh lines, or for the
pments or.ginate
at violins beyond the system lines, if the amounts so accruing,
as above provided shall not have been sufficient to pay the full
seven years from the corn pletion of the line, then purchase price within
any balance shall be
forfeited -V. 117, p. 2768.
Detroit United Ry.-Award.-
The board of arbitration appointed about a year
the company should pay the city for the privilege ago to determine what
of operating its interurban and freight trains over the city tracks, reported Dec.
company owes $476.035 net to the city. The total bill of 18 that the
the company
to the city is $549.963, but the city has used some of the
and for that privilege owes $56,620, and also $17,297 forcompany's tracks
power purchased
from the company.
The board sets a sliding scale upon which the two systems
will
in the future. The city will submit monthly bills to the D. U. work
vice versa. The board was appointed under the terms of the R. anti
entered into between the city and company when the former contract
took over
the latter's city system, May 15 1922. The sums above specified
are for
the 1334 months period ending June 30 1923.-V. 117, p. 2323,
1883.
East Oakland Ry.-Plan Approved.
-
See San Francisco-Oakland Terminal Rye, below.
Eastern Massachusetts Street Ry.-New Trustee.
Governor Cox of Massachusetts has nominated George M. Bryn°
of
Winchester Mass. as a member of the board of public trustees, to
Mass.,
succeed
the late ex-Gov.
W. McCall.
-V. 117, p. 2542.
Erie RR.
-Reduces War Finance Corporation Note.
-
Of the total $5,475,000 cash payment made recently to the
by the U. S. RR. Administration in final settlement for the company
a the property during Federal control, $5.000.000 was turnedoperation
over by
Iowa Southern Utilities Co.
-Acquisitions.
See Union Power & Light Co. below.
-V.117. p. 2440.
Ithaca (N. Y.) Traction Corp.-Reorg. Plan.
Mention was made in V. 117, p. 2769 of the reorganization plan for the
properties of the company. The underlying bondholders protective committee in a letter to holders of certificates of deposit of bonds under the
underlying bonds protective agreement says in substance:
Cornell University has agreed to purchase from the corporation the
apartment house on Cornell Heights and the land and water rights In Fall
Creek gorge adjoining, and to pay therefor the sum of $52,500 in cash.
The University has also agreed to accept bonds under the new mortgage,
par for par, in exchange for the $37,000 Ithaca Street By. 1st Mtge. bonds
now held by it, and also to accept par for par new bonds for the Ithaca
Street By.2d Mtge. bonds held by it. 1.85,500 of new bonds are to be sold
for cash at par. The proceeds together with the $52.500 to be paid for the
apartment house and water rights will provide cash to pay and discharge
In full all of the outstanding 1st Mtge. bonds except those now held by the
University which will be exchanged for new bonds, and the 1st Mtge. will
be thereby discharged. Holders of Ithaca Street By. 2d Mtge. bonds and
holders of Cayuga Lake Electric By. bonds will be expected to receive in
exchange for these bonds bonds to be issued under the new mortgage, par
for par. This will discharge the 2d Mtge. and the Cayuga Lake Mtge.
Holders of the $488,000 1st & Ref. Mtge.5% bonds will accept some form
of stock in exchange for those bonds and the mortgage will be discharged.
Ithaca Street Railway Co. 1st Mtge.
-All holders of these bonds, except
Cornell University. will receive payment in full in cash. The plan is
to their advantage.
Ithaca Street Railway 24 Mtge.
-The holders of these bonds receive 30
-year
6% 1st Mtge. bonds in lieu of their present 6% 2d mortgage bonds. The
present mortgage is subject so the present let Mtge. of 5175,000. Holders
of 2d Mtge. bonds will. under the plan,obtain the security of a first mortgage
with a present issue of $222,500. on all the property now owned or hereafter
to be acquired by the Ithaca Traction Corp. except the property to be sold
to tne University, two bridges over Fall Creek, and a small interest in a
lot near Fall Creek on which a small freight house of the Central New York
Southern RR. now stands. If the Traction Corporation now owns either
of the bridges, it Is proposed to vest title therein in the City of Ithaca.
reserving a right of way. This would be to the advantage of the corporation. Traction Corporation also claims that equipment. double tracking.
The
and other property of value, purchased or installed by the Traction Corporation after the reorganization of 1914, is not subject to the lien of the underlying mortgages. While the committee by no means concedes this claim.if
the foreclosure suit is prosecuted the question will probably have to be
litigated.
The new mortgage will certainly cover all this property besides all property to be acquired in the future. On the other hand,second mortgage
bondholders will lose the security afforded by the apartment house and
water rights, the proceeds of the sale of which will go toward the discharge
of the superior lien on all the property. If this plan be not accepted a foreclosure and sale in the pending action will be necessary and the junior bond
holders will necessarily be required to protect their interests by providing
protection for the existing first mortgage bonds.
Cayuga Lake Electric Railway Mtge.
-This mortgage is a lien only on the
land and tracks and superstructure from Percy Field to Stewart Park. It
is a first lien on this property, but its value disconnected from the remainder
of the system is problematical. It seems to the committee that a first
mortgage bond, part of an issue of a reasonable amount, and secured by
the entire operating property of the Company, is decidedly preferable to
present bonds.
Further Issues.
-Under the plan bonds may be issued under the new mortgage from time to time ana until the limit of $500.000 is reached to provide
extensions, additions, and improvements, not repairs or renewals, but the
proceeds of bonds are to provide for such extensions, additions, and improvements only to the extent of 25% of the cost thereof. The remainder
of the cost must be supplied from other sources. The Company states
that it proposes as soon as possible to purchase additional equipment and
make other improvement.; which are badly needed, and it is suggested that
a further issue of 575.000 may be needed for this purpose. I hese improvements ought to enable the Company materially to improve its service and
thereby increase its revenues and should add to the security behind all the
bonds.
Committee.-Mynderse Van Cleft Frederick .1. Platt, Charles 13. Bostwick, with Frank Irvine, Counsel.
Digest of Reorganization Plan Dated Nov. 1 1923.
The corporation offers the following plan. in its entirety only, for the
payment and cancellation of the present underlying mortgages and of the
let es Ref. Mtge. and its future recapitalization subject to the approval
and orders of the New York P. S. Commission.
New First Mortgage Bonds Issued.
-M1 of the operating property no's or
hereafter owned (with the exception of the Apartment House adjoining the
campus of Cornell University and the Power House rights and abandoned
pipe line, &c.. lying in the gorge adjacent to the Apartment House. the
Thurston Avenue bridge and the Stewart Avenue bridge and any interest
of said Corporation in the Freight House lot) to be subjected to a new first
mortgage of this Corporation, which would be a first lien also upon the
power contract, substation machinery, car equipment, and second track.
upon which the mortgage securing the present $488.000 1st & Ref. Bonds
is now a lien.
Under this new first mortgage there would be authorized 5500.000 of let
Mortgage Bonds of which $222,500 is to be immediately issued, as follows:
$85,500 for cash at par. 537.000 to Cornell University in exchange for
a like amount of its Ithaca Street By. Co. let Mtge. Os par for par. $7.5.000
in exchange for like amount(the entire issue) of Ithaca Street Ry.2d Mtge.
6s par for par. 525,000 in exchange for a like amount (the entire issue)
of Cayuga Lake Electric By.6s par for par.
Particulars of the First Mortgage.
-Dated Jan. 1 1924 due in 30 years.
.
int. payable J. & J. at 6% per annum at the corporation's fiscal agency
N. Y. City, without deduction for any New York State or Federal income
tax not in excess of 2%. Corporation will also agree to refund Penn.4 mill
tax Red. on any int. date on 60 days' at 105 and int., either in entirety or in
part for the sinking fund. Sinking fund to begin July 1 1929, at 2% of
greatest amount of bonds at any time issued, the cash provided by such
sinking fund to retire bonds by tender, or otherwise by lot at 105 and Int.
and bonds to be cancelled. Denom. $1,000, 5500 and $100. Ithaca Trust
Co., N. Y.. trustee.
Restrictions on the issue of additional bonds would provide: For their
issue only for additions and betterments In amounts approved as capital
expenditures by the P. S. Commission. Additional bonds in amounts
required may be certified by the trustee and delivered to the corporation
for sale on a simultaneous deposit with the trustee of the cash proceeds of
their sale under restrictions providing for the payment out by the trustee
of such cash proceeds to the extent of 75% of the cost of such additions and
betterments. Additional bonds in excess of $301.1,000 shall not be issued
unless for the preceding 12 months the corporation shall have earned not
2890
[VOL. 117.
THE CHRONICLE
Other reasons for the receivership are said to be that there are several large
less than twice the interest on the then outstanding bonds plus those desired judgments out against the company. Among these is the recently obtained
to be issued.
ec
judgment for $50.000 which was secured by former Sheriff William George
-The capital stock shall be in such amount and shall be
Capital Stock.
result of a collision between an automobile
divided into preferred stock and common stock, as the corporation shall In the Supreme Court as the the company at Jamaica -V. 117, p. 554.
driven by George and a car of
determine,subject to the approval of the P.S. Commission.
-Listing.
Table of Exchange of Old for New Securities and Cash.
New York Central RR.
-Wilt Receive
Outstanding.
The New York Stock Exchange has authorized the listing, on or after
Existing SecuritiesNew 1st Bs. Jan. 3 1921. of $31.510,620 additional Capital stock on official notice of
Cash.
37,000 issuance, making a total amount applied for $300,000,000. The stock
$138,000
175.000
Ithaca St. By.1st6s
75,000 applied for has been offered to stockholders of record Jan. 2 for subscription
75,000
Ithaca St. By.2d 6s
25.000 at par to the extent of 10% of their respective holdings. Subscriptions
25.000
Cayuga Lake Elec. By. 1st 6s
York
The $138.000 cash paid to the holders of Ithaca St. By. 1st Mtge. bond- will be received by the General Treasurer of the company in New
Payment
holders is to be realized as follows: $52,500 from the sale to Cornell Unin and by Morgan, Grenfell & Co. in London until Jan. 311924.
versity of the Apartment House, the water power rights, old pipe lines In full accompany subscriptions.
&c.,located in the gorge adjoining the Apartment House property; $85,500
Income Account for the 10 Months Ended Oct. 31 1923.
from the sale of New 1st Mtge. Ithaca Traction Corp. bonds at par.
3309.210,816: ry. oper. exp.. $231,019,336:
Holders of the $488,000 1st & Ref. 5s (which are all owned by the Central Ry. oper. revenues,railway operations
378.191.480
net revenue from
New York Southern RR. Corp.) will accept some form of stock in exchange By.tax accruals, 317,762.797; uncollect.ry.revs.,$77.468;total 17,840,265
-V.117. p. 2769,553.
and the mortgage will be discharged.
for those bonds
Railway operating income
Kalamazoo Lake Shore & Chicago Ry.-Would Equip. rents (net debit). $3.711,299; joint facility rents (net$60,351.215
882.465
Abandon Line.
credit). $2,828,834; total balance
The company has applied to the 1-9. C. Commission for permission
$59.468.751
Netrailway operating income
to abandon its entire line of road, which runs from Kalamazoo to Lawton.
22,692,383
Mich., a distance of 16 miles. The road is now in the hands of receivers 3cNon-operating income
and, it is stated, has been operating at a loss for a number of years.
$82,161,133
Gross income
V. 117, p. 781.
38.047.715
zDeductions from gross income
-Sells Terminals.
Kansas City Northwestern RR.
The Missouri Pacific RR. has purchased the land and terminals of the
for $1,200,000.
Kansas City Northwestern RR. in Kansas City,
Kan.'
The Kansas City Northwestern, which extends from Kansas City, Kan.,
to Virginia City. Neb., has not been in operation since Dec. 11919. Only
-V. 115. ro•
the terminals in Kansas City are included in the purchase.
869; V. 114, p. 738.
-To Change Name.
Kentucky Public Service Co.
The Kentucky RR. Commission has granted the company permission
to change its name to the Kentucky-Tennessee Light & Power Co. Application has also been made to the Tennessee RR. & P. U. Commission.
V. 117, p. 1021.
Keokuk & Des Moines Ry.-Lease Approved.
-V.117, p.2542.
See Chicago Rock Island & Pacific By.above.
-Plan Approved.
Key System Securities Co.
See San Francisco-Oakland Terminal Rys. below.
-Plan Approved.
Key System Transit Co.
-V. 116, p. 2766.
See San Francisco-Oakland Terminal Rys. below.
-Tenders.
Los Angeles Railway.
The Pacific-Southwest Trust & Savings Bank, Los Angeles, Calif., will
until Dec. 28 receive bids for the sale to it of 1st & Ref. Mtge. 5% bonds,
due Dec. 11940. to an amount sufficient to exhaust $46,925.-V. 117, p.
1461.
-To Fight Valuation.
Los Angeles & Salt Lake RR.
The Union Pacific RR.. which controls the Los Angeles & Salt Lake RR.,
-S. C. Commission
has begun a fight against the valuation methods of the I.
and has filed equity suits in the Southern District Court of California, at
Los Angeles. in an equity proceeding of the Los Angeles & Salt Lake RR.
-V.115, p. 942.
Co. against the United States of America.
Massachusetts Northeastern Street Ry.-To Discontinue Branch Line.
$44,113,418
Net income
Dividends, $14,302,006: sinking funds, $124,023; invest, in
14,436.029
physical property. $10,000; total
x Under the heading "non-operating income" and "deductions from gross
Income" are included the results of operations of Boston & Albany RR.
and Ohio Central Lines, respectively.
General Balance Sheet.
Oct. 31 '23. Dec. 31 '22.
Oct. 31 '23. D€€. 31 '22.
$
AssetsInv.in rd.& eq _813,605,472 791,042,808 Capital stock. .268,223,075 267,981.915
Funded debt_ _ _774.020,419 762,956,287
Impts, on leased
railway prop_107,375,914 103,925,276 L'ns & bills pay_ 6,500,000 12,513,000
Traff.& car-se:v.
Dep. In lieu of
bal. payable.. 4,559,361 4,494,875mtged. prop
117.721 Aud. accts. &
23,966
sold
wages payable 28,860,796 28,939,504
Misc. phys. prop 13,563,998 13,469.662
5nv.in affIl. cos_230,489,508 218,667.297 Misc. acets. pay 9,446,265 3,723,078
Other Investmls 54,303,011 73,925,912 Int. mat'd unpd 5,413,513 2,687,595
34,658,120 15,367,193 Divs. mat'd unpd 4,899,520 3,552,617
Cash
Special deposits. 3,888,124 6,925,714 Fd. debt mat'd
118,090 3,426,090
unpaid
746,204 1,253,261
Loans Fr. bills roe
Unmat. Int. accr 5,518,554 6,664,782
Trait.& car-serv.
715,708 Unmatured rents
740,638
balances rec.3,463,520 207.183
accrued
Agts.& cond. bal 6,926,864 7,930,920
8,474,816 8,721,336
Misc, accts. me_ 27,803,203 25,174,090 0th.curr. Ilab
Mat'!& supplies 46,011,609 34,172,934 U. S.Govt. Dot.
liabilities _ _ _ _109,488,248 108,601,697
Int. dr dIvs. rec.
0th.def. nab. 17,669,720 17.686,329
& rents receiv 6,783,228 7,730,281
7,566,520
Oth, curr. assets 1,306,395 1,463,085 Tax liability.. 14,004,521
assets_ 3,527,912 2,356,987 Ins. dc casualty
Deferred
887,161
949,021
reserves
U. S. Govt. def.
96,626,352 90,690,658 Oper. reserves-- 7,357,884 7,333 928
assets
Accrued deprec_ 73,862,287 68,320,610
Unad.). debits._ 32,023,122 40,078,247
0th. unadl. cred 17,198,065 9,817,353
Secur. seq. from
126,851 Add'ns to prop.
125.001
lessor cos.. _ _
through Inc.&
250,458
359,409
surplus
983,500
3,11se, fund res.. 1,105,975
Profit & loss, ba1118,910,584 100,285,964
See. seq. from
126,851
125,001
lessor cos
The New Hampshire P. S. Commission has authorized the company to
discontinue service between Salem. Pelham. Hudson and Taylor's Falls
Bridge in Nashua, N. II. The award will permit the company to discontinue service between Nashua and Lowell and Nashua and Lawrence, N. H.
14 miles of track are affected by the decision.
The decision provides that the property shall be sold to the Nashua
Street By. Co. or any other purchaser if they will pay as much for it as may
be obtained by scrapping the road. The company maintained that the
1480,528,644 1435134635
Total
branch was not earning operat.ng expenses as a result of the compet.tion -V.
117, p. 2770, 2653.
-V.117, p. 2542.
by automobile and bus line traffic.
-Strike Ended.
Missouri & North Arkansas RR.
The railroad strike in progress since Feb. 1921. and marked by rioting
and widespread destruction of property, ended Dec. 21, as a result of an
agreement reached in Circuit Court at flarrison. Ark., disposing of criminal
charges pending against strikers accused of sabotage and the issuance of an
order officially calling off the strike.
The agreement came after conferences conducted by Frank L. Mulholland, attorney for the striking employes, and representatives of the various
labor unions and court officials.
Under the agreement prosecution of indicted strikers will be dropped, a
pardon will be asked for Luther Wise and Vurlen "Red" Orr, now in the
State Penitentiary for arson, and bondsmen for Albert Stevens. a striker.
who failed to appear for trial, will be released from payment of $10,000 bond
furnished to guarantee his appearance. The unions are to pay bonds
aggregating $20,000 put up for the appearance in court of the eighteen strikers and since forfeited.
J. C. Murray. Gen. Mgr., said the road would retain its present working
-V.115. p. 2047.
force intact and continue its open shop policy.
-Purchases Terminals.
Missouri Pacific RR.
-V. 117. p. 2323, 1884.
See Kansas City Northwestern RR. above.
Nashville Chattanooga 8c St. Louis Ry.-Acquisition.-
The company is reported to have acquired the plant and property of
the Cumberland Coal & Lime Co., Cumberland, near Bridgeport, Ala.
-V. 117. p. 1017.
-Past Year
New York New Haven & Hartford RR.
Record-Outlook-To Pay Bonds.-Pres. E. J. Pearson, New
Haven, Dec. 22, in a letter to all officers and employees says:
During the season just past the New Haven System has made a fine
record. Since early spring a larger volume offreight has been haudled over
a sustained period than in any similar period in the history of the system.
This business has been well handled. Freight car movement has been more
rapid than ever before. The financial results for the year will show an
Improvement over 1922, and the prospects for net income for 1924 are
encouraging.
The New Haven is the largest transportation system serving Southern
New England. Our success depends upon giving our friends, the public,
the kind of service to which they are entitled. It is our duty as well as our
comprivilege to do this. New England is a fine section of the country; home
pactly located. densely 'populated and rich in industry. Ours is a
controlled, well operated system. If we not only continue the good work
we have been doing, but better it where we can, it will soon resume its
rightful position as one of the strong financial systems; one of which the
public, the security owners and the workers may well be proud.
[The $415,000 5% bonds of the Meriden Horse RR. due Jan. 1 1924 will
be paid off Jan. 1 at office of Girard Trust Co..Phila..Pa.l-V.117. p.2770.
329,677.388
Surplus
Total
1480,528,644 1435134,635
-Application.
Niagara Lockport & Ontario Power Co.
The company has applied to the New York P. S. Commission for permission to acquire by condemnation certain additional water and riparian
-V. 117. p. 2331.
rights below its present developments.
-The
Northern Pacific Ry.-Where the Money Goes.
"Information Bulletin" issued by the company says:
What has happened in 5 years to the railroad business in the Northwest
is strikingly shown in facts made public by the Company. The informs.
tion follows:
Last year we paid our men $45,226,134: in 1917 the pay roll was $31,658,202-increase $13,567.932.
In 1922, the Northern Pacific's coal bill was $10,233,709; in 1917 it was
$8_,046,981-increase $2.186,728.
Material other than fuel cost 312.587,412 in 1922: In 1917, 58,022,047
increase 34,585.365.
During the same years, taxes jumped from $6,910,728 to $8,430,583
increase $1,519,855.
Gross earnings in 1917 were $88,216,588; in 1912. $96.651,083-increase
$7.834,495.
In 1917. the 38.000 owners of 3248,000.000 Northern Pacific stock were
paid $17.360,000 as return on their investment; in 1922, only 612,400,000
decrease $4,960.000.
Pacific actually earned 5.94% return for its owners on their
The Northern
investment in 1917; in 1922. only 3.53%. Dividends have been decreased
from 7% to 5%.
These figures show that in 5 years the increase of railroad earnings has
been disproportionate to railroad operating costs and that investments in
railroad property have not brought the return which was originally promised
or the return of5 /4"% which has been specifically authorized by the government as fair and reasonable.
The Northern Pacific's tax bill was $22.919 a day in 1922. In 1900, the
railroad's taxes were 31,025.631-in ton, 38,365,470. Northern Pacific
taxes more than doubled between 1912 and 1922,increasing from 33,806.463
to $8,365,470.
Northern Pacific Tax Payments Since 1900.
1921
87.203,316
58,971,473
1917
31.025,631
1900
1922
9.971,891
8,365.470
1920
3,139.834
1910
3,806,463
1912
Northern Pacific taxes for 1922 consumed 8.77 cents out of every dollar
of gross-earnings, and 35.71 cents out of every dollar of net earnings.
V. 117, 2543.
Oakland-Hayward Ry.-Plan Approved.
See San Francisco-Oakland Terminal Rye. below.
-Financing-No. of Stockholders.-Pennsylvania RR.
The Company, according to reports in the financial district, is considering
the sale of 650.000.000 5% Ref. bonds early next year to bankers in an effort
- to dispose of part of the $70,000,000 which is owed the Government and on
-Receivership.
Island Traction Co.
New York & Long
was which 6% interest is being paid. The road has petitioned the Government
An order appointing Charles L. Addison of Hempstead as receiver,
in the interest rate from 6% to 43(%.
made in the Queens Supreme Court Dec. 21 by Justice Van Sicien on the for a reduction of stockholders on Dec. 1 totaled 143.406, an increase of
The number
contingency that operation of the line is to be kept up. serving of a sum- 5.977 as compared with Jan. 1 1923. The average holdings Dec. 1 were
appointment of Addison as a receiver followed the
The
shares, a decrease of 3.42 shares compared with a year ago. Foreign
mons amf complaint upon officials of the company in an action brought in 69.63
totaled 2.868. an increase of 37 compared with last year.
the Nassau Supreme Court by Lincoln C. Andrews, receiver of the New stockholders 2324.
compel the appointment of a receiver for -V. 117, p.
York & Queens County By. to
Queens Comthe line. Several weeks ago the receiver of the New York & Hempstead,
-Sale Approved.
Point Pleasant (N. J.) Traction Co.
pany obtained an order directing the First National Bank of
The New Jersey P. U. Commission has approved the sale of the property
Co..
the depository of the funds of the New York & Long Island Traction New
and the surrender of its franchise. Operation ceased in
of the company
to pay to the Queens company receiver $29.107. money owed to the
York & Queens company for a number of years. An examination of the 1919.-V. 111. p. 793.
company's financial status in supplementary proceedings brought out the
-Merger.
Potomac Public Service Co.
fact that the company is not financially sound and Receiver Andrews im-V. 116. p. 2007.
See Potomac Edison Co. under "Railroads" below.
mediately began an action to have a receiver appointed.
DEC.29 1923.]
THE CHRONICLE
Public Service Corp., N. J.
-Company Has Done Well in
1923.-Pres. Thomas N. McCarter, is quoted-as follows:
We have done very well in 1923. Notwithstanding losses caused by the
strike on our street railway properties we already show 11 months earnings
after all charges and preferred dividends of over $3,000,000. Our ultimate
showing for the year should be around $8,600,000. These figures are quite
satisfactory when it is taken into consideration that they include the losses
due to the strike causing cessation of operations by the
and that there has been plowed back approximatelyPublic Service Ry.,
$6.000,000
earnings into our physical properties. This latter has always been out of
one of
our definite policies.
Sales of electricity and gas have shown large increases. In the first 11
months of 1923 sales of electricity totaled 603,000,000 kw. h. against
478,000,000 over the same period last year, an increase of 26%. Gas sales
show an increase of 11.35% over 1922. Public Service Gas Co. and Public
Service Electric Co.together have passed the 1,000,000 mark in the number
of meters now in use.
The first half of the new electric plant at Kearney. N. J., will
late in 1925. By the time this plant is completed we will need be finished
additional
facllitle.s if our territory continues to expand at its present rate of growth.
Our section of New Jersey has grown at an amazing rate and we have been
hard put at times to keep up with it. With the completion of the vehicular
tunnel and the proposed bridge across the Hudson, the industrial and commercial expansion of this territory will be even more rapid.
The cost of the first half of our plant at Kearny. with an initial installed
capacity of 187,000 KVA or 200,000 h.p., will approximate $20.000.000,
all of which has been financed. These facilities at the command of New
Jersey's industries will contribute greatly to the economic development
and
• growth of the State.
I think the customer-ownership policy is one of the saving graces of the
utility industry. Largely through customer-ownership, we have been able
to increase our stockholders from 2,500 a
to-day. Through new campaigns we will little over a year ago to 30,000
further increase
our stockholders and help our future financing materially. the number of
-V.117, p. 2324.
2213.
Public Service Ry., N. J.
-Would Sell Terminal.
-
The company has filed an application with the New Jersey P. U.
mission asking authority to sell the company's Newark terminal Comto the
Public Service Corp.,the holding company. A purchase price of$2,500,000
and the assumption of a $5,000,000 mortgage has been fixed.
-V. 117.
p.2433, 1557
Reading Co.
-Segregation ApprovedThe U. S. District Court at Phila. Dec. 28 approved what the
has done so far to bring about the segregation of the railway company
and coal
companies.
The new features of the approval order are sanctioned by
the appointment of officers and directors of the new coal the Court of
company
-the
Philadelphia & Reading Coal & Iron Corp.
Officers.
-President, W. J. Richards; V.-Pres., R. J.
Montgomery:
V.-Pres. & Rec., Wm. H. McEwan, Treas.; David
Wilson, Asst. Sec.;
Martin P. McDermott, Asst. Treas., Charles A. Hurss.
Directors.-Joseph M. McCall, N. H. Fairbanks. NV. J.
Montgomery, W. H. McEwan and George C. Coughlin. Richards, R. J.
Another feature approved was the naming of
Drexel & Co. as transfer agents for stock of the J. P. Morgan & Co. and
Bankers Trust Co. of New York and Fidelity new coal company; and the
Trust Co. of Philadelphia,
as registrars.
Approval was also given to the merger of the Reading
Philadelphia & Reading Ry. and to the issue of $63.084,666 Co. and the
of bonds, which
was sanctioned by the I. S. 0. Com.nission Dec. 27;
also
Reading Co. to operate its numerous subsidiary lines ofthe right of the
railway,
matter was likewise approved by the Pennsylvania P. Commission which
.8.
Dec.27
The Court directed the company to proceed forthwith
the remaining details of the segregation plans, one of which to consummate
is the surrender
by the Reading Co. of its corporate franchises as a holding company
and
the acceptance by it of the State constitution making it an operating company. This latter proceeding is now pending in Common Pleas Court.
-V. 117, p. 2654.
2891
Rys. • It is authorized to own and hold all the stock except qualifying directors' shares of the three subsidiary companies and shall lease and operate
the properties of the two subsidiaries, which are to acquire operating railroad properties-the East Oakland By. and the Oakland & Hayward Ry.
The trustees are directed to convey to the Key System Transit Co. all properties acquired at the foreclosure sale except such as are to be transferred to
subsidiary companies. (Compare reorganization plan, as amended, in
V. 115, p. 544.) See also V. 117. p. 1348, 327.
Stewartstown RR.
-Stock Application Dismissed.
-
The I.
-S. C. Commission on Dec. 17 dismissed the application of the
company for authority to issue $100,000 capital stock. The report of the
Commission says:
The company sought authority to issue $10,00Coronstock for the
tose oaunaf dpagiiofftg mortgage
4rc e tgent onwihec isionofcontroft t
:
f
g
the New Parlw
awn
carrier and for other capital purposes. At the time this application was
filed the applicant indicated that at proposed to file an application for authority to acquire control of the New Park company. To date no such
application has been filed, and though the applicant indicates that it still
proposes to file such an application, the date is indefinite and the applicant
has further indicated that such control may be acquired, if permitted by us,
In some manner other than by the issue of securities.
3
Tennessee Electric Power Co.-Pref. Stock for Customers.
The company is offering locally to its employees and patrons an issue
of 7.20% First Pref. stock. The stock is offered at par ($100 per share)
and may be paid for in full at time of subscription or in monthly installments
of $10 per share. Dividends of 60 cents per share are payable monthly or
at the option of the holder quarterly (Jan., &c.). This issue of 7.20%
Prof. stock amounts to $1.000,000, and is part of the authorized issue of
$15,000,000 1st Prof. stock, the balance consisting of $8.500,000 7% 1st
Pref. and S5.500.000 6% 1st Prof. All classes of 1st Pref. are of equal
rank and diva, are cumulative.
-V. 117, p. 2111.
Toronto Hamilton & Buffalo Ry.-New Director.
-
Anthony D. McTler has been elected a director to succeed the late
Lord Shaughnessy.
-V. 116, p. 2131.
Twin State Gas & Electric Co.
-Stock Authorized.
-
The company has been authorized by the New Hampshire P. S. Commission to issue $83,200 of 7% Prior Lien stock at not less than par to pay
for construction work in 1922. The Commission has also modified the
previous order by which the company will issue $34.300 bonds instead of
$89,000, and *87,300 stock instead of $48,900.-V. 117. p. 1237.
Union Pacific RR.
-Listing, &c.
-
The New York Stock Exchange has authorized the listing of $20.000.000
additional 1st Lien & Ref. bonds due June 1 2008, bearing interest at the
rate of 5%, on official notice of issuance in exchange for outstanding temporary certificates therefor or outstanding temporary bonds, making a total
amount of *85,902.000 1st Lien & Ref. Mtge. bonds applied for, the bonds
heretofore applied for being $65,902,000 4% bonds.
Income Accountfor Eight Months Ended Aug.311923.
Operating revenues, $128,716,699; operating expenses'.$98,752.073; net revenues
864 6
$2 :8 : 26
9 964 763
Taxes, $8,851,086; uncollectible ry. revs., $13,677; total
Railway operating income
Rents from use of joint tracks, yards and terminal facilities_ _
*21,099.863
825,562
Total income
$21,925,425
Hire of equip., debit bal. $1,775,357; rents for use of joint
tracks, yards and terminal facilities, $1,464,953; total
3,240,310
Net income from transportation operations
$18,685.115
Income from inv. & sources other than transport. operations_ - 10,449,484
Total income
$29,134,599
Int. on funded debt, $11,139,391; misc. rents, *37.115: misc.
charges, $262,156; total
Rhode Island Suburban Ry.-Payment on Bonds.
11,438,662
Pursuant to the terms and provisions of an order of the Rhode
Net income from all sources
Superior Court approving the third report and petition of Arthur A. Island
$17,695.938
Thomas, -V. 117. p. 1665.
Special Master in Chancery, entered Nov. 20 1923, notice
on and after Jan. 1 1924 holders of (a) 1st Mtge. bonds of is given that
the Pawtuxet
Union Traction Co. Phila.-Appoints Committee.Valley Electric Street By. and coupons appertaining thereto due
.
The directors have appointed Joseph Gilfillan and John J.
1919, and (b) 1st Mtge. bonds of the Rhode Island Suburban 3111Y 1
Ry. and a committee to represent the company in conferences to be held Sullivan as
coupons appertaining thereto due July 1 1919 and Jan. 11920. may
present mittee already appointed by the Philadelphia Rapid Transit with a comthe same to Rhode Island Hospital Trust Co., Providence,
Co. and to be
R. I.,
presentation and stamping thereof, as provided in the order, and upon appointed by the Philadelphia Traction Co. relative to a Gilfillan proposal
the
Island Hospital Trust Co., as agent of the Master in Chancerry, Rhode for consolidation of street railway companies in Philadelphia. (See P.R. T.
will pay: in V. 117, p. 2770.)-V. 117, p. 2771.
)(1) upon each 1st Mtge. bond of the Pawtuxet Valley Electric Street
y. of the denomination of $1,000 the sum of
United Traction & Electric Co., Providence, R. I.
due July 1 1919 appertaining to a bond of $243 90;(2) upon each coupon
the Pawtuxet Valley Electric
Street By. of the denomination of $1,000 the sum of $6 10;
Pursuant to the terms and provisions of an
1st Mtge. bond of the Pawtuxet Valley Electric Street Ry. (3) upon each Superior Court. approving the third report and order of the Rhode Island
petition of A. A. Thomas.
a the denomina- Master in Chancery, entered
tion of $200 the sum of $48 78;(4) upon each coupon due July
Nov. 20 1923. notice is given
1
taining to a bond of the Pawtuxet Valley Electric Street Ry. of 1919 apper- after Jan. 1 1924 holders of the 1st Mtge. bonds of the Unitedthat on and
nation of $200 the sum of $1 22: (b) (1) upon each 1st Mtge. the denomi- Electric Co. and interest warrants of Mar. 1 1919 and Sept. 1 Traction &
1919 apperbond of the
Rhode Island Suburban By. the sum of $240 38; (2)
taining thereto, may present the same to the Industrial Trust Co., Providue July 1 1919 and Jan. 1 1920 appertaining to each upon each coupon dence, R. I., and upon presentation and stamping thereof, as provided
1st Mtge. bond of
in
the Rhode Island Suburban By. Co. the sum of $4 81.
the order, the trust company, as agent of the Master in Chancery, will
The properties covered by the above mortgages
pay upon each bond the sum a $239 77, and upon
into the United Electric Rys. per plan in V. 112, p. are now consolidated rants due Mar. 1 1919 and Sept. 1 1919 the sum of each of the interest war564.-V. 113, p. 184.
S5 95.
This company has been succeeded to by the United Electric Rys. Co.,
St. Louis Rocky Mtn. & Pacific Co.
-Omits Common.
- per reorganization plan in V. 112, p. 564.-V. 113, p. 184.
The directors have voted to omit the payment of the quarterly
dividend
Virginia Railway & Power Co.
of 1% usually paid Dec. 31 on the outstanding $10,000,000 Common
-Dividend of
stock,
par $100. Quarterly dividends of 1% were paid on this issue
The directors have declared a dividend- of 1 Si% on the
stock,
from March payable Jan. 24 to holders
1919 to September 1923 inclusive.
of record Jan. 2. The company in 1923 _paid
Pref,
two cash dividends of 3% each, one in January and the other in July.
The regular quarterly dividend of l3-% has been declared on
the 5% In January 1921 and January
non-cumul. Preferred stock, payable Dec. 31 to holders of record
1922 dividends of 6% each, in Prof. stock,
Dec. 20.
were paid. (Compare V. 115, p. 2906.)-V. 117. p. 2772.
President J. Van Houven says that earnings of the
have been far below normal and the outlook for a return to company in 1923
normal conditions
Wellington Grey & Bruce Ry.-Bonds Called-Interest.
while giving promise of improvement, makes it advisable
to conserve cash
resources.
Forty-seven (54.700) First Mtge.7% bonds have been called for payment
-V. 116, p. 1771.
Jan. 1 at par and int. at the offices of the Canadian National R. Montin
real, Canada, and London, England. (See also Geand Trunk Ry. above.)
St. Louis-San Francisco Ry.-New Vice-Pres. &c.
-V. 116. p. 2995.
J. E. Hutchinson, Can. Mgr., has been elected to the
new office of
Vice-Free. in charge of operations, with offices in St. Louis. A.
H.
Western Pacific Ry.-Final Payment by Special Master.
has been appointed assistant to Mr. Hutchinson. J. H. Fraser, Jones
Amt.
Francis Krull, Special Master, gives
Gen. Mgr. in charge of the second district at Springfield, Mo.,
the U.S.
has been for the Northern District of California notice that order filedDistrict Court
appointed Gen. Mgr. to succeed Mr. Hutchinson. These
has, by an
Dec. 15 1923,
changes will directed that the Special Master pay out of the sum of $11,150 96
become effective Jan. 1.-V. 117. p. 895.
now
remaining unclaimed in his hands for the payment of principal and interest
on bonds which have not heretofore been presented., the proportionate
Saginaw Transit Co.
-Operations.
-amount directed to be paid under the order
Earnings of the company for November, the first month
Court
of operation, to the holders of said bonds, together withof thisportion of Oct. 11 1916
showed gross earnings of $29,646. After deduction of operating
such
of the interest
expenses
and taxes of $23,601; balance available for bond interest was $6,044, as fund hereinafter referred to and accumulated after Oct. 28 1916 as may be
apportionable to said bonds, and has fixed Jan. 2 1924 as the date for makcompared with monthly requirements of $2,475.
After being without street railway service for more than two years, opera- ing such payments.
The said Court has further ordered that the Special Master pay to the
tions in the Michigan city were partially resumed on Nov.
equipment gradually was placed in operation until by Dec. 1 and additional holders of bonds which have heretofore been presented subsequent to Oct.28
was well organized and "jitney" competition eliminated. A 1 transportation 1916, out of the interest accumulated subsequent to Oct. 28 1916, such
total of
amount of interest as may be apportionable to each of said bonds, and
imately 465.000 passengers were carried during the month of which approx- fixed
has
393,334
Jan. 2 1924 as the date for making such payments.
were revenue passengers -V. 117, p. 1993, 1778.
The Court has further ordered that any portion of the sum of $11,150
96.
together with any portion of the interest fund of $18,847 79 now in the
San Francisco-Oakland Terminal Rys.-Plan.hands
The California Railroad Commission has approved the general reor- of the Special Master and remaining unclaimed in his hands after Mar. 1
ganization plan of the "Key System," nut with the stipulation that reor- 1924, be immediately. after Mar. 1 1924, paid by the Special Master in
the above entitled Court to be disposed of in accordance with the
ganization fees and expenses totaling about $500,000 must be paid
laws.
All bondholders of the Western Pacific Ry. who are entitled to
not profits or surplus and not be made a charge against the public. out of moneys
payment of
under the orders of Court above referred to are requested
The Commission points out in its decision that the trustees, Hugh Good- sent
to ore..
fellow. Warren Olney and 'W. I. Brobeck, purchased the railways for $10,- Post their bonds to the Special Master for such payment at Room 247.
Office Building, San Francisco, Callf.-V. 117, p. 1557.
000,000 at the recent foreclosure sale, paying $338,165 in cash and
$9,601.835 by credit, endorsed pro rata upon the bonds deposited under the reorganization plan.
The capitalization of the new corporations under the approved refinancINDUSTRIAL AND MISCELLANEOUS.
ing will be as follows; (a) Key System Transit Co., $17,750,000; (b) Key
System Securities Co., $2,600,000; (c) East Oakland By.. $10,000 (instead
The following brief items touch the most important
develof $250,000 applied for); (d) Oakland & Hayward By., $10,000 (instead opments in the industrial
world during the past week, toof $250,000 applied for).
The Key System Transit Co. will serve as the principal company and will gether with a summary of similar news published
in full
own and operate the properties of the old San Francisco-Oakland Terminal detail in last week's
"Chronicle."
if
1%7.
0-
2892
THE CHRONICLE
Steel and Iron Production, Prices, &c.
The review of market conditions by the trade journals formerly gives
under this heading appears to-day on a preceding page under "Indication
it
of Business Activy.'
Coal Production, Prices, &c.
The United States Geological Survey's report on coal production,together
with the detailed statements by the 'Coal Trade Journal" and•the 'Coal
column,
4•e." regarding market conditions, heretofore appearing in this
Will be found to-day on a preceding page under the heading "Indications
of Business Activity."
Oil Production, Prices, &c.
The statistics regarding gross crude oil production in the United States.
appearing
compiled by the American Petroleum Institute and formerlypage.
under the above heading, will be found to-day on a preceding
Prices, Wages, and Other Trade Matters.
-cylinder car
-New improved single 6
Packard to Announce New Model.
to be announced Thursday.. Dec. 27 at an advance in price of $100. accord'Daily Financial America' Dec. 24, p. 1.
ing to Detroit dispatch.
-Wage advance of
-Year Wage Contract.
Building Trade Unions Sign Two
Nov. 1.
50c. per day the compromise after demand for $1 per day increase 1. and
years. "Times" Dec. 25. p.
Rate now $10 50 per day for two
Dec. 28, p. 17.
has withU.S. Rubber Co. to Advance Certain Price Lists 10%.-Company
require cotton
drawn quotations on all mechanical rubber goods which 1, will be about
duck and yarn in manufacture. New prices, effective Jan.
No change will be made
10% higher, due to rising cost of cotton and yarn. rubber. "Boston News
for articles manufactured almost entirely of
Dec. 28, p. 11.
Bureau"
Way.
Consolidation of Shoe Workers' Unions in Haverhill, Mass., Under
Protective
Preliminary plans for consolidating the Haverhill Shoe Workers' by repreWorkers of America have been accepted
Union and United Shoe
the Haversentatives of each. The present union has an agreement with
28.p.2.
hill Shoe Manufacturers'Association. "Boston News Bureau" Dec.
Employment and wages in
Matters Covered in "Chronicle" Dec. 22.-(a)
Illinois in
Pennsylvania, la. 2700. (b) Review of industrial situation in differences
November, p. 2700. (c) Copper Export Association; reported exceptional
likely of adjustment, p. 2701. (d) Building operations of
operations in
magnitude; figures for November, p. 2703. (e) Building
of AmeriCanada, p.2703. (f) Half of coal mines in East shut down;report
operations
can Ry. Association, p. 2705. (g) Lynn shoe factories resuming
reduction, p. 2705. (h) Apprentice lack hurts induson basis of 159' wage
restrictions, says
try; 80,000 skilled workers lost in 10 years through union shop to develop
McIntosh, p. 2706. (0 Gadsden (Ala.) citizens adopt open
report on crop of 1923, p. 2706. (k) Evercommunity, p. 2706. (1) Final
2707.
ett Mills close in Lawrence, Mass.•, York and Edwards also close, p.
strike,
(I) Paper handlers' union retires officers who tried to aid outlaw
City compositors and
P.2708. (m) Increase of $3 a week granted to N. Y. Y. Stock Exchange
pressmen, p. 2708. (n) President Cromwell of N.
p. 2711.
would tighten lines against certain depositors of banking houses,checking
to discontinue
(o) Some brokerage houses in New York decided p. 2712. (p) Investors
of "moneyed capital" tax law,
accounts because
Brokerage
are advised to take losses now for tax reductions, p. 2712. (q)
State
firm of D. W. Woods & Co., 42 Broadway. N. Y. City. closed by
p. 2712. (r) State closes brokerage firm of
Attorney-General Sherman,
Supreme
Hagerman & Co.. 66 Broadway. N. Y. City. p. 2712. (s) U. S. (t) ReCourt upholds Iowa law taxing shares of national banks, p. 2713. Mellon,
draft of revenue Act embodying tax revision proposals of Secretary
p. 2714. (u) Secretary Mellon on cost to Government of bonus proposals;
of
A. Platt Andrews's figures. p. 2715. (v) Lewis E. Pierson, Chairman
times;
Board of Irving Bank-Columbia Trust Co.,on lower taxes and better 2716.
as evidenced in high rents and prices of necessities, p.
tax burden
previous
(w)Income and profits tax collections in 1923 were 19% lower than Canada
year; report of Internal Revenue Commissioner, p. 2717. (x) against
American fishing vessels in retaliation
authorizes restrictions on
S.
American tariff, p. 2720. (y) Sign new commerce treaty between U.
and Germany: belief of shipping men that it nullifies Marine Act, p.2721.
to Brotherhood Engineers'
(z) Central Trades and Labor Council opposed
banking project, p. 2724.
-Bonds Offered.
Adirondack Power & Light Corp.
Mention was made in V. 117. p. 2773 of the offering by Harris. Forbes &
Co., Coffin & Burr. Inc.. and E. H. Rollins & Sons at 99 and int., to yield
1
about 6.07% of $850,000 1st & Ref. Mtge. 6% bonds of 1920 due Mar.
1950. A circular further shows:
-Does the entire electr.c light and power business in SchenecCompany.
tady, Oneida. Glens Falls. Saratoga Springs. Amsterdam, Watervliet and
many other communities in the Mohawk and Upper Hudson River Valleys
of N.Y.State. Does the gas business in the first four of these communities
and furnishes, under long time contracts, all of the electricity used by the
distributing companies in Troy and Mechanicville and by practically all the
electric railroads in the territory. It serves directly and indirectly a population of approximately 700.000. kw. of installed hydro-electric generating
Company owns over 50.000
andcapacities on tl Hudson and Hoosic Rivers and East Canada Creek,
wide.
is in a peculiarly favorable position to take advantage of the large
kw
veloped- water powers in this territory. A recently installed 15.000
total rated
unit in the Amsterdam steam power plant has increased the purchases
capacity of that plant to 30.000 kw. In addition Company now
new 30,000
under contract the entire output of the International Paper Co.'s
kw. hydro-electric plant located at Sherman Island.
Earnings 12 Months Ended November 30 1923.
$6,895.380
Gross earnings
4.815,424
Oper. Exp., maint.. taxes Sc rentals
1.071.260
Mortgage Bonds requires
Annual interest on $18,921.000
$1.008,898
other int.. depree., divis., &c
Balance for
Authorized. Outstanding
Capitalization$12,0410.000 x$9,243,000
Common Stock
10,000,000 x 5,322.800
cumul. dive
Preferred stock payingj79'
2,554,700
3,000.000
8 cumul. diva
394,100
(Closed)
Debenture Bonds59',due 1930
111.271.000
y
lit & Ref. M.Ser. of6s. due 1950 (incl. this issue)}
2,500,00o
do Series of5Sis, due 1950
5.000.000
(Closed)
Adirondack El. Pwr. Corp. 1st M.5s. 1962
150.000
(Closed)
United Gas,El. L.& Fuel Co. Consol. 5s. 1929outstanding 1596,000 Common stock and $9,800
x In addition there is
of
Preferred Stock of Adirondack Electric Power Corp., for the retirement of
which a like amount of the Common and 7% Prof. Stock respectivelyfor
except
the Adirondack Power & Light Corp. Is reserved. y Unlimited 2325.
-V.117. p. 2773,
the conservative restrictions of the indenture.
-Meeting Adjourned.
All-America Cables, Inc.
The special meeting of stockholders has again been adjourned until
Jan. 10. See V. 117. p. 2656, 2773.
-Unfilled Orders, &c.
Allis-Chalmers Mfg. Co.
An authoritative statement says: Unfilled orders as of Nov. 1 aggregated
approxi$12,200,000. compared with $12,575,000 as of Oct. 1. Orders are the total
1, when
mately $1,000,000 below the high point reached on July rate, but billings
was $13,140,000. New business is coming in at a fairworking off an achave been increased for several months with the idea of
cumulation of old orders. The decline Is due rather to increased shipments
than smaller sales. The number of employees has also fallen off slightly,
month and
with 6,742 for Nov. 1 compared with 6,833 for the previous
6.904 for Sept. I.
a
were received during November, but there has beenas
No large orders
is somewhat hesitant
steady flow of small orders. In general, buying during the spring, when
compared with the rapid purchasing movement
profits are expected to run
order books were increased by $5,000,000. Notheavy shipments continue,
at the recent high level for several months as -V. 117, p. 1994.
of the smaller supply of now business.
regardless
Alms & Doepke Co., Cincinnati, O.-Pref. Stock Offered.
-The bankers named below are offering at 100 and div.
$500,000 7% Cumulative Pref. (a. & d.) stock.
and their
sources
The shares offered have been acquired from private
any way; neither is the
re-sale will not affect the capital of the company in
ample
need any new financing, having
company considering nor does itdiscounts on purchases made.
capital to enable it to accept all
[VoL. 117.
-R. E. Field & Co.. Fourth & Central Trust
Bankers Making Offering.
Co. Ashbrook Bros., Hunter, Budde & Duble, A. E. Aub & Co., E. U.
Irwin & Co., Bohmer, Reinhart & Co., Lincoln National Bank, Braun.
Bosworth & Co.. Otis & Co., Bruner & Reiter Co. Pearl-Market Bank,
& Hall,
Brighton Bank & Trust Co.. Wm. R. Compton Co., RobensCo., The
Dominick & Dominick, Second National Bank, W. E. Fox &
Friedlander, The Well, Roth & Irving Co..
Tillotson & Wolcott Co., Edgar
Grau,Todd & Co. and Westheimer & Co.,all of Cincinnati.
-J, After Jan. 1 1933, callable at 105 and dividends as a
Dividends Q.
whole or in part (except sinking fund) on any div. date on 30 days' notice.
Issuea.
Authorized.
Capitalization$2,400,000 $2,400,000
7% Pref..stock (Par $100)
1,200.000
1,200,000
Common stock (Par $100)
The capital as given above, both preferred and common, has been built
up entirely through earnings from an initial investment of $10,000 made
in 1865. The capital stock issued at the time of Incorporation in 1889
and the capital stock issued in the re-organization in March 1923. both
the business.
represented actual book values resulting from earnings left in the company
-At the present time, the store and buildings of
Property.
cover more than one entire city block containing 621,725 sq. ft., being
approximately 15 acres of floor space. The real estate and buildings are
all owned in fee and carried on the books at very conservative figures.
-Annual sinking fund equal to 3% of the outstanding
Sinking Fund.
preferred stock begins March 1925. This sinking fund can only be used
for the retirement of preferred stock.
Net Earnings After Federal Taxes, Deprec., &c., Deductions for Cal. Years.
$164,405
$277,121 1920
$292,221 1916
1912
232,369 .
272,906 1921
251.331 1917
1913
333,854
285,986 1922
215,599 1918
1914
1923(est.)- -_ 355,000
486,887
248.257 1919
1915
-V. 116, p. 1535. 1278.
-Offer of Purchase-Earnings.
Amalgamated Oil Co.
For offer of Associated Oil Co.to purchase the minority outstanding stock
see that company below.
Income Account for Stated Periods.
6 Mos. end. Year end.
June 30'23. Dec. 31 '22.
Period- $4,245,297 $5,050,750
Operating income (including interest received)4,305,895
2,636,882
Operating expenses
232,150
129.295
Taxes and interest
336,289
588,181
Depreciation and depletion
Balance,surplus
Previous surplus
Total surplus
Dividend appropriations
Loss on retired physical property
Miscellaneous items
$890.939
930,874
$176,416
1,019,558
$1,821.813 $1,195,974
$150,000
$75,000
113,231
13,528
1,868
33,417
$930,874
$1,699,868
Profit and loss surplus
Comparative Balance Sheet.
June 30'23. Dec.31'22.
June 30'23. Dec.31'22.
Liabilities
Beal est. & leases-x5,720,884 5,701,511 Common stock_ __y5,000,000 5,000,000
Due to aril. cos.. 1,426,891 2,672,686
Impts.. devel. and
275,000
peril property.x5,960,187 5,204.736 Loan dr bills pay'le 700,000
99,489 Audited accounts_ 847,0971 528,544
x104,569
Stocks
64.9041
Deprec. res__xdeb.3,147,884 2,578,374 Wages payable__
341,358
946,025 Accounts payable_ 834,600
Depletion resxdeb.958,913
17,947 Matured & accrued
90,711
Cash
369.010 lot., dive. &
33,217
Loans & bills recle
38,757
38,648
Accts.receivable._ 1,693,004 1,298,835 rents payable_ _ _
520,013
Other current Bab.
Mans & supplies
16,784
13,503
856,267 Unadjusted credits
635,605
cost)
(at
930,874
Profit & loss (bal.) 1,699,868
Int., diva. & rents
627
79,851
receivable
99,016
35,499
Deferred assets
200,974 Total(each side)_10,625,600 10,324,014
Unadjusted debits 378,851
which included items "real estate and leases,'
x Investments account,
(shown
"improvements, development and personal property" and "stocks" for deabove), and which totals $11.785.660, is before deducting reserve
$958,013. y Associated
preciation of$3.147,884 and reserve for depletion of
-V.117. p. 2773. 2656.
Oil Co.owns 50.01% of outstanding capital stock.
-Listing,
America Metal Co. (Ltd.).
The New York Stock Exchange has authorized the listing of 70,000
notice
additional shares of Common stock without par value on officialcapital
of issuance on or after Dec. 31 1923, in exchange for shares of the
stock of the Compania Minera de Penoles, S. A.. of Monterey. N. L.,
Mexico, making the total amount applied for 706,000 shares.
On Sept. 19 1923 company made an offer to the stockholders of the
Ponolos company to exchange shares in the Penoles company for shares
of the Common stock of the company on the basis of ten pesos and one
share of the Common stock of the company for two shares of the stock
of the Penoles company.
Income Account of American Metal Co. (Ltd.) and Its Subsidiary Companies.
9 Mos. end. Year ended
Sept. 30'23. Dec. 31 '22.
$2,466.657 $3,215,570
income (after deducting expenses)
Gross
1,194,664
389,100
Depreciation
for dividends and Tantierne $2,077,557 $2,020,906
Netincome available
The surplus account for the nine months ended Sept. 30 1923 shows:
Surplus Dec. 31 1922. $7.441,435; less adjustments. $134,416; balance,
$7,307,019. Profit, nine months ended Sept. 30 1923, $2,077,557; total
V.384,576. Dividends paid: Minority interest subsidiary.
