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Tlie
I financial
OMMjZtl f brontrie
i3ank & Quotation Section
Railway Earnings Section
INCLUDING
Railway St Industrial Section
Bankers' Convention Section
SATURDAY, DECEMBER 8 1923
VOL. 117.
Whe Thronicle.
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The Financial Situation.
President Coolidge's message to Congress has been
the absorbing topic of the week. It was awaited
with unusual interest, as it is the first opportunity
the President has had to communicate his views to
an anxious and expectant community, since he so
suddenly succeeded to the office as the result of the
lamented death of President Harding. The message
shows that he is in full accord with the policies proclaimed by the latter, which is in itself an assuring
circumstance. To a person of less poise and of less
balanced intellect, to be suddenly thrust into the
highest executive office might have involved a temptation to branch out into experimental fields—with
the view to focusing attention upon himself in the
public mind. Not so with Mr. Coolidge. Thoroughly
satisfied with the work laid out by Mr. Harding, he
has from the first shown a disposition to give it his
whole-hearted support and to speed it to completion,
rather than to embark upon a line of policy that
could be denominated as peculiarly his own.
Yet the message is distinctive, just as his personality is distinctive. Mr. Coolidge is not a "Me Too."
No one can read his message without coming to the
conclusion that the author is a person of pronounced
convictions and that in endorsing the policies of his
predecessor it is because these policies unqualifiedly
commend themselves to him. What stands out most
prominently in the document is its clarity of expression, its clear-cut tone and character, an 1 its incisive
manner of speech. Straightforwardness is everywhere in evidence, with no evasion of any kind. No
Electric Railway Sectioa:
State and City Sectiot
NO.3050
hidden meaning attaches to any of the words. He
speaks without equivocation,and in such a direct and
positive way as to leave no doubt as to where he
stands on any of the great questions of the day. He
is not a trimmer and never two-faced. He shows
plainly a desire to go on record and is prepared to
take the consequences of his decisions.
He is frank throughout. With reference to the
soldier bonus he says with simple directness "I do
not favor the granting of a bonus." Concerning the
treatment of the foreign indebtedness to the United
States, he declares his position with equal positiveness and says: "I do not favor cancellation of this
foreign debt," being careful to add, however, "but I
see no objection to adjusting it in accordance with
the principle adopted for the British debt." He says
it is possible to make a large reduction in taxes, and
then asserts with great earnestness that"the country
wants this measure to have the right of way over all
others." On the subject of relief for farmers, he is
no less definite in his statements, saying with fine
spirit—"No complicated scheme of relief, no plan
for Government fixing of prices, no resort to the public treasury will be of any permanent value in establishing agriculture. Simple and direct methods put
into operation by the farmer himself are the only real
sources for restoration."
And so we might go through the whole range of
subjects discussed and find them all treated in the
same frank and comprehensive manner. It is true
that he holds out the prospect of lower freight rates
to the farmer and indulges in a threat that if the railroads do not voluntarily agree to consolidations under which the strong roads will have to take the weak
roads under their sheltering care, "the authority of
the Government will have to be directly invoked."
On these and some other points we cannot say that
we entirely agree with Mr. Coolidge, but it is impossible, nevertheless, not to express admiration for
the message, for it is BO palpably evident that in all
he says and does he is acting out of a sense of duty
and from the strongest of convictions.
Mercantile insolvencies during November were
somewhat more numerous than in the preceding
months this year, with the single exception of January, but as the year approaches its close this is to be
expected. Likewise, the indebtedness involved continues very large, but again as during preceding
months, this is mainly due to a comparatively few
exceptionally large failures in the manufacturing
division. For November, however, the aggregate is
not nearly so large as for the preceding month,
though with that exception it exceeds any month this
year; and out of the preceding 40 months, or nearly
2466
THE CHRONICLE
three and one-half years, during which losses due to
insolvencies have been excessively heavy, November
is one of the 14 months in whicli the aggregate of indebtedness has exceeded $50,000,000. The records
of R. G.Dun & Co., on which our comments are based,
show that during November there were 1,704 mercantile failures with liabilities of $50,291,708. These
figures do not include banking failures and contrast
with 1,673 similar mercantile defaults during October, with an aggregate of indebtedness of $79,301,741
--the second largest amount for any monthly period
on record—and with 1,737 insolvencies during November 1922 for $40,265,297. While the amounts are
all large, this, as oted above, has been the case for
the past three and one-half years or more, and in
fact practically all records of mercantile pursuits
are now on a much larger scale than in previous periods, one reason for this being the higtier range of
values as measured by the prevailing higher commodity pr:ces. For the eleven months of the current
year mercantile defaults have numbered 16,877 and
the indebtedness is $487,772,076; the comparison is
with 21,862 defaults for the first eleven months of
1922, involving $565,827,230 of indebtedness, the latter being a record year for the number of insolvencies. During 1921,for the twelve months, there were.
19,652 mercantile failures and the liabilities were
$627,401,883. Only in one preceding year, and that
was 1915, has the number of defaults exceeded 20,000,
but for that year the amount of indebtedness involved was about one-half of the sum involved in
either one of the past three years.
Failures in manufacturing lines during November
numbered 495, with liabilities of $29,155,918, these
figures contrasting with 456 manufacturing defaults
during November 1922 for $15,007,973 of indebtedness. In trading lines, there were 1,131 insolvencies
last month owing $17,193,748, the number in the corresponding month last year having been 1,230 and
the indebtedness $18,741,023, and there were 78 failures of agents and brokers in November this year
with $3,942,042 of indebtedness, the corresponding
figures a year ago having been 51 as to the number
and $6,516,301 of indebtedness. The heavy losses in
the manufacturing division are apparent, the number of manufacturing defaults constituting 28.5% of
the total number of all defaults in November, while
the manufacturing liabilities for that month are
58% of the total liabilities. Furthermore, there
were 40 of the larger manufacturing defaults in November, which reported a total indebtedness of $21,303,690--8.1% of the total number of manufacturing
defaults and 73.1% of the indebtedness. Much the
same condition prevailed in October and during the
preceding months this year. In trading lines, the
larger defaults numbered 24, with an aggregate of
indebtedness of $5,085,173, while of the 78 insolvencies of agents and brokers owing $3,942,042, there
were 7 reporting an indebtedness of $3,042,643. Of
all mercantile defaults during November,71 reported
liabilities of $29,431,506 (73.1% of which, as noted
above, was in the manufacturing division), leaving
for the remaining 1,633 defaults which occurred in
that month, $20,860,202 of indebtedness, an average
amount for each default of $12,774; for October the
average was $11,670; for November 1922, it was $12,602 and ten years ago it was $8,462. As to the leading classifications of trade, there is some increase in
the number of failures during the month just closed
as compared with November 1922, among manufac-
[VoL. 117.
turers of machinery and tools, manufacturers of lumber and allied lines and hats and gloves. The noteworthy increase in liabilities is among manufacturers of cotton goods; also, manufacturers of leather
goods and shoes. In the trading class there is a decrease in the number of insolvencies in November
this year as contrasted with a year ago among general stores, grocers, dealers in furniture and crockcry; also hardware. Failures among dealers in clothing and boots and shoes, on the other hand, show an
increase. Liabilities among clothiers and dry goods
dealers are larger for November this year than they
were a year ago, but for furniture and hardware are
considerably less. As noted above, the heavy losses
are in the manufacturing division.
The outcome of the British general election, which
was held on Thursday, Dec. 6, has been the outstanding political event in Europe. The figures received
late last evening, while incomplete, indicated that
Premier Baldwin would have a majority in the House
of Commons over other individual parties but not
over all the parties taken together. It was thought
that this would necessitate the forming of a Coalition
Cabinet or the holding of another general election.
The results at the best cannot fail to be a fresh disturbing factor in the already greatly confused and
thoroughly unstable political situation throughout
Europe. Practically no progress appears to have
been made in carrying out the decision of the Reparations Commission to appoint two committees to look
into Germany's financial affairs. Berlin dispatches
state that Dr. Marx is to be given dictatorial powers
in the administration of the German Government.
According to Washington advices that Government
will soon ask the Reparations Commission for authority to float a loan outside of Germany for $70,000,000 to buy food to carry the townspeople through
the winter.
As to the decision of the Reparations Commission
on Nov. 30 to name two committees to look into various phases of German affairs, the Paris correspondent of the New York "Times" said: "The Reparations Commission decided to-day to name two committees of experts from representatives of the Allied
Powers, with a place for America on each. The experts will not touch the amount of reparations and
will not even discuss German payments for three or
six years to come." He explained that "Committee
No. 1 will be charged with seeking ways and means
to balance the German budget and measures to stabilize her currency. Committee No.2 will be to seek an
evaluation of German wealth held abroad and the
means of getting it back to Germany. The committees are to be named by the Reparations Commission
under Article 234 of the Treaty of Versailles." Continuing to explain the duties and position of the two
committees, the "Times" correspondent said: "The
French proposal, made last week, provided that experts should study Germany's capacity for payments
in the next three years The reasons for dropping
this plan are twofold. In the first place it is obvious Germany can pay little or nothing in the next
three years, and, in the second place, the discussion
of what she could pay would bring up the issue of
the legality of the occupation of the Ruhr, which
England wishes not to raise for the time being and
which the French naturally are willing to let lie. So,
as it stands, the experts will have nothing to do di-
Due.81923.]
THE CHRONICLE
rectly with either the yearly amounts or the total of
what Germany should pay, but will touch on two
angles only of the general situation." Commenting
upon the significance of the agreement to appoint
the two committees, he observed that "relations between England and France took on a distinctly
brighter tone to-day when the Reparations Commission let lie the thorny question of the legality of the
Ruhr occupation and at the same time adopted the
French project for naming experts to study the German financial situation. Just as the Allied decision
on military control in Germany ten days ago represented French concessions to maintain the Entente,
to-day's developments mark British concessions for
the same purpose. Regarding the Ruhr occupation
as illegal, the British declined the invitation to say
so again, and, regarding the committee of experts as
useless under Poincare's restrictions, they voted for
it to-day. Transactions of ten days ago and of today certainly show the spirit of the two great Allies
to get back together. Skeptics here say London's
attitude signifies a desire to avoid foreign complications on the eve of the election. Whether that be
true, time surely will tell."
Relative to the United States being represented on
each of the committees, the Washington correspondent of the New York "Times" stated in a dispatch on
the evening of Nov. 30 that "President Coolidge is
without official confirmation of reports from Paris
that it is the desire of the Reparations Commission
to have the United States represented on committees
of experts which it appears to have been decided to
appoint to investigate Germany's finances." He
further stated that "the American Government, as
such, an authorized spokesman for the President declared, certainly would not be represented on the
projected investigating committees. The only question, it ,was added, would be whether some promiinent American citizen, a man of standing who would
be important enough to serve in such a capacity,
would be asked to participate in the work." From
Paris came the announcement last Saturday afternoon that "an invitation to the United States Government to appoint members of each of the two committees which are to investigate German finances
has been forwarded to Washington by Colonel James
A. Logan on behalf of the Reparations Commission."
The Paris representative of the Associated Press
added that "the fundamental reason for the anxiety
to have American assistance, it is pointed out, is
that any plan to restore the finances of the German
republic must include the advance of a large sum;
certainly $500,000,000 at the minimum. This amount
would be raised in the various money markets of the
world by public subscription and not be provided by
the Allied Governments. The idea expressed is that
if American finance were not represented on the
committees the American investing public would not
have the same confidence in the conclusions reached."
According to a Washington dispatch the same afternoon, "the American Government still is unwilling to participate in a restricted inquiry into German finances and has so informed James A. Logan,
American observer with the Reparations Commission in Paris." The New York "Times" representative at the national capital said in a dispatch that
evening that "the United States Government will
not favor participation by this country in an inquiry
into Germany's financial situation if the inquiry is
to be restricted by the French Government in such
2467
a way as to make efforts to reach a final decision ineffectual, it was said in an authoritative quarter today."
Secretary of State Hughes himself, in an address
before the American Academy of Political and Social Science in Philadelphia on the evening of Nov.
30, clearly re-stated the attitude of the United States
toward participating in European affairs when he
said that "the American nation would rather bear
such ills as might result from its present policy toward Europe than 'suffer the greater evils which
would follow the sacrifice of our independent position.'" Commenting upon the reception given Secretary Hughes's speech in Rome, the representative
there of the New York "Times" said that "Secretary
Hughes's speech in Philadelphia, which has been
largely reproduced by the press, has been welcomed
with a sigh of relief in Italy, where it is interpreted
to mean that America has not definitely closed the
door on the possibility of intervening in Europe and
that she is only waiting for such conditions to mature
in Europe as to render her intervention efficacious.
Political circles have also read the Hughes speech
with satisfaction, as the Italian Foreign Office has
always believed that the United States will sooner or
later be obliged to abandon the policy of isolation
from European affairs." Apparently the feeling in
Berlin was quite different. The Associated Press
correspondent at that centre stated that "Secretary
Hughes's Philadelphia speech, cabled here in brief
form, draws adverse criticism from the conservative
and Junker organs, which querulously complain
that the utterances of the American Cabinet chief
provide no concrete help for Germany in her present sorry plight."
According to the representative of the New York
"Tribune" in London,"in Great Britain there is some
conflict of opinion as to whether the Reparations
Commission's decision to appoint two expert committees to inquire into Germany's financial situation
does not imply that Premier Poincare's former limitations have gone into the discard. What is certain, however, is that the fundamental Anglo-French
disagreement has only been glossed over." He further stated that "there is grave doubt now whether
the two expert committees will ever meet. This
doubt is specially enhanced by the cautious attitude
of the Washington Administration." From Paris,
however, came an Associated Press dispatch on Dec.
3 stating that "Premier Poincare, Louis Barthou,
head of the Reparations Commission, and M. Delacroix, the principel Belgian member of that body,
were in conference to-day endeavoring to prepare
a satisfactory 'formula' for the examination of the
German situation. The effort is to find a wording
which would avoid infringing the French Premier's
declaration that France could not engage in an inquiry in which Germany's liabilities as previously
fixed at 130,000,000,000 gold marks could be questioned and yet would satisfy Secretary of State
Hughes that the proposed investigation by experts
would have ample range." He also explained that
"the desire of the French and Belgian Governments,
it is explained, is to place the negotiations with
Washington as nearly as possible in the position
they were in before the declination of the American
Government a fortnight ago to accept the French limitation upon the inquiry." In a dispatch Monday
afternoon from the Washington representative of
2468
THE CHRONICLE
"The Sun and The Globe," it was asserted that "the
position of the United States in regard to the German reparations situation is not changed in the
least, it was officially announced at the State Department to-day. While the Department has before
it 'certain vague suggestions from the Reparations
Commission regarding an investigation into Germany's financial condition, it has nothing before it
which could be construed as an invitation for this
Government to participate in the proposed investigation. Until and unless a definite invitation is
received there will be no official statement of the
Government's position in regard to the matter."
Dr. Wilhelm Marx actually completed his Cabinet
on Nov. 29, according to Berlin cable advices. It
was stated that at one time it looked as though he
would fail, the same as several others whom President Ebert had asked to undertake the task had done.
Gustav Stresemann, Chancellor of the last preceding Cabinet, consented to take the important portfolio of Foreign Minister. From the first the opinion
seemed to prevail in Berlin that the new Ministry
could not last long. The same opinion has been expressed rather generally in this country. The Berlin
correspondent of the New York "Times" cabled that
when he showed the list of the new Cabinet members
to "a well-known Socialist leader," the latter observed that "there are doctors enough in it to kill
the healthiest patient." The Associated Press correspondent in the German capital asserted that "the
radicals will make their temporary sufferance of
the new Government wholly contingent on its attitude on the question of abolishing martial law and
its treatment of Bavaria. The Nationalists backed
away from the new Ministry altogether."
The Berlin correspondent of the New York "Herald" cabled, under date of Nov.30, that "Dr. William
Marx and his three-party Coalition Cabinet officially took over the reins of Government to-night.
The new Chancellor informed President Ebert that
he was prepared to go before the Reichstag next Tuesday with a Governmental program differing in no
essential detail from that of his predecessor." He
asserted that "the new Chancellor intends to demand
of Parliament dictatorial powers similar to those extended to Dr. Stresemann, without which the present financial and economic program cannot be carried out adequately. Should this legislation be
withheld President Ebert will authorize Dr. Marx to
dissolve the Reichstag." The "Herald" representative further said that "the Marx Ministry hopes to
govern on the same basis as that upon which former
Chancellor Wirth's authority was based, namely the
so-called Weimar coalition, composed of the Democratic, Centre and People's parties, with the friendly
support of the SOcialists. These three groups are in
the minority, controlling only 173 out of the 459
members of the Reichstag, and can check the Nationalists only with the consent of the Socialists."
The New York "Tribune" correspondent in the German capital took a more hopeful view than that of
other American correspondents of the immediate future of the new Cabinet and of its ability to overcome
opposition. He said that "as none of the Reichstag parties, with the exception of the Nationalists,
are keen on a general election at this time, especially
since the present Reichstag has only six months to
live, it is expected the present Cabinet will be able to
maintain itself for that period until the general elec
[VOL. 117.
tion next spring. Despite its swing to the Right, the
new Cabinet's personnel indicates a defeat of the Nationalists in their effort to force the immediate dissolution of the Reichstag and the establishment of a
Nationalist dictatorship. It also carried with it the
preservation of the big coalition Government in
Prussia, which is regarded as of the utmost importance for the maintenance of peace and order."
In a cablegram under date of Dec. 2 the Berlin
representative of the New York "Herald" outlined
the situation in Germany in part as follows: "Chancellor Marx asumes direction of the German republic under far more auspicious circumstances for his
success than those which confronted his predecessors. Germany, economically, financially and politically, was at her last gasp when Dr. Stresemann
took over the Chancellorship from Dr. Cuno three
months ago. Since then conditions have changed so
much that Dr. Marx and his associates—provided,
of,course, they get the Reichstag's approval Tuesday
—will have smooth -sailing, compared with the
stormy seas that raged about the last Cabinet. With
Dr. Stresemann's Parliamentary downfall—politically his influence still prevails, particularly in that
as Foreign Minister he will continue to guide German diplomacy—two men have come into the forefront of German affairs. They are Hugo Stinnes and
General von Seeckt, Commander-in-Chief of the
Reichswehr. Stinnes is now almost omnipotent in
the economic field, and von Seeckt, as supreme military dictator, dominates the country's politics. Acting together, as they doubtless will do, this pair
ought to be invincible. Virtually disregarding Dr.
Stresemann, for whose defeat he is largely to blame,
Stinnes put through the settlement with the French
by which industry in the Ruhr might resume productive operation. This development undoubtedly constitutes the most important and most essential step
in the economic rehabilitation toward which Germany must strive after the terrific losses sustained
through the exhausting campaign ,of passive resistance waged against the occupation of the Ruhr."
In further support of the reported improvement
in industrial conditions in Germany,the Duesseldorf
representative of the New York "Times" cabled Dec.
3 that "the Ruhr is returning to work. That is the
sure impression gathered in a trip embracing the industrial centres and the important cities of Essen,
Steele, Bochum, Gelsenkirchen, Hamborn and Muehlhelm. Everywhere one finds evidence of not only a
desire to return to normalcy, but a real strenuous effort to insure that return by the rapidest possible
roads. No time is being wasted either by masters or
men." From Cologne came a dispatch the same day
stating that "the most important feature of the day
in the occupied territories is the rise of the mark. In
the middle of last week it had reached 40,000,000,000
to the pound sterling. To-day it has gone back to 20,000,000,000. This presumably is due to the measures
taken by the Government in Berlin to end the output of the old paper currency."
Chancellor Marx made a speech in the Reichstag
on Tuesday that apparently did much, for the time
being at least, to unify the opposing political factions. With respect to the speech, the Berlin correspondent of the New York "Times" said: "Not
words, but deeds, was the keynote of Chancellor
Marx's speech in the Reichstag this afternoon out-
DEC.8 1923.]
THE CHRONICLE
lining the program of the new Government, which,
according to the Chancellor's own statement, differs
in nowise from the program of the late Stresemann
Government. The speech was remarkable for its
brevity." Continuing, the correspondent said:"When
the Government made its debut the Reichstag was
crowded. Dissolution had been the favorite topic
among the legislators around the lobby, but after
listening to the Chancellor, long a familiar figure as
leader of the Centrists, the House without further
action adjourned till to-morrow, thus giving the
Social Democrats a chance to decide definitely in
caucus on their course of action." According to the
dispatch also, "the Reichsrat, or Federal Council,
earlier in the afternoon, after having been addressed
by the Chancellor, had given its formal approval to
the Dictatorial Powers Bill by a vote of 45 against 9,
the representatives of Saxony, Brunswick and the
Prussian Rhine Province voting no and those of Bavaria and Thuringia abstaining." Apparently the
opening paragraph was one of the most striking in
the entire speech of the Chancellor. He was quoted
as follows by the New York "Times" correspondent:
"In view of the literally frightful political and financial situation of the Fatherland, it is the highest and
foremost duty of everybody in party and public life,
and particularly the Government, to relegate to the
background everything calculated to increase the
unfortunate and all-too-great divisions among our
people. My fight is directed neither against the
Right nor the Left, but against all those who by
force and cunning seek to rob the German people of
all that is left to us—unity of the nation." The correspondent called special attention to the fact that
"this evoked loud bravos from almost all but the
Communists."
The reports regarding conditions in the Ruhr continued to improve as the week advanced. On Dec. 4
the Duesseldorf representative of the New York
"Times" cabled that "a semi-official note issued -by
the Quai d'Orsay announces that on Dec. 10, when
the railroad agreement signed at Mainz between the
Franco-Belgians and the Germans comes into force,
the first real step will have been taken toward final
pacification of the Ruhr." He added that "while it
is for the time being not regarded possible to mark
the abandonment of resistance by the withdrawal of
any section of the troops of occupation,it is intended
to reward the Germans by progressively making the
military occupation less conspicuously apparent to
the inhabitants." According to the dispatch also,
arrangements are now being made to remove troops
as far as possible from the large working centres.
This 'means the French are now able to apply the
system of invisible occupation which was intended
when the Ruhr operation was begun,troops then only
being intended to protect the technical missions
while executing control over the German output."
Another hopeful feature of the situation in the
Ruhr Iv as brought out in a wireless dispatch from
Cologne to the New York "Times" under date of Dec.
5. It stated in part that "details'now available of
the railway convention signed on Saturday by the
German and French railway representatives at
Mainz show it is of greater importance than was indicated by the few hints given two days ago by M.
Breaud. The convention still requires the assent of
the German Government before becoming valid, but
there is little reason to suppose this will be withheld.
2469
since the French made very considerable conces,
sions." The correspondent declared that "the most
important point in the convention is that the whole
rolling stock of the railways remains the property
of the German Government and will continue to be
distributed by the Central German traffic authority
as before the occupation of the Ruhr. This is the
first essential condition for resumption of normal
freight traffic on the Ruhr railways. The distribution of cars for the whole of the German railways is
worked from a central pool at Magdeburg. This pool
receives by telephone daily statements as to the number of cars on hand in every station in Germany and
their requirements and makes allotments accordingly. The car movements on the Rhineland railways will now be included in the operation of this
control system."
Much has been said from time to time in recent
months about an international loan to Germany. Of
course, nothing has been or could be done because the
reparations question was'not settled. Paul M. Warl
burg,in his annual address as President of the American Acceptance Council, laid special emphasis on
this fact. Word came from Washington Wednesday
evening, however, through a special dispatch to "The
Sun and The Globe" that "a loan of approximately
$70,000,000 privately floated in the United States
and abroad is to be raised for the purpose of purchasing foodstuffs to avoid starvation and suffering
in Germany." It was added that "it was made clear
at the State Department to-day that while the United
States Government would give its entire approval to
the proposed loan, it will have no direct connection
with it in any way." In dispatches Thursday morning it was stated that "the German Government is
planning to ask permission of the Reparations Commission to float a loan which would be used for the
purchase of foodstuffs to be used in Germany during
the coming winter, it was learned here to-day. This
loan, it was stated, would be made through private
sources and not frOm any of the Governments which
will be approached and whose consent will be necessary before any such priority claim against reparations can be floated by Germany." As might have
been expected, the Paris correspondent of the Chicago "Tribune" cabled that "France opposes any
American credits in foodstuffs to Germany superseding reparations as a first mortgage on anything of
value.in Germany." He said also that "the French
suggest that the United States take German property seized and sequestered in America during the
war as security to cover the amount advanced to
Germany as credit for wheat and other foodstuffs."
Going still further, he reported that, "but it is suggested here that Washington might better join the
Allies in insisting that the Berlin Government take
necessary measures to force the farmers to sell and
distribute their surplus crops to city dwellers, as
enough food exists in Germany to feed everyone if
the agricultural regions divide up with the urbanites."
Naturally the outcome of the general election in
C.-rea t Britain, which was held on Thursday, Dec. 6,
has continued to attract special and general attentidn. All through the week there have been widely
varying predictions as to the results. A feature of
the campaign Wednesday evening was the issuance
by Premier Baldwin of the following statement 'VA.
2470
THE CHRONICLE
publication in Thursday morning's newspapers: "I
appeal to my fellow-countrymen and women to give
sue their support to-day in the fight against unemployment. I ask this for their own sake and for the
sake of the rising generations." The preliminary results made public here yesterday morning indicated
that Premier Baldwin's majority in the House of
Commons had been materially reduced, that substantial gains had been made by both the Liberal and
Labor parties, that Winston Churchill and Sir Alfred Mund,formerly Liberal Ministers, Arthur Henderson, Manager of the Labor Party, and Sir Reginald Hall, Chief Organizer of the Conservative Party,
had been defeated and that Lady Astor had been reelected. According to a London dispatch to the
New York "Herald" yesterday morning she "was one
of the few of the 34 women candidates who was
elected." According to an Associated Press cablegram last evening, seven women were "returned to
Parliament, on the basis of the results, as announced
up to 4 o'clock.'' The correspondent summarized the
results of the election in part as follows: "The Conservative majority over all the other parties in the
British House of Commons was definitely wiped out
at yesterday's general election. With 586 seats of
the total of 615 accounted for at 6 o'clock this afternoon, the following could be• definitely stated: The
Conservatives will have a majority over any other
party in the House of Commons, but will lack a majority over all the other parties. Therefore, Prime
Minister Baldwin's Government stands practically
defeated, because it would be impotent in the face of
the combined opposition. 'His Majesty's Opposition'
will again be Labor. Liberals could not overtake the
Laborites even if they won all the remaining seats.
The result thus far indicated means another general
election shortly, unless there is some sort of a coalition in the House of Commons, which is considered
highly improbable. Baldwin is likely to invite defeat
on Protection, in which case Labor would be summoned to form a Cabinet." He added that "with 586
seats out of 615 accounted for up to 6 p. m. the standing of the parties was: Conservatives, 252; Labor
Party,182; Liberals, 142; other parties, 10."
Official discount rates at leading European centres continue to be quoted at 90% in Berlin; 7% in
1
2% in Belgium and
Norway; 60 in Denmark; 5/
Sweden; 5% in France and Madrid, and 4% in London, Switzerland and Holland. Open market discount rates in London were a shade easier and short
4@35-16%, against 3 5-16@
bills declined to 31/
/
8@
3%%, and three months to 3 5-16%, against 33
37-16% last week. Money on call is likewise lower,
1
4% a week
closing at 1%%, in comparison with 2/
ago. In Paris the open market discount rate has not
1
2%, and in Switzerland remains at
changed from 4/
2%.
The Bank of England again added to its gold reserve, this week reporting an increase of £104,493,
although as note circulation expanded £1,096,000,
there was a reduction in reserve of £992,000, while
the proportion of reserve to liabilities sustained the
largest drop recorded in years, namely 4.05%, to
14.55%. This was attributed to month-end strain,
augmented by preparations for the Christmas trade
and occasioned no anxiety. At this time a year ago
8%. In
the ratio stood at 16%% and in 1921 at 141/
the deposit items important changes were shown.
[VoL. 117.
Public deposits fell £9,922,000, but "other" deposits
expanded no less than £36,834,000. The bank's temporary loans to the Government were larger by £26,351,000, while loans on other securities expanded
£1;565,000. Gold holdings now stand at £127,873,24, which compares with £127,446,768 last year and
£128,433,570 in 1921. Reserve totals £21,508,000, as
against £22,832,913 in 1922 and £21,9'1,711 a year
earlier. Note circulation is £126,111,000, in comparison with £123,063,855 and £124,961,865 one and two
years ago, respectively. The loan total aggregates
£74,361,000. In the corresponding Nr,ek of 1922 it
was £65,830,847 and a year earlier £80,636,460. No
change has been made in the bank's official discount
rate from 4%,the rate previously prevailing. Clearings through the London banks for the week were
£822,078,000, against £686,464,000 last week and
£743,082,000 a year ago. 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.
1923.
1922.
1921.
1920.
1919.
Dec. 5.
Dec. 6.
Dec. 7.
Dec. 10.
Dec. 8.
Circulation
126,111,000 123,063,855
Publicdeposits
11,209,000 11,142,202
Other deposits
133,601,000 126,553,624
Gov't 8ecurities
69,724,000 66,892,091
Other securities
74,361,000 65,830,847
Reservenotes& coin 21,508,000 22,832,913
Coin and bullion _127,837,230 127,446,768
Proportion of reserve
to liabilities
14.55%
1654%
Bank rate
4%
3%
124,961,865 130,411,055
11,995,996 22,423,996
142,742,660 126,482,857
70,064,254 80,707,702
80,636,460 72,180,016
21,921,711 13,916,456
128,433,570 125,877,511
1454%
5%
88,583,615
20,174,296
137,694,082
77,205,036
77,073,580
21,526,033
91,659,948
954%
7%
1394%
6%
The Bank of France in its weekly statement shows
a further small gain of 74,025 francs in the gold item.
This brings the Bank's aggregate gold holdings up
to 5,539,875,625 francs, comparing with 5,534,404,822 francs on the corresponding date last year and
with 5,524,101,894 francs the year previous; the
foregoing amounts include 1,864,320,900 francs held
abroad in 1923, 1,897,967,056 francs in 1922 and
1,948,367,056 francs in 1921. During the week,
silver increased 81,000 francs, while advances were
augmented by 143,142,000 francs. On the other
hand, bills discounted decreased 551,788,000 francs,
Treasury deposits fell off 483,000 francs and general
deposits were reduced 85,694,000 francs. The further
large expansion of 610,021,000 francs was registered
in note circulation, bringing the total outstanding
up to 37,939,333,000 francs. This contrasts with
36,383,961,000 francs at this time last year and with
36,666,338,460 francs in 1921. Just prior to the
outbreak of war in 1914 the amount was only 6,683,184,785 francs. Comparisons of the various items
in this week's return with the statement of last week
and corresponding dates in both 1922 and 1921
are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Dec.6 1923.
Dec. 7 1922.
for Week.
Dec. 8 1921
Gold Holdings—
Francs.
FranCs,
Francs.
Francs.
In France
74,025 3,675,554,725 3,636,437,766 3,575,734,838
Inc.
Abroad
1,864,320,900 1,897,967,056 1,948,367,056
No change
Total
74.025
Inc.
Silver
Inc.
81,000
Bilbdiscounted-__Dee.551,788,000
Advances
Inc. 143,142,000
Note circulation_Inc. 610,021,000
Treasury deposits_Dec.
483,000
General deposits Dec. 85,694,000
5,539,875,625
296,194,000
3,173,588,000
2,426,579,000
37,939,333,000
19,784,000
2,087,671,000
5,534,404,822 5,524,101.894
279,431,935
288,641,648
2,264,728,155 2,216,673,818
2,217,368,564 2,326,903,871
36,383,961,555 36,666,338,460
02,558,934
28,533,609
2,118,626,885 2,454,393.139
The Imperial Bank of Germany, under date of
Nov. 15, issued another of its fantastic statements,
and this showed the largest increases in marks of any
as yet reported. Note circulation expanded 73,691,633,274,123,851,000 marks, thus bringing the grand
total up to the grotesque figure of 92,844,720,742,-
•
DEC.81923.]
THE CHRONICLE
927,851,000 marks. In discount and Treasury bills
there was an expansion of even greater proportions,
namely 163,702,744,074,371,967,000 marks, while deposits mounted up by 112,722,093,923,593,070,000
marks. Bills of exchange and checks were increased
31,472,298,588,061,390,000 marks, other assets 13,807,651,453,199,367,000 marks and other liabilities
22,709,783,778,639,450,000 marks. There was an addition to advances of 345,708,285,988,320,000 marks,
of 1,833,783,285,030,000 in notes of other banks, and
of 1,713,790,528,000,000 in investments. A reduction
was reported in total coin and bullion (which now
includes aluminum, iron and nickel coins) of 935,072,000 marks. Gold remained unchanged, being at
467,025,000 marks, of which approximately 11,300,000 marks are said to be deposited abroad.
An analysis of the Federal Reserve Bank's weekly
statement, issued Thursday afternoon, revealed contraction in rediscounting operations, local and national, accompanied by a small gain in gold for the
System as a whole. The New York bank in its operations with the interior, lost gold to the amount of
$30,800,000. Discounts of Government secured paper
for the banks as a group were reduced $23,500,000,
while "all other" fell $24,500,000. In open market
purchases, however, there was a gain of $9,000,000,
so that the net result was a reduction in total bill
holdings of $39,000,000. Earning assets fell $31,000,000 and deposits $3,000,000. Locally, there was
a decrease in the rediscounting of Government paper
of $10,600,000. On the other hand, "all other" discounts increased nearly $3,000,000 and bill buying in
the open market showed an increase of $3,900,000;
hence, total bill holdings fell off $3,700,000. It is
noteworthy that total bills on hand for the New York
Bank are less than at this time a year ago, $216,128,000, against $266,970,000, while for the System total
bill holdings are $1,044,633,000, compared with $971,722,000 last year. An increase of $3,300,000 in earning assets was reported at New York, but a decrease
in deposits of $17,000,000. The amount of Federal
Reserve notes in actual circulation declined $3,000,000 at the local institution and increased $6,000,000
for the banks as a group. Member bank reserve accounts again fell in the New York institution, about
$16,000,000. For the System, however, an increase
of $3,000,000 occurred. No change was shown in the
System's reserve ratio from 76.4%, but locally reduction in gold holdings was responsible for a decline of 1.3%, to 82.5%.
Last Saturday's statement of the New York Clearing House banks and trust companies reflected heavy
shifting of funds due to preparations not only for
Dec. 1 payments, but for corporate financing and
possibly, also, expenditures incidental to the coming
holiday season. A feature was the fact that notwithstanding expansion in loans and deposits, a small
increase in surplus reserve was achieved. In detail
the statement showed an increase in the loan item of
$57,770,000. Net demand deposits were augmented
$88,431,000, to $3,816,212,000, which is exclusive of
$9,283,000 in Government deposits. Time deposits
gained $7,388,000, to $455,874,000. Changes in the
minor accounts were small, including an increase of
$1,451,000 in cash in own vaults of members of the
Federal Reserve Bank, to $49,714,000 (not counted
as reserve), an increase of $192,000 in the reserves of
State banks and trust companies held in own vaults,
2471.
and a decline in reserves kept in other depositories
by State institutions of $166,000. Reserves of member banks at the Federal Reserve Bank showed an
addition of $14,597,000, and this served to bring
about a gain of $2,897,300 in surplus reserve, raising
the total of excess reserves to $13,005,830. The
above figures are on the basis of reserve requirements
of 13% for member banks of the Federal Reserve
System, but do not include cash in own vaults
amounting to $49,714,000, held by these banks an
Saturday last.
With the exception of an advance in call money
Thursday and yesterday afternoons to 5%, the
local money market was quiet and featureless,
aside from continued ease. Even on those
1
2%.
days the renewal and ruling rate was 4/
The slight flurry was accompanied by reports of
about $10,000,000 in loans having been called. The
single fact that call money at this centre has ruled
2@4%% this week is significant. It reflects an
at 41/
abundance of loanable funds, in spite of the activity
of the stock and bond markets and in most lines of
business throughout the country. A large number
of extra dividends are being declared, the greater
part of which is payable in cash. This will make the
total distributions to stockholders on or about the
first of the year unusually large, and will necessitate
provision accordingly by the banks and corporations.
So far this month the local money market does not
appear to have been affected by this situation. Of
course, the month has scarcely more than begun.
Rather definite reports appear to have been received
in Washington that the German Government is planning to ask the Reparations Commission for authority to float a good-sized loan abroad for food. Undoubtedly it will be opposed by the French and may
not be offered, for some time at least. With the reparations question settled probably considerable
financing for Europe would be undertaken in the
United States. President Coolidge's firm. stand
against a soldiers' bonus and in favor of Secretary
Mellon's tax revision plan ought to help the market
for securities and general business, as well as the
money market. Mr. Mellon's own statements in his
annual report relative to tax revision and the business outlook should exert a similar influence. Money
is likely to get somewhat firmer as the month advances.
Referring to specific rates for money, call loans this
week ranged between 4M@5%, in comparison with
4M@i5M% a week ago. On Monday 5% was the
maximum and the low 41A%, with renewals at 5%.
/@4%%,
Tuesday and Wednesday the range was 41
with 4%% the renewal basis on both days. Later in
the week—that is, on Thursday and Friday—call
funds renewed at 43%, the minimum figure, but
on each day a high quotation of 5% was touched
before the close. The above figures are for mixed
collateral and all-industrial securities alike. For fixed
date maturities the situation has been quiet and unchanged. The bulk of the business continues to be
transacted on a 5% basis for all periods from ninety
days to six months, with sixty days still quoted at
4%@5%. Few if any large loans have been negotiated, and trading in the aggregate has been of
limited proportions.
Mercantile paper rates have nOt been changed
from 5% for sixty and ninety days' endorsed bills
2472
THE CHRONICLE
[VOL. 117.
receivable and six months names of choice character, stantial amounts. It was also claimed that speculawith names less well known still requiring 54%. tive purchasing had not a little to do with the week's
New England mill paper is being negotiated at 43
4%. activity. There is known to be a large short interest
A fair amount of business has been transacted. in this market and many with short commitments
Prime names find a ready market, with country were forced to cover when prices commenced to move
banks the principal buyers, but offerings have been upward. Bankers expressed some doubt as to
light.
whether the higher price levels would be maintained.
Banks' and bankers' acceptances remain at the This view was borne out by the lowering in quotalevels previously current. Moderate activity has tions to 4 354 which took place yesterday, when it
been recorded and the turnover has been larger than was discovered that the election returns were unin the previous week. Both local and out-of-town satisfactory and inconclusive, necessitating an atinstitutions have been buyers of round amounts. tempt probably to form a Coalition Cabinet or to hold
For call loans against bankers' acceptances the posted another general election as soon as possible. Conrate of the American Acceptance Council still re- tinued buying of American securities by foreign
mains at 44%. The Acceptance Council makes the interests, resumption at regular intervals of selling
discount rates on prime bankers' acceptances eligible for the purpose of accumulating dollars incidental to
for purchase by the Federal Reserve banks 414% debt payments, coupled with seasonal offerings of
bid and 4% asked for bills running for 30 days; commodity bills are expected to prevent anything like
44% bid and 43% asked for bills running for 60, a sustained advance in values.
90 and 120 days; 43/2% bid and 44% asked for bills
For the moment the interest in British political
running 150 and 180 days. Open market quotations situation has overshadowed developments regarding
are as follows:.
German reparations. It "is noted with considerable
SPOT DELIVERY.
that to all appearances the new plan
satisfaction
30 Days
90 Days.
60 Days
Prime eligible bills
4%@4%
434@434 of the Reparations Commission has been received
45j@434
FOR DELIVERY WITHIN THIRTY DAYS.
with a greater degree of cordiality than at one
Eligible member banks
434 bid
time
seemed likely and hopes are reviving that someEligible non-member banks
434 bid
thing will at last be actually done toward solving
There have been no changes this week in Federal this important and troublesome problem. Rumors
Reserve Bank rates. The following is the schedule that a full resumption of trade relations between
of rates now in effect for the various classes of paper Great Britain and Russia is in prospect came in
for discussion. Developments in this respect are
at the different Reserve banks:
likely to be closely watched, since Russia is said
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT DEC. 7 1923.
to have made great strides in the past year or two
towards a return to sanity and normality. QuoPaper Maturing—
tations on Russian chernovetz on the Moscow exAfter
6
Alter 20
but
Days. but
Within 6 Within 9 change remain at about $4 57, nominal.
Within 90 Days.
rrI1DERAL RESERVE
Months. Months.
BANK.
Referring to the day-to-day rates, sterling exAgricul.• Agricul
&cur. by
and
and
Conercial U. S. Bankers Trade
change
on Saturday last was slightly easier and there
Agricul
Govt.
AcceyAmer,- Livestock LIG8810Ci
&Liveark Obilya- tames. tames. Paps*. Paper.
was
a
decline
to 4 33 9-16@4 3432 for demand, to
Payer.
Sons.
4
33
13
16@4
343
A for cable transfers and to 4 31 5-16
Boston
434
4%
a
454434
New York
434
4%
iii
631
434
434
@4
324
for
sixty
days; trading was quiet and featurePhiladelphia
434
434
434
5
434
436
Cleveland
434
436
434
436
434
434
less.
On
Monday
irregular movements carried prices
Richmond
434
434
434
434
434
434
Atlanta
434
434
434
434
434
434
down after a firm opening and de/nand ranged
Chicago
434
431
434
434
434
434
St. Louis
436
434
434
434
434
434
Minneapolis
between 4 333/@4 354, cable transfers between
434
434
434
431
434
434
Kansas City
434
434
434
434
434
434
Dallas
434
4 33%@4 353/2 and sixty days between 4 314@4 33.
434
434
434
434
434
San Francisco
434
434
43
434
434
434
Lessened commercial offerings induced stre lgth on
•Including bankers' acceptances drawn for an agricultural purpose and ,,ecured
by warehouse receipts. dm.
Tuesday and there was an advance to 4 363% for
demand bills; the low was 4 327
4; while cable,transMovements in the sterling exchange market for fers ranged between 4 331
/
8@4 37 and sixty days
the most part reflected the apparent improvement in between 4 30%@4 343/2. Wednesday's market was
the international situation, and the week's trading strong on encouraging reports concerning the outwas marked by a material increase in activity as well come of the British elections and demand shot up
as by an advance in quoted rates of nearly 6 cents in 3 cents, to 4 35%@4 39%, while cable transfers
the pound to 4 395,/2 for demand bills, though a con- went to 4 363@4 397
4 and sixty days to 4 33%@
siderable part of the improvement was lost yesterday 4 37%; offerings continued light, while good buying
on news of the wiping out of the Conservative Party's was noted on the part of several large institutions.
majority at the British election the day before. What was regarded as a more or less natural reaction
Trading during the first half of the week was quiet. from a sharp rise took place on Thursday and the
Large operators continued to hold aloof, awaiting the range fell to 4 37%@4 39 for demand, to 4 3738@
outcome of the British general election. Values, 4 393, for cable transfers and to 4 3598@4 363
4 for
however, were fairly well maintained, owing to a sixty days. On Friday the market once more
falling off in the volume of commercial (principally turned downward because of the losses of the Concotton) bills offering, and demand hovered around servative Party at the previous day's election and
4 33@4 35. On Wednesday reports that Premier demand bills declined to 4 354@4 363%, cable transBaldwin would be returned to power had a stimu- fers to 4 353
/
2@4 37 and sixty days to 4 33@4 3432.
5 for sixty days,
lating effect on market sentiment and there was a Closing quotations were 4 334
sharp rise to 4 39%, largely on good buying, which 4 357
4 for demand and 4 361
% for cable transfers.
seemed to emanate from several large financial insti- Commercial sight bills finished at 4 353%, commercial
tutions having international connections. Accord- sixty days at/4 334, ninety days at 4 32, documents
ing to some authorities, London was a buyer in sub- for payment (sixty days) at 4 333/i and seven-day
DEc.6 I
Till: CARONI ULE
grain bills at 4 353. Cotton and grain for payment
closed at 4 353%.
The week's gold import movement was confined
to one shipment of 86 boxes valued at £3,010,000
on the Aquitania from England. The Majestic, due
next week, is expected to bring £583,500 gold specie.
Dulness characterized trading in the Continental
exchanges and price movements were narrower than
for some little time past. This was due mainly to
the uncertainty felt regarding the outcome of the
British elections, also to continued indecision regarding reparation matters. Speculative operators apparently took very little part in the week's activities,
generally speaking, and the volume of business passing, at least in the early part of the week, was small.
French francs fluctuated a trifle uncertainly, ruling
during the greater part of the time around 5.40,
with the extremes 5.45 and 5.31. Belgian currency
moved in sympathy. Lire remained almost stationary at or near 4.34. Reichsmarks showed a
slightly improving tendency, opening at a decline to 0.000000000013, but then advancing to
0.000000000025, though with no local transactions
to speak of. Greek exchange made further progress
toward higher levels, and at one time touched 2.093/2.
Firmness was the general rule in the Central European exchanges for all excepting Polish marks, which
remain heavy and established a new low record of
0.00028. On Friday (yesterday) weakness in the
Continental exchanges replaced the lethargy that
•had prevailed and rates sharply declined in sympathy
with the decline in sterling. Demands for the Christmas trade are likely to increase from now on and are
expected to exercise some influence in stabilizing
rates for the next few weeks.
The London check rate on Paris closed at 80.85,
as compared with 81.10 a week ago. In New York
sight bills on the French centre finished at 5.32,
against 5.38; cable transfers at 5.33, against 5.39;
commercial sight bills at 5.31, against 5.37, and corn
mercial sixty days at 5.253
4,against 5.32 last week.
Closing:quotations on Antwerp francs were 4.60 for
checks and 4.61 for cable transfers, comparing
with 4.63 and 4.64 the previous week. Reichsmarks
finished the week at 0.000000000020 for both
checks and cable transfers, in comparison with
0.000000000015 a week earlier. Austrian kronen
have not been changed from 0.00143. Lire closed
at 4.32 for bankers' sight bills and 4.33 for cable
transfers. This compares with 4.313 and 4.323
last week. Exchange on Czechoslovakia finished
at 2.92%, against 2.913%; on Bucharest at 0.51,
against 0.523/
2; on Poland at 0.00030, against
0.00030, and on Finland at 2.50, against 2.56 the
preceding week. Greek exchange closed at 1.993/
for checks and 2.00 for cable transfers. This corn
pares with 1.883/2 and 1.89 last week.
2473
Bankers' sight bills on Amsterdam finished at
38.00, against 37.86; cable transfers at 38.04, against
37.90; commercial sight at 37.94, against 37.80, and
commercial sixty days at 37.58, against 37.44 a week
ago. Final rates on Swiss francs were 17.43 for
bankers' sight bills and 17.44 for cable transfers,
which compares with 17.41 and 17.45 the week be
fore. Copenhagen checks finished at 17.79 and cable
transfers at 17.83, against 17.97 and 18.01. Checks
on Sweden closed at 26.30 and cable transfers at
26.34, against 26.20 and 26.24, while checks on,Norway finished at 14.94 and cable transfers at 14.98,
against 14.94 and 14.98 a week ago. Spanish pesetas
closed at 13.03 for checks and 13.05 for cable remit
tances. Last week the close was 13.00 and 13.023').
South American exchange was firmer, especially
for Brazil, which advanced to 9.55 for checks and 9.60
for cable transfers., and then closed at 9.20 and 9.25,
against 8.95 and 9.00 last week. The Argentine
check rate finished at 315
4 and cable transfers at
%, comparing with 313/ and 315
313
% a week ago.
Chilean exchange was easy, closing at 10.90, against
10.95, while Peru still remains at 4.08.
Far Eastern exchange ruled steady with Hong
Kong at 503%@51, against 5134.@513/
2; Shanghai,
7214@72M, against 723%®73; Yokohama, 483@
483/b (unchanged); Manila, 4932®49% (unchanged);
Singapore, 51MC)51Y
i (unchanged); Bombay, 31%
/s@313/
2, and Calcutta, 313%@32,
@WA,against 313
against 31%@31%.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANES TO TREASURY UNDER TARIFF ACT OF 1922.
DEC. 1 1923 TO DEC. 7 1923, INCLUSIVE.
Country and Moneta
Unit
Noon Buying Rate for Cable Transfers it, New York.
Value Os United States Money.
Dec. 1. Dec. 3. Dec. 4. Dec. 5. Dec. 6. Dec. 7.
EUROPE.8
$
$
$
$
$
3 000014 3.000014 $000014 8.000014 8.000014 1.000014
Austria. krone
Belgium, franc
0466
.0465
.0462
.0469
.0467
.0462
.008714 .008758 .008758 .008817 .008767 .008758
Bulgaria, lev
csechosioyakla, kron .029107 .029188 .029257 .029308 .029328 .029257
Denmark, krone
.1799
.1800
.1778
.1788
.1788
.1783
England, pound eterl4.3438
4.3401
Ins.
4.3453
4.3889
4.3829
4.3681
025525 .025056 .024772 .024767 .024863 .024794
Finland, markka
Prance,franc
0541
.0538
.0535
.0543
.0542
.0535
a
Germany, retchemark
a
a
a
a
a
Greece, drachma
.019389 .018855 .018680 .020155 .020430 .020378
Holland, guilder
3794
.3790
.3787
.3815
.3810
.3804
Hungary, krone
000053 .000053 .000053 .000053 .000053 .000053
Italy, Ura
.0434
.0433
.0432
.0436
.0436
.0435
Norway, krone
.1499
.1499
.1486
.1503
.1500
.1493
Poland, mark
b
b
b
b
b
b
Portugal. escudO
0368
.0371
.0368
.0366
.0370
.0366
Rumania,leu
005089 .005158 .005194 .005239 .005247 .005122
Spain, peseta
.1307
.1306
.1298
.1308
.1308
.1304
Sweden, krona
.2626
.2626
.2630
.2631
.2632
.2630
Switzerland, franc__ .1746
.1745
.1742
.1748
.1748
.1744
Yugosla7ta. dinar------011349 .011365 .011335 .011355 .011393 .011363
ASIAChinaCbefoo tael
.7297
.7353
.7284
.7359
.7278
.7353
Hankow tael
7266
.7253
.7247
.7322
.7328
.7322
Shanghai tael
7142
.7100
.7123
.7177
.7214
.7197
Tientsin tael
7369
.7416
.7350
.7422
.7344
.7416
Hongkong dollar._. .5048
.5043
.5055
.5066
.5078
.0556
Mexican dollar
.5095
.5061
.5083
.5098
.5105
.5103
Tientsin or Peiyang
dollar
5094
.5103
.5069
.5088
.5113
.5097
Yuan dollar
5094
.5091
.5069
.5088
.5100 ' .5091
India, rupee
3104
.3107
.3106
.3119
.3106
.3084
Japan, yen
4797
.4805
.4797
.4780
.4759
.4745
Singapore(S.B.)dollar .5069
.5069
.5075
.5072
.5094
.5083
NORTE! AMER.Canada, dollar
979361 .979028 .978903 .979178 .978976 .979084
Cuba, peso
999113 .999406 .999406 .999344 .999331 .999269
Mexico, peso
485000 .485313 .485313 .485344 .485042 .485469
Newfoundland, dollar .976953 .977391 .976328 .976641 .976563 .976641
SOUTH AMER.Argentina, peso (gold) .7081
.7083
.7131
.7169
.7194
.7206
Brazil, milrels
0888
.0889
.0900
.0925
.0936
.0920
Chile, peso fpaperY___ .1059
.1057
.1057
.1082
.1071
.1070
Uruguay. Dean
7412
.7421
.7597
.7693
.7883
.7665
a German marks were quoted as follows: Dec. 1, .000000000000153; Dec. 3,
.000000000000170; Dec. 4, .000000000000225; Dec. 5, .000000000000225; Dec. 6.