$9,975; American Metal Co.. $1,468.500; total, $1,478,475. P. & L.
surplus Sept. 30 1923. $7.906,101.
-American Metal Co. (Ltd.) and Its Sub. Cos.
Consolidated Balance Sheet
Sept. 30'23 Dec. 31'22
Sept. 3023 Dec.31 '22
Liabilities
$
AssetsCapital steek____ y21,044,000 21,044,000
Mines, smelters,
machinery.Are_x9,802,911 9,982.874 min Int. in subs.
190,000
190,000
(Prof. stock)._
Capital stock of
3,730,091 3,159,292 Pur, money mtges
Penoles co
& def. Ilabils___ 625,000 1,141,000
3.687.296 1,811,457
Cash
Accts. & notes roe. 5,916,018 6.349.350 Accepts. against
297,502
9,854,939 9.911.147 letters of credit_ 307,351
Inventories
Inv. in securities 2.420.935 1,523,321 Accounts payable- 5,898,437 2,398,713
Deposits due off.
rec. for adv.
Accts.
2,639,624 2,729,972 & employees__ 1,407.469 1,478,941
to Petioles co
639,049
Deferred expenses_ 1,815,903 1,937,019 Accr. Ilab. & res.._ 184,660
19,998
Bills payable
195,174
155,841
Tux reserve
Contingent res __. 2,128,860 2,578,418
7,906,101 7,441,435
Tot.(each side) _39,867.717 37,404,232 Surplus
x After deducting $10,192,017 for reserve for depletion, depreciation
and obsolescence. y Includes 7% Cumul. Prof. stock, $5,000,000, par
value $100 per share; Common stock, 536,000 shares, no par value.
V. 117. p. 2112. 1350.
-To Increase
American-LaFrance Fire Engine Co., Inc.
Stock-Rights.
stock from
The Stockholders will vote on increasing the present capital
$5,950,000 to $7.950,000 so that $1,000.000 of such increase shall consist
of Preferred Stock (par VOW and $1.000.000 shall consist of Common
Stock (par $10). The total authorized capital stock of each class shall
then be asfollows: $4.000.000 of Preferred Stock and $3,950,000 of Common
Stock.
Out of such increased Common Stock $500,000 shall be first offered at
par ($10) to Stockholders of record, both Preferred and Common, Jan. 15.
Subscription right expires Jan. 31.
Stockholders are also to be given the opportunity to subscribe for and
purchase on or before the same date additional shares over and above the
at the same
amount to which they may be entitled to subscribe by lawto scale down
price, namely. $10 per share, the company reserving the right of over-subin case
such additional subscription proportionately or ;n New York funds
each
scription. All subscriptions are to be paid in cash
n New York C ty and payment to accompany the subscription. arranged.
An underwriting of the $500,000 Common Stock has been
Dye.29 1923.]
TUE CHRONICLE
2893
The regular quarterly dividend of 2% on the Common stock, par $50,
President James R. Clarke, Dec. 21, says:
This additional 3500,000 is required as necessary working capital to meet and the regular semi-annual dividend of 3;4% on the Preferred stock,
have been declared, both payable Jan. 1 to holders of record Dec. 26.the expanding business needs of the Company. No part of the new money V. 116, p. 1535.
13 needed for plant additions or equipment.
It is not proposed to issue the additional Preferred Stock immediately,
Associated Dry Goods Corp.
-Dividend Increased.
nor the balance of the newly authorized Common Stock, but the board
The directors have declared a quarterly dividend of 1M% on the Common
recommends that it be authorized to sell so much of the additional Preferred
stock, payable Feb. 1 to holders of record Jan. 12. Since May 1 1920
Stock to the employees of the corporation and its subsidiaris as may seem
to the board to be wise, continuing the policy in that respect heretofore quarterly dividends of 1% each have been paid on the Common stock.
V. 116. P. 1054.
successfully put into effect.
-V. 117. p. 2773, 1994.
American Milling Co.
AssociatedOil Co.
-Listing-Offer to Acquire Minority
-50% Stock Dividend.
The 50% stock dividend recently declared on the Common stock (V. 117,
p. 2656) is payable Jan. 15 to holders of record Dec. 20. An extra cash Stock of Amalgamated Oil Co., &c.
The New York Stock Exchange has authorized the listing of $6.000.000
dividend of 10%, was paid on the Common stock yesterday (Dec. 28) to
additional capital stock, par $25, on official note of issuance, making the
holders of record Dec. 20.-V. 117. D. 2773.
total amount applied for 156.000,000.
The company is the owner of 50.01% of the outstanding $5.000.000
American Piano Co.
-Absorbs Mason & Hamlin.
The company has absorbed the Mason & Hamlin Co. of Boston, which, capital stock of the Amalgamated Oil Co. The operations of the latter
company are entirely in Southern California. For several years its entire
it is stated, it will operate with the same ideals and methods as heretofore.
this being the general policy of the American Piano Co. Chairman Frank capital has been fully employed and to meet competition in securing and
Heffelfinger will retain his connection with Mason & Hamlin and also join developing lands it has been obliged at times to borrow'very large sums of
the directorate of the American Piano Co. The companies comprising the money from Associated Oil Co. Notwithstanding this latter company has
American Piano Co.include Wm.Knabe & Co., Chickering & Sons, Haines found it necessary to furnish its own facilities, involving expenditures of
Bros.,J. & C. Fisher, Marshall & Wendell, Franklin, and Mason & Hamlin. several million dollars in Southern California. Developing that section
The American Piano Co.controls the Amphion Piano Player Co.of Syra- has reached the point where larger resources are necessary to satisfactorily
cuse and manufactures a reproducing mechanism known as the Ample°. carry on business. It has been suggested that the best method of accomplishing results is by a consolidation of the two companies, and in that
-V.117,p. 2773.
event a saving will be accomplished through the elimination of duplication
of expenses not avoidable in operating the two companies.
American Republics Corp.
-Listing, &c.
have authorized an
The New York Stock Exchange has authorized the listing of 200,000 toThe directors of Associated Oil Co.all of its propreties offer to be made
Amalgamated Oil Co.
and assets and to
shares ofCommon stock without par value, which are issued and outstanding pay therefor $6,000,000 to purchase
with authority to add 50,000 shares of stock on official notice of issuance consideration. Associated stock of Associated Oil Co. As an additional
Oil Co. will assume all liabilities of Amalgamated
on conversion of its outstanding 15-Year 6; Gold Debenture bonds, due
Oil Co. This method will enable Amalgamated Oil Co.
April 1 1937, making the total amount applied for 250,000 shares Common distribute to its stockholders the shares of Associated to liquidate and to
Oil Co. received for
stock.
its properties. These will be a meeting of the stockholders of Amalgamated
Consolidated Balance Sheet.
Oil Co. to consider and act upon this proposition on Dec. 28 1923, and the
*Sept.3023 Dec.31 '22
*Sept. 30'23 Dec 31'22 offer is held open for acceptance on or before Dec. 31 1923.
Assets$
Liabilities
The directors of the Amalgamated Oil Co. acted favorably upon the offer.
Land, bldgs. & eq_x7.328,817 5,640.635 Preferred stock:_10,000,000 10,000,000 Formal acceptance by the stockholders is assured, for the reason that
Rolling stock
6,610,117 6,578,108 Common stork.. z20,000,000 20,000,000 66.28% of Amalgamated Oil Co. stock is owned by the Associated Oil Co.
Property & mineral
Accounts payable_ 648,359
647,265 and affiliated interests: and proxies. received and in hands of the proxy
equities
20,000,000 20.000,000 Bills payable
2,247,344
181,069 committee of the Amalgamated Oil Co., aggregate 10.84%, making shares
011 properties_ _ _ _ y1,266,$94 1,132,939 Accrued expenses_ 519.525
440,013 already controlled and to be voted in favor of the offer 77.12% of the total.
Car serv. contracts 500,000
500,000 Accts.& bills pay..
Cash
916,017 1,212,731 intercompany
8,877,181 6,141,876 Consolidated Balance Sheet (Associated Oil Co. IYe Proprietary Companies).
Accts.& bills rec 4,041,412 2,511,172 Car trust ctfs., Pa.
June 30'23. Dec.31'22.
June 30'23. Dec.31'22.
Inventories
4,296,599 3,026,064 Tank Line
3004,000 3,193,000
Assets
Marketable secure.
Coll, trust ctfs.,
Real estate, &c_x33,603,866 33,232,584 Capital stock
39,755,724 39,755,724
(at cost)
a4,123,429 4,002,224 Pa.Tank Line__ 795,000
Improvements_x48,420,582 41,982,841 First Mtge.bonds_ 5,084,000 5,997.000
Notes & accts. rec.:
Bonds
5,300,000 5,300,000 Securities
x10,261,667 9,760,858 Loans & bills pay_12,660,000 4,105,000
Officers & empi_ 195,119
273,032 Res. for contr. in
Due fr. attn. cos_ _x3,838,036 4,455,686 Accounts payable_ 4,911,679 2,068,102
Intercompany__ 8,477,181 6,141,876
secs.& prop. val. 900,000
900,000 Sinking funds__
x1,258
924,773 Wages pay'le, &c_ 3,277,937 4,121,860
my.secs.(at cost) 1,074.003 1,074,003 Federal tax res_ 268,641
34,727 Res. for depr_xdeb15,779,925 14,702,238 Due affiliated cos_ 6,024,500 3.238.000
Def. charges, &c__ 859,180
936.075 Miscellaneous res.. 1,413,089
991,024 Res. for depi_xdeb10,264,859 9,876,723 Accr.Int.,div.,&c. 723.168
743,977
Accrued funds_ _
40,500
135,350 Surplus
6,136,228 5,335,325 Cash
1,070,151 1,157,491 Deferred liabilities 443,226
626,110
Loans & accts.rec_ 8,020,016 3,613,713 Unadj. credits_ _ _ 1,628,391 1,034,936
Total
60,129,368 53,164,298
Total
60,129,368 53,164,298 Inventories
See "x"
2,588,815 2,863,278 Deprec. reserve_ _ _ See"3"
Mdse. on hand
21,647,084 20,622,055
•Subject to adjustment at end of fiscal year. a Market value as of Int., dive., &e___ 12,119,398 7,329,995 Surplus
3,876
3,464
Sept. 30 1923, 35,401.221. x After deducting reserve for depreciation, Deferred assets___ 446.511
418,371
11.626,523. y After deducting $598,241 reserve for depletion. z Common Unadj. debits-- 1,826,318 1,146,671 Total(each side)_96,155,710 82,310,765
stock issued, 200,000 shares, no par value.
-V.117, p. 2112.
x Investments account, which included items "real estate. Sze.," "improvements," "securities," "due from affil. cos." and "sinking funds"
American Vitrified Products Co.-Bal. Sheet Oct. 31.(shown above), and which totals $96,125.409, is before deducting reserve
Audio1923.
1922.
1923
1922
for depreciation of $15,779,925 and reserve for depletion of $10.264,859
Fixed assets, leas
Preferred stock_ _$1,586,900 $1,624,500
depreciation_ __ _14.480,605 $4,433,809 Common stock__ _ 3,500.000 3,500,000 -V.117. p. 2774.
Inv. in assoc. co__ 219,786
262,590 Current liabilities_ 739,099
721,383
Atlanta Gas Light Co.
-J. H. Hilsman
-Bonds Offered.
Current assets___.. 2,118,441 2,002.279 Surplus
1,021,079
877,364
Deferred charges__
28,246
24,569
& Co., Atlanta, are offering at 99 and int. a block of Ref. &
Total
$6,847,078 $6,723,247
-v.117, p. 1461,.
Total
$6,847,078 $6,723,247
Impt. Mtge. 50-Year Sinking Fund 6% gold bonds of 1920,
due Oct. 1 1970. A circular shows:
Authorized, $5.000.000: outstanding, $1.247.000. Int. payable A.& 0.
American Writing Paper Co.
-Listing.
at Girard Trust Co., Philadelphia, trustee. Red. all or part on any int.
The New York Stock hxchange has authorized the listing of Bankers date on 8 weeks' notice, and callable on Oct. 1, for the sinking fund, on
Trust Co. certificates of deposit for $4.281.400 Preferred stock,
au- 4 weeks' notice at 106 and int. Denom. $1.000c*. Company agrees to
thority to add certificates of deposit for $8,218,600 Preferred stockaithoffi- pay int. without deduction for Federal income taxes not exceeding 2%.
on
cial notice of issuance against the deposit of a like amount of Preferred Penna. 4-mills tax refunded.
stock, making the total amount applied for $12.500,000.-V. 117. p. 2435.
-Supplies the City of Atlanta, Ga. and suburbs with illumiCompany.
2215.
nating and fuel gas, serving a population estimated at 250,000. Company
owns modern gas plants with a daily generating capacity of 12,000,000
Anglo-American Corp. of South Africa, Ltd.
cu. ft.. and through its 321 miles of mains supplies 37,154 customers.
The company's London office has received a cablegram from the head During the 12 months ended Oct. 31 1923 the gas sold by the company was
office at Johannesburg reading as follows:
1,352.882.400 cu. ft. The company is controlled through ownership of its
"In accord once with the policy announced at the last annual general entire capital stock by the Georgia Railway & Electric Co.,and the property
meeting, dividend declaration will only be made early next year. when the of both companies is leased to and operated by the Georgia Railway &
balance sheet as at Dec. 31 1923 has been drawn up. However,from infor- Power Company.
mation at present available the directors anticipate that the
Earnings for the 12 Months ended Oct.311922.
1923.
priated profit at that date will enable them to declare a dividendunapproof 10%, Gross earnings
12.054,284 $2,135,678
after creating and allocating £200,000 to a reserve fund."
-V.116. p. 1054. Operating expenses, maintenance and taxes
1,478.176
1.505.482
Anglo-Persian Oil Co., Ltd.
-Annual Report:
Net earnings
5576.108
$630.196
1922-23. 1921-22. 1920-2.
1919-20. Annual interest on funded debt,including this issue
135,980
Yrs. Ended Mar.31Profit after deprec
3,225,563 3,893.863 4,948,627 3,458,418
Balance
$494,216
Other income
40,706
94,301
329,000
119.189
Purpose.
-To reimburse the company for expenditures for additions and
extensions.
-V. 117. p. 1019.
Total income
3,286,269 3,988,164 5,277,627 3,577,607
Interest
235.937
242,187
245,312
152,500
Atlantic Fruit Co.
-Sale Confirmed.
Fees, royalty, &c
331,490
433,660
503.660
38.3,105
In the U. S. District
Income tax
9.699
181,936
500,633
430,387 the sale of the assets of Court at Wilmington, Del., before Judge Morris,
New issue exp
135,543
233,302 President of Nicaragua the company was awarded to Joseph F. Lungino,
Fruit Co. (an outside interest), for $13,000 001)
Reserves for taxes
502,764
600,000 1,539,665
805,000 cash, conditional on the payment of
Extra depreciation res
$500,000 cash by Dec. 29, $3,000,00
495,000
0
400,000
Jan. 5 1924 and the nalance in 30 days. Should any default occur sales
Balance sur
1,691,379 2.130.381 2,352,814 1,573,313 will be awarded to the reorganization conunittee represented by Joseph B.
Cotton for the figure of $5.000,000 and
Previous surplus
1,739,173 1,648.792
910,978
275,528 the Atlantic Co. aggregating $8,000,000. the assumption of claims against
If Lungino's bid goes through, the reorganization plan will be abandoned.
Total sur
3,430,552 3,779.173 3,263,792 1,848,841
-V. 117, p. 2545.
Pref. dividends
875.000 • 795,000
400,000
310.000
x Ord. dividend
( ) 77
10 7 .764(20)1245000(20)1215000(20)627883
Atlantic Sugar Refineries, Ltd.
-New President.
Carry forward
L. J. Seidensticker, V.-Pres. & Gen. Mgr., has been elected President,
1,777.788 1,739,173 1,648,792
910,978
x Less tax.
succeeding W. A. Bobbins. W. D. Ross has been elected Vice-President,
-V. 117. p. 2436.
succeeding Mr. Seidensticker. Mr. Robbins remains a director.
-V. 116.
p' 2134.
Armour & Co. (Illinois).
-Extension Granted-Purchase.
Armour & Co. and Swift & Co., who agreed in a consent decree signed
Bell Telephone Co. of Canada.
-New Director.
Feb. 27 1920 to dispose of all their holdings not related to the meat business
John W. Ross has been elected a director, succeeding Hugh Paten.
within one year are given until Jan. 12 1925 to sell their major holdings in
stock yards, railroads, &c. Extensions have been grunted from time to -V. 117. p. 556.
time because of alleged depressions in various financial centres.
Bethlehem Steel Corp.
-Ellsworth Collieries Bonds.
The company, it is reported, has purchased the former New York soap
Thirty-four
plant of II. T. Babbitt Co. from J. Mendelsohn, who has operated it for Sinking Fund ($34,000) Ellsworth Collieries Co. Coll. purch. Money
5% bonds, dated Jan. 1 1907. Series "D,' Nos. 1 to 34
several years. The new plant, it is state I, will afford Armour & Co. better incl., have been called for
payment Jan. 1 at par and int. at the Farmers'
facilities for Eastern and foreign distribution.
Loan & Trust Co., trustee, 22 William St., N. Y. City.
-V. 117, p. 1891
4
It is also reported that early in the new year the B. T. Babbitt Co. will
dispose of its soap, cleanser and soap powder business, with its factories at
Biddeford & Saco Water Co.
-Refunding.
Babbitt, N. J., to Armour & Co. The lye, caustic and chlorinated lime
The $345,500 47 bonds and the 175.000 5% bonds due Jan. 1 will be
portions of the business will be continued by the present controlling interests, Mendelsohn & Sons, of Albany, undcr the well-known brand names. paid off at office a Union Safe Deposit & Trust Co., Portland, Me. In
Armour & Co., it is said, will take possession of the New Jersey plants connection with the payments, the company has sold 1600,000 5% 1st &
and continue the sale of the leading lines, such as "Babbitt's Best" soap, Ref. Mtge. bonds dad Aug. 1 1923 and due Aug. 11943.
"Babbitt's Cleanser," "1776 Soap Powder," &c.. while the Mendeisohns,
Botany Worsted Mills, Passaic, N. J.
-Decision.
who have for several years past owned control of the Babbitt stock, will
The Circuit Court of Appeals has reversed a decision handed down by
merge those brands with those made in their Albany plant for many years
Federal Judge A. N. Hand, and restored to Max W. Stoehr & Sons control
past -V. 117. p. 2774. 2656.
of the Botany Worsted Mills at Passaic, N. J. which the Alien Property
Custodian seized in 1917. The
it had been
Arundel Corp. (Baltimore).
-To Purchase Pref. Stock„
- ferred to Stoehr, a citizen, by hisGovernment contended exchange fortransother
The directors on Dec. 20 decided to buy $250,000 of Preferred stock, this property there, only as a ruse to brothers in Germany in
save it from seizure. The Court says that
amount to be purchased out of surplus earned this year, at the lowest prices since Stoehr is a citizen, no wrong to
the United States has been done.
obtainable.
V. 117, p. 2216, 2113.
2894
THE CHRONICLE
-New Officer.
British Empire Steel Corp., Ltd.
J. E. McLurg, General Manager of the Halifax Shipyards, Ltd., has been
elected Vice-President in charge of operations of all constituent companies
of the corporadon, with headquarters at Sydney, Nova Scotia, to succeed
-V. 117, P• 178 .
D. H. McDougall.
0
-New Director.
Brooklyn Union Gas Co.
Stanley P. Jadwin has been elected a director to succeed the late D. G.
Legget.-V. 117, p. 2774.
-Final Payment.
Buffalo Gas Co.
[VOL. 117.
have the option to take one share of no par value Common stock for each
3 shares taken of Preferred and Class"B"Preferred combined. The terms
and conditions upon which the stock will be offered to the stockholders
-V.117, p. 2775.
and to the puolic will be announced later.
-New Management.
Connecticut Power Co.
-V. 116. p. 1537.
See Hartford Electric Light Co. below.
-Listing.
Consolidated Gas Co. of New York.
The New York Stock Exchange has authorized the listing, on or after
Dec. 28 1923, of 600.000 additional shares of Common stock without roar
value, on official notice of issuance, making the total amount applied for
3,600.000 shares. The 600.000 shares of Common stock have been offered
to holders of Common stock of record Dec. 8 1923 for subscription on or
before Dec. 28 1923 at $50 a share, at the rate of one new share for every
five shares owned -V. 117, p. 2657. 2546.
The receivers have deposited with the New York Trust Co.,trustee under
the First Mtge.5% bonds, dated Oct. 1 1897, the final liquidating dividend
in respect to the deficiency judgment rendered in connection with the foreclosure proceedings. Holders of the above bonds are entitled to receive the
sum of $24.387828 in respect of each $1,000 bond, representing their pro
rata share of the final distribution, upon presentation of their bonds at the
Consolidated Mining & Smelting Co. of Canada, Ltd.
office of the trustee. 100 Broadway, N. Y. City, for the purpose of having
In connection with the dividend of 6% declared last week (V. 117. p.
- 2775), the company says: "While the results of the year's operations might
evidencing the said payment.
endorsed thereon an appropriate notation
V. 105. p. 2458.
warrant a larger dividend, the directors think that it is in the best interests
of the shareholders to strengthen the treasury rather than make too generous
- a distribution of profits. Moreover, increased production calls for addi-Liquidating Dividend.
California Wine Association.
The company has declared a liquidating dividend of $10 per share, tional working capital.
payable Jan. 10.-V. 116. P. 1765.
"The new mill at the Sullivan mine is working quite satisfactorily. Current smelter production of lead and zinc combined is exceeding 7,000 tons
-Extra Dividend.
Canadian Explosives, Ltd.
per month. Silver production is about 250,000 ounces per month. A
An extra dividend of 3% has been declared on the Common stock in start has been made on milling Roseland ores-some 400 tons being treated
addition to the regular quarterly dividend of I%%, both payable Jan. 31 daily. It will be some months before anything really definite can be said
to holders ofrecord Dec.31.-V.116, p.2997.
as to the future of the Roseland properties. The plants and mines are in
_
good condition. Satisfactory progress is being made by the West Kootenay
-Sufficient Stock In.
Canadian General Electric Co.
Power Co. in the development of additional hydraulic and electrical energy
President A. E. Dyment states that sufficient stock has been returned at Bennington Falls."
-V. 117, p. 2775.
to make possible the conclusion of the agreement with General Electric
-To Quit Association.
Co.
Copper Export Association.
AmerIt is likely that the disbursement of cash to the amount of $62 50 in
The breaking up of the Copper Export Association will be completed in
ican funds for each share of Common stock that has been turned in for ex- January. when the companies now forming that Association will go into
change will be made about Feb. 1. This payment will be made as soon as the marketing end of the copper business independent of one another.
can be conveniently arranged after the special general meeting of share- Some of the larger interests announced some time ago their plans to withdraw
-V. 117. p. 1996.
holders.
The remaining companies decided to follow the lead of the larger companies.
they were afraid they might run counter to the Sherman Anti-trust.
-Div. Rate Increased. sayingthey continued-(N. Y."Times".)
Canadian Industrial Alcohol Co.
law if
-V. 116.
The directors have declared a quarterly dividend of 1%% on the outSee page 2701 in "Chronicle" of Dec. 22 under a similar title.
standing capital stock, par $25,'Payable Jan.7 to holders of record Dec. 31. p. 2998.
This increases the annual rate from 4% to 6%. On Oct. 8 last an extra
-Extra Dividend-To InRefining Co.
Corn Products
-V. 117. p. 1466.
dividend of 2% and a quarterly of I% were paid.
-Extra Dividend.
Canton Co. of Baltimore.
crease Common Stock-25% Stock Dividend Probable.
the Common
The directors have declared an extra dividend of % of 1% on
stock, par $100, in addition to the regular quarterly dividend of 1%%.both
payable Jan. 19 to holders of record Jan. 5. Like amounts were paid on
the Common stock on Oct. 20 last.
The stockholders will vote March 25 on increasing the authorized Corn.
stock from 850,000,000 to $57,000,000 and on changing the par value of the
Common shares from $100 to $25. If the above changes are authorized,
-Changes Hands.
Central Coal & Coke Co.
it is proposed to issue 5 shares of the new stock, par $25 for each share of
The Fox interests of Philadelphia, headed by C. F. Fox. investment Common stock, par $100 held.
banker, have concluded the sale of 9,245 shares of Common stock and
Following the meeting of the board, President E. T. Bedford stated that
2,430 shares of Preferred stock of the company at $126 a share, or a total while the matter had not as yet been decided, it VMS probanle that the new
of $1,471,050. The purchasers are Charles S. Keith, President of the stock would go on a $2 annual dividend basis.
-V. 117, p. 1891.
company: Herbert F. Hall, of Hall-Baker Grain Co., and John H. Kirby,
President of Kirby Lumber Co. With the passing of the Fox stock to the
Craddock-Terry Co., Lynchburg, Va.-Extra Div.
Southwestern interests, undisputed control of the company is now in their
An extra dividend of3% has been declared on the outstanding $3,300,000
hands. There are outstanding $1,875,000 of Preferrrd and $5,125.000 of Common stock, par $100, in addition to the regular quarterly dividend of
Common stock, both Common and Preferred having equal voting power. 3%, both payable Dec. 31 to holders of record Dec. 16. On Dec. 31 1922
-V. 117, p. 2774.
("Wall Street Journal.")
the company paid an extra cash dividend of 5%,a 10% stock dividend and
-V. 117. p. 557.
the usual quarterly of 3% on the Common stock.
An extra dividend of $1 per share has been declared on the stock in addition to the regular semi-annual dividend of $3 per share, both payable
Dec. 31 to holders of record Dec. 26. Like amounts were paid in July last.
The outstanding stock consists of 22.000 shares of no specified par value,
-V. 117, p. 668.
though $100 per share is generally recognized as par.
-Plan Approved.
Centrifugal Cast Iron Pipe Co.
The stockholders on Dec. 20 approved the offer of the Centrifugal Pipe
Corp. of Delaware to acquire all of the assets of the company with the exception of $25,000 United States securities. These assets will be paid for
by the issuance of 283,960 shares of no par value capital stock as per plan
in V. 117, p. 2545.
-Acquisition.
Centrifugal Pipe Corp. of Del.
See Centrifugal Cast Iron Pipe Co. above.
Certain-Teed Products Co.
The company, it is stated, has been licensed by the Congoleum Co.
under the Foster patents to produce felt base rugs under the Certain-teed
--V. 117. p. 2657. 89.
trade-mark.
-Bonds Authorized.
Citizens Gas Co. of Indianapolis.
The Indiana P. S. CommLssion has authorized the company to issue
$218,000 of bonds, the proceeds to be used to reimburse the treasury for
-V. 117, p. 2657.
improvements, /cc., made.
-Dividends.
Citizens Necessities Co., Toledo, 0.
The directors have fixed the annual dividend rate on the Common stock
at 8%. payable monthly, beginning Jan. 1 1924. to holders of record
Dec. 15 1923. The regular quarterly dividend of 1%% on the Pref. stock
has also been declared payable Jan. 1.-V. 117, p. 785.
Coca-Cola Co., Atlanta, Ga.-New Sub. Co.
Creamery Package Mfg.Co.-Extra Dividend.
An extra dividend of 50 cents per share has been declared on the outstanding Common stock, no par value, in addition to the regular quarterly
dividend of 50 cents per share, both payable Jan. 10 to holders of record
Jan. 1.-V. 116, p. 301.
-New President, dec.-Crown Cork & Seal Co.
Howard E. White of N. Y. has been elected President succeeding John
M.Hood, Jr. Thomas E. Cottman of Baltimore, has been elected a direc-V.116, p. 941.
tor.
-Extra Dividend.
Cuban Telephone Co.
An extra dividend of 1% has been declared on the Common stock in
addition to the usual quarterly dividend of 1% %, both payable Dec. 31
-V. 116, p. 1654.
to holders of record Dec. I6.
-Option Expires-Director.
Cudahy Packing Co.
The company has allowed its option on the stock of the Independent
Packing Co. to expire. A merger of the Independent with Cudahy had
been anticipated.
R.W.Diesung has been elected a director to succeed the late Emil Strauss.
For report for the year ended Oct. 27 1923,see under "Financial Reports"
above and V. 117, p. 2775.
-Extra
Delaware Lackawanna & Western Coal Co.
5%.
The Coca-Cola Co. of Canada. Ltd.. has been incorporated in Canada Dividend of have declared an extra dividend of 5% and a regular quar
The directors
with an authorized capitalization of 31,000.000, to handle the Coca-Cola
both payable Jan. 15 to holders of record Dec.31.Co.'s Canadian business. All of the stock of the new company except terly dividend of2%%,
- V• 115. P• 2798. il bataau.d..As • .6.
directors' qualifying shares will be owned by the American company.
• - V. 117. p. 2546.
-Extra Dividend.
Detroit Motor Bus Co.
The directors have declared an extra cash dividend of 1 7,, and the regular
-Listing.
Congoleum Co., Inc.
cash dividend of 2%, both payable Jan. 15 to holders of record
The Phila. Stock Exchange has authorized the listing of720,000 additional quarterly
amounts were paid in cash on July 15 and Oct. 15 last.
shares of Common stock, no par value. issued in payment of a dividend of Dec. 31. Like
-V. 117. p.
also distributed a 20% stock dividend.
300% in Common stock, making a total of 960,000 shares of Common stock On Oct. 15 there was
1467.
listed Dec. 22.-V. 117, p. 2775.
-Stock Offered.
Commercial Credit Co., Baltimore.
Robert Garrett & Son, Baltimore; Spencer Trask & Co. and
Marshall Field, Glore, Ward & Co., New York, are offering
at par ($25) and div.$1,000,000 7% Cumulative Pref.stock.
Robert Garrett & Sons are also offering at $26 and div.
$1,000,000 Class "B"8% Cumulative Prof. stock (par $25).
Subscribers to the above Preferred stocks are offered the
privilege of buying one share of Common stock (no par value)
at $22 50 per share for each 3 shares of either Preferred
which they are allotted.
All the above issues are offered subject to the prior right
of present stockholders.
To Change Par Value of Corn. Stock-Stock Dividend-Rights.
-Earnings.
Dominion Glass Co., Ltd.
1919-20.
1920-21.
1921-22.
1922-23.
Sept. 30 Years$699,599
$757.988
$718,540
$724,664
Profits
120,000
120,000
120,000
120,000
Bond interest
50,000
50,000
50,000
50,000
Sinking fund
182,000
182.000
182,000
182,000
Preferred dividends(7%)
255.000(4%)170,000
(6%)
)
(6% 255,000
dividends_ -- -(7%3297,500
Common
$92,599
$235,989
$111,540
$75,164
Balance, surplus
Balance Sheet Sept. 30.
1923.
1922.
1922.
1923.
$
5.
Liabilities3
$
Assets4,913.871 4,848,108 Preferred stock__ 2,800,000 2,800,000
Properties
4,240,920 4,625,920 Common stack_ 4,250,000 4,250,000
Patents, &e
1,342,000 1324,700
1,511,039 1,132,407 Bonds
Inventories
28,103
26.472
Acc'ts receivable.- 1,240,964 1,141,597 Accrued interest
318,820
13,622 Acets payable_ _ -- 331,270
20,047
Bills receivable-109,250
297,700 Accrued cllvidends 119,875
354,202
Cash
162,208
72.866 Accrued charges... 295,577
Prepaid supplies-175,735 Depreen reserve__ 1,282,645 1,428,084
Call loans
500,000
184 General reserve-- 500,000
222
Trust account _ __ 603,088
11,696 Sinking fund res've 688,724
119,148
Investments
929,884
1,004,848
31,879 Surplus
40,999
Deferred charges
The stockholders will vote Jan. 3 on increasing the authorized Common
stock from 160.000 shares, par $25 to 480,000 shares of no par value.
Subject to such approval and ratification, the directors have sold to
Robert Garrett & Sons, Balt., and associates 40.000 shares (*1.000,000)
7% Preferred stock: 40,000 shares ($1,000,000) Class"B" 8% Preferred
12,441,415 12,351,719
Total
12,441,415 12,351,719
Total
and 48,1300 shares of new no par value Common stock, upon 14,000 shares
of which the company retains a limited option for future corporate use. -V. 115, p. 2798.
company is withholding and will offer the remaining 6,000 shares of
The
Dwight Mfg. Co., Boston -Dividend Reduced.
no par value Common stock to its employees and to those of its affiliations.
The directors have declared a semi-annual dividend of 2%. payable
To properly protect the present equity of Common stock now outstanding Jan. 2 to holders of record Dec. 21. From July 1921 to July 1923 incl.
Common stock about to be
in adjustment with the additional no par value
-V. 117, p. 1467.
dividends of 3% were paid.
sold, the directors on Dec. 19 1923, declared a 20% dividend in Common semi-annual
stock, payable on or before Jan. 21 1924, to Common stockholders of
(Otto) Eisenlohr & Bros., Inc.-Pref. Stock Reduced.
record Dec. 211923.
The Phila. Stock Exchange on Dec. 20, struck off the regular list 330,000
If the increase is authorized, each share of Common stock, par $25, will Preferred stock, reported canceled as of Oct. 30 1923 leaving the amount of
value Common stock, and from
be exchanged for 3 shares of the new no par
Pref. stock listed $2,344,300.-V. 117, p.1997.
Jan. 1 1924. the present dividend of 16% per annum on the Common
on
stock, par S25, will be increased to 18% or $1.50 per share per annumwill
-Bonds, dec., Authorized.
Electric Co. of New Jersey.
the new no par value stock. it is also proposed that the new stock
The New Jersey P. U. Commission has authorized the company to issue
of 7%
shortly be offered to stockholders with the right to take one share share $107,000 of bonds (at not less than 80): $200,000 of Preferred stock, and
Preferred stock for each 9
Preferred and one share of Class"B"8%
-V. 114. p. 2122.
Common stock.
of all issues of stock of record Dec. 21 1923. The stockholders shall also $335,200 of
4
DEC.29 1923.]
THE CHRONICLE
Ely & Walker Dry Goods Co., St. Louis.
-Extra Div.
-
The 'directors have declared an extra dividend of 50 cents a share on the
Common stock, par $25.-V. 116,P.726.
Falcon Steel Co., Youngstown, 0.
-Extra Dividend.
-
An extra dividend of % of 1% has been declared on
In addition to the regular quarterly dividends of 1% onthe Common stock.
the Common stock
and of 1%% on the Preferred stock all payable Jan. 2 to holders of record
Dec. 20. Like amounts were paid in July and Oct. last.
-V. 117. p. 1467.
Famous Players-Lasky Corp.
-To Reopen, dec.-The Lasky studio in Hollywood, it is announced, will be re-opened Jan.7
and the corporation will resume complete production before Feb.
1.
The Federal Trade Commission has announced that it will hear witnesses
in their case against the Famous Players
-Lasky Corp. at Jacksonville,
Fla., Jan. 4. The Commission has closed its side of the case and will
now
'hear that of the respondents.
-V.117, p. 2776, 2658.
2895
Fuller Brush Co., Hartford, Conn.
-Sales.
----
Sales for November amounted to $1,485,507
for October. The total sales for the 11 monthscompared with $1,514.558
ended
$13,483,257, an increase of 30.6% over the same period Nov. 30 1923 were
last year.
-V.117.
p. 2217.
Gardner Motor Co.
-Earnings.
--
For the 9 months ended Sept. 30 1923 the company
reports net earnings
of 3128,484.-V. 117, p. 1241.
Garland Building, Chicago.
-Bonds Offered.
-Peabo
Houghteling & Co., Chicago, are offering at 100 and dy,
$1,500,000 1st Mtge. 63/3% Serial Gold bonds. The int.
bankers state:
Dated Dec. 20 1923. Due in annual
Dec.
1938. Redeemable in reverse order ofseries from on 20 1926 to Dec. 20
maturities
and accrued int. Denom. $1,000. $500 and $100 O. any int. date at 102
Interest payable at
The following statement has been issued by President James Simpson:
the office of Peabody, Houghteling & Co.. Chicago
and New York.
"Marshall Field & Co. have uprchased the stock of merchandise
Securitv.-Secured by
schild & Co., together with store buildings, leaseholds, equipmen of Roth- ment and sub-basementa closed First Mortgage upon the 21-story, basesteel fireproof office
t and good
will. The net purchase price approximates 39.000.000.
corner of Washington St. and Wabash Ave.. in building at the northeast
the business centre of the
transaction, $6.400,000 being paid at once. 31,000.000 by It is a cash City of Chicago, and the leasehold
the
estate in the ground under this building,
of the existing mortgage on the State Street buildings, and assumption being 964 feet on Wabash
Ave. and 162% feet on Washington St. Total
the balance
as soon as certain adjustments between the parties have been
made and valuation, 33,221.540.
satisfied.
Income.
-Total gross income (partly estimated), $620,189:
less operat"There will be no public financing in connection with the transacti
on. ing expenses, including ground rent, $307.706: net income. 3312.483.
'The assets just acquired by Marshall Field & Co. will be immediate
ly trans- Maximum annual interest charge, $97,500. Net income, therefore, will
ferred to a new subsidiary corporation now being organized
be approximately 3.2 times the maximum annual
, to
interest charges on these
the Davis Dry Goods Co. The new company will be managed be known as bonds.
and operated
Independently of the Marshall Field & Co. retail store."
Ownership.
-Bonds are the obligation of
-V. 116, p. 82.
whose stock is held by a group of well knownthe Garland Building Corp.,
and successful business men.
Fifth Avenue Bus Securities Corp.
including James 0. Heyworth, Thomas J. McNulty.
-Dividend.
A dividend of 16 cents per share on the stock
W. P. Nelson, who are interested in the ownership C. A. Eckstrozn and
and management of
Jan. 17, to stockholders of record Jan. 2, and a has been declared, payable other valuable Chicago real
correspon
estate holdings.
wiil be made by the voting trustees for stock on Jan. ding distribution
17,
certificate holders of record on Jan. 2.-V. 116, p.2262. to voting trust
General Baking Co.
-Merger.
The Dexter Baking Co. of Springfield, Mass., has been
merged into tte
Finance Co. of America, Baltimore.
-Bonds Offered.- above company.
-V. 117. p. 2439.
(Marshall) Field & Co., Chicago.
-Acquisition.
-
Westheimer & Co., Baltimore, are offering at $26.50
General Gas & Electric Corp.
-Stock Sold.-Pynehon
(with adjustment of div.) to yield over 73i% $500,000 8%
Co. and West & Co. have sold 7,000 shares Cumulat &
Cumul. Cony. Sinking Fund Pref. Stock (par $25).
ive
A Pref. stock, class "A," at $101 50 a share and div., yieldtireular shows:
ing 7.85%.
This stock, which is subject only to the
both as to assets and divs. over the Common7% Pref. stock, has preference
stock. Redeemable at $27.50.
Dividends payable Q. J. Dividends exempt from Normal
Tax. Sinking fund 3% per annum, payable semi-annu Federal Income
ally. Fund shall
be used for the retirement of the 8% Pref. Stock by
purchase at not exceeding $27.50 and diva. or by red.
CapitalizationAuthorized. Outstanding.
7% Cumul. Sinking Fund Pref. Stock
3250,000
s% Cumul. Sink, Fd.Cony. Pref. Stk.(this issue)_$250,000
500,000
500,000
Corn. Stock, Class "A" (held for cony. of
8%
Cony. Pref)
250,000
Common Stock, Class"B"
250,000
250,000
Company.
-Business Is that usually known as Commercial
consists mainly in the buying of open accounts, acceptanc Banking. It
es,
notes receivable from responsible manufacturers and jobbers. drafts and
About 80%
of the purchase price is paid at date of purchase,
the balance being withheld and paid as the accounts purchased are collected.
The
over, guarantees full payment of all accounts so purchasedseller, more. Company
also purchases time sales lien notes for motor vehicles,
upon which the
customer has paid one-third or more cash, the balance being,
in most cases,
payable in monthly instalments. Company requires the guarantee
of the
dealer and retains a lien on the car itself, and also insures the
car against
fire and theft.
Convertibility.
-Convertible any time before redemptio at the holder's
optioniivorti s preferr Class A Common Stpck for ean s two shares
i ito' fihare of
i
Dla
''
a o prspiists
ch nges
sh
of
surrendered, with
the
conversion basis in the event of the increase of the
Stock, to insure the maintenance of the proper ratio. Class "B' Common
Earnings.
-Company's not earnings for the
1923. after deduction of Preferred div., were at11 months ending Nov. 30
the rate of
the dividend requirements of the Convertible Preferred more than twice
Stock to ho outstanding.
Dividends.
-Company has paid•dividends at the rate of 7% on
its Pref.
Stock uninterruptedly since its issuance. On the
Common Stock the
original city.. at the rate of 4% per annum,
It was increased to 5% on Oct. 15 1921: to 6%was paid on July 15 1921.
July 15 1922: to 8% on Oct. 15 1922, and to 9%on Jan. 15 1922; to 7% on
on
Purpose.
-To furnish adcLtionalfunds to meet the Oct. 15 1923.
requmments of present
and prospective customers.
Fisher Body Corp.
-Acquires Timber Properti
es.
The corporation has acquired approximately
timber properties located in Tennessee, Arkansas,100,000 acres of standing
Louisiana and Mississippi.
The properties will be operated by a subsidiary. Fisher-Hu
of which 0. P. Hurd of Memphis will be the President rd Lumber Co.,
and General Mgr.
Fisher Body conservatively estimates that the
standing
the acreage purchased will yield upward of 750,000,0 timber covering
-95% of it
suitable for the manufacture of automobile. bodies. 00 feet
Memphis, Tenn.. intimate that the timber properties [Dispatches from
taken over by the
Fisher Body Corp. include those of the Bennett
& Witte Co. and the
Pritchard-Wheeler Lumber Co.]
Charles T. Fisher, V.-Pres. of Fisher Body
facturing policy which is constantly directed at Corp., says: "Our manuproduction on a large scale
basis will be extended to our lumbering operations so
tinuous use of the logging and saw-mill facilities and as to effect the conbelieve can be made possible by reason of our being equipment which we
able to predetermine
our lumber requirements at all times. By
the mill we shall be able to utilize a greaterinstalling special machinery at
proportio
has heretofore been possible under ordinary condition n of the logging than
s."
These lumber operations will enable the Fisher
interests to log and mill
their timber with the same purpose in
sizes and grades of lumber best suitedview of producing a maximum of
for body-building requirements.
This policy will boa distinct departure from the
established saw-mill practice
of cutting lumber for standard commercial sizes.
It will be the policy to store manufact
South rather than to occupy costly groundured lumber at the mills in the
space
tres for such purposes as has been the custom in in the body-building centhe
the economy to oe effected by manufacturing of past. In addition to
lumber of specification
sizes at the sources there will be a considerable saving
in the cost of transportation by reason of most of the moisture
shipment of the lumber. While the timberhaving been eliminated before
properties purchased include
splendid logging and cutting facilities and equipment,
to meet all possible demands for lumber requireme these will be extended
nts by the numerous
f . nts of the Fisher Body Corp. and its subsidiaries.
kl.
t
.
-V. 117, p. 2658.
Fisher Body Ohio Co.
-Stock Decreased.
-
The company has filed a certificate reducing its
ing Preferred stock from $9,600,000 to $9.135,00authorized and outstand0.-V.•117, p. 2658.
Fisk Rubber Co.
-Balance Sheet.-
Oct. 31 '23. Dec. 31 '22.
Assets-Land, bldgs.,mach.
& equip. deprec_17,837,021 17,615,237
Good-will
1
1
Liberty bonds held
In trust
153.017
Investments
3,980,798 3,928.216
Treasury stock_
49,355
Inventories
13,897,915 13,520,791
Accts. & notes receiv.(less ree've) 6,481,759 9.082,097
2.728,781 2,495,733
Cash
Deferred charges 1,753.507 1,564,711
Requirement for annual dividend on 30,7983-i shares Cumu- $1.248,981
lative Preferred stock, Class A
$246,386
For the year ended Sept. 30 1923. 86% of the operating
subsidiaries was derived from the sale of electric light and income of the
power. 7% from
railway operations and 7% from gas sales.
Purpose.
-Proceeds are to be used for investment
stock of Metropolitan Edison Co. and other strongin additional Common
subsidiary companies
and for other corporate purposes.
Management.
-Is under the management of W. S. Barstow & Co.,
Inc.,
New York City.
-V.117, p. 2776.
General Motors Corp.
-Olds Motor
in Canada-Sub. Co. Officers.
Oct. 31 '23. Dec. 31 '22. Motors to the
Owing
7% cum.lst pt.stk.18,951,500
18,951.500
Management stock
15,000
15.000
7%cum.2dpLatock 1,113.300 2.120 700
Common stock- 7,568,845 6,501,445
1st M. 20-yr. 8%.,
sinking td. bonds 8,894,000
Loans payable__ _ 1,500,000 9,500.000
Accounts payable_ 1,987,560 5,135.000
Accr. bond interest 120,000 1,761.579
253,333
Res. for ins. Habil.
assumed by co__ 120.000
120.000
Reserve tor conting.1,010,487
369,083
Surplus
5,612,107 3,528,494
Total (each skle)46,832,799 48,256,139 '
The income account for the 10 months ended Oct. 311023 compared
with
year ended Dec. 31 1922 was publisi ed in V. 117. p. 2776.
The Cumulative Preferred stock, Class "A," is non-c
allable. .Arumal
dividends $8 per share, payable Q.
-J. Equitable Trust
transfer agent. Irving Bank-Columbia Trust Co., New Co., New York'
These Class "A" shares, without par value, are preferred.York, registrar.
with Class "B"
Preferred stock, over all junior stocks, in liquidatio
amount of $100 per share and such further amounts n or dissolution, to the
as are
terms of the certificate of organization. Class"A"shares provided by the
carry
ticipating privilege in that after the payment in any calendar also a paryear of all
dividends provided for the Pref. stocks and at the rate of
$6
Common stock, any additional amounts declared in that per share on the
year as dividends
shall ge divided pro rata among the stocks of each class
then outstanding. ,.
Data from Letter of President W. S. Barstow, New
York, Dec. 18.
Company.-Incorp. in Maine during 1922 and acquired
all assets and
assumed all liabilities of General Gas & Electric Co.
as of Sept. 15 1922.
Controls through stock ownership 10 public utility operating
companies,
which, in turn, through stock ownership and long term
additional public utility companies serving important leases, control 33
Eastern section of the United States with electric light communities in the
and power, gas and
(or) interurban and street railway service. The properties
controlled,
direct or through subsidiaries, are mainly electric
light and power, and are
located in Pennsylvania, New Jersey, New York, Ohio,
Vermont, New
Hampshire and West Virginia. The combined physical
21 electric generating plants with an installed capacityproperties include
of 173.365 k.w.,
1,030 miles of high tension transmission lines.
lines. 4 gas properties having annual sales 2.160 miles of distribiltion
of 950.000.000 Cu. ft.. and
electric railway properties with 300 miles of track. Populatio
n served by
the controlled companies is in excess of 1.250.000.
Super-Power System.
-The subsidiaries in Pennsylvania and New
are inter-connected and form a unified power system covering one Jersey
of the
most important industrial sections of the country. To add to
the power
supply of this system, two new power companies
-the New Jersey Power
Corp. and Metropolitan Power Co.
-have been organized to construct
generating stations at Holland, N. J., and Middletown.
stations will have an initial capacity of 30,000 k.w., but Pa. Each of these
ultimate expansion to 180.000 Ic.w. each. In addition, will be designed for
17.500 k.w.capacity
Is in process of installation in existing plants.
Capital (After This Financing)Auth- Shs. Otast.. Shs.
Cum. Pref. stock, Class"A"(div $8 per share ann.)
130,000 •30,7983-(
Cum. Pref. stock. Class "B"
70,000
12.500
Convertible Pref. stock
100.000 40,259
Common stock
150.000 45,274
Total funded aebt outstanding
$5,530.300
•Including this offering.
Consolidated Statement of Income, Incl. Subsidiary Companies, Year Ended
Sept. 30'23. Dec. 31 22. Dec. 31.'21.
Operating revenue
$15.554,655 $13.099,360 $11,456,295
Operating expenses and taxes
8,225,917
6,788,447
6.081.803
Maintenance and depreciation
2,844,127
2,377.388
1,904,957
Rentals
398,004
399.354
401,084
Operating income
34.086.610 33.534.171 33,068.451
Other income
363.299
160.358
163.411
Total income
34.449,908 $3,694,529 $3.231,861
Deductfrom inc. ofsub.cos.,incl. int.
on funded debt and div. on stocks
held by public
2.823,822
2,483.642 2.020.144
Balance
$1,626,087 111,210,888
Consolidated net earns, after payment of int, and divs. on sub, 81,211.717
cos.' securities not held by General Gas & Electric Corp.
for 12 months ended Sept. 30 1923
General Gas & Electric Corp. expenses and taxes. $38,928; $1.626,087
annual interest on outstanding fund debt, $338,178
377.106
Works-General
exceptionally large demand. the Olds Motor
forced to eliminate holiday layoffs with the exception of Works has been
Christmas and
New Year's days, and will not shut clown for inventory this
year. The
factory is running close to the limit of its present capacity.
ter of 1923 was one of the best three-month periods In its The last quarhistory. Sales
during the last quarter of 1922 totaled approximately 5.000,
the same period of the year just ended sales figures mountedwhile during
beyond the
11,000 mark. Monthly schedules for 1924
more than
production reached in December, the highest call for since the double the
month
introduction
of the new 6-cylinder model. Additional machinery
equipment and the
establishment of a Fisher Body Corp. plant in connectio
n with the Olds
factory will permit larger distribution.
The corporation is sending to all stockholders a booklet
the company's operations in Canada. An introduct giving details of
Sloan Jr., President, states that 28% of all motor ion by Alfred 1'.
General Motors products, lie says also that "this cars in Canada are
.
Canadian industry is
helping the overseas selling organizations of General
Motors to displace
obsolete methods of transportation in almost every
country of the globe.
[Vol.. 117.
THE CHRONICLE
2896
is valued available in exchange for the temporary certificates originally issued.
The company has $25,000,000 invested in Canada and its output
For offering see V. 117, p. 1021.
at more than $40.000,000 annually.
s that the
-Obituary.
Alfred P. Sloan Jr., President of General Motors announce
International Harvester Co.
of the Dayton Engineering Laboratories
following have been elected officers
Judge William Douglas McHugh, general counsel and director of the
& Acting Gen.
Co.: Charles F. Kettering, Pres.;0.L. Harrison, V.-Pres. K. Banker, company, died Dec. 26.-V. 117. P. I784•
Mgr.* W. A. Chryst, V.-Pres. in charge of engineering: D. 2547.
-V. 117, p.
-Dividend No. 5.Resident Comptroller, Asst. Treas. dr Asst. Sec.
International Petroleum Co., Ltd.
been
A dividend of 25c. per share (in U. S. currency) hasA likedeclared pay-Annual Report.
Co.
amount was
General Tire & Rubber
of record
are reported as able Jan. 2 1924 to holders p. 2889. Dec. 22 1923.
Net earnings for the fiscal year ended Nov. 30 1923
-V. 116.
June 30 last.
Gross sales paid
approximately $1,600,000 in 1922. .117.p.2658
11.200.000, against
-No Common Dividend.
Jones Bros. Tea Co., Inc.
amounted to about 19,000,000. against 17.000.000 for 1922.-V
the passing of the dividend on the Common stock
In connectio
-Sub. Co. Bonds Called.of the Broadway (see V. 117. p. n with Pres. Jones says:
rs.
Gimbel Brothe
2777),
Notes
AU of the outstanding Purchase Money Coupon been called for payment
"Such action was deemed advisable because aside from expenses inci& 33rd St. Realty Corp., dated Nov. 3 1919, have trustee, 140 Broadway dental to the opening of new stores, the company, due to abnormal coffee
Trust Co.,
the past few
Jan. 30 at par and int. at the Guaranty
conditions, suffered some heavy merchandise losses duringno doubt that
-V.117, p. 1020.
N.Y. City.
months. Pending the taking of the final inventory, there is
with
will cover the
net profits for
end Action Deferred. 1,4% a margin but the current fiscal yeara conservativePreferred dividend to
-Divid
policy with respect
Godchaux Sugars, Inc.
we decided to adopt
of
have deferred action on the quarterly dividend reported Common dividends.
The directors
Pref. stock. It is
ordinarily paid Jan. 1 on the 7% Cumul. FirstDecember partly estimated,
"Sales for 1923. partly estimated, are $32,000,000, as compared with
that net profits for the current quarter. withexpenses, interest and taxes, $24,203,540 in 1922. It is confidently expected that net earnings will
after operating
r as the result of the policy
will be in excess of $540,000
to dividends on account be increased materially during 1924 and thereafte
but a conservative policy was adopted with respect on account of increased adopted by the directors at this time, and that any temporary loss in
ctory results in the previous quarter and the company's reserve dividends will be more than made up later by a resultant increase in the
of unsatisfa
of
-V.117, p. 2777.
capital expenditures required for enlargement
earning capacity of the company's assets."
-V. 117, p. 1459.
refinery.
--Sale.
Gramm-Bernstein Motor Truck Co., Lima,0. purchased
the reorganization committee,
E. J. Marshall, on behalf of
property was sold by B. G.
the plant and business of the company. The
will be continued in operation
Kirby, receiver for the company. The plant
2218.
on. See reorganization plan in V. 117, p.
by a new corporati
-New Vice-President.