.000000000000223: Dec. 7, .000000000000208.
b Polish marks were quoted as follows: Dec. 1, .00000030; Dec. 3, .000000308;
Dec.4, .000000280; Dec. 5, .000000286; Dec. 6, .000000296; Dec. 7, .000000256.
There is very little of moment to report concerning
.the exchanges on the former neutral centres. In
the main movements paralleled those in sterling and
the other Continental currencies, and general improvement was noted with fairly good gains recorded
in guilders, Swiss francs, and some of the Scandinavian exchanges, until the final dealings, when a
general decline took place in sympathy with the rest
of the market. On the other hand, Spanish pesetas
only about held their own, while Copenhagen curThe New York Clearing House banks in their
rency was slightly easier.
operations with interior banking institutions have
THE CHRONICLE
2474
gained $4,169,125 net in cash as a result of the currency movements for the week ended Dec. 6.
Their receipts from the interior have aggregated
$5,743,025, while the shipments have reached $1,573,900, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANK]DU,
INSTITUTIONS.
Week ending Dec. G.
Banks'Interior movement
Gain (1, Lan
to Banks.
into
Banks.
Out of
Banks.
$5,743,025
$1,573,960 Gain $4,169,125
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
Tuesday, Wednesd'y. Thursday, Friday,
Dec. 6.
Dec. 7.
Dec. 5.
Dec. 4.
KAorday, 3fonday,
Dec. 3.
Dec. 1.
Aggregate
for Week.
66,000.000 90.000,000 68,000.000 72.000.000 59,000.000 67.000.000 Cr. 422.000.000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however,reflect only a part of the Reserve Bank's operations with the Clearing House
Institutions, as only the items payable in New York City are represented in the
daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Dec. 7 1922.
Dec.6 1923
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
£
England__ 127,873,23
France a__ 147,021,22
Germany 28,390,850
Aus.-Hun_ 10,944.0
Spain ____ 101,103,000
Italy
35.681,000
Nether('
48,482,000
Nat. Belg- 10,789,000
Switzer'
'd 21,495,000
Sweden
15,120,000
Denmark _ 11,646,00
Norway __ 8,182,000
2
I
127,446,768
127,873,230 127,446,768
11.840.000158.861,228 145,457,511 11,520,0001156,977,511
1,3,475,400 31,866,250 50,110,830 7,063,950 57,174,780
2,369,000 13,313,000 10,944,000 2,369,000 13,313,000
26,007,000127,110,000 100,948,000 25,928,000126,876,000
3,025,000 38,706,000 35,002,000 3.039,000 38.041,000
630,000 49,113,000
682,0001 49,164,000 48,483,000
2,513,0001 13,302,000 10,664,000 2,067,000 12,731,000
25,792,000
4,540,000
21,252,060
25,052,000
3,557,0001
15,224,000
15,120,000 15,224,000
251,000 12,934,000
203,000 11,849,000 12,683,000
8,183,000
8,182,000 8,183,000
Total week 566,727,308 53.671,400620,398.708586.398,109 57,407,950643.806,059
Prey. week3566,623,854 53,486,400620,110,254 586,329,513 57,430.550643.760,063
a 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.
The Attempts to Restrict the Powers of the
Courts and to Weaken the Judiciary.
Even before organization of the lower branch of
Congress was effected the first of an inevitable batch
of bills for narrowing the powers of our courts appeared, the specific provision being that no Federal
judge shall pass upon any alleged contempt committed outside of his own courtroom. The introducer of
the bill, Congressman Stengle of this city, says that
in his opinion the time has arrived when Congress
"should speak in no uncertain language against the
growing and outrageous tendency on the part of
some of our Federal judges to transform the judicial
bench into a despot's throne." He does not wonder
at the cry of protest in the Craig case, and he hopes
it will swell "until the judges who seek to punish respectable citizens for criticising their official acts
shall come to a thorough realization that they are
still the servants of the people and not their masters."
To the thorough consideration of this case already
given by the "Chronicle" one more note of comment
may be added: that contempt of a court consists in
refusal to obey its proper orders, thus defying its
legal authority, or in an unwarrantable attack upon
it, but not in any reasonable criticism. The "Chron-
[VOL. 117.
icle" has more than once quoted the safe and sensible
remark of the late Justice Brewer of the Supreme
Court that when a judge has rendered his decision
upon any matter he is open to reasonable criticism
like other folks. To transfer a lawyer from the Bar
to the Bench does not take a jot from his fallibility,
though it should add to his caution and his seriousness. "Reasonable criticism"—that is the quality of
permissible comment and its limit. The "Chronicle"
has pointed out instances where even our highest tribunal has seemed to err upon the facts or upon the
proper deductions therefrom. For example, in sustaining the requirement that newspapers shall print
certain statements of ownership as a condition of
entry as second-class mail matter, we said that while
Congress has a clear right to separate such matter
into "classes" neglect or refusal of one publication to
comply with the requirement does not reasonably
put it in a distinct "class" as compared with another
which does so comply. Again, in the "insurance
cases," shortly before the war broke out, the Court
held in substance that any indispensable commodity
may have its prices subjected to State regulation, and
we pointed out (as Justice Lamar, in dissent, solemnly and even prophetically urged) that this would
apply to every consumable commodity, not excepting
food. More recently, the Court virtually threw away
State sovereignty in its decision upon the Eighteenth
Amendment, that the power therein granted to the
States to "concur" with Congress in laws for enforcement did not include power to non-concur, thus making Congress dominant; but on the other hand, the
sovereignty of a State was virtually and distinctly
affirmed in the decision on the "housing" statutes of
this State, when it was declared that nothing in the
Federal Constitution can be construed to restrict the
power of a Legislature to discover an emergency and
deal with that as it saw fit.
These instances are recalled as showing that the
right of what Justice Brewer called "reasonable criticism" has been exercised without any attempted interference, and it has been accompanied by admitting that the power of decision must rest somewhere.
Mr. Gompers, who has had his turn in contempt proceedings, has been allowed to declare that when a
judicial decision or a statute does not satisfy his
judgment he will not hold himself bound by it; but
the only safe modus vivendi is to submit until the
latter can be regularly changed, when, of course, the
courts will accept the changes, unless in conflict with
the higher and prior law, the Constitution itself.
Nor is there any ground for the frequent charge
that our courts "nullify" statutes by pronouncing
them invalid. A statute not constitutionally enacted is void ab initio, and all a court does is to discover and announce that fact. Nor is this done eagerly and needlessly, but the reverse. Conservatism
and precedent are obeyed by giving to the statute the
benefit of every doubt, and our courts have even
made obviously strained interpretations of constitutional provisions, in the desire to avoid intervening.
If a statute cannot stand the test of constitutionality, it is not the courts that are at fault. Obviously
what is not valid has no power, and interpretation
must precede enforcement.
Propositions to require a fixed number, instead of
a majority, of the members of the Supreme Court to
concur in declaring a statute unconstitutional; propositions to make the Court's action a sort of veto, to
be overruled by a re-passing of the invalid statute by
DEC.81923.]
TIIE CHRONICLE
2475
Congress, which would be like saying that a false- drip wordy effusions which mean nothing, but haphood is convertible into a truth by repeating it once; pily we are veering in another direction now and
and "recall" propositions as applied to the judiciary have stopped guessing about ourselves and our na—all these are subversive of the most essential part tion." Dr. Burton in this address, as meagerly re
in our political foundations. Even if it may seem to ported, seems to see in modern politics and national
some that the part of a legislator is to discover and policies and procedure many evils. He says:"Cleardo what a majority in his own direct constituency headed men are staying out of public life and are
appear to want—although such a notion falls far devoting themselves to industry where returns are
short of the truest conception of what is involved in adequate and the exactions of the public are not so
acting in a representative capacity—it is the duty of tremendous. There is no security or continuity of
a court to obey and establish justice, not to "please" tenure in American public life. Minorities are alanybody. Put around the neck of a judge the "re- ways aggressive and integrity among officials is
call" noose, and he is in danger of becoming a mere something a few groups we have with us cannot entrimmer, so that when we impair the independence dure."
of ourjudges we deprive them of all real value to us.
Speaking of large appropriations by the State of
Carry this degrading process on to its natural ex- Michigan to its university, Dr. Burton remarks:
treme length, and interpreting and enforcing stat- "This is being done happily, because our legislators
utes—perhaps enacting them also—might as well be feel the institution is the most potent single agency
done by voluntary assemblage of the people in mass in the Commonwealth." And at this juncture he
meeting.
himself finds, according to the review of his talk,
In attacks upon the independence and the inhe- that "there is a direct connection between the develrently just powers of the judiciary, we are taking a opment of the State of Michigan as an automobil
e
course which would ultimately substitute a travesty manufacturing centre and the university school of
upon popular government in place of.its reality. The engineering." Perhaps the raciest of the educator's
rampant radicalism of the day, apparently seeking remarks is the following: "I could pick fifty men
to change all our established doctrines, is eager to not in United States public life to-day who within
weaken the judiciary, because that stands as one im- six months could transform our entire nation. Why
movable obstacle before it. The courts cannot insure are they not in? There is not enough in it."
This
wise legislation, but they can halt that which is in may be so; but if we may be permitted an open exconflict with the higher and fundamental law estab- pression, we humbly but fervently pray
that Dr. Burlished in more conservative times and thus give op- ton will never be called upon to make the selection,
portunity for the soberer second thought. Not our and that, if he ever is, the fifty (or the
one) will
judges, but our lawmakers, are our present source , never make the attempt at this magic transform
aof danger. We should respect our judiciary, we tion. There are giants among us and unknown,
but
should honor its traditions and its past, we should it is not sportsmanlike or humane to ask them to perrecognize and insist upon its independence of all ex- form such a task. Michigan, we recall, has a great
cept reluctant and reasonable criticism, we should automobile manufacturer, said to be hesitatin
g at
aim to preserve its high ideals, and—above all—we the vestibule of "public life."
should regard it and stand by it as the strongest bulSeriously, while this address has in it a measure
warks of our liberties.
of truth, may we not ask of educators in general:
What are your peculiar qualifications for passing
Transforming the Nation—Dr. Burton Thinks upon "industry,"
"politics" and "public life"? We
He Knows Fifty Men for the Job.
see in this very effort itself some of the faults it conThe utterances of public men are valuable to us in demns. President
s of universities,like United States
proportion to their candor and conciseness. Those Senators, may
not be paid enough, but neither one
who undertake to instruct should free themselves nor the other can
afford to say that a great career is
from sensationalism and refrain from controversy. not open to
incumbents despite insufficient emoluTruth makes its own appeal. Argument is not lost ments. We gain a
false impression when we declare
that depends upon the logical extension of facts into that business men
stay out of office because office
principles. Analysis is not wasted that applies prin- holding does not pay.
As a matter of fact it is not
ciples to conditions. The speaker who becomes a true that they stay out.
Some men of large financial
special pleader addresses in the public a jury capable interests are to be
found in public life. And while
of making distinctions, comparisons and estimates. they must sacrifice
attention to interests and the
The best address is one that is impersonal, that un- constructive effort
that ever builds more in industry,
folds no preconceived cause as if the fate of the na- there is no reason
why when they do forsake this they
tion depended upon its adoption—one that is un- may not become
fitting public servants. But as for
biased, critical for good as well as ill, tolerant of the those who are not
rich and who choose statesmanship
opinions of others, and modest in its assumptions for a career, it is
neither the lack of adequate pay
and tentative in its conclusions. The preacher, the nor the foregoing of
business profits that takes them
teacher, the politician, the statesman, the lawyer, in—they are either
unfitted for business or dislike
farmer, economist, business man—none of these in it and they
are not deterred by small salaries. The
his work or theory holds the key to human destiny. Government will never
be able to compete with inThe streams of all effort flow into the ocean of life. dustry in the payment of
salaries.
A recent address, made to the Chamber of ComIt does not follow that because we should have
merce in St. Louis, by Dr. Marion Leroy Burton, "more business in
Government and less Government
President of the University of Michigan, as reported, in business" that our
political offices should be filled
suggests to us an examination of "leadership." He with business men. The
stress we need is "less Govsaid in one part of his speech: "The most serious ernment in business." We
do need administrative
curse in American life in the past has been that we talent that will adopt common
sense methods in the
have been too willing to follow men from whose lips conduct of the affairs of the
nation. As in the case
2476
THE CHRONTCLE
of "The Budget," it is always feasible to obtain the
practical training necessary to constructive efforts
that will give practicality to the execution of our
laws, fiscal and financial. We need a Congress that
will not put politics and economic vagaries into the
running of the Government. There is danger in an
Executive used to the exercise of arbitrary power,
and venturesome of spirit in his own antecedent business career. We do not want magic "transformers."
We want honest and modest men who work needed
changes slowly, thoughtfully, methodically.
Perhaps we are "finding ourselves." But to asSUMe that we are in imminent peril from decadence
is a mischievous doctrine. The status quo is not to
be despised, is not to be relinquished merely in the
fulsome name of "progress." We are in greater danger from the theorists than from those who hesitate
before change. What's wrong? What's the matter
with the United States—if we consider only fundamentals? We need to realize that our Government
is one of limitations. It is not the agency per se of
progress. It is a product of civilization as well as
the shield of civilization. It is to be preserved, not
made over. It is to be seriously, carefully changed,
in detail, or not at all. Talking of "transformation"
implies that we must make over, re-form, and therein
li the triumph of the isms.
7
Courts and Constitutions—Missouri Supreme
Court on St. Louis Zoning Ordinance.
In an opinion the past month by the Supreme
7I
Court of Missouri, declaring invalid a zoning ordinance of the City of St. Louis, for the reason that it
"provides for the taking of private property for a
public use without compensation and without judicial hearing," Justice Graves says: "Having tried to
make my position clear, I pass to some reasons therefor, which I did not assign in my separate concurring
opinion. First, may I say that I have never been
able to depart from the idea that this is a constitutional Government, both in the nation and in the
State, and that these constitutions were intended to
protect the citizen in his property rights. Unlike
the 'faddist' (either public or private, for there are
both kinds of 'faddists') I have been unable to indorse the view, 'What is a Constitution between
friends?' In other words, the Constitutional inhibitions must not be set aside or wiped out by every
wave of popular clamor. There is too much disposition to set aside and ignore the organic law when
there is a popular wave demanding such course. It
is for the courts to steady the Ship of State and hold
the organic law intact."
Into this last sentence is packed a comprehensive
wisdom that ought to be spread to every corner of
our country. The interpretative power of the Supreme Court of the United States must be supreme.
When this tribunal or our highest State court does
yield to "popular clamor" Government will veer its
course with every wind that blows. Yet our courts
are now under attack, and it is proposed to make reaffirmation of a voided statute by Congress the law
of the land, regardless of constitutions and courts.
Should this prevail why not elevate the State Legislatures above the highest State courts? Many persons do not understand that this Government of ours
is one of limited powers. Not only are there three
separate divisions thereof, but the "inhibitions" embodied in the charter apply to people as well as Gov-
[VOL. 117.
ernment. This is to say that while we live under this
Constitution there are some things the people cannot
themsel,es do as well as things the Government itself
cannot do.
Chief of the rights reserved to the people is the
right to change their form of government. But this
change must comprehend a change in letter and
spirit, and consequently involve a new Constitution,
and it must follow that piecemeal attacks upon this
letter (limitation of power) and spirit, by amendments or statutes, can be warded off only by our Supreme Courts. This was the intent. To believe that
the people in fits of passion, in emotional excitements, in political contests, can do anything they
please, and in any way, to the form of the Government as embodied in the Constitution simply by voting patchwork statutes or amendments will destroy
the very "protection" which is its central purpose.
Nevertheless, the loose idea prevails that an amendment to the Constitution of the United States,though
not consonant with its spirit and letter, once made,
in the appointed way,is and should be valid.
If our courts fail us in the face of "popular clamor"
and political policy, we are lost. It will be possible
to make amendments until in the crazy quilt there is
no definite design; and the spirit of "limitations"
will e lost in conflicting laws. It is our belief that
if courts generally adhere to interpretation on the
broad principles laid down in the "organic law" as
to limitations upon legislatures, and citizens in their
collective capacity, there need be no alarm over five
to four or four to three decisions. Opinions in cases,
rendered upon principles that are fundamental, must
serve to brush aside many of the technicalities thrust
into trials by attorneys. But as long as the false idea
prevails that the people without a complete change
of the fundamentals can do what they please with
their own, by partial attack, the republic is in danger.
A Government, if it possess symmetry and
strength, should grow according to its intent. It
may expand to any degree according to the lines of
its inherent liberty. It is not the size of the population that gives reason for essential change. It is not
the relations of citizens that calls for new powers in
a Government which professes guarantees to freedom and protection to life, liberty and property. The
rule that establishes the welfare of one million may
equally apply to ten millions. There are, to be sure,
new relations, economic, social and political, with
the increase of population and expansion of industry,
but these are relations natural to the needs and wellbeing of the people, and take care of themselves according to the spirit and energy of the people, if the
natural rights of the citizens are protected by the
Government. The Government cannot confer these
relations; nor control them save by oppression.
This last statement may seem too broad—since
there is the necessary and acknowledged police power
of Government. But this is the power of Government to prevent the wrongful encroachments on personal liberty by one upon another, or by one class
upon another. Speaking of the private ownership of
property, guaranteed under our Constitution, the
natural inequalities that arise from natural efforts,
are no basis for saying that personal liberties and
rights are contravened, because some are rich, some
poor. And it matters not whether "division" is
sought, in the now manifold ways of taking private
property for public use and, or, benefit without com-
DEC.8 1923.]
THE CHRONICLE
pensation, or whether socialistic measures are
grafted on the body politic by laws such as those
that "make the rich" pay out of proportion to the
poor, that take from those who have simply because
having they are "able" to pay, the result is distortion
of Government.
And where shall we go to keep our peculiar Government true to form, to intent, to spirit, save to our
highest courts. In the calm and quietude of chambers, in the minds of men trained to unbiased judgment,in the sacred citadel of interpreted organic law,
we must find relief and protection or not at all.
2477
Other divisions of Government as we know it have
independent duties, separate and apart. But the
making of laws has grown into a riot of legislation
"in the interest of the people" or of a class or bloc.
The enforcement of law is reaching out in the direction of "doing something to help" a class or a section,
oftentimes an assumption of power. The Supreme
Court, interpreting, adjudicating, helps no one,
harms no one. It is free from politics. Its soul is
justice, its practice is equity, its life is the Constitution. As long as this stands under its edicts, representative Government will not perish.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Dec. 7 1923.
The general condition of trade shows no marked change.
The tendency to slacken as the end of the year approaches is
still plain. Mild weather, too, militates against business, as
well as rains and bad roads in many parts of the country.
The rains interfere with the curing of the corn crop; its
moisture content is too high. But a significant thing is a
big increase in the mail order business during November. It
reflects the buying power of the country at large, not excepting some elements in the agricultural population. It is true
that the Northwestern wheat farmer still finds himself in
more or less unfavorable circumstances, notably in Minnesota and North Dakota. And cattle raisers on the big ranges
also suffer from low prices. But corn and oats command
better figures than a year ago. At the West farming methods are undergoing changes. There is an effort being made
to increase feed crops, while at the same time there is an
estimated reduction in the winter wheat acreage of some
12%. Diversification of crops among the wheat farmers is
something advocated in the President's message and also by
everybody who has studied the question at all. It is gratifying to see that the Government is not going to countenance
an undue amount of paternalism in the handling of the
wheat farmer's trouble. After all, he must work out his own
salvation. He can be relieved by a reduction in taxation,
local and national. A certain readjustment of freight rates
would also lower his costs of production. Cheaper fertilizers
would naturally help him. So would co-operative marketing
systems devised by the farmers themselves, although this
would not meet the whole difficulty. The Government need
not interfere to the extent of sustaining prices. Some temporary help perhaps could be devised for promoting exports
of American wheat, with the co-operation of the War Finance Corporation. But it should not be permanent. It
should be merely a temporary measure. The War Finance
Corporation by its very name proves itself an anachronism
In time of peace. Diversification of crops by the wheat
farmer and a sharp reduction in acreage, or in other words
accommodating himself to the market as the manufacturer
and the merchant is obliged to do throughout all the ramifications of trade is an economic law to which the farmer
must conform as well as everybody else in business. Wheat
production undoubtedly has been overdone in this country
as well as in other parts of the world. Secretary of Agriculture Wallace puts the world's crop this year outside of Russia at 3,400,000,000 bushels, or 300,000,000 bushels more than
last year and 500,000,000 more than the pre-war annual
average, excluding Russia. And Russia is now beginning to
ship wheat on a larger scale to Western Europe than it has
for some years past. In other words, it is imperative that
the wheat farmer of this country should adapt himself to
the changed conditions of his industry. It is gratifying to
see that the disparity between prices for wheat and those
ruling at the corresponding date last year is not quite so
great as it was at one time. The grain farmer, especially
outside of the wheat region, taken as a whole, is in better
shape than he was a year ago.
Meanwhile, as usual at this time of the year, wholesale
and jobbing business has slowed down. There is no doubt,
however, that the extraordinarily prolonged spell of mild
weather has operated against business to a very marked
degree. The sale of winter goods has been thereby much
curtailed. And the big industries as a rule are not active.
If anything, the output of pig iron has been reduced, and
after the recent sales of something like a million tons business has latterly fallen off. But iron prices are steady. The
railroads and automobile concerns are buying steel on a liberal scale. The purchases of cars by the railroads is especially large. But taken as a whole steel is quiet, though
with prices as a rule well maintained. Cotton goods mills
are not having an altogether satisfactory business. There
is still more or less curtailment, although here and there a
Massachusetts mill is running on full time and from Lowell
come reports that many mills there are likely to start up at
100% in January. Some Massachusetts mills which are still
operating on a three-day week have increased the number
of their looms. North Carolina mills report that there is not
much curtailment there. Buyers of merchandise are pursuing a conservative policy, however, all over the country.
They are buying general merchandise for immediate wants
or for needs not far ahead. Yet with it all there are the remarkably large car loadings. They can mean nothing less
than that even though buying is conservative it is in the
aggregate heavy. There is an undercurrent, too, of confidence in this country, all the more justified by the fact that
undue chances are not being taken in any branch of business. Railroad earnings reflect the large aggregate trade of
the United States. Another indication is the noteworthy
increase in the business by the chain stores throughout the
country, and also, as already intimated, by the mail order
concerns, which show an increase in November business of
28% over November last year, when the November total, it
is interesting to notice, was 45% above that of 1921. The
trade of the country is very evidently gathering momentum
as time goes on. Bank clearings are again recording increases over those of last year. Trade makes a very favorable comparison with that of 1922 at this time. Cotton has
declined during the past week ;6 to $8 a bale, owing partly
to increased crop estimates and an overbought condition of
the speculative market. There has been enormous speculation in cotton in this country and in England for some time
past. London operators have been trading very heavily in
Liverpool and also in New York. More or less uneasiness
in regard to the British elections contributed to the closing
out of heavy accounts by London. But it would seem that
the crop in this country is not much over 10,000,000 bales,
and if that is the case the advance in prices may be resumed sooner or later. Grain prices are also higher, with
receipts of corn at the big markets scanty because of the
enormous consumption on the farms. There has been some
foreign buying of rye here. Greece has recently bought flour
at New York. Coffee prices have risen, partly, however, because of the artificial restriction of marketing at the principal Brazilian ports. There have been further shutdowns
of bituminous mines. Anthracite coal has sold less readily.
The mild weather has favored building and it is proceeding
on a large scale. The stock market has been active and rising, not a little to the satisfaction of the commercial world,
which regards it as a barometer in some sense of the nation's business. And bonds have been firm or somewhat
higher. Finally, the President's message heartened the business interests of the country. • It favors reduced taxation. It
gives unqualified approval to Secretary Mellon's statesmanlike project looking to cutting down of unnecessary taxation,
notably on incomes. It also expresses the feeling of the
2478
THE CHRONICLE
[Vol.. 117.
great mass of the people in regard to the bonus. It does not
Although the export trade in steel has not been trivial, it has, barring the
approve of it. The country is already paying some $400,000,- war years, taken a comparatively small proportion of our production. The
great market has been the United States with its huge, happy, well-to-do
000 a year to those suffering from disabilities due to the war, population. The country's people in 1900 numbered 76,000,000.
and does not begrudge this amount. Yet it is equal to about
To-day there are probably 110,000,000. While the population increased
one-half the total annual expenditures of the Government about 45%, the production of steel gained 300%. Steel is a basic industry
and an index of general business conditions. Therefore, this growth indifor all purposes before the war. Surely the American people cates that the consumptive power of the
country has been increasing at a
cannot be accused of niggardliness towards its soldiers. The more rapid rate than the population. . . .
During 1923 the country had a marked revival of business, then a period
bonus would simply be a burden altogether too great even
of decreased activity, followed by renewed optimism and cautious buying.
for the wonderful resources of this country. After all, they There was a tendency for prices to go
too high while the tide was rising, and
when business began to slacken there was something approaching despondency
are net illimitable.
As for Europe, the indications point to the defeat of the in many sections and more than a little pessimistic talk. Both the prosperity
and the depression were taken at more than face value. Neither apBritish party of protection and a determination of the Brit- preciably affected those corporations which had planned and financed for a
ish people to stick to a policy which has been the foundation reasonably long future. These fluctuations were to be expected.
It is always possible to enumerate a list of hindrances to progress and
of their commercial greatness. The result is directly or in- prosperity.
The condition of Europe affects us. So do the unreasonably high
directly the endorsement of the economic principle that im- and burdensome taxes, national, State and municipal. The costs of production
in
some
lines are unconscionable. Selling prices are not as yet in relaports pay for exports; that if you do not allow a man to sell
tion,
are too high, others too low. The general costs of living are high.
to you you cannot expect to sell to him; that if lie cannot sell Thesesome
and many other factors do not make for progress, but it is the part of
to you he cannot buy from you. And British manufacturers business management to make the best of what is, and not idly await the
naturally want to buy in the cheapest markets and sell in coming of perfect conditions. Conditions are never perfect.
Although the European turmoil undoubtedly affects us, we should have
the dearest. From an economic standpoint all this is ele- much more reason
for concern if we were actually a part of Europe or if its
mentary. The mass of the British people evidently fear that atmosphere and conditions dominated our affairs. They do not. Our busiprotection, moreover, would mean higher cost of living, as ness progress and prosperity can be and are independent of Europe. But
this does not mean that we have no concern
Europe and the aftermath
it certainly would. As regards the Ruhr, it is gratifying to of the war. Our views on these matters shouldwith
maintain a correct perspective
notice that things are gradually progressing towards a re- of the relation of the prosperity of Europe to the prosperity of our own counsumption of normal conditions, and an invisible occupation try. To repeat, Europe's condition influences but does not control our own.
Another matter has caused the public considerable concern, and that is
of that territory, if there must be any at all, by the French the inordinate wages and costs in some lines, particularly
in building. In
the large cities wages in the building trades not only have been the source of
!elves.
dispute but have been forced to previously unheard of heights, so high
much
At Adams, Mass., the Renfrew mill has resumed full time
indeed that under more normal conditions buildings could not have
with its 1,200 hands. At Lowell, Mass., the Bay State cotton erected, but this appears to be only a transient phenomenon. The verybeen
abmills are likely, it is said, to remain idle for several months. normality of the wages holds the cure for them. I will not say at present
what ought to be the wages in these trades. It may be possible that the men
At Lowell, Mass., the Saco-Lowell shops, the largest builders are not being overpaid, although
everything indicates that they are. But a
of textile machinery in the world, have announced a curtail- wage, like water, finds its level, and it is only a cause for temporary concern.
The
prosperity
tide
of
in the United States cannot easily be restrained. Do
ment schedule because of slackening demand. Three hunnot treat transient hindrances
if they were permanent, immovable obdred hands of their force have been discharged. Lowell, stacles which we can neither goasaround
nor go over. There is nothing in
Mass., wired that there are persistent rumors that many sight to cause apprehension for the near future. The outlook is good-1924
mills there will start full time in January. The Massachu- should be a better year than 1923. There will be success for those who proceed with good judgment and prudence, extending and progressing carefully
setts mill, owing to increased business in blankets, has within the limits of their resources.
started 60 more looms, though still working on a three-day
week. At Dover, N. H., on Nov. 30, 600 operatives of the
Sawyer woolen mills, a subsidiary of the American Woolen Federal Reserve
Bank of New York on Increase in
Co., struck, owing to alleged use of material which it was
Building Activity.
claimed slowed up the work. Also, the management
had deIn its "Monthly Review" dated Dec. 1, the Federal Reclined to grant a flat wage of $45 a week. At Detroit,
Mich., serve Bank of New York said:
the Ford cotton mill to be built will be practically
automatic
The value of building permits granted in 1513/principal cities Increased
In operation. At Utica,- N. Y., some
underwear mills are 22% in October, according to Bradstreet's, although there Is ordinarily
operating only 4 to 5 days a week owing to lack
little change at this season of the year.
of orders.
There was also a substantial increase in contracts actually awarded, as
At Charlotte, N. C., a meeting of 200
members of the South- Indicated by a gain of 26% in the F. W. Dodge Company figures for the
ern Textile Association reported that there
was practically 27 Northeastern States. The increase was duo chiefly to increased resino curtailment in that section.
dential construction in New York and northern New Jersey, and brought
total contracts for the first ten months of the year slightly ahead of those for
Paterson, N. J., people state that within
the last two the same period of last year. The following diagram [this we omit—Ed.1
years nearly 3,000 silk looms have been
moved from that comparing the figures for the first ten months of the years from 1920 to
1923,indicates the importance residential construction in increased buildcity. Labor trouble is the great difficulty.
Silk has be,ai ing activity, as business and of
industrial building has declined since 1920
depressed, but Pennsylvania mills are, it
and
is said, working up
other groups have shown small changes. Because of the decline in
to 65%, as against 40% in Paterson.
construction
costs
from
the high point of 1920. the increase in the actual
Boston is said to be
volume of building has been larger than Is indicated by the dollar figures.
gaining as a shoe manufacturing centre owing
to strikes
The prices of building materials generally remained unchanged in October,
from time to time at Lynn, Mass., and elsewhere.
but building wages increased slightly. As shown in the diagram below,
The Montgomery, Ward & Co. sales for
building wages are at the highest level of the year and 7% above the maxiNovember were mum
of 1920, but the price of materials has declined 11% since April and
$14,112,312, as compared with $11,003,750 in November
1922, about 40% since 1920. The composite cost of building as computed by
an increase of 28.25%. The 28.25% increase for
November this bank is 4% lower than in May but nearly twice the 1913 cost.
1923 is on top of a 45.15% increase in November
1922 over
the same month in 1921. The sales for the first
eleven
months of this year amount to $119,581,723. This compares Federal Reserve Bank of New York on Employment
with $80,844,890 in 1922 and $68,531,523 in 1921, an increase
and Wages.
of 47.92% over 1922 and 74.49% over 1921. The
The following is from the Dee. 1 number of the "Monthly
sales to
date for 1923 are $17,425,396 in excess of the same period
in Review" of the Federal Reserve Bank of New York:
1920, which was the previous high mark. Sears,
Employment In New York State factories increased 1% in the month
Roebuck &
ended Oct. 15, due to larger employment in the iron and steel and railway
Co. sales in November increased 1.09% over November
1922 equipment industries, and to seasonal activity in the clothing and food
and for 11 months 20.65% over last year.
products industries.
Lumber shipments by water from the Columbia River
The number of wage changes, as reported by the National Industrial
dur- Conference
Board for the United States, and summarized in the table below,
ing the first 11 months of this year have
broken all records was larger in the month ended Nov. 14 than in any month since June.
with a total of nearly 972,000,000 feet. The total
Month Ended—
from the
Increases.
Decreases. Total Changes.
river at the end of the year will exceed a billion feet
June 14 1923
287
1
288
by at July
14
137
0
least ten million. Portland mills alone will have
137
cut at least Aug. 14
77
0
77
700,000,000 feet by the end of the present year.
Sept.14
22
1
23
Oct. 14
Nov. 14
Judge Gary on Outlook for 1924—Says Coming Year
Should Be Better Than 1923.
In an article on "What's Ahead for Business in 1924,"
Judge Elbert H. Gary, Chairman of the United States Steel
Corporation, declares "the outlook is good-1924 should be
a better year than 1923." Judge Gary's article, prepared for
the January issue of "System—The Magazine of Business,"
says in part:
28
151
2
5
30
156
Voluntary advances of 1 to 3 cents an hour wore made by several railways to clerks, mechanical and electrical employees, and stationary engineers and firemen. Increases occurred also in the street railway and printing industries and on Nov. 14 building trade unions in New York City
presented demands upon employers for an increase of $1 a day in the basic
wage. Several large corporations announced plans for profit sharing and
employment insurance.
Average weekly earnings of factory workers in New York State increased
1% in October, to $27 73. and with the exception of June were the highest
since the end of 1920. During the past year average weekly earnings have
Increased 8%,due to increased working time and higher wage scales.
THE CHRONICLE
DEC.8 19231
Federal Reserve Bank of New York on Increased Production in Basic Industries.
Production in basic industries increased during October,
following declines in the preceding four months, says the
Dec. 1 number of the "Monthly Review" of the Federal
Reserve Bank of New York. Continuing, the "Review"
says:
The Federal Reserve Board's index covering 22 commodities advanced
from 114 to 117 and most of the indexes of this bank for separate industries
showed increases.
The output of steel ingots increased 7%,from 3,313.000 tons in September to 3,548,000 tons in October, and there was a small increase in pig Iron
production for the month, though the daily rate of output was somewhi t
lower. Unfilled orders on the books of the United States Steel Corporation showed a furthcr decline of 363,000 tons to 4,673,000 tons, the sma lest amount since March 1922.
The following table gives this bank's available indexes of productior during October. Tho figures are expressed as percentages of computed normal.
Allowance is made for seasonal variation and the usual year-to-year growth.
1922
(Computed Normal = 100%.)
1923
Oct. June July 'Aug.Sept. Oct.
Producers' Goods:
93
Pig iron
181 122 121 110 102
99 101
Steel ingots
•100 114 105 107
99
99
109 106 10.)
Bituminous coal
91
98 102 111 102 107p
Copper, U.S. mine
81
_
91p
93 105 106
Leather, sole
94
80
99
98
84
92
Tin deliveries
103
Petroleum
112 139 142 146 144 _ _ _
94
88
89
83
96
95
Cotton consumption
98 100 101p
106 113 104
Woolen mill activity*
92 123 110 103
Wood pulp
68 -73
73
75
75
Zinc •
75
Consumers' Goods:
35
95
98 100 104
95
Anthracite coal
Wheat flour
112 107 122 115 109 104
98
93 101 105 109
Cattle slaughtered
Calves slaughtered
139 114 123 145 118 _
76
79
86
89
Sheep slaughtered
74
Hogs slaughtered
109 122 135 149 146 - 74 102 137
70
79
Sugar meitings, U. S. ports
108
85
9:1
84
Paper, total
102 101
83
88
Tobacco consumption
88
93
87
Gasoline
102 111 110 108 107
Automobile, all
114 152 151 145 140 159p
Automobile, passenger
119 159 162 157 149p 171p
98 104p 113p
Automobile, truck
92 126 109
95 121 107p Automobile tires
132 134
90n 98
90
89
Boots and shoos
99 105
* Seasonal variation not allowed for.
p Prel minary.
The production of passenger automobiles totaled 335,000 cars, an output
which has been exceeded in the past only by the unusual production of April.
May and June of this year. There was also an increase in the output of
motor trucks.
Notwithstanding the high prices of cotton, domestic mills consumed
542,000 bales in October, or 12% more than in September. During November, however, some of the New England mills announced a 60% curtailment in operations, and certain of the Southern mills made reductions
in working schedules.
Bituminous coal production during October, while the largest since
January, increased somewhat less than usual as compared with September.
and the index of production, in consequence, declined. Following curtailment of operations in September, due to the strike, anthracite mining was
resumed in October at somewhat less than the August rate.
and only in the case of shoes are sales reported to be smaller than they
were last year.
Prices have fluctuated considerably in individual commodities, but on the
whole have changed little since last month. The index of the Bureau of
Labor Statistics was slightly lower at the end of October than in September.
Metal goods, including pig iron, declined, and several of the fuels, namely
crude oil, bituminous coal and coke, were easier in price. Of farm products,
some advanced while others declined. Quotations on textiles, too, varied;
cotton is higher, but silk has tended downward in recent weeks.
The employment situation shows little change. The number of wage earners at 1,054 manufacturing establishments in Pennsylvania, New Jersey and
Delaware, reporting to this bank declined .2% between September and
October. The total weekly wage payments, on the other hand, were somewhat higher in October, but this was due to longer working hours rather than
to wage increases. Except in agricultural districts, where a shortage of
labor has interfered somewhat with harvesting and fall plowing, the supply
of workers appears to be adequate.
The credit situation continues easy, and money rates in some instances are
slightly lower than they were a month ago.
Wage Increases in New York City During Six Months
Since April.
• The following is taken from the Nov. 26 issue of "Greater
New York." the weekly bulletin of the Merchants' AssociaCon of New York:
Improvement in General Tone of Business in Federal
Reserve District of Philadelphia.
In Its Dec. 1 summary of business conditions in the Federal Reserve District of Philadelphia, the Federal Reserve
Bank of Philadelphia states that "the general tone of business has improved since last month, despite the fact that
conditions in some lines are considered unsatisfactory."
Continuing It says:
This is evidenced not so much in orders for future delivery as in substantial sales for prompt shipment and in a feeling of greater confidence regarding business during the next few months. That distribution of goods is still
heavy is shown by freight car loadings and by the well sustained volume of
sales at both wholesale and retail.
Among other encouraging signs are the reports concerning building operations. During October the value of permits imued both in the Third Federal Reserve District and throughout the United States was not only larger
than at any time since last May, but considerably in excess of the figures for
October 1922. Such reports are indicative of confidence in the future, if
nothing more. Most building materials are in good demand, but as is to
be expected, those materials which are used in the latter part of operations,
such as paint, glass and plumbing supplies are selling better than others. The
iron and steel industry, though still weak in spots, shows some improvement
since last month. Inquiries are becoming more numerous, and sales have
been made for the first quarter of 1924. In addition, pig iron production
is better adjusted to the present demand than it was a month ago.
In the textile industries conditions vary. Sales of raw wool have increased,
woolen and worsted goods are moving better, and certain types of yarns are
selling more readily. But in cotton and silk sharp price fluctuations have
tended to make buyers cautious, and consequently there has been little or no
improvement since last month. Conditions in the textile markets have been
reflected in the hosiery and underwear industries, which are unsettled. Most
grades of floor coverings, however, are in good request, and linoleums and
felt-base goods are selling exceptionally well. As might be expected, domestice sizes of anthracite are in good demand, but steam sizes continue to
move slowly. The market for bituminous coal is still dull, and in spite of
curtailed production during recent weeks, stocks are said to be heavy and
accumulating.
Quotations on most grades of hides have declined, although sales have
been in fair volume, and certain types of shoes have been in moderately good
demand. Leather, however, has continued dull. Manufacturers of cigars
and cigarettes report business to be satisfactory. Paper and paper box
makers state that sales are somewhat smaller than they were a year ago, but
that in some lines the volume is of goodly proportions. Retail sales are running considerably ahead of those of a year ago in spite of unsatisfactory
weather early in October. Wholesale dealers, too, are doing a fair business,
2479
During the six months beginning April 1923 and ending September 1923.
the 781 representative New York City factories which are covered in the
monthly e nploymeat rap prts of the Slate Department of Labor reported
a total of 180 wage increases affecting 33,244 employees.
Details of Wage Increase.
The details of these wage increases by months and by lines of industry
are given in the accompanying table. As this total includes only the increases reported by the 780 factories mentioned above, it is by no means a
complete record of wage changes in New York City during the period
cove-ed, but according to the chief statistician of the Department of Labor.
it furnishes a fairly accurate picture of the trend from month to month in
each line and in the manufacturing field as a whole.
Wage Increases in New York City—Number of Establishments Reporting
Increases and Number of Employes Affected.
April. May. June. July. August. Sept
Year 1923—
Stone, clay and glass products:
2
1
3
3
7
Establishments
132
449
42
2-.7
704
Employees affected
Metals, machinery and conveyances:
2
6
4
Establishments8
107
230
3,221 5,521 1,055
Employees affected
Wood manufacturers:
3
4
8
4
3
Establishments
184
235 __ __
913 1,053
246
Employees affected
F-rs, leathers and rubber goods:
1
2
7
3
2
1
E3tab.I.4hments
1
42
162 ___
283
15
Employees affected
dm.:
Chemicals, oils, paints.
1
4
1
5
Establishments
156
205
60
3,278
Employees affected
Paper:
Establishments
Employees affected
Printing and paper goods:
I's
2
Establishments
925
____
140
Employees affected
Textiles:
1
1
2
Establishments
87
35
1,923
Employees affected
Clothing, millinery, laundering:
85
398
759
13 1.799
10
Establishments
2
2
8
13
1,661 2,202
Employees affected
tobacco:
and
Food, beverages
3
2
1
3
4
2
Establishments
318
GO
700
831 1,238
376
Employees affected
Water, light and power:
2
2
Establishments
424
177
Employees affected
Total:
31
10
27
41
29
42
Establishments
10,867 10,731 5,916 2.766 1,212 1,752
Employees affected
The Trend of British Trade.
The trend of British trade in the present year compared to
1922 has been toward greater imports from European countries and reduced imports from the United States. Imports'
from some other American countries, notably Canada and
Argentina, have Increased. On the export side. Great Britain has increased her trade with the United States and also
with Canada, Argentina and Germany. Detailed figures of
the British Board of Trade received by the Bankers Trust
Co. from its English Information Service disclose the foregoing trends in Great Britain's trade as follows:
Increase or Decrease—Nine Months 1923 Compared to 1922.
*Exports to
Imports from
+11417.000
+E7,700,000
France
+8.631.000
+6,753,000
Germany
—2,422.000
+1,470.000
Netherlands
+471.000
+4.524.000
Denmark
+1.168,000
+2,163,000
Sweden
—203.000
+2.266,000
Italy
—960,000
+811,000
Spain
+154.000
+3.241,000
Belgium
+4.083.000
—16,470,000
United States
+2.210.000
+451,000
Canada
+5,299.000
+5.705.000
Argentina
* British products.
s Great Britain's imports from India increased £15,038,000
in the first nine months of 1923 compared to 1922, while
imports from Australia and New Zealand decreased £11,005,000 and £4,109,000, respectively. British exports to India
decreased £2,071,000 and exports to Australia decreased £2,456,000 in the current year compared to 1922. Exports to
New Zealand Increased £3,942,000.
2480
THE CHRONICLE
Figures of Unemployment in European Countries.
A survey of the economic conditions and unemployment
figures in the different countries of Continental Europe has
been compiled by the International Federation of Trade
Unions. The Bankers Trust Co., of New York, is advised by
Its Foreign Information Service that in comparison with last
year, the report shows in nearly all countries (with the exception of Germany) a decline of unemployment. The industrial situation in the different countries, together with
the latest figures of unemployed workers, are stated as follows, according to advices made public Dec. 4 by the Bankers Trust Co.:
Belgium—A great revival in industry. Unemployed, 12.368.
France—Economic situation is highly satisfactory. Unemployed. 1,363.
Holland—Little change in the labor market. Unemployed and partially
unemployed. 80,222.
Italy—A steady decrease in unemployment. Unemployed, 231,590.
Poland (exclusive of the former Prussian territory and eastern Gallcia)—
Unemployed, 87,000.
Denmark—Unemployed, 20,754.
Norway—Unemployed, 12,840.
Sweden—Unemployed, 11.009.
Switzerland—Unemployment has been gradually decreasing for months
past. Unemployed, 22.840.
Czechoslovakia—Unemployed (estimated). 300.000.
Austria—Unemployment steadily declining. Unemployed, 77,923.
Russia—Unemployment is most acute among the civil servants, municipal employees, clothing workers and unskilled workers. Unemployed (in
52 towns), 443,000.
Germany—The industrial situation is changing for the worse in every
branch of industry. Unemployed, 660,788.
This shows a total for the Continent of 1,961,697 unemployed persons.
[VOL. 117.
The price of fuel oil, said the "Journal of Commerce,"
of New York on Dec. 6, has been advanced 23/ cehts to
773. cents per barrel in Tulsa, Okla., due it is stated, to the
fact that many refiners are cracking the product for a greater
recovery of gasoline, causing a shortage of the fuel-oil grades.
A development in the crude oil marketing agencies which
has interested the leading oil men is the deal between the
Atlantic Refining Co. and the Sinclair Crude Oil Purchasing
Co. for the purchase by the former of a large quantity of
crude to be delivered at certain periods. Regarding the
contract the New York "Commercial" on Dec. 3 made the
following statements:
The announcement made over the past several days that the Atlantic
Refining Co., one of the largest of Standard Oil organizations, has closed
a contract with the Sinclair Crude Oil Purchasing Co. for the purchase
of a large quantity of Mid-Continent crude oil to he delivered over the
course of two years was reported yesterday by leading oil men as the most
important development in showing the realignment of Standard Oil companies now under way that has taken place since the announcement of the
plan of the Prairie Oil & Gas Co. to acquire control of the Producers .34
Refiners Corp.
The contract by the Atlantic Refining Co. now brings together as buyer
and sellers the two Standard Oil companies which, since the dissolution of
the old Standard Oil Co. of New Jersey, have drifted further away from
the contro,lIng factors in the old organization than have any of the other
companies which were formed out of the dissolution.
These two companies are the Atlantic Refining Co. and the Standard
011 Co. of Indiana.
The Standard Oil Co. of Indiana is the owner of 50% of the stock of
the Sinclair Crude Oil Purchasing Co., the other 50% being held by the
Sinclair Consolidated 011 Corp. The Sinclair Consolidated and the Standard Oil Co. of Indiana each also owns 50% of the stock of the Sinclair
Pipe Line Co., through whose lines the oil will be delivered to the Atlantic
Refining Co. Deliveries will be made at the Houston terminus of the
pipe line company and will there be loaded aboard tank steamships to be
transported to the refineries of the Atlantic Refining Co. at Philadelphia.
Pa. The contract calls for the delivery of 10,000 barrels of oil daily over
a period of two years.
Changes in Automobile Prices.
During the week just passed a few price changes have
occurred in the automobile trade, chief among them being
the announcement by Studebaker on Dec. 3 of a new price
The gasoline market as a whole has been much less variable
schedule for closed models, to become effective Dec. 5. as to price. In Sioux Falls, So. Dak., the Brown Garage
The new schedule is from $30 to $80 less per car, according Co., an independent dealer, offered gasoline on Nov. 30 for
to the model, and is as follows:
103 cents per gallon plus the 2-cent State tax, 3 cents below
New
Reduc- the price set by Governor McMaster. On Dec. 6, the
Old
Model—
Price.
Price.
lion.
Light six 2-passenger coupe$1,195
$1,225
530 Governor, however, ordered the sale of gasoline at the State's
Light six 5-passenger coupe
1,395
1,475
80
Light six 5-passenger sedan
1,4851.550
65 station for 13 cents a gallon, which is 5 cents per gallon
Special six 5-passenger coupe
1,895
1,975
80 less than the prices quoted by the majority of the indeSpecial six 5-passenger sedan
1,985
2,050
65
Big six 5-passenger coupe
2,495
2,550
55 pendents.
Big six 7-passenger sedan
2,685
2.750
65
Earlier in the week, on Dec. 1, motor gasoline was reduced
The Ford Co. of Canada has introduced two new models
cent per gallon by the Northwestern Pennsylvania
and has reduced the price of the old model touring car $40
and the runabout $37. The new coupe price is $665, an Refiners, while the Standard Oil Co. of New Jersey advanced
increase of $15 over the former coupe while the new export navy gasoline 34 cent to 24.40 cents per gallon.
four-door sedan is $895, or an advance of $150. The fol- New navy gasoline f.o.b. Tulsa sold 3,4 cent higher with
prices ranging from 63/i to 7 cents on Dec. 4.
lowing is the complete list of prices: •
A new light on the gasoline "price war" was given when
Old model without starter, touring $485,runabout $442; old with starter,
$576,runabout $533; new runabout without starter $405, with starter $490;
old coupe, price $650; old sedan, price $745; new coupe, price $665; new on Dec. 4 a suit was filed in Atlanta, Ga., to stop the sale
sedan, $895.
of gasoline below cost. In reporting the fact "The Sun and
According to reports from Detroit the F. B. Stearns Co. The Globe," under date of Dec. 4 said:
has advanced the prices on its Stearns-Knight cars, the tourA petition asking a permanent injunction against the Standard Oil Co..
ing car now being $1,750, formerly $1,595, and the sedan the Gulf Refining Co., the Galena Signal Oil Co. and the Texas Oil Co.
to restrain them from making secret rebates and from selling gasoline
$2,350, formerly $2,248 f. o. b. Cleveland. The prices of below cost has
been filed in the U. S. District Court in Atlanta, Oa., by
the Wofford Oil Co. The petition will be heard Dec. 16, it is announced.
the six-cylinder line remain unchanged.
The
petition
sets out that the defendant companies are selling gasoline
New models have been announced by the Haynes Auto- at 14
cents a gallon
from tank wagons, while the plaintiff's
mobile Co., a special touring car to sell at $1,395 and a tank-wagon price is 16wholesale
cents.
special sedan at $1,945, both prices at the factory.
Another Standard Oil unit has reduced the amount of the
Durant Motors, Inc., on Nov. 9 announced an advance dividend generally declared at this time, as indicated by the
of about $55 on the touring car and $75 on the sedan models announcement on Dec. 3 that the New York Transit Co. (a
of the 1924 Star cars. The price in New York is $561 and pipe line) will pay a quarterly dividend of 50 cents a share on
$872, respectively.
the common stock on Jan. 15. The dividend for each of the
The Autocar Co. increased the price of its 2-3-ton truck two preceding quarters was $2 per share. (For reductions
chassis $350 to $3,450 for model "H" and $3,550 for model announced about a month ago, see V. 117, p. 2158.)
"KY." An advance of $450 was also made in the 4-6-ton
Kerosene prices have been advanced 1 cent a gallon by the
truck chassis, model "M," to sell at $4,650, and model "L" Magnolia Petroleum Co., say reports from Tulsa, Okla.,
where the tank-wagon price is now 10 cents. On the Atlantic
at $4,800. All the changes are effective Dec. 15.
A change in the models of the Essex line has been an- seaboard, the Standard Oil Co. of New Jersey has advanced
nounced b the Hudson Motor Car Co. The new 6-cylinder the price of kerosene in cases Yi cent to 18.15 cents for water
Essex touring car is priced at $850 and the coach at $1,000, white and 17.15 cents for standard white.
effective Dec. 1. The corresponding 4-cylinder models
formerly sold at $1,045 and $1,145, respectively. The
Decrease Continues in Crude Oil Production.
4-cylinder line was discontinued on Dec. 1.
For the fifth consecutive week the production of crude
oil in the United States has decreased, according to statistics
Fewer Developments Mark the Week in the Oil Trade compiled by the American Petroleum Institute. The estiCircles.
mates of the daily average crude oil production published
Emphatic denial of the statement that his company was by the Institute on Dec. 5 show that the daily average gross
offering or paying bonuses for crude oil was made on Dec. 1 crude oil production in the United States for the week ended
by J. C. Anderson, President of the Pan-American Petroleup Dec. 1 was 2,083,000 barrels, as compared with 2,198,250
Co. of California. None of the big producing companies, barrels for the preceding week, a decrease of 115,250 barrels.
according to press reports, is paying anything but the Ascompared with the production during the corresponding
posted prices.
week of 1922, however, it shows an increase of 444,950
The Salt Creek Producers' Association on Dec. 4 agreed barrels. A decrease of 103,100 barrels in the daily average
to produce all wells in the district 100%, doing away with production of the Powell field in Texas accounts for subthe pro rata basis formerly in effect.
stantially all of the decrease of 115,250 barrels. The daily
Dne.81923.]