Sugar Co.
Guantanamo
and will retain his old
George H. Bunker has been elected Vice-President
-V. 117, p. 2651.
position of Treasurer.
-Acquisition.
& Refining Corp.
Gulf States Oil
over the Island Oil & Transport
The plans of the corporation to take announcement by the corporation
the
Corp. properties have culminated in property and equipment of the Island
52% of the
that slightly more than
meeting the requirements as to
Oil company had been accepted as fully
passed the following resoarea, producing condition, &c. The directors
lution:
ately 52% of the property
"Whereas,after careful investigation, approxim pledged to be delivered
and equipment [of Island Oil & Transport Corp.] for 1,600,000 shares of
to Gulf States Oil & Refining Corp. in exchange 52% thereof should be
said
its capital stock, shows that slightly more than both as to area, producing
accepted as fully meeting said requirements, equipment, and that final
, general condition of development and
condition
remainder thereof is deferred,
approval of engineers and attorneys on the
wells to establish the
awaiting correction of titles, completion of drilling
of production, &c.
requisite volume
52% of said stock of the corporation so
"Therefore be it resolved, that
said properties be delivered to the proper
to be given as full 'payment forremaining 48% be withheld in escrow, not
parties, or their order, and the
r of said property, or pro
delivered until the acceptance of the remainde
contemplated, or acceptable
rata parts thereof, either the identical property title or producing condition
may not by
substitutions for any thereof that
p. 2218.
be equal to the conditions stipulated. -V.117.
-Common Stock Increased-600%
Jordan Motor Car Co.
Stock Dividend-Stock Offered, &c.
The stockholders on Dec. 22 (subject to the approval of the Ohio Dept.
of Securities) increased the authorized Common stock from 12,000 shares
of no par value (all outstanding) to 200,000 shares, no par value, and
approved the declaration of a 600% stock dividend.
The stockholders also approved a change in the Preferred stock sinking
fund. This provides a fund of 1200,000 for the retirement of Preferred
stock, of which $1,200,000 is authorized and outstanding, between now and
Jan. 11927, and 360,000 annually thereafter.
The directors have authorized the offering of 42,000 shares of the new
a
Common stock at $30 per share after providing for the declaration of
600% stock dividend. See also V. 117. p. 2659.
(Anton) Jurgens' United (Margarine) Works.-Definilive Bonds Ready-Listing.
-year Secured Convertible 6% bonds are now ready for
Definitive 25
delivery in exchange for White, Weld & Co. Interim receipts at the National
Bank of Commerce, 31 Nassau St., N. Y. City. Inasmuch as interest
due and payable on and after Jan. 1 1924 will be paid only upon presentamust
tion of coupons attaching to the definitive bonds, the above exchange these
be effected before further interest can be collected. (For offering of
bonds see V. 114, p. 2476.)
The New York Stock Exchange has authorized the listing of 40.000,000
-year secured convertible 6% coupon bonds, due May 11947.guilders 25
V. 117, p.1243.1134.
-New Fianncing.
Hammond Consolidated Gold Fields.
-200% Stock Dividend, &c.
Harmony Mills, Boston.
increased the authorized Common stock
See U. S. Smelting, Refining & Mining Co. below.
The stockholders on Dec. 21
to 14,200,000, par $100. The
from $1.500,000 (11.398,800 outstanding)dividend which will be payable
stockholders also ratified the 200% stock will increase the outstanding
21. This
to stockholders of record Dec.
authorized and issued
Common stock to $4.196.400. The company also has
$1,500.000 Preferred stock.
regular quarterly dividend of 14% on
The directors have declared the
25.
the Pref, stock, payable Feb. 1 to holders of record Jan.
Comparative Balance Sheet.
Cominissioner of Corporations.]
[As filed with the Massachusetts
Sept. 2923. Dec.3122.
Sept. 29'23. Dec.3122. MailingsAssets$2,898,800 $2,898,800
Capital stock
Real estate, mach.
8,217
equipment...16,874,000 $4,398,682 Acc'ts payable_ _ _ 1,650,000 1,500,000
&
950,678 Depree'n reserve__
606,618
Inventories
335,333
720,281 General reserve__ _ 135,416
Cash & debts rec_ 661,409
4,324,721 1,649,368
313,870 Surplus
875,127
Investments
$9,017,154 $6,383,501
Total
$9,017,154 $6,383,501
Total
-V. 116, p. 942.
-To Manage ConHartford (Conn.) Electric Light Co.
Power Co.
necticut
of
the company will take over the management
-Earnings.
Kaministiquia Power Co., Ltd.
1919-20.
1922-23.
Years end. Oct. 31$662,930
Gross earnings
152,785
Operation & maintenance
44.000
Deprec. & renewal ree've
99,169
Fixed charges & interest..
125,000
nt fund
Continge
199,760
Dividends (8%)
1921-22.
$493,418
111.783
44.000
103,987
1920-.21
$455,627
117,162
34,000
95,258
$449,273
112,578
34.000
96,063
199,760
199,760
175,992
$30,640
$9,447
133,887
$42,215
Balance, surplus
Balance Sheet Oct. 31.
1922.
1923.
1922.
1923.
Liabilities
$
Assets2,497,000 2,497,000
Capitalstock
Property,plant,fran4,722,665 4,669,905 1st M.5% bonds_ _ _1,864,000 1,883,000
chlses, Sze
36,024
98,000 Acer.Int., wages,&c. 40,397
79,000
Treasury bonds
49,940
500,001 488,000 Dividend payable__ 49,940
Invest. securities
5,313
5,688
96,767 Accounts payable__ _
_ 82,292
Accounts receivable
79,859
9,704 Suspense account... 5.5,306
Unexpended balance 12,638
58,146 Conting. account__ 125,000
84,999
Cash
160,000
Bills payable
200,000 135,000
Rest account
Depr.& renewal res_ 400,000 350,000
244,265 224,391
Total(each side). _5,481,596 5,420,523 Surplus
-V. 117, p. 2777.
-Sale of Properties.
Falls Electric Co.
Kanes
on for authorThe company has applied to the New York P.8. Commissi Light Corp..
ck Power &
ity to sell part of its property to the Adirondap. 1669.
-V.117,
from which it has been buying energy.
-Listing.
Keystone Telephone Co.
listing of $100,000 addiThe Phila. Stock Exchange has authorized the
Effective Jan. 1 1924,
from Stone St Webster,
gold coupon bonds. due 1935. and registered bonds
various divisions of the Connecticut Power Co. d a controlling interest tional 1st Mtge. 5%
d, making the total amount of
company purchase
into which coupon bonds may be converte proceeds from the sale of the
Inc., Boston. The Hartford
-V. 116. p. 2643.
ago.
said bonds listed at Dec. 22 16,725.000. The
in the Connecticut Power Co. a few years
reported applied to extensions, development and
$100,000 bonds
-Bonds improvement of listed of company.
-V. 117, p. 1669.
property
Building Co., Los Angeles.
Hill St. Fireproof
-Security Co. Los Angeles, is offering at 100 and
Offered.
gold
int. $3,000,000 1st Mtge. 63/2% Serial4,incl. bonds. 11,000c*,
Denom.
serially Jan.2 1926-194
-Off List.
Electric Light & Power Co.
Kings County
1 1925, have been
The Convertible 6% Debenture bonds, due March
York Stock Exchange. The original
stricken off the list of the New and Issued. was $5,000,000. The last
of these bonds, authorized
amount
d during the current year, into the
of the outstanding bonds was converteInc.
-V. 108, p. 385.
capital stock of Brooklyn Edison Co.,
Dated Nov.21923,due
Trust Savings Bank,Los Angeles. trustee.
Int. payable J. & J. at SecurityYork. &
Red. all or in part on any int. date
or Guaranty Trust Co., New int. during the first ten years and there105 ad
upon 60 days notice at
redemption of less than the entire issue of
-No Par Value Shares.
after at 1023i and Int. In the of each serial maturity is to be selected by
Kings County Lighting Co.
d and outstanding has been
bonds, a proportionate amount up to 2% will be paid by the company.
tax
The 12,000,000 Common stock authorize
lot. Normal Federal income first mortgage on various properties in Los
of no par value. The present stock is being exchanged to 50,000 shares
These bonds are secured by
itan Theatre, Store and Office changed for the no par value shares in the ratio of 234 no par shares for
-V.
d.
Angeles, including Gratunan's Metropol
, situated on the corner of Hill and 6th
share of $100 par. The Preferred stock remains unchange
Building (both land and building) full blocks consisting of about 10 acres each p. 2001.
streets, facing Pershing Square; two of the business section of Hollywood, 117,
heart
-Initial Dividen of land and improvements in the
Kresge Department Stores, Inc. on the 7% Preferred d.
Selma, El Centro and Argyle-and
stock
fronting on five streets-Sunset, Vine, which properties are held in fee by
all of
The directors have declared an initial dividend
This
28 lots in the Westlake District,
been appraised as $6,284,223. of $2 33 per share, payable Jan. 1 to holders of record Dec. 24. 1924.
s have
issuing company. These propertie
period from Sept. 1 1923 to Jan. 1
the
4 months'
-A syndicate dividend covers the
-Notes Offered.
offering of Preferred stock see V. 117. p. 787.
ies Co.
For
Houston Collier
W. E. Hutton &Co.
headed by First National Bank and
from 96% and
of Cincinnati is offering at prices ranging63/2%,according
53% to
int. to 1003 and int., to yield from Trust 6% Serial Gold
to maturity, $2,000,000 Collateral
0 annually Dec. 15
notes, dated Dec. 15 1923; due $200,00
1924-1933.
-Earnings.
Hurley Machine Co.
1922.
1923.
11 Months ended Nov. 30
Net sales
Cost
Expense
Discounts
Federal tax
Balance,surplus
-V. 117, p. 2777.
$6,502.976 34,508.368
4.034,280 2,889,524
955,418
1,394.266
52,260
77,256
80,571
128,366
$868,804
$530,594
-Purchased.
Independent Sugar Co.
James E. Davidson and Guy
The company has been purchased by
represent the bondholders. The
Moulthroup, of Bay City, Mich., who rs assume all taxes and bonded
price paid was $278.500 and the purchase
.-V. 117, p. 1021.
indebtedness
-Definitive Bonds Ready.
Indiana Electric Corp. managers, announce that the permaHalsey Stuart & Co., as syndicate
"B," due Aug. 1 1953. are now
nent 1st Mtge. 634% gold bonds, Series
-Extra Dividend.
Landers, Frary & Clark.
000
ng
An extra dividend of 2% has been declared on the outstandi $10,500,
dividend of 2%.
capital stock, par $25, in addition to the regular quarterlyV. 117,P.333.
payable Jan. 1 to holders of recore Dec. 18. See also
both
-$40 Dividend.
Lehigh & Wilkes-Barre Coal Co.
of $40 a share to stockholders
The company on Dec. 24 paid a dividend ion of $8 per share was made.
last a
of record Dec. 18. In Juno ing is distribut00. par $50.
19.210.0
Total capital stock outstand arre Corp.
-V. 117, p. 1562.
See also Lehigh & Wilkes-B
-White,
-Bonds Sold.
Lehigh & Wilkes-Barre Corp.
Weld & Co., Bankers Trust Co., Clark, Dodge & Co., New
York, and Union Trust Co., Pittsburgh, have sold at 100.24
int.,
and int., to yield 53t% for 1925 maturity; 100.23 and 1927
to yield 5.375% for 1926 maturity, and 100 and int. for 53/28.
to 1934 maturities, $10,000,000 Serial Collateral Trust
(See advertising pages.)
1 1925 to
Jan.
Dated Jan. 2 1924. To mature $1.003,000 annually. National Bank
First
Jan. 1 1934, incl. Int. payable J. &J.at office of the or in series in the
the City of New York. trustee. Red. as a whole
of
notice, at a premium of
order of their maturity on any int. date on 30 days g from the date fixed
% for each year and each ftaction of_year remainin
mills tax
on to date of maturity. Denom. 11,000. Penn. 4
for redempti
refunded
DEC.29 1923.]
THE CHRONICLE
Data from Letter of C. F. Huber, President of the Corporation.
Security.
-The Lehigh & Wilkes-Barre Corp. owns 149,788 shares, equivalent to 81.3% of the total outstanding capital stock (184,200 shares)
of
Lehigh & Wilkes-Barre Coal Co.
These 149,788 Coal company shares are to be assigned to the trustee
collateral security for the payment of the principal and interest of as
the
$10.000,000 5%7. Serial Collateral Trust bonds under an indenture with
the usual protective provisions and to contain rigid
the holders of the bonds as to future additions to thecovenants protecting
funded indebtedness
of the Coal company beyond the present amount of $5.550,000
now
standing: as to the reduction of the Coal company's combined capital outsurplus below $20,000,000 by cash distribution to its stockholders: as to and
the
sale or other disposition of its coal lands; and as to stock dividends
unless
81.3% of the resulting distribution be pledged with the trustee.
denture will also contain suitable protective covenants to cover the The inpossible
merger of the Coal company or the corporation or either of them with
other
corporations or with each other.
Sale of Stock of Coal Company.
-These 149,788
of
of
company were purchased by the corporation onshares 10 stock at the Coal
1923
$150 per
share, and shares are pledged under the indentureDec.
at only $66 76 per
[The sale was made in conformity with the Reading dissolution share.
whereby the Central RR.Co. of New Jersey was ordered to divorce decree
itself of
the stock of the Coal company.]
Lehigh & Wilkes-Barre Coal Co.
-The company's mining operations are
mainly in the Wyoming,but partly in the Lehigh region of the Pennsylvan
ia
anthracite fields. It owns in fee 11,658 acres of coal lands and _Ids
lease 2,724 acres, or a total of 14,382 acres. It also owns inhfee under
26,105
acres of surface and has 11 collieries with modern breakers, washeries,
and
miscellaneous equipment for efficient and economical operation.
A conservative estimate of the remaining marketable tonnage in its
properties is
325.000,000 tons, and as its average annual production is
5.000..100 tons the properties have a life of about 65 years. approximately
Earnings.
-For the five calendar years 1919 to 1923, both
partly estimated), the net earnings of the Coal company after incl. (1923
expenses, maintenance, interest charges, taxes (local, State, all operating
Federal and
income) and adequate allowances for depletion and depreciatio
averaged $5,450.000 per annum. In no year during this period n, have
have the
earnings been less than 53,850,000.
Thus the proportion of the average annual
applicable to the Coal company shares owned bynet earnings indicated as
the corporation and to be
pledged as security for its bonds has been nearly three times
the
amount necessary to meet the annual requirements for retiring maximum
maturities and for interest on the bonds outstanding from time the yearly
to time:and
eight times the maximum annual interest requirements of
these bonds.
Marconi's Wireless Telegraph Co., Ltd.
-Dividen
2897
Management.
-Company is controlled by the Middle West Utilities
thus bringing the management under the direction of Samuel Insult Co.,
and
associates.
-V. 114, p. 1070.
Michigan Sugar Co.
-Preferred Dividends.
-
The directors have declared three quarterly dividends of
1347 each on
the 6% Cumul. Pref. stock, payable .April 10, July 10
to
ers of record April 1, July 1 and Oct. 1, respectively. and Oct. 10of holdA dividend
I SS%
Is also payable Jan. 2 on the Preferred stock. These dividends, it is stated.
are to be applied on account of back dividends.
-V.117, p. 2778.
Middle States Oil Corp.
-Review of 1923.
-President
P. D. Saklatvala Dec. 26 says in substance:
The year 1923 is just closing, and, happily, it is closing
improvement in the oil business. The last two-thirds ofwith a material
this year was.
no doubt, a very trying year for crude oil producing companies. up to
the beginning of this month only a small percentage of the total production
was accepted and paid for by the pipelines, and thus cash collections were
very much curtailed.
The corporation in spite of these curtailed cash receipts was able not only
to pay its expenses and preserve its assets, but also continue new essential
developments, and has on its own account and that of its subsidiaries ample
cash balances.
There is a larger amount of bills and accounts receivable, with less than
550.000 of bills payable. The corporation has therefore not only conserved,
but added a great deal to its assets even in such abnormal, distressed condition of the oil business. The policy of freedom from debts during strenuous times is the bast measure of security for the stockholders.
The railroad investments have more than fulfilled its prospects, for besides being serviceable in the transportation facilities, it has also proven
of advantage as a revenue producer. The Louisiana & Northwest RR..in
which the company (AVM over 9934% interest, has carried during the 10
months of the year to Nov. 1 1923, over 432.000 tons, and shows a net
income of $363,128. This railroad property is valued at 55,000.000 and
has only a bonded indebtedness of 52.184.000.
In Wyoming about 45 miles have been completed and in operation ?IWO
Sept. 25 1923 and already shows very profitable results.
Since the beginning of this month our line of business has improved and
in most cases greater percentage of production is being accepted and paid
for; therefore, with our assets conserved and strong cash position, we are
in a position to take advantage of the improved conditions which we soon
hope will reach normal.
(See also Southern States Oil Corp. below.)
-V.117. p. 2778. 2441.
Midwest
Oil Co., Denver Colo.
ds.
-Larger Dividend.The directors have declared (1) a final dividend of 5% less
The company
the $250,000 77 Cumul. Pattie. Preference shares for the income tax, on Common stock. has declared a quarterly dividend of 634c. a share on the
par $I. and of 65c. a share on the Common stock, par $10.
year 1922; and
(2) a final dividend of 107, less income tax, on the
2,750,065 Ordinary both payable Jan. 15 to holders of record Dec. 31. In the two previous
shares, for the year 1922. Both dividends are payable
Dec. 31.-V. In. quarters the payments were 634c.and 6234c.,respectively.
-V.116, p.2890
p. 2549.
Motor Products Corp.
-Initial Pref. Dividend,etc.
-
Martin-Parry Corp.
-Earnings, Etc.
-
Nine Months Ended Sept. 30Sales
Net profits after interest, taxes, &c
-V. 117, p. 1785.
1923.
$4,606,746
563.871
83,92,734
1 2
26 2
318.425
Maxwell Motor Corp.
-New Subsidiary
Company.
The corporation is forming a subsidiary company
Motor Corp.(incorp. in Michigan with a capital of to be known as Chrysler
$10,000) to
a new line of six-cylinder models called "The Chrysler Six." manufacture
The cars are
named after Walter P. Chrysler, Chairman of the Maxwell Motor
Corp.,
who, with a group of engineers, has been
past four years. The company will occupydeveloping the new line for the
a portion of the Chalmers plant
in Detroit, installing its own equipment and machinery.
The Chrysler cars will be manufactured in six models and will supplement
the present Chalmers and Maxwell lines of Maxwell Motors Corp. It is
understood that the new line will occupy a price class somewhere between
the low -priced Maxwell four-cylinder line around $800 and the higherpriced Chalmers six around 61,200. ("Wall Street Journal").
-V.117.
p. 2549. 2441.
The directors have declared an initial dividend of $1
the
Pref. stock, of no par value. payable Feb. I to holdersa share on Jan.new
of record
20.
The Empire Trust Co. has been appointed trustee for an issue of $6.750,6% Sinking Fund 20
000
-Year Gold debentures dated Nov. 1 1923. due
Nov. 1 1943.
The Empire Trust Co. has also been appointed transfer agent of the Preferred and Common stock.
-V. 117. p. 2117.
Mountain States Power Co.
-Initial Dividend.
-
The directors have declared an initial dividend of $1 per share
Common stock, payable Feb. 1 to holders ofrecord Dec.31.-V. 117. on the
p.1671
Narragansett Electric Lighting Co.
-Rights, &c.
The directors have voted to issue $3,624,000 additional capital stock.
This will increase the capital to $19,584,000. The stockholders of record
Jan. 31 will be given the right to subscribe on or before Feb. 21 to
the
new stock at par ($50). in the ratio of one now share for each five shares held.
Payment for the stock maybe made either in cash
on or
April 1 or in installments as follows: 307. on or beforein full1, 30%before
April
on or
before July 1 and the remainder on or before Oct. 1.
Merchants Heat & Light Co.
President Barrows says: "The company has had a prosperous
-To Issue Stock, &c.
The Indiana P. S. Commission has authorized the company to issue Indications point to a continued increase in business during 1924. year and
During
the past 12 months
$152,200 of stock and $360,000 of bonds. The proceeds, It is stated,
will of the company, anover 12.000 new customers have been added to the books
be used to pay for additions and betterments already made.
-V. 117. p. working day. The average of more than 1,000 a month, or about 40 every
675. 333.
money received from this new issue of stock will be used
mainly to cover the investment in new property and plant installed during
Mexican Eagle Oil Co., Ltd.
the past two years."
-V.116. p. 2644.
-Omits Dividends.
The company has decided not to declare an interim dividend
on the 8%
non-cumul. partic. preference shares or on the ordinary shares
Nassau & Suffolk Lighting Co.
-Capital Decreased.
for the year
ending Dec. 31 1923.
The company has filed a certificate at Albany. N. Y.,
The passing of the dividend on the Preference shares, it
authorized capital stock from $7,000,000 to $6,500,11011.-V. decreasing its
117. p. 334.
the collapse of the company's earning power as a result is stated, follows
production in the Mexican oil fields. This dividend hasof its loss of oil
National Surety Co.
been paid
-Denial.
1911 and during the years when the company was making a favorable since
Recently there has been in circulation a report that the company
show
hag large extras were paid, ranging as high as 52% in 1920.-V.
was
117,P. 1895' considering withdrawal of protection from many banks in suburbs of large
cities, due to the many recent holdups. This story is absolutely
Michigan Gas & Electric Co.
without
-Bonds Offered.
-Hill, any foundation in fact -V. 117, p. 900.
Joiner
& Co., Halsey, Stuart & Co., Inc., and H. H.Bickmore & Co. are offering at 9134 and int., to yield about
6.79%, $1,100,000 1st Mtge. & Ref. Gold 6s, Series "A."
Dated Sept. 11923. Due Sept. 11943. Int. payable
M.& S. in Chicago or New York without deduction for the normal
Federal income tax
now or hereafter deductible at the source, not in excess
of 2%. Denoms.:
c*, $1.000, $500 and $100: and 011.000. Red.
all or part on 30 days'
notice at the following prices and int.: On and from
Sept. 1 1933 to Sept. 1
1938, at 105: thereafter prior to Sept.
annum for each year or fraction thereof1 1942. at 102% less 34 of 1% Per
elapsed after Aug. 31 1939: on and
after Sept. 1 1942 at par. Penn. 4
-mills tax, Conn. 4-mills tax and Mass.
income tax on int. not exceeding 67 of such int.
per annum refunded.
Issuance.-Authorized by the Michigan P. U. Commission
.
Data From Letter of President L. E. Myers,
Chicago, Dec. 1.
Company.-Incorp. in 1904 in Michigan. Owns
and operates public
utility properties serving directly or indirectly
or more classes of service, namely, electric light 25 communities with one
pany also operates a street railway 434 miles and power and gas. Comcities of Ishpeming and Negaunee. Among long extending between the
the more important cities
served are Cassopolis Constantine, Three
Rivers, Dowagiac. Hancock,
Houghton, Ishpeming and Negaunee.
Approximately 97% of the net
earnings aro derived from gas, electric light
and
16% gas), and practically all current produced is power (81% electric and
generated by hydro-electric stations.
Company has in service approximately 155
mission lines and in addition to hydro-electric miles of high-tension transthree modern hydro-electric power stations in energy purchased, operates
the
of which has just been completed with an installed southern division, one
capacity of 2,300 h. p.
Capitalization• Authorized. Outstand'g.
Common stock
$1,150,000
$775,000
Preferred stock, 6% cumulative
400.000
400,000
Prior Lien stock. 7% cumulative
750,000
253.100
1st Mtge.& Refdg.(is. Series"A"(this issue)
.100,000
Divisional bonds
(Closed)
365,000
a Restricted by the provisions of the trust deed referred
Purpose.
-Proceeds will be used for the retirement of to below.
various issues of
divisional bonds, for reimbursing the treasury for
expenditures heretofore
made on account of additions and improvements to tho
property, and for
other corporate purposes.
Security.
-Secured by a mortgage covering as
all of the property, rights and franchises now ora direct lien substantially
hereafter owned. Mortgage will be a first mortgage on all of the properties now
Michigan and on all of the properties now owned in owned in southern
northern Michigan
except those located in and about Ishpeming and Negaunee,
it will be a direct lien subject only to $365,000 underlying against which
bonds.
Earnings 12 Months endedDec. 31 '22. Sept. 30 '23.
Gross earnings,including other income
$610.514 93 $689,397 99
Operating expenses, incl. maintenance and taxes
462,376 20 518.384 92
Net earnings
$148.138 73 $171.013 07
Annual interest on all bonds outstanding in hands of the public,
including these bonds,requires
587.900 00
National Transit Co.
-New Officers, &c.
-
F. G. Zimmerman has been elected Secretary and C. J. McClintock
director, both succeeding the late S. R. Ball.
-V. 117. p. 900.
a
New England Southern Mills.
-Listing.
-
On Dec. 20 1923 the International Cotton Mills Common
stock were removed from the Boston Stock Exchange list and Preferred
substituted for them Common and Preferred stock of the and there was
New England
Southern Mills, its successor. Coincident with the change the par
of
Common stems was changed from $50 to without nominal or par value, the
and
58,000 additional shares of Common stock were authorized for the list,
making a total of 208,000 Common shares. The par of the Preferred
stock
remains unchanged.
-V. 117, p. 2779, 2660. 2550.
New River Collieries Co.
-Capital Decreased.
-
The stockholders have approved a decrease in the authorized capital
stock to 36.041,100, par $100. to consist of $2,537,600 Preferred stock
and
53.503,500 Common stock, of which $620.000 and 52,740.300. respectively,
is outstanding. The balance of the stock is owned and held by
the cornpany.-V. 113. p. 736.
New York Air Brake Co.
-Earnings.
PeriodNet,after charges, except Federal taxes
-V. 117, p. 2331.
November 11 mos. end.
1923.
Nov. 30'23.
$224,319 $2,749.155
North American Co.
-Listing, &c.
-
The New York Stock Exchange has authorized the lasting on and
Jan.2 1924 of $661,360 additional Common stock, par $10,on official after
notice
of issuance as a 2Si% stock dividend, making the total amount applied
for
to date $27,150,790 (see V. 117, p. 2331).
•
Consolidated Income Statement, Nine Months Ended September
30 1923.
Gross earnings, $54.005.411; oper. exp. & taxes, $34.663.912
:
net income
519.341.499
Other net income
94,376
Total income
619,435,874
Deduct: Interest charges. $6.288.386: yore. divs. of
subsidiaries.
$1.335.922; minority interest,$762,316: total
8,386,624
Net profit
511.049.251
Previous surplus, Jan. 1. 1923
614.543,029
Other credits to surplus
292,867
Total surplus
$25.885,147
Deduct: Appropriations for depreciation reserves
4.658,908
Preferred diva.. $856,793; common divs.. $2,377.285;
Prem. on exchange of securities, $78.940; misc. total- _ 3,234.078
charges,
$55,745: total
134.685
Balance Sept. 30 1923
$17.567.476
[VoL. 117.
THE CHRONICLE
2898
-Organized.
Philadelphia & Reading Coal & Iron Corp.
Consolidated Balance Sheet.
A certificata of incorporation of the Philadelphia & Reading Coal & Iron
Sept. 30'23. Dec. 31 '22.
Sept. 30'23. Dec. 31 '22.
Corp. with a capitalization of 1.400,000 shares, was filed in Del. Dec. 20.
Assets18,957,050 The company takes over the coal properties of the old Reading Co. under
Prop'y & plant_242,020,552 188.860.469 6% cum.Pt.stk. 19,078,850
6.152 the dissolution decree.
4,102
Preferred scrip__
Cash with trus-V. 117, p. 2660. 2119.
See Reading Co. above.
3.179,046 1.838,671 Common stock_ 24,260,690 21,085,800
tee
4,053
8,465,968 13,201,169 Common scrip__
Investments
-Dividends.
_(Albert) Pick & Co., Chicago.a share on the Common
5,119,885 4,069,042 Pref.stks. of sub 26,307,144 22,313.204
Cash
Minority stockThe directors have declared a dividend of 40 cents
U.S. Governm't
holders' int__ 5,551,333 5,074,708 stock. par $10, payable Feb. 1 to holders of record Jan. 2. and a dividend
505,075 4,710,600
ties -secur
Bonds of subs_ _138,544,325 114,629,600 of 13 cents a share on the new Common, to be issued Jan. 3, payable Feb. 1
Notes and bills
2.999,677
the dividend was
receivable__ _ 1,584,785 1,538,676 Notes& bills pay 7,783.674 4,755.318 to holders of record Jan. 3. This method of handling
Acets payable__ 3,872,868
decided upon due to the fact that an additional 37.500 shares of new Corn.
Accounts receivcurr.liab 2,263,986 1,199.654 stock will be issued Jan. 3, which will be entitled to only one month's
7,674,959 7,064,541 Sundry
able
Taxes accrued__ 4,410.103 1,175,909 dividend.
-V. 117, p. 561.
Materials & sup8,136,677 7,181,849 Interest accrued 1,619,761 1.630,536
plies
Co., Ltd.
919,073
Pillsbury-Washburn Flour Mills bonds. dated-Bonds.
158,352 Divs. accrued__ 1,028.108
741,091
Prepaid accounts
55,382
June 25 1909,
54.774
-year 5% Mtge. Gold
Sundry accr.liab
All of the outstanding 20
Bond and note
reserve_x29,822,948 29,566,738 have been called for redemption Feb. 8 1924 at the First Trust & Savings
8,878,496 7,799,954 Deprec.
discount
Other reserves__ 6,728,567
116. p. 3005.
Bank, trustee,. Chicago.
Premium on in17,857,476 14,543,029
Surplus
vestment se-Mer-Bonds Offered.
Portsmouth(N. H.) Power Co.
2,486,229 2,488,506
curities
Total(each side)289,192,761 238,911,829
A
are offering at 971 and int.
monthly to
x Appropriations are made by subsidiaries from earnings depreciation
credited to
insure replacement of physical property, and of management and enreserve, in accordance with the best principles abandoned, original cost
gineering practice. When property is replaced or These appropriations to
of such property is charged against said reserve.
and repair expendidepreciation reserve are additional to full maintenance
expenses, and serve to
tures, which are included in monthly operating in first-class operating
maintain all parts of the properties In good repair and
-V,117, v. 2441.
condition.
-Acquisition.--Central Electric Corp.
New York
the company to purThe New York P. S. Commission has authorized Light Co. Warsaw
Perry Electric
chase the properties and assets of the Electric Co., the Dansville Gas &
Y.) Gas dc Electric Co., Hornell
(N.
Wayne Power Co.
Electric Co., Yates Electric Light & Power Co. and
Compare V. 117. p. 560.
-Capital Increased.
Edison Co.
North American
from 270,000 shares
The capital stock of the company has been increased Co. owns the entire
to 400,000 shares, no par value. The North American
-V. 117, p. 2331, 2221.
stock of the North American Edison Co.
-Acquisition.
& Electric Co.
Oklahoma Gas
voted to sell the municipal
The citizens of Wewoka. Okla., on Dec. 12,
& Power Co.. part
electric light plant to the Central Oklahoma Light
The Oklahoma Gas &
the Oklahoma Gas & Electric Co.'s organization. the corporate limits.
of
new substation just outside
Electric Co. is erecting a
-V.117, v. 2660.
-Bonds to be Paid.
Omega Steel Co.
matured on May 1
Holders of bonds of the above company, which bonds
Middletown Trust Co. of Middle1923, should present tne bonds to the Jan. 1 1924.
town, Conn.,for payment on or before
-Earnings.
Co.
Otis Steel
30 1923 totalled
Net earnings for the two months' period ended Nov.
n and Federal taxes.
$275,000 after all deductions excepting depreciatio
V. 117,p. 676, 1896.
-Larger Dividends.
Cushion Tire Co.
Overman
the Common and
The directors have declared a dividend of 1,ti% on of record Dec. 31.
"X" Preferred stocks, both payable Jan. 20 to holders issues on Oct. 25
both of these
Initial disbursements of 1% were made on
-V. 117, p. 1786.
last.
-Plan Operative-Bonds
Parsons Pulp 8c Lumber Co.
Called.
operative the plan of readjust-
The reorganization committee has declared
ment dated July 20 1923.
Co., Phila.,
Pursuant to formal declaration made by the Girard Trust bonds outof all of the
trustee of the 1st Mtge. Os, declaring the principal company has deposited
and payable, the
standing under tho mortgage dueof Jan. 1 1924, with interest from May 1
with the trustee funds to pay as
annum on the face amount.
1922 to Jan. 1 1924 at the rate of 6% per
ranging between 2555 and 3476) and 19
83 bonds of $1,000 each (numbers
each (numbers ranging between 468 and 5931, in all $92,500,
bonds of $500
coupons attached (being
have been called for payment, with all unpaid trustee on or after Jan. 1
coupon due Nov. 11922. Sic.), at the office of the
p. 790.
1924. Compare plan in V. 11,
rill, Oldham & Co., Boston,
$1,400,000 1st Mtge. Lien & Ref. Series A 6% Gold bonds.
Dated Dec. 1 1923. Due Dec. 1 1945. Red. at 105 and int. on any
Int. date through June 1 1943: at 100 and int. thereafter. Denorn. $1.000
and $500 c*. Interest payable J. & D. in Boston or New York without
deduction for the Federal normal income tax not exceeding 2%. New York
Trust Co., New York, trustee.
24.
Data from Letter of President D. A. Belden, Boston, Dec.
County Light & Power
Company.-Incorp. in 1900 as the Rockinghamwith present financing.
Co. in New Hampshire. Contemporaneously
Comcompany proposes to change its name to Portsmouth Power Co. city of
in the
pany does the entire electric lighting and power business North HampRye,
Portsmouth and the neighboring towns of Newcastle,
ton. Greenland, Newington, Newfields, Epping, Newmarket and Durham.
Co.)
N. H., and (through lease of the property of the Kittery Electric Lightlarge
In the towns of Kittery and Eliot. Me. In addition, company soils ato Inpublic utility companies and
amount of power at wholesale to other
dustrial plants.
Capitalization Outstanding upon Completion of Present Financing.
$1,500.000
Common stock
500,000
Preferred stock (7% cumulative)
1,200.000
A 6s (this issue)
1st Mtge. Lien & Ref. Series
200,000
Mortgage 5s (closed), due 1936
to
Company leases the Kittery Electric Light Co. of Maine, agreeing
capital stock.
pay 7% per annum on its outstanding entire property now or hereafter
-Secured by a mortgage on the
Security.
Of the total
owned, subject only to the mortgage (closed) 5% bonds.
forthwith
issue of 51.000,000 5% bonds, $800.000 are to be exchanged The 5s so
A 6s.
an equal amouht of First Mtge. Lien & Ref. SeriesMtge. Lien & Ref.
for
under the 1st
exchanged are to be deposited as security negotiation, and if a sufficient
Mtge. Further exchanges are in process of
of the mortgage
total is reached, the trust deed provides for the discharge will become a
securing the 5s and thereupon the 1st Mtge. Lien & Ref. Os
first mortgage upon the entire property.
direct
-31.000.000 bonds are for the equal exchange from time to time
Purpose.
amount of mortgage 5s.
or the ultimate retirement at maturity of a like for Indebtedness or exThe remaining $400.000 bonds will provide in part with the installation of
penditures incurred by the company in connection additions and improvea new 5,000 k. w. turbo unit, together with other
transmission
ments to its generating plant and for extending its high-tension
lines.
sinking fund will be provided towards the retirement
-A
Sinking Fund.
purchase of bonds for the
of the bonds. The mortgage will provide for theor, if not so purchasable,
sinking fund at or below the redemption price,
price. Company will agree to pay
for their call by lot at such redemption
principal amount of these
annually into the sinking fund S of 1% of the
1 %
1
bonds outstanding beginning Jan. 1 1926: 1% beginning Jan. 1931:
beginning Jan. 1 1936 to maturity.
1923.
1922.
Years Ended Oct. 31Earnings
$746,565
$687.978
Gross earnings
523.457
508,654
Operating expenses and taxes
Net earnings
Annual interest on $1,400,000 6% bonds
Balance for dividends, depreciation, &c
$179,324
$223,108
84.000
8139.108
-Merger.
Potomac Edison Co.
Edison Co.
A merger of the Potomac Public Service Co. with the Potomac
electric
has been agreed upon. The properties to be consolidated comprise
stock and .iquinment.
streetcar lines and gas and electric light plants, rollingwill be 75,000 shares
on of the consolidated company
The capitalizati
The resignations of R. H.
and director have been accepted.
$100, and 150,000 Common stock, without par value.
and of Wilbut H. Collins as Vice-President R. White, Corliss Sullivan and Preferred stock, par corporation will be: Emory L. Coblentz, Chairman
Fred
Officers of the new
An executive committee, consisting ofto supervise the management of the
President: Charles M. Harris. Henry Hoisaptel and
appointed
H. A. Tremaine has beenheretofore Vice-President and director of sales, Melville F. Riley, Vice-Presidents: Raymond E. Town, Treasurer; Byron
Walter .J. Findley,
business. D. A. Burke.
H. C. Robinson of Guardian Bank A. Winebrenner and Philip L. Ross Asst. Treasurers: Charles C. Waters,
has been elected General Manager.-V.117. P. 901.
Secretary: Raymond E. Town and William K. Dunbar, Asst. Secretaries
succeeds W. H. Collins as a director.
-V.11 , p. 2781.
-Resignations, etc.
Peerless Truck & Motor Corp.
Collins as President and General Manager
Manufacturing Co. of Mass.-Organized.-
Pelzer
the Massachussetts ComArticw,.., of organization have been filed with
of Boston and South Carolina.
missioner of Corporations by Pelzer Mfg. Co. e and deal in cotton, flax,
purpose of organization is to manufactur
The
is $7,500,000. represented by 75,000
fibre, yarn, silk, wool, &c. CapitalPresident is Hartwell Greene, Cam$10().
shares Common stock, par Nichols, Boston. See also V. 117. p. 2780.
Henry G.
bridge: Treasurer,
-Bonds Offered.
Public Service Co. of Northern Illinois.
-Halsey, Stuart & Co. Inc. are offering at 92 and int. to
yield about 6.05%,$10,600,000 1st Lien & Ref. Mtge. 5
Gold Bonds, Series "A." Dated June 1 1922, due June 1
See description in V. 116, p. 1061, and advertising
-To Increase Capital 1962. above.
Penn Central Light & Power Co.
pages
Letter of Chairman Samuel insult, Chicago, Dec. 20.
and Debt-Listing.
increasing tho capital stock Data from
The stockholders will vote Feb. 6 next on
shares without nominal
from 211.140 shares without par value to 250,000and 150,000 shares shall
or par value, of which 100,000 shall be Common
be Preference shares.
indebtedness of the
The stockholders will also vote on increasing the
company from $7,500,000 to $22,500,000. the listing or 2,002 additional
The Phila. Stock Exchange has authorized
being part of 5.468 shares
full paid Preference shares, issued 185 shares, of 12.652 shares applied for
applied for Jan. 11 1923: 171 shares, being part 14.362 shares applied for
1923. and 1,646 shares, being part of full paid, making a total
May 31
Dec. 10 1923. to be listed upon notice of Issuance 22.-V. 117, I?. 2780.
of 83,385 shares of Preference stcok listed at Dec.
-Earnings.
Pennsylvania Coal & Coke Co.
Results for November and the 11 Months Ended Nov. 30 1923.
1923-11 Mos.-1922.
-1922.
-Nov.
1923
8507.632 $760,001 $7,876,129 $4,319,553
Gross earnings
573,679
951.947
178,269
25,766
Net, after taxes
681,762
187.981 1,116,749
46,128
Total income
Surplus after charges but be541,629
738,921
169,188
' 11,364
fore Federal taxes
Federal taxes for 11 months ended Nov.30 1923 are estimated at $71,500.
-1r, 117, p. 2443, 2222.
-Special Dividend.
phia & Camden Ferry Co.
Philadel
in addition to a
The directors have declared a special dividend of 10%,
of record
quarterly dividend of 6%, both payable Jan. 10 to holders
Dec. 28.-V. 117. p. 3005.
-Operates in 15 counties in the northeastern part of the State
Company.
1156,677,
of Illinois. having a combined population (1920 Census) ofand power,
excluding the city of Chicago. Company supplies electric light
1923 numbered 250,364, an
gas, water and heat. Consumers on Nov. 30 serves not only the suburban
Increase of74% since Dec.311916. Company
territory tributary to the city of Chicago, but also one of the best manufacturing sections in the United States.
Capitalization Outstanding in Hands of Public After This Financing.
100.000 slis.
Preferred stock
198,711 elm.
Common stock
Gold bonds,ser."A"(incl. this issue)-$22.250,000
1st Lien & Ref. M.54f%
18,926,000
First & Refunding Mtge. 5% Gold bonds, due 1956
8,461,200
Underlying Divisional bonds
-Year 8% Collateral
Purpose.-Procoeds will he used to redeem the 10
acquire new property, to reimburse the company
Gold notes (see below) to
for new property heretofore acquired or underlying divisional bonds discharged, and for other corporate purposes.
-Earnings for the calendar year 1923 will be the largest in
Earnings.
the company's history. Gross and net earnings will show an approximate
increase over those for 1922 of from 14% to 17%. The annual Interest on
the entire funded debt of the company in the hands of the public, including
the present issue of 1st Lien Sz Ref. Mtge. bonds, will require $2,593,110.
Valuation-Acquisition-Notes Called.
The Illinois Commerce Commission has sot $60,750,000 as the valuation
of the company's properties for rate making purposes. This figure includes
the properties used and useful in actual production of electric light and
power, gas, heat, water, &c. but does not include other valuable assets.
Among the properties not included in the Commission's valuation, which
-Listing-Wages.
Philadelphia Electric Co.
by expenditures
the listing of $146,550 was made as of Jan. 1 1923, are the property represented
The Philadelphia Stock Exchange has authorized
time on the new Waukegan generating plant. the Hickory
reported issued $3.225, being part of an issue of made up to that Creek and Marseilles water power sites owned by the
additional Common stock,
1923. Creek. Jackson
be issued by the directors April 12
410.358 shares authorized to like amount of Preferred stock, converted on company,sinking funds, insurance funds property leased to other companies
and 143,325 in exchange for a amount of Common stock listed at Dec. 22 and investments in coal properties which In the aggregate increase the
a total of $68.847.255
Dec. 15 1923, making the total
listed to 88.189,- Commission's valuation by $8.088,255. This makes the equivalent, after
. or
$47,060.850, and reducing the amount of Preferred stock
compared with capital liabilities of $63.999.102both classes of Com.
stock.
a share on
liens at par, to
300.
was the deducting all priorhas purchased $131entire Capital stock of the Chicago
in its second year and employees (as
the
The wage dividend plan isreceive from 2% to 8% on their annual wages,
Thu company
industrial communities of Chicago
case a year ago) will for 1923
has been ordered paid freights Gas Co., which serves important and Steger, all located at the
according to length of service. The wage dividend
Heights, South Chicago Heights, Crete
-V. 117, v. 1896.
company.
by the directors of the
DEC.29 1923.]
THE CHRONTCLE
2899
southern boundary of Chicago. The company has annual production of on by both bulls and
bears. If intrinsic value prevails, the bears will get
80.000,000 Cu. ft. The newly acquired company will be operated as a the worst of it:
if
separate company for the time being. Within the next 3 years it is planned be lost sight of. desperate tactics prevail. intrinsic values might temporarily
With
to inter-connect the Chicago Heights plant with the Public Service Co.'s deavoring to obtain, a little more record information, which I am enI may be able to show desperate methods of the
Blue Island gas plant by means of a 12 mile pipe line, and to make other opposition
which
extensions such as will greatly enlarge the company's sales of industrial so far arc that honest public opinion will not approve. My observation
most of the brokers are loyal and just in their methods of
gas in that manufacturing area.
doing business: but there
[All of the outstanding $1,000.0008% Coll. Gold notes, Series"A," dated an opportunity for some does seem, with the present information, to be
Sept. 1 1920, have been called for payment Feb. 1 1924 at 104 and int. at suspension in trading, of the others to explain their conduct. Temporary
however, of this stock I believe was wise and proper
the Illinois Merchants Trust Co.,trustee, Chicago. Ill.j-V. 117, p. 2543.
on the part of the Curb management, to the end that a brief time absolutely
necessary to gauge the condition could be had.
Radio Corp. of America.
-New Director.
Gerard Swope, President of the General Electric Co., has been elected
C. H. Rowan, Vice-President and director, says:
a director.
-V.117, p. 2551.
The corporation, as such, has never bought or sold a single share of its
stock on the New York Curb Market or any other exchange. The corporaRenfrew Mfg. Co.
-Acquisition-Capital Increase.
tion was never in a more prosperous condition, with the following assets:
The stockholders have voted to buy the assets of the Brancord Manufac- 389 producing oil wells with daily production of over
turing Co. at Concord, N. C., at a purchase price not to exceed $100.000. subsidiary companies in which its ownership is from 12,000 barrels; 12
control to 100%;
The capital stock of the Renfrew company was increased from $1,600,000 14,000 acres of actually proven oil leases, and
to $1.700,000 by increasing the Common stock from 12,000 to 13,000 shares, selected and geologized undeveloped acreage. 192,950 acres of carefully
to provide capital for the deal.
A recent appraisal made by the highest class engineers that could be
-V. 117, p. 1356.
employed developed that the value of the corporation's assets is $19.011,67
7
.Rice-Stix Dry Goods Co., St. Louis.
net, exclusive of all outstanding interests.
-Extra Div.
The directors have declared an extra dividend of 30 and the regular
/
Southern States will not permit the trading
quarterly dividend of 1X V on the outstanding $2,000,000 Common stock. in its stock to interfere with the production and or temporary lack of trading
s
development of its properties
par $100, payable Jan. 1 to holders of record Dec. 25.-V. 115, p. 2913.
and the protection of the interest of its stockholders.
Rockingham County Light & Power Co.
-New Name.
See Portsmouth Power Co. above.
At the meeting of Middle States Oil board of directors
Dec. 27 the following resolution was adopted:
Whereas, considering all of the brokers' accounts, trading in Southern
States stock for account of either C. N. Haskell or Unity Securities Corp.,
received by us either in written stated accounts from brokers or in their
advanced telephone reports which they are still promising to confirm in
writing,show that the entire amount of Southern States stock was margined
down to an average of $1134 per share, and,
Whereas, both Unity Securities Corp. and C. N. Haskell are willing to
waive their equity in the stock so that the payment of debit balances would
Savage Arms Corp.
-Earnings.
acquire good and complete title to said stock.
3 mos. end. (Linos. end. 9 mos. end.
Therefore, upon the written confirmation of said brokers' telephone
PeriodSept.30'23. June 30'23. Sept.30'23. reports, so that there be a•certainty of the delivery of the stock of said
Net earnings after charges
$177.582
$87.083
3264.665 shares at greater or less debit balances than $1134 per share, but to meet
-V.117. p. 562.
the average computed at $11 X per share from said brokers' reports, the
executive committee of Middle States Oil Corp. is authorized, in its
Schulte Retail Stores Corp.
-To Increase Preferred.
tion, to acquire all said Southern States stock at the said average discreof not
The stockholders will vote Jan. 12 on increasing the authorized
-V. 117. p. 2782.
Preferred above $1134 per share.
stock from $5.000,000 to $10,000.000.-V. 117, p. 2661.
2223.
Rockland & Rockport Lime Corp.
-Initial Dividends
The corporation has declared an initial quarterly dividend of .
1 X%
on the Common stock and an initial semi-annual dividend
on the
2d Pref. stock, and the regular semi-annual dividend of of 3% on the
334%
1st Pref. stock, all payable Feb. 1 to holders of record on that date.
V. 115, p. 445.
Scovill Mfg. Co.
-Dividend of $6-Acquisition.
-
A dividend of$6 per share has been declared on the outstanding
000 capital stock, par $100, payable Jan. 5 to holders of record 315.000.Dec. 18.
This will make a total of $18 a share for the current year. A
$6 was paid in October last, one of $4 in July last and one of dividend of
$2 in April
last.
The stockholders have approved the purchase of the American
capitalized at $1.350.000, and the Oakville Manufacturing Co., Pin Co..
capitalized
at $600,000. The stockholders also approved the issuance
of $2,700.000
additional capital stock (par $100) and $300.000 coupon debentures
proposed to exchange one share of Scoville stock for each 4 shares . It is
of Pin
Company stock (par $25) and 234 shares and $50 in debentures
for one share
(Par $100) of the Oakville Company.
-V.117, p.2119.
(C. G.) Spring Co.
-Operations.
-
The company reports that for the first quarter of the fiscal year, ending
Nov. 30 1923, business exceeded by 82% business of the same period in
1922. Orders for the new year are already being received in increasing
volurfte.-V. 117, p. 1136, 2326.
Standard Milling Co.
-Notes Sold.
-Goldman, Sachs
& Co. have purchased $1,500,000 3
-Year 6% notes of
the company to be dated Jan. 2 1924 and have placed them
privately.
-V. 117, p. 1661.
Stark Mills of Manchester, N. H.
-Capital Increase.
-
The company has notified the Mass. Commissioner of
Sears, Roebuck & Co., Chicago.
-December Sales.the Capital stock has been increased from $4.000.000 Corporations that
to $6.000.000 by
Period1923.
1922.
Increase. Issuing 20,000 shares of Preferred stock, making the total capitalization
Month of December
$20,796,898 320,756,296
$40,602 40,000 shares of Preferred and 20,000 shares of Common stock, par $100.
12 months ended Dec. 31
215,540,604 182.165,824 33,374.780 -V. 117, is. 2553.
Lessing J. Rosenwald of Philadelphia has been elected a Vice-President.
-V.117, p. 2552. 2781.
Sugar Products Co.
-Distribution to Creditors Barred.
Judge John C. Knox in the U.S. District Court at
Sefton Mfg. Corp., Chicago.
-Dividends.
dismissed the application of Robert Szold,receiver,toNew York on Dec. 21
grants 10% dividend
The directors have declared a dividend of 50 cents a share on
to the creditors of the
stock, no par value, and the regular quarterly dividend of the Common U. S. Attorney Williamcompany. The petition was opposed by Assistant
M.A.
Preferred stock, both payable Jan. 1 to holders of record 1% on the of 8215,132 wnich is said to O'Neil, due to the non-payment of a claim
Dec. 21.-V.
be owed to the Government for
104, p. 262.
application of the receiver was to distribute $67,279 among taxes. The
the creditor
with allowed claims of $672,792. The receiver has $496.734
Simmons Co.
in cash on
-Listing, &c.
hand. He contended that by setting aside
The New York Stock Exchange has authorized the listing on or after claims in full, he still has sufficient on hand $233,080 to pay all priority
to declare the 10% dividned.
Jan. 2 1924 of 35,061 additional shares of its Common
Claims aggregating $12,000,000 have been filed against
stock without par
value, on official notice of issuance as a 40
the company
/
since the receiver was appointed Jan. 13 1922: claims of
total amount applied for 911,601 (see V. 117, stock dividend, making the been settled. The
81.211.546 have
p. 2553).
company is a subsidiary of the U. S. Food Products
Income Account for 11 Months Ended Oct. 31 1923 (Subject
Co.
-V.114, p. 206.
to Adjustment).
[Including Simmons Co. & Simmons Ltd.]
Superior Steel Corp.
-Bonds Sold.
-Union Trust Co. of
Net sales to trade, $31.051,612: trading profit
33,808,096 Pittsburgh have sold at 99 and
Additions to income
int. (subject to authorization
271,300
by stockholders)$2,750,000 1st Mtge. Smking Fund 6s.
Gross income
34,079,396
Dated Dec. 15 1923: due Dec. 15 1938. Denom.
Deductions from income
$1.000c5 Int. pay.
851,370 able J. & D. at Union Trust Co. of Pittsburgh, trustee,
without deduction
of normal Federal income tax up to 2%. lied, all or part
Net profit after providing 3806,444 for plant deprec., res.
upon 4 weeks'
&
notice on any int. date at 105 and int. Free of Penna.
$391,442 for other reserves
State
$3,228,025
Sinking Fund.
-Sinking Fund of $150,000 per annum, tax.
Balance at Nov.30 1922
commencing
$1.572,111 Oct. 15 1924. to be used to purchase bonds upon tender
to Nov. 15 at less than 105 and int. To the extent thatduring each Oct. 15
Total surplus
84,800.136 not exhausted by tenders, bonds shall.be called by lot this sinking fund is
Less
-Preferred diva.. $1,095,670; Corn. diva.. $458,675:sundry
for payment on the
succeeding Dec. 15 to and including Dec. 15 1937 at 105 and
adjustments,$111,759: total
int.
1,666,109 Data from Letter of Chairman
J. H. Hammond, Pittsburgh, Dec. 15.
Balance at Oct. 31 1923
Company.-Incorp. in Virginia Dec. 21 1916 and acquired all
33.134.027
erties and assets of the Superior Steel Co., incorp. in Pennsylvan the propConsolidated Balance Sheet.
1892. Corporation ranss among the four largest producers of ia Aug. 12
Oct.31'23. May 31'23.
hot and cold
Oct. 3l'23. May 31'23 rolled strip steel in the United States.
AssetsProperties comprise
$
$
Ma/Witteof land near Carnegie, Pa., on which are erected 4 semi about 31 acres
Property & plants_20,313,646 19,171,944 Preferred stock...
-continuous hot
6,469,100 6,635.900 rolling mills and 51 stands of cold roll
Pats., trade-marks
mills, together with the necessary
Common stock......17,531.800 17,530,800 steam and electrical
& goodwill
power plants, annealing and pickling departments,
2,432,979 2,432,979 Bonds &
448,000 machine shops. &c.
Invest. in affil. cos 959,550 1,150,932 Accounts mtges___ 438,000
payable_ 1,008,489 1,043.534
The
Sundry investmls 252,505
262,441 Notes payable..___ 8,420,000 8,940,000 cold corporation has an annual capacity of hot rolled finish strip steel and
rolled bright strip steel of approximat
Inventories
8,057,091 10,883,467 Reserves
5,661,586 5,348,783 are used extensively in the manufacture ely 180.000 tons. These products
Neter& accts.rec_ 8,701,976 6,486,814 Surplus
of automobiles, builders' hardware,
3,134,027 2.108,254 adding machines. sewing machines, bicycles,
Cash
1.468,178 1,198,583
stoves, stampings, phonographs. &c.
Deferred charges
476.076
468,111
Total (ea. side).42,662,001 42,055,271 of the United Corporation maintains selling offices in the principal cities
States and its main office is in Pittsburgh, Pa.
-V. 117. p. 2661, 2553.
Purpose.
-Corporation purposes to retire its First Preferred
Second Preferred stock at $115 per share, which is the callablestock and
Southern States Oil Corp.
price, by
-Removed from Curb.
using the proceeds from the sale of these bonds, together with
The Governors of tho Curb Exchange on Dec. 26
the
suspended from trading from the sale of40,000 shares of its unissued Common stock at $30 proceeds
the shares of the Southern States Oil Corp., after
per share,
which is to be sold to a syndicate composed of persons connected
which both the Our
and the New York Stock Exchange, began an inquiry
into the recent present management. By this financing there will be a saving to with the
heavy buying of this stock and the failure
the corDec. 24. The effect of the suspension was a to pay for 78,000 shares on poratioa of at least 8110,000 per annum.
in
reached on Dec. 24, to an offering price of 11 dropa the price from 334, Net Earnings After Depreciation, Interest and Taxes,for Years ended
and bid price of 5 Dec. 26
Dec. 31.
on over-the-counter transactions.
1914
$282.85811918
8927,890 1921
def.$273,395
1915
740.917 1919
1,107.2.56 1922
The New York Stock Exchange made this announce
477,588
1,937,623 1920
ment: 1916
2,131,437 1923_x
The Committee on Business Conduct of the New York
780,000
Stock Exchange 1917
1,735,6891
x Dec. 1923 estimated
is investigating transactions of Stock Exchange houses
in
Balance Sheet as of Nov. 30 1923 (after Present Financing)
Southern States Oil Corp., trading in which was suspended stock of the
.
to-day by the
AssetsCurb market.
Liabilities
Real estate, plant. &c.,
Richards, Hutchinson & Co., curb brokers, who were
Common stock
understood to have
34.175,398
after depreciation
been refused payment for about 50,000 shares, which they
84.521.399 First Mortgage 6s
bought on Dec. Cash
2,750,000
24, for the account of Gov. C. N. Haskell, Chairman of the
988.393 Accounts payable
163,321
Middle States Oil Corp., and other clients, were automatica board of the U.S. Govt.certificates_ .._
202,063 Reserve for taxes
lly suspended Acc'ts & bills receivable_
169.468
from membership on the Curb Exchange. A report that
_
647,932 Surplus
the firm could Inventories
889.881
not meet its obligations was declared by members of the firm
1.566,982
to be without Deferred charges
foundation. The Middle States Oil Corp. is affiliated
185,211
with the
States Oil Corp. through their joint ownership and managemen Southern Miscellaneous
36,088
Total (each side)
t of the Oil - 117, p. 2444. 2662.
$8.148.068
V.
Lease Development Co.
A statement issued by Gov. C. N. Haskell says:
Swift & Co.
-Extension Granted.
-
Southern States 011 has nothing whatever to do
See Armour & Co. above.
-V. 117, p. 2334.
the trading
of its issue on the New York Curb or elsewhere. It with first class of stock
is in
condition,
and, as shown by recent appraisal by disinterested experts, shows
Tonopah-Belmont Development Co.
a book
-Earnings.
value of above $40 per share, as I am shown the report with
3 Mos. Ended
which I had
nothing whatever to do-but is appratsement of
9 Mos. End.
PeriodSept.30'23.
disinterest
The trading in stock has been purely personal by myself and ed exports. Rec'd & receivable for ore $188,845 June 3023. Afar. 31 '23. Sept.30'23.
$361,091
$338,333
people in no way connected witn Southern States Co. and many other Expenses
$33L269
161,472
wao trade in
250,191
276,950
Southern States stock as the multitudes do in other
688,613
account. For some days past the trading has beenstocks for their own
Total net income
$27,373
aggressively carried $110,900
501.333
V. 117, p. 1673.
$199.656
[Voii. 117.
THE CHRONICLE
2900
Liabilities
Assets
-Year 7s,
Refinery prop.,less depr_$12,152,900 1st Mtge. 20
Warner Sugar Refg.
New Hampshire prop.. _ _ 2,800,518
$5,566.000
Co., due 1941
Prop. in Cuba,less depr_ 8,994,151
-year
5,224,180 1st & Ref. Mtge. 15
Lands
7s, 1939 (this Issue)._ 6,000,000
Cane & pasture cultiva'n 1,888,164
111.783 Purchase money oblige's:
Live stock
-Status.
350,000
Warner S. R. Co.6%Truscon Steel Co., Youngstown, 0.
82,520
Investments
N.H.S.& H. Mill,6%
100,000
844,062
President Julius Kahn says: "We are just completing probably the most Misc. acc'ts receivable
5,995,122 Loans& notes pay.to bks. 1,764,766
year of our history. We find outselves in a position stronger than Inventories
successful
206,901
3,085,409 Trade notes payable_
ever before in finances, general reputation, utility and completeness of our Acc'ts & notes rec., &c
we could
335,969
832.398 Acceptances payable--- line of products. Some of our stockholders have believed thatare better Advs. to colones(less res.)
29,999 Acc'ts pay., incl. pros'.
Sundry advances, depos_
pay larger dividends, but the directors feel,that our interests
for U. S. Fed. taxes_ _ _ 2,670.235
conserved by using our surplus funds to fortify our future by enlarging and Due from U.S. Govt.-- _ 1,254,857
609,894
2,284,444 Reserves for replanting
bettering our plants and products. We have under construction very Cash
Capital & initial surplus_ 29,837.664
Bond discount, prepaid
substantial additions."
1,261,415
interest, &c
The additions will cost about $500,000 and add 15% to the plant capacity.
211,971
Growing crop expenses
The are to be completed about May 1 1924.-V. 117, p. 2782.
&c.- Other exps., 1923-24 crop 292,910 Total (each side)
$47,441,428
Union Light, Heat & Power Co. of
94.536
Deferred capital exps
Covington,
A. dated Feb. 14 1920, of
Compare also V. 117. p. 2782.
Fourteen 1st Mtge. 7% Gold bonds, Series
$1,000 each, seven bonds of $500 each and six of $100 each (total $18,100)
-Annual Report.
Wayagamack Pulp & Paper Co., Ltd.
have been called for redemption Feb. 15 at par and interest at the Union
1919-20.
1920-21.
1921-22.
1922-23.
Nov. 30 YearsTrust Co.,trustee, Cincinnati. Ohio -V.117, p.449.
$372,030 def$156,712 x$1,786,707
Net profit after inc. tax.. $893.495
210,000
260,855 . 210,000
300,000
Bond interest
Union Power & Light Co., Omaha Neb.-Sale.10,000
10.000
10,000
10,000
The Iowa Southern Utilities Co. has purchaser:Ian the utility properties Bond discount
160.000
160,000
160,000
Light Co. of Omaha, Depreciation
160.000
In Iowa formerly operated by the Union Power &
297,900
120,928
50,068
217,140
Neb. The sale is part of a three-cornered utility transfer. All of the prop- Stumpage written off__ _
250,000
150.000
erties of the Union company in Iowa, Nebraska and South Dakota were Dividends
purchased by the Albert Emanuel Co. of New York. which in turn sold the
$858,807
$206.355 def$108,893 def$807,640
Balance, surplus
holdings to the Iowa Southern Utilities Co. The Nebraska and South
Iowa
x After deducting reserve for war taxes amounting to 8366,000.
Dakota properties were transferred to the Northwestern Public Service Co.
Balance Sheet Nov. 30.
(see V. 117, p. 2780).-V. 115, p. 2058.
1922.
1923.
1922.
1923.
-Organized.
United Central Oil Corp.
$
8
• Liabilities$
Assets
See White Oil Corp. below.
5,000,000 5,000,000
Capital stock
Ridge.. plant, machinery, &c.___ 5.307,120 4,762,550 1st M.40-Vear 6s_ 4,505,200 4,580,500
- Proply limits, &c- 5,986,767 8,195,408 Accts.payable,&c. 525,794 354,485
-Chairman of the Board.
United Gas & Electric Corp.
199,369
124,000
69,733 Bills payable
75,910
President E. G. Connette announces that Geo. T. Bishop, Chairman of Cash
425,000
Bank loans-occur.
the Niagara Lockport & Ontario Power Co., has been elected a member Accts. & bills rec.,
91,810
90,104
856,902 Accr.int. on bonds
810.112
less reserve
and Chairman of the board of directors of the United Gas & Electric
1.245,591 1,528,518 Deer.& sk.fd.res. 1,808,596 1,621,921
Corp. Mr. Bishop, S. Z. Mitchell, President of the Electric Bond & Share Inventories
23,336 General reserve_ _ _ 1.000,000 1,000,000
R. Bertron were appointed members of the Finance and Investments
19,177
Co., and S.
901.922
.
Profit and loss_ _ _ 1,108,278
-V. 117, p. 1557.
Bond disc't, less
Executive Committees.
738,343
717,292
written off
Total(each side)_14,181,973 14,174,788
-Deposits Interest.
United Oil Producers Corp.
The company announces that the monthly interest deposit for December -V. 116, p. 627.
on the 8% Guaranteed and Participating production bonds makes the
4 -Preferred Div. of 13 %.
Western Power Corp.
average for the 5 months already deposited in this half-year period a fraction
The directors have declared a quarterly dividend of 154'% on the Preferred
-V. 117, p. 2782.
more than 11% per annum.
stock, payable Jan. 15 to holders of record Dec.31. This puts the Preferred
on a 7% basis, against the former rate of 6%. The rate was increased as
-Div. Rate Increased.
United States Finishing Co.
settlement for accumulated dividends. See V. 117, p. 1788, 2445.
The directors have declared a quarterly dividend of 2% on the Common
of record Dec. 20. This compares with
stock, payable Jan. 15 to holders
White Oil Corp.
-Stockholders Given Right to Subscribe
a quarterly dividend of 1 i% and an extra dividend of 1% for the year
1923, paid Oct. 15 last on the Common stock, which brought the total for Bonds Under the Plan-Successor Company Organized.
dividends paid this year to 8%. V. 117. p. 1565.
Pursuant to the provisions of the readjustment plan dated Sept. 15 1923.
which has been declared operative by the reorganization committee, the
- Common stockholders and holders of certificates of deposit for the Common
United States Smelting, Refining & Mining Co.
28 are given the right to subscribe at par and int. from
Underwrites $1,500,000 Notes of Hammon Consolidated Gold stock1of record Dec.Mtge. & Collateral Lien 8% Sinking Fund Gold bonds
Jan. 1924 for 1st
Fields, Getting Bonus of 50,000 Shares of Stock.
of the new company mentioned in the plan (own as United Central Oil
at the rate of
The company has agreed to underwrite at par $1,500,000 7% Cony. Corp.), to be dated Jan. 2 1924 and to mature Jan. 1 1927, stockholders
such
notes, due Jan. 11934, of the IIammon Consolidated Gold Fields. These $100 of bonds for each 30 shares of Common stock held by
convertible into stock at $10 per share and the Smelting company and holders of certificates of deposit.
notes are
Upon making payment of such subscription and surrender of warrants,
underwrites the whole issue at the same prices as the notes are to be offered
stock of United Central Oil
to stockholders. For this the company gets a bonus of 50,000 shares of the subscribers will receive shares of Common of such stock for each $100
Corp. without par value at the rate of 6 shares
stock.
The notes are to be offered first to stockholders of Hammon Consolidated of bonds subscribed for.
The right to subscribe for the bonds will expire Jan. 15. Payments are
Gold Fields on the basis of $1,000 of notes plus 100 shares of stock for
New York.
$1,000. In the event all the notes are taken by the underwriter. the to be made at the office of Chase National Bank,57 Broadway, the United
A certificate ofincorporation was filed in Delaware Dec. 24 for
Smelting company will then have 200,000 shares of stock and on conversion
have a total of 350.000 shares out of 800,000 shares Central Oil Corp., with an authorized capital of 60,000 shares of Preferred
of the notes it will
stock of $25 a share par value and 600,000 shares of Common stock without
that will be outstanding when all notes are converted.
Hammon Consolidated, organized by W. P. Hammon in 1922, owns par value. The company was organized in accordance with the reorganAlaska, where opera- ization agreement of the While Oil Corp. and will take over its assets.
over 5,000 acres of placer mining claims near Nome,
The stockholders of the White Oil Corp. have voted for dissolution of the
tions are conducted by dredging. Hammon Consolidated now has two
Oil
dredges in operation and to date the gravel handled by Dredge No. 1 has company and the sale of its assets and properties to United Central
-V. 117. p. 2554, 2445.
avergaed 74 cents a cubic yard. No. 2 dredge has only been recently Corp.
Installed.
-Plan Operative.
(William) Whitman & Sons, Inc.
The new financing will enable it to make payments due on account of
The reorganization plan outlined in V. 117, p. 793 has been declared operproperties purchased, pay for equipment and supplies and provide funds
ative. The new securities to be issued under the plan, it is expected, will
operating program for 1924.
to carry out the
be ready early in January. Compare V. 117. p. 793.
-Earnings.
Transue & Williams Steel Forging Corp.
1922.
1923.
Eleven Months ended Nov. 30$5,633,000 $3,800,000
Net sales
def.60,782
including taxes__ - 403.718
Net earnings after all deductions,
-V.117, p. 2334. 1787.
-An official statement says: ,
11 Mos. Net Earns., &c.
The consolidated earnings for the 11 months of this year to Nov. 30 are
estimated at $3,688,000. After providing all interest, there have been
deducted from these earnings reserves amounting to 61,510,000 for depreciation, depletion and amortization, leaving estimated net earnings for 11
months of $2,178,000. In completing the profit and loss account for the
year the December earnings, quotational gains on sales of metals during
the year and annual adjustments will increase the profits now reported.
The net profits for the year after reserving for Federal taxes and after
making additional reserves estimated at approximately $500,000 for further
amortization of capital investments and other purposes will be sufficient
to provide the dividends on the Prof. stock, $1,702,225, and leave a small
addition to surplus.
The gross earnings from coal and railroad operations in Utah have been
States
small, as the competition with oil and fuel purposes in the Westernof coal
has lessened the demand for coal, with the result that the output 1.166,of 800,000 tons as compared with
this year will not be much in excess
000 tons last year.
It is estimated that the net current assets at the end of the year will be
ago.
about $13,200,000, as compared with $11.700,000 a yearhas been elected
C. F. Moore, V.-Pres. In charge of foreign operations,
-V. 117, p. 1472,
Treat Paine 2d, resigned.
a director, succeeding Robert
1358.
-Omits Dividend.
States Worsted Co.
United
on
The directors have omitted the quartdrly dividend of $1 50 a share
the last two quarters in 6%
the 6% 1st Prof. stock, which has been paid inPreferred stock until Jan. 1
scrip. Dividends are not cumulative on the
1925.-V. 117. p. 1472.
-Initial Dividend.
Co.
Universal Pipe & Radiator quarterly
1 % on the
The directors have declared an initial to holdersdividend of i
7% Cumul. Prof. stock, payable Feb. 1 plan underof record Jan. 15. (See
"Iron Products Corp."
also recapitalization and consolidation
n V. 116. p. 1655.)-V. 117. p. 2553.
-New Subsidiary.
-Overland Co.
Whys
The Willys-Overland Sales Co.. Ltd., a subsidiary, has been incorporated
in Canada with an authorized Capital stock of $100,000. par $100. This
company will engage in the sale of automobiles. motors and accessories in
Canada. The Willys-Overland Limited (present Canadian company) will
-Knight cars. ("Authoricontinue to manufacture Overland and Whys
-V. 117, p. 2650. 2662.
tative.")
CURRENT
NOTICES.
In
- order that the Government may be more useful to business and
business more useful to Government, the Associated Advertising Clubs of
the World will establish a new Washington service beginning Jan. 1,
according to an announcement made by Lou E. Holland, President of the
clubs. Robert E. Hutchinson. who for several years has been with the
Bureau of Foreign and Domestic Commerce, will be in charge of the
Associated Advertising Clubs' Washington service, with headquarters in
the Commerce Bldg. Mr. Hutchinson's work will relate to every department of the Government which deals with business.
New York Chapter of the American Institute of Banking, 15 West
37th St., announces the opening of a special course on income tax procedure
on Friday evening, Jan. 4. The course which will be of 8 weeks duration
Is designed particularly for those wno must handle income tax problems for
their respective banks. Hamilton Howard, a member of the staff of
Lybrand, Ross Brothers & Montgomery, accountants and auditors, who
has had a wide experience in income tax matters, will be the instructor
in charge.
We are informed that the published price of "The Stock Exchange
-Reincorporated in Maryland.
Ward Baking Co. certificate of incorporation with the State Tax Official Intelligence, 1924," has been reduced from £4 to £3 and that if
filed.a
The company has
$50,000.000 7% ordered by the 31st inst. it can be obtained at the further reduced (subscripCommission of Maryland. Authorized capitalization, isClass A Common
tion) price of .f.2 15s., by members of any stock exchange or by anyone
Cumulative Preferred stock (par $100); 500.000 shares of
shares of Class B Common of no par who has assisted in the compilation of the work. Orders should be sent
stock of no par value, and 500.000 formed, it is said, to take over the
value. The 'Maryland corporation is
advantage of the liber- to Messrs. Spottiswoode, Ballantyne & Co., Ltd., 1, New Street Square,
Ward Baking Co.of New York,the idea being to take
- E.C. 4, by whom the volume will be published on March 25 next.
in that State.
ality of the Maryland corporation laws and the lower costs
V. 117. p. 2662.
E.
- 0. Huttlinger, formerly head of the acceptance department of
-Balance Sheet Nov. 3 1923. War- Bernhard. Scholl() & Co., and his two former associates with the New York
Warner Sugar Corp.
banking firm. Edward G. Hugnes and Harold L. Norton, will on Jan. 1
3 1923 of the
The following is a consolidated balance sheet as at Nov. Stave & Heading
ner Sugar Corp. and its subsidiary, the New Hampshirethe new company: become identified with Schwabacher & Co. of San Francisco. Mr. Hutt
of
Mill, giving effect as at that date to (a) the organizationSugar Refining Co., linger will specialize for the firm in bank and bankers acceptances, United
(b) the acquisition of the properties of the Warner Cuba and the Canto States certificates of indebtedness and notes, short term corporation and
Miranda Sugar Co.. and (or) Warner Sugar Co. of
the associated
Sugar Co.:(c) the discharge in full in cash of the obligations of $2,300,000. municipal notes and railway equipment trust certificates.
companies in Cuba to the company,amounting to approximately
-Redmond & Co.list in their January investment circular a wide variety
of bank loans:(d) the issuand the application of the proceeds in reduction
Series of municipal, railroad, equipment, public utility and industrial bonds
ance of $6.000.000 1st & Ref. Mtge. 7% Sinking Fund Gold bonds.
of the proceeds in reduction of bank loans and in offered at prices to yield from 4% to 7.80%. This list was published in
"A." and the application
of
the d}charge or purchase money obligations to the amount of $120,000
the advertising columns of the "Chronicle" in the December 22 issue.
the Miranda Sugar Co.: and (or) Warner Sugar Co. of Cuba.
DEC.29 1923.]
THE CHRONICLE
2901
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
[ PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
[The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITT."1
Friday Night, Dec. 28 1923.
COFFEE.—Spot was quiet to-day and largely nominal.
It has been irregular with the fluctuations in Brazilian exchange. Firm offers at times have been scarce. To-day
here nominal prices were Rio No. 7, 10% to 10%c.; Victoria,
7-8, 1034c.; Santos No.4, 15 to 153 0. Fair to good Cucuta,
/
16 to 163/2c.; Medellins, 203/2 to 213/2c. Futures showed a
downward turn early in the week on scattered liquidation,
with no bracing news from Brazil. Issuers of notices—
importers in some cases—were buying December to a certain
extent, while they sold March at a difference of 85 points.
At times the trading was limited mostly to July and November. Stirring features were lacking. Futures have fluctuated within very narrow limits. Trading has been light.
December notices amounted to 109 on the 26th, and for a
time December was weak, but it rallied later. March and
September touched a new high on this crop season. Brazilian money exchange advanced on Thursday. Rio exchange on London was 5 13-16d., an advance of 9-32d. over
Wednesday's closing. The dollar rate fell 280 reis. The
improvement was attributed to the suspension of martial
law in Brazil. Covering here caused a rise. Some take the
ground that while Santos coffee is well above the New York
parity, Rio is about on a level with New York spot Rio
prices. This is taken to mean in some quarters that a
process of slow readjustment of prices is under way. Meanwhile, however, owing to the discounts on distant positions,
selling is naturally rather cautious. To-day futures declined
12 to 13 points, closing, however, 6 to 8 points higher for
the week. No.7 Rio is %e.lower than a year ago.
AVun°Mg&14ic IMay
1.ei
t
March
c 9.0209.031July
c 8.8208.84
Beotember___8.63Q _ _ _
SUGAR.—The Cuban railroad strike has naturally been
an outstanding factor. It was offset to all intents and
purposes for a time by the quietness of trade and reports of
an increased production. Besides, the strike was expected
to be brief. Porto Rico for December shipment sold at
one time at 7.28 c.i.f. delivered, and 20,000 bags Cuba
also for December shipment at 53/2s. c. & f., or 7.28c. duty
paid. Messages from Havana last Saturday said that strike
conditions were growing worse. The Northern Railway or
Tarafa system, one account stated, would be tied up by a
sympathetic strike and the trainmen on the Cuban Central
road connecting with Santa Clara would also probably go
•out.. Mills in the section most affected may have to shut
down completely on account of lack of coal and oil if the
strikes last long. The markets of the United Kingdom and
France were closed from Friday night until Thursday
morning.
Havana cabled Dec. 21: "The Cuba RR. announced
that passenger trains were being operated by this road and
that the sugar mills along the line were operating sugar trains
with their own crews. The Government ordered all military
.commanders to furnish adequate protection." Havana,
Cuba, cabled Dec. 23 that the Cuban Government had dispatched 300 soldiers from Camp Columbia to guard the
property of the Cuba RR. on which a general strike is in
progress. The mills were operating sugar trains with
their own crews. The walkout of shopmen and wharf
•employees of the Northern Rys. of Cuba is declared to have
•caused comparatively little delay. Cables from Cuba on
the 26th inst. reported no change in the strike conditions
and no indications of any settlement. Forty-seven mills
were grinding according to Guma. Raw here was quiet
with small offerings of Cuban, first half January, at 55/20.,
and second half January at 55/c. Refiners held aloof.
8
Refined was very quiet. Some look to see the new crop
to be the controlling influence in the market shortly. It
was said, too, later, that there were actually 54 centrals
grinding, against 50 at this date last year. London on the
27th was 3d. lower to 3d. higher and quiet.
H. A. Himely of Havana cabled his estimate of the Cuban
crop as 3,813,000 tons, with normal weather conditions.
This is 63,000 tons larger than Guma Mejer's, ten days ago.
H. A. Himely's estimate of the Cuban crop, 3,813,000 tons,
must be compared with Willett & Gray's, of 3,700,000 tons,
Guma-Mejer's, of 3,750,285 tons, and last year's final outturn, of 3,602,910 tons.
Receipts of new sugar for the week at Cuban ports were
7,347 tons, against none last week, 29,676 in the same, week
last year and none two years ago; exports, none, against none
last week, but 14,388 in the same week last year and none
two years ago; stocks, 7,347 tons, against none last week,
28,919 in the same week last year, and none two years ago.
Havana cabled: "Weather dry."
Cuban strike developments are being closely watched.
It is conceded that the immediate future of the raw market
depends upon the strike situation. Offerings of new crop
are small, owing to the uncertainty as to getting the sugar to
the ports for shipment.
Receipts for the week at U. S.
Atlantic ports were 13,504 tons, against 29,936 last week,
26,939 last year and 25,882 two years ago; meltings were
33,000 tons, against 32,000 last week, 33,000 last year and
41,000 two years ago; stock, 24,146 tons, against 43,642 last
week, 28,836 last year and 35,131 two years ago. The number of centrals working in Cuba was stated at 52, against 47
a year ago.
It is said that Western beet refineries have sold 33 1-3%
of their output and Eastern beet manufacturers 75%.
If the output is 760,000 tons of beet it would appear that
nearly half, or 300,000 tons, had been disposed of. If that
is so it is reasoned that the offerings of beet sugar in the
early part of 1924 can hardly be more than moderate if indeed
they are not actually small, in the territory east of Chicago. •
The effect of the railroad strike in Cuba has been to cause a
withdrawal of offerings of raw sugar for January shipment
from Cuba. Yet the market was very quiet here. No
advance occurred. Evidently buyers as well as holders were
inclined to await events. Buyers of refined are purchasing
only from hand to mouth, in spite of the recent decline in
prices, due to the competition of domestic beet sugar in
Eastern cane territory. It is said there has been less business in beet sug .r east of the Pittsburgh-Buffalo line. This
is only natural, however, towards the close of the year. A
San Juan, Porto Rico, dispatch says the South Porto Rico
Sugar Co.'s central Guanica, the largest on the island,
began grinding new crop cane on Wednesday. A preliminary estimate for sugar outturn of the island is 360,000 long
tons, against 338,456 tons last year. Havana cabled on the
27th inst. that the Cuban Secretary of Agriculture had been
endeavoring throughout the day to bring about a settlement
of the strike without success. Conferences with mill owners
and labor leaders were fruitless. Mill owners rejected
arbitration.
To-day it was said that 63 centrals were working, as against
50 a year ago. It was also said in Some Cuban dispatches
that the backbone of the railroad strike had been broken,
that the men were returning to work and that some sugar
was being shipped to the ports. Futures declined to-day
with better strike news and the steady increase in the
number of mills grinding. There were larger quantities for
first half January shipments, including some early January
at 5 5-16 to 538c. Second half January,53ic., and February
/
at 5c. These are nominal prices. Trade is dull. Refined
quiet at 8.80 to 8.90c. The Department of Agriculture
now estimates the Louisiana cane crop at 150,568 tons,
compared with its previous estimate of 210,000 tons and the
last crop of 263,478 tons. A cargo of Cubas was reported
sold to Clyde refiners at 24s. 9d. c.i.f., or 4.50c. f.o.b.
Cuba. Here prices ended 14 points lower on futures for
the week. Granulated is 1.80c. higher than a year ago
when it was 7c. The Coffee and Sugar Exchange will be
open on Monday Dec. 31.
Spot (unolflcial)5 7-16c. I March_ _ _ c_4.5304.54 I
.
May
January
5.1905.20
I July
c 4.581464.60
4.6604.68
LARD on the spot was steady but quiet; prime Western,
13.40c.; refined Continent, 14.25c.; South American, 14.50c.;
Brazilian, 15.50e. Hog receipts are large. Futures felt
the effects of large hog receipts, lower hog prices, dulness of
trade and selling by the smaller packers. The Illinois pig
crop is said to be smaller than that of last fall. Liverpool
early in the week was higher and hogs steady. The trouble
was the menace of continued large receipts of hogs. That
discouraged speculative buying. Exports, however, were
large. Smaller packers have been steadily selling large and
ribs. At this holiday season foreign demand is expected
to be light. On Wednesday prices fell. Firm hog prices
with lighter hog receipts and good weekly exports were
counterbalanced by free offerings and dulness of speculation.
Lard exports last week were 19,267,000, against 14,195,000
last year. Exports of bacon were 16,406,000 lbs. against
12,699,000. To-day Liverpool at noon was 3d. to is. lower.
To-day prices advanced with corn higher. The closing
unchanged to 8 points higher since last Friday. They is
are
105 to 120 points higher than a year ago.
2902
DAILY CLOSING PRICES
Sat.
January delivery_ _ _cts_12.07
March delivery
12.05
May delivery
12.10
THE CHRONICLE
OF LARD FUTURES
Mon.
Wed.
Tues.
Holi- 12.17
12.20
day. 12.12
12.15
12.22
12.20
IN CHICAGO.
Than. Fri.
12.05
11.95
12.07
12.02
12.15
12.05
PORK weaker; mess $25.50; $26; family $30; short
clears $29 to $33. Beef steady; mess $16 to $17; packet
$17 to $18; family $21 to $23; extra India mess $33 nominal;
No. 1 canned corned beef, $2.35; No. 2, $4; 6 pounds $15;
pickled tongues $55 to $65 nominal per barrel. Cut meats
quiet; pickled hams 10 to 24 pounds 12 to 1634c.; pickled
.
bellies 6 to 12 pounds, 113' to 120. The consumption of
meat in 1923 was the largest in the country's history accordmg to the Institute of American Meat Packers, owing to low
prices. The estimated production will exceed 1922 the
previous record, by 1,500,000 pounds. Exports were 30%
greater than 1922. Butter, creamery, seconds to high
scoring, 44 to 56c. Cheese, flats, 203/2 to 26c. Eggs, fresh
gathered trade to extras, 29 to 49c.
-Linseed as a rule has been steady but quiet.
OILS.
However, large painting interests are reported to be inquiring for spring and summer delivery. So, too, are
linoleum interests. Spot, carloads, 92c.; tanks, 96c.; less
than carloads, 95c.; less than 5 bbls., 98c.; boiled, tanks,
-bbl. lots, 97c.; less than 5 bbls., $1.
87c.; carloads, 94c.; 5
Cocoanut oil, Ceylon bbls., 940. Corn, crude, tanks, mills,
10@1034c.; refined, 100-bbl. lots, 134@i4. Olive, $1 12.
Cod, domestic, 66@68c.; Newfoundland, 69@72c. Lard,
prime, 15%c.; extra strained, 1334c. Spirits of turpentine,
923/2c. Rosin, $5 70@$7 15. Cottonseed oil sales today,
including switches, 10,500 P. Crude, S. E., 950. Prices
closed as follows:
Spot
Jan
Feb
10.80 ®11.25IMarch _
10.90010.e5 April
11.00©11.20 May
_11.25 ©11.28 June
11.41 ©11.44 July
11.56®11.58 Aug
11.60§11.80
11.75 11.78
11.75 11.90
PETROLEUM.-Advices from Kansas City early in the
week reported an advance of lc. in the price of gasoline by all
the leading refiners in that section. The Gulf market was
firmer. Stocks are quite large, !Int export demand is better
than expected. The demand for local consumption is also
good, owing to the mild winter prevailing. The Texas
Company on the 27th inst. advanced Oklahoma and Kansas
crude oil prices 15 to 40c. a barrel. The same company
advanced the price 15c. on many grades of crude oil in Arkansas and North Louisiana field. And Gulf Coast crude oil
was advanced 25c. to $1 25 a barrel. There has been a good
business in kerosene, both domestic and foreign. However,
stocks are dwindling and the lack of offerings tends to restriction of business in some directions. Bunker oil has been
quiet at $1 35 per barrel f. o. b. New York refinery. Six
grades of Pennsylvania crude were advanced 25c. a barrel
in the Pittsburgh district on Dec. 26. Pennsylvania grade
in New York Transit Company lines and Bradford district oil
in National Transit lines advanced to $3 10. The new
price on Pennsylvania grade oil in National Transit, Southwest Penn lines, Eureka and Buckeye pipe lines was
$2 85. Other grades remained unchanged. Later on the
price of Pennsylvania crude was advanced 25c. a barrel by
the Joseph Seep Purchasing Agency of Pittsburgh, Pa.
This advance is said to have been met by some independent
buyers of Pennsylvania crude oil.
Advices from Dallas, Texas, on the 27th inst. stated that
increases of 10 .to 25c. a barrel in the price of crude were
announced by the Magnolia Co. to become effective to-day.
New York prices: Gasoline, cases, cargo lots, 24.40.; U. S.
Navy specifications, 10.50c.; naphtha, cargo lots, 12c.;
63-66 deg., 14c.; 66-68 deg., 15.50c.; kerosene in cargo lots,
cases, 17.15c.; petroleum, refined, tank wagon to store,
15c.; motor gasoline, garages (steel barrels), 153/2c. At
Tulsa, Okla., the completion is reported of a 500-barrel well
by the J. A. Hull Co. in 12-14-6, Lincoln County, the second
oil well in that area, at 4,909 feet in the Wilcox sand, and
the finding of a 300-barrel well in Montgomery County,
Kan., in the first break under the Miss. lime. Refined
oils were reported strong there. Manufacturers report an
inquiry for 64-66, 375 end point gasoline for January and
February delivery. Casper, Wyo., wired that the Union
Oil Co. gasser at Wellington, Colo., was shut m on Dec. 21
and was then under control. The well appeared to be going
to oil and it is expected that an oil field will develop there.
The Producers & Refiners Co. is expected to develop into
one of the largest oil firms in this region and is now drilling
more wildcat wells in search for new fields than any other
company. Total production for the week is 149,200 barrels
from all the fields of the Rocky Mountain region. The
Midwest Refining Co. has struck a 1,300-barrel well in New
Mexico. Los Angeles wired Dec. 26: "Through bringing in
of the high gravity well on Rideout Heights, two miles
north of Santa Fe
northwest of Whittier and four miles nor
.
Springs, was established a new gusher oil field in that part
of Los Angeles County. It is said that this well good for
5,000 barrels daily. The oil paraffin base is 36 gravity.
With the December crude oil production in California estimated at 22,900,000 barrels, the total of 1923 is placed at
265,684,000, or 90% larger than 1922. Consumption during
11 months this year was 214,000,000 barrels.. Fully onethird was shipped to Atlantic and Gulf port refineries. The
London "Daily Mail" says that the Sinclair group Nis been
-year concession to exploit oil lands in four
granted a 50
provinces in northern Persia, the Anglo-Persian Oil Co.
receiving concessions in the fifth province.
[VOL. 11.7.
Mid-Continent
Oklahoma, Kansas and Texas
40 and over
$ .40
Under 28 Magnolia
$1.25
1.00
.60
28-30.9
33-39.9 deg
Below 33 deg
.75
31-32.9
0.75
1.00 Caddo
33-35.9
-37.9 deg
1.30
39 and above
1.15
35
38 and over..
.80
Below 30 Humble
1.25
32-34.9 deg
.90
30-32 deg.
1.05
Below 32 deg
1.00
33-35.9
.90
1.15
36-38.9
1.30
39 and Above
$0 75 Illinois
Pennsylvania
$2 85 Ragland
$1 32
Corning
090
1 40 Corsicana, light _ I 00 Crichton
1 531Plymouth
Cabell
0 70
1 35 Lima
1 33 Mexia
1 25
Somerset, light__ 1 30 Indiana
1 32 Calif.,35 & above_ 076
95 Princeton
Wyoming
1 931 Gulf Coastal
Smackover,26 deg. 090 Canadian
1 25
Bull-Bayou 32-34.9 751
RUBBER quiet but steady. There was some inquiry
from out-of-town manufacturers, but actual business was
generally very small. There was a fair business in Para
grades, and South American grades at one time advanced
3ic• Per pound. Stocks of rubber in Colombo are reported
to have decreased 1,000 tons during the period Nov. 1 1922
to Nov. 1 1923. Exports from British Malaya are stated
at 186,000 tons, considered a small total as compared-with
the average before the restrictions were put into effect.
-Mar.,
First latex, crepe, spot, 2734c.; Jan. 263/sc.; Jan.
273/20.; Apr.
-June, 2834c. Ribber smoked sheets, spot,
April-June, 28c.
-Mar., 2734c.;
27.; Jan., 26%c.; Jan.
London stocks dropped 126 tons last week, to 59,672 tons
against 59,957 a month ago, and 71,852 a year ago. London
/
advanced %A. on the 27th inst.; spot, 1438d.; Jan., 143/2cl.
4
to 145 d.; Singapore steady but quiet; spot, 133 d.
%
-Common dry hides were steady but quiet.
HIDES.
Bogota, 17 to 18c.; Orinoco, 15 to 16c. City packer hides
steady. December salting native and branded steers sold,
it is said, at one time at 133/20. for natives, 103/2c. for Colorados and 113/2c. for butt brands. Country hides were
steady but quiet at 10 to 110. for steers 60 or over and 80.
for cows 45 or over. River Plate frigorificos were firm.
Sales to European tanners included 2,000 Swift Montevideo steers at $42 50 for 25 kilos average and 4,000 Armour
La Plata steers at $41, or 14 9-16c. c.&f. A large percentage
of the recent purchases in the River Plate section were for
Russia. In Chicago last week packer hides were in moderate
demand; 4,000 spready native steers sold at 170., or %c.
advance. Colorado steers sold to the extent of a couple
of thousand at 11c. Packers were closely sold up and the
market was strong. Small packer hides were quiet with
all sold. The bulk of the business was at 93/2 to 100. on all
weight native cows and steers, but the market later was
about 7c. River Plate reports state that a large European
tanner has bought 1,000 Sansinena steers at $41, or 14340.
c.&f. United States tanners have done little in frigorifico
hides. Common dry hides in New York have latterly been
dull and unchanged. City packer hides have been steady
with New York packers asking 32 below the prices prevailing in Chicago. In Chicago on Dec. 26 big packer hides
were quiet but firm, with sellers at 123/20. on heavy Texas
and butt branded steers and 113/20. on light Texas and Colorado steers, or Mc. higher than recently. Packers report
bids of 10%c. on ght native cows with lie, asked. Skins
also were firm with one packer offering a few cars of calf
at 183/2c., or %c. advance. City collectors quoted 173/2c.
on Chicago City calfskins, but buyers held off. Country
hides were firm in Chicago with sales at 103/2c. for free of
grub extremes.
OCEAN FREIGHTS have been generally steady and
unchanged. A good inquiry has been reported at times from
grain and oil trades. Lumber has been quiet. Later on
business was quiet with rates generally unchanged and
steady. President Coolidge may,it is said, extend coastwise
ship laws to Philippines by proclamation, which would mean
only vessels of American registry could ply in trade between
Philippines and the United States. The Merchant Marine
Act of 1920 provides for such extension. Senator Jones,
chairman of the Senate Commerce Committee and author
of the act will present to President Coolidge, a memorandum
setting forth the reasons for this step.
CHARTERS included grain from North Pacific to United KingdomBordeaux-Hamburg range, 36.9.3d., option Antwerp or Rotterdam, 35s.;
-Mar. 10 cancelling;
option Mediterranean and or Scandinavian, Feb. 10
lumber from North Pacific to Japan, $15 50, January-February; lumber
from North Pacific to Japan (two ports), lump sum,or about $15, January
February; ore from Algiers to Philadelphia, 7s., December; oilcake from
Black Sea to Denmark, 16s. 6d., one port, January-February; min from
Atlantic range to West Italy, 3s. 7)4d., January; grain from Vancouver
to Antwerp. 37s., January; grain from Atlantic range to Antwerp, 2s.
11Md.,January;sugar from Cuba to Hong Kong,30s., January;lubricating
oil from California to United Kingdom-Continent, 37s. 6d., December
January; clean products from U. S. Gulf to Copenhagen, 26s.. January;
coal from Atlantic range to Antwerp, $3, December; gasoline from California to Philadelphia. 67Mc. a barrel,prompt loading; grain from North
Pacific to two ports Far East, $6 75, January; petroleum from California
United Kingdom-Continent, 37s., December; grain from Vancouver to
the Orient, $6 50, December; coal from Atlantic range to Rio de Janiero,
$3 35, ton; coal from Atlantic range to West Italy, $3 10. January; nitrate
from Chile to Galveston, $5 70 ton, January; California crude oil from
San Pedro to Hamburg, 35c. ton, prompt loading; grain from North
Pacific to China, $6 50, option Japan, $0 January; grain from North
Pacific to China. $6 50, option Japan, $5, January; linseed from Rosario
to New York,$5 25 per ton; from River Plate to New York, $5 50, option
Montreal. $6. March-April loading; grain from Vancouver to United
Kingdom-Continent. 34s. 6d., two ports discharge Is. extra, Feb. 23
March 15 cancelling; grain from North Pacific to Japan. $6 50, January;
coal from Atlantic range to Rio do Janiero, $3 65, Docmcber; lumber
from North Pacific to Japan, $15, December.
COAL has been in only moderate demand as usual at the
holidays. Soft coal No. 1, Navy standard, $3 to $3 25,
mines, and $5 75 to $6, piers. Anthracite independent per
gross ton early in the week: broken, $11 to $12; egg, $9 50
to $11; stove, $9 50 to $12; Chestnut, $9 50 to 12; pea, $6
DEC.29 1923.]
THE CHRONICLE
2903
to $6 75; 1 buck,$3 to ; 2 rice, $2 25 to $3;3 barley, $1 40
to $2; birdseye, $1 50 to $1 75. London cabled that the
output of British collieries for the week ended Dec. 15 was
5,948,000 tons, according to provisional figures, against
5729,000 tons in the week ended Dec. 8. This is the
highest total on record. Independent anthracite prices are
slowly declining.
mated that America this season has bought only about
10,000 bales to date. Sixty per cent of the Australian clip
or 830,000 bales, has been sold. At Dundein, New Zealand,
on Dec. 21 of 17,500 bales merinos and crossbreds offered
16,900 bales were sold. Selection representative. Demand
good. Prices closed strong. Merinos were 28d. to 31Xd.
and average merinos 23d. to 273d. Crossbreds sold as
follows: 56-58s, 25d. to 29Md.; 50-56s, 24d. to 273,4d.;
TOBACCO.
-Of late there has been the usual routine
/04 44-46s,
business characteristic of the closing days of the year. That 48-50s, 20Md. to 243'd.; 46-48s, 17d. to 191
%
is to say, there has been only a moderate trade. But prices 14d. to 173/2d., and 40-44s, 113 d. to 15d.
have been in the main steady and there is a very general
belief that trade conditions will show a noteworthy improveCOTTON
ment during the coming year.
Friday Night, December 28 1923.
COPPER has been quiet at 13 to 131 c. for electrolytic.
4
THE MOVEMENT OF THE CROP,as indicated by our
Business was not expected to be very active this week, owing telegrams from the South to-night, is given below. For the
to the holidays, and the absence of a Liverpool market, week ending this evening the total receipts have reached
where the Yuletide season was observed until Thursday. 199,767 bales, against 214,353 bales last week and
264,183
Moreover, the end of the month usually brings out some dis- bales the previous week, making the total receipts since the
tress copper on which concessions are made as a rule. Cost- 1st of August 1923 4,678,882 bales, against 3,962,869 bales
ing copper is meeting with a fair demand from the Orient, for the same period of 1922, showing an increase since
Aug. 1
with prices ranging from 123 to 127 e. refinery. Belgian 1923 of 716.013 bales.
4
4
Congo copper is now said by the Bank of Commerce here to
be a potential factor in the business. The Katanga region,
Receipts atSat.
Mon.
Tues.
Wed. Thurs.
Fri.
Total.
it appears, has a capacity of 150,000,000 lbs. a year.
Galveston
10,957 8,804 18,665
21.857 12.112 72,395
304
304
TIN, early in the week was quiet with the exchanges at Texas City
Houston
38.312
London and here closed. The local exchange re-opened on New Orleans___- 10,834 25,890 10,671 1,003 16,901 12,422 52,103
6,756
5.938
Mobile
65
387
308
the 26th instant but very little business was done. Spot Savannah
6
170
936
1,904 1,343
2,623 1.664
618 8,152
quoted at 473.4c.
Charleston
1.696
774
743 1,225
672 5.110
217
545
Wilmington
754
564
65 2.145
LEAD during the week was the most active metal and Norfolk
2,885 1,653
4.594 4.025 2.348 15,505
prices were firmer; spot New York 7.40 ® 8.12Mc.; East New York
467
37
504
Boston
658 1,285
865
549 3,357
St. Louis 7.50 ® 7.75c.
Baltimore
944
944
ZINC has advanced slightly, but business is by no means TntstIc thia ampk_ 23.386 46.949 30.821 10.025 47.144 36.142 109.787
active. There has been some export business, but this is
The following table shows the week's total receipts, the
not believed to have been large. Spot New York, 6.60 ®
total since Aug. 1 1923 and stocks'to-night, compared with
6.65c.; East St. Louis, 6.25 ® 6.30c.
last year.
STEEL.
-Builders and automobile makers are the
principal buyers at the present time. Sheet business is said
1923.
1922.
Stock.
Receipts to
to be especially good. Prices are reported steady. Some
This Since Aug
Dec. 28.
This Since Aug
even call them firm, not excepting those for semi-finished
Week.
1 1923. Week. 1 1922.
1923.
1922.
steel. It is said that $40 has been paid for the first quarter Galveston
72.395 2,222,188 46.640 1,830,860 355,510 377,956
for re-rolling billets, Pittsburgh. But it is hinted that prices Texas City
18,367 1.037
304
64,274
1,224
21,736
Houston
of sheets were reduced somewhat in the big December Port Arthur, &c_ 38,312 782.428 7,379 526,817
business amounting to some 300,000 tons. On the other New Orleans
52.103 768,224 37.807 814.446 296.327 266,909
hand, it is stated that one automobile concern has bought Gulfport
Mobile
936
33.901 2.728
64.968
13.936
7,983
about 100,000 tons of steel for the first quarter of 1924, and Pensacola
7,210
5.433
1.644
another something over 25,000 tons. A bridge company has Jacksonville
6
8.923
2,898
7,993
Savannah
8,152 257,818 4,445 261,214
77.820
73,959
taken 17,000 tons of structural steel within a short time. Brunswick
606
25,073
181
11
Fabr'cated structural steel is said to have sold recently, Charleston
5,110 141,364 2,058
59,076
44.637
6.5,581
Georgetown
however, at $85 to 6 to New York builders. Some scrap Wilmington
2,145 100,116 1,575
70,788
32.162
36.422
prices have advanced 25 to 50 cents per ton, following an Norfolk
15,505 311,932 7.740 195.940
94.827 116,451
advance last week on other'items of the list. Youngstown N'port News, &c_
New York
504
5.126
60
4.215 164.046
71,472
reports a steadily improving outlook for building and a better Boston
3,357
11.606
749
14.899
5.115
6,813
944
market for reinforcing bar and fireproof: also larger sales of Baltimore
15.491
11,283
500
2.956
2,538
Philadelphia
861
2,660
321
3.934
6,954
merchant steal bars to the automobile industry. Business
Inn ono A aoa asp,ii')'loco ciao can' nom aoo 1 n00 !'C
in nails has improved there, with production at 607 and
expected to be larger next month. Connellsville coke at
In order that comparison may be made with other years.
Pittsburgh was quoted at $4 05 at ovens. Steel bars were
2.40e., Pittsburgh. Small billets at 1.900., Pittsburgh or we give below the totals at leading ports for six seasons:
Youngstown, and black sheets, 3.75c. Taking the steel
1922.
1921.
1920.
1919.
1918.
industry as a whole, the feeling is hopeful. Railroads are Receipts at- 1923.
buying on a fair scale, and it is believed that 1924 may turn Galveston_ _ _ _ 72,395 46,640 46,936 61,668 69.783 34,833
Houston. &c _
38.312
.7,379
576
498
8,326
2.237
out to be a high record year not only as to building but in New Orleans- 52.103 37,807 23.808 52,935 56,590 32.131
Mobile
2,728
936
the matter of the automobile industry.
2.078
4,398
12,904
8.756
Savannah _ _ _ _
8,152
13,250
4.445
9,519
38,433
21,912
PIG IRON has been quiet as usual at this time of the year Brunswick
500
2.000
3.000
Charleston_._
5,110
2,058
3,017
1,519
4.385
6,926
and rumors were afloat that Eastern seaboard iron was ob- Wilmington....
2.145
1,575
1,472
1.688
4.953
3.747
tainable at as low as $22 25 at Buffalo and $21 50 at furnace. Norfolk
15,505
7.740
8,635
8,302
8,593
7.624
N'port N..dtc_
39
113
41
These reports are given for what they are worth. In the All others__ -5,109
2.663
21,764
2,664
7.505
1,867
main prices are believed to be unchanged, whatever may
have been the case in exceptional circumstances. Last Total this wk_ 199.767 113,035 122,036 143.230 213.945 123,074
week's sales, it is now said, amounted to 10,000 tons to con- im.,... Amp 1 A A7R R519 '4 OR9 RAO R &AO 6g7 '1 [119 91R R RI19 1,11 9 7R7 6117
.
sumers in New York and New Jersey. Shipments are said
The exports for the week ending this evening reach a total
to be on a very fair scale. Some look forward to a better
business early in 1924. New business in December, it is ad- of 102,644 bales, of which 42,381 were to Great Britain,
mitted, has not been large. There has been a steady trade 5,236 to France and 55,027 to other destinations. Below are
but for the most part it has been in small lots for early ship- the exports for the week and since Aug. 1 1923.
ment. But some maintain that prices are well sustained,
Week ending Dec.28 1923.
From Aug. 1 1923 to Dec. 28 1923.
whatever the reports now and then to the contrary. There
Exported to
Exported towere some rumors too of speculative inquiry for iron on the
Exports
Great
FromGreat
idea that prices are at about the bottom. Pittsburgh wired
Britain. France Other. Total. Britain.' France.
Other. I Total.
on Dec. 26 that No. 2foundry pig iron in the Valley had adGalveston
30,376 398,9211
vanced 25 cents, making it on the average $22 50 at furnace. Houston ___ 22,452 4,261 30,378 38,312 308,814 215,64 744,5211,359.001
11,599
138.261
At Birmingham, Ala., several iron melting plants resumed New One
4,870
11,042 15,912 86,579, 22,9
107,015, 216,544
Mobile
3,193,
1,450
4,643
operations on the 26th inst., and the price was reported firm Jacksonville
150
150
at $21 50 for No. 2 foundry.
Pensacola
6,503'
4001
6,903
Savannah __ 7,656
7,656 82,859,
7,257 37,5511 127,667
WOOL has been quiet but firm here in response to the Brunswick
50,
50
Charleston _
68,3041
22,489i 90,773
rising prices recently in foreign markets. Boston comment Wilmington.
4,000
4,000
32,700 45,600
4,6
8,300
on recent events aside from the Australian and London firm- Norfolk_ _
1,800 76,766
1,8
56 35,700, 113,031
2,678 83,010 51,27
ness was that Montevideo cabled quotations of 51c. and 46c., New York.. 1,603 675
115.3051 249,585
Boston
2,263
593,
2,856
respectively, for skirted and rewound 56s and 50s, the high- Baltimore
300
863
30
863
1
25
est vet reported. At the sale in Dunedin, New Zealand, Philadelphia
516
25
7311
1,247
Los Angel
857
657
5,7511
600
5.7931 12,144
on bec. 21 prices rose above those at the Christ Church San Fran
828
828
62,807 62,807
sale. Good 50-56d cost around 90c. to 92c. clean basis, Seattle
44,267 44,267
landed Boston in bond. Continental interests bought the
Total_
42,381 5,236 55.027 102,6441,128,309 442,01 1,548,518 3,118,842
most. The limits were generally above American bids.
75,324
Total 1922. 15,124 10,432
431,86
Shipments of wool from Australia to this country to date are Total 1921_ 31,529 13,420 49,768 95,314 868,258 376,24 1.418.0992,718.220
50,365
739,441
1,736,526 2,852.215
29,000 bales with an estimated shipment of 10,000 bales
-Exports o Canada.
NOTE.
-It has never been our practice to include in the
from New Zealand. In South American markets it is esti- above table exports of cotton to Canada, the reason being that virtually all the
10'
•VII
.1.1•J OJOIN 4. ..174,••CIVii• •
10JUAG,11
CP
[VOL. 117.
THE CHRONICLE
2904
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however.
of the numerous Inquiries we are receiving regarding the matter, we will say that for
the month of November (no later returns are as yet available) the exports to the
Dominion the present season have been 24,463 bales, of which 22,208 bales were to
Quebec, and 2,255 bales to Maritime Provinces. In the corresponding month of
the preceding season the exports were 25,288 bales.
For the four months ending Nov. 30 this year there were 54,339 bales exported
as against 59,702 bales for the corresponding four months last year.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
On Shipboard, Not Cleared for
Great
- Britain. France
Dec. 28 at
Galveston
36,316 19,046
New Orleans
27.749 5.856
Savannah
Charleston
400
2,471
Mobile
Norfolk
Other ports *_ - 10.800
Other CoastGermany. Cont'nt. wise.
8,000 22,121
6,472 20,193
6.000
Total.
9.600 94.483
663 60.933
600 6,600
425
1,000
3.296
1,600
13,400
Leaving
Stock.