THE CHRONICLE
average production east of the Rocky Mountains was
1,336,650 barrels, as compared with 1,439,950 barrels, the
previous week. California production was 746,350 barrels, as
compared with 758,300 barrels; Santa Fe Springs is reported
at 208,000 barrels, against 215,000 barrels; Long Beach,
235,000 barrels, against 240,000 barrels; Huntington Beach,
72,000 barrels, against 75,000 barrels, and Torrance, 33,000
barrels, against 30,000 barrels. The following are estimates
of daily average gross production for the weeks indicated:
(In Barrels)
Oklahoma
Kansas
North Texas
Central Texas
North Louisiana
Arkansas
Gulf Coast
Eastern
Wyoming and Montana
California
Daily Average Production.
Dec. 1 '23. Nov.24 '23. Nog.17 '23. Dec. 2 '22.
Total
389.200
70,950
67,100
276.450
56.150
124.000
94.700
109.500
148.600
746,350
390.100
70,600
66.300
374.500
57,800
123.150
94,300
108,000
155.200
758.300
387.800
70.900
66.600
393.800
58.150
123.800
93,800
108,500
154,950
766,000
490.800
87,200
58.650
125.400
84,700
86.050
121.250
115.500
89.500
460,000
2.083.000 2,198.250 2,224,300 1.638.050
Production of Gasoline in October Attains a New
Monthly Record, But Stocks Decrease.
Production of gasoline in the United States in October
amounted to 659,060,570 gallons, constituting a new monthly
record, states the Department of the Interior, as a result of
statistics compiled by the Bureau of Mines. Notwithstanding this record production, gasoline stocks on hand at refineries Nov. 1 amounted to but 946,872,683 gallons, a decrease of 25,832,149 gallons as compared with Oct. 1. Gasoline in storage Nov. 1 amounted to 41.6 days' supply at the
October rate of demand. In comparison with the situation
on Nov. 11922, the Bureau of Mines current figures show an
increase of 20% in the new supply of gasoline, an increase of
32% in the total demand, and an increase of 31% in the refinery stocks taken on the gallonage basis. The statistics
indicate, it is stated, a substantial improvement in the gasoline situation from the refiners' point of view. The surplus
stocks have been reduced to normal, taking into consideration the increases in supply and demand. Both foreign and
domestic demand are holding up well for this time of the year,
the report says, and in addition the total demand is in excess
of the new supply.
Imports of gasoline during October were 20,001,431 gallons. Domestic demand for gasoline amounted to 617,699,699 gallons, a decrease of nearly 6% from September.
Exports (including shipments to Alaska, Hawaii and PortRico) were 87,194,451 gallons. The total demand (domestic demand plus exports) shows a decrease of nearly 7% from
the September figures. The new supply was only 96% of
the total demand, withdrawals from storage constituting
the balance.
Kerosene production during October was 191,346,325 gallons, a slight decrease from the September figure and a decrease of about 11% from the output a year ago. While
2481
exports decreased approximately 2,000,000 gallons, domestic
demand showed an increase of about 7,000,000 gallons,
amounting to 124,455,627 gallons. The total demand exceeded the new supply by approximately 13,000,000 gallons,
stocks being reduced by this amount during the month,
leaving on hand on Nov. 1 a supply of 224,954,009 gallons.
Gas and fuel oil output in October was 1,069,800,191 gallons, showing another slight increase of about 37,000,000
gallons over the September figure. Domestic demand increased about 92,000,000 gallons, amounting to 1,015,725,028 gallons. The total demand exceeded the new supply
by about 45,000,000 gallons, this amount being withdrawn
from storage, leaving 1,436,591,014 gallons on hand at the
end of the month.
Lubricants changed very little from September, production
being 88,003,033 gallons and imports of negligible importance (2,017 gallons). Exports decreased about 6,000,000
gallons from the September figure, amounting in October to
25,590,031 gallons, and domestic demand was.58,942,940
gallons, also a slight decrease from the previous month.
Stocks were increased by nearly 3,500,000 gallons, there
being on hand 218,485,258 gallons at the end of the month.
The same number of refineries were reported to the Bureau
of Mines as operating in October, there being 250 plants with
an aggregate daily indicated crude oil capacity of 2,148,232
barrels. These plants ran to refinery stills a daily average
of 1,642,068 barrels of foreign and domestic crude oils, thus
operating at 76.5% of their capacity and an increase of about
1% over the operations during September. These plants
are, with but few exceptions, among the smaller refineries,
the same group which was operating last month, and the
increase reported in capacity is caused by a few large refineries reporting increases.
The following are the refinery statistics in full for October
1923, as compiled by W. C. Hill, Petroleum Economist.
Gasoline-
Stocks first of month
Production
Imports*
Exports5
Indicated consumption
Stocks end of month
Sept. 1923.
Oct. 1923.
972.704.832 1,053,856.221
659.060.570
623.732,834
20,001.431
26.140.649
75.647,256
87,194,451
655.377,616
617,699,699
946.872,683
972.704.832
Oct. 1922.
690,050,809
566,278.689
721.125
43.073,107
490.393.454
72.3,584.062
238.024.012
191,348,325
16,380
79,977,081
124,455,627
224,954,009
270,576.864
215.203.459
63.030
84,331.437
145.252.484
256.259.432
Kerosene-
Stocks first of month
Production
Imports*
Exports*
Indicated consumption
Stocks end of month
Gas and Fuel Oils-
Stocks first of month
Production
Imports*
Exports*a
Indicated consumption
Stocks end of month
243.617.556
193.687,612
71
81.748.283
117.532.944
238.024.012
1,481,203,993 1,462,182.129 1,364,957.165
1,069,800.191 1.032,590.585
921.606.114
32,421,329
21,976.085
28.972.094
118.546,662
131.109.471
63.315.723
1.015,725,028
923,994.153
876.474.761
1.436,591,014 1.481,203.993 1.368.748.880
Lubricants-
Stocks first of month
Production
Imports*
Exports*
Indicated consumption
Stocks end of month
215.013,179
88,003,033
2.017
25.590.031
58.942,940
218.485.258
220.419.457
87.172.230
6.058
31,207.245
61,377.321
215.013.179
214,727.811
87,340.814
2,274
26,556,172
57.739,603
217.775,124
* From Bureau of Foreign and Domestic Commerce. Exports include
shipments to Alaska. Hawaii. and Porto Rico.
a Does not include fuel or bunker oil laden on vessels engaged in foreign
trade.
OUTPUT OF REFINERIES IN THE UNITED STATES MIRING OCTOBER 1923
East Come pennoltenia Ind. & Ill. Oklahoma
(N.y„Phil. N.Y.,R.Ohto W.Ohlo.Ky.
and
and Bali.) and W. Va. and Tenn. Kansas.
Texas.
Louisiana
and
Arkansas.
Colorado
and
California.
Wyoming.
Daily Average October.
Total.
1922.
1923.
f* Oils Run to Stills (Barrels)Domestic crude
8,647,080 1,761,180 4,158.671 4,642,369 7,667,611 3,620.689 2,145,131 14,748,709 47,391.440 1.528,756
*
2,159,970
Foreign crude
827.449
•
525,259
113.312
3,512,678
Total crude oils
10,807,050
1,761,180
4,158,671
4,642,369 8,192.870 4,448,138 2,145.131 14,748.709
1,642,088 1,426,897
50,904,118
181,156
24,503
Domestic, partly.refined (net)-.
•
84,763
206,931
717.385
309,970
Foreign, partly refined
349,567
48,088
•
13.107
8,671
406.326
10,424
Casinghead gasoline
24,027
40,588
80,222
80.846
37,328
11,845
12,985
402,529
43.175
85,921
Total other oils (net)
554,750
34,927
105,351
287.153
26,092
85,414
159,121
760,560
399,487
808,855
85,921
Total oils run (net)
11,301,800 1,796,107 4,264,022 4,929,522 8.592,357 4,533.552 2,905,691 14,834,630
51,712,973 1,668,160 1,586.018
r Output of RefineriesGasoline
gal. 134,782,458 26,373.713 85,407,660 81.858.426 116,575.088 41,857,152 53,071,473 119,134,600 659,060,570 21,260.018 18,267,054
Kerosene
gal. 48.061,456 13.636,510 18,372,126 21,404,181 38.821,373 24,853.835 10,728,343 15,468,701 191.346,325 6,172,462 6.942.047
Gas and fuel olis
gal_ 215,885,143 13,786,740 51,480.641 85.207,960 157.624.974 80,802,386 51.094,254 413,918,093 1,069,800,191 34.509,684 29,729,229
Lubricants
gal_ 24,951,093 13,949.277 8.342,195 6,472,224 21,735.992 2.496.926 1,774,322 8,281,004
88.003,033 2,838.807 2,817.446
Wax
7,271,772 2,922,446
lb 14,316,382
3,418,182 4,872,079 4,226,279 1,692,248
38,719,388 1,249,013 1,090,874
Coke
1,461
ton_
14,951
15,459
5.106
1,904
4,352
1,816
8.138
58,302
6,835
Asphalt
610
ton.
117,423
11,085
35,314
38.965
250,910
2,727
8,094
44,186
8,383
Other finished prod ler+
gal_ 3,766,898
1,302,873
3,356,433
897,578
31.899
538.334
1,547,297
16,688.387
•
194,107
5,591,288
Losses
bbl.
411,739
113,218
115,087
219,673
1,590,066
389,39
51,292
216,726
67,333
52,046
56,898
Partly refined ii,,,i et ;(net1 7.1
'
25 742 494
At ace 7qe
2.705.415
90.207
•
* Not available prior to 1923.
STOCKS AT REFINERIES IN THE UNITED STATES
OCTOBER 31 1923.
East Coast Pennsylo'nia htd. & /U. Oklahoma
Louisiana
Total Stocks Oct. 31.
Colorado
(N.Y„Phil. N.Y.,R.Ohio IV.0510,Ky.
and
Texas.
and
and
California.
and Bail.) and W. Va. and Tenn. Kansas.
Arkansas. Woman°.
1922.
1923.
•
Crude Oil and Parity Refined ProductsDomestic crude
bbl_ 6,201,813
1,338,947
1,280,192 4,714,778 4,668,923 4,242,503
* '
29.995.427
810.971 6,047,300
Foreign crude
bbl. 1,906,492
309,556 1.457.885
3,673,733
•
bbl- 8,198,305
Total crude oils
1,338,947
1,280.192 4,714.778 4,978,479 5.700,188
810.971 6.647,300
32.765,842
33,669.160
bbl. 5,348.196
Domestic, partly refined
750,824
2,073,256
1,725,527 5.287,297 2,828,338 1,846,144 11,405,536
•
31,265,118
bbl.
28,697
Foreign, partly refined
60
28.757
*
bbl. 5,376.893
Total other oils
750.824
2,073,256
1.725,527 5,287,357 2,828,338 1,846,144 11.405,536
31.293,875
1.220,103
run
be
bbl_
to
oils
13,575,198 2,089,771
Total
3,353,448 6,440,305 10,265.836 8,528,528 2,657,115 18,052,836
64.983,035
33,985.945
Finished Productsgal. 188,829,420 19,610.483 106,741.324
Gasoline
155.156.463 115.607.052 94,804,555 107.681,935 158.441,451 946,872.683 723,584,062
gal_ 56,843,682 12,591,984 40.958,066
Kerosene
16,886,865 45,507,841 21.584.995 5,733,500 24.867,076 224,954,009 256.259,432
gal_ 316,657.770 33,334,222 36,437,045 97.771.531 284,585,967 73,429,647
Gas and fuel olis
38.823.077575.571,755 1.436,591,014
gal_
93,7113,617
28.288,001 19,140,657 11,213.083 45,301,684 2,644.995 5,464,079 12,716.142 218,485,258 1.368.748.880
Lubricants
217,775,124
lb_ 59,936,191 19.402.415 29.255,027 4,308.474 10,188.357 45,521,959 4.722,224
Wax
198,581 173,533,228 207,856.622
ton_
4,938
94
Coke
5,016
28,201
1,044
3,683
42,974
33,458
ton.
56,386
2,579
Asphalt
9,446
188
10,842
12,067
2,762
107,467
13,197
114,876
gal_ 5,463,312
All nther finished products
1.114.670 14 ROO Ran 4 045 550
a/ a7a
454 015
1 na4 717
001 507
05 1170 ass
a
* Not available prior to 1923.
2482
THE CHRONICLE
Slowing Down Takes Place in Iron and Steel
Markets.
The main developments of the week are a decline in pig
iron output, a further quieting down of pig iron buying,
more indication that leading steel producers intend to continue present prices into the new year, and the appearance
of the Carnegie Steel Co. as a buyer of steel scrap, declares
"The Iron Age" in its market review dated Dec. 6. Its
summary follows:
Since there had been no formal Carnegie buying of old material for many
months, this week's purchases, while put at but 15,000 tons, have caused
no little stir. At Pittsburgh heavy melting steel scrap is held $2 a ton
higher than a week ago, and the trade Is trying to interpret the steel company's move, coming at this juncture in the finished steel price situation.
For months the low prices of pig Iron. scrap and coke have led buyers to
look for a decline in rolled steel.
The stopping of more blast furnaces in the face of the heavy buying of
pig iron in the last half of November means that much of the bargain iron
sold is already stocked in furnace yards.
November pig iron output was 2,894.295 tons, or 96,476 tons a day,
against 3,125,5.12 tons in October. or 101,586 tons a day, the falling off
being 5,110 tons a day. The net loss in active furnaces was 14. On
Dec. 1 the capacity of the 231 stacks in blast was 94.345 tons a day, comparing with 99,030 tons a day for the 245 furnaces in blast one month
previous.
Pig iron production is now at the rate of about 34M million tons a year,
nearly the same as that for November 1922. At the peak in May of this
year the annual rate was over 45 million tons.
While the new car and locomotive programs of the railroads hinge on steel
prices as well as on what Congress does or refrains from doing, 1924 is already counted on as a great year for track work. The Santa Fe is now
asking for 100,000 tons of rails and nearly 25,000 tons of angle bars, tie
plates, spikes and bolts.
Current equipment business takes on larger proportions with the purchase
of 3,500 cars, with active negotiations on an inrceased volume of repair
work and with definite inquiries for upward of 3,800 cars. This figure
includes 3.057 for the Southern Pacific Lines, so that that system is now in
the market for more than 9,600.
With awards of 28.000 tons in fabricated steel, mostly for private enterprises and 20,000 tons of it in the East, building has had another active
week. Fresh inquiries are about 10,000 tons; but the volume of railroad
bridge and station work recently figured on, and public work, chiefly for
school building-50.000 tons in New York alone in the next six months—
point to continued demand on a good scale.
Steel works operations show some improvement In the Youngstown district, but are unchanged in Pittsburgh, Johnstown and Wheeling. Further
curtailment will come in the next three weeks. Indications now are that
the year's steel output will fall somewhat short of the record of 43.600,000
tons of ingots in 1917.
In merchant steel bars, consumers' inventories are quite low and will be
kept so until after Jan. 1. In soft steel reinforcing bars quotations of
2.30c., Pittsburgh, are appearing. In the Southwest prices on such bars
named by Southern mills indicate a marked concession from the usual
Pittsburgh base.
Pig iron buying last week was much less than in the preceding two weeks,
and this week there has been a decided decrease, with indications that there
will not soon be much demand for the second quarter of next year. Exceptional are two lots of 5,000 tons each of malleable, one for delivery through
May and the other through the first half. Prices are called firmer, but on
malleable at Pittsburgh there is wide variation. Charcoal and silvery Irons
have been marked up $1. Railroad and automobile activity will go far in
deciding pig iron demand for second quarter.
The South Manchuria By: has just added 22,000 tons of rail to its already
unusual total for 1923. Half of the order came to the United States and
the remainder was divided between French and Belgian mills, their delivered
price being about 10% under that of the American mill.
Efforts of the Ruhr works to resume operations, in accordance with the
agreement sigMecl with the French authorities, are hampered by shortage
offunds and by disinclination of the workers to accept the ten hour day.
The composite price table compiled by the "Age" follows:
Composite Price, Dec. 4 1923, Finished Steel, 2.775c. per Pound.
Nov. 27 1923. 2.775c.
Based on prices of steel bars, beams,tank
Nov. 6 1923, 2.775c.
plates, plain wire, open-hearth rails,
Dec. 5 1922. 2.439c.
black pipe and black sheets, constituting 88% of the United States output_ _ 10-year pre-war average, 1.689c.
Composite Price, Dec. 4 1923, Pig Iron, $21 88 Per Gross Ton.
Nov. 27 1923, $21 86
Based on average of basic and foundry
Nov. 6 1923. 22 02
irons,the bask. being Valley quotation,
Dec. 5 1922, 25 86
Chicago.
of
average
an
foundry
the
10-year pre-war average, 15 72
Philadelphia and Birmingham
[VOL. 117.
Building activity, with 30,000 tons of steel for this purpose contracted
for in New York this week, stands forth. These awards include 14,000
tons for a publication building. Total awards this week are the heaviest
since August.
An exceptionally good year in the Lake iron ore trade has been ended with
total shipments, rail and water, of over 60,000,000 tons. This is the fifth
largest in history. The outlook for next year at present is pronounced very
promising.
Railroad buying goes on developing favorably. Car orders this week
have shown an increase, with 2,000 additional placed by the Southern and
1,000 by the Baltimore & Ohio. An early placing of 6,555 cars by the
Southern Pacific is expected. The Chesapeake & Ohio has inquired for
2,000 cars and the Pennsylvania for 10,000 underframes. Car orders in
November, 5,050, were the largest since April. A Western system which
has not yet bought for next year, has inquired at Chicago for 100,000 tons
of rails and 25,000 tons of track accessories. From 40,000 to 50,000 tons
of other rail business at Chicago is pending. The New York Central has
distributed orders against first quarter requirements of about 40,000 tons
of tie plates, spikes and track bolts.
Recent booking of pig iron orders by certain furnaces has been the heaviest
in their history. The market now has settled down considerably from the
activity of the past few weeks, but a good volume of business still is being
closed. Basic has figured slightly in recent buying and indicates further
curtailment of blast furnace production may be necessitated to balance
shipments, particularly in eastern Pennsylvania. Prices have been stabilized at the recent advances and in some districts have gone higher. At
Buffalo a round lot of forward malleable went at $23.
Featuring an invigorated and higher scrap market has been the sudden
appearance of the Carnegie Steel Co. as a buyer of 15.000 to 25.000 tons of
heavy melting steel at Pittsburgh at a reported price of $19. The American Steel & Wire Co. also was a heavy buyer in New England. Other
steel companies, blast furnaces and foundries have been active in the
market and a general advance in scrap grades of 50 cents to $2 per ton has
resulted.
Little Change in the Coal Markets Is Observation of
Trade Journals.
In most sections of the country the market for bituminous
remains unchanged. While there are more inquiries, there
is a lack of placing of large orders and most of the buying is
confined to small lots for immediate use; says "The Coal
Trade Journal" of New York in its regular weekly review of
conditions in the market. But the closing down of the less
profitable operations as well as of those unable to compete
under present conditions is having the effect o'f keeping free
coal out of the market. So that while the demand may
not have increased materially, nevertheless the market has
a better tone to it than for some time past. One bright
spot is found in the strengthening of slack prices in practically every locality, due to the closing of Lake navigation,
the report, which was published Dec. 5, goes on to say,
giving further details as follows:
Lake cargo dumpings dropped to 776.893 tons for the week ended at
7 a. m. Nov. 26. The present rate of movement is the more notable
because of the tremendous quantity that has already been shipped up the
Lakes during the present season—a total of 28.99.5.705 tons. This is a
record which has never been surpassed and it exceeds by 3% the total
shipped during 1918 when the previous high record was established. During the week ended last Saturday 39 cargoes discharged approximately
360,000 tons at the Head of the Lakes.
Price movements last week showed little variation over those of preceding
weeks. Comparing quotations listed below with those for the week ended
Nov. 24, changes were shown in 39.4% of the figures. Of these changes
69% represented advances ranging from 5 to 50 cents and averaged 17.5
cents. The reductions ranged from 5 to 40 cents and averaged 16.6 cents.
The straight average minimum for the week was $1 99, an Increase of
19 cents over the preceding week. The straight average maximum was
32 20. the same as the week preceding. A year ago the averages were
$3 51 and $3 96. respectively.
The aversion to paying high premium prices for anthracite continues, due
In a large measure to the protracted mild weather and the consequent
indifference of the consumer to add to ample stocks. Egg and pea move
slowly and the steam sizes, with the exception of barley, are still inane.
Trade is slow at the Head of the Lakes. although 70,000 tons were discharged last week.
The observations made by the "Coal Age" are similar to
The attitude of the "Iron Trade Review" of Cleveland those noted above. In its regular weekly summary of the
toward developments in the iron and steel markets during the state of trade in the coal markets the "Age" on Dec.6 said:
advances in general industrial activity have not been reflected in
week just passed is a bit more hopeful in tone, as expressed theRecent
demand for bituminous coal. Inquiries have Increased, there is some
in its summary under date of Dec. 6 and quoted herewith:
Interest in contracts covering the first three months of 1924 and contract
Various indications suggest an active buying movement in steel may be shipments are being increased here and there, but spot sales are on a
near at hand, as many consumers, especially of the larger class, are follow- day-to-day basis. Distress coal can be picked up at bargain prices in
ing the situation closely and the prospects for future demand are increas- every market. The National Association of Purchasing Agents has advised
ingly favorable. For the moment, however, with the year-end and inven- Its members to hold to present stocks, to buy for current needs while
tory-taking period at hand, buyers are limiting orders rigidly. Sentiment prices are low, coal plentiful and transportation favorable, and to avoid a
continues to improve among both buyers and sellers and confidence in a general rush into the market.
Average prices reached the lowest level for any week of this year, "Coal
substantial condition of business, at least for the first quarter and first half,
Age Index" showing 181 as of Dec. 3, a drop of five points from the previous
Is growing.
week.
The average price was :52 19. Declines registered in Pocahontas,
prodthose
of
some
in
shown
is
A further tendency toward price firmness
ucts which recently have been wavering. Cold-rolled steel and rivets are southeastern and western Kentucky. Clearfield, Cambria, Somerset and
held more uniformly, and the uncertain situation in nuts and bolts has been Kanawha coals were but partly offset by increases In southern Illinois,
clarified. Shading in sheets is growing less but is still apparent from the Springfield. Clinton and Pittsburgh districts. Lump-coal prices suffered
the most with mine-run firm in most fields and screenings erratic.
smaller mills in steel bars and plates.
Activity in the export market has revived somewhat. Competition beThe second consecutive advance in "Iron Trade Review" weekly combusiness
posite of fourteen leading Iron and steel products brings the figure to $43 02. tween British and American coal is keen, as is shown by one piece of
last week. A New York house sold a cargo of Kanawha coal to the BorThis compares with $42 80 last week and $42 63 two weeks ago.
between
for
Gas
received
Works under $5 c. I. f. Inquiries have been
For the first time in a year pig iron production in November fell below deaux
over
100.000 tons daily, or to 96.373 tons, compared with 101,375 tons in Octo- 30.000 and 40,000 tons of gas coal for Stockholm, deliveries to extend
year.
next
declined
22.8%.
has
May,
production
in
iron
point
pig
high
ber. From the
screenings
Reduced production In Illinois and Indiana has sent prices for
Merchant output in November showed a gain of 849 tons daily. Gross
owners on
production in November was 2,891,191 tons, against 3,142.642 tons In up and the closing of some consumer-owned mines has put the
market for heavy tonnages of steam coal. Working time in the Middle
the
of
October. The active furnace list fell 14 further to 231 the last day
the St. Louis
November,a reduction of 91 from the peak. The year needs only 1.905.800 West is decreasing gradually. Little activity is noted in
dealers. The
tons in December to set a new annual production record for the country, market, except in the cheaper grades of coal handled by retail
demand for Kentucky coal is going from bad to worse. A better movement
and this Is assured.
DEC.8 1923.]
THE
2483
is reported out of Duluth. but at Milwaukee the docks are not busy. Trade
in Ohio continues dull, notwithstanding a readjustment in the circular on
smokeless coals. Consumers in New England continue to lack interest.
At New York more inquiries were received, including some regarding contracts for the first three months of the new year, but nothing definite
regarding prices has been decided.
More hard coal is being delivered to retail dealers in the East now that the
Lake shipments are nearly at an end, and as a result of the easier condition
of the market some cancellations of the high-priced coal have been reported.
Stove and chestnut sizes are more plentiful.
Dmnpings at Hampton Roads for all accounts during the week ended
Nov. 28 amounted to 288,569 net tons, as compared with 264.302 tons the
previous week.
Estimated United States Production of Bituminous Coal(in Net Tons)Including
Coal Coked.
1923
1922
Week. Cal.Yr.to Date.
Week. Cal.Yr.to Date.
Nov. 10
10,726,000 478,013,000
10,147,000 332,735.000
Daily average
1,788.000
1.795.000
1.845.000
1.249,000
Nov. 17_a
9,717,000 487,730,000
11,215,000 343,950,000
Daily average
1.767.000
1,795,000
1,869,000
1.263.000
Nov. 24_6
10,171.000 497:901.000
10,100.000 355,050.000
Daily average
1,695.000
1,792.000
1,683.000
1.276,000
a Revised since last report. b Subject to revision.
Production during the first 278 working days of 1923 was 497.901.000
net tons. During the corresponding period of the six preceding years it was
as follows (In net tons):
Years of Activity.
Years of Depression.
1917
499.222,0001919
426.288.000j
1918
530,631,0001921
378,431,00W
1920
505,156.0001922
355,050,00W
Cast-Iron Pipe Production in October 1923.