261,027
235,394
71.220
44,637
10,640
94,827
199,116
Total 1923-- 77,336 25,302 21,472 44,339 10.263 178.712 916.861
Total 1922__ 37,433 18,670 21.520 59,406 16,585 153,614 909.164
Total 1921__ 25,650 1,918 29.410 19.201 5.910 82.089 1.277.193
* Estimated.
Speculation in cotton for future delivery has at times been
active and on Wednesday there was a noticeable outburst of
buying which sent prices upward some $5 a bale. That happened. when it was found that January notices which were
supposed to have reached 132,500 bales were promptly
stopped. Nothing could have surprised cotton people more.
They had, it is true, estimated that these notices would
amount to something like 100,000 bales. The predictions
were that they would have a depressing effect. But January hardly budged. At first it declined less than a dozen
points, then it turned and ran up 102 points from the early
"low." The idea was that cotton issued on notices was
stopped by people other than the issuers. One story was
that a very strong Southern syndicate had stopped most of
them, and that the cotton was to be shipped to Europe.
Those who lost their cotton bought January heavily. It
would take a'big sum to finance 132,500 bales if the price
were figured even at 36c. a pound, or $180 a bale. But cotton is wanted pow-a-days. It is badly wanted at home and
abroad. Not only is the American cotton crop short and
supplies are believed to be at about peak in this country,
but it is said that stocks of foreign growths in the world are
something like half a million bales smaller than a year ago.
Certainly they are noticeably smaller at Alexandria and
Bombay, to take no account of the supplies of foreign
growths in Europe. And now comes the statement that the
The
outlook for the East Indian crop is disappointing.
strange fact is that supplies are small all over the world,
certainly a most regrettable coincidence. For many months
England bought foreign growths on a larger scale than
usual, to the partial exclusion of American cotton. But now
it is confronted with small stocks, also, of cotton which has
been competing with American. Spot markets have been
strong. Buyers, according to some Texas accounts, will take
almost anything in the way of cotton. Haggling about
grades and prices is not so general as in normal times. Not
only Texas, but Tennessee, especially in the big Memphis
district, and also Georgia, North Carolina and other parts of
the belt have sent reports of an insistent demand; a demand
which has been met with small offerings. Many holders
have the idea that cotton is going to 40c. or higher. They
are encouraged by such sensational occurrences as the big
rise in New York on Wednesday in the teeth of an issuance
of notices rarely seen in the history of the cotton trade of
New York. In July 1922 there was something approaching
this. But with this exception the notice day for January on
Dec. 26 1923 will have a striking pre-eminence in the records
of this market. Liverpool the next day made an emphatic
response. It had been closed on the 26th inst., but reopened
the next day, and under the spur of New York's performance
and the big demand in its own market from new speculative
sources it closed at a rise for the day of 88 to 146 American
points. There was general buying there. Contracts were
scarce. Bullish feeling was dominant. Manchester reported a better demand for cloths, and yarns were firmer.
On this side of the water Worth Street was more active
and stronger. The stock market advanced. And although
French francs got below Sc. on Wednesday, they advanced
the next day. London bought March and May here on
Thursday. Liverpool and New Orleans were buyers. So
were trade interests. But after all, the business on the 27th
Inst. was hardly more than a shadow of what it was on the
previous day, when the trading in January alone was variously estimate dat anywhere from 100,000 to 130,000 bales.
Also, the discount on January under March, which at one
time on the 26th inst., was 40 to 50 points and even, it was
said, at as high as 56 points, ended at 35, after having, it was
understood, touched 32. It costs 60 points to carry cotton
to March. But if the issuers lost most of the cotton they
tendered they were, as we have seen, large buyers of January. At least this was the common report. The West was a
large buyer after selling at first. And if Wall Street sold
January it bought March and May. In fact, a good many
people did that. Japanese interests were supposed to be
buying on a large scale. And coincident with a rising stock
market there were reports that the bonus bill could not be
carried over the President's veto. Also, sentiment in favor
of the Administration plan of reduced taxation in this country was said to be spreading through the South. This is not
the place to discuss politics, but the feeling in business circles generally is in favor of a sharp reduction in the burdensome taxation under which the people are still staggering
five years after the armistice. This is emphatically the sentiment, irrespective of political affiliations. That there
seems to be a good prospect of such a program being carried
out has a heartening effect in the business world generally.
It is by no means confined to the cotton trade. Meanwhile
many of the Carolina mills, especially in the Piedmont district are said to be running on full time. And that is the
case in some parts of New England.
On the other hand, there was a decline on the 27th inst.
of some 50 points from the early high, when it was found
that the technical position had weakened. That was natural
after the very heavy covering on the previous day, especially
In January cotton, supposedly by large interests, some of
which issued a good many of the notices. And the advance
within a week had been some 140 points. A reaction was
due. The rise during the month had been approximately 350
points. That emphasized the reasonableness of at least a
temporary reaction. The stock market, moreover, declined.
Chicago reported wheat prices lower. Wall Street and the
West sold to some extent. So did local operators. And
there was the usual incentive to sell on the approach of the
New Year holiday. Prices therefore fell. Of course, too, it
is recognized that sooner or later there must be a drastic
reduction in the consumption by the mills. They have no
other choice. Cotton will not be there. Furthermore, not a
few houses recommended caution after so sharp an advance.
Even some Who are looking for higher prices advocated
greater conservatism for the time being, following so great
an advance.
To-day prices declined owing to further notices to the
amount of 7,400 bales of January and reports of curtailment
in Georgia. Also, there were rumors of further curtailment
at New England mills, though they appear to have been
without foundation. Vague reports were afloat to the effect
that in North Carolina and Georgia some of the mills and
banks were trying to resell. They are mentioned here
merely for what they are worth. Most spot reports were
cheerful. But large operators leaving for Florida were selling out long cotton. That counted for not a little. Also,
there was a dribbling out of long cotton from scattered interests in a somewhat overbought market. Yet Liverpool
acted well. So did New Orleans. And spot markets were
generally reported brisk. In the afternoon a bullish statement on the stock market and general business situation by
Jesse Livermore had some effect. A moderate rally occurred. The closing was easy. But compared with a week
ago, prices are 33 to 54 points higher, January lagging behind the rest of the list. The increase in the world's visible
supply was larger than was expected. In general the statistical position throughout the world is considered strong,
however. Spot cotton here ended at 36.65c. for middling
an advance for the week of 25 points. It is 10c. higher than
a year ago.
The following averages of the differences between grades,
as figured from the Dec. 27 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on Jan. 4 1924.
1.85 on
Middling fair
1.52 on
Strict good middling
1.22 on
Good middling
75 on
Strict middling
123 off
Strict low middling
2.63 off
Low middling
4.10 off
*Strict good ordinary
5.50 oft
*Good ordinary
52 on
Good middling spotted
.05 off
Strict middling spotted
90 off
Middling spotted
*Stick low middling spotted____2.09 off
8.40 off
*Low middling spotted
Strict good mid."yellow" tinged- . on
19
Good middling "yellow" tinged_ .22 off
Strict middling "yellow" tinged .76 off
*Middling "yellow" tinged
1 8800
Good mid,light yellow stained--.87 off
'Strict raid.light yellow stained--1.45 off
*Middling yellow stained
2.18 off
Good middling "gray"
.30 off
*Strict middling "gray"
.81 off
*Middling "gray"
1 49 off
*Strict low mid. "yellow" tinged-8.12 off
*Low middling "yellow" tloged__4.42 off
Good middling "yellow" stained-1.43 off
*Strict mid."yellow" stained
J.00 off
*Middling "yellow" stained
2.70 off
*Good middling "blue" stained-1.25 oft
*Strict middling "blue" stained.-1.70 off
*Middling "blue" stained
2.69 oft
*1 hese grades are not deliverable.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 22 to Dec. 28Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
36.30 36.35 Hol. 37.25 37.00 36.65
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Dec. 28 for each of the past 32 years have been as follows:
1923
1922
1921
1920
1919
1918
1917
1916
36.65c.
26.70c.
19.05c.
14.50c,
39.25c.
33.00c.
31.650.
17.400.
1915
1914
1913
1912
1911
1910
1909
1908
12.35c,
7.80c,
12.60c,
13.10c,
9.35c,
14.95c.
15.85c.
9.45c,
1907
1906
1905
1904
1903
1902
1901
1900
11.80c,
10.65c.
11.90c.
7.00c.
14.10c.
8.75c,
8.50c.
10.31c.
1899
1898
1897
1896
1895
1894
1893
1892
7.69c,
5.88c.
5.94c.
7.06c.
8.25c,
5.69c.
7.81c.
9.88c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns
which show at a glance how the market for spot and futures
closed on same days.
DEC.29 1923.]
Spot
Market
Closed
Saturday___
Monday ___
Tuesday ___
Wednesday_
Thursday _ _
Friday
THE CHRONTCLE
Futures
Market
Closed
SALES.
Spot.
Quiet. 10 pts. dec.. Barely steady
Quiet, 5 pts. adv_
Easy
HOLIDAY
Steady,90 pts. adv. Firm
Quiet. 25 pts. dec.. Easy
Quiet, 35 pts. dec.... Easy
Total_
Movement to Dec. 28 1923.
Contr't. Total.
Towns.
10.900 10,900
3,700 3,700
3.000 3,000
12.000 12,000
29.600 29.600
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day. Thurscry, Friday,
Dec. 22. Dec. 24, Dec. 25. Dec. 26 Dec. 27. Dec. 28. Week.
December
Range
35.96425 35.90430
35.90-120
Closing
36.02-.03--January
Range
34.72-.97 34.72-.95
34.65-175 35.51-102 35.12-.60 34.65402
Closing__ 34.77-.80 34.74-.83
35.70-.75 35.51 -35.15-.17- February
Range
Closing
34.95 -34.95 35.87 -35.72 -35.44 -- March
Range
35.09-.36 35.13-.28
35.22412 35.93443 35.58414 35.13443
Closing
35.14-.17 35.17-.20
36.05-.11 35.93-.96 35.65-.70- April
Range
Closing.-- 35.20 -35.25 36.13 -36.00 -35.76 - -May
Range
35.16-.47 35.21-.41
35.43428 36.08-.60 35.75432 35.16460
Closing
35.24-.25 35.32-.37
36.21-.25 36.08-.12 35.87-.88-JuneHOLTRange
DAY
35.75 -35.75 Closing__ __ 34.83 -34.90 35.82 -35.65 -35.57 - -July
Range
34.36-.60 34.42-.59
34.60-149 35.17-.76 34.80-143 34.36-176
Closing
34.42-.44 34.47-.49
35.43-.48 35.18-.25 34.98 - August
Range
---32.60 -32.12-.36 32.12-.60
Closing____ 31.60 -31.70 32.45 -32.30 -32.03 -- September
Range
29.20-.26 29.48-.50
29.60
29.20-.50
Closing_ ___ 29.20 -29.45 30.05 -29.95 -29.85 - October
Range
28.45-.70 28.46-.65
28.83-138 29.17-.64 29.01-.39 28.45-164
Closing
28.45-.47 28.65 29.25-.30 29.17-.20 29.07 - -November
Range
Closing__ ,28.10 -28.30 28.90 -28.80 -28.70 -----38c. 1350 129e.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Dec. 28Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1923.
bales 571,000
4,000
74,000
649,000
7,000
59.000
135,000,
11,000
107,000
15,000
2.000
1.000
1922.
859,000
4,000
70,000
1921.
1920.
991,000 1,012.000
6.000
75.000
93.000
2905
Ship- Stocks
meta. Dec.
Week. Season. Week. 28.
337,000 475,000 743,000 516,600
Total European stocks
986,000
India cotton afloat for Europe_ -- 133,000 1,408,000 1,809,000 16,27.000
128.000
50,000
72,000
American cotton afloat for Europe 514.000 376.000
Egypt,Brazil,&c..aflot for Europe 123.000 110,000 343,000 453,213
74,000
66,000
Stock In Alexandria, Egypt
287,000 343,000 327,000 198,000
Stock in Bombay, India
347,000 496,000 719,000 910,000
Stock in U. S. ports
1,095,573 1,062,778 1.359,282 1.454,308
Stock in U. S. interior towns_
1,119,113 1,391,872 1,622,819 1.734,703
U.S. exports to-day
100
12,650
30.931
Total visible supply
4.604,786 5,315,650 6,316,750 6,546,155
Of the above, totals of American and other descripti
ons are as follows:
American
Liverpool stock
bales- 341,000 497,000 588,000 629,000
Manchester stock
58.000
47,000
52.000
79,000
Continental stock
277.000 437,000 640,000 465,000
American afloat for Europe •
514,000 376,000 343,000 453.213
U.S. port stocks
1,095,573 1.062,778 1,359,282 1.454,308
U. S. interior stocks
1.119,113 1,391,872 1.622,819 1,734.703
U. S. exports to-day
100
12,650
30,931
Total American
3,404.786 3,811,650 4,617,751 4,846,155
East Indian, Brazil, &c.
Liverpool stock
230.000 362,000 403.000 383.000
London stock
4,000
4,000
6,000
Manchester stock
16,000
23,000
23,000
14,000
Continental stock
60,000
38.000 103,000
51.000
India afloat for Europe
133,000 128,000
50,000
72,000
Egypt, Brazil, Sm., afloat
123,000 110,000
74.000
66,000
Stock in Alexandria, Egypt
287,000 343,000 327,000 198,000
Stock in Bombay, India
347,000 496,000 719,000 910.000
Total East India, &c
1,200,000 1,504,000 1,699,000 1,700,000
Total American
3,404,786 3,811,650 4,617,751 4,846,155
Total visible suPc1!
4.604.786 5,315,650 -6,316,751 6,546,15
Middling uplands, Liverpool
5
8.654.
Middling uplands, New York __ _ _ 20.62d. 15.164. 11.364.
36.65c.
26.60c.
19.45c.
14.75c.
Egypt, good sakel, Liverpool_ _ _ _ 25.003.
19.304. 24.504. 23.00d.
Peruvian, rough good, Liverpool_ 23.50d.
17.254. 13.754.
Broach fine, Liverpool
18.00d. 13.00d. 10.703. - 16.00d.
8.75d.
Tinnevelly, good, Liverpool
18.90d. 14.403. 11.70d.
9.254.
Continental imports for past week have been 165,000
bales.
The above figures for 1923 show an increase from
last week
of 58,705 bales, a loss of 710,864 from 1922, a decline
of
1,711,964 bales from 1921, and a falling off of
1,941,369
bales from 1920
Receipts.
Week. Season.
Ship- Stocks
meals. Dec.
Week. 29.
Ala.,Birming'm
894 24,601 1,00 10,174
914 32.369
205 9,594
Eufaula
100
5,449
300 1,900
100
8,16:
5,184
Montgomery.
438 45,198
387 16,306
549 51,86:
82 18,254
Selma
315 30,665
459 7,756
194 51.623 3,086 6,718
Ark., Helena
281
7,795
397 10,350
418 30,677
5
17,690
Little Rock
1,541 93,432 2,510 44,174 1,69 153,52
3.12 60.256
Pine Bluff
7,000 59,112 5,000 41,105 4,111
95,411 3.111 62,064
Ga., Albany_ -17
2,049
95 2,192
44
6.1
__ 3,112
Athens
1,333 31,412 2,002 23,264 1,58
30.712 1,06: 27,381
Atlanta
2,829 103,783 1,016 42,818 5,576 200,084 3,51 85,644
Augusta
4,384 151,200 1,561 54,227 7.372 183,89
3,909 72,982
Columbus... 1,554 10,164
924 20,803 3,241
89.38
3.72 13,089
Macon
1,141 20,868
885 9.338
754 33,006
7 I 17,609
Rome
336 27,490
300 7,267 1,397 31,511 1,231 7,852
La., Shrevepo
2,000 102,000 2,000 36,000
600 69,500 2,200 19,900
Miss.,Columb
697 17,130
160 9,162
40
21,96
3 I 6.453
Clarksdale_ ____
72,349 ____ 40,919 1,444 116.637 3,330 64.954
Greenwood
1,660 92,661 3,144 45,290
476 101,183
518 63,673
Meridian
358 10,533
166 8,387
544 30,124
592 9,669
Natchez
500 29,125 2,000 8,331
608 29,399
900 12,385
Vicksburg
454 15,250
376 9,389
302 21,414
741 9,996
Yazoo City
65 18,774
734 11,599
134 27,427
844
Mo., St. Louis_ 21,622 334,303 21,521 5,655 20.437 419,66 19.630 21,900
21,025
N.C.,Gen.sboro 1,651 45,189
863 24,140 3,767 66.6'' 1,7581 34,245
Raleigh
224
9,643
200
272
8,24:
187
355
2001
Okla., Altus
8,060 76,113 7,050 31,389 2,306 49,706 2.3611 22,577
Chickasha
6,377 57,250 6,510 13,550 2.585 73,874 2.5921 11.842
Oklahoma
4,354 34,316 2,4131 23,038 2,725 70,916 2,12 22,396
2,968
S.C.,Greenville 4,544 75,62
34,271 2,501 96,353 1,9681 58,921
Greenwood_ _
____
10,10
10,291
____
7,39
____ 10,218
Tenn.Memphis 34,531 529,843 32,972126,170 46,481 734,52' 43,523187,496
Nashville_
242 --I
16
86
Texas, Abilene_
737 57,171 1,673 2,039
833 41,122
99
1.880
Brenham
50 24,910
100 5,936
100 17,972
1001 4,281
Austin
385 38,148
586 1,800
800 33.273
954
8001
Dallas
6,150 105,645 9,475 16,324 1,867 50,771 1.7581 17.853
Houston
67,518 2,913,678 84,853351,928 48.5542,295,81542,2261361,586
Paris
952 74,427 1,755 3,699 1,628 69.3751,238 8,447
San Antonio
500 50,466
500 1,000 2,
50,889 2.000 2,279
FortWorth
2,1631 76,473 1,829 6.860 1.11
54.706 1,545 10,162
n........,• An •.........I O'7 'I el x GOA OIC onn non 111 n•in 1.711 nee c ex,
.
.
•
•
,
•
•
K.,
•
1 no 0A51201 R70
•
The above total shows that the interior stocks have, decreased during the week 13,804 bales and are to-night
272,759 bales less than at the same time last year.
The receipts at all towns have been 17,459 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
Dec. 28
ShippedVia St. Louis
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &-c
1923
Since
Aug 1.
.
331,494
108.500
8,065
15,533
101,534
185,492
Week.
21,520
6,060
1,654
1.152
5.790
14,599
933,000 1,366,000 1,111,000
Total gross overland
50.775
2,000
31,000
12,000 Deduct Shipments
220,000 317,000 150,600
Overland to N. Y., Boston, &c.... 4.805
197.000 208,000 209,000
Between interior towns
719
8.000
11,000
Inland, &c.,from South
12,000
13,657
100,000 135,000
93,000
34.000
Total to be deducted
31.000
40.000
19,181
3.000
10.000
2.000
Leaving total net overland *
31,594
Total Continental stocks
Movetnen: to Dec. 29 1922.
Receipts.
1922
Since
Aug. 1.
419.121
169,388
5,173
40,075
81.323
192.696
Week.
19,630
10.660
91
1,542
4.295
13.520
750.618
49.738
907:776
33.084
12.307
314,023
1.620
672
9.250
32.957
12,467
238.663
359.414
11.542
284,087
391,204
38,196
623,689
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 31,594 bales, against 38,196 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 232,485
bales.
1923
1922
/n Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Dec. 28
199.767 4,678,882 113.035 3.962.869
Net overland to Dec. 28
31.594
391.204
38.196
623,689
Southern consumption to Dec.28a 85.000 1,775,000
88.060 1.797.000
Total marketed
316.361 6.845.086 239.231 6,383.558
Interior stocks in excess
*13,804
848,222
7,742
875,881
Came into sight during week- __302.557 ........246,973
Total in sight Dec. 28
7,693,308
7.259.439
Nor,spinners' takings to Dec. 28_ 43,308 1,028,948 60,780
1,239.325
• Decrease. a These figures are consumption; takings not available
.
• Movement into sight in previous years:
Week1921-Dec. 30
1920
-Dee. 31
1919
-Jan. 2
Bales.
Since Aug. 1251.656 1921-Dec. 30
275,649 1920-Dec. 31
365.977 1919 -Jan. 2
-20
Bales.
6,224,008
6.103.731
6.599,002
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Saturday, Monday, Tuesday. Wed'day. Thursd'y. Friday.
Galveston
35.00
35.00
36.00
35.90
35.70
New Orleans__ _ 35.00
35.00
35.75
36.00
36.00
Moblle
34.00
34.00
34.88
34.88
34.88
Savannah
34.25
34.25
35.00
35.25
34.75
Norfolk_
34.38
34.38
35.25
35.25
35.00
Baltimore
35.75
HOLI- 35.00
36.00
36.00
Augusta
34.50
34.56
DAY. 35.38
35.25
35.00
Memphis
34.50
34.50
35.50
35.50
35.50
Houston
35.00
35.00
35.90
35.90
35.65
Little Rock _
_
34.50
34.50
35.25
35.25
35.25
Dallas
34.40
34.45
35.35
35.20
34.00
Fort Worth_ _ _ _
34.35
35.35
35.20
34.95
Week ending
Dec. 28.
AT THE INTERIOR TOWNS the movement
-that
the receipts for the week and since Aug. 1, the shipments is,
for
CENSUS REPORT ON COTTON SPINNING
the week and the stocks to-night, and the same .tems
IN
-This report, complete, will
corresponding periods of the previous year-is set for the NOVEMBER.
out in earlier part of our paper, in the departmentbe found in an
detail below:
headed "Indications of Business Activity."
December_ 34.98-34.99
January .... 34.90-34.95 34.99-35.03
March _ _ _ 35.05-35.11 35.22-35.24
May
34.91-34.96 35.01-35.06
July
34.22-34.27 34.40-34.41 TIOLI28.06-28.12 28.20- DAY
October
ToneSteady
Quiet
Spot
Q....1..,
Options _ _ al.....1.,
Fr day,
Do . 28.
35.6:
35.95-36.01 35.9036.15-36.18 36.01-36.04 35.71 -35.80
35.91-35.94 35.76-35.82 35.5- 35.57
35.24-35.27 35.10-35.15 34.8 -34.84
28.80-28.85 28.61
28.97Steady
Steady
Stanch/
.
Rarely IA 11
Steady
,
Ann y st'y
-Reports to
WEATHER REPORTS BY TELEGRAPH.
denote that the
US by telegraph from the South this evening
mild with considerweather as a rule has been unseasonably
report states that cotable rain. The Washington weather
that a small amount
ton picking continues in California and
fields in southern New Mexico.
of cotton still remains in the
Thermometer
Rain. Rain fail.
1.44 in, high 70 low 48 mean 59
1 day
Galveston, Texas
mean 51
1 day 0.18 in. high 72 low 30 mean 63
Abilene
1 day 0.04 in. high 76 low 50 mean 62
Brownsville
2 days 0.12 in. high 76 low 48 mean 58
Christi
Corpus
1 day 0.04 in. high 78 low 38
Dallas
low 44
3 days 0.08 in.
Del Rio
55
38
2 days 1.46 in. high 72 low 46 mean 62
Palestine
mean
0.04 in. high 78 low
1 day
San Antonio
46
- low
1 day 0.08 in.
Taylor
mean 61
3 days 1.63 in.
New Orleans
38
3 days 2.45 in. high 73 low 40 .mean 56
Shreveport
58
3 days 1.46 in. high 71 low 36 mean 56
Mobile, Ala
mean
2 days 0.13 in. high 76 low 40 mean 57
Savannah,Ga
low
2 days 0.34 in. high 74
Charleston,S.C
0 days 0.33 in. high 69 low 31 mean 51
Charlotte. N.C
also received by te eThe following statement we have
the points named at
graph, showing the height of rivers at
8 a. m. of the dates given:
Dec. 28 1923. Dec.29 1922.
Feet.
Feet.
4.7
10.9
Above zero of gauge_
New Orleans
17.7
28.8
gauge..
Above zero of
Memphis
12.7
19.7
Above zero of gauge_
Nashville
5.5
30.1
Above zero of gauge_
Shreveport
18.6
38.1
Above zero of gauge_
Vicksburg
-The folRECEIPTS FROM THE PLANTATIONS.
week from
lowing table indicates the actual movement each
overland rethe plantations. The figures do not include
simply a stateceipts nor Southern consumption; they are
ons of that
ment of the weekly movement from the plantati
market through
part of the crop which finally reaches the
the outports.
Walt
6•414ao
Ricotpts at Ports.
1923. I 1922.
Blocks at foteHor Towns.
1921.
1922.
Week.
1921.
Since
Week. Aug. 1.
Since
Week. I Aug. 1.
112,000 654,000 108,000 692,000 86,000
Bombay
Bombay
8.000
1923
1922
1921
Other India1923
1,0
1922
2,000
1921
1921.
Oet.
897,8111,225,33 422.917 380,561 336,134
6-- 329.949J275.1 258,7 I 670.922
420,815351,131
12.... 273.052 250.8811275,12!811,088 1,067.6481,301,33 413,21
,317445,288280,448
19_ _ 287,213 326,0201269.084 946.192 1,186,8181.312.6'422 ,987
.
1.280.881j1.380.23.390
.
891 6071285 138
277,177 297.639j217.59!1.060,
26..
Noy.
Soy.
75,5 439.852'294.124
,
2_ _ 349,03 365,080238,187 1,086,49 1,355,6 1,436.173,314,509346,875214,253
9- 235.38294.227184,60 1,165,36 1,408,301 1,465.8211
394.296224.791
16 _ 307,567 251.578170.422 1.179,333 1.461.01 1,520.190 321,43z 241.626 159.695
289.968
23..., 224,528 217,983 137,225 1,244.773 1.484.662 1,542.660 305,223 242,942 172,082
1.457,156 1,546,811
80.... 298,2111215.436 167,931 1,251,78
Dee.
850l45.579
239.52l48.
7__ 265,509158,801 116,086 1.225,801 1.445.0051.576.304 217,127 120,266 130,692
1,593,187
IC _ 264.183138.941 113,815 1,178,745 1,426,330 1.608,383168,525 94,666 156,790
214,353 136.866 141.5881,132,917 1,384,130 1,672,819 185,963 120,777 135,312
21_ _
28.... 199.767.113,035 122,036 1,119.113 1,391,872
the total receipts
The above statement shows: (1) That
1923 are 5,526,381 bales;
from the plantations since Aug. 1
and in 1921 were 3,949,268
in 1922 were 4,903,961 bales,
receipts at the outports the
bales. (2) That although the
bales, the actual movement from
past week were 199,767 bales
at interior towns having
plantations was 185,963 bales,
the week. Last year receipts
decreased 18,804 bales during
were 120,777 bales and for
from the plantations for the week
1921 they were 135,312 bales.
GS OF COTTON.
WORLD'S SUPPLY AND TAKIN
ensive statement indicates
The following brief but compreh
of cotton for the week and
at a glance the world's supply
from all sources from
since Aug. 1 for the last two seasons,
also the takings, or amounts
which statistics are obtainable;
period.
gone out of sight, for the like
Total ail
1923
1922
1921
Japan &
China.
Conti-nent.
Great
Great Conti- Japan&
Britain. nent. China. I Total. Britain.
Exports.
929,000
Since August 1.
For the Week.
RecelptsfromPlantattoss
1923.
Since
Aug. 1.
Total.
49,000
15,000
27,000
64,000 281,000 220,000 565.000
41,000 203,500 437,500 682.000
10,000 238,000 706,000 954,000
28,000
3,000
5,000
23,000 124,000
15,000 94,550
63,000
4,00
8,000 56,000 13,000 77,000
. 18,000
1,000 17,000
2,000 16,000 14,000 32,000
147.000
109.550
67,000
87,0001 405,000 220,000 712,000
56,000 298,05 437,500 791,550
14.000 301,000 706,0001,021.000
an
According to the foregoing, Bombay appears to show
receipts of
increase compared with last year in the week's
increase
4,000 bales. Exports from all India ports record an
1 show a
of 59,000 bales during the week, and since Aug.
decrease of 79,550 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
cotton at
now receive a weekly cable of the movements of
and
Alexandria, Egypt. The following are the receipts
week
shipments for the past week and for the corresponding
of the previous two years.
1923.
Receipts (cantors)
This week
Since Aug. 1
1922.
1921.
240.000
4.723.852
Alexandria, Egypt.
December 26.
190.000
4.344.901
180,000
13.150.456
Since
Since
Since
Week Aug. 1. Week. Aug. 1. Week.lAug. 1
Exports (bales)
14.000 131,337
To Liverpool
101.044
To Manchester. &c_
To Continent and India.. 12:666 186,190
8.000 60.756
To America
7.500 117.794
7,750 79,310
6.750 133.350
13.750 120.631
81,747
65,065
1.250 96.073
85,291
34.000 479,327 35.750 451.085 1,250 328,176
Total exports
-A canter is 99 lbs Egyptian bales weigh about 750 lbs. were
Note.
This statement shows that the receipts for the week ending Dec. 26
240.000 canters and the foreign shipments 34,000 bales.
-Our report received by
MANCHESTER MARKET.
market in
cable to-night from Manchester states that the
of the holidays.
both cloths and yarns is quiet on account
for previous
We give prices to-day below and leave those
weeks of this and last year for comparison:
1921-22.
1922-23.
33.1).,
Twist.
Oct. a.
12 22k
19 za
26 24
Nov
2 24k
9 zo
16 27
23 275(
30 29k
Dec.
7 27%
14 28
21 27I1
28 27%
8)( lbs. Mai Corn
ISO, Common Mid.
UN'
to Mat.
328 Cop
rola.
s.d. a. a.
6. i.6.
o 16.60 log
24 16
24% 16 6 017 2 17.04 200
24,‘ 16 7 017 3 17.63 2034
017 3
017 7
018 0
018 0
021 0
17.44 20%
19.02 2134
19.89 22%
20.14 21%
21.37 21
19 4 020 2
30 19 6 sg20 4
29 19 6 020 2
28k 19 7 020 3
19.42 20
19.48 20
19.68 2054
24k 16 5
27 17 0
2711 17 4
2854 17 4
30% 20 2
0000 00000 000
Tuesday, Wednesday, Thursday,
Dec. 27.
Dec. 26.
Dec. 25.
Dec. 28.
Receipts at
COCO 00000 OCO
Monday.
Dec. 24,
1922.
1923.
-The closing
NEW ORLEANS CONTRACT MARKET.
Orleans cotton
quotations for leading contracts in the New
market for the past week have been as follows:
Saturday,
Dec. 22.
[VOL. 117.
THE CHRONICLE
2906
8)( lbs. Met cora
411411. COSMOS M111.
Cgrs
to Mot.
5.6 a.
016 0 13.15
016 4 13.60
21% 10 3 017 0 14.14
a.
2ofi 15 4
2134 16 0
22 16 3
22,‘ 16 5
017 0
017 2
23H 16 6 017 3
22% 16 4 017 1
22 16 2 1516 7
14.80
15.55
14.87
14.80
14.74
(416 5
4516 4
016 4
(416 7
14.30
14.58
14.96
15.16
2154 16 0
2054 15 7
20% 15 7
2254 16 3
-As shown on a previous page, the
SHIPPING NEWS.
week have
exports of cotton from the United States the past
as made
reached 102,644 bales. The shipments in detail,
up from mail and telegraphic returns, are as follows:
Bales;
44
-To Liverpool-Dec. 21-Cedric.44
NEW YORK
505
-Dec. 21-Yorck. 300; President Hardin_g, 260......
To Bremen
ToHavre-Dec. 21-Lieut. Jean Laurent, 125---Dec. 24
575
Chicago. 450
1,559
To Manchester-Dec. 21-Nortonlan, 1.559
50
-West Gotomska, 50
To Syra-Dec. 22
2,415
-Delaware,2,415
GALVESTON-To Gothenburg-Dec. 22
200
-Delaware, 200
To Copenhagen-Dec. 22
-Conde
-Mar Blanco, 4.125; Dec. 22
To Barcelona-Dec. 22
6,875
Wilfredo,2.750
3,033
To Venice-Dec. 22-Lodovica, 3.033
1,300
ec. 22-Lodovica, 1.300
To Trieste-D
1922.
1923.
To Bremen-Dec. 24-Brove Coeur, 8.794, Hanover, 5,434- - 14,228
Cotton Takings.
1.000
Season.
To Hamburg-Dec. 24-Brove Coeur, 1,000
Week and
Season.
Week.
Season.
1,325
Week.
-Edenton, 1.325
To China-Dec.22
-To Rotterdam-Dec. 21-Sapinero„ 195:
NEW ORLEANS
5,286.781
2.524
4,546,081
Dec. 22-Leerdam,2,329
Visible supply Dec. 21
3,760,450
2,024,671
1.739
To Liverpool-Dec. 21-Eidena, 1,739
Visible supply Aug. 1
3,131
302.557 7,693,308 246,973 7.259,439
Manchester-Dec. 21-Eidena, 3,131
Dec. 28
To
American in sight to
692,000
654.000 108,000
4,656
112,000
4,656
-West Jaffrey.
To Bremen-Dec.22
Bombay receipts to Dec. 27---109,550
3.000
147,000
762
28,000
To Hamburg-Dec.22-West Jaffrey. 762
Other India shIpm'ts to Dec. 27
873,800
38.000
944.400
3,100
48,000
To Japan-Dec. 25-Jadden, 2,950; Mexico Meru, 150
Alexandria receipts to Dec. 26....
107.000
6,000
111.000
8.000
HOUSTON-To Liverpool-Dec. 22-Abercos, 18,803-Dec.
Other supply to Dec. 26-6-5
22.052
27-Telesfora de Larrinaga, 3.249
6,787
5,044,638 11,574,379 5,668.754 12,802,239
-Hanover. 6,787
To Bremen-Dec. 22
Total supply
300
-Hanover, 300
To Hamburg-Dec. 22
Deduct
400
4,604.786 4,604.786 5.315.650 5,315,650
r
-Dec. 27-Telesfora de Larrinaga. 400
To Mancheste
Visible supply Dec. 28
4.261
-Dec.27-Hannington Court, 4,261
To Havre
7.486.589
575
28_a____ 439.852 6,969,593 353,104 5.412,039
-Dec. 26-Collingsworth, 575
To Genoa
Total takings to Dec.
450
268.852 5,142.193 276,104
-Dec. 26-Collingsworth, 450
To Naples
Of which American
77,000 2.074,550
2,138
171.000 1.827.400
To Trieste-Dec. 26--Collingsworth, 2.138
other
Of which
1,349
To Venice-Dec. 26-Collingsworth, 1.349
Brazil, Smyrna. West Indies, &c.
1.700
*Embraces receipts in Europe from the total estimated consumption by NORFOLK
-Dec. 27-Rexmore. 1,700
-To Liverpool
1
100
a This total embraces since Aug. 1923 and 1,797.000 bales in 1922
Bristol-Dec.28-Coelleda. 100
To
300
-1,775,000 bales in
-Ontario,300
-Dec. 27
Southern mills
-To Havre
aggregate amounts taken by Northern BALTIMORE
-and the
25
takings not being available
bales in 1922, of PHILADELPHIA-To Rotterdam-Dec. 12-Elrosport. 25
5,689.589
1923
657
and foreign spinners 5,194.593 bales in bales and
-Dec. 21-Hawaii Maru,657_
PORT TOWNSEND-To Japan
American. b Estimated.
828
which 3.387,193 bales and 3.615.039
-West Holbrook. 828_ _ _
SAN FRANCISCO-To Japan-Dec. 20
3.268
- SAVANNAH-To Liverpool-Dec. 22--Sacandaga, 3,268
ALL PORTS.
4,388
INDIA COTTON MOVEMENT FROM
-Dec.22-Sacandaga,4.388
To Manchester
Bombay and the shipments
-Western Ocean, 4,000.. 4,000
The receipts of India cotton at
WILMINGTON-To Liverpool-Dec.:26
and for the season from
from all India ports for the week
102,644
have been as follows:
Aug. 1, as cabled, for three years,
DEC.29 1923.]
THE CHRONICLE
2907
COTTON FREIGHTS.
-Current
New York, as furnished by Lambert rates for cotton from effect. And if Western banks are in some cases
pressing
as follows, quotations being in cents & Burrows, Inc., are corn farmers for the payment of notes- may they
per pound:
not do the
same with wheat debtors? Meanwhil
High
Stande from Chicago came
High. StandHigh StandDensity. ard.
dispatches saying that it was expec
Density. ard.
Density. an!.
Liverpool_ -25c.
300. Stockh
and Port Arthur stocks would show ted that Fort William
Manchester .250. .30e. Triesteolm 50o. .850. Bombay_ _ _ .50c.
450. .600. Vladivostok ___- .65e.
Antwerp---.2249e. .3534o. Fiume
10,000,000 bushels for the week with an increase of around
.450. .600. Gothenburg.50c. :6EJ.
Ghent
Lisbon
50e. .65c. Bremen
to fill most of the available storage sufficient grain in sight
Havre
250. .40e.
22390 .3749e. Oporto_ _ .750. .900. Hambur
room. There was even
Rotterdam_.25e
talk at one time, it seems, of an emba
.40e. Barcelona _.40c. .550. Piraeus g_ _ 250. .40e.
Genoa
60e. .75o.
35o. .350. Japan
shipments from the interior. True, rgo to prevent further
45c. .600. SaIonics_ _ - 600. .750.
Christiania-11744o. .600. Shanghai_
_.45o. .600.
culture report on Kansas showed the Department of AgriLIVERPOOL.
a widespread distribution
-By cable from Liverpool we have
the fol- of Hessian fly in that State, with
lowing statement of the week's sales, stock
s, &c., at that port: the fall. Also, there was coveringmuch damage done during
of hedges by exporters on
Dec. 7. Dec. 14. Dec. 21. Dec.
Sales of the week
28. considerable Manitoba wheat
-600,000 bushels in a single
23.000
21.000
Of which American
26,000
11,000 day
-but these things mattered little as
13,000
11,000
Actual e ort
14,000
2
5.000
against the forces of
3,000
2,000
Forward
3.000
3.000 depression. Yet there were rallies of lc.
67.000
when the price
63.000
69,000
Total stock
40.000 down to within 1%c.
416,000 483,000 522,000 571,00
of the season's lowest price last got
Of which American
Sat229.000 277,000 309,000 341.00 0 urday. The entire
Total Imports
wheat belt was reported without snow
0
80,000 148.000 121.000
Of which American
95,000 protection. The Chica
49.000
go position for a time looked overs
93.000
78,000
Amount afloat
62.000
old.
419 000 431,000 406,000 362,00
Liquidation had been drastic, especially
Of which American
in December, owing
281.000 210,000 278.000 255.00 0
0 to the dulness of cash markets and
The tone of the Liverpool marke
the lack of export trade,
t for spots and futures not to mention the large
each day of the past week and
ness of the supply. It is true that an
spot cotton have been as follows: the daily closing prices of unexpected decrease of 431,000 bushels in the domestic visible supply was offset by a gain of 7,382
,000
Canadian visible supply. Also, the Ameri bushels in the
Spot.
Saturday. Monday. Tuesday.
can exports of
IVednatday. Thursday.
Friday.
wheat and flour as stated by the Depar
Market,
tment of Commerce
attracted attention as peculiar and confi
12:15 1
Small
Quiet.
Quiet.
P. M.
Dull.
Inquiry.
belief that domestic figures had included rmed the general
a
bonded wheat and flour. At one time, with large amount of
NIld.Upfds
19.98
20.06
offerings smaller
20.73
20.62
and with at least some decrease in the Unite
HOLIHOLISales
__ .
4,000
DAY.
supply which had the element of unexpected d States visible
DAY.
4,000
3,000
ness in it, shorts
Futures.
became a little uneasy and covered. Broom
Very st'dy
Steady at Quiet but
Market j
Quiet.
12 to 14
belated advices from Argentina state that hall says that
47 to 65 st'dy. 11 to
opened
the recent wet
pta. adv.
pta. adv. 21 pta. dec. weather lowered the quali
ty of the new wheat and flax
Market, I Quiet at Steady at
crops. Also, that the wheat situation
Very st'dy Steady,
4
6 to 10
in France was very
1 to 6
44 to 73 10 to 18pta. firm, with prices advancing.
P. M.
pta. adv. pta. adv.
The price
pta. adv. decline.
been raised there is constant talk of the of bread having
Prices of futures at Liverpool for
necessity of reduceach day are given below: ing the import duty, now 14 francs
per 100
bears were recently afraid of possible Eastekilos. Chicago
Sat.
rn buying, but
Mon.
Tues.
Wed.
Thurs. I
Dec. 22
they have latterly been less so. In Minne
Fri.
to
1249 1249 1249, 4:0. 1249 4:00
it was said weakness in our May whea apolis at one time
1234 4:00 12341 4
Dec. 28.
t was not surprising.
p. m.p. m.p. m.p. m.p. m.p. m.p.
1234 4:00
m.p. m.p. m.!9. m.p. m.p.in. It had to come some time.
The selling
d.
d,
ing hedging sales against cash wheat was by back-spreadd.
d.
d.
d.
d. d.
December --------20. 20.462
and stop-loss orders.
d.'T1 d.
d.
0.3
21.0321.1220.9220.95 The latter are pretty well cleaned up, but
January
_.20.3620.48 20.41
some believe there
21.05 21.1321.1320.95 was more from
February
_ --20.3120.44 20.3
$107 down. It turned
21.01 21. 20.8720.91
March
_ 20.31 20.44 20.37
prices sagged. B..\\T, Snow, with Bartl out to be so. Later
21.0021. 20.8620.90
April
--------20.1 20.31i20.22 HOLIett-Frazier Co., said:
HOLI- 20.8 20. 2e.69 20.75 "Weekly flour
May
- 20.1 20.26120.1
export figures given by
DAY
DAY 20.7820,7 20.6020.66
June
- 19.9 20.0819.9
Commerce have been misleading becau the Department of
20.57120.5 20.42120.48
July
__19.6 19.76119.6
se they included a
20.24120.2 20.0820.14 material quantity of flour
August
- 18.6 18.82h8.7
made from Canad
19. 19.31 19.1419.20
September --------17.1 17.3817.22
I am told by New York that rye flour expor ian wheat, and
17.71 17.74 17.60 17.62
October
_ 16.4 16.55116.46
ts have also been
16.92 16.8916.78 16.79 entered as wheat flour.
November.
_ _ _ _ _ 16.0816.2016.10
Beginning with the past week the
16.5716
16.43 18.44 Department
has discontinued its weekly
correct these figures there are available flour reports. To
the
of the various ports and a revision to Nov. monthly reports
BREAD STUFFS
ports of wheat flour from July 1 to Nov. 30 indicates ex30 are actually
Friday Night
about 1,100,000 bbls. less than reports."
Flour, following a recent decline of 2c. , Dec. 28 1923.
On the 27th inst.
in wheat, showed a 150,000 bushels of Manitoba were taken
certain amount of depression early
for export; 30 loads
in the week. Prices in freight room were reported
were 10c. under recent figures.
taken for France. The NorthM ills were naturally rather anxio The demand was poor. west sold in Chicago. Foreign markets were barely stead
y.
us. Trade at the West was A high record wheat crop
in
also unsatisfactory. Minneapolis
and Kansas both weak- estiniate is as high as 200,0 Alberta, Can., is reported. One
ened. Export demand was light,
00,000 bushels. The Dominion
as usual at the holidays. Government put the yield
High prices for bread is causing
of
discontent ill France and as against 64,973,000 bushels Alberta at 157,467,000 bushels,
there is said to be an agitation in progr
last
ess there for a reduc- to the acreage, as against 11.25 year. This is 26.50 bushels
tion in the wheat duty. According
last year. Since the publito mail advices from a cation of the Government's
large German house, France has sold
figur
approximately 200,000 wheat crop have risen. Georg es, estimates of Alberta's
bbls. of low grade flour .to south
e Lane, one of the most exern
past month, on which she gets some Germany within the tensive farmers in the province, who gave a preliminary estisort of drawback on mate of 150,000,000 bushels,
Imported wheat in France. Minne
has now increased his figur
apolis last week was dull to 200,000,000. John I.
and depressed. Kansas City was
McFarland, President and Gener es
quiet. First spring clears Manager of the Alber
al
were more freely offered here.
ta Pacific Grain Co., estimates
the
count of the dulness of export They are plentiful on ac- total at between 175,000,000 and 200,000,000 bushels. Italy
trade in American flour. will, it is believed,
put back a smaller duty on whea
Canadian mills are said to be well
t and
sold ahead for export. A flour. Bad weath
er has
good business in Canadian flour is
reported with the Orient tine seaboard stocks are damaged the Italian crop. Argenin 100% straights for shipment from
beginning to increase. The Russian
the I'acific Coast. new winter wheat acrea
Business is smaller than a year ago.
ge is stated by the Russian StatisIt
tle that supplies are also smaller, that seems to matter lit- tical Committee as 6.600,000 acres against 62,800,000 a year
in this respect the ago. Conditions fully
fundamental situation is obviously
up to the average. Deliveries in Chistronger. Late in 1922 cago to-day were
195,000 bushels. To-day prices advan
big buying meant big stocks at New York.
ced
And they were a somewhat, with the cable
clog on prices for many months. Buyer
s stronger. Liverpool advan
s
this experience are more cautious now. smarting under % to 1%d., the latter on December. World's shipments ced
fell
"Far and softly off except from North
goes far."
America. India shipped only 16,00
0
bushels, Argentina 478,000 and
Wheat fell early to nearly the season's
Russia and the Danu
"low," partly ow- 1,480,000; from Austr
ing to big deliveries last week and partly
alia 648,000 bushels. This make be
to liquidation of rather slim showing.
s a
December. Reported large importatio
Foreign exchange advanced. Last
ns from
Chicago prices. Such importations are repor Canada hit prices show- a decline for the week, however, of %c. on
DeAmerican markets. Not only the Northwest ted at various cember, though May is 14c. higher than last Friday
/
and
west sold. Winnipeg had deliveries on Dece but the South- July %c. higher. Compared with a year ago prices show
a
mber
day of 727,000 bushels. Expectations of incre in a single decline of 26c. on December, 16c. on May and 7c. on July.
asing stocks
this week also had their effect. To some it seeme
DAILY CLOSING PRICES OF WHEA
T IN NEW YORK.
combat increasing stocks, big deliveries and risin d futile to No. 2 red
Sat. Mon. Tues. Wed. Thurs. Fri.
g importacts_120
12234 HI 12034 1215.1 12134;
tions of duty paid .Canadian wheat, as well as
DAILY CLOSING PRICES OF WHEA
T FUTU ES IN CHICAGO.
Argentina had just shipped a cargo of new whea reports that
Sat.
Wed.
Frt.
That the Argentina shipments were not larget to Belgium. December delivery in elevator _cts_101 49 Mon. Tue . 10134 Thurs. 101
10134 Holt10034
counted for May delivery in elevator
10634 10634 day. 10734 10634 10849
little. The point was that they had begun. They
July delivery in elevator
might
10534 10434
10534 10534 10534
ily increase in the near future. Cash markets at Minne easIndian corn declined with wheat, despite wet
and other Milling points gave way. That naturallyapolis
weather at
hurt. the West and moderate receipts. A
Paris is grumbling at the high price of bread and
is said to serted that bankers in parts of IllinoisChicago dispatch aswere becoming tired
be agitating for a lower wheat tariff, but politicians
think twice before offending the French wheat growe may of carrying farmers, some of whom have notes long overdue.
r. In The banks, it seems, in some cases are
any case, this matter of the French tariff had no perceptibl
begin
e for payment. It was added that in conse ning to press
quence a large
2908
[VoL. 117.
THE CHRONICLE
Rye.
Barley.
Oats.
Wheat. i Corn.
Flour.
movement of corn is to be expected before long from parts Receipts at.
of the price. That remains
lbs!bush. 56165.bush.32lbs.bush.481bs. bush.56163
bbls.1961bs.bush.60
of Illinois and Iowa, regardless
48,000
309,000
482,0001 2,998,000 1,550,001
229,000
448,000 281,000
776,001
to be seen. Liquidation in December corn, however, was a Chicago
2,713,0001 1,102,111
Minneapolis23,000 221,000
437,000
153,001
feature. It sold down on stop orders. It is true May re- Duluth
0001
646,
21,000
246,000
418,011
812,000
50,000
35,000
Milwaukee
ceived good support and advanced with July while Decem- Toledo
2,000
___ ._ _
60,001
118,001
1,527,000
74,000
51,1 i 1
31,000
ber fell. On Dec. 21 sales of 150,000 bushels were made to go Detroit
112,000
69,000 .311,000
this month and 215,- Indianapolis_
to store, making 800,000 bushels so far
4,000
21,000
772,0001
628,000 1,048,00
99,000
St. Louis_ _ _ _
193,000
833,'''401,00
80,000
000 bushels were delivered on Saturday at Chicago. Later Peoria
46,001
313,000
633,00
for the mo- Kansas City_
1,248,000
prices advanced despite rather large receipts
413,000
346,000 1,008,
Omaha
24,000
244,000
meat. The deliveries on the 26th inst. were 243,000 bushels St. Joseph..
103,000
436,00'
53,000
152,0001
on December contracts. Chicago reported farmers less in- Sioux City_
there
clined to sell and after a decline early on Wednesday
Total wk. '23 409,000 7,974,000 9,747,000 5,502,000 1,190,000 577,000
882,000
9,360,000
was a sharp rally from the "low" of the morning, ending Same wk. '22 419,000 10,622,000 11,047,001 4,218,00 404,000 1,226,000
227,000
3,202,0
lc. Same wk. '21 379 0 i t 4.392,000
4
unchanged to lc. higher after a previous decline of Y to
Some who look for lower wheat prices are not bearish on Since Aug.116,986,000
.
1923,_ _ _ 9,026,001 214,958,000107.957,001 119,943,00 23,238,000 24,426,000
corn, as stocks are small and there may be, they think, no
20,445.000
1.1,493,000245,812,000138,865,001 107,39Q,
1922
9.697.000 217.254.000 151.043.000 98.790.00 14.093.00010,342.000
great accumulation at Chicago throughout the season. Of
1921
course, too, it is everywhere known that there is an enorfor
mous farm consumption. Nevertheless there was selling in . Total receipts of flour and grain at the seaboard ports
Chicago at times in the belief that prices were tending down- the week ended Saturday, Dec. 22 1923 follow:
;
ward. Receipts later on Nrere small. Exporters took 40,000
Rye.
Barley.
Oats.
Corn. I
- Flour. I Wheat.
bushels at Baltimore and received only 120,000 at the Gulf. Receipts at
Bushels. I Bushels. I Bushels. Bushels.
to-day were 325,000 bushels. Prices to-day were
Deliveries
Barrels. I Bushels.
376,000 275,000 144,000
New York.._ _
a small fraction higher. Offerings were small. Shorts cov- Portland,Me.. 375,0001 2,239,0001 216,000
30,000 109,000
747,0001
15,0001
big December deliveries. Primary receipts Philadelphia53.000
89,000
ered despite the
457,
97,000;
97,000.
20,00
33,000
85,000
31,000
523,0001
the weather was mild and rainy at the Baltimore_ _ _ _
were large, but
1,0
South, though much colder at the Northwest. Prices ended N'port News
627,000
Norfolk
30,000
58,000
/
14c. lower for the week on December and % to 1%c. higher New Orleans• 75.000221
0
17,0
Galveston..
/
54,000
on other months. December closed 414c. lower than a year Montreal _
63,0001
10,000
315,000
30,000
/
214,0001 129,000
719,000
30,000
St.John,N.B
ago, with May 2c. higher than then and July 31 4c. higher.
139,00
9,000
27,000
Boston
isi,000l
DAILY CLOSING PRICES OF CORN IN NEW YORK. Fri.
144,000
Sat. Mon. Tues. Wed. Thurs.
938.0001 587,000
667,000
Ho!. 873% 883% 883% Total wk. '23: 680,000, 5,815,0001 38,638,000 41,430,000 17,597,000 34,458,000
cts_ 883% 873%
No.2 mixed
Since Jan.1'2323,764,000 273,242,
IN CHICAGO.
DAILY CLOSING PRICES OF CORN FUTURES
590,000 232,000 1,202,000
Week 1922.J628,000 6,513,00 1,584,000
Sal. Mon. Tues. Wed. Thurs. Fri.
893% 693% Since Jan.1'22 26,475.000 201,819,0001i43,982.000 68.343,00017.321,00047,075,0(0
Holi- 69
December delivery in elovator_cts_ 69% 69
733%
733%
723% day. 73
73
foreign poem
May delivery in elevator
743% 743% 7431
•Receipts do not include grain passing through Now Orleans for
743% 733%
July delivery in elevator
week, with on through bills of lading.
Oats showed a certain steadiness early in the
The exports from the several seaboard ports for the week
cash houses selling May and buying December at 3%c. preannexed
somewhat in sympathy ending Saturday, Dec. 22 1923, are shown in the
mium over May. Yet prices did ease
would be too much to statement:
with a decline in corn and wheat. It
I
expect oats to be wholly unaffected by such things, even
Barley. Peas.
Rye.
Oats.
Flour.