The Department of Commerce on Dec. 1 gave out statistics on the production, shipments, orders and stock of castANTHRAC[TE.
iron pipe for the months of October 1923. This is the fifth
Anthracite production in the week ended Nov. 24 was at a high rate,
of these monthly reports to be issued, includes returns from close
to the capacity of the mines. Estimates based on the loadings by the
12 establishments, and is confined to bell and spigot pressure nine principal anthracite carriers place the total output at 2.100.000
net
pipe exclusively. Table I gives the total tonnage for each tons. This was an increase of 375,000 tons over the preceding holiday
week, and was but 65.000 tons below the high record for the year.
of the principal items of the industry; Table II shows in deLoadings in the present week-Nov. 26-Dec. 1-began at a high rate,
tail items by class and size; Table III shows, comparatively, but as Thanksgiving Day is universally observed in the anthracite field it
the principal items by months. The figures for September now seems probable that the total for the week will not exceed 1.800.000
are revised in accordance with corrections received since the tons.
Estimated United States Production of Anthracite (in Net Tons).
preliminary bulletin for that month was issued.
19231922
TABLE I.
Cast-Iron pipe produced during the month (tons)
Cast-Iron pipe shipped during the month (tons)
Orders for cast-iron pipe specified to be shipped from stock (tons)
Orders for cast-iron pipe specified to be made (tons)
Orders for cast-iron pipe not specified as to sizes (tons)
88,696
88,000
17,431
119,947
443
TABLE II.
Sizes.
Class.
3
A pieces
B pieces
C pieces
D pieces
Gas pieces
4
6
8
10
12
394
4,158
1,038
205
297
518
7,078
2,677
1,016
893
Week. Cal.Yr.to Date.
Week. Cal.Yr.to Date.
1,967,000 82.631,000
1,897,000 40,423.000
1,725,000 84,356,000
2.230,000 42,653.000
9.100.000 86,456,000
2,213,000 44.866.000
BEEHIVE COKE.
The decline in the production of beehive coke that has been in progress
during the past five months, with but few interruptions, was halted, at
least temporarily, in the week ended Nov. 24. ft is now estimated that the
total output was 260,000 net tons, against a revised figure of 254,000 tons
in the week preceding. The principal increase occurred in Pennsylvania
and Ohio. According to the Connellsville "Courier," production in the
Connellsville region increased from 178,760 to 184.950 tons.
Estimated Production of Beehive Coke (Net Tons)•
Week Ended
1922
1923
Nov. 24 Nov. 17 Nov. 25
to
to •
Date.
Date.
1923.a 1923.b 1922.
Pennsylvania and Ohio__ -209,000 203,000 223,000 13,467,000 5,016,000
West Virginia
964.000
14,000 14,000 24,000
443,000
Ala., Ky.,Tenn.and Ca
998.000
19,000 17,000 21.000
461,000
Virginia
677,000
300,000
9,000 10.000 9,000
Colorado and New Mexico 5,000 5,033 6,000
342.000
198,000
Washington and Utah__ _ _ 4,000 5.000 5,000
247,000
180.000
Nov. 10
Nov. 17
Nov. 24
211 1,023 2,946 1,549
1,722 30,185 32,045 11,208
295 7,291 10,005 4,951
27
542
494
674
8,039 4,408 1,997
2.,255 47.080 49,898 20.379
6,092 12,182
Specified from stock, pieces
Specified to make, pieces
630 14.216 24,137 6,834
4,031 142,671 201,371 59,258
2,892 3,916
9.187 15,139
Total,sold but not shipped, pieces
4,661 156,887 225,508 66,092 12,079 19,055
United States total
260,000 254,000 288,000 16.695.000 6.601.000
14
18
16
20
24
30
Daily
average
43,000 42.000 48,000
59,000
23,000
218
409
320
71
278
44
1,016 1,477
163
630
623
367
a Subject to revision. b Revised from last report.
141
416
64
104
221
241
7
32
7
23
12
27
The cumulative production of beehive coke during 1923 to Nov. 24 stood
193
1
782
165
437 at
16.695,000 net tons. Figures for similar periods In earlier years are as
1,382 2,527
555 1,610 1,299 1,116 follows:
1919
17.822,000 net tons11921
4.936,000 net tans
654
540
95
477
299
739
19,193,000 net tons11922
1.885 2,693
6.601,000 net tons
203 2,829
693 2,351 1920
Thus it is seen that from the viewpoint of beehive coke production, 1923
2,539 3.233
298 3,306
992 3,090 Is
153% ahead of 1922. 238% ahead of 1921, 13% behind 1920, and 6%
36
42
48
54
behind 1919.
60
72
189
315
---1417
1
846
2
9
4
68
16
40
Total
A pieces
13 pieces
C pieces
D pieces
Gas pieces
Total
Specified from stock, pieces
Specified to make, pieces
Total,sold but not shipped, pieces
A pieces
B pieces
C pieces
D pieces
Gas pieces
128
Total
1,229
333
64
4
23
Specified from stock, pieces
Specified to make. Pieces
345
3,783
1
41
48
872
4
---
15
126
Total. sold but not shipped, pieces
4,128
42
920
4
141
1
TABLE III-COMPARATIVE SUMMARY BY MONTHS, 1923.
Months.
June
July
August
September
October
Production
(Tons).
81.208
79,528
84,588
76,945
88,696
Shipments
(Tons).
88,318
77,828
84,843
77,226
88,000
Orders.
To ship
From Stock
(Tons).
17.905
16,839
14,727
14.401
17.431
Specified
to Make
(Tone)•
Sizes Not
Specified
(Tons).
199,271
183,130
165,518
155,586
119.947
4,366
4.215
6,860
1,802
44R
Coal Production Recovers Slightly from Holiday Slump.
The bituminous coal and anthracite production figures
for the week ended Nov. 24 show a recovery from the low
levels incident to the holidays, although the totals did not
reach the pre-holiday scale, according to the regular weekly
report issued Dec. 1 by the United States Geological Survey.
A summary of the report, together with tables showing production, follows:
Production of soft coal recovered in the week ended Nov. 24,
but failed
by a wide margin to reach the pre-holiday level. Present estimates place
the total output at 10,171,000 net tons, an increase of 454,000 tons. Comparison with the week ended Nov. 10, however,shows a decrease of
555.000
tons. Production has reached the lowest level recorded since early in May.
Production in the present week was interrupted by the occurrence of
Thanksgiving Day, which seldom counts as more than one'fourth of a
full
working day. Owing to the holiday, returns on shipments have
been
delayed, and it is not yet apparent as to whether or not the decrease in
production will be greater than that caused by the holiday.
Leather Gloves and Mittens Cut During October 1923.
The Department of Commerce on Nov. 28 gave out the
following statistics on loather gloves and mittens cut during
the month of October 1923, according to reports received
from 234 factories. The factories included in this statement
represent 95.4% of the total value of leather gloves and mit,
tens at the census of manufactures, 1921. A comparative
summary for 229 identical factories for September and October is also given:
QUANTITY CUT DURING OCTOBER (DOZEN PAIRS).
Men's and Boys.
Women's and
Childrens.
Part
Part
Leather
All
All
Leather
Leather.
and
Leather.
and
Fabric.
Fabric.
Dress Gloves. Street Gloves, Mittens
and GauntletsImportedLamb ,and kid
499
2,141
_ --Cape
15,497
--§i 5.946
a
Suede
5,595
a
870
a
Deerskin
3,960
a
16
a
Mocha
8.152
3.030
All other
790
211
71
DomesticSuede
6,804
ISA
Cape
18,332
a
3,414
Flesher
1.459
582
All other
987
671
6
65
Work Gloves, Mittens and GauntletsHorsehide
19,447
Combination horse and split
7,825
a
Shank
15,046
a
a
Combination shank and split
5,500
a
a
Cowhide
5,792
Sheepskin
22,390
a
139
Buckskin
7,676
Split leather
20,251 21-,§H
Hogskin
2.331
All other
1,768 14.42
a Included in "All other" to avoid disclosure of individual operations.
Note.-In addition to the gloves and mittens here reported,
manufacturers also cut 3.565 dozen pairs of men's and boys' and 276these
dozen pairs
of women's and children's fabric gloves.
g4
217
[VoL. 117.
THE CHRONTCLE
4
"
i
•
,t;
...
at'...'i
.....
'
...
.cStOLe
0..0,.
.
.C'.
"
..
'
'..
'SC
•CLC
,.. co..1
E
t....CO.
0
. 003,00
'4
.
,.....,...
487,812,591
72.630,853
423,921,846
88,115,440
495,918,905
31,861,175
227,979 1,948,869 210,937
219,789 1,947,262 195,040
220,851 2,049,351_ 197,711
o;
456,920,118
62,035,205
426,220,269
53,295,045
453,726,162
46,843,907
i'4'
-4
0..
• 0,,. - ...
:•,-, ... '4 t....
4
0'
""
• 0.1..
•
. ,a „,_
q04- -0,n
,
mc14.
conc. .5 •-•
,...
'4
Spinning Spindles.
Of the total number of woolen spindles reported in October 1923. 1,929,653, or 83.9%, were In operation for some part of the month, and 369,179
were idle throughout the month. The 'active woolen spindle hours reported
for this month represented 88% of the single-shift capacity, as compared
with 88.9% in September 1923 and with 90.6% in October 1922.
The number of worsted spindles in operation during October 1923 was
2,159,808, .r:83.9% of the total, and the number idle was 414,378. The
active worsted spindle hours were equal to 87% of the single-shift capacity.
In September 1923 the active worsted spindle hours represented 82.8%
of the capacity, and in October 1922, 94%.
Cards and Combs.
Of the total number of sets of cards reported for October 1023, 6,014,
or 86.1%, were in operation at some time during the month. while 969 were
idle throughout the month. The active machine hours for cards wore
equal to 92.7% of the single-shift capacity in October 1923,94% in September 1923, and 93.8% in October 1922.
Of the combs reported for October 1923, 1,995, or 75.9%, were In op3ration for some par* of the month, and 635 were idle during the month.
Si
4
,
,.002,MMW.1
• 41--a 4'?
ot-csor.mt.42.r... ,. ,4T
NNN
,MOMOSOCC,
4t...1,4r.s.r4o.l.
C)
•
t no,.,
" coczn:
.4
•
..
,.
g
...'3
2,888,513
1,017,946
2,349,537
1,137,195
3,018,524
865,473
C
10,448,646
3,166,711
9,610,313
2,777,940
10.516,905
2,860,390
Activity of Machinery in Wool Manufactures During
the Month of October 1923.
The Department of Commerce on Nov. 30 issued its report regarding active and idle wool machinery for October
1923, based on reports received from 037 manufacturers,
operating 1,116 mills. These do not include the data for the
Daniel Boone Woolen Mills, Chicago, Ill.; Merrimack Woolen
Corp., Lowell, Mass.; John & James Dobson, Inc., Philadelphia, Pa.; Faulkner & Colony Manufacturing Co., Keene,
N. H.; Merrill Woolen Mills, Merrill, Wis., or Sheble &
Kemp, Philadelphia, Pa. Of the total number 'of looms
wider than 50-inch reed space, 57,737, or 76.8%, were in
operation for some part of the month of October 1923, and
14,442 were idle throughout the month. The active machine
hours reported for wide looms for the month of October
formed 76.7% of the single-shift capacity, as compared with
77.6% for the month of September 1923 and 78.6% for
October 1922. Of the total number of looms of 50-inch
reed space or less covered by the reports for October 1923,
14,052, or 81.0%, were in operation at some time during the
month, and 3,289 were idle throughout the month. The
active machine hours for these looms represented 73.9%
of the single-shift capacity, as against 67.4% in the 'preceding month and 77.7% in October 1922. The number of
carpet and rug looms reported for October 1923 was 9,099,
of which 7,842, or 86.2%, were in operation for some part
of the month, and 1,257 were idle throughout the month.
The active machine hours reported for these looms represented 84.2% of the single-shift capacity of the looms, as
compared with 80.9% in September 1923 and 74.0% in
October 1922. We also quote the following:
,•i
3,145
3,062
2,442
623,587 15,615
731,200 20,599
644,808 33,524
701.614 56,522
781.289 89,373
658,746 66,390
595,846 80,399
450,11 133,608
430,273 129,065
44,592
44,675
46,558
113,798
150,644
186,009
283,020
342,122
336,146
401,304
369,918
494,377
Wider than 50- 50-inch Reed
inch Reed Space.I Space or Less.
459,821
498,101
460.755
475,522
343,442
369,269
393,499
283,524
413,819
Month to Which Figures Relate.
(See note below.)
February
March
April
May
June
July
August
September
October
cc If)
•,.,
1
,
494,709
79,305
448,450
76,258
580,449
(1)
q
clo..q
.
qo
n.
..
TS
..4
..;
.,
1-•••=
• .,.?
t
000
.00
S
.
E
0000
•
I
0N,.1.0000..3
0",001-.1.000
0"..'1.°.'%
0
.
1
9..
SI
0
7?)
r.
1
CI
^
..
i;1
N.0
9,,1
,..N
0
54•44.r?
z ..t.
-4
..;
.,,
_
•.;
.4
-,1
-4
• <1-4....
26.1
32.6
22.3
t
1,465,792
115,871
1,359,488
86,998
1,454,467
06,875
Sc
p
..I
73.9 1
67.4
77.7
796,400
866,505
725,429
702,818
675,715
715,093
671,997
578,834
635,271
c,
Clq,
1,417
1,493
1,645
.
0Cclo Cc4
Cc:
5:
NNI
N. NN
,
148,666
156.339
132,208
130.718
88,056
49,052
24,555
43,749
59,114
578 1,701,674
512 1,716,032
620 1,739,419
,
'
0.3.3,0000
c._.7.
1,747,277
326,860
1,498,120
354,414
1,677,597
590,675
Cotton.
857,366
940,357
700,133
604,187
720,381
625.402
662,002
504,089
490,800
Month,
.!:
= qs:,
°
4
Carpet and
Rug.
1Fool.
Boys'
Boys'
Men's
Men's Trousers. Overcoats Suits Overcoats
and
and
and
Wool, Cotton. Topcoats. Pants, Reefers.
000
. woota
200
209
199
45,191
13,355
18,270
11.705
17,625
.ON
55
815
793
766
5,020
29,698
4
•,•.;
i Cl
r. .., 47;,.--
.e3
.
,
16,757
ESTABLISHMENTS.
COMPARATIVE SUMMARY FOR 331 IDENTICAL
Men's Suits.
......
SI
•
Sets of Cards.
180,168 630,815
Men's suits, wholly or partly of wool
Men's suits, wholly or partly of mohair, cotton, silk,
1,023 141,568
fr linen, &c
105,940 781,527
Men's separate trousers, wholly or partly of wool
Men's separate trousers, wholly or partly of mohair,cotton,
39,058 457,189
silk, linen, cicc
108,498 610,047
Men's overcoats and topcoats
6,983 207,936
Boys' sults (all grades)
9,009 444,852
Boys' separate pants (all grades)
30,137 165.015
Boys' overcoats.and reefers (all grades)
to
.... . '
7,..,1
,z -.o
,
,
sa cci.
.000
Tailors Ready- Cut,
to the to-wear
Make.
Trade.
i
'4
5,199
5,255
5,373
Worsted.
..g
...
.; 0010.
p 01...0
...
01,1..
.
,4:
a4-.. ,,,,,.
. 1-el,
aro=
,..:
.00cow
.4
Number of Garments.
Kind.
_ci....,
43•
,4 to o
q
..>
7,642
7,469
7,522
Clothing cut during October, by classes of establishments,
109 wholesale tailors and tailors to the trade; 425 ready-towear, and 22 out, trim and make.
2,574,184
2,159,806
414,378
2,570,575
2,142,302
428,273
2,521,688
2,247,062
274,626
Kind827,740
Men's suits, wholly or partly of wool
147,616
arc
Men's suits, wholly or partly of mohair, cotton, silk, linen,
911.105
Men's separate trousers, wholly or partly of wool
cotton, silk, linen, dm _511,438
mohair,
of
partly
or
wholly
trousers,
separate
Men's
732,400
Men's overcoats and topcoats
233,189
Boys suits (all grades)
465,566
grades)
(all
Boys' separate pants
212,777
Boys' overcoats and reefers (all grades)
The active machine hours for this month were equal to 86.2% of the singlet
shift capacity, as compared with 85.5% in September 1923 and 106.4% in
October 1922.
Detailed Report.
The accompanying table gives the total number of machines in operaion some time during the month of October 1923, the number idle for the
whole month, the number reported on single-shift and on double shift, the
active and idle machine or spindle hours, the percentages active and idle,
and comparative figures for September 1923 and October 1922.
2,208,832
1,929,653
369,179
2,307,927
1,935,821
372,106
2,321,451
1,960,270
361,181
Number of Men's and ,Boys' Garments Cut During
October 1923.
The Department of Commerce on Nov. 30 announced
the following statistics with regard to garments cut for
men's and boys' clothing during October, according to
reports received from 556 establishments, with comparative
summary for 331 identical establishments reporting, February to October inclusive.
ESTABLISHMENTS).
GARMENTS crr DURING OCTOBER (556
Number.
SPINNING SPINDLES.
2484
i ,•:tRC
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I,
,
t,
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ts
'ia
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(1) Overtime
34,775 hours.
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reported sufficient to offset all idle hours and leave an excess of
Wool Consumption Larger in October than in
September but Smaller than Last Year.
The Department of Commerce on Nov. 30 made public
its report on the consumption of wool, by manufacturers
in the United States during the month of October, based
on reports received from 591 manufacturers. They do not
include data for the American Woolen Co., Boston, Mass.;
Amos Abbott Co., Dexter, Me.; Carolina Cotton &
Woolen Mills Co., Spray, No. Caro.; Columbia Woolen
Mills, Columbia City, Ind.; Crown Mills, Marcellus, N. Y.;
Daniel Boone Woolen Mills, Chicago, Ill.; Davisville Woolen
Co., Davisville, R. I.; W. J. Dickey, Oella,"Md.; John &
James Dobson, Inc., Philadelphia, Pa.; Farnsworth Mills,
Inc., Central Village, Conn.; Faulkner & Colony Mfg. Co.,
Keene, N. H.; Glastonbury Knitting Co., Addison, Conn.;
The E. E. Hilliard Co., Buckland, Conn.; Merrill Woolen
Mills Co., Merrill, Wis.; Merrimack Woolen Corp., Lowell,
Mass., or Sheble & Kemp, Philadelphia, Pa.
The total quantity of wool entering into manufacturing
during October 1923, as reported, was 44,650,009 pounds,
as compared with 40,011,379 pounds in September 1923,
and 51,175,814 fiounds in October 1922. The consumption
shown for October 1922 included 35,881,095 pounds of wool
reported as in the grease; 6,362,994 pounds of scoured wool
and 2,405,920 pounds of pulled wool. Reduced to a grease
equivalent, these quantities would amount to 51,814,976
pounds. The grease equivalent for September 1923 was
46,615,997 pounds, and for October 1922, 59,281,774 pounds.
Dix.8 1923.]
THE CHRONICLE
The monthly consumption of wool in grease equivalent
for concerns reporting for 1923: January was 63,748,752
pounds; February, 57,916,339; March, 62,859,150; April,
56,410,887; May, 59,682,254; June, 52,648,595; July, 46,347,256; August, 48,232,955, and September, 46,615,997.
The report also gives the following:
Consumption by Grades.
Classified according to grade, the total includes 8,380,386 pounds of
fine wool, which may be compared with 7,838,563 pounds consumed in
September 1923, and 10,467,228 pounds consumed in October 1922:
4,369,568 pounds of 3i-blood, as against 3,881,794 pounds in September
1923 and 7,454,440 pounds in October 1922: 6,054,320 pounds of s-blood,
as against 6,046,326 pounds in the month preceding and 8,478,507 pounds
in October 1922: 10,121,479 pounds of 3i-blood, which may be compared
with 8,003,861 pounds in September 1923 and 11,699.554 pounds in October
1922: 2,116,865 pounds of low 31-blood, common, braid and Lincoln, as
against 1,970,848 pounds in September 1923 and 2,035,815 pounds in
October 1922; and 13,616,393 pounds of carpet wool, which is somewhat
more than in the preceding month, which was 12,269.987 pounds and
still more in excess of October 1922. when 11,040,470 pounds were consumed.
Domestic and Foreign Wool.
Of the total quantity of wool used by manufacturers during the month
of October 1923, 15,030,640 pounds, or 33.7%, was domestic wool; and
29,619,369 pounds, or 66.3%, was foreign wool. The carpet wool was
all of foreign origin, while 45% of the fine wool was produced in this country,
56% of the 3i-blood, 61.2% of the fl-blood, 39.2% of the 3i-b1oo4.
Geographic Distribution of Consumption.
Of the total consumption of wool in October 1923 (amounting to 44.650,009 pounds), 20,334,351 pounds, or 45.5%, were reported from the
New England States, 45.4% from the Middle Atlantic States, 1.2% from
the Pacific Coast States, and 7.9% from other sections of the country.
Imports of Tops and Notts.
The consumption of foreign tops and noils constitutes one element which
It has not been possible to include in the consumption reports, since the
manufacturers would be unable to distinguish between foreign and domestic
tops and noils. In the long run, though not necessarily month by month,
this element must be equal to the imports. The imports of wool and
hair, advanced, including tops, for October were 55,251 pounds, and
for 1923 including October, were 3,755,206: noils for October 129.590,
and for 1923, including October, were 6,933.542. The exports of tops and
noils were negligible.
Detailed Statement.
A detailed statement follows, which shows the quantity of wool consumed, classified according to grade, class and condition, with separate
figures for foreign and domestic wool. This statement also gives comparative figures for October 1922; September 1923 and 1922 and totals
for the months January to October inclusive, 1923 and 1922.
CONSUMPTION OF WOOL BY GEOGRAPHIC SECTIONS. OCTOBER, 1923
Section.
Total.
New England
Middle Atlantic
Pacific Coast
Other sections
Grease.
Scoured.
Pulled.
Grease
Equivalent.
20,334,351 16,145,350 3,433,175
755.828 24,019,467
20,267.213 17,361,166 1,507,637 1,398,410 22,240,987
520,600
171,970
305,869
42,851
840,842
3,527,755 2,202,609 1,116,315
208,831 4,713.680
Total
44.650.009 35.881.995 8.362.994 2,40s non Al Al.1 On:
COMPARATIVE STATEMENT OF WOOL CONSUMPTION FOR MONTHS
OF SEPTEMBER AND OCTOBER AND JANUARY TO OCTOBER
1922 AND 1923.
(AU Quantities in Pounds.)
Totalfor October.
Class and
Grade.
1923.
1922.
Total for September. Total Jan. to Oct. Incl.
1923.
1922.
1923.
1922.
44,650,00951,175,814 40,011.379 46,777,247 468,658,362 454,146.275
15,030,640 27,985,450 13,185,081 27,423,317 162,600,272 261,932,078
29,619,369 23.190,364 26,826,298 19,353,930 305,998.090 192,214.197
Combing_a _ 22,862,850 30,861,11 20,683,785 6,804,647 257,926,238254,796,951
Clothing_a _. 8,170,768 9.274,2261 7,057.607 8,700,800 85,097,54. 95,331.608
Fine, total.- 8,380,386 10,467,228 7,838,563 9,279,521 92,345,662 89,535,382
CombingDomestic _ 2,560,922 5,435,904 2,596.943 6,532,566 28,982,164 57.884,456
Foreign._ 4,097,523 2,741,0251 3,627,230 731,243 45,264,290 9.909,603
ClothingDomestic _ 1,209,783 1,803,063 1,113,984 1,597,456 12,411,387 17,431,365
512.158 487,236 500,406 418,256 5,687,821 4,309,958
Foreign-._
s-blood,tota. 4,369,568 7,454,44 3,881,794 6,309,251 53,666,691 60,750,623
CombingDomestic _ 1,532,928 5,132,058 1,683,748 4,306,974 20,464,439 41,477,801
Foreign... 1,728,181 682,141 1,349,027 445,732 19,840,801 4,894,518
Clothing914,658 1,479,979 667,187 1,395,965 10,839,295 12,701,489
Domestic _
160,262
181,832
160,580 2,522,156 1,676,815
193,801
Foreign.. _
99-blood,total_ 6,045,320 8,478,507 6,046,326 8,163.632 76,848,183 80,002.812
CombingDomestic _ 1,825,083 4,375,622 1,745,217 4,632,559 22,909,519 39,341,650
Foreign... 1.761,031 1,556,443 2,250.356 1,141,828 28,570,412 13,676.657
ClothingDomestic. 1,875,712 2,086,778 1,522,939 1,953,791 18,548,723 21,370,037
583,514 459,664 527,814 435,454 6,819,529 5,614,468
Foreign_ _ _
3d-blood, total_ 10,121,479 11,699,554 8,003,861 9,898,695 100,599,222 105,347,349
CombingDomestic. 2.700,497 5,523,247 1,819,575 4,828.439 27,719,401 48,957,375
5,113,447 2,715,011 4,056,793 2,760,839 48,344,871 27,888,482
Foreign
ClothingDomestic _ 1,268,967 1,537,221 1,144,762 1,512,670 13,529,927 16.818,284
796.747 11,005,023 11,683.208
Foreign_ _ _ 1,038,568 924,076 982,731
752,128 611,578 716,007 662,897 6.261.371 5,949,621
Ltyv 14-blood.
443,173 383,981 3,783.683 3,336,706
392,563 367,766
I iombing _ _ _
350,565 243,812 272,834
(nothing.__ _
278.916 2,477,688 2,612,915
276,768
122,290
Common,total
674,834 •
172,922
42,054
Combing __ _
338,402
80.236
103,8461
(nothing._ _ _
336,432
113,214
52,429
Brtid, total_c_
319,212
68,742,
41,396
.
Combing _.
222,089
44,472
11,033
Clothing....