Exportsfrom- 1Vheat. I Corn.
though the oats statistical position is undeniably strong on
were the deBushels. Bushels. Barrels Bushels. Bushels. Bushels. Bushels.
its face. It would look stronger, to be sure,
98,287 207,172 199,178 102,018274,310
2,201,688
New York
109,000
30,000
15,000
mand better and were speculation larger. It is in the old Portland,Mc._ _ _ 747,000
as they Boston
1,000
136,000
rut. Later. following those for wheat and corn,
13,000
13.000 17,000
630,000
fraction. De- Philadelphia
rallied temporarily, prices for oats advanced a
19,000
433,000
Baltimore
627.000
liveries on the 26th inst. were 238.000 bushels. Oats had no Norfolk
1,000
echo Newport News
specific individual strength. The market was a mere
3,000
26,000 57,000
New Orleans__ __ 112,000
47,000
40,000
of that for other grain. The Canadian Government estimate Galveston
129,000
30,000 214,000
of the production of oats is 90,005,000 bushels, as against St.John, N.B.__ 719,000
48.75 Total week 1923_ 5,645,688 137,287 347,172 446,178 182,018 512,310
35,519.000 in 1922. an average for the present year of
5.952.065.1.401.910 297.138 315,365 1,400.468 135.732
bushels to the acreage. The barley yield is estimated at Week 1922
13.423,000 bushels, as against 6,238.000 bushels, an average
The destination of these exports for the week and since
this year of 35 bushels to the acreage. To-day prices were July 1 1923'is as below:
higher by a small fraction. They end unchanged to %c.
Corn.
Wheat.
Flour.
higher for the week. December is %c. lower than a year
Exports for Week
Since
ago. May %c. lower and July %c. higher than then.
Week
Since
DAILY CLOSING PRICES OF OATS IN NEW YORK. Fri.
Sat. Mon. Tues. Wed. Thurs.,
543% 543%
Hol. .54
54
cts_ 54
No. 2 white
CHICAGO.
DAILY CLOSING PRICES OF OATS FUTURES IN Thurs. Fri.
Wed.
Sat. Mon. Tues.
December delivery in elevator_cts_ 4114 413% Holl- 413% 413% 41%
3
443% 443% day. 44% 443% 443%
May delivery in elevator
423% 423% 423%
423% 423%
July delivery in elevator
and Since
July1 to-
Week
Dec. 22
1923.
Week
Dec. 22
1923.
Since
July 1
1923.
July 1
1923.
Dec. 22
1923.
July 1
1923.
Bushels. Bushels. Bushels.
Barrels. Barrels. Bushels.
654,026
13,000
United Kingdom_ 86,063 2,333,848 1,628,658 51,532,171
360,287
98,287
233,109 4,210,196 3,730,340 82,300,304
Continent
46,000
325,000
127,000
So.& Cent. Amer_ 3,000
570,000
26,000
7,000
451,000
25,000
West Indies
60,000
Brit.No.Am.Cols_
6.000
286,692 1,089,898
400,090
.
Other Countries_
135,234,373 137,287 1,696,313
347,172 7,531,134 5,645,688
Total 1923
297 118 7 :143 RR5 5 A52 0115 189.180.064 1.401.910 52.541.342
Tntskl 1022
Rye developed greater steadiness on the 22d inst. on good
buying by commigsion houses. In fact, prices on that day
/
advanced 1 2c. after a decline on the previous day of % to
Norle. Some thought exporters were still in the market.
The world's shipment of wheat and corn, as furnished by
way, it will be recalled, has recently bought to some extent Broomhall to the New York Produce Exchange, for the week
covered with some
in this country. Later in the week shorts
ending Friday, Dec. 21, and since July 1 1923 and 1922,
freedom and Prices advanced % to 1%c., partly in response are shown in the following:
were 12,000
to other grain. The deliveries on the 26th inst.
Corn.
Wheal.
bushels. Later there was a larger local demand here. It
1922.
suggested European demand behind it. To-day prices de1921.
1923.
1
clined on December. Final prices show a rise, however,
Since
Since
Week
Since
Since
Week
/
/
since last Friday of 14 to 1 2c. Compared with a year -ago,
July 1.
July 1.
Dec. 21.
July 1.
July 1.
Dec. 21.
are 9c. lower on December and 7c. lower on May.
prices
Bushels.
Bushels.
Bushels.
FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF RYE
Sat. Mon. Tues. Wed. Thurs. Fri.
in elevat,or_cts_ 673% 673% Holl- 683% 673% 67
December delivery
7334 7314 day. 733% 733% 73
May delivery in elevator
The following are closing quotations:
GRAIN.
Oats:
543%
No.? white
1213%
533%
No. 3 white
132
Rye, New York:
122
803%
No. 2 cif
883% Barley, New York:
75077
Malting
893%
56 ®71
Chicago
FLOUR.
$4 000E4 50
flour. patents
$5 85056 35 Rye
Spring patents
6 550 6 75
5 0068 5 50 Seminole No.2 med.-27234
Clears,first spring
82%
4 75( 5 15 Oats goods
Soft winter straights
2 1068 2 25
winter straights_ - 5 350 6 00 Corn flour Hard
6 25 Barley goods
5 7566
Hard winter patents
360
4 5068 550 Nos. 2.3 and 4
Hard winter clears
7 250 7 85 Fancy pearl. Nos.2.3
Fancy Minn. patents_
00
and 4
lls6
7 2068
City mi
Wheat, New York:
No.? red,f.o.b
No. 1 Northern
No. 2 hard winter. f.o.b
Corn:
No. 2 mixed
No. 2 yellow
02
to market
The statements of the movements of breadstuffs
collected by
indicated below are prepared by us from figures at Western
the New York Produce Exchange. The receipts
and
lake and river ports for the week ending last Saturday
been:
since Aug. 1 for each of the last three years have
I
Bushels.
Bushels. I Bushels.
North Amer_ 10,217,000,218,142,000 249,476,000 326,000 2,619,00 54,856,000
1
Russ.& Dan. 1,344,000, 24,466,000 3,223,000 1,852.000 10,799,000 3,576,000
72,224,000
329,0001 43,575,000 45,068,000 1,088,000 05,590,0
Argentina__ _
504,0001 18,328,000 10,716,00
Australia _
12,376,000 3,372,000
India
14,563,0
3,365,000
1,584,000,
0th. countri
Total
12,394,000315,471.00031855,01'3,266,
93,571,0
134,021,000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday,.Dec. 22, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
" afloat
Toledo
" afloat
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
GRAIN STOCKS.
Oats.
Corn.
Wheat.
bush,
bush,
bush,
473,000
69,000
766,000
22,000
3,000
2,000
112,000
95,000
840,000
102,000
72,000
1,014,000
94,000
220.000
381,000
660,000
337,000 1.384,000
4,992,000
192,000
121,000
2,114,000
1,901,000
329,000
91,000
304,000
52,000
29,000
40,000
17,549,000 2,091,000 3,246,000
422,000 1,813,000
367,000
311,000 1,012,000
4,897,000
367,000 5,102,000
17,158,000
Rye.
bush.
581,000
4,000
50,000
94,1)00
27,000
48,000
1,130,000
1,256,000
42,000
21,000
1,496,000
436,000
5,431,000
7,435,000
Barley.
bush.
146,000
2,000
2.000
1,000
572,000
346,000
1,000
330,000
185,000
139,000
.
857 000
DEC.29 1923.]
THE CHRONICLE
Wheat,
bush.
236,000
1,777,090
13,003,000
1,101,000
60,000
670,000
3,765,000
Corn,
Oats,
bush,
bush,
194,000
631,000
244,000
675,000
636,000 1,478,000
183,000
200,000
32,000
242,000
247,000
272,000
478,000 1,744,000
Rye,
bush.
18,000
23,000
164,000
6,000
Barley,
bush.
11.000
5,000
533,000
5,000
2909
representatives of out-of-town jobbing houses who
have
been in the markets during the past few days talked of
the
satisfactory results foreshadowed in inventories complet
ed
thus far. Although stocks are said to be more or less irregu5,000
294,000
119,000 lar, it is the general impression that stock conditions are
Total Dec. 22 1923..._73,377,000 6,242,000 19,175,00
0 18,579,000 3,254,000 satisfactory. Linen and burlap markets have ruled inactive
Total Dec. 15 1923-73,808,000 4,722,000 18,157,00
Total Dec. 23 1922......35,375,000 14,788,000 32,546,000 18,315,000 3,321,000 In sympathy with the quietness abroad, where holiday
0 9,319,000 2.820,000
s exNote.
-Bonded grain not Included above: Oats, New York,
421,000 bushels; tend over the year-end. The rise in cotton during the week
Boston, 195,000; Baltimore, 7,000: Buffalo, 629,000;
Buffalo afloat, 1,184,000:
Duluth,2,000: total, 2,438,000 bushels, against 3,732,000
had a tendency to cause a firmer undertone in prices for the
New York, 296,000 bushels; Baltimore,40,000: Duluth, bushels in 1922. Barley,
17,000; total, 353,000 bushels, against 2,161,000 bushels In 1922. Wheat,
New York, 3,525.000 bushels; manufactured products, but gave rise to no new business.
Boston, 1,129,000; Philadelphia, 1,767,000; Baltimore
000; Buffalo afloat, 10,754,000: Duluth, 522,000: , 1,761,000: Buffalo, 10,277,- While there appear to be many uncertainties for
the longer
Toledo, 67,000; Toledo afloat,
3,554,000; On Lakes, 199,000; total, 33,555,000 bushels,
against 38.288,000 bushels future, the immediate situatio
in 1922.
n is devoid of any trace of
Canadian
anxiety. Distributers have not covered as freely for late
Montreal
., 1,428,000
29,000 1,230,000
214,000
266,000 deliver as
Ft. William & Pt. Arthur_27,361,000
y
they did a year ago, and consequently are ex3,996,000
851,000
869,000
Other Canadian
8,178,000
4,347,000
535,000
890,000 pected to enter the market on
a more liberal scale after the
Total Dec. 22 1923___ _36,967,000
29,000 9,573,000 1,600,000 2,025,000 turn of the new year.
Total Dec. 15 1923._ _ _29,585,000
Raw silk markets are stiffening
24,000 8,739,000 1,439,000 1,844,000
Total Dec. 23 1922_ _ _27,182,000
509,000 2,921,000
350,000 2,893,000 steadily. They have remained stable for some time past,
Summary
American
73,377,000 6,242,000 19,175,000 18,579,000 3,254,000 and have resisted any pressure to lower them.
Canadian
36,967,000
29,000 9.573,000 1,600,000 2,025,000
DOMESTIC COTTON GOODS: Markets for domestic
Total Dec. 22 1923...110,344,000 6,271,000 28,748,00
0 20,179,000 5,279,000
Total Dec. 15 1923...103,393,000 4,746,000
Total Dec. 23 1922.... 62,557,000 15,297,00 26,896,000 19,751,000 5,165.000 cottons ruled quiet during the past week. A holiday spirit
0 35,467,000 9,669,000 5,713,000
prevailed throughout, and traders Attempted little, though
WEATHER BULLETIN FOR THE WEEK
ENDING scattered odd lots were offered and sold. Sheetin
DEC. 25.
-The general summary of the weather
gs held
bulletin
issued by the Department of Agriculture,
indicating the steady despite limited demand, but some heavy goods were
influence of the weather for the week ending
Dec. 29, is offered at slight concessions for the purpose of stimulating
as follows:
sales. There was little disposition, however, to take up new
The outstanding feature of the weather during
the week ending Dec. 25
was a continuation of unseasonably high
temperatures in practically all business. In the absence of firm orders for the moment for
sections east of the Rocky Mountains. The
Central and Northern States
have experienced almost continuously
warm weather for the season since either cloths or yarns, the markets were more or less inclined
early in November. Temperatures were
especially high during the week to drift idly, though the general underto
just closed from the Lake region westward
ne was firm, owing
to Montana. where the weekly
means ranged mostly from 15
hand, the weather was cold in deg. to 25 deg. above normal. On the other to the decided strength of raw materials. Sellers as a rule,
limited areas of the far Southwest, especiall
in eastern New Mexico. and also in
y
some western Plateau localities, at with one or two exceptions, were not inclined to offer consome points of which the temperatures
averaged 10 deg. or more below
normal.
cessions, and there was a marked absence of pressure.to sell
While the latter part of the week was considera
bly cooler in the Southeast. on the part
freezing temperatures did not extend farther
of second hands. An encouraging feature in the
south than extreme northern
South Carolina, while no readings as low
as
lower Ohio Valley nor in the Mississippi32 deg, were reported from the situation has been the reports of large retail holiday trade.
Valley south of east
-central
Missouri. In the west Gulf area somewha
t below freezing was reported These are proving to be very gratifying. Although many of
from west
-central Texas. but along
readings were only slightly below 50 the immediate Gulf coast the lowest
for the week was 2 deg. below zero deg. The lowest temperature reported the piece goods are not moving freely at the moment, it
at Winnemucca. Nev., on the 23d.
There was much cloudy
believed that finances of the stores will be in such clean
States and also in central and rainy weather throughout the Southern
Valley eastward. Rainfall and northern districts from the Mississippi shape at the year-end that encouragement will be given to
was heavy to excessive in the lower Olaio
Valley and in the central Gulf States, but it was
east, though there was much cloudy and misty rather light in the South- early purchases for next year, and will encourage retailers
weather. In most districts
from the Plains States westward there was very
little precipitation, except to take in the goods due on advance orders. Salesmen on
that rainfall was rather heavy along
was markedly deficient from the lower the north Pacific coast. Sunshine
Ohio and middle Mississippi valleys the road are already securing business in knit goods, cersouthward, where the week was
stations in the west Gulf sectionalmost continuously cloudy, while some tain lines of
reported no sunshine during the entire
wash fabrics, and in some instances re-orders
week. There was much clear weather, however,
Great Plains and in south Pacific coast districts. in the extreme northern on dress ginghams. Prices hold steady,
and constant adCloudy, rainy weather and wet fields interfere
d with farm work through- vances are
out the Southern States, in some sections
being named where merchandise is being valued
five days of the week. The mild, moist of which rain fell on as many as
weather was generally favorable on the basis of higher cotton
for growing crops, although truck and
when the time arrives for makfruit needed more sunshine in the
west Gulf section. There was sufficient
rain
tions, but more rainfall was generally neededin Florida to improve condi- ing provision against contract sales. So much merchandise
in that State, and the continued mild weather was rather unfavorab
le for hardy truck. The week has been sold at lower levels, however, that it is not surwas unfavorable for outdoor work also
in the
Atlantic coast areas, because of frequent Ohio Valley and much of the prising that jobbers in a number of directions are able to
rains and wet fields, but was
mostly favorable in the Lake region and
The ground remained unfrozen in the extreme upper Mississippi Valley. defer the placing of new business on a higher basis. Thereinterior
as northern Iowa, where some plowing was of the country as far north fore the present dulness is not altogther due to the end of
plowing continued in the lower Lake region. done during the week, while the year quiet. It is said
to be owing in part to the steady
Another ideal week for outdoor
Great Plains States,although much work was experienced in the northern rise in prices based upon the high cotton market, and to inPlains. The week, on the whole, of it was too wet in the extreme southern decision on the part of buyers concern
was favorable in the Rocky Mountain
ing normal contract
States, especially in the northern sections
area. Light rain in southern California wasand also in the north Pacific commitments. Mills have been forced to curtail, and over
is still badly needed in that State. Unimprov beneficial, but more moisture the year-end many will shut down for a week
ed roads were in bad condition
or two, givnearly everywhere from the Mississippi Valley
ing inventorying as a cause rather than an excuse. Print
eastward.
Corn harvest was further delayed by
too much moisture in the Ohio cloths,
Valley States, with some corn overflowed
28-inch, 64 x 64's construction, are quoted at 8%c.,
in
Considerable corn is still standing in the fieldsthe Wabash River bottoms.
in northern Ohio. Husking and 27-inch, 64 x 60's, at 8c. Gray goods in the 39-inch, 68 x
made splendid progress in the central and
northern Great Plains where this 72's, are quoted at
work was almost completed. Picking
12%c. and 39-inch, 80 x 80's, at 151
4c.
cotton continued in California and
a small amount of cotton was still in the
fields in southern New Mexico,
SMALL GRAINS -Under tne influence
WOOLEN GOODS: Markets for woolens and worsteds
of mild, moist weather, winter
wheat made good progress throughout
the principal producing are' s. developed a steadier undertone during the week. While
The crop was benefitted by rain in
some improvement in Kentucky. Ohio and was still growing and shom big business has not been active, improvement has
There was some injury by flooding.
been noted
however, in portions of Indiana. The
Valley, and continued In satisfactory crop did well in the lower Missouri in the demand for odd lots throughout the markets. The
condition, with ample soil moisture, men's wear division
in Kansas. Wheat made little growth
has shared best in the activity. For
in the extreme southern Great
Plains where some sunshine was
some time past this division of the market marked time,
favorable for grains in the Rocky needed, but conditions were generally
Mountain area.
while the rest of the various departments moved ahead.
Wheat, oats and barley show some improvem
recent light rains. but growth is still backward ent in California since the Any indication of renewe
and plowing hindered, with
d interest in this division would
more rain needed. Winter oats and other
Southern States, though it was too wet in cereals did well in most of the no doubt be felt throughout the industry. Leading factors
the extreme lower Mississippi
Valley, and cooler weather would be beneficial
claim that if buyers show the least inclination to make purin
of grain sorghums was delayed by wet weather the Southeast. Threshing
in southwestern Kansas.
chases on a more liberal scale after the turn of the new
year, it will help considerably to set the whole industry in
motion. It has been noticed that there has been a satisfac
THE DRY GOODS TRADE
tory movement of overcoatings through the distributing
channels of the market during the past two months, and that
Friday Night, Dec. 28 1923.
the supply now in the hands of manufacturers is very small.
Owing to the holidays, textile markets present
ed a very While
new buying in the women's wear division is of light
quiet appearance during the past week. Further
more, mer- volume, most mills are said
to have sufficient orders on hand
chants are spending much of their time these days
in scan- to insure their running until the new lines are shown.
ning the results of the year's business as invento
ries are
FOREIGN DRY GOODS: Markets for linens have disbeginning to show them, and in making prepara
tions for played a firm tone during the week, although business has
new merchandising periods. Many merchants hold
out lit- not been particularly active. Handkerchief departments,
as was generally expected, are running short of various pattle hope of any new trade worth mentioning during
the terns, and
merchandise managers are advising buyers to disremainder of the current year, and consequently are
looking pose of their remaining stocks rather than
replenish. Houseforward to what may come to hand in the first month
hold linens have been moving in a liberal way, and stocks
or
two of the new year. Prices generally are well maintai
are being depleted. As a result of the holidays abroad, marned
in sympathy with the strength of raw materials which con- kets for burlaps have been devoid of activity. Prices, howtinue to sell at high levels. Local jobbers and a number of ever, in the absence of pressure, have held steady. Light
weights are quoted at 5.65e., and heavies at 7.95c.
Sioux City
St. Louis
Kansas City
St.Joseph,Ma
Peoria
Indianapolis
Omaha
2910
[VoL. 117.
THE CHRONICLE
ffitatt mut Tit prime:mut
State and City Section.
A new number of our "State and City Section,"
revised to date, appears to-day, and all readers of the
paper who are subscribers should receive a copy of it.
As previously announced, this Supplement is now
printed in two parts, Part One, containing the New
England, the Middle and the Middle Western
States, having been issued last June, while Part
Two, embracing the rest of the country, appears
to-day. The change is due to the fact that with the
growth and multiplication of the municipalities of the
United States the demand for additional space has
become too heavy to satisfy within the limits of a
single number.
Name.
Page.
2463_ _Stamford Twp.,Ont
2244_ _Stettler, Alta
2463_ _ Thorold, Out
2682__Three Rivers. Que
2353....Truro, N. S
Rate. Maturity. Amount. Price. Basis.
19.082 99.43. 5.57
Yearly
514
18,000 99.02 7.15
Yearly
7
96,000 103.77 5.67
Yearly
6
115,000 98.78 5.60
514
5.24
14,000 96.41
5
Total amount of debentures sold in Canada
$10,945,782
during November
r Refunding bonds.
NEWS ITEMS
-Irrigation District Tax for General
California (State of).
-A tax rate of $5
Fund in Excess of 2% Invalid, Court Rules.
levied by Imperial Irrigation District for 1923-24 was declared partially invalid by Superior Judge George R. Freeman of Riverside County on Dec. 17. The district, under
authority of the Irrigation Act of 1915, had levied a tax of
$2 22 for the bond-interest fund and a tax of $2 78 for the
general fund. A land-owner attacked the validity of the
general fund levy, contending that the amount for general
purposes was limited by law to $2. The limit prior to 1915
was $2, but the 1915 enactment was construed to permit
unlimited levies. In his decision Judge Freeman held that
the $0.78 levy for general purposes over $2 was invalid.
It is thought that the finding may mean that the 1915
Irrigation Act is unconstitutional. In its issue of Dec. 18
the Los Angeles "Times" published the following El Centro
ADDITIONAL BOND SALES FOR BACK MONTHS. dispatch of Dec. 17:
Imperial Irrigation District's 1923-24 tax-levy rate of $5 is declared
Superior Judge George
Last week, in giving the tabulation of the "Municipal partially void in a decision announced to-day by decision carries with it
showing sales R. Freeman of Riverside County. The Court's
Bond Sales in November," the following table,
according to the levy after
an injunction preventing collection of taxes
for preceding months not previously reported, was, through Irrigation district officials shall have been served with copies of the injunction.
oversight, omitted. We therefore give it now.
Freeman in an action brought by
Rate. Maturity. Amount.
Name.
Page.
2548_ _Alexandria Sch. City,
1924-1943 S38,000
5
Ind
1926-1952 350,000
6
2565_ _Andrews. No.Caro
30,
2458__Arena Sch. Dist. No.
25,000
*1943
4
No. Oak. (Sept.)
3.500
53i 1924-1928
2347_ _Ashtabula, Ohio
2347_ _Atchison Sch. Dist. No.1,
94.000
43( 1928-1946
Kan. (July)
2458--Beaver Sch. Dist.. Ohio
25,000
1924-1943
6
.4
n3
(Ms .N.
Prairie S. D.
2458„Bloo
3.000
*1943
4
No.4, o. Dak
38,000
1948
_6
2458_ _Clinton, Okla.(Jan.)_ _ _6
22,500
1939
_5
2675.. _Colton. Calif. July)___
23,000
d1933-1943
-6
2566_ _Crafton. Neb. (Sept.)_ ..6
10,000
1928-1952
_ _6
2566_ _Dee Irrig. Dist.. Ore_ _6
5.800
1933
2567_ _Edgeland.No.Dak.(Sep.)6%
15,000
1927-1936
.
2567_Fairbury. Ill. (Aug.)--- -5
City Spec. S. D.
2798-Haines
15,000
1943
6
No. 2. Fla
4.000
1948
2459__Halley-ville, Okla. (July)_6
2676__Imperial Irrigation Dist..
1935-1956 1,000.000
6
Calif. (January)
2676_ _Imperial Irrig. District
1935-1956 500.000
6
Calif. (June)
7.500
1924-1932
5
2459_ _Jackson, Mich
600,000
(Au,)5J5
2799_ _Jim Wells Co..Tex.
15.000
1924-1933
2568--Johnsonburg. Pa.(Sept. 5
2349_ _Kansas City, Kan. 2
150,000
1943
4%
issues) (June)
95.000
1943
5
2349_ _Kansas City. Kan
21,600
1924-1933
5
Kan
2349_ _Leavenworth,
2460-Lincoln Co. S. D.No. 13,
45.000
5
Mont.(June)
55,000
2568_ _McAlester S. D., Ohio- -.-5
3,500
1924-1928
2351-McPherson, Kan.(April) 4
City S. D. No.
2460__Mountain
750
*1928
12. No. Dak.(Sept.)_ _4
2460_ _Murphy Irrig. Dist., Ida.
90,000
1924-1943
6
(August)
2460_ _Muskegon, Mich.(Aug.)-4% 1924-1933 107.000
45.000
*1943
2461_ _Nesson S.0.2. No. Dak-4
220,000
1943
.
2569--Newport, Ky.(May)_ _ _ _ 6
-Oakdale S. D., Calif.
2461
8,000
1925-1932
6
(June)
2462_ _Reeder Spec. S. D. No.3,
35,000
*1943
4
Dak. (Sept.)
No.
2462__Rowena Consol. S. D..
20,000
1924-1953
5
Ga. (June)
1932-1963 200.000
2801_ _Santa Cruz. Calif. (Sept.)5
2352_ _Sheridan Co. S. D. No.
2.000
6
42, Mont
2462__South Jacksonville. Fla.
100,000
1953
6
(Sept.)
s
2570_ _Stanly Co., No. Car. Si 1928-1952
50.000
(July)
50,000
illes, Pa. (Sept.). Aj4 1928-1939
2352__Versa
(
2352__Weathersford, Okla. - 2
6 Every 5:years 100.000
Issues)(Feb.)
2463„William Co. S. D.No.41.
20,000
*1943
4
No. Dak. (Sept.)
Price. Basis.
100.62
100
4.93
6.00
100
100
4.00
5.50
100
6.00
100
100
100.05
100
97.50
100
100
4.00
6.00
6:66
6.85
5.00
100.44
100
5.96
6.00
100
1.66
100
5.00
--- ---
100
110
5.25
--- -
100r
4.00
97.19
100
--4.00
The decision was given by Judge
Charles R. Wores, landowner of Brawley and Los Angeles, who asserted
under
that the tax levy was illegal and that the Irrigation Act of 1915
Court held that the
which the levy was made is unconstitutional. Theof 2% is void. The
fund purposes in excess
levy of taxes for general
fund and
district's tax rate is 5%, but 2.22% goes to the bond interest
only
is not affected by the decision of the Court, which in fact nullifies
.78 of 1% of the levied rate.
probably
District officials to-night asserted that the Court's decision will of only
require all the district tax books to be revised to enable collection
the amount of taxes coming within the limit set by the Court. he had not
C. L. Childers. attorney for the irrigation district, said
been
yet seen the written decision of Judge Freeman, but had merely
shown a telegram from the Judge telling his findings in brief.
undoubtedly be appealed." asserted Attorney Childers.
"The case will
"'rho irrigation district cannot operate unless permitted to levy taxes
decision
in accordance with the Act of 1915, which apparently by this
perIs held unconstitutional. The original Irrigation Act of California
mitted only a 2% levy for general purposes. whatever taxes are necessary
Act permits the assessment of
"The 1915
Freeman's decision should
to run the irrigation district affairs. itIf Judgemean ultimate bankruptcy
would
be upheld by the Appellate Courts
that have been developed to tho extent of the
for all irrigation districts
Imperial Irrigation District."
Assessment Cut.
of the assessed
Judge Freeman's decision also held that the cutting
relieve them from
valuations of the towns throughout the district 50% to in favor of town
rate is void. Discrimination
the effect of the $5 tax
his suit and the
property and against farm lands was alleged by Worse in
of the action
point was argued by his attorney, Harry Horton. at the trial
of the town property before
In November. The total assessed valuation
the reduction was $7,412.428.
Since
The total district tax levy under the $5 rate is $27.51,363.
Nov. 1 Collector C. W. Barry reports the collection of $166,358 in district
taxes.
provided7for
The district board of directors. in levying the $5 rate, one-half the
giving credit to taxpayers on their irrigation water bills of
real
As a result of the inauguration of the plan,land
amount paid as taxes.
valley
estate agencies report the leasing of many thousand acres of they would
who asserted that if it had not been for the tax levy
by owners,
have farmed the land themselves.
-List of Legal Investmentsfor Savings Banks.
icut.
Connect
-Complying with Section 3976, General Statutes, Revision
oner on Nov. 1 1923 issued
102.92 5.35 of 1918, the Bank Commispi
a list of bonds and obligations which he finds upon invest4.00
100
igation are legal investments for savings banks. This list,
is,
5.45 as previously explained, is revised each six months; that
95
100.251
during the first week of May and November. The Comof the law
100
6.00 missioner again calls attention to the wording
which discnminates against the "Special Assessment" or
5.74
103.61
"Improvement" bonds, or other bonds or obligations which
are not the direct obligation of the city issuing the same, and
100.16 ;fig
for which the faith and credit of the issuing city are not
pledged. The list issued on May 1 1923 was printed in full
June 2 1923, p. 2545. We print the
4.00 in the "Chronicle" of
100
Nov. 1923 list herewith in full, indicating by means of an
May 1 1923, while
to mature in the later
)
d Subject to call in and during the earlier year and ons. * But may be asterisk (5 the securities added since
year. r Refunding bonds. y And other considerati
those that have been dropped are placed in full-face brackets.
from date.
redeemed after two years
The following table shows the State and municipal bonds
October.
All of the above sales (except as indicated) are for (not in- which are considered legal investments:
Third -Legally Issued bonds and obThese additional October issues will make the total
-Bonds of the United States, or
First.
d ist, t. y
New York Shos eflosr
of
atnghhoon d triu t. tiretow nrlecito
(
;
th n la d h of te bonn s
, ieefulting th he U dIte3 lbol groion9 sc al yisco ctity
t tate
cluding temporary loans, general fund bonds of
pledged,
month $83,sewer district In the State of Connecticut.
City and bonds of U. S. Possessions) for that
the District of Columbia.
Fourgh.-Legally authorized bonds of
29. 1930
United States Bonds
154,277.
2s, 1918 the following cities outside of Connecticut
the November
4s, 1925 and which are the direct obligations of the
We add also the following table showing
omitted U.S. Panama Canal
28, 1936 city issuing the same. "Special Assesssales by Canadian municipalities, which was likewise
3s. 1961 went" and "Improvement" bonds which
U. S. Panama Canal
by mistake last week.
3.65s. 1924 are not the direct obligations of the city
of Columbia
Price. Basis. District
Rate. Maturity. Amount.
Name.
Page.
_514 '26,'28&'33 $9,000,000
2138_ _Alberta (Province of)_ _ _5 Ji
12.000
Yearly
534
2682__Belle Place, Que
142,800
53
2571- _Carlton Co..Out
17.000
Yearly
, Ont
2571_ Foothill.
95.000
Yearly
53.
2682_1fraserville, Que
78.500
Yearly
53
ton County,Out
2571__Hal
700.000
2682_ _Hamilton. Ont
3.500
7
2353__Indian Head, Sask
40,000
South, Que_-_ -6
2682_ _Montreal
14,000
Yearly
514
2571__Mount Forest. Out
18,900
Yearly
53
2353__Nepean Twp.. Out
25,000
2682_ _New Westminster, Alta_ _5
23,500
Yearly
_North
2463_North York Twp., Ont_ _5%
260,000
5
Quo
2353__Outremont,
45,000
Yearly
5
2571_ _Pembroke, Out
50.000
514
2353_ _Point Grey,B.C
Fraser2353... St. Edouard de
95,000
Yearly
514
vile. Que
2353_ Saskatchewan (Province of)
38.200
7&714
(2 issues)
2682_ _Saskatchewan Sch. Diets.,
25.300
veX•
Sask. (4 issues)
liberty and Victory bonds __All issues
414s. 1947-1052
Treasury bonds
Second.-1,egally Issued bonds and
100.27 ---ss
Interest-bearing obligations of the follow99.06 5.
99.07 5.70 log States:
Nevada
California
100.14 5.49
New Hampshire
Colorado
---New Jersey
Connecticut
New York
Delaware
North Dakota
Florida
Ohio
Idaho
100.30 5.47
pen ivanis
Oret:
Illinois
Indiana
.
5
100.05- -- 49
Rhode Island
Kansas
South Dakota
Kentucky
99.88 5.51
Tennessee
Maine
99.23 5.56
Texas
Maryland
Vermont
Massachusetts
99.07 5.70
Washington
Michigan
West Virginia
Minnesota
Wisconsin
Missouri
Wyoming
Montana
and for which its faith and credit are ot n
pledged are not allowable.
Beverly, Maw
Akron, Ohio.
Binghamton, N Y.
Alameda. Cal.
Bloomington, Ill.
Allentown. Pa.
l
B ise city I a a.
Bouefleid.7dV.
.
Alliance. Ohio.
Altoona, Pa.
Amsterdam, N. Y. Boston, Mass.
Brockton, Mass.
Anderson, Ind.
Ashtabula. Ohio. Buffalo, N. Y.
Atlantic CIty, N.J. Burlington, Vt.
,
Auburn, N. Y.
Butte, Mont.
Aurora, Ill.
Cambridge. Mass.
Baltimore, Md.
Camden, N.J.
Bangor, Me.
Hattie Creek. Mich. Canton, Ohio.
Cedar Rapids. Iowa.
Bay City, Mich,
Charleston. W.Va.
Bayonne, N. J.
Bellingham. Wash. Chelsea. Masa.
Chester, Pa.
Belleville, 111.
Chicago, III
Beloit, Wisc.
Chicopee. Mass.
Berkeley. Cal.
DEC.291923.]
Cincinnati, Ohio.
Hammond,Ind.
Clarksburg. W.Va. Harrisburg, Pa.
Cleveland, Ohio.
HazeIton, Pa.
Clinton. Iowa
Haverhill, Mass.
Colorado Spgs.. Co1.130boke, Masa.
Columbus, Ohio.
Puntington, \V Va,
Concord, N. H.
Hutchinson. Kan.
Council Bluffs.lowa.Indianapolle, Ind.
Covington, 57,
Jackson. Mich.
Cranston, It. I.
Jame town, N. Y.
,
Cumberland, Md. Jersey City, N. J.
Da las, Tex.
Johnstown. Pa.
Joliet, Ill.
Danville, Ill.
Davenport, Iowa. Joplin, Mo.
Dayton, Ohio.
Kalamazoo, Mich.
Decatur. Ill.
Kansas City. Kan.
Denver, Colo.
Kansas City, Mo.
Des Moines, Iowa. Kenosha. Wit.
Detroit, Mich.
Kingston, N. Y.
Dubuque, Iowa.
Kokomo, Ind.
Duluth, alInn.
La Crosse, Wis.
Easton, Pa.
Lafayette, Ind.
East Chicago, Ind. Lancaster, Pa.
East Liverpool.0. Lansing, Mich.
East St. Louis, Ill. Lawrence, Mass
Eau Claire, Wisc. Lebanon, Pa.
Elgin. Ill.
Lewiston, Me.
Elizabeth. N. J.
Lexington, Ky.
Elmira, N. Y.
Lincoln, Neb.
El Paso, Tex.
Lockport, N. Y.
Elyria. Ohio.
Logansport, Ind.
Erie. Pa.
Long Beach, Cal.
Evanston, III.
Lorain, Ohio.
Evansville. Incl.
Los Angeles, Cal.
Everett. Mass.
Louisville, Ky.
Everett, Wash.
Lowell, Mass.
Fall River. Mass. Lynn. Mass.
Fargo, No. Dak.
McKeesport, Pa.
Fitchburg, Mass. Madison. Wis.
Flint, Mich.
Malden. Mass.
Fond-du-lac,Wisc. Manchester, N. H.
Fort Wayne, Ind. Mansfield, Ohio.
Fresno, Cal.
Marion. Ind.
Galesburg, Ill.
Marion, Ohio.
Gloucester. Mass. Mason City, Ia.
*Gloversville. N. Y.aledford, Mass.
Grand Raphis,Mich Middletown, Ohio.
Great Fails, Mont. Milwaukee, Wis.
Green Bay, Wit.
Minneapolis. Minn.
THE CHRONICLE
Moline, Ill.
Rock Island, Ill.
Muncie. Ind.
Rome. N.Y.
Muskegon. Mich. Saginaw. Mich.
Nashua. N. H.
St. Joseph, Mo.
Newark, Ohio.
St. Louis. Mo.
New Albany, Ind. St. Paul. Nlinn.
New Bedford, Mass.Salem. Mass.
Newburgh. N. Y. San Antonio. Tex.
New Castle. Pa.
San Diego, Cal.
Newport, Ky.
Sandusky. Ohio
Newport, R. I.
San Francisco, Cal.
Newton, Maas.
Scranton, Pa.
New Rochelle, N.Y.Sheboygan. Me.
NorthAdams,.Mass. Shenandoah, Pa.
Not thampton,
Sioux City. Iowa.
Mass.
Sioux Falls. So. Dalt
Oakland, Cal.
Somerville, Mass.
011 City, Pa.
South Bend, Ind.
Olean. N.Y.
South Omaha. Neb
Omaha, Neb.
Springfield. Ill.
Oshkosh, Wis.
Springfield, Mass.
Oswego, N. Y.
Springfield, Mo.
Ottumwa. Iowa.
Springfield, Ohio.
Paducah. Ky.
Spokane. Wash.
Parkersburg, W.Va.Steubenville. Ohio.
Pasadena, Cal.
Stockton. Cal.
Passaic, N. J.
Superior, Wis.
Paterson, N J.
[Syracuse, N. Y.]
Pawtucket, R.I.
Taunton, Mass.
Peoria, III.
Terre Haute, Ind,
Philadelphia, Pa. Toledo. Ohio.
Pittsburgh, Pa.
Topeka, Kan.
Pittsfield. Mass.
Trenton, N. J.
[Plainfield. N. J.]Troy, N. Y.
Pontiac, Mich.
Utica, N. Y.
Port Huron. Mich. Vallejo, Calif.
Portland, Me.
Waco,Tex.
Portsmouth. Ohio Waltham, Mass.
Pottsville, Ps.
Waterloo, Iowa.
Poughkeepsie, N.Y.Watertown, N.Y.
Providence, K. I
Wheeling, W. Va.
Quincy, Ill.
Wichita. Kan.
Quincy, Mass.
Wilkes-Barre, Pa.
Racine, Wit.
Williamsport. Pa.
Reading, Pa.
Worcester, Mass.
Richmond. Ina.
York, Pa.
Rochester, N.Y
Youngstown, Ohio.
Rockford, III.
Zanesville, Ohio.
Fifth.-Railroad bonds which the Bank Commissioner
finds to be legal investments are shown below:
BONDS OF NEW ENGLAND COMPANIES.
Conn. & Paasumpsic River RR. 48, 1942 Upper Coos RR. 1st 4s, 1930
Upper Coos RR. eaten. 434 1930
Bangor & Aroostook System.
New London Northern RR. 1st 4s, 1940
Aroostook Northern Os. 1947.
Consolidated Refunding 4s, 1951.
New York New Haven & Hartf.System
First Mortgage 5s. 1943.
Holyoke dr Westfield RR. 1st 44s, 1951
Medford Extension 5s, 1937.
Old Colony RR. deb. 45, 1938
Piscataquis Division 5s. 1943.
49, 1924
Van Buren Extension 55. 1943.
48. 1925
3,
4s. 1932
let 5)4e, 1944
Maine Central System.
Providence A Worcester RR. 1st 45. 1947
Dexter & Illscataquis RR. let 4s. 1929
*Boston & Providence RR. deb. 5s, 1938
European & No. Amer. Ry. 48, 1933
Fortl. & Rumf. Falls Ry. cons. 48, 1926 Sullivan County RR. let 45. 1924
.
BONDS OF OTHER COMPANIES.
Atchison Topeka & Santa Fe System
Delaware & Hudson System.
General mortgage 45, 1995
Adirondack Ry. 1st 4;4e, 1942
Chic, Santa Fe. & Calif. Ry. 1st 55, 1937 Albany & Sus.RR.(guar.) cony.
Eastern Oklahoma Division 1st 45, 1928 Del. & Hudson Co. let & ref. 334s.'46
Hutchinson dc Southern Ky. 1st 55. 1928 Schenec. & Duanesb. RR. 1st 45. 1943
68. 1924
Rocky Mountain Division let 4s, 1965
San Fr. & San Joaq. Val. Ry. let 55, 1940 Delaw. Lackawanna & Western Syst
Transcontinental Short Line let 45. 1958 Bangor & Portland Ry. let tis, 1930
Morris & Essex RR.(guar.) ref.394s, 2000
Atlantic Coast Line System.
Warren RR.(guar.) ref. 394s. 2000
First consolidated 4.9, 1952
N.Y.Lack.& West.(guar.) 1st 4Hs,
'73
Alabama Midland Ry. 1st 5s, 1928
AU. Coast Line of So. Caro. 1st 45, 1948
Great Northern System.
Brunswick & Western RR. 1st 4s, 1938
Charleston & Savannah Ry. 1st 7s. 1936 First and Refunding 445, 1961
General Mortgage, Series A, 75, 1936
Florida Southern ItR. 1st 48, 1945
Gen. Mtge. Series 13, 594s, 1952
Northeastern RR. cons. 68, 1933
East. RR. of Minn.,No.Div. 1st 45. 1948
Norfolk & Carolina RR. 1st 55. 1939
Montana Central Ry. 1st 58 & 6s. 1937
" 2d 5s. 1946
Spokane Falls dr Nor. Ry 1st 6s, 1939
Petersburg RR.cons. A, 58, 1926
St. P. M. dr M. Ry. cons. 4s,4 EAU,'33
13, 6s, 1926
Montana Extension 48, 1937
RIchm.& Petersb. RR.cons. 4945, 1940
Pacific Extension 49, 1940
Sanford & St. Petersburg RR. 1st 4s, 1924
Say.. Fla. dr West. Ky. lst 5s & es, 1934 Willmar & Sioux Falls Ry. 1st 55. 1938
WIlm. & Weldon RR. gen. 45 & 55, 1935
Illinois Central System.
WIlm. & New Berne RR. 1st 45. 1947
Collateral Trust 34s, 1950
Central of Georgia Railway
Cairo Bridge 48, 1950
Chicago St. Louis & N. O.
First mortgage 513, 1945
Guar. cons. 394e, 1951
Mobile Division 55, 1946
Memphis Div. (guar.) 1st 45, 1951
Macon & Northern 55, 1946
First Mortgage. gold, 384s & 45, 1951
Eatonton Branch 5s, 1926
Chattanooga Rome & Southern 5s, 1947 First Mortgage, Gold Extension 334s,'51
First Mtge.. Sterling Eaten., 3s Jr 4(41951
Oconee Division 5s, 1945
First Mtge., Sterling Eaten., 394s, 1950
Central Railway of New Jersey.
Litchfield Division 3s, 1951
Louisville Division 334e, 1953
General mortgage 5e, 1987
Amer. Dock & Imp. (guar.) 1st 6s, '36 Purchased Lines 394t, 1952
Refunding Mortgage
Chicago Burlington & Quincy System St. Louis Division 3s 45 & 58. 1955
& 334s, 1951
Springfield Division 3945. 1951
General mortgage 45, 1958
Omaha Division 38, 1951
Illinois Division 33.4e .St 45, 1949
Western Lines 413, 1951
Nebraska Extension 45. 1927
Chicago & North Western System.
Lehigh Valley System.
General mortgage 394s. 4s and 5s. 1987 Annuity Perpetual Consol'd 434 & 6e
Consolidated 4 34s dr 68, 1923
Boyer Valley RR. 1st 3 tie, 1923
First Mortgage 49, 1948
Collateral Trust 45, 1926
Penn.& N. Y. Canal RR. Co. Cons.
Debenture 5s, 1933
4s.
43.45 dr 5s, 1939 (guar)
Dee Plaines Valley Ry. let 494e, 1947
First & Refunding 65, 2037
Louisville & Nashville System.
Prem. Etch. & Mo. Val. RR.cone. 65,'33 First
Mortgage 1st 5s, 1937
Iowa Minn.& Northw. Ry. let 34s, 1935 *1st &
Refunding, Series A 514s, 2003
Mani. Green Bay & N.W.Ry.let 390.'41 '1st
&
Mankato & New Ulm Ry. 1st 314s, 1929 Unified Refunding, Series B its, 2003
Mortgage 4s, 1940
Minn.& South Dakota Ry. 1st 394s, 1935 *Atlanta
Milwaukee &State Line Ry. let 33.45, '41 LexingtonKnoxv. & Cinc. 1st 5s, 1955
dz Eastern let 55. 1965
Milw. Sparta Az N. W. Ry. let 4s, 1947
Mobile & alontgom. Ry. 1st 430. 1945
Milw. Lake S h. & West. RY•i
Nash. Flor. & Shcf. Ry. 1st 5s, 1937
Ashland Division let 65, 1925
New Orleans & Mobile Div. 1st 6s. 1930
Extension and Improvement 58, 1929
Paducah & Memphis Div. lat 45, 1946
Michigan Division let 68, 1924
Southeast & St. Louis Div. 1st 65, 1971
Minnesota & Iowa Ry. 1st 3Si s. 1924
Trust let 5.9.
Princeton & Northw Ry. 1st 34s. 1926 Louisv. Cin. 1931
de Lexington gen. 4!.4s, 1931
Peoria & Northw. Ry. 1st 33.4s, 1926
So. & No. Ala. RR. cons. 58, 1936
Sioux City & Pacific RR. 1st 33.4s. 1936 So. & No. Ala.
RR. cons. Ss. 1963
St. Louis Peoria & N W. 1st 55, 1948
Collateral Notes 75. 1930x
St. Paul East. G. T. Ry. 1st 4148, 1947
Wisconsin Northern 1st 45. 1931
Michigan Central System.
:Collateral Notes 63, 1936
Detroit & Bay City 1st 5s, 1931
First Mortgage 1st 314s, 1952
Chic. St. Paul Minn. & Omaha System Joliet & Nor. Indiana,
1st 4s. 1957
Consolidated Os & 354s, 1930
Jackson Lansing & Sag. lst 314e, 1951
North Wisconsin Ry. let 65, 1930
Kalamazoo & South Haven 1st 59. 1939
Superior Short Line Ry. 1st As. 1930
Michigan Air Line Pit 48. 1940
2911
Minn. St. Paul & S. S. Marie System.
Pennsylvania System.
Consolidated Mortgage 4s, 1943
First Consolidated 48 & 55, 1938
45, 1948
Minn. S. S. M.& At. Ity. 1st 48, 1928
"
394s, 1945
Mobile & Ohio System.
"
4(45, 1960
First Mortgage 65, 1927
Allegheny Valley Ry. gen. 48, 1942
Nash,. Chatt. & St. Louis System. Belv. Del. RR.(guar.) cone. 45, 1925
45, 1927
Consolidated Mortgage 55, 1928
" 3348, 1943
Louisville & Nashville Term. 1st 4s, 1952
Cambria
Memph. Un. Sta. Co.(guar.) 1st Os, 1959 Cambria & Clearfield Ry. gen. 45, 1955
& Clearfield Ry. 1st 55. 1941.
Paducah & Ill. (guar.) 4945. 1955
Clearfield & Jefferson Ry. 1st 6s, 1927
Cleve. & Pitts. (guar.) gen. 354s, 1948
New York Central System.
First Mortgage 33413, 1997
3545, 1950
Consolidation Mortgage 4s, 1998
33.46&494e'42
Colum.& Pt. Dep.Ry. 1st 45. 1940
Refund. & Impt. Series A 4345, 2013
Connecting Ry. (guar.) 4s, 1951
Refund. & Impt. Series B 6s, 2013
Del. RN & Bridge Co.(guar.) let 4s.'36
Refund & Impt. Series C 5s, 2013
General Mortgage 434s. 1965
Debentures 45, 1934
General Mortgage 55, 1968
45, 1942
Carth. Wad.& Sack. H. RR. 1st 55, 1931 Hollidayeburgh B.& C. Ry.let 4e, 1951
General Mortgage 68. 1970
Carthage A Adlrond. Ry. 1st 4s, 1981
Harr. Ports. Mt. J. & L. 1st 45. 1943
Chicago Ind. & Southern 1st 45, 1956
Junction RR. gen. 3558. 1930
Cleveland Short Line let 494s, 1961
Gouverneur & Oswegatchle RR. 1st 5s,'4'e Penn. & Northw. RR. gen. 5.9. 1930
Pittab. Va.& Chariest, Ry. let 4s, 1943
Indiana Illinois & Iowa 1st 45, 1950
Jamestown Franklin & Clean. let 48,19511 Phila. Balt & Wash. RR. let 45, 1943
General Mtge. 6a, 1960
Kalam. & White Pigeon RR. 1st 55, 1941
Lake Shore & Mich. So. gen. 3545. 1997 Phila. Wilm. & Bait RR. 45, 1926
" " 48, 1932
Lake Shore Collateral 3348. 1998
Phila. & Bait. Central let 45, 1931
Lake Shore dr Mich. So. Deb, 45, 1928
Sunbury & Lewiston Ry 1st 4s, 1936
4e, 1931
Sunb. Has. dz Wilkes
-B. Ry. let 5e, 1928
Little Falls dr Dolgeville 1st 38, 1932
" 2d 68. 1938
Michigan Central Collateral 3145, 1998
Susq. Bloom. A Berwick 1st
Mohawk & Malone Ry. 1st 48. 1991
1952
53,
cons. 3348. 2002 Un. N.J. RR.& Canal Co. gen. 4.s. 1948
4e, 1944
N. Y.& Putnam RR. cons. 4e, 1993
45. 1929
N. Y. & Northern Ry. 1st 5s. 1927
31.48. '51
Pine Creek Ry. let 65. 1932
Sturgee Goshen dr St. Louis 1st Is. 1989 western Pennsylvania RR.cons. 45, 1928
Spuy. D'vil. & Pt. Slot'. RR. 1st 2348.'59 Wash.Term.(guar.) 1st 3 S4sd4s.'45
Reading System.
Norfolk & Western System.
Philadelphia & Reading RR. 55, 1933
Consolidated Mortgage 4s, 1996
Southern Pacific System.
General Mortgage 68, 1931
Central Pacific Ry.(gu.) let ref. 45,'49
New River DiVsion 1st 65, 1932
Northern Ry let 5s. 1938
Impt. and Eaten. Mtge. 6s, 1934
Norfolk Terminal By.(guar.) 1st 45, 1961 Northern California Ry. let 55. 1929
Scioto Val. & New Eng. RR. lot 45, 1989 Oregon & Calif. (gu.) 1st 58. 1927
San Francisco Term. let 4s, 1950
Southern Pacific Branch Ry. 1st 65, 1937
Northern Pacific System.
Southern Pacific RR.cons. 55. 1937
General Lien 3s, 2047
•• ref. 4s. 1955
Prior Lien 4s, 1997
So. Pac. Coast Ry.(gu.) 1st 4s, 1937
Refund. dr Imp. 4 tie .5s and 6s, 2647
Through Short Line (gu.) 1st 45, 1954
St. Paul & Duluth RR.cons. 45, 1968
Union Pacific Railroad.
lot 5s, 1931
Wash. & Columbia River Ky 1st 4s. 1935 First Mortgage 45, 1947
Refunding Mortgage 45, 2008
St. Paul & Duluth Div. 4s, 1996
Ore. Short Line cons. 55. 1946
Pittsburgh & Lake Erie System
(If guaranteed by Union Pacific.)
Pitts. & Lake Erie RR. 1st Os, 1928
Ore.
-Wash RR.& Nav.Co. let & Ref.
Pitts. McK.dt Yong.Ry.(guar.)list 69.1932
(guar.) 45, 1961
a These notes are legal under Section 32 and savings banks may invest not to
exceed 2% therein.
Railroad bonds which are at present not legal under the
general provisions of the law but which are legal investments
under Section 29 (given below) are as follows:
Sec. 29. The provisions of this Act shall not render Illegal the Investment In
nor the investment hereafter in, any bonds or interest-bearing obligations issued or
assumed by a railroad corporation, which were a legal investment on May 28 1913,
so long as such bonds or Interest-bearing obligations continue to comply with the
laws in force prior to said date; but no such bond or interest-bearing obligation that
falls subsequent to said date, to comply with such laws shall again be a legal investment unless such bonds or interest-beating obligations comply with the provisions
of this section.
Atchison Topeka & Santa Fe System.
Illinois Central System.
California-Ariz Lines 1st & ref. 4345, 1962 Chic,St. L. Az N.0.cons. .5s. 1951
Boston & Albany RR.
Boston & Albany RR. deb. 3345, 1951
" 394s, 1952
49 1933
;
4e, 1934
45, 1935
43.4s. 1937
5s. 1938
5s, 1963
Buffalo Rochester & Pittsb. System
Allegheny & Western Ry. lot 4s, 1998
Buff. Koch.& Pitts. By. gen. 55. 1937
cons. 494e, 1957
Clearfield Jr Mahoning Ry. 1st 55, 1943
Lincoln Pk.& Charlotte RR. 1st Ss, 1939
Central Ry. of New Jersey System
N.Y.& Long Brch. RR. gen. 45 & 55,'41
Wilkes-Barre & Scran. Ry. let 434e, 1938
Chicago & North Western System.
Collateral Trust 58 & 68. 1929
Connecticut Railway & Lighting Co.
First Refunding 434s, 1951
Conn. Lighting & Power Co. 1st 55, 1939
Oa
.•
Chic.& Western Indiana RR.lot es, 1932
Dot. & Tol. Shore Line RR. 1st 45, 1953
Duluth & Iron Range RR. 1st 5s, 1937
Elgin Joliet & Eastern Ry, 1st 55, 1941
Erie Railroad System.
Cleve. & Mahoning Val. Ry. 1st 55, 1938
Goshen & Deckertown RR. 1st es, 1928
Montgomery & Erie Ry. 1st Os. 1926
Genesee & Wyoming RR. 1st 55, 1929
Hocking Valley Railway Co.
First Consolidated 04s, 1999
Coium.& Hock. Val. RR,let ext. 45,1948
Columbus & Toledo RR. let ext. 45, 1955
(Louisville & Nashville.]
(Att. Knoxv. & CM. Div. 1st 45. 19551
Minneap. St. Paul & S S. M. System.
Central Terminal Ry. let 49, 1941
Mobile & Ohio RP. 1st ext. 6s. 1927
New York Central System.
N. Y.& Harlem RR. ref. 3945, 2000
Beech Creek RR. 1st 45, 1936
Kalam. Allegan & G. R. RR. 1st 55, 1938
Mahoning Coal RR. 1st is. 1934
Pennsylvania System.
Camden & Burl. Co. RR. 1st 4s, 1927
Delaware RR. gen. 434s, 1932
Elmira & Williamspt. RR. lot 48, 1950
Erie & Pittsburgh RR. gen. 334is, 1940
Little Miami RR lot 45, 1962
N. Y. Phila. & Norfolk RR. lot 48, 1939
Ohio Connecting Ry. 1st 4s. 1943
Pitts. Youngs. & Ash. RR. cons. 5s. 1927
"
"ten. 45, 1948
West Jersey & Sea Shore RR.
Series A, B.C,D.E and F 3348 &4s.'36
Reading System.
Del.& Bound Brook RR.cons. 394s, 1955
East Pennsylvania RR. let 43, 1953
North Pennsylvania RR. let 45, 1936
Phila. Harrisburg & Pitts. RR. let .5s.'25
Phila. & Reading RR. Impt, 45, 1947
" Term. 5s, 1941
Reading Belt RR. 1st 45, 1950
Sham. Sunb. & Lowish. RR. 1st 45. 1925
Terminal Railway Assn. of St. Louis
Consolidated Mortgage 55, 1944
First Mortgage 43-4s, 1939
General Refunding Mortgage 4s, 1953
St. Louis Mer.Bdge.Term.Ry. let 5s.'30
St. Louis Mer. ledge. Co. 1st (is, 1929
Western Maryland System.
Bald. & Comb. Val. Ext. 1st 6s. 1931
Sixth.-Equipment trust obligations as follows (savings
banks may invest not exceeding two per centum of their
deposits and surplus therein):
Central Railroad of New Jersey.
Series 04 tis. serially to 1926
'Series J 5s, serially to 1933
Pennsylvania Railroad Co.
Equipment trust 5s, 1924-1938
New York Central Lines.
Chic. St. P. Minn. & Omaha RR. Co. Joint Equip. Trust
4346, serially. 1910 to 1925
Belles 13 75, 1924 to 1931
4545, serially, 1912 to 1927
Illinois Central Railroad Co.
4345, aerially, 1913 to 1928
Series C 4348. 1925
43-4e. serially. 1917 to 1932.
Series D 494s, 1926
B.& A. Equip. Trust 4945. ser.'13 to '27
Series E Is. 1927
Equipment trust 68, serially. 1921-1935
Series F is, 1935 1
Equipment trust 7s, serially, 1921-1935
Series G 83.4s, 1936
*Pittsburgh& Lake Erie RR. Co.
Series H 534s, 1937
*Equipment Trust 55, 1924-1938
Series I 434s, 1937
Southern Pacific Company.
Series J 5a, 1938
Series C 4545 to 1924
•Loulsville & Nashville RR. Co.
Series D 4345 to 1926
*Series D 634s. serially to 1030
Series E 75. 1924 to 1935
,
11
2912
[Vox.117.
THE CHRONICLE
"But a majority of the Court decided that the action of the convention
and the vote of the people had no effect, because the clause which was in.
substance the enacting clause, or as it has been facetiously called, the
clause' adopted by the convention, following the precedent established in Maine, had called it a 'rearrangement' instead of a 'revision' of
the Constitution.
"The word 'rearrangement' was used from a too great solicitude to
interpretations theretofore given various
the construction
Other securities In which banks may invest are classified preserve the Constitution, and not to disturb them by their change of
and
parts of
codification.
position or sequence in this
follows:
,
"This derision of the Court was made at the time of the last codification
Tenth—
Seventh—.
of Loring vs. Young, reported in Vol.
the
of the General
Bonds of Street Railways In Conn. Bends of Telep. Cos. outside of Conn. 239 Mass., pp. Laws in400. case decision of the Court and of the disThe
350 to
Savings banks may invest not exceedSavings banks may invest not exceedare long, but the controlling paragraphs are as follows:
ing two per centum of their deposits and ing two per centum of their deposits and senting opinionsin giving the opinion of the majority of the Court, says:
"Rugg, C. J.,
surplus therein.
surplus therein.
"'The first sentence of Article 157 is in these words:
Bristol & Plainv. Tram.Co. 1st 415:1,1946
"'"Upon the ratification and adoption by the people of this rearrangeAmer. Tel. & Tel. Co. coll. trust 45, 1929
coll. trust 58,1946 ment of the existing Constitution and the amendments thereto, the Constitution shall be deemed and taken to be so rearranged and shall appear
N. Y.Telephone Co. 1st 415s. 19315
Eighth—
in such rearranged form in all future publications thereof.'
Bonds of Water Co.. In Connecticut. New England Tel. & Tel. 1st 55, 1952
deb. 45, 1930
''The words "rearrangement" and "rearranged" do not express reSavings banks may invest not exceedvision, codification or the establishment of something new. They are
and
" 55. 1932
•
""
ing two per centum of their deposits
"
inapt to describe a finality. Nevertheless,if the first clause of this sentence
surplus therein.
stood alone there would be strong implication as matter of construction
Eleventh—
Branford Water Co. 415s, 1943
amendments
that this rearrangement of the existing Constitution and theConstitution.
Bridgeport Hydraulic Co.notes65'23&'25 Bonds of Gas and Electric
the
thereto, when validly adopted by the people. would bewords "rearrangeNew Haven Water Co. deb. &Hs 1962
Companies in Connecticut.
The shadow thrown upon that construction by the
Jet 415s. 1945
Savings banks may Invest not exceed- ment" and "rearranged" is deepened by the concluding clause, namely,
Stamford Water Co 1st 5s, 1952
future publications thereof."
Also under Chapter 112 of the Public ing two per centum of their deposits and "and shall appear in such rearranged form in all
This caluse would be wholly superfluous if "this arrangement" were itself
surplus therein:
Acta of 1917 any bonds or Interest-bearto be the "Constitution." As a matter of interest it is to be 'observed
ing obligations of the following water Bridgeport Gas Lt. Co. 1st 4s. 1952
taken over from the old Constitution.
companies:
Danbury & Bethel Gas as Electric Light that this latter clause was
.mote only
"There were two dissenting opinions, from which we again J., says, at
Ansonia Water Co.
Compeny 1st 58. 1953
De
Light a few, but what seem to be the decisive words. rearranged Constitution
Greenwich Water Co.
*Danbury & Bethel Gas & Electric
Courcy'
386: 'Whatever doubt may be cast upon the
p.
Stamford Water Co.
Co., Series A Mtge. Bonds Os, 1948
the language of Article 157, it should be resolved so as to carry into
Torrington Water Co.
Hartford City Gas Lt. Co.1st 45,'35
effect the will of the people. Every reasonable presumption should be
New Britain Gas Lt. Co. let 55.1926
in their favor. .Above all, we should not adopt an interpretation
Stamford Gas & Elec. Co. 1st 58. '29
Ninth—
of this single clause which is wholly irreconcilable with the demonstrated
2d 45. 1929
Bonds of Telephone Co.. In Connec't.
purpose to revise the Constitution, and which leads to the unprecedented
Consol. 58, 1948
have aodpted.'
Savings banks may Invest not exceedresult of avoiding the whole instrument which the peopledecision in this
ing two per centum of their deposits and Union Electric Light dc Power CO.
Crosby, J., at page 387, says: 'Because I believe the Commonwealth
Unionville 6s, 1944
surplus therein
rights of the voters of the
case to be an invasion of the
United illuminating Co. 1s5 48. 1940
So. New Eng. Telep. Co. let fa. 1948
as expressed by the State election held Nov. 4 1919, and therefore wrong.
Twelfth.—Savings banks may invest not exceeding 10% I feel constrained to express my dissent.' the decision of the majority of
"Without disputing the correctness of
subquestion
of their deposits and surplus in the obligations of the Govern- the Court, it is perfectly evident that thedefinitely should again be even
in words which
they may say
mitted to the people,
ment of the Kingdom of Great Britain and Ireland and the the Chief Justice says that be unquestionable, whether they wish the old
will
Government of the French Republic and the Government of Constitution with its mass of amendments and obsolete parts, or the new
the Commonwealth.
the Constitution
rearranged
the Dominion of Canada or any of its Provinces, provided and it is for thiscodification to be present petition Isof
filed."
and
purpose that the
National Ry. Service Corp.
Union Pacific italisord.
. ?
Equipment trust 78, serially 1924 to 1935 Prior I1Tx 75, 1 2
to 1936
Series B 58, serially 1927-36
*Equip.trust
*Equip.trust Series C 435s;serially'28-'38
*Norfolk & Western System.
St. Louis Ry.
*Nashv. Chattanooga &
*Equip. trust Ser B 436s, serially to 1937 *Equip.trust,Series of 1922,435s,'24-'32
as
Light...
by
such obligations have a fixed and definite date of maturity
and shall be the direct obligations of such Government or
Province and that the full faith and credit of such Government or Province shall be pledged for its payment, principal
and interest.
Under the foregoing section the following obligations of
France and the Kingdom of Great Britain and Ireland are
legal investments:
Republic of France.
Rentes, 3%, 1953
External Dollar Loan 5355, 1937
National Defense 58, 1926
New French Loan 58, 1920-1980
Sinking fund gold bonds 88. 1945
External gold bonds 7355, due 1941
United Kingdom of Great Britain
and Ireland,
War Loan 315s, 1925 1928, due 1928
War Loan 4358, 1925 1945, due 1946
War Loan 48, 1929 1942, due 1942
War Loan .55. 1929 1947. due 1947
Funding Loan 4s, 1960-1990
Victory bonds 4%. redeemable by accumulative sinking fund, by means of
annual drawings beginning Jan. 1 1920.
National War (1st series) 58, 1924
National War (1st series) 58. 1927
National War (let series) 45, 1927
National War (2d series) 55. 1923
National War (2d series) 6.1. 1925
National War (2d series) 55, 1928
National War (2d series) 48, 1928
National War (3d series) 55, 1923
National War (3d series) 58, 1925
National War (3d series) 58, 1928
National War (3d series) 4s, 1928
National War (4th series) 59, 1924
National War (4th series) 55, 1929
National War (4th series) 48, 1929
Exchequer 3s, 1930
Exchequer 3.9. 1930
United Kingdom of Great Britain and
Ireland External Loan 534%. 1929
United Kingdom of Great Britain and
Ireland External Loan 5345. 1937
New York City, N. Y.—Salary Increase for Aldermen
Voted.—The Board of Aldermen on Dec. 24 voted unanimously in favor of increasing their salaries from $3,000 to
$5,000 annually. The New York "Times" of Dec. 25, in
referring to the action of the aldermen, said:
themWith every member voting in the affirmative the aldermen gavesalary.
in
selves a Christmas present yesterday of a $2,000 annual increaseremaining62 of the 65 members of the Board, the majority
The increase affects
three having received an increase several weeks ago. They are the Finance
and minority leaders and Frank A. Cunningham, Chairman of the
Committee.
to $5,000
The increase, which will take effect on Jan. 1, is from $3,000 salaries
a year. The Board of Estimate did the actual raising of themust be
concurring. The resolution
last Friday, the aldermen merely
no hitch
signed by Acting Mayor Murray Hulbert, but as he voted for it,
Is expected.
members of the
A number of appreciative addresses were made by
Board. All agreed that the increase was well deserved.
Oklahoma City, Okla.—Tax Levy Upheld.—In a suit
brought by an Oklahoma City financier to prove illegal
2.9 mills of a 9.9-mill levy by the city in 1922, Judge T. G.
Chambers in District Court on Dec. 18 upheld the validity
of the tax levy. The contention of the plaintiff was that
-mill limit set by the Legislathe 9.9-mill levy exceeded the 6
ture, but the Court ruled that under the city charter, Oklahoma City could levy taxes up to 10 mills. The validity of
other levies made by the city, the county and the school
district, will be decided later. The decision on the 9.9-mill
rate is to be appealed. The Oklahoma City "Oklahoman"
of Dec. 19, referring to the litigation, said:
in 1922 was
Los Angeles, Calif.—Annandale Votes Annexation to
City.—The district of Annandale, with a population of about
5,000, has voted, 450 to 81, for annexation to the city of
Los Angeles. The district occupies four square miles
between Eagle Rock City and Pasadena Ave. and is prinpurposes
cipally a residential section.
The legality of the city levy of 9.9 mills for general
Judge T. G. Chambers in District Court Tuesday. Judge
Massachusetts (State of).—New Attempt to Recodify State upheld bysustained a demurrer by John Howard Payne, Assistant County
Chambers
suit by Kee R. McKee,an Oklahoma City finanConstitution.—A petition has been filed in the State Senate Attorney, to that part of a under protest for that year. Other parts of the
paid
requesting the Legilature to resubmit to the voters of the cier, to recover taxes and the case will go to trial on questions of other
demurrer were denied
levies on Jan. 3.
State the codification of the Constitution approved by the city, county and school district of the 9.9-mill levy was illegal because in
McKee alleged that 3.9 mills
people in November 1919, but which the State Supreme Court excess of the 6-mill limit set by the Legislature. The Court followed the
City
declared void on the ground that the Constitutional Conven- rule that the city chartsr permits Oklahomarulingto levy up to the 10-mill
on this point from the
State Constitution. A
tion, in revising the code, used language changing the mean- limit fixed by theexpected in an appealed case which is set for argument
Court is
submitting Supreme This was the largest single item of twelve presented in the McKee
ing of the Constitution, whereas, in the clause
Jan. 8.
the revised Constitution to the people, the Convention spoke case.
Conof the recodification as a "rearrangement of the existing
stitution and the amendments thereto," and a "rearrangeBOND PROPOSALS AND NEGOTIATIONS
ment of the existing Constitution," in the opinion of the this week have been as follows:
Court, constituted a revision without change of meaning.
ASBURY PARK, Monmouth County, N. J.—ADDITIONAL IN•
See V. 113, p. 751.
FORMATION.—The following details referring to the S30,600 434%
Trust Co. of Asbury Park at par—
The "Boston Transcript" of December 27, contained the bonds awarded to the Asbury Park by Grace King, City Clerk: Denom.
V. 117, p. 2796—has been furnished Sz J. Due Jan. 1 1959. The bonds
in reference to the petition:
Int. J.
following
1 1924.
question $500. Date Jan.
s the
A petition to resubmit to the people of Massachusett
Commonwealth the
whether they will ratify as the Constitution of the
l Convention,
codification of the Constitution adopted by the Constitutiona
was later nullified
1919.
and ratified by the people in November Court,whichto-day filed in the
was
by a majority decision of the Supreme
of Reading. William S.
State Senate by Seantors Charles P. Howard of Boston.
Youngman of Boston, and John W. McCormack
years has contained a more
No petition to the General Court in recent this petition, which includes
Imposing list of signers than that attached to
of the Constitutional
former Governor John L. Bates, who was President are now in Congrm
who
Convention: all the members of the convention
of the United States Court, both
or the State Legislature, three judges
Lowell of Harvard,
United States Senators from Massachusetts. President
Law School
the deans of the Harvard Law School and Boston University
and a number of leaders of the bar.
has been instrumental
Senator Augustus P. Loring. who explaining the purpose
Former State
In circulating the petition, has issued a statement the codification of the
of the petitioners and setting forth the status of
Constitution as follows:
1780 with its 67
"It has long been recognized that the Constitution of
by obsolete and repealed proamendments has become so encumbered its text, that the ordinary man
half
visions, which constitute more than
close study by a
cannot make out what its provisions are, and it requires
law.
lawyer to find out what are the provisions of the fundamental
principal purpose, both of
"The revision of the Constitution was the
in 1916, and
the Governor and the Legislature, in calling the convention
that purpose only.
the final session of the convention in 1918 was forratified by the people
"The unanimos action of the convention was favor to 64,978 opposed:
by a vote of 263,359 in
at the State election in 1919
an unusual majority for a constitutional question.
were issued to purchase land for parks.
0. Atlantic),
ATLANTIC INDEPENDENT SCHOOL DISTRICT (P.
—An election will be held on
Cass County, Iowa,—BOND ELECTION.
school bldg. bonds.
Jan. 10 to vote on the question of issuing $86,000
AUSTIN, Travis County, Texas.—BOND OFFERING.—Sealed bids
W. D. Yett, Mayor, for the
will be received until 10 a. m. Jan. 10 by
following 5% bonds:
bonds maturing 1 to 40 years; optional after 20 years.
$500,000 school
to 30 years, optional after
300,000 water filtration bonds maturing 1
10 years.
incinerator bonds maturing 1 to 30 years, optional
50,000 garbage
after 10 years.
of each
Denom. $1,000. Date Jan. 1 1924. A certified checklfor 1%
issue required.
Angeles County, Calif.—BOND
AZUZA SCHOOL DISTRICT, Los
County
OFFERING.—Sealed proposals will be received by L. E. Lampton,$60,000
Jan. 14 for the purchase of
Clerk(P.O. Los Angeles), until 11 a. m.
Prin. and semischool bonds. Denom. $1,000. Date Jan. 11924. yearly on Jan. 1
5%
Due $3.000
ann. Int. payable at the County Treasury.
check for 3% of bid, payfrom 1925 to 1944. incl. A certified or cashier's required. The assessed
Chairman of Board of Supervisors,
able to the
in said school district for the year 1923 is
valuation of the taxable property
outstand$2,054,265, and the amount of bonds previously issued and now
ing is $41,000.
Valley CitY),
BARNES COUNTY SCHOOL DISTRICT NO.84(P.0.
certificates of indebtNo. Dak.—CERTIFICATE SALE.—The $3,000 7%
purchased by Louis An17 (V. 117, p.
edness offered on Dec.
2565) were
DEC.29 1923.]
THE CHRONICLE
derson of Valley City at par. Date Dec. 17 1923. Due May
1 1925,
optional any interest paying date.
BARWICK SCHOOL DISTRICT (P. 0. Barwick), Brooks
and
Thomas Counties, Ga.-BOND SALE.
-J. H. Hilsman &
have purchased $20,000 6% school bonds. Denom. $500. Co. of Atlanta
Date Sept. 1
1923. Prin. and semi-ann. Int.(M. & S.) payable at, the National
Bank
of Commerce, N.Y.City. Due on Sept. 1 as follows: $500
1928 to 1937
incl. and $1.000 1938 and 1952 incl.
BEDFORD (P. 0. Katonah), Westchester County, N. Y.
-BOND
OFFERING.
-Sealed bids will be received by Edward
Supervisor, until 11 a. m. Jan. 5 for $80.000 water P. Barrett, Town
district
to exceed 6%. Denom. 21.000. Date Jan. 1 1924. Int. bonds not
Due $4,000 yearly on Jan. 1 from 1925 to 1944 incl. Certified semi-ann.
check
% of the amount of bonds bid for required. Legality approve for
d by
Clay & Dillon of New York.
BERNALILLO COUNTY (P. 0. Albuquerque), N. Mex.-B
ONDS
VOTED.
-Our Western representative advises us in a special telegraph
ic
dispatch that at an election held on Dec. 22
court house bonds carried. Notice that a proposition to issue $500.000
an injunctio
restrain the county from voting on the above bonds wasn was sought to
given in V. 117.
p. 2676. Apparently the injunction was not granted.
BEVERLY TOWNSHIP FIRE DISTRICT NO. 1
(P. 0. Delanco),
Burlington County, N. J.
-BOND
-Joseph B. Carter,
Township Treasurer, until 8 p. m. Jan.OFFERING.
issue of 5% coupon fire-equipment bonds 14 will receive sealed bids for an
bonds to be awarded than will produce a not to exceed $12.250. No more
premium of $1,000 over $12,250.
Denom. $1,000 and one for $1,250. Date Jan.
15 1924. Prin. and semiann. int. (J. & J.) payable at the Riverside
Trust Co. of Riverside. Due
yearly on Jan. 15 as follows: $1,000 1925 to 1935
incl. and $1.250 1936.
Certified check for 2% of the amount of bonds
bid for required.
BILOXI, Harrison County, Miss.
-BOND SALE.
-Caldwell & Co.
of Nashville, have been awarded, it is stated.
$110,000 school and $90,000
street impt. bonds at 100.45 and to print bonds.
BISMARCK,Burleigh County, No. Dak.-B
OND SALE.
-On Nov.1.
Ballard & Co., of Minneapolis purchased
2235,000 6% water works system
bonds at par. Denom. 31,000. Date Oct.
15 1923. Int. A.-0. 15. Due
in 10 to 20 years.
BOONE, Watauga County, No.
-BOND OFFERING.
-J. F.
Moore. Town Clerk, will receive sealedCaro.
bids until 12 m. Jan. 7 for $15,000
6% street impt. bonds. Denom.
$1,000. Date Jan. 1 1924. Prin.
and int. payable at the National City Bank,
N. Y. City. Due 21.000
1927 to 1941 incl. Legality approved
Dodge of Boston. Legal proceedings,by Storey, Thorndike, Palmer &
preparation and sale of bonds
under the supervision of Bruce Craven of Trinity.
A certified check for
$300 required.
2913
will receive bids for $300,000 44% school bonds.
Denom. $1,000. Date
Feb. 1 1924. Prin. and semi-ann. int. payable
at the County Treasurer's
office. The bonds will be issued in three
series, designated Series "A,"
"B" and "C," respectively.
COMPTON CITY SCHOOL DISTRICT, Los
Angeles County,
-BOND OFFERING.
-Until 11 a. m. Jan. 14 sealed proposals will Calif.
be received by L. E. Lampton, County Clerk (P.
0.
purchase of $144,000 5% school bonds. Denom. Los Angeles), for the
$1,000. Date Jan. 1
1924. Prin. and semi-ann. int. payable at the
Jan. 1 as follows: 54.000, 1925 to 1948. incl.:County Treasury. Due on
A-certified or cashier's check for 3% of bid, $3,000. 1949 to 1,964. incl.
payable to the Chkirman of
Board of Supervisors, required. The
property in said school district for theassessed valuation of the taxable
year 1923 is
amount of bonds previously issued and now outstand $5,968.770 andithe
ing is $154,000.
DES LACS SPECIAL SCHOOL DISTRICT NO.
38, Ward County,
No. Dak.-BOND OFFERING.
-Bids will be received by F. L. Gorve.
District Clerk, at the County Auditor's office in Minot
until 2 p. m. Jan.2
for $6,700 6% certificates of indebtedness.
Denom. $500. Date Jan. 2
1924. Int. semi-ann. Due Jan. 2 1944. A
certified check for 5% of
bid required.
DINWIDDIE COUNTY (P. 0. Dinwiddie),
Va.-BOND SALE.Prudden & Co. of Toledo bave purchased the $95,000
coupon (registerable
as to principal) school bonds offered on Dec.
a premium of $181. equal to 100.19. Date22(V. 117. p.2675) as 511s at
Dec. 15
1953, optional $20,000 Dec. 15 1928 and $20.000 every 1923. Due Dec. 15
five years thereafter.
DONNYBROOK SCHOOL DISTRICT NO. 24,
Ward County, No.
Dak.-CERTIFICATE OFFERING.
-A. W. Flinn. District Clerk, will
receive bids at the County Auditor's office in Minot
until Jan. 7 for $5.000
7% certificates of indebtedness maturing in
18 months. A certified check
for 5% required.
ELDORA, Hardin County, Iowa.
-BOND
-By a count of
305 to 296 an issue of $25,000 water improve S VOTED.
ment bonds was voted at a
recent election.
ELLIS COUNTY (P. 0. Arnett), Okla.
-BONDS DEFEATED.
Our Western correspondent advises
the voters•turned down a propositionus by wire that at a recent election
to issue $180,000 road bonds.
EL PASO COUNTY (P. 0. El Paso), Texas.
POSTPONED.
-Bids will be received by E. B. -BOND OFFERING
McClintock, County
Judge, until 2 p. m. Jan. 14 (postponed from
for $1,260,000 5% road bonds. Denom. Jan. 7, see V. 117. p. 2798)
$1,000. Date Jan. 7 1924.
Prin. and semi-ann. int. (M. & N. 7) payable at
the County Treasurer's
office, at the State Treasurer's office or at the National
City Bank, N. Y.
City. Due on May 7 as follows: $5,000, 1925;
192'7 to 1928 incl.: $49,000, 1949, and $50,000.$38.000, 1926: $44,000,
1950 to 1953 incl. A
certified or cashier's check for 2% of bid, payable
to the above official.
required. The official circular offering these
no litigation or controversy pending or threaten bonds states. "There is
ed
of these bonds, the boundaries of said county, or concerning the validity
to their respective offices, and there has never the titles of the officials
been any default in the
payment of principal and interest on any previous
issues.
'
ENDICOTT, Jefferson County, Neb.-B
-An
election will be held on Jan. 15 to vote on the OND ELECTION.
town hall bonds. J. J. Hargis. Village Clerk. question of issuing $1.000
EUSTIS-TAVARES SPECIAL ROAD AND
BRIDGE DISTRICT,
Lake County, Fla.
-BOND OFFERING.
-Sealed proposals will be received until 12 m. Jan. 21 by T. C. Smyth.
missioners (P. 0. Tavares), for $65,000 6% Clerk Board of County Comnom. $1,000. Date July 1 1923. Prin. androad and bridge bonds. De
semi-ann. int. (J• & J.) Payable in gold at the American Exchange National
July 1 1933. A certified check on an incorpor Bank, N. Y. City. Due
ated bank or trust company
for 2% ofamount bid for,payable to the Chairma
n of
Legality will be approved by Caldwell & Raymond above board,required.
ion will be furnished free of charge. Bonds will , whose approving opinin New York, at option of purchaser, on Feb. be delivered in Tavares or
4 or as soon thereafter as
bonds may be prepared.
FAIRFIELD, Jefferson County, Ala.
-BOND SALE.
-The $5.500
street improvement bonds offered on Dec.
-were
purchased by Steiner Bros. of Birmingham at20-V. 117, p. 2567
99.25. Date Aug. 24 1923.
Due Aug. 24 1933.
FITCHVILLE TOWNSHIP RURAL SCHOO
L
New London R. F. D.), Huron County, Ohio. DISTRICT (P. 0.
-BOND SALE.
-The
$42,160 90 6% school bonds offered on Dec.
-were
awarded to Campbell & Co. of Toledo at par, 20-V. 117. p. 2675
plus a
to 100.32, a basis of about 5.909'. Date Dec. 1 pfemium of $7, equal
1923. Due each six
months as follows: $135 Feb. 1 1924 to
Feb. 1 1931, Ind.. and $13590
Aug. 1 1931.
FLINT, Genesee County, Mich.
-BOND OFFERING.
-Until 8 p. m.
Jan. 4, Frank D. King, City Clerk, will receive
4t%. 434%, or 5% hospital bonds. Denom.sealed bids for $250,000
$1.000. Date Jan. 15
1924. Prin. and semi-ann. in (J. & .1.) payable
at the National Park
Bank of New York. Due $25.000 yearly
incl. Certified check for 51,000 required.on Jan. 15 from 1944 to 1953
Legality approved by Wood
& Oakley of Chicago.
BOSTON, Mass.
-BOND SALE.
Colony Trust Co.. Blodget & Co., -A syndicate composed of the Old
Curtis & Sanger, Edmunds Brothers,
Eldredge & Co., White, Weld & Co.,E.H. Rollins
& Sons and F. S. Moseley
& Co., on their bid of 100.23 for all or none
awarded the following issues of bonds offered-a basis of about 4.19%. was
on Dec.27(V.117, p.2796):
Date Jan. 1 1924.
The following bids were received:
A. B. Leach & Co.for the 2400,00
04% 100: for $1,500,000 of 411s, 100.37:
for balance, 100.15.
R. L. Day. Estabrook & Co. and Merrill.
Oldham & Co., jointly, 100 for
the $400.000 4%;for the 41 %, 100.06.
,
6
Old Colony Trust Co., Blodget & Co.,
Curtis & Sanger, Edmunds & Co.,
White, Weld & Co., Eldridge &
Co. and E. H. Rollins & Sons jointly,
• all or none, 100.23.
R. L. Day, Estabrook & Co. and
Merrill, Oldham & Co., jointly, 100 for
the $400.000 4%;for the 4%,
100.06.
The A. B. Leach & Co. bid for the entire
issue at 100.238. The Leach bid
stipulated that the legality of the bonds by approved
by Storey, Thorndike, Palmer & Dodge;the other syndicat
e bid made no such stipulation.
BOYNTON, Palm Beach County, Fla.
-BOND SALE.
-On Nov. 27
the Bank of Boynton purchased $85,000 6% bonds
(composed of $35,000
funding, $35.000 waterworks and $15.000 street and
sidewalk bonds) at
95 plus attorney's fees. Denom. $1,000. Date
Oct. 1 1923. Prin. and
semi-ann. int. (A. & 0.) payable at the Seaboard
National Bank, N. Y.
City, or at the Town Treasurer's office.
CALLAHAN TOWNSHIP, Renville County,
No. Dak.-BIDS REJECTED.
-All bids received for the 21,500
offered on Dec. 15 (V. 117, p. 2675) were 7% certificates of indebtedness
rejected.
CARLTON COUNTY (P. 0.
-BOND OFFERING.
Bids will be received by Oscar Carlton), Minn.
W. Samuelson, County Auditor, until
10 a. m. Jan. 8 at the Court House for
$17,032 82 bonds. Date Nov. 1
1923. Int. semi-ann. Due Nov. 1 1938.
Bidder to name rate of int.
Certified check for 2% of the amount
to the County Treasurer. required. of the issue, payable unconditionally
CARPIO SPECIAL SCHOOL DISTRI
No. Dak.-CERTIFICATE OFFERING. CT NO. 156, Ward County,
2 p. m. Jan. 14 at the County Auditor' -Bids will be received until
s office
Kjontreat, District Clerk, for $8,000 certifica in Minot by Mrs. Elting
tes of indebtedness bearing
Interest at a rate not to exceed 7%.
Denom. $1.000. Int. annually.
Due in 12 months.
FREESTONE COUNTY (P. 0. Fairfiel
-BONDS VOTED.
CARTHAGE, Jasper County, Mo.-BO
Our Western representative advises us in a d), Tex.
special wire that at a recent
-The Harris election $1,000,000
Trust & Savings Bank of Chicago has purchase ND SALE.
road bonds were voted.
d $58.000 sewer and $20,000
memorial hall 5% coupon bonds.
Denom.
GALVESTON, Galveston
Prin. and semi-ann. in (J. & D.) payable 51.000. Date Dec. 1 1923.
-BOND SALE.-Sutherli
at the Harris Trust & Savings Barry & Co.. Inc., of New County, Texas.
Bank, Chicago. Due on Dec. 1 as
Orleans, have purchased the following n.
follows:
two
38.000, 1930, 1932 and 1936:29,000. 1937, and 218.000. 1928: 29.000. 1929: issues of 5% bonds:
$6,000, 1939, 1941 and 1943. $38,000 street impt. and water works bonds maturing
on Oct.
CARTHAGE, Panola County, Texas.
$2,500. 1927: $6,000, 1930, 1936, 1942 and 1948; 1 as follows:
-BOND OFFERING.
-C. D.
Lacy, City Secretary, will receive sealed
$3.500. 1956 and $2,500, 1959 and 1960. Date 23.000, 1951;
bids until 3 p. m. Jan. 15 for
Oct. 1 1923.
$10.000 6% coupon water works extension
Apparently these bonds are part of the $100.000
issue offered unNov. 11923. Prin. and semi-ann. int. (J. bonds. Denom. $500. Date
successfully on Oct. 4-V. 117. p. 1691.
Exchange National Bank, N. Y., or at the & D.) payable at the American 208,000 grade raising bonds maturing
First National Bank, Carthage.
on Jan. 1 as follows:
Due $500 yearly on Juno 1 from 1924
1933, 1942: $10,000. 1943: 232.000, 1945, 1954. 832,000. 1930,
1960: 25.000.
it is stated, by W. M. Harris, Dallas. to 1943 incl. Legality approved.
1963 and $1.000, 1964. Date Jan. 1 1924.
Apparently these
bonds are part of 51,250,000 issue offered unsuccess
CASA GRANDE ELECTRICAL DISTRI
fully on Oct. 4.
CT NO. 1 (P. 0. Phoenix),
-V.117, p. 1691.
Maricopa County, Ariz.
-BOND SALE.
San Antonio have been awarded an issue of -Jasper Stacey & Co. of
GARFIELD COUNTY SCHOOL DISTRICT NO.
$354,000 bonds at par.
10 (P. 0.
Mont.
-BOND OFFERING.-Bids will be received by the Board Jordan),
CATAWBA COUNTY (P. 0. Newton)
, No.
-BOND OFFER- until 2 p. m. Jan. 14 for $_1,000 coupon funding bonds, bearingof Trustees
ING.
-Until 12 m. Jan. 7 Josephine A. Taylor, Caro.
interest at
Clerk Board of County a rate not to exceed 67
Commissioners, will receive sealed bids
c. Denom.$100. A certified check for $30, payable
registered school bonds. Denom. $1,000. for $100.000 5% coupon or to the Clerk,Board of Trustees,required.
Date Jan. 1 1924. Prin. and
semi-ann. int. payable in gold at the National
GILA COUNTY SCHOOL DISTRICT NO. (1)
City Bank, N. Y. Due Ariz.
(P. 0. Inspiration),
yearly as follows: 22.000. 1925 to 1934,incl.:
-BOND SALE.-Sutherlin,
$5,000, 1940 to 1952, incl. Certified check $3.000. 1935 to 1939,incl., and purchased $100,000 school bonds Barry & Co.. Inc.. of New Orleans, have
for 2%, of the bonds required.
at par and accrued interest.
Legality approved, it is stated. by Storey,
GLEN RIDGE, Essex County, N. J.
Thorndike, Palmer & Dodge of
-BOND
Boston. It is further stated that legal
-John A.
proceedings and preparation and Brown, Borough Clerk, will receive sealed bids until OFFERING.
sale of bonds under the supervision of Bruce
8 p. m. Jan. 14 for the
Craven, Trinity. Certified purchase of an issue of 41(% coupon or registered playground
2
check for 2% of the amount of bonds required.
bonds not to
exceed $80,000. no more bonds to be sold than
will produce a premium of
$1.000 over $80.000. Denom. 21,000.
CHERAW, Chesterfield County, So.
Caro.
-BOND SALE.
-The semi-annual interest (J. & J.) payable in Date Jan. 1 1924. Principal and
Bank of Charleston, of Charleston, bidding par
bidder for the $200.000 coupon street paving for 5!Is. was the successful of Glen Ridge. Due yearly on Jan. 1 as gold at the Glen Ridge Trust Co.
follows: $2,000.
V. 117. p. 2675. Date Oct. 15 1923. Due onbonds offered on Dec. 20- clusive, and $3,000. 1935 to 1954, inclusive. Certified 1925 to 1934, inOct.
check
1924 to 1933, incl., and $6.000, 1934 to 1953. incl. 15 as follows: $8,000, the amount of bonds bid for, payable to the Borough,required for 2% of
. The bonds
will be prepared under the supervision of the
United States Mortgage &
CLAY SCHOOL DISTRICT NO. 15, Renville
Trust Co., New York, which will certify as to
County,
the
CERTIFICATE OFFERING.
-Until 2 p. m. Jan. 4 bids will No. Dak.- and the seal impressed thereon and the validity genuineness of the officials
be received
of the bonds will be approved
by Wm. Mickelberry, District Clerk, at the
County Auditor's office in by Hawkins, Delafield & Longfellow, of New York.
Mohall for $3,000 % certificates of
indebtedness. A certified check
GOLDEN, Jefferson County, Colo.
for 5% must accompany all bids.
-BOND SALE.
-An issue of
Paving District No. 2 bonds, amounting to $1,000,
was recently purchased
COLLINGDALE (P. 0. Darby), Delaware•
County, Pa.
-BOND by Henry Klien of Golden at 100.50.
OFFERING.
-Stroud & Co., it is reported, on Nov.
GOLDEN VALLEY, Mercer County,
12 purchased an issue
of 512,000 5% tax-free bonds for $12,256, equal
No. Dak.-CERTIFICATE
-E. C. Isaak, Village Clerk, will receive
4.73%. Date Nov. 15 1923. Denom. $1,000.to 102.13, a basis of about OFFERING.
Interest M.& N. Due Dec. 30 for $1,000 7% certificates of indebtedness.bids until 2 p. m.
Nov. 15 1933.
Denom. $1.000.
Int. semi-ann. Due in 18 months. A certified check
for 5%
COLORADO SPRINGS SCHOOL DISTRICT
BOND OFFERING.
-The above official will also receive required.
NO. 11 (P. 0. Colo- same time for
rado Springs), El Paso County, Colo.
55.900 7% funding bonds. Denom. $100. bids at the
-BOND SALE.
Int. ann. •
415% school bonds offered on Dec. 27-V. 117, p. 2797 -The $100,000 Due in ten years. A certified check for 5% of bid required.
-were purchased
by Newton & Co. of Denver at 99.93, a basis of about
GRAND ISLAND SCHOOL DISTRICT (P. 0. Grand
4.52%. Date Hall County,
Island),
Jan. 2 1924. Due Jan. 2 1936.
Neb.-BOND SALE.
-The $350.000 coupon school bonds
offered on Dec. 18-V. 117. p. 2567
COLUMBUS SCHOOL DISTRICT(P.O.Columbus),Platte
-were purchase
County, Co. of Omaha at a premium of $1,295, equal to d by the U. S. Trust
Neb.-BOND OFFERING.
-Until 89. m. Jan. 7 Carl Kramer. President
,: 1924. Due Jan. 11944. Optional after five years. 100.37. Date Jan. 1
2914
t'FIE CHRONICLE
[Vor. 117.
-The two issues of coupon bonds
.
-J. C.
ILLINOIS (State of) -BOND SALE.
-BOND OFFERING.
r" GRAND RAPIDS, Kent County, Mich.
Shinkman, City Clerk, will receive sealed bids until 3 p. m. Jan. 3 for aggregating 321.000,000, offered on Dec. 22 (V. 117, p. 2676), have been
awarded as follows:
the ppurchase of the following bonds, aggregating $633.800*
a
365,700 Dec. 1 $15,000,000 4 y % service compensation, Series 0, bonds at 100.83.
$197,100 street impt. Denom. $1,000 and $700. Due .
a basis of about 4.65%, to a syndicate composed of the
1926 to 1928 inclusive.
• Harris Trust & Savings Bank and the National City Co.
244,000 street hunt. Denom. $1,000 and $500. Due $30,500 Dec. 1
of Chicago: First National Bank, Halsey, Stuart & Co..
1926 to 1933 inclusive.
Wm. R. Compton Co. and Hallgarten dc Co. of New
70.500 sewer. Denom. $1,000 and $500. Due $23.500 Dec. 1 1926
York:Continental & Commercial Trust & Savings Bank,
1928 inclusive.
to
First Trust & Savings Bank, Illinois Merchants' Trust
47,200 sewer. Denom. $1,000 and $900. Due $5,900 Dec. 1 1926
Co., Marshall Field, Glore, Ward & Co. of Chicago:
Jo 1933 inclusive.
•
E. H. Rollins & Sons, W.A. Harriman & Co., Redmond
75,000 Water. Denom. $1.000. Due June 11943.
Hayden, Stone & Co. and Kissell. ICinnicutt &
&
The water bonds are dated Dec. 1 1923 and bear interest at 4%% all
Co. of New York, and Stevenson, Perry, Stacy & Co.
Co..
others are dated Dec. 1 1923 and bear interest at 5%. Prin. and semi-ann.
of Chicago. Due yearly on Aug. 1 as follows: $480,000,
int. payable at the City Treasurer's office In New York exchange. certified
1924: 3495.000. 1925: 3525.000, 1926: 3540.000, 1927:
check for 3% of the amount of bonds bid for, payable to the City Treasurer,
3570,000, 1928; 3600.000. 1929: 3630.000, 1930: 8645,required. Bids at less than par and accrued interest will not be considered.
000.1931;$675,000.1932:$705.000.1933: 3750,000.1934:
-The $45.800
-BOND SALE.
GRANT COUNTY (P. 0. Marion), Ind.
1780.000. 1935:3810.000. 1936:3840.000.1937;3885.000.
5% J. C. Knight et al.. road bonds offered on Dec. 22-V. 117. p. 2676.
1938; 3930.000. 1939; 3975.000. 1940: 31,005.000, 1941:
were awarded to J. F. Wild & Co. of Indianalis at par, plus a premium
31.050.000. 1942. and 31,110.000, 1943.
of9335.equal to 100.73. a basis of about 4.85 O. Date Sept.4 1923. Due
6.000,0004% highway bonds at 94.46, a basis of about 4.50%. to
$2,290 each six months from May 15 1924 to Nov.o 15 1933,inclusive.
Speyer & Co.. Chase Securities Corp. and Barr Bros.
& Co., all of New York,in joint account with the Federal
GREENBURGH (TOWN) UNION FREE SCHOOL DISTRICT
Securities Corp. of Chicago. Due 31.000,000 yearly
-BOND OFFERNO. 1 (P. 0. Tarrytown), Westchester County, N. Y.
on March 1 from 1937 to 1942 inclusive.
-Sealed proposals will be received by Merton F. Bellows. District
/NO.
Denom. 31,000. Date Jan. 1 1924. The bonds are registerable as to
Clerk, until 7 p. m. Jan. 16 at the Washington Irving High School, Tarry- principal.
town, for the purchase of the following issues of 4%% coupon (with priviINTERLAKEN (P. 0. Allenhurst), Monmouth County, N. J.
-Sealed bids will be received by John H. Mawson
BOND OFFERING.
lege of registration as to prin. and int.) school bonds:
of an issue of sewer
in. Jan.
3450,000 Series A. Date April 1 1923. Due $15,000 yearly on Oct. 1 Borough Clerk, until 10 a.to exceed7 for the purchase
awarded
bonds not
from 1925 to 1954 inclusive.
.
;
n. $600
ceapreumorlA1eve-o ToreIb7air 000
150,000 Series B. Date Jan. 11924. Due $5,000 yearly on Oct. 1 from Date Nov. 11924. Int. semi-ann., not to exceed 5%. Due $1.000 yearly
on Nov. 1 from 1924 to 1939 incl. Certified check for 2% of the amount
1925 to 1954 inclusive.
Denom. $1,000. Prin.,and semi-ann. Int. (A. 8z 0.) payable in gold of bonds bid for required.
-BOND OFFERING.
JAMESTOWN, Chautauqua County, N. Y.
coin of the United States of America of or equal to the present standard
Until 2 p. in. Jan. 15 sealed bids will be received by G. S. Doolittle. City
of weight and fineness at the office of the Tarrytown National Bank of Treasurer,for $280,000 registered bonds not to exceed 6%. Denom.31,000.
an incorporated bank or trust company Date Feb. 1 1924. Principal and semi-annual interest (F. & A.) payable in
Tarrytown. Certified check, upon
payable to the District Treasurer, for 2% of the amount of bonds bid New York exchange. Due $14,000 Feb. 1 1925 to 1944. inclusive. Certifor, required: Int. will be allowed upon the amount of the check of the fied check for 2% of the amount of bonds bid for, required. The legality
of the bonds approved by John C. Thompson of New York.
successful bidder at the rate borne by the bonds from the date of delivery,
-Helen M.
-BOND OFFERING.
JEFFERSON, Marion County, Ore.
and such check will be retained to be applied in part payment for the
Johnson. City Recorder, will receive sealed bids until 7.30 p. In. Jan. 7
bonds. The bonds will be prepared under the supervision of the U. S. for
city bonds, maturing $1,000 yearly from 1928 to 1933,incl.
36.0006%
Mtge. & Trust Co. of New York. which will certify as to the genuineness
KATHRYN SCHOOL DISTRICT NO. 99, Barnes County, No. Dak.
of the signatures of the officials and the seal impressed thereon. The -CERTIFICATE OFFERING.
-E. I. Roe District Clerk, will receive
Hawkins, Delafield
successful bidder will be furnished with the opinion of
bids until 2 p. m. Jan. 5 at the County Auditor's office in Valley City for
bonds are binding and legal obligations $2,500 certificates of indebtedness beraing interest at a rate not to exceed
& Longfellow of New York that the
7% and maturing Jan.5 1925. A certified check for 5% of bid required.
of the Board.
-The 3154,
KENOSHA, Kenosha County, Wis.-BOND SALE.
The official advertisement of the offering of these bonds appears on a subse357 44 6%_ coupon special street impt. bonds offered on Dec. 21-V.
quent page of this issue.
-were purchased jointly at par and accrued interest by the
117. p. 2677
-The First National Bank, Merchants & Savings Bank and the U. S. National
-BOND SALE.
GREENSBORO, Guilford County, No. Caro.
3500.000 registerable as to principal school building bonds offered on Dec. Bank. all of Kenosha. Date July 1 1923. Due on July 1 as follows:
31-V. 117. p. 2677-were purchased jointly as 534s by the National Bank $15,500. 1924 to 1932 inclusive, and 314,857. 1933.
bf Commerce, St. Louis. and Stevenson. Perry, Stacy & Co. of Chicago.
-BOND OFFERING.
LAFAYETTE PARISH (P. 0. Lafayette), La.
5.14%. Date
at a premium of 36.060, equal to 101.21, a basis of about to 1927, Incl.;
Sealed bids for the purchase of $300,000 534"% road bonds will be received
Jan. 1 1924. Due on Jan. 1 as follows: 311.000 1925
of the Police Jury, until 12 m. Jan. 10.
incl.: $17.000 1933 to 1938. Incl.: $20.000 1939 to by George Crouchet, Secretary1924. Int. semi-ann. Due on Jan. 1 as
115.000 1928 to 1932,
Denom. $1.000. Date Jan. 1
1945. incl., and $25,000 1946 to 1951, incl.
to 1927, 35.000 1928. 37.000 1929 and 1930. 38.000
-J. follows: 32.000 1925 1933 and 1934. 310.000 1935 and 1936. 111.000 1937.
-BOND OFFERING.
GREENVILLE, Madison County Fla.
1931 and 1932. 39,000
will receive sealed bids until Jan. 15 for $30,000 5ti% 312,000 1938, 313.000 1939. 314.000 1940. 115,000 1941. 316.000 1942,
Vikers, Town Clerk,
coupon bonds. Prin. and semi-ann. int. (J. & J.) payable at the National $17,000 1943. 818,000 1944, 119.000 1945. $20,000 1946, 321.000 1947.
Bank of Commerce, N. Y.,or at the Bank of Greenville, Greenville. Certi- 122,000 1948 and 323,000 1949. A certified check for $6,000, payable to
fied check for 5%, payable to the town, required. Legality approved, it is the Police Jury required.
reported. by Jno. C. Thomson. N. Y.
LAKE COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 3
GUTHRIE SCHOOL DISTRICT NO. 60 (P. 0. Guthrie), Logan (P 0 T
-T. C. Smyth, Clerk Board
-BOND OFFERING.
), Fla.
-At an election held on Dec. 18 a
-BONDS VOTED.
Jan. 21
County, Ariz.
of of County Commissioners, will receive sealed proposals until 12 m. July 1
proposition to issue $280.000 school bonds was sanctioned by a vote
and bridge bonds. Denom. $1,000. Date
for 340,000 6% road
the people.
-J.) payable at the American Exchange
1923. Prin. and semi-ann. hat. (J.
-The City National Bank, N. Y. City. Due July 11923. A certified check upon an
-BOND OFFERING.
HAMILTON, Butler County, Ohio.
for, payable to
Auditor will receive sealed bids until 12 m. Jan. 24 for $5,401 6% Third incorporated bank or trust company for 2% of amount bid be approved
will
Prin.
Street improvement bonds. Denom. $540 10. Date Oct. 1 1923. office. the Chairman of said Commission, required. Legality be furnishedyurRaymond whose approving opinion will
& 0.), payable at the City Treasurer's
by Caldwell &
and semi-annual interest (A.
or New ori,,
Due 3540 10 yearly on Oct. 1 from 1924 to 1933, incl. Certified check for chaser free of charge. Bonds will be delivered in Tavares prepared
may be
5% of the amount of bonds bid for, payable to the City Treasurer required. at option of purchaser, on Feb. 4 or as soon as bonds
10 days of time of award.
Purchaser to take up and pay for bonds within
LANCASTER COUNTY (P. 0. Lincoln), Nebr.-BOND SALE
-The $40,000 The $95,000
-BOND SALE.
% paving district No. 28 bonds offered on Dec. 18(V. 117
HAMMOND, Tangipahoa Parish, La.
as 534 .0
,
coupon water works equipment bonds offered unsuccessfully on Oct. 26 p. 2677) were purchased by the Omaha Trust Co. of Omahain January.
5%
by the Hammond State Bank 100.855. Denom. $1,000. Date Jan. 1 1924. Int. annually
-have been purchased
-V. 117, p. 2022
of Hammond at par and accrued interest. Date Aug. 1 1923. Due Due serially.
in 25 years.
LEGGETTS CONSOLIDATED SCHOOL DISTRICT, Edgecomb
-The 330.000 6% coupon bonds
-BIDS REJECTED.
HARBOR SPECIAL SCHOOL DISTRICT (P. 0. Ashtabula), County, No. Caro.
--Carl 0. Gudmundson, offered on Dec. 20(V. 117, p. 2677) were not sold as all b.ds rece.ved were
-BOND OFFERING.
Ashtabula County, Ohio.
Education will receive sealed bids until 12 in. Jan. 15 for rejecter.. Date Jan. 1 1924. Due on Jan. 1 as follows: $1,000 1927 to
Clerk Board of
for
Denom.$1,000
$46,295 64 6% school funding bonds.A. Due each sixand one as$295 64. 1952.ncl. and $2,000 1953 and 1954.
follows:
months
Wayne County,
Date Aug. 1 1923. interest F. &
LINCOLN PARK (P. 0. Wyandotte R. F. No. 11), of
incl., and $1,295 64 Aug. 11931. Cert.
$33,000 sewer
-An issue
$3,000 Feb. 1 1924 to Feb. 11931. bid for, payable to Carl O.Gudmunson, Mich.
-BOND SALE.
-BONDS NOT SOLD
check for 2% of the amount of bonds
on Dec. 10: the bonds, however, were later
bonds was offered but not sold
Treasurer, required. Purchaser to take up and pay for bonds within 10 taken over by the Western Construction Co., contractors.
days from time of award.
LOCKNEY INDEPENDENT SCHOOL DISTRICT (P. 0. Lockney),
-BOND SALE.HASBROUCK HEIGHTS, Bergen County, N. J.
-On Jan. 5 an election to vote
-BOND ELECTION.
Floyd County, Tex.
the
Outwater & Wells of Jersey City have been awarded 117, $75.000 5% on the question of issuing $35.000 school bonds will be held.
-for
p. 2676
on Dec. 20-V.
coupon or registered school bonds offered
Date Oct.
-ADDITIONAL INFORMALOCKPORT, Niagara County N. Y.
375,210 75 equal to 100.28 a basis of about 4.96%. and $4,000, 1 1923.
1928 to TION-BASIS.
-The $14.03 95 5 curbing and grading bonds awarded
Due on Oct. 1 as follows: $5,000, 1925 to 1927. incl.
-are
p.
to Sherwood & Merrifield of New Vork at 101.31-V. 117, to 2799 incl.
1942, incl.
1932
Calif.- dated Dec. 19 1923 and are payable on Dec. 19 from 1924
HAWTHORNE SCHOOL DISTRICT, Los Angeles County,
-BOND SALE.
-The
proposals will be received by L. E. Lampton,
BEACH, Los Angeles County, Calif.
-Sealed
LONG
BOND OFFERING.
5%
coupon
County Clerk (P. 0. Los Angeles), until 11 a. m. Jan. 7 for 360.600 and Bank of Italy of Los Angeles has purchased 33,000,000 5% bonus (with
Prin.
and interest)
Jan. 1
school bonds. Denom. $500 and 31,000. Date Due on 1924. as follows: privilege of registration as to both principalgas system. Denom. for the
Jan. 1
$1.000.
acquisition, construction and completion of a
semi-ann. in payable at the County Treasury.
cashier's check for Date Dec. 1 1923. Prin. and semi-ann. int. (J.
-D.). payable in Long
$2.000, 1925 to 1953. incl. and 32,500, 1961. A cert. or required:
Beach or at the Hanover National Bank, N. Y. City. Due $100,000 yearly
3% of issue payable to the Chairman Board of Supervisors,
district for on Dec. 1 from 1933 to 1962. inclusive.
The assessed valuation of the taxable property in said school issued and
the year 1923 is 32.000.155. and the amount of bonds previously
-BOND OFFERING.
-Until 12 in.
McCOMB, Hancock County,Ohio.
now outstanding is 338,500.
Jan. 14 sealed bids will be received by F. S. Pendleton. Village Clerk
Wayne for 311.028 56 6% South Todd Street impt. special .assessment bonds.
HIGHLAND PARK SCHOOL DISTRICT (P. 0. Detroit),
-H. M. Byllesby & Co. of Chicago have Denoms. $1,103 and 31.102 64. Date Nov. 1 1923. Interest M. & N.
-BOND SALE.
County, Mich.
Data Dec. 15
1926
purchased 3150.000 434% school bonds. Denom. 3.1000. Highland Park Due each six months as follows: 31.103. May 1 1924 to Nov. 1 2% incl.
of the
and $1,102 64, May 1 1927 to Nov. 1 1928 incl. Certified for
1923. Prin. and semi-ann. In (J. & D. 15) payable at the
Due Dec. 15 1953.
bonds bid for, payable to the Village Treasurer, required. Puramount of
State Bank of Highland Park.