97,123
974.755
1,424,037
totaLd
1,080,122 1,191,451 12,308,608 8,547,732
Lincoln,
909,031 1,331,901 1,028,273 1.040,486 11,488,167 7,429.703
Combing
65,7
Clothing._ _ _
92,136
51,849
150.965
822,441 1,118,029
CM pet, total_d 13,616.391 11,010,470 12,269,987 11,271,800 125,634,579 104,012.756
Combing, for 6,411,710 5,761.84. 5,682,039 5,615.413 64,752,575 54.820,454
5,278.62
7,204,681
6,587,948 5,656,387 60,882,004 49,192,302
Fining, for..
Total
Domestic
Foreign
Total reduced
to gross
eaulvalent_ e. 1,814,07659.281,77 48,615,99754,770.812845,876,761,
532.445.849
Domestic _ 19,265,62933,288,761 17,159,922 32,824,455,209,460,170 314,159,621
Foreign_ _ _32,549,347 25,993,01329,456,075 21,946,1571336.416.591 218.286.228
2485
a Exclusive of carpet wools. b All domestic; figures for dates previous to July
1923 include common and braid. c All domestic. d All foreign. e In computing
the grease equivalent, 1 pound of scoured wool is considered equivalent to 2 pounds
In the grease, and 1 pound of pulled to 1 1-3 pounds in the grease.
CONSUMPTION OF GREASE, SCOURED AND PULLED WOOL FOR
OCTOBER.
(AU quantities in pounds.)
Grease.
Class and
Grade.
1923.
1922.
Scoured.
1923.
Pulled.
1922.
1923.
1922.
Total, August_ 35,881,095 41,878,437 6,362,994 7,510,251 2,405,920 1,787,126
Domestic ___ 9,980,644 21,790.980 3,827,485 4,857,731 1,222,511 1,836,739
25,900,451 20,087,457 2,535,509 2.652,520 1,183,409 950,387
Foreign
716,553 1,164,313
Combing_a - 21,454,133 29,125,286
Clothing_a
2,039,983 2,787,872 5,214,939 5,613,253
Fine, total_ _
7,235,746 8,962,794 860,272 1,196,796
CombingDomestic. 2,349,674 5,192,739
121,022
68,591
8,552
22,856
Foreign- _ _ 4,065,949 2,717,669
ClothingDomestic.
962,911' 362,571 666,444
730,485
Foreign_ _ _
386,474
89,638
89.470 420.55
;9-blood,total_ 3,428,078 6,081,257 718,396 997,869
CombingDomestic. 1,443,500 4,800,492
127,728
11,27C
Foreign.... 1,720,261
680,641
7,920
1,500
ClothingDomestic.
250,811
583,045 538,937 732,452
Foreign...
13,506
17,079 165,263 136,189
39-blood,total_ 3,729,78: 5,886,759 1,838,161 2.223,349
CombingDomestic. 1,601,64
4,051,894 125,846 211,709
Foreign._. 1,708,460 1,526,123
30,320
15,961
ClothingDomestic.
355,991
257,431 1,212,859 1,575,090
Foreign...
63,692
51,311 481,495 406,230
3i-biood,total.. 7,580,987 9,473,888 2,021,83' 1,888,469
CombingDomestic .. 2,386,604 5,191,642 203,754
229,823
Foreign__ _ 4,762,686 3,505.340 196,121
206,241
ClothingDomestic.
220,398
405,895 892,154 949,004
211,299
Foreign...
371,011
724.801
503,401
Low 14-blood_b
347,751
344,926 315,700 244,459
306,659
300,469
Combing ___
40,645
51,928
41,092
clothing....
44,457 275,055
192,531
211,593
Common,total
64,775
Combing _ _
171,606
1,316
39,987
Clothing_ _ _.
63,459
82,192
Braid, total_ c_
31,022
Combing ___
66.656
2,086
15,536
Clothing _ _._
28,936
Lincoln,total_ d
877,981 1,163,534
83,336 226,624
870,433 1,158,277
161,186
Combing ___
34,455
Clothing_ __ _
7,548
6,257
48,851
65,438
Carpet, total__ 12,386,979 9,965,279 431,502 732,68.
Combing, for 6,009,549 5,410,617
76,987
195,786
Filling, for__ 6,377,430 4,554.662. 354,515 536,899
692,164
915.846
571,519
873,101
284,368
307,638
142,657
23,022
122,143
500
116,727
1,962
223,094
173.703
11,292
375,319
83,152
203.838
124,91'
15,032
479,371
164,482
6.994
368,399
97.572
38,610
112,019
306,862
38,327
518,662
254,257
2,123
337,197
105,139
154,640
101,782
3,430
156,415
102,468
88,677
45.259
43,418
400
182,322
49,663
22,193
15,369
6,824
400
13,438
4,113
9,325
797.911
325,174
472.736
33,878
12,46/3
21,441
342,506
155,442
187,064
Total, Sept.__ 32,011,131 37,528,788 5,906,803MEM 2,093,446 1,882,645
Total, Jan. to
October, incl 375,099,5051360,050,69469,048.170 0.401,571 24,510,68 ,3.694.011
a Exclusive of carpet wools. b All domestic: 1922 figures Include common and
braid. c All domestic. d All foreign.
Production, Sales and Stocks of Work Clothing in
October.
The Department of Commerce on Dec. 4 made public
its statistics on work clothing for October 1923, based on
reports received from 169 establishments; also a comparative summary for 118 identical establishments which
reported each month. The following are the figures.
REPORT FOR OCTOBER 1923 (16,9 ESTABLISHMENTS).
Materials Used.
Denims.
Dozens.
2.20
2.402.50
and 2.45 and
and
Drills.
Other Heavier Lighter
W. B. D. & T. D. ct T.
Garments cut_ _ _ 169,243
Garments sold.. 175,764
Orders canceled_ 3,339
Stock on band... 146.262
53,122
41,714
763
41.592
16,283
15,561
214
14,590
17,913
17,439
1,001
22,214
Khaki.
Duch.
20,480
33,565
728
28,390
9.599
9,881
162
8,332
AU
Other.
72,875
80,617
3,102
32,675
COMPARATIVE STATEMENT FOR IDENTICAL PLANTS
(118 ESTABLISHMENTS).
Materials Used.
Denims.
Dozens.
2.20
2.402.50
and
2.45 and
and
Other Heavier Lighter
W.B. D. cb T. D. &
Drills.
Khaki.
Duck.
All
Other.
r.
Garments cut:
79,888
June
72,568
July
74,210
August
September _ _ _ - 86,584
103,935
October
Garments sold:
71,582
June
61,130
July
77,557
August
September.-- 95,806
112,244
October
Orders canceled:
2,037
June
3.063
July
1,846
August
2,824
September
2,087
October
Stock on hand.
94,634
June
113,650
July
113,520
August
September_ --- 109,709
113,994
October
20,250
21,885
20,217
21,361
22,671
13,823
10.388
9,062
8,414
9,908
18,189
16,064
10.872
12,839
14,050
13,158
9,335
10,069
9,698
12,881
4,378
5,698
4,643
5,621
5,618
11,395
12.527
18,354
21,186
16,996
15,942
19,479
21,146
26,144
20,497
11.128
9,253
8,457
7,910
8,046
17,702
13,900
12,412
12,419
11,826
12,693
9,436
11,720
11,799
13,003
4,052
2,894
5,353
5,328
6.149
11,428
12,497
17.835
23,3151
16,375
533
665
211
406
474
428
143
269
128
99
148
295
163
189
917
346
363
186
117
186
66
448
161
63
124
388
543
78e
26,066
33,945
27,930
27,533
28,954
10,254
10,124
11,729
11,127
11,277
20,040
23,266
17,275
16,464
19,095
15,275
16,984
16,531
14,406
16,834
5,442
10,624
9,996
7.752
7,677
17,087
19,753
22,711
24,864
27.e88
586
758
THE CHRONICLE
2486
[VOL. 117.
Current Events and Discussions
The Week with the Federal Reserve Banks.
A reduction of $48,100,000 in holdings of discounted bills,
offset in part by increases of $9,400,000 in acceptances purchased in open market and of $6,800,000 in U. S. Government securities, together with relatively small net changes
in cash reserves, Federal Reserve note circulation and deposit liabilities, are shown in the Federal Reserve Board's
weekly statement of condition of the Federal Reserve banks
at close of business on Dec. 5 1923, and which deals with
the results for the twelve Federal Reserve banks combined.
The reserve ratio remained unchanged at 76.4%. After
noting these facts, the Federal Reserve Board proceeds as
follows:
All Federal Reserve banks except those at Cleveland, Minneapolis and
Kansas City report smaller holdings of discounted bills than the week before, the largest reduction, $12,000,000. being shown by the Boston Reserve
Bank. Decreases of 59.600,000 are reported by Chicago, of $7,700,000 by
New York, of 57,100,000 by St. Louis, of $6.400,000 by San Francisco and
of $6,000,000 by Philadelphia, and a combined decrease of $3,700,000 by
Richmond. Atlanta and Dallas. Increases reported by Cleveland. Minneapolis and Kansas City aggregate $4,400.000. Of the total reduction of
548,100,000 In holdings of discounted bills, $23,600,000 represents paper
secured by U. S. Government obligations, which on Dec. 5 aggregated
$359,100,000. Of the latter amount, $227.000,000 was secured by Liberty
and other U. S. bonds, $119,500,000 by Treasury notes, and 312,600,000
by certificates of indebtedness.
Increases in Federal Reserve note circulation, shown by the San Francisco and Boston Reserve banks, amount to 56,700,000 and $3,700,000,
respectively, and aggregate increases reported by seven other Reserve banks
to $6,500,000. Reductions of $5,600,000, $3,200,000 and $1,800,000 in
Federal Reserve note circulation are reported by Cleveland, New York
and Philadelphia, respectively.
Total gold reserves show a gain for the week of $5,700,000. Declines of
530.900.000 are shown for the New York bank and of $2,200.000 for the
Dallas bank. The principal increases in gold reserves are reported by
Chicago, Boston, St. Louis, Richmond and San Francisco. Reserves other
than gold declined by $5,300,000, practically offsetting the net increase in
gold reserves, while non-reserve cash increased by $9,700,000.
Demand deposits (net) declined in most of the Federal Reserve districts.
The largest decrease, $32,000,000, is reported by member banks in the
Chicago district, banks in the Philadelphia district report a decrease of
$9.000,000, and banks in the Boston, New York and San Francisco districts
declines of about $7.000,000 each. Time deposits increased $26,000,000,
of which 513,000.000 is reported by banks in the San Francisco district.
Government deposits of all reporting members declined about $6,000,000.
Reserve balances of all reporting banks show a reduction of $5,000,000,
while cash in vault increased by $6,000,000. Member banks in New York
City show a nominal decline in reserve balances and an increase of $5,000,000
in cash.
Borrowings of all reporting institutions from the Federal Reserve banks
increased from 5467,000,000 to $508,000,000. Banks in the Chicago
district report an increase of $19,000,000, and those in the Boston district
an increase of $15,000,000 in borrowings from their respective Reserve
banks. No change in borrowings from the local Reserve bank is shown
for member banks in New York City.
On a subsequent page—that is, on page 2572—we give
the figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items of
assets and liabilities as compared with a week and a year ago:
Increase (-I-) or Decrease(—)
Since
Nov.21 1923. Nov. 29 1922.
Loans and discounts—total
+56,000,000 +$685,000,000
Secured by U. S. Government obligations- +2,000,000
—71.000,000
Secured by stocks and bonds
+44,000,000
—2,000.000
All other
+712,000,000
+6,000,000
Investments, total
—79,000,000
—13,000,000
U. S. bonds
—2,000,000 —142,000,000
U. S. Treasury notes
+154,000,000
—3,000,000
U.8. Certificates of Indebtedness
—26,000,000
Other bonds, stocks and securities
—65,000.000
—8,000,000
Reserve balances with Federal Reserve banks —5,000,000
+29,000,000
Cash in vault
+6,000,000
+10.000.000
Government deposits
—6,000,000 —121,000,000
Net demand deposits
—56,000,000
+8,000,000
Time deposits
+26,000,000
+400.000,000
Total accommodation at F. R. banks
+41.000.000
+126.000,000
The statement in full, in comparison with the preceding
Plan for Readjustment of Mexican Debt
week and with the corresponding date last year, will be found
Declared Operative.
on subsequent pages, namely, pages 2571 and 2572. A sumAnnouncement was made yesterday (Dec. 7) by the Inmary of changes in the principal assets and liabilities of the
Reserve banks, as compared with a week and a year ago, ternational Committee of Bankers on Mexico that the plan
for the readjustment of the Mexican debt had become operafollows:
Increase (+) or Decrease (—) tive. The notice to the holders of bonds, notes and other seSince
curities included in the plan and agreement of June 16 1922,
Dec.6 1922.
Nov. 28 1923.
Total reserves
+24,700,000 and the deposit agreement, dated July 1 1922, referred to in
+400,000
Gold reserves
+72,300,000 the committee's previous notice dated July 9 1923, declaring
+5,700,000
Total earning assets
—147,500,000
—31,900,000
Discounted bills, total
+41,300,000 the plan operative, said:
—48,100,000
Secured by U.S. Govt.obligations
Other bills discounted
Purchased bills
United States securities, total
Bonds and notes
U. S. certificates of indebtedness... _
Total deposits
Members'reserve deposits
Government deposits
Other deposits
Federal Reserve notes in circulation
—23.600.000
—24,500,000
+9.400,000
+6,800.000
—1.000,000
+7,800,000
—3,100,000
+3,000,000
—4.800,000
—1,300,000
+6.300,000
—15,300,000
+56,600,000
+31,500,000
—220,500,000
—99,000,000
—121,500,000
+25,400,000
+40,400,000
—16,900,000
+1,900,000
—108,600,000
The Week With the Member Banks of the Federal
Reserve System.
Aggregate reductions of $56,000,000 in net demand
deposits, as against increases of $26,000,000 in time deposits
and of $41,000,000 in accommodation at the Federal Reserve
banks, are shown in the Federal Reserve Board's weekly
consolidated statement of condition on Nov. 28 of 767
member banks in leading cities. It should be noted that
the figures for these member banks are always a week behind
those for the Reserve banks themselves. Loans and discounts increased $6,000,000, increase of $2,000,000 in loans
on U. S. Government securities and $6,000,000 in all other,
largely commercial, loans and discounts, being offset in
part by a decrease of $2,000,000 in loans on corporate stocks
and bonds. Investments of all reporting banks declined
$13,000,000, U. S. securities by $5,000,000, and other
bonds, stocks and securities by $8,000,000.
Loans and discounts of the New York City banks increased
by $8,000,000, loans on U. S. Government obligations by
$1,000,000, loans on corporate securities by $3,000,000 and
all other, largely commerical, loans and discounts by $4,000,000. Investments of these banks show a decline of
$2,000,000, a larger decline in holdings of corporate stocks
and bonds being offset in part by a small increase in U. S.
Government securities. Further comment regarding the
changes shown by these member banks is as follows:
Sufficient progress has been made under the above mentioned agreements,
both in the deposit of bonds and in making available funds for bond interest
service during 1923 to justify the committee in declaring the plan operative.
At the present time the amount of funds made available to the committee is
in excess of $13,500,000 United States gold. Assurances have been received
from the Minister of Finance of the United States of Mexico that the balance
of the $15,000,000 United States gold named as the minimum fund for the
service of the debt included within the plan during the first year of the fiveyear period covered by the agreement with the Mexican Government will
be made available prior to Dec. 31 1923. The amount of cash already made
available to the committee exceeds the amount required for the first year's
interest service with respect to bonds now deposited and assenting, which
represent a substantial majority of all bonds included under the plan.
The committee, therefore, in accordance with the powers granted to it by
the June 16 1922 agreement and by the deposit agreement, declares the plan
and agreement operative in respect of all the bonds, notes and other securities above mentioned. Bondholders who have not yet deposited their bonds
should do so promptly, as the committee reserves the right to accept deposits of bonds after Dec. 31 1923 only subject to such terms and conditions as
the committee may fix.
Depositors will be notified in due course to present their receipts and
receive the bonds represented thereby, together with the appropriate warrant sheets and interest in arrears receipts, to which they are entitled.
A statement issued at the same time by T. W. Lamont, of
J. P. Morgan & Co., Chairman of the American Section of the
International Committee, said:
The International Committee's official notice, declaring operative the plan
for the readjustment of the Mexican Government's external debt, speaks for
itself. Not only has there been remitted more than sufficient to provide the
first year's bond series on bonds now deposited, but the minimum fund of
$15,000,000 United States gold covering the first year's debt service on all
the $500,000,000 or more bonds included within the agreement has been
almost completed; and, as pointed out, the committee has received from the
Mexican Minister of Finance positive assurances as to the total completion
of the $15,000,000 fund prior to the end of the year. Moreover, Finance
Minister Pani has recently reiterated the Government's assurances that it
expects to take such measures as may be necessary, looking forward to the
carrying out of the debt agreement in future years.
Mr. Lamont, in making formal announcement last evening
that the agreement entered into by the committee with the
Mexican Government on June 16 1922 for the readjustment
of its foreign debt had been declared operative, stated the
announcement would be made simultaneously to-day in New
York, London, Paris and Mexico City. In reply to a clues-
DEC.8 1923.]
THE CHRONICLE
tion he said that a large majority of the bonds covered by
the agreement had been deposited with the committee, and
that a date for beginning the payment of current interest on
Mexico's exterior debt would be fixed and announced as soon
as possible. In his judgment actual payment will not begin
until after the first of the year. Mr. Lamont stressed the
point that the declaring of the agreement operative marked
the culmination of a series of steps that had been taken in
the last 18 months toward restoring the credit of Mexico,
and that, therefore, the announcement of the committee at
this time is of the utmost interest to Mexico and to all the
nations of the world with which she sustains political and
commercial relations. In reply to another question, Mr. Lamont said that he had not received any private advices relative to the revolt announced in press dispatches from Vera
Cruz yesterday morning, supposedly in the interest of
Adolfo de la Huerta, formerly Minister of Finance in the
Cabinet of President Obregon, and now the candidate for the
Presidency. Mr. Lamont believes that the Mexican Government will fulfill its part of the debt agreement. The call
issued on July 9 for the deposit of Mexican bonds in accordance with the plan for the readjustment of the Mexican
debt was referred to in these columns July 14 last, page 148.
2487
acre, or approximately 28% of the average value per acre offarm lands and
buildings in Illinois and Iowa, according to the census reports of 1920.
Whenever farms upon which this bank has made loans have changed
hands,the average price has been 228% of the face value of the mortgage.
During this period there have been but 15 foreclosures on mortgages.
In every case the local banks or dealers having Junior liens have availed
themselves of their redemption rights, or are expected to do so. Since
the legal rate in Illinois is 7% and in Iowa 8% under foreclosure, there has
actually been a profit in the defaults.
French Government's Budget.
According to official forecasts, France's ordinary budget
will balance this year. The ordinary budget provides for
the expenses of the French Government apart from expenditures for'reconstruction which come under a special budget
and are recoverable from Germany. M. de Lasteyrie, French
Minister of Finance, has informed the Finance Commission
of the Chamber of Deputies that revenues in the first ten
months of the year have exceeded budget estimates by 2,541,000,000 francs. The Bankers Trust Co., of New York, stated
under date of Nov. 28, that it is advised by its French Information Service that M. de Lasteyrie's statement to the Finance Commission shows that the revenue from normal
sources, which in 1920 did not exceed 14,000,000,000 francs,
will this year amount to 21,000,000,000. M. de Lasteyrie announced that the issue of French Treasury bills, on Nov. 10,
had produced 6,040,000,000 francs, which added to the 4,440,000,000 francs of new money realized from the preceding
issue last spring have placed 10,480,000,000 francs at the
disposal of the Treasury. The Minister of Finance stated
that the note circulation in 1920 totaled 39,645,000,000 francs.
It has now fallen to 37,848,000,000 francs and will be still
further decreased, he predicted. At the same time the advances made by the Bank of France to the State are being
steadily repaid. In 1920 the amount of these advances was
26,600,000,000 francs. At the present time the amount has
been reduced to 23,200,000,000 francs. M. de Lasteyrie also
called attention to the results achieved by France in the reconstruction of the devastated regions. He expects this
work to be completed within the next three years.
Offering of Capital Stock of Chicago Joint Stock
Land Bank. •
The proposed offering of capital stock of the Chicago Joint
Stock Land Bank by Howe, Snow & Bertles, Inc., of New
York, Chicago and Grand Rapids, and Mitchell, Hutchins
& Co., Inc., of Chicago, was made on Monday of this week
(Dec. 3) and on the 4th inst. it was announced that subscriptions had been received in excess of the 5,000 shares of
stock offered, and that the books had been closed. The
price at which the stock was offered was $145 and accrued
dividend, to net 6.90%. The par value of the stock is $100,
and dividends are payable quarterly on the first day of January, April, July and October. The present rate is 10%.
The President of the bank, Guy Huston,in a letter under date
of Nov. 26 to the houses which marketed the bonds, said in
part:
Earnings.
The earnings of the bank come primarily from the differential between
the rate charged the farmer and the coupon rate on the bonds issued, which,
however, cannot exceed 1%. As bonds can be issued to 15 times the capital, there is available $16.000 to be loaned from each $1.000 of capital.
With the 1% on $15,000 and 6% on the $1.000. there are potential earnings
of 21% on the capital invested, out of which operating expenses, taxes, reserves and dividends are paid.
In addition, there are earnings from the premium received from the sales
of its securities at a premium.
From January 1919 to date the bank has earned from its interest differential an average annual rate of 12% on its capital stock outstanding.
Based on operations to date, future earnings from interest differential
alone should now average about 15% per annum. For the past 18 months
the income has been materially in excess of this rate. Under the terms of the
Federal Farm Loan Act, each Joint Stock Land Bank is required to set
aside 25% of its net earnings for surplus until that surplus amounts to 20%
of its capital, and thereafter 5% of the earnings shall be applied to the surplus.
The Chicago bank, having fully met its reserve surplus requirements.
could now, were it the policy of the directors, from an earning of 15%
apply 14.25% to the dividends.
Condensed Statement cf Condition of Chicago Joint Stock Land Bank
as of Nov.23 1923, After Giving Effect to the Present Offering of Stock.
Assets—
Loans secured by first mortgages on farm lands, total appraised valuation e:.ceeding $132,000,000
$51,916,775 00
Accrued interest on loans
778.237 10
U. S. Government and Farm Loan bonds at cost
2,827,031 00
Accrued interest, Government and Farm Loan bonds on hand
5,362 56
Accounts receivable
' 107,294 50
19,884 64
Furniture and fixtures
1,119,235 48
Cash on deposit in banks
856.773,820 28
Liabilities—
Capital stock
Reserves and undivided profits
Amortization payments on loans
Advance and unearned interest
Due borrowers
Coupons due, not presented
Accrued interest on Farm Loan bonds
Farm Loan bonds outstanding
.,
$3.750,000 00
952.820 33
1,223,715 92
3,747 00
44.462 13
159,842 50
139.237 40
50,500.000 00
$56.773,820 28
The proposed offering was referred to in these columns last
week, page 2380.
Offering of Missouri Joint Stock Land Bank Bonds.
At 1003i and interest, to yield 4.96% to the redeemable
date and 5% thereafter, a $1,000,000 issue of 5% Farm Loan
bonds of the Missouri Joint Stock Land Bank was offered
on.the 6th inst. by A. M. Lamport & Co., Inc.; Kelley,
Drayton & Co., both of New York, and Wm. L. Ross & Co.
Inc., of Chicago. The bonds, which it is announced, are
the first public offering of the Missouri Joint Stock Land
Bank, are dated May 1 1923, become due May 1 1953, and
are redeemable at the option of the bank at par and accrued
interest on May 1 1933, or on any interest date thereafter.
They are in coupon form in denomination of $1,000, and
are fully registerable. Principal and semi-annual interest
are payable at the bank of issue, or at the Chase National
Bank in New York, or at the First National Bank in Chicago, or at the First National Bank in St. Louis, at the
holder's option. The Missouri Joint Stock Land Bank
was organized in 1922 and has the same board of directors
and officers as the Kansas City Joint Stock Land Bank,
which, it is claimed, is one of the three'largest Joint Stock
Land banks in the country, and will have the benefit of
the experienced organization developed by the Kansas City
Joint Stock Land Bank in transacting its business. The
bank has been on a regular 8% dividend basis since Jan. 1
1923. Walter Cravens, President of the Missouri Joint
Stock Land Bank, in advices under date of Nov. 30 to
the houses making the offering, says:
The Chicago Joint Stock Land Bank was organized July 1917 under the
Farm Loan Act to make loans on black corn-land farms in Illinois and Iowa.
By charter provision this bank may operate throughout the States of
The bank started with a capital of $250,000 and has shown a consistent Missouri and Oklahoma, but as a matter of policy the bank will confine
growth. Its present capital, after this present financing is completed, its loans to the best agricultural districts of these two States and to the
will be $3,750,000, and its surplus and undivided profits $952,000.
land having the greatest productivity. Such land is bound to appreciate
The territory in which the Chicago Joint Stock Land Bank loans con- in value over the period of the loan.
stitutes sixty counties in Illinois and seventy counties in Iowa, located in
Each Joint Stock Land bank is limited in the territory in which it is
the famous corn belt. In accordance with census reports, there exists in permitted to operate by the Federal Farm Loan Act to the State in which
these States a total of$15,000,000,000 of farm wealth out of a total 0(367,- it has its principal office and one contiguous State. By virtue of operating
000.000000 of farm wealth in the United States, and there is outstanding in the States of Missouri and Kansas, the Kansas City Joint Stock Land
$2,000.000,000 of farm loans, the greater proportion of which are straight Bank was compelled to decline loans across the line in the State of Okla5-year mortgages.
homa, because of its charter limitation. Furthermore there were many
Oln the 615 years of its existence the bank has made loans on approxi- points in Missouri where the Kansas City Joint Stock Land Bank was
mately 4,000 farms. Its loans outstanding as of Nov. 20 1923 were $51,- represented but where additional desirable loans were available through
916,775, against farms with an appraised value in excess of $131,000,000. some other correspondent. The conflict that might otherwise result
is
Amortization Payments have already been made against these loans to the eliminated by procuring the services of the correspondent for the Missouri
amount of $1.223,715 63. In actual practice these loans figure $80 24 per Joint Stock Land Bank at such points.