Financial Statement.
chaser to take up and pay for bonds within 10 days from time of award.
$250.000,000
Actual valuation (estimated)
MADISON INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
165.316,900
Assessed valuation (1923)
-11, H. Hold3.127,000 Madison), Lake County, So. Dak.-BOND OFFERING.
bonded debt (including this issue)
Total
ridge, Clerk Board of Education, will receive sealed bids until 8 p. m.Jan. 16
$659,538
Less sinking fund
2.467,462 for $65,000 school bonds at not exceeding 5% interest. Date April 11923.
Net bonded debt
debt about Interest semi-annual. Due April 1 1943. Certified check for $1,500.
Population (present official estimate), 50,000. Net bonded
payable to the above official, required.
134% of the assessed valuation.
MAIDEN GRADED SCHOOL DISTRICT (P. 0. Maiden), Catawba
-The $42,250
HOLLAND, Ottawa County, Ohlo.-BOND SALE.
-Sealed proposals will be
-BOND OFFERING.
Dec. 19-V. 117, p. County No. Caro.
5N% coupon Pine Ave. drainage bonds offered on
Co., of Toledo, at par receiveceby S. M.Finger, Clerk Board of Town Commissioners, until 12 m.
--have been awarded to David Robison & basis of about 4.31%. Jan. 8 for $80.000 coupon, with privilege of registration as to principal
2349
-equal to 101.11-a
plus a premium of $468 97
33,250, 1924 and only. school bonds, originally scheduled to be sold on Dec. 21 (V. 117.
Date Feb. 1 1924. Due yearly on Aug. 1, as follows:
m
. 2677). Deno. $1,000. Date Jan. 1 1924. Prin. and semi-ann. int.
33,000, 1925 to 1937. incl.
payable in gold in New York. Due on Jan. 1 as follows: 12.000
-The Union Trust Co. of In-BOND SALE.
925 to 1934, incl.. and 33,000 1935 to 1954, incl. Bidder to name rate of
INDIANA (State of).
70 "to meet interest not to
6%.in a multiple of ti of 1%. A certified check (or
dianapolis on Dec. 21 was awarded an issue of $2,500,000 4.804
Date Jan. 2 cash) upon an exceed
incorporated bank or trust company for 2% of amount bid
deficits in State revenue" bonds on a 4.80% interest basis.
payable to the Town Treasurer required. These bonds are to be
June 30 1924.
for,
1924. Due
& Trust Co..
-The Union Trust Co. of prepared under the supwvision of the United States Mortgage
-NOTE SALE.
INDIANAPOLIS, Ind.
New York City, which will certify as to the genuineness of the signatures
Indianapolis on Dec. 21, purchased an issue of 82.500.000 "to meet casual of the officials signing same,and the seal impressed thereon. The approving
deficits in revenue" notes as 4.80s at par and accrued interest. Denom.
Chester B. Masslich, New York City, and J. L. Morehead.
to suit purchaser. Date Jan. 2 1924. Interest payable at maturity. opinions of C will be furnished the purchasers. Delivery on or about
Durham, N.
Due June 30 1924.
r1rAZ
TJ.4.),
DEC.29 1923.]
THE CHRONTCLE
2915
Jan. 29 1924 in New York City; delivery elsewhe
re at purchaser's expense, inclusive. and
including New York exchange.
$8,000, 1938 to 1983. inclusive. A certifi
ed check for $3,100
required.
Financial
Assessed valuation of property 1923 Statement.
PENNINGTON, Mercer County, N.
$1,628,261
Actual value estimated
J.
-BOND SALE.
2.500,000 National Bank of Pennington purchased $49,500 5% coupon -The First
Total indebtedness, including bonds offered
water bonds
80.000 ($50.000 offered-V. 117, P. 2679) for $50,350, equal to
101.71
of about 4.86%. Date Dec. 1 1923. Due
MANITOWOC, Manitowoc County, Wis.on Dec. 1 as follows7. a basis
BOND SALE.
-The 1925 to 1949, incl.: and 81.000
: $1.500
First Nat.onal Bank, Man.towoc, purchased
1950 to 1961, incl.
$225,000 4 % 1/..gh school
bonds at the offering on Dec. 21 (V.
PIPESTONE COUNTY (P. 0. Pipest
ing of bonds. Date Jan. 3 1923. 117, p.2678) at par less $190 for print- The
one), Minn.
-BOND SALE.
Due $12.50
$18,000
1924 to 1941 incl. The amount of bonds offered 0 yearly on Jan. 3 from were purcha Judicial Ditch No. 1 bonds offered on Dec. 21 (V. 117, p.2461)
was $250.000, but bonds
sed by the Capital Trust & Savings Bank of
maturing in 1942 and 1943. amounting to $25.00
St. Paul as
at
city for the Firemen's Pension Fund.Police Pensio 0, were retained by the par less a discount of $45. equal to 99.75. Denom. $1,000. Date4
Jan. 1
Perpetual Care Fund. The following is a list n Fund and the Cemetery 1924. Interest J. & J. Due serially.
of the bids received:
Taylor,Ewart St Co.and Central Trust Co.
PITTSBORO, Chatham County, No. Caro.
of Illinois_ _..Par less $2,528 00 Sealed
-BOND OFFERING,
Hill, Joiner & Co
proposals
Par less 2,300 00 Town Secretary, will be received until 12 in. Dec. 31 by Daniel L. Bell,
Stevenson,Perry,Stacy & Co.and Lane,Piper
for the purchase of the following issues of
& Jaffrey,
6% coupon
Inc
-sends (with privilege of conversion into
fully registered bonds):
Par less 2,095 00 $2,500 second electri
First National Bank
c light bonds. Denom. $50. Due yearly
Par less
190 00
on Jan. 1
Manitowoc Savings Bank
as follows: $50. 1927 to 1932 incl. and
3100, 1933 to 1954 incl.
Par less 1.80000
Kueehle & Co.and Federal Securities Corp
1,000 street sprinkler bonds. Denom
. $100. Due yearly on Jan. 1 as
Par less 1.402 00
,llinois Merchants' Trust Co
follows: $100, 1927 to 1932 incl.. .
and
Par less 2,052 68
Wells-Dickey Co. and Halsey, Stuart & Co
1,500 funding bonds. Denom. $50. Due $200. 1933 and 1934.
yearly
Par less 1,699 00
All of the above include accrued interes
350. 1927 to 1952 incl. and $100. 1953 and on Jan. 1 as follows:
t.
1954.
Date Jan, 1 1924. Prin, and semi-ann.
MANSFIELD CITY SCHOOL DISTRICT
coin of the United States at the Hanove int. (J. & J.) payable in gold
(P. 0. Mansfield), Richland County, Ohio.
r National
-BOND SALE.
-The $4861884 534% Series D-1 (interest on registered bonds will, at the option of Bank of New York
school bonds offered on Dec. 18-V.
the holder,
117.
-have been awarded New York exchange). Certified check drawn to the order of be paid in
to the Richland Savings Bank of Mansfield. p. 2568
the
for $49.104 84
-equal to 100.91 upon an incorporated bank or trust company, or a sum of money Town
-a basis of about 5.257. Dated
equal
day of sale. Due each six months as to 2% of the face value of the bonds bid for, require
follows: $3,618 84 March 15 1924 and
d. Purchaser must
pay accrued interest from the date of the bonds
$3,000 Sept. 15 1924 to Sept. 15
1931. incl.
to the date of delivery.
Successful bidders will be furnished with
the
Palmer & Dodge of Boston that the bonds opinion of Storey, Thorndike,
MAPLE HEIGHTS (P. 0. Bedford)
are binding obligations of the
Cuyahoga County, Ohio.- town.
BOND SALE.
-Well, Roth
$20,000 534% general sewer& Irving of Cincinnati have been awarded the
bonsd offered on Dec. 17-V. 117, p.
POLK COUNTY (P. 0. Bartow), Fla.
at par plus a premium of $68, equal to
-BOND ELECTION.
2460
-An elec100.34. Date Dec. 11923. Due tion will be held on Feb. 26 to vote on the question of
serially.
issuing $3,666,000
534% road building bonds.
MARION COUNTY (P. 0. Fairmont),
PORT EMMA SCHOOL DISTRICT NO.
W. Va.-BOND SALE.
-On
Dec. 20 an issue of $391,000 514% road
33,Dickey
-G,B. Keenan & Co. of Minneapolis County, No.Dakto the Provident Savings Bank & Trust impt. bonds was awarded at par -BOND SALE.
have purchased the
Co. Gran, Todd & Co. and the $3,000 7% coupon funding bonds offered on Dec.
L. R. Ballinger Co. Denom.$1,000
and $50d. Date June 1 1922. Inter- par, plus a premium of $12, and to furnish blank 22-V. 117, p. 2680
-at
est J. & D. Due 1923 to 1951.
bonds and pay attorney's
fees. Date Jan. 1 1924. Due Jan. 1 1933.
MARQUIS SCHOOL DISTRICT NO.
PORTO RICO (Government of).
30, McKenzie County, No'
Dak.-CERTIFICATE OFFERING.
-BOND OFFERING.
-Bids will be
-Mar
receive bids at the County Auditor's officey Skinner, District Clerk, wil received by Frank McIntyre, Major-General United State; Army
and Chief
in Schafer until 2 p. m. Jan. 2 Bureau of Insular Affairs, at his office.
for $1,600 certificates of indebtedness, bearing
Washington, D. C., until 2 p. in. Feb. 5 Room 3042. Munitions Bldg.,
unterest at a rate not to
exceed 7%. Denom. 2100. Due June
2 1925. A certified check for improvement bonds. Denom. $1,000 for $3,000,000 5% coupon public
5% of bid required.
. Date July 1 1923. Prin. and
semi-ann.int.(J.
-J.), payable at the
MELROSE, Middlesex County,
D.C. Due $500,000 yearly on JulyUnited States Treasury in Washington,
1 from 1944 to 1949, Incl.: redeem
-TEMPORARY LOAN.
-The on July 11943,or any subsequent interes
temporary loan of $175.000, maturing Mass.
able
t payment date. A certified check
and $75,000 Sept. 15 1924, offered on$50,000 on July 17 and Aug. 15 1924. or bank draft for 2% of amount
Dec. 27 (V. 117, p. 2799). has been require
bid for, payabl
awarded to the Old Colony Trust Co. of Boston
d. Accepted subscriptions will be payabl e to the above official
on a 4.20% discount basis in New York
plus a $1.75 premium.
City to be designated later, which e Feb. 19 1924 at a bank
bonds or bearer interim certificates exchangeable will make delivery of the
MERRILL, Lincoln County, Wis.for the definitive bonds.
BOND SALE.
-The $50,000
school and $25.000 bridge 5% coupon bonds
PROSPECT SCHO
offered on Dec. 20-V. 117. Dak.-BOND OFFER OL DISTRICT NO. 33, Ramsey County, No.
p. 2678
-were purchased by the Citizens
ING.
-Wm. Goodwill. District Clerk, will
National Bank of Merrill at a bids until Dec.
premium of $1,860 equal to 102.48.
Date Oct. 1 1923. Due on Apr. 1 534% funding 31 at the County Auditor's office in Devils Lake for receive
from 1931 to 1940, incl.
$6,000
bonds. Date Sept. 1
Interest payable at the First National 1923. Principal and semi-annual
Bank. Minneapolis. Due Sept.
MIAMI, Dade County, Fla.
-BOND
1
-Sealed bids will be 1938. A certified check for 5% of bid required.
received by 0. L. Huddleston. Director OFFERING.
of Finance, until 10 a. m. Jan. 8
for $177,000 5% coupon (not registe
PULAS
rable) storm and sanitary sewer bonds. Brandon. KI COUNTY (P. 0. Little Rock), Ark.
-NOTE SALE.
Denom. $1,000. Date Jan. 1 1924. Prin.
Gordon & Wadell of New York have purcha
and
payable in gold in New York. Due yearly on semi-ann. In (J. & J.), refunding county general fund notes, of which $300,0 sed $500,000 53i%
Jan. 1 as follows: $15,000 1923 and $200.0
00
1926 to 1933, incl., and $57.000
00 Aug. 1 1923. All notes mature Aug.are dated July 1
1 1924.
to the above official required. 1934. Certified check for $3,500, payable
Purchaser will be furnished unqualified
RALEIGH COUNTY TOWN DISTRICT (P.
0. Beckley), W. Va.op liocertir a o l e
lpl n of ChTttr t
t
BOND SALE.
nslli i theoy. 1 Mtge.
su t
:
-On Dec. 21 the *450,000534% coupon
t 3.
school bonds offered
on that date (V. 117. p.2680) were awarded to the
e
r
nd
Delivery
or about fan. 18 in New York City, or at signatuSt aust
Cincinnati for $360,317 50. equal to 102.29 Weil. Roth & Irving Co.
for delivery and exchange at place of his choice. Bids purchaser's expense, of
-a basis
below par acceptable. Date Nov. 1 1923. Due on Nov. 1 as follows: $10.00 of about 5.29%.
0. 1925 to 1928. inclusive; $11.000, 1929:$12.000, 1930:$
MILLVILLE, Cumberland County, N.
-BOND OFFERING.
- 1933: 316,000. 1934: 317.000, 1935; 13.000, 1931:814.000. 1932:$15.000
Wilbert J. Simmerrnan. Director of Revenu J.
sealed bids until 3:30 p. m. Jan. 11 for the e and Finance, will receive 1938; 321,000. 1939: $22,000, 1940: $18.000. 1936: 319,000, 1937: 320.000,
323.000. 1941: $24.000. 1942:
purchase of an issue of 5% 1943: $26.000,
coupon high school bonds not to exceed $375.0
325,000.
00. no more bonds to be 330.000. 1948. 1944; $27,000. 1945; $28.000, 1946; $29,000. 1947, and
awarded than will produce a premium of
$1,000
$1.000. Date Jan. 1 1924. Prin. and semi-a over $375,000. Denom.
RENVILLE SCHOOL DISTR
nn. int. (J. & J.) payable
at the Millyille National Bank of Millvil
No. Dak.-CERTIFICATE OFFERICT NO. 25, Bottineau County,
follows: $10,000. 1926 to 1962 incl., and le. Due yearly on Jan. 1 as Clerk,
ING.-Mertie Van Newkirk,
will
District
for 2% of the amount of bonds bid for, $5,000, 1963. Certified check in Bottin receive bids until 2 p. in. Jan. 11 at the County Auditor's
required. Legality approved by Caldwellpayable to the City Treasurer, Interes eau for $2,000 7% certificates of indebtedness. Denom office
& Raymond of New York.
. $500.
t semi-annual. Date Jan. 111924. Due
Feb. 111925. A certified
check for 5% must accompany all bids.
MOBILE, Mobile County, Ala.
-S. H. Hendrix.
Clerk Board of City Commissioner-BOND OFFERING.
s, will receive bids until 12 m.
RIVERVIEW SCHOOL DISTRICT NO.
for $350,000 5% coupon high school
Jan. 15
4, McKenzie County, No.
bonds. Denom. $1.000. Date Dak.-BOND OFFERING.
-Anna
March 1 1924. Prin. and semi-ann. int. payabl
e at the American Exchange sealed bids at the County Auditor'sRitland. District Clerk, will receive
National Bank, N. Y. City. Due March
office
1 1954. A certified check for (Dec. 29) for $6.000 funding bonds bearingin Schafer until 2 p. m. to-day
$1,000. payable to the City of Mobile, require
interest at
Denom. $2,000. Date Jan. 10 1924. Interes a rate not to exceed
d.
t semi-annual. Due
MOORESVILLE SCHOOL DISTRICT
(P. 0. Mooresville), Bucks Jan. 10 1934. A certified check for 5% of bid required.
County,Pa.
-BOND OFFERING.
-Sealed bids will be received by Willia
ROCKWALL COUNTY (P. 0. Rockwall), Texas.
S. Lair, President Board of Directors,
m The
Taylor-White Co. of Oklahoma City has been -BOND SALE.
school bonds. Denom. $500. Dateuntil 8 p. m. Jan. 7 for $120,000 5%
awarded
$6,000 1929 and 1930, $5,000 1931 to Jan, 1 1924. Due $8,000 1928. $156.500 bonds (balance of an Issue of $800,030 road bonds an issue of
1946 id., and $4,000 1947 to 1951 in 1918) for i158.704, equal to 101.40.
authorized
incl. Certified check for $12,000 require
send, Elliott & Munson of Philadelphia.d. Legality approved by TownSALT LAKE CITY, Salt Lake County,
-NOTE SALE.
Syndicate composed of the Bankers Trust Co., Utah.
-A
MT. VERNON, Westchester Count
Hannalis. Bailin
y,
-BOND SALE.
$240,000 coupon or registered school bonds N. Y.
-The Curtis & Sanger. all of New York, and Bosworth, Chanute & Lee and
& Co. of
Denver, has purchased $1.900,000 5% tax anticipation
offered on Dec. 20 (V. 117.
2678). have been awarded as 4345 to
Ei•
notes, dated Dec.
Sherwood & Merrifield of New York 1923 and maturing Dec. 31 1924.
.31
for $244,032
-equal to 101.68-a
Due yearly on Jan. 1 as follows: basis of about 4.28%. Date Jan. 1 1924.
SAN ANTONIO, Bexar Count
$12,00
-INJUNCTION PROCEED1932; $17,000, 1933 to 1937, inclusive: 0, 1925 to 1931, inclusive; $1,000, INGS BEGUN TO TEST LEGAL y, Texas.
$12,000, 1938: $5.000. 1939: $9,000
ITY
.-We are informed by our Wester
1940: $8,000, 1941: $1,000. 1942: $18,00
, representative that injunction proceedings to test the
n
0, 1943; and $17,000, 1944.
000 various improvement bonds recently voted (V. legality of the $4.250.NEW IBERIA, Iberia Parish, La.
117. p. 2680) have been
-BONDS VOTED.
-A special wire started.
from our Western correspondent advises
us that $25,000 light bonds have
been voted.
SAN JOSE, Santa Clara Count,
Calif.
-BOND SALE.
-A syndic
composed of R. H. Moulton & Co.,'National
NOGALES, Santa Cruz Count
City Co. and the Anglo-C ate
-BOND ELECTION.
Jan. 24 a proposition to issue $100,0y, Ariz.
-On fornia Trust Co. has purchased 8550.0005% municipal improvement ali00 street improvement bonds
bonds.
Denom. $1,000. Date Jan. 1 1924. Prin, and semi-a
submitted to a vote of the people at an
will
nn. int. (J. & J.)
election to be held on that day.be payable at the office of the City Treasur
er. Due $22,000 yearly on Jan. 1
NOLAN COUNTY ROAD DISTRICT
from 1925 to 1949 inclusive.
NO. 1 (P. 0. Sweetwater),
Tex.
-BOND SALE.
-Paying a premium of $7.000 equal
SAN MARCOS, Hay County, Texas.
to 101.16, Kauffman. Smith & Emert & Co., Inc., of St. Louis,
-BONDS DEFEATED.
-A
for the $3300,000 534% roadbonds, offered on were the successful bidders special telegraphic dispatch from our Western representative advises
that at a recent election a proposition to
Dec. 20 (V. 117, p. 2679).
us
issue $200,000 school bonds failed
OAKWOOD, Montgomery Count
to carry.
y, Ohio.
-BOND SALE.
-The
$33.175 8% Shafer Boulevard coupon paving
bonds, offered on Dec. 18SAN PATRICIO COUNTY ROAD DISTR
V. 117, p. 2569
-were awarded to the Herrick Co.
ICT NO. 3(P.O. Sinton
-BONDS DEFEATED.
equal to 104.20, a basis of about 5.27%. Date of Cincinnati for $34,539, Texas.
-At the election held on Dec.
on Oct. 1 as follows: $3,175 1925, $3,000 1926 Oct. 1 1923. Due yearly road bond issue put before the voters on that day (V. 117. 8 the $25.000
P. 2242) was
to 1931, incl., and $4,000 defeated.
1932 to 1934, incl.
SANTA BARBARA HIGH SCHOOL DISTR
OKLAHOMA CITY, Oklahoma Count
ICT, Santa Barbara
y, Okla.
-BIDS REJECTED. County, Calif.
-BOND
-All bids received for the $1,600,000 5% water
-Stephens & Co. of San Francisco
works extension bonds of- purchased 8150.000 5% SALE. coupon
have
fered on Dec. 18 (V. 117, D. 2679) were rejecte
school
d. Date Dec. 15 1923. and semi-ann. in (M. & N. 5) payabl bonds. Denom. $1.000. Prin.
Due 10 to 25 years.
e at the
Date Nov. 51923. Due on Nov. 5 as follows County Treasurer's office.
: $7.030 each even year from
ORANGE COUNTY (P. 0. Paoli), Ind.
1924 to 1942 incl. and $8,000 each off year
-BON
from 1925 to 1943 Incl,
-Sealed
bids will be received by William B. Lashbooks, D OFFERING.
SAWTELLE, Los Angeles
2 p. rn. Jan. 7 for $6,500 434% Norman Smith etCounty Treasurer, until
-BONDS VOTED.
al., coupon road bonds. vote of 7 to 1 a $430.000 street County, Calif.
-By a
Denom. $325. Date Jan. 7 1924. Interest M.&
bond issue was authorized at a
N.
recent elecsix months from May 15 1925 to Nov. 15 1934, incl. 15. Due $325 each tion.
SCOTCH BLOCK SCHOOL DISTRICT NO.
OX CREEK SCHOOL DISTRICT NO. 14, Rolett
12, Rolett
e County, No. No. Dak.-BONDS NOT SOLD.
Dak.-CERTIFICATE OFFERING.
-The 33.500 funding bonds e County,
-Mart
offered on
will receive bids at the County Auditor's in Retrum, District Clerk, Oct. 16 (V. 117, p. 1694) were not sold, as the bids received were
office in Rolla until 2 p. m. factory.
unsatisJan. S for $3,000 certificates of indebte
Denom. $1,000. Date
Jan. 5 1924. Int. rate not to exceed 7%. dness. Jan.
SCOTIA SPECIAL SCHOOL DISTRICT NO.
Due
5 1925. A certified No, Dak.22, Bottineau Count
check for 5% of bid required.
CERTIFICATE OFFERING.
y,
-Until 2 p. in. Jan. 10
be received at the County Auditor's office in
PALO PINTO COUNTY ROAD DISTRICT
Bottineau by H. K. bids will
NO. 1 (P. 0. Palo Distric
Pinto), Texas.
-BOND OFFERING.
-E. L. Pitts, County Judge, will Interest Clerk, for $3,000 certificates of indebtedness. DenomPeterson.
t rate not to exceed 7%. Date,day of
.
receive sealed bids until 10 a. m. Jan. 7 for
sale. Due in twelve Si,000,
$306,000
Denom. $1,000. Date Oct. 10 1923. Principal and 534% road bonds. A certified check for 5% of bid required.
months.
(A. & 0. 10) payable at the State Treasurer's office or semi-annual interest
SHAMROCK INDEPENDENT SCHO
OL DISTRICT (P. 0.
Bank, New York City. Due on April 10 as follows at the Hanover Nat. rock), Wheeler County,Texas.
Sham-BOND SALE.
: $7,000, 1924 to 1937. building bonds
-The 360,000 high
recently voted-V.117. p. 2242
school
-have been awarded at
par.
approving
e.r
M4.
THE CHRONICLE
2916
[VoL. 117.
1 1931.
-J. D. 3120,000 July 1 1930, $123,000 Jan. 1 1931 and $126,000 July$139,000
-BOND OFFERING.
1 1933,
SHREVEPORT, Caddo Parish, La.
sealed bids for 31,000.000 $129,000 Jan. 1 1932. $132,000 July 1 1932, 3136,000 Jan.
Dixson. Commissioner of Finance, will receive 10 a. m.Jan. 22. Denom. July 1 1933. 3144.000 Jan. 11934. 3146.000 July 1 1934, $151,000 Jan. 1
until
5% coupon water reservoir and Leapt. bondsa period of 40 years. Cashier's 1935, $153,000 July 1 1935, $157,000 Jan. 1 1936, $161,000 July 1 1936.
$1,000. Int. F. & A. Due serially over
by Jno. 3165,000 Jan. 11937,$169,000 July 1 1937. 3174.000 Jan. 1 1938. 3278,000
1
certified check for 3% of bid, required. Legality approved
or
July 1 1938. 382,000 Jan. 1 1939, $187.000 July 1 1939, $192,000 Jan.
C. Thomson, N. Y.
1940 and 3121.000 July 1 1940. Certified check for $200.000 required.
CT(P.O.Sidney),Shelby County, The successful bidder will be granted a period of twenty days after accepSIDNEY CITY SCHOOL DISTRI
own expense as
-The $40,812 89 6% school bonds offered on tance of his bid within which to obtain an opinion at his and pay for the
-BOND SALE.
Ohio.
will be required to take
awarded to Breed, Elliott & Harrison
Dec. 22 (V. 117, p. 2681) have been basis of about 5.34%. Date Feb. 1 to the legality of the bonds, and or within such further time as the Sinking
bonds within ten days thereafter,
-equal to 102.33-a
for 341,767 83
1 1924 to Aug. 1 1930, Fund Board may grant therefor.
1924. Due each six months as follows: $2,500 Feb.1 1931.
inclusive; $3,000. Feb. 11931. and $2.812 89 Aug.
TAYLOR COUNTY (P. 0. Medford), Wis.-BOND OFFERING.
-Our Carl Herrmann. County Clerk, will receive bids until 2 p. m. Feb. 1 for
BOND OFFERING.
SIOUX CITY, Woodbury County, iowa.that bids $100,000 5% road bonds. Date April 1 1924. Principal and interest
representative advises us in a special telegraphic dispatchJan. 8.
Western
until
(A.& 0.) payable at the County Treasurer's office. Denom.$1,000. Due
for the purchase of $25,000 paving bonds will be received
.
CT (P. 0. Sioux $410,000 yearly on April 1 from 1925 to 1934. inclusive
SIOUX CITY INDEPENDENT SCHOOL DISTRI
school
-It is reported that bids
-BOND OFFERING.
-The $425,000 434% coupon
TEXAS (State of).
-BONDS NOT SOLD.
Iowa.
City),
sold.
will be received until Jan. 14 by Tucker Royal,Chairman Board of Regents.
bonds offered on Dec. 21-V.117. p. 2681-were not
-Sealed for $2,500,000 University of Texas bonds.
-BOND OFFERING.
SOUTH ORANGE,Essex County, N. J. 7 by the Finance Committee
D.
THOMPSON,Grand Forks County, No. Dak.-BONDS OFFERE
proposals will be received until 8 p. m. Jan.
), at the Village Hall, Until 4 p. m. yesterday (Dec. 28) bids were received by J. H.Baumgardner,
of the Board of Trustees (Philip W. Miller, Chairman
the purchase of each of the Village Clerk, for $2.800 6% electric light equipment bonds. Denom.
South Orange Ave. and Scotland Road, for
Due in 10 years. A certified check for 5% of bid.
of the issue stated in each case being
following issues of bonds, the amount may be issued and the amount which $700. Int. ann.McKenamy, Village Treasurer, required.
payable to W. J.
the maximum amount of bonds which
of January 1924:
day
it is desired to raise, each issue being dated the first
TOOLE COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Devon),
(on Jan. 1 in each year)
-the State
3196,000 5% street assessment bonds, to mature in 1927 to 1931. both BOND SALE.
-At the offering on Dec. 17-V. 117. p. 2463
$15,000 in 1925 and 1926. 320,000
.
Land Board of Montana purchased $3,258 6% amortization funding bonds
both inclusive
inclusive, and $22.000 in 1932 to 1934,(on Jan. 1 in each at par. Date Jan. 1 1924. Due Jan. 1 1934. Bonds in an amount not
to mature
186.0004fi% street improvement bonds,
$10,000 in to exceed $3,600 were offered.
year) $8,000 in 1925 to 1934, both Inclusive: .
-J. A.
-BOND OFFERING.
$12,000 in 1936 to 1943, both inclusive 1 in each
TRAVIS COUNTY (P. 0. Austin), Tex.
1935 and
a. m. Jan. 12 for the
to mature (on Jan.
104,000 43 % general improvement bonds,both inclusive, and $4,000 in Belger, County Auditor, will receive bids until 10
following special road bonds:
year) $3,000 1925 to 1952,
-A.
Int. F.
31.140,500 5% bonds. Denom. 31,000. Date Feb. 1 1924.
1953 to 1957, both inclusive.
Jan. 1 in each year) $2,000 in
Due on Feb. 1 as follows: 320,000 1925, 321.000 1926,
79,000 4(% water bonds, to mature (on , and $1,000 in 1964.
322,000 1927, $23,000 1928. 824,000 1929, $25,000 1930.
1925 to 1963. both inclusive
and in coupon form
$26,000 1931, 327,000 1932, $28,000 1933. 330,000 1934.
All of said bonds are in denomination of $1,000interest or as to prin1938.
$32,000 1935, $34,000 1936, 336.000 1937, $38,000 1942.
with the privilege of registration as to principal and first day of January
semi-annually on the
340.000 1939, $42,000 1940, $44.000 1941, 346,000 1946.
cipal only. Interest is payable principal and interest are payable in gold
356,000
$48,000 1943, $50,000 1944, 353.000 1945.
and July in each year, and both
standard of weight and
359,000 1947. 362,000 1948. $65,000 1949, 368.000 1950,
coin of the Unit States of America of the present
cashier's
Mortgage & Trust Co., New
$70,000 1951. $51,500 1952. A certified or required.
fineness, at the office of the United States under the supervision of the
check for $10.000 payable to the County Judge
York City. The bonds will be prepared City, which will certify as to
-J.
% bonds. Denom. $500. Date Jan. 1 1924. Int. J.
Trust Co., N. Y.
34,000 5%
United States Mtge. &
village officials and the seal imDue on July 1 as follows: 31.000 1924. $1,500 1925.
the genuineness of the signatures of theare being examined by Caldwell &
$1,000 1926 and 1927. $1,500 1928,31.000 1929 and 1930.
The legal proceedings
pressed thereon.
approving opinion will be
$1.500 1931, 31.000 1932 and 1933. $1,500 1934. $1,000
Raymond, counsellors at law, New York, whose charge, and will also be
1935 and 1936. $1,500 1937. 31.000 1938 and 1939.31.500
furnished to the purchaser or purchasers without
with the United States Mtge. & Trust Co.
1940,$1,000 1941 and 1942,$1.500 1943. 31,000 1944 and
filed with the legal papers
1 up and mature in numerical
1945. $1,500 1946, $1.000 1947 and 1948, $1.500 1949.
Each issue of said bonds will be numbered from sold to the bidder or bidders
31.000 1950 and 1951 and 31,500 1952. A certified or
all bids are rejected, will be
order, and unless
offering to pay not less than the sum
cashier's check for $2,000, payable to the County Judge
complying with the terms of sale and
the least amount of bonds
required.
above stated for each issue and to take therefor or more bidders offer to
first maturity: and if two
Principal and semi-annual interest, payable at the County Treasurer's
commencing with the
bonds will be sold to the office or at the Seaboard National Bank. N.Y. City, at option of holder.
take the same amount of such bonds, then such
l price. In addition
bidder or bidders offering to pay the highest additiona
interest on the par value,
TREMPEALEAU DRAINAGE DISTRICT (P. 0. Fountain City).
to the _price bid the purchaser must pay accrued
delivery.
-Until 1 p. m. Jan. 10 Henry Roettinger.
from the date of the bonds to the date ofwill be furnished by the village Wis.-BOND OFFERING.
on forms which
Secretary Board of Commissioners, will receive bids at the Hotel Stoddard.
Proposals are desired
a certified check or checks on LaCrosse,for $50.0006% drainage bonds. Date Mar.1924. Int. annually
and each proposal must be accompanied by
the Treasurer, for 2% (Sept. 1). Due $5,000 Yearly on Sept. 1 from 1928 to 1937, incl. Cert.
an incorporated bank or trust company, payable to
will be allowed on
for $1,000, required.
of the par value of the bonds bid for. .No interest
price will be due and the check
such deposit. The balance of the purchase at the office of the United
-BOND SALE.-Geo. B. Gibbons
TROY, Rensselaer County, N. Y.
bonds will be made on Jan. 17
offered
delivery of the
& Co.of New York have been awarded the two issues of4%% bonds
States Mtge. & Trust Co.. N. Y. City.
-as follows:
on Dec. 22-V. 117, po. 2803
Safety Bldg. bonds, 1923,
Financial Statement.
$50,000 Bureau of Water and Dept. of Public Denom. $1,000 and $500.
318.029.765 00
at 101.91, a basis of about 4.27%.
Assessed valuation, real estate, 1923 , 1923
1,852,300 00
Due $2,500 yearly from 1925 to 1944, inclusive. of about 4.27%.
basis
Assessed valuation, personal propertyfor last three years_ _ _ 15,901,376 00
32,000 Public School Impt. bonds 1923. at 101.91. a from 1925 to 1944,
Average assessed valuation real estate
69
1.587,768
Denom. $1,000 and $600. Due $1,600 yearly
Bonded debt, including these issues
332,000 00
inclusive.
Water bonds included in above
water
Date Jan. 1 1924.
Funds in hand of sinking funds for bonds other than
82.736 85
-Sealed bids
-BOND OFFERING.
(Jan. 1 1923)
UMATILLA, Lake County, Fla.
by F. McWhorter,Chairman Board of
-BONDS VOTED.-Refundlng will be received until 2 p. m Jan. 29 s. Denom. $1,000. Date Jan. 1
SPRINGFIELD, Lane County, Ore. voted, it is reported.
for 345.000 6%bond
Bond Trustees,
bonds to the amount of $50,000 have been
1924. Prin. and semi-ann. int. (J. & J.) payable at the National Park
W. Va.-BOND Bank, N. Y. Due Jan. 1 1954. Cert. check for 5% of bid, required.
STAFFORD ROAD DISTRICT, Mingol County,
of Toledo. purchased, on Legality approved by Jno. C. Thomson. N.Y.
SALE.-Blanchet. Thornburgh & Vandersal
bonds at par plus a premium
Dec. 20, 3300.000534% road improvement Date July 1 1923. Int. J.
-J.
4,
F. D.
UNION TOWNSHIP SCHOOL DISTRICT (P. 0. R.-UntilNo.m.
of $750 equal to 100.25. Denom. $1,000.
12
-BOND OFFERING.
Bluffton), Hancock County, Ohio.
Due. 1924 to 1953. incl.
$5.250 Jan. 5, 0. V. Ginn, Clerk Board of Education, will receive sealed bids for
-The
OND SALE.
SUTHERLAND, Lincoln County., Neb.-B p. 2681-were purchased $3,4456% refunding bonds. Denom.$215 and one for $220. Date Dec. I
water extension bonds offered on Dec.20-V.117, plus a premium of 1625. 1923. Prin. and semi-ann. int. (F. & A.), payable at the Farmers Bank of
of Omaha at par,
as fls by the Omaha Trust Co. 5.94%.if called at optional date and 5.96% Mt. Cory. Due each six months as follows: $215 Feb. 1 1924 to Feb. 1
check for $100 on some
equal to 100.47,a basis of about
1 1923. Due Sept. 1 1943, 1931, incl.. and $220 Aug. 1 1931. Certified
if allowed to run to maturity. Date Sept.
solvent bank required.
Sept. 1 1933.
optional
,
0.
VALLEY COUNTY SCHOOL DISTRICT NO. 20 (P. has Nashua)d
-J. M. Rob-BOND OFFERING.
purchase
-The State Land Board of Montana
TACOMA, Pierce County, Wash.
-BOND SALE.
at not less thah par until Mont.
ion funding bonds offered on Dec. 15-V. 117
City Controller, will receive sealed bids
erts,
electric light and power bonds, Series the $1,451 43 6V amortizat
-D. 15.
2 p. m. Jan. 21 for $4,000,000 coupon
Denom. $1,000. Principal and p. 2463. Date Dec. 15 1923. Int. J.
A, 1924, at not exceeding 6% interest. of the City Treasurer or at the
payable at the office
VAN BUREN TOWNSHIP SCHOOL DISTRICT (P. 0. Jenera),
semi-annual interest
Washington in New York City, at holder's Hancock County,Ohio.
-The $4,8006% refunding bonds
-BOND SALE.
fiscal agency of the State of as follows: $54,000 July 1 1926, 3101.000
&
been awarded to
1 offered on Dec. 20(V. 117, p. 2681) havea basis of about Durfee Niles
option. Due each six months
5.87%. Date
11927, 3106.000 Jan. 1 1928. 3109.000 July
to 100.43,
Jan. 1 1927. 8103.000 July 3114.000 July 1 1929, $117,000 Jan. 1 1930, of Toledo for $4,821, equal
$111,000 Jan. 1 1929,
1928,
We Specialize in
City of Philadelphk
3s
/
31 28
48
/
4148
/
41 28
58
/
51 48
5%8
Biddle & Henry
Street
304 South Fifth
Philadelphia
Private Wire to New Yorl
Coll Canal 8437
NEW LOANS
FINANCIAL
S750.000
NEW LOANS
BALLARD oc COMPANY
CITY OF MEMPHIS
Members New York Stork Exchange
SALE OF REVENUE NOTES
Series 1924
HARTFORD
Connecticut Securities
Pashby,
Sealed bids will be received by C. C.
the City
City Clerk of Memphis, Tennessee, at
2:30 o'clock Wednesday. January 2nd,
Hall until
Thousand
1924, for Seven Hundred and Fifty
These
($750.000.00) Dollars of Revenue Notes.
anticipation of the taxes for
notes are issued in
1924. and
1924. They will bear date January 1. per cent
mature September 1, 1924. Interest six
two
(6%) per annum evidenced by coupons,
September
months on March 1st, six months on Memphis
of the City of
1st. Full faith and credit
pledged to pay principal and interest.
or
Principal and interest paid in Memphis
New York at option of holder. by the City of
Notes printed and delivered
Memphis in New York or equivalent.
Legal opinion John C. Thomson, Esq., attor-law. New York City, as to validity of
ney-at
'MANILLA, SISAL, JUTE
notes furnished by City.
deposit
Certified check $5,000.00 as good faith
required with bid.
by basis
Price may be named by premium or
Cloblo•nd West Streets. Brooklyn.PLY-Clay
rate and may be mailed or wired. all bids.
and
Right reserved to reject any
day
Done at Memphis, Tennessee, this 18th
of December. 1923.
ROWLETT PAINE, Mayor.
Attest: (J. 0.Pashby,
City Clerk.
AMERICAN MFG. CO;
ROPE 8g, TWINE
DEC.29 1923.]
THE CHRONICLE
Aug. 1 1923. Due $300 each six months from Feb. 1 1924
to Aug. 1 1931
nclusive
VERNIN TOWNSHIP RURAL SCHOOL DISTRICT (P.
0. Kinsman), Trumbull County, Ohio.
-BOND OFFERING.
-Sealed bids will
be received by Guy E. Martin, Clerk Board of Educati
Jan. 3 for $2,500 5% fireproof gymnasium construction on, until 1 p. m.
bonds. Denom.
$500. Date Doc. 1 1923. Prin. and semi-ann.
at the Kinston National Bank of Kinston. Dueint. (A. & 0.) payable
$500 yearly on Oct. 1
from 1925 to 1929 incl. Cert, check for $500, payable to the
above Clerk,
required.
WASHINGTON TOWNSHIP (P. 0. Lilly), Cambria County
, Pa.
BOND OFFERING.
-Sylvester Diehl. Townsh
Treasur
sealed bids until 6p. m. Jan. 5 for $27,000 43 ip coupon er, will receive
, 0
6
highway bonds.
Denom. $1.000. Date Sept. 1 1923. Princip
semi-annual interest
(M. & S.) payable at the Cassandra Deposit aland of
Bank
Cassandra. Due
yearly on Sept. 1 as follows :$5,000. 1928. 1933,
1938, 1943, 1948 and
$2,000, 1950. Certified check for $600 required.
WEEHAWKEN TOWNSHIP (P. 0. Weehawken), Hudso
n County,
N. J.
-BOND OFFERING.
-Thomas Carroll, Township Clerk, will receive
sealed bids until 8:30 p. m. Jan. 7 for the purchse of an
issue of 4%%
coupon or registered bonds not to exceed $86,000,
no
awarded than will produce a premium of $1,000 over more bonds to be
$1,000. Date Dec. 11923. Principal and semi-annual$86,000. Denom.
interest (J. & D.)
payable at the office of the Township Treasurer.
Due yearly on Dec. 1
as follows: $5,000. 1925 to 1934, inclusive, and $6,000.
1935 to 1940,
inclusive. Certified check for 2% of the amount of
bonds bid for, payable
to the Township. required. The bonds will be prepare under
d
the supervision of the United States Mortgage & Trust
Co. of New York, which
Will certify as to the genuineness of the
res of
seal impressed thereon and the validity signatubonds the officials and the
of the
will be approved by
Hawkins, De'afield & Longfellow, of New York.
WESTGATE, Los Angeles County, Cal.
-BONDS VOTED.
-An issue
of $130,000 street impt. bonds was recently voted
by a count of 272 to 38.
WHITE PLAINS, Westchester County, N. Y.
-Sealed bids until 11 a. m. Jan. 7 will be receive -BOND OFFERING.
d by Eugene S. Martin,
Commissioner of Finance, for $500,00
434% registered
bonds. Denom. $1.000. Date Jan.0 1 1924. Prin. munciipal building
and
(J. & J.) payable in lawful money in New York exchang semi-ann. int.
e at the office of
the Commissioner of Finance. Due $20,000 Jan.
1 1934 to 1958 incl.
Certified check for $10,000, required. Legalit
y approved by Clay et
Dillon of New York.
WILLIAMS IRRIGATION DISTRICT (P. 0.
Williams), Colusa
County, Calif.
-BOND OFFERING.
-W. R. Lindersmith. Secretary
Board of Directors, will receive sealed bids until 3 p.
irrigation bonds. Denom. $1,000. Date Jan. 1 m.Dec.31 for $581,000
1924. Due on Jan. 1
as follows: $15,000, 1942 to 1944 incl.; $20,000
, 1945 to 1947 incl.;
FINANCIAL
2917
$25.000. 1948 to 1950 incl.; $30,000,
and 1955; $40.000. 1956 to 1958 incl.; 1951 to 1953 incl.: $34,000. 1954
$45,000
1961. A certified check for 2% of amount , 1959 and 1960,and $31.000.
bid for, payable to the District
required.
,
WILLOUGHBY, Lake County, Ohio.
-BOND SALE.
-The 812,700
% village's portion sewer funding bonds
offered on Dec. 22-V.
p. 2681-have been awarded to the
117.
of Cincinnati at par„ plus a premiuProvident Savings Bank & Trust Co.
m
of about 5.31%. Date Oct. 1 1923. of $215 90. equal to 101.70, a basis
Due yearly on Oct. 1 as follows
$500 1924 to 1947, incl., except the
:
years 1§26, 1929, 1932. 1935,
1941 and 1944, when $600 becomes due.
1938.
realisissell
WITTENBERG SCHOOL DISTRICT
NO. 8, Mercer County, No.
Dak.-BOND OFFERING.
-Fred Brunmei
will receive bids at the County Auditor er, Clerk of the School Board,
Jan. 7 for $2,000 7% school-building 's office in Stanton until 3 p. m.
annual. Due in ten years. A certifie bonds. Denom. $1,000. Interest
d check for 5% of bid required.
YOUNGSTOWN CITY SCHOOL
DISTRICT (P. 0. Youngs
Mahoning County, Ohio.
town),
-BOND SALE.
-On Dec. 20 the $1,202,
5% coupon bonds issued in
000
(V.117, p. 2682), were awardeanticipation of taxes, offered on that date
d to Stevenson, Perry, Stacy & Co.
at par. Date Dec. 20 1923. Due each
of Toledo
six months as follows: $75,000
Feb. 1 1924 to Aug. 1 1930 incl. and
$76,000 Feb. 1 and Aug. 1 1931.
CANADA, its Provinces and Munic
ipalities.
BEAUF
ORT, Que.-BOND OFFERING.
-Henri Delage,
will receive bids until 12 m. Dec.
31 for $50,000 534% serial Sec.-Treas..
turing 1924 to 1938, incl.
bonds, maONTARIO (Province of).
-NOTE
-Dillon, Read & Co. have
been awarded an issue of $10,000,000 SALE.
one-year 5% notes on a 534%
est basis.
interOTTAWA, Ont.-BOND OFFERI
NG.
receive sealed bids until 3 p. m. Jan. -Frank H. Plant, Mayor, will
10 for the following
(with privilege of registration as to
% coupon
principal) bonds:
$322,586 54
10
-year
$175,734 77
193,240 21
20
-year
15-year
Denom. $1,000. Date Jan. 1 1924. 1,125.000 00
30
-year
Cert. check for $10.000. required.
ST. CHARLES, Bas du Saulte
Que.-BOND OFFERING.
Delorme, Secretary-Treasurer, will receive
-Emile
tenders until
for $15,000 6% 10
-installment school bonds. Date Sept. 10 a. m. Dec. 31
1 1923. Interest
semi-annually.
TECK TOWNSHIP, Ont.-BOND
-An issue of $.30.000
-installment bonds has been awarde SALE.
15
6%
d privately to Mackay & Mackay
.
UNITED TOWNSHIPS OF LA REINE
AND DESMELOIZES, Que.BOND OFFERING.
-Until Jan. 7 Frank Foley,
Secretary-Treasurer (P.0.
La Reine), will receive b ds for $6,0006%
20
-year bonds, dated Feb. 1 2923.
FINANCIAL
NEW LOANS
Chartered 1836
Union Free School District No. 1 of the
Town of Greenburgh, New York.
NOTICE OF SALE.
$450,000
School District Bonds, Series A.
$150,000
School District Bonds, Series B.
High Grade Investment Securities
Commercial Paper
Bankers cAcceptances
Hibernia Securities Co., Inc.
Hibernia Bank Building, New Orleans
New York
Atlanta
Dallas
Southern Municipal and
Industrial Securities
MOOR.E,HYAMS,& CO., Inc.,
401 Canal-Coml. Bldg.
NEW ORLEANS
TO LOCATE
the firm that has for
disposal what you require, insert an ad in the
Classified Department
of The Financial Chronicle (faces the inside
back cover).
Institutions Desiring
Philadelphia Connections
are invited to avail themselves
of the Banking, Trust, Real
Estate and other facilities of
this Company, which is now
serving many clients in other cities.
The continued growth of this
Company, without consolidation,
since its establishment under perpetual charter in 1836, is evidence
of the satisfactory service rendered.
Capital and Surplus . . $10,000,000
Resources . . . . . . 61,000,000
Individual Trust Funds . 332,000,000
Corp00000 Trust Funds $1.453.000,001
GIRARD
TRUST COMPANY
groad 8c Chestnut
Sis.,
Philadelphia
F. WM. KRAFT, Lawyer
Specializing in Examination & Prepar
ation o
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
Rooms 517-520, 111 W. Monroe St
Harris Trust Buildin
CHICAGO. ILLINOIS
Sealed proposals will be
of Education of Union received by the Board
Free School District
No. 1 of the Town of Greenburgh,
N. Y.. on
January 16. 1924. at 7 o'clock p. m.,
at Washington Irving High School,
Tarrytown, New
York, for the purchase of the
following issues
of bonds:
$450,000 School District Bonds. Series
A.
dated April 1st, 1923, maturing $15,000
thereof
on October 1st in each of the years
1925 to 1954,
both inclusive; and
$150,000 School District Bonds, Series
B.
dated January 1st, 1924, maturing
on October 1st in each of the years$5,000 thereof
1925 to 1954.
both inclusive.
Said bonds will be of the denomination
$1,000 each, will bear interest at the rate of of
four
and one-half per centum (434%) per
annum,
payable semi-annually on the first days of
and October in each year. Both principa April
l and
interest of said bonds will be payable
in gold
coin of the United States of America
of
to the present standard of weight and or equal
at the office of the Tarrytown Nationafineness
Tarrytown, New York. The bonds willl Bank.
be
pon bonds, with the privilege of registra coution as
to principal and interest.
The right is reserved to reject all bids, and
any
bid not complying with the terms of this
notice
will be rejected.
The bonds will not be sold for
than par.
and in addition to the amount bid less successf
the
ul
bidder must pay accrued interest at the
rate
borne by the bonds from the date of the bonds
to the date of payment of the purchase price.
less interest on the deposited check as provide
d
below.
All bidders are required to deposit a certifie
d
check payable to the order of Treasurer of Union
Free School District No. 1 of the Town of Greenburgh for two per centum of the amount
bid for, drawn upon an incorporated of bonds
bank or
trust company. Checks of unsuccessful bidders
Will be returned upon the award of the bonds.
Interest will be allowed upon the amount of
check of a successful bidder at the rate bornethe
by
the bonds from the date of the award to the date
of delivery, and such check will be retained to
be applied in part payment for the bonds or to
secure the Board against any loss resulting from
the failure of the bidder to comply with the
terms of his bid.
Proposals should be addressed to
CLERK OF THE BOARD OF EDUCATION,
Town of Greenburgh,
al
Tarrytown, New York,
and enclosed in a sealed envelope marked on the
outside "Proposal for Bonds."
The successful bidder will be furnished with the
opinion of Messrs. Hawkins. Delafield & Longfellow of New York City that the bonds are
binding and legal obligations of the Board.
The Bonds will be prepared under the supervision of the United States Mortgage & Trust
Company, which will certify as to the genuine
ness of the signatures of the officials and the
seal
impressed thereon.
By order of the Board of Education.
Dated December 26. 1923.
MERTON F. BELLOWS.
District Clerk.
I
[VOL. 117.
THE CHRONICLE
2918
CHICAGO
financial
MICHIGAN
INVESTMENT TIANICERS
Municipal, Government /1‘
Corporation Bonds
Members Delreit Stock Exchange
M.
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6reenebaum Sons
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CLEVELAND
Joel Stockard & Co., Inc.
Listed - Unlisted - Inactive
Stocks & Bonds
WAILING,LERC HEN & COMPANY
ALBERT FOYER
CLEVELAND 0
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Michigan Municipal Bonds
Local Corporation Bonds and Ston•!:.
We Invite Inquirila
WHITTLESEY.
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Safe First Mortgage
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dutiable Investments for Banks, Incur.
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TOLEDO
DETROIT
Members Detroit Stock EschanaJ
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Company
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National Bonh Bids
TEL 1"10613,,,t 706
ANDOLM 3046
K
Members Detroit Stock Exchange
DETROIT
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72
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Established 1891
New York Stock Exchange
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Pittsburgh Securities a Specialty
Listed and Unlisted Securities
Cammack & Company
Branch Office, Wheeling, W. Va.
Municipal and Corporation
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MILWAUKEE
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89 So. La Salle St.
CHICAGO, ILLINOIS
428 Fourth Ave.,
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PENOBSCOT BUILDING, DETROIT, MICe
Livingstone, Higbie & Compan)
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EDGAR, RICKER & CO.
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Wanted
WISCONSIN TELEPHONE CO.
PREFERRED
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Members
New York Stock Exchanga
Chicago Stock Exchange
Mileage Board sof Trade
110 WEST MONROE STREET
CHICAGO. ILL.
CORRELL&CO.
Investment Bonds
Penobscot Building
Detroit
Mich.
Grand Rapids Savings
Bank Building
Grand Rapids
1027 The Rookery • Chicago
Investment Securities
'Bought and Sold
POWELL, GARARD & CO.
InveRment Securities
HARRIS, SMALL & CO.
110 CONGRESS ST., W.
DETROIT
Investment Securities
Financing of
Milwaukee and Wisconsin
Industries
FIRST
WISCONSIN COMPANY
39 So. LaSalle St.
Chicago
Affiliated with First Wisconsin National Bank
WISCONSIN
MILWAUKEE
AMMIlalela
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INDIANAPOLIS
Fletcher American Company
Allied With the
Inetdter American National Bank
INDIANAPOLIS
Second Ward Securities Co.
Third and Cedar Ste.
MILWAUKEE
Coaduots a general Investment business
Specialists in
Collateral Loans
Investment Securities
TN S. la Safe St
Chicago, II.
105 So. La Salle St.
CHICAGO
Branches
Detroit
Chicago
2319 Dime Bank Building
Se. La Salle
11
Louisville
South Bend
1/10 Citizens Bank Bldg. 511 Inter-Southern Bldg.
CHRISTIAN & PARSONS CO.
& HARRISON
BREED, ELLIOTTPOLIS
INDIANA
Cincinnati
Detroit
Chicago
Milwaukee
Investment Securities
Municipal Bonds
Indiana Corporation Securities
We specialize in Municipal Bonds -
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and all
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INDIANAPOLIS
415 Lemcke Bldg.
D. FELLOWS COMPANY
29 S. LaSalle Si., Chicago
High Grade Investments
ATLANTA
Hyney, Emerson & Cs.
THE ROBINSON-HUMPHREY CO.
MUNICIPAL & CORPORATION
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Established 1894
NEWTON TODD
Local Securities and
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ATLANTA
GEORGIC
Specialists In Financing of
Chicago and Middle-Weatern Industrial
$9 South LaSalle Street, CHICAGO
KALAMAZOO
MILWAUKEE
@FedFRASER