2488
THE CHRONICLE
[VoL. 117.
The bonds are offered "when,as, and if issued" and received. Acceptance Bulletin of American Acceptance Council, which
The bonds are issued under the Federal Farm Loan Act, we reproduce in large part below:
Any consideration of co-operative marketing financing brings in so many
and enjoy the tax exemptions accorded under that Act.
Georgia Cotton Growers Co-operative Association
Increases Advances on Cotton to 20 Cents Pound.
Announcement that payment of 20 cents per pound as an
advance on cotton had been authorized for all :members of
the Georgia Cotton Growers' Co-operative Association by its
directors was made Nov. 20 by President J. E. Conwell. The
Atlanta "Constitution," in making this known, said:
Action of the directors is already in effect and all banks in the State
through which members draw their drafts have been notified to accept
drafts drawn for 20 cents per pound on all cotton delivered to the association until further notice.
Previously the advance on cotton has been 15 cents per pound. The new
policy is retroactive, and members who have received initial payments of
15 cents per pound will be mailed checks at once to cover the additional
5 cents per pound.
On this date last year the association had advanced to its members on
cotton delivered at that time, less than $2,250,000. This year the association has advanced approximately $3,750,000 to its members at 15 cents a
pound, who desired an advance at the time of delivery. This year many
thousands of bales of cotton have been received from members who did
not desire an advance when they delivered their cotton.
"This increase in our initial payment is in line with the policy of the
association to pay the members just as much money as Is consistent with
good business," Mr. Conwell said.
"If we, as individuals and business firms, are to prosper in Georgia, we
must co-operate," he said. "I mean, all of us-farmers, merchants and
bankers. Our lack of understanding, wherever such is the case, must be
wiped out. It is gratifying to know that co-operative marketing is doing
this among so many people and lines of business that heretofore have not
worked together for mutual benefit."
Loans Closed by Federal Land Banks and Joint Stock
Land Banks from Organization to Sept. 30 1923.
The Treasury Department makes public the following
statement showing loans closed, segregated by States, by
Federal and Joint Stock Land banks from organization to
Sept. 30 1923:
States.
Loans Closed by
Federal Land
Banks.
Loans Closed Si'
Joint Stock Land
Banks.
No.
No.
Amount.
Amount.
Total Loans Closed Si'
Federal and Joint Stock
Land Banks.
No.
Amount.
elements that only some of them can be touched upon in complying with the
request of the "Bulletin" for an article on the subject.
During the past two or three years, with the growth of the co-operative
movement, the question of the relations between co-operative marketing associations and both local and metropolitan banks has come necessarily into
greater prominence. Broadly stated, the tendency has been toward a development of added financing facilities, provided that essential conditions are
satisfactorily met.
Co-operative marketing is no new thing either in this or other countries;
it is, however, entering upon new phases with us, and its importance, when
properly conducted, is increasingly apparent. Under some economic conditions it has flourished, and under other conditions it has failed. It has been
in the past-and is to-day-almost exclusively confined to the products coming under the classification of agricultural.
This is natural, since the elements which make for keen competition between manufacturing businesses do not generally exist as between farmers
individually. What an individual farmer produces is not essentially different from or better than what his neighbor may produce. Consequently, the
market, as a rule, will not bid for a particular farmer's product, to that special farmer's greater benefit. Recognition of this fact has smoothed the way
for co-operative marketing, and more and more have farmers come to see
that, wherever possible, by joining forces under responsible management with
respect to marketing not only would periods of depression be minimized, but
their industry would be stabilized with fair prospects of better average returns.
The Urge Toward Co-operation.
It is not surprising, therefore, that farmers should seek to combine, provided that trade be not restricted. The urge toward co-operation inevitably
is the stronger when there is basis for belief that, under reasonable safeguards, the farmers are advantaged by uniting. This advantage is, of course,
maintained in the long run only when co-operation is based on orderly marketing, and serves an economic purpose in the avoidance of waste and in
improving the quality of product.
The Cotton Agreement.
When the practical details of the agreement recently entered into between
the Texas Farm Bureau Cotton Association and a group of New York banks
and banking houses and some out-of-town banks were being worked out, there
was a mutual desire not only to establish a basis for the credit actually prepared and negotiated, but also, if possible, to lay the foundation for the
proper handling of similar transactions in the future.
It was realized that this crop financing, on a broad basis, by a considerable
number of important banks, trust companies and bankers, marked an important step in the history of the co-operative movement. It was, therefore, of
vital importance, in the interest of both the borrowers and the lenders, to
present the loan in such form as to meet, if possible, all the requirements as
to security and guarantees that might be stipulated by the most rigid investigator, without, on the other hand, infringing in the least upon the declared
policies of the co-operatives or hampering their legitimate activities.
With this in mind, it might be useful to elaborate on some phases of the
contract.
Amount.
The agreement provides that, for the purpose of financing such part of
this year's Texas cotton crop as may be handled by the Texas Farm Bureau
Cotton Association, the syndicate will make revolving loans to the association
in each sums aa may be required during the marketing season, but not exceeding, during the period ending Feb. 1 1924, the maximum of $10,000,000.
During the period ending May 1 1924 the maximum of such loans shall not
exceed $7,000,000, and during the period ending July 1 1924 the maximum
of such loans shall not exceed $3,000,000, all loans to be liquidated not later
than July 1 1924.
Form of Loan.
The credit is extended in the form of drafts at 60 or 90 days' sight, issued
by the association and accepted by the various members of the banking
group; these drafts shall be negotiated in the open discount market.
In this connection it should be recalled that, under the regulations of the
Federal Reserve Board, based in part on the Agricultural Credits Ad of 1923,
bankers' acceptances drawn by co-operative marketing associations for agricultural purposes and secured by warehouse, terminal or other similar receipts, covering or securing title to readily marketable staples, are eligible
for discount and may be purchased by Federal Reserve banks in the open
market with maturities up to six months.
$
4,622,050
1.677
836,075
376
1,965,400
731
3.229,470
1,179
281,950
95
3,295,150
1,007
15.075.040
410 2,785,200 4,227
3,224,250
44
223,600
816
265 1,857,231 8,230 24,167,565
23
3,001,700
769
170,600
221,300
63
10,242,000
200 1,015,600 3,607
8,704,921
1,290 4,402,971 3,450
2.810 11,030,250 10,555 26,631.500
958 5,012,900 6,425 20,580,360
157
869,000 7,583 18,781.710
5,624,369
3,119
600 2,801,200 7,747 21.756,000
1,620 10,553,300 7,105 28,763,400
4,691 28,179,484 12,097 54,986,784
2,726 15,208,550 6.017 28,294,150
116 1,148,200 13,114
25,534.170
16,676,265
28
543.500 7,946
250 4,119,700 18.136 34,846,020
4.609 39,854,645 9,242 59,971.750
2,288 19,873.060 9,427 42,356,620
590 6,654,000 13,014 27,449,410
Security.
749 4,439,900 10,337 41,073,300
3,665 33,273,150 11.715 66,453,450
It is provided that the security for the loan shall be cotton carefully
880 4,259,450 6,543 24.926.750 graded and as carefully insured-such
grading and insurance being expressly
16.462,000
173 1,135,500 6,505
5,615 72,643,995 11,498 114,371,045 covered in the agreement-the cotton being stored under the trustee's approval
with such storage evidenced by satisfactory negotiable independent
2,147 22,072,590 8,605 52.895,280
1,415 12,015,520 5,398 29,369,970 warehouse receipts. It is significant that only such grades are accepted as
412 3,269,500 2,337
8,473,100 are deliverable
against future contracts on the New York Cotton Exchange.
3,514 24,239,400 11,201
55.519,600
1,001 5,802,350 6,660 20,395.650
Legal Title.
69
532,800 6,619 17,930,000
Attention may be called to the fact that under the terms of the agreement
8,646,300
4,366
3,325 30,801,938 34,381 121,849,129 all cotton pledged by the association "shall be cotton sold to the association
951 12,504,100 7,064 33,368,100 by its members,
and that the association warrants title to all such cotton
14,940,000
109
592,100 4,601
14
924,000 and its ability to sell or pledge the same tree and clear of all liens except
197
240,700
180 1,284,500 1,302
5,810,400 such wawahousemen's liens as shall be specified in the warehoese receipts
282 1,479,800 6,848
24,822,095 covering such cotton." There have been several court
decisions upholding
348 2.075,900 7,331
21,736,090
582 6,918,700 6,783 27,327,230 co-operative associations' title to commodities coming into their hands under
contracts
with growers and, consequently, upholding the right of the asso152 1,726,250 10,623 29,969,570
1,014,900 ciations to pledge such commodities as collateral with lenders. It is
399
stated
in
the
Standard
Marketing Agreement-the contract between the Texas Farib
Tntal
279 501 521 504 504 402M 197 511 R24 290 ion 1 229 20R.225
Bureau Cotton Association and its members-that the contract is one for the
The above totals represent gross loans closed from organi- purchase and sale of personal property under special circumstances and conditions.
zation of system to date. The difference between these
Margin.
totals and the amounts shown on the consolidated statements
With the value of the warehoused cotton 20 cents per pound or less
of condition opposite "net mortgage loans" represents loans (Houston spot market) drafts are issuable to an amount equal to 70% of
market value. This establishes a 14-cent basis for drawing drafts with
paid in full by borrowers and payments by borrowers on the
cotton at 20 cents per pound. Whenever the price of cotton (Houston spot)
account of principal.
shall be above 20 cents per pound, drafts shall be drawn on a gradually
ascending basis up to 15 cents, the 15-cent basis being reached when the
price of cotton is 25 cents a pound. In no case is the 16-cent basis exceeded.
Some Elements Entering into Consideration of the By this scale, for example, a 14.2-cent basis would operate whenever the
market value of warehoused cotton (Houston spot) is 21 cents a pound, or
Financing of Co-operative Marketing.
more, but less than 22 cents; a 14.4-cent basis would operate whenever the
market
value is 22 cents or more per pound, but less than 23 cents, and so
Chellis A. Austin, President of the Seaboard National
on up to 25 cents.
Banjo of the City of New York, has written an interesting
It will be noted that, while 70% will be loaned on cotton valued at 20
article under the above caption for the December number of cents a pound or less, the percentage amount loaned decreases steadily as
$
Maine
1,677 4,622,050
836,075
376
New Hampshire...
731 1,965,400
Vermont
Massachusetts__ 1,179 3,229.470
95
281,950
Rhode Island
1,007 3,295,150
Connecticut
New York
3.817 12,289,840
722 3.000,650
New Jersey
7,965 22,310,334
Virginia
746 2,831,100
Maryland
63
221.300
Delaware
3.407 9.226,400
Pennsylvania
2,160 4,301,950
West Virginia
7,745 15,801,250
North Carolina
South Carolina_ 5,469 15,567,4f0
7,426 17.912,710
Georgia
3.119 5,624,369
Florida
7,147 18,954,800
Tennessee
5,485 18,210,100
Kentucky
7,406 26,807,300
Indiana
3,291 13.085,600
Ohio
12,998 24,385,970
Alabama
7,918 16,132,785
Louisiana
17.888 30,726,320
Mississippi
4,633 20.117,105
Rlinols
7,141 22,483.560
Missouri
12,424 20,794,510
Arkansas
9,588 36,633,400
North Dakota
8,050 33,180,300
Minnesota
5,683 20,667,300
Wisconsin
6,332 15,326,500
Michigan
5,883 41,727,050
Iowa
8,518 30,822,690
Nebraska
3,983 17,354.450
3outh Dakota
1,925 5,203,600
Wyoming
7,687 31,280,200
Kansas
5.659 14,5123.300
3klahoma
6,550 17,397,200
Dolorado
4,368 8.646,300
Now Mexico
31,056 91,047,191
fexas
6,113 20,864,000
3slifornia
Jtah
4,492 14,358,900
683.300
Nevada
183
krixona
1,122 4,525,900
daho
6,564 23,142,495
dontana
6,983 19,660,190
)regon
8,201 20,408,530
Vashington
10,471 28,243,320
'orto Rico
399 1,014,900
$
DEC.8 1923.]
THE CHRONICLE
2489
35. In settlement of contracts in interest paying bonds interest at the rate
15-cent basis reached when
cotton values increase from 20 to 25 cents. The
in the bond shall be computed up to but not including the day of
The
specified
value.
market
that
of
the market value of cotton is 25 cents is 60%
of contract in all cases except "time option" contracts and "regular
per
maturity
cents
15
be
shall
loan
maximum
contract, therefore, provides that the
made way delayed delivery" contracts.
not
are
pound
a
cents
25
above
values
cotton
pound; in other words,
Change Rule 39 to 36 and renumber 36, 37 and 38 to 37, 38 and 39.
pound.
the occasion for increasing the amount loaned per
Add to new rule 36 the following new paragraph:
Sates Policy.
On a contract in interest paying bonds "regular way delayed delivery,"
"orderly marketing" interest at the rate specified in the bond shall be computed up to but not
Uncertainty about the interpretation of the words
weak features of credits ex- including the next "delivery day" following the date of the transaction and
has not infrequently been considered one of the
between the bankunless otherwise agreed.
tended to co-operatives. Under the terms of the agreement distinct provision shall be "flat" thereafter
E. V. D. COX, Secretary.
Association
ing group and the Texas Farm Bureau Cotton
being
the arrangement
periods,
reasonable
at
sales
progressive
for
is made
INTEREST PAYING BONDS.
crap handled by the associathat by far the larger part of the season's cotton
expiration of the first five or six
Rules for Dealing "And Interest."
tion shall have been marketed before the
entered into a conAs amended Nov. 21 1923.
months of 1924, if not earlier. Moreover, the association sales early in the
the
additional
35. In settlement of contracts in interest paying bonds interest at
tract with the group managers providing for
at
conditions
market
rate specified in the bond sshall be computed up to but not including the
season, if, in the judgment of the group managers the
and
day of maturity of contract in all cases except "time option" contracts
the time should make such sales advisable.
Responsibility and Ability.
"regular way delayed delivery" contracts.
at
moral
the
36. On a contract in interest paying bonds "seller's or buyer's option"
Along with the value and easy marketability of the security,
the debt at a rate agreed upon (as seller or buyer 20, 2%), the interest specified in the
responsibility of the borrower and the financial ability to repay
in granting bond shall be computed to and including the day of sale; and thereafter inmaturity are, as is well known, the most outstanding factors
when entering terest at the agreed rate shall be computed on the contract price plus accrued
loans. In these respects, co-operative marketing associations
to:
interest. An agreed rate of interest must be computed for actual elapsed
into business relations with banks should be able to point
days.
First—The character of their membership.
On a contract in interest paying bonds "regular way delayed delivery,"
Second—The standing of their boards of directors and the efficiency of
at the rate specified in the bond shall be computed up to but not
interest
their management.
date of the transaction and
Third—The nature of the commodity, its world-wide uses and the pros- including the next "delivery day" following the
shall be "flat" thereafter unless otherwise agreed.
pects for futures sales.
37. Contracts made after default in payment of interest and during conFourth—The policies of the associations regarding the economic handling
tinuance of default shall be "flat."
of the commodity.
38. Bonds upon which the interest is in default shall carry all unpaid couFifth—The policy of the associations with respect to the creation and
maintenance of liquid cash reserves and the quantity of free commodity col- pons.
39. Registered bonds will not sell ex interest on the day the books close
lateral reserves available for marginal purposes.
paying regisSixth—The readiness of the associations, in case of certain contingencies for payment of interest. In settlement of contracts in interest
of contract, and
rendering such action advisable, to accelerate their sales so as to strengthen tered bonds, interest must be added to the date of maturity
a due bill, signed by the party in whose name the bond stands for the full
their position.
bond
Seventh—The policy under which the associations make payments to their amount of the interest to be paid by the company, must accompany the
bill issued by a non-member must be paid
own members from the funds procured by means of loans from the banks; until interest is paid; the due
it.
firm
guaranteeing
or
member
the
exchange
when due by
and, finally,
40. Interest at the rate specified in an interest paying bond must be comEighth—The desire of the association to furnish the banks with all necesa 360-day-year, I. e.:
of
with
basis
a
on
consult
to
puted
and
and
business
finances,
their
sary information regarding
Every calendar month is 1-12 of 360 day30 days,
the banks when working out financial problems.
Every period from a date in one month to the same date in the following
Building Up of Credit.
month is 30 days.
on
responsibility
sense
of
growing
It is evident that, as time goes on, the
41. Income bonds must be dealt in "flat."
the part of the planters entering into agreement with a co-operative marketE. V. D. 00X, Secretary.
ing association for the carrying out of their part of the contract, and the
knowledge that the advantages derived must be computed over a number of
years will contribute very distinctly in the final analysis, to the building up
Paul M. Warburg Proposes Bankers' Acceptances Be
and consolidation of the credit of the association.
sursubstantial
up
Tax Exempt.
setting
in
succeed
As and when co-operative associations
plus funds for general purposes within the limits given under their charters,
of the American Acceptance
President
Warburg,
M.
Paul
their financial responsibility will be correspondingly increased, and one of
meeting of the Council
the principal objections to considering loans to co-operative associations on Council, in addressing the annual
the same plane as loans extended to stock corporations or firms with part- in the Woolworth building on the 6th inst. argued in favor
nership capital and liability will be eliminated.
of exempting from taxation the income of bankers' acceptIt is apparent, too, that the expert management of any co-operative marwere made tax exempt
keting association is a most valuable asset. While the overhead of such an ances stating that "if acceptances
association should be held, for obvious reasons, within entirely reasonable and could find a wide distribution at a rate below 4%,* * *
limits, the men importantly charged with its affairs should be rewarded a fairly adequate margin between the going rates for comcommensurately with the ability shown, else the right sort of material may
bankers' acceptances might be
not be available. Stick-to-it-iveness and continuity of sound policy are just mercial paper and
as essential to the success of co-operative marketing as to that of any busi- established." "The resulting substitution of bankers'
ness enterprise. The survival of the fittest in the matter of co-operative
acceptances for single name promissory notes," he added,
marketing associations will be determined by these and other practical factors, and in the proportion as such factors are recognized and acted upon, the "would bring about the enlarged supply of liquid paper
field of usefulness of worth-while co-operative associations should be ex- which is an essential step forward in the direction of perfecting
tended.
banking system." Mr. Warburg's idea is to place
As to the necessity of a wide and well-established market for any com- our
modity or product serving as collateral offered by co-operative associations, bankers' acceptances on a level with Treasury certificates of
all comment seems superfluous.
indebtedness, which are tax exempt. In part, Mr. Warburg
Widespread Effect.
said:
marketing
derived
from
co-operative
benefits
In the last analysis, the
In our last annual report we went fully into the question of the urgency
financing, soundly based and properly carried on, should reach far beyond
of changing our present methods, under which the New York Stock Exof
business
the
in
affect
the
They
should
country
element.
agricultural
the
change still continues to be the main reservoir for call money and the shock
general through the increased purchasing power commanded by the members absorber for sudden demands for funds for the entire United States, a conof the co-operatives and the encouragement derived from the knowledge that dition as undesirable for the Stock Exchange itself as it is for the rest of the
in unity there is strength.
country.
This growth in community prosperity which it is reasonable to expect may
We dwelt at length upon the necessity of creating a country-wide market
result from the operations of efficient co-operative marketing associations, for acceptances, a'rellable discount market, without which the Federal Resoundly financed, should benefit the country banker who for so long has serve System could never hope truly to accomplish the aims for which it was
borne the brunt of carrying those farmers relatively poor in resources and designed. We tried to develop in full detail—and to repeat it on this ocready cash. Insofar as the co-operative movement increases the turnover and casion would therefore seem superfluous and abusing your patience—how,
profits of the country banker's customers, it would seem that he would re- without such a market. the Federal Reserve System was doomed to become
gard the development of the co-operative movement, in which development an emergency organization pure and simple, cumbersome and unresponsive.
he should increasingly share, as helpful.
a passive anvil, until,in times of stress, it would swing the hammer with the
The efficient middleman, backed by his accumulated trade knowledge and heavy fist of the blacksmith, instead of operating with the light and wellperform
to
valuable
continue
even
services
established connections should
trained hand of the surgeon, whose highest art it is to apply his instruments
field might be widened, and, to an extent, readjusted,
'
though the competitive
at the incipient stage, when the evil may still be cured without the drastic
with the success on an expanding scale of operations of co-operatives. It is means rendered imperative and inevitable where timely action had not been
to be recalled in this connection that the co-operatives have been largely taken.
concerned with developing what they have wished to be regarded as a fair
The suggestions made in this regard in our last report were very favorainitial market for agricultural produce, while the middleman's operations re- bly received in places high and low—but,in spite of that, It must be regretthe
supplying
needs
of
•consumers
in
at
steps
further
to
importantly
late
fully admitted that little progress, if any, has since been made in the direchome and abroad. To the extent that co-operative marketing associations tion of widening the open market.
build up marketing services duplicating efficient, privately-owned services
What are the reasons?
which can be availed of on reasonable terms, they must justify themselves in
In order to avoid any misunderstanding, particularly on the part of users
uneconomic.
are
the
that
they
criticism
the face of
of American credit in foreign countries, it may be well to state, and to state
it emphatically, there is always a reliable market for a bill drawn for legititransactions on an American acceptor of first-class standing; in five
Stock
York
New
Exchange
of
Governing mate
New Rules
years prime bankers' acceptances have never failed of a ready market
Dealing in Interest-Paying Bonds.
among established dealers, because, falling an outside purchaser, the FedReserve banks are always ready to buy such bills.
In addition to the changes in the rules of the New York eral
It must also be stated that an examination of the comparative figures
Stock Exchange governing bond transactions (referred to in covering the last five years of the estimated aggregate amount of American
outstanding and of acceptances held in portfolios of Federal
our issue of a week ago (page 2385), Secretary Cox an- acceptances
Reserve banks, would indicate that the proportion held by purchasers other
nounces the following new rules for dealing "and Interest" than the Federal Reserve banks has been rising in a very encouraging man
applying in the case of interest paying bonds:
nor. It is significant, however,that a not unimportant portion of these outNovember 21 1923.
side purchases Is being made for account of foreign note issuing and other
justly favor these bills as supplementary gold reserves bearing
At a meeting of the Committee on Securities the Rules for Dealing "And banks, which
interest.
Interest" in Interest Paying Bonds were amended as follows:
2490
THE CHRONICLE
[VoL. 117.
Moreover, substantial headway has been made in educating the savings
amply warranted by the transcending importance
of the benefit to be
banks to carry a portion of their secondary reserves in bankers' acceptances.
derived by the entire country.
This winter our efforts ought to be bent on securing for insurance companies
If, in the near future, the tax exemption is removed
in States where they are not yet permitted to do so, the power to invest in
from the certificates
of indebtedness, it should of course be withdrawn
eligible bankers' acceptances in the same manner as is done by our savings
also from bankers'
acceptances
.
But
until
that
time the unfair and harmful discrimination
banks.
ought to be eliminated which the present
conditions throw as a blight
While all of this denotes commendable headway in the right direction,
upon the healthy development and growth
of the bankers' acceptances
it is trifling progress if compared with what might have been achieved
and
what still remains to be accomplished. Not until the banks of the country, and the open discount market.
and particularly the larger among them, respond to the appeal made
in
our last annual address and adopt the habit of investing part of their secon- Newly Elected Directors of Federal
Reserve Bank of
dary reserve money in acceptances and in loans on acceptances, not until
New York.
they adopt the habit of making up their daily requirements by
calling
such loans rather than by direct borrowing from the Federal Reserve
Pierre Jay, Chairman of the Federal Reserve Bank of
banks,
not until then shall we have the wide discount market without which
our New York, announced on Dec. 4 that the election
by memfinancial system cannot give to the country the perfected service
and the
complete measure of benefits to which it is entitled. The picture of a fully ber banks of Group 2 of the Federal Reserve District of New
developed open discount market we can readily visualize if, in our
mind's York of two directors of the local Reserve bank has resulted
eye, we substitute bankers' acceptances for a small portion of the
certifi- in the choice of Robert H. Treman
of Ithaca, N. Y., as a
cates of indebtedness now held in the portfolios of the banks and
corporations of the United States. a we could actually effect such partial sub- Class A director, and Theodore F. Whitmarsh of New York,
stitution our task would be accomplished.
N. Y., as a Class B director, each for a term of three years
Why can't it be done?
from Jan. 1 1924. The number of votes cast for each candiFor the main reason that the income from the certificate is tax-free for
a bank or corporation, while the return from the bankers acceptance for date is as follows:
them is subject to the 1234% income tax. Let us assume for a moment
Class A Director.
Class B Director.
2021rheodore F. Whitmarsh
that either the certificate of indebtedness would be made subject to the Robert H.Treman
202
same tax as is the acceptance, or that the acceptance sould be granted Total number of
votes cast
202 Total number of votes cast
202
the same measure of tax exemption as is enjoyed by the certificate of
Mr. Treman, who is re-elected, had already been a direcindebtedness, what would be the consequence?
The first result, no doubt, would be that., all over the country, banks tor, his term of office expiring Dec.
31 1923. Mr. Whitwould replace a certain part of their holdings of certificates by bankers'
marsh has been chosen to fill the vacancy created by
acceptances, for the reason that they could pick acceptances
the
with regard
death of Richard H. Williams. Mr. Whitmarsh is President
to amount and maturities so as to suit their own convenience, while
the
certificates generally mature in large issues on one specific date
and are of Francis H. Leggett & Co.
not always obtainable in short maturities. Moreover, the banks
could
at all times rediscount, or sell to their respective Federal Reserve banks,
such acceptances as they should wish to dispose of, thus saving the
expense Petition for Establishment of Branch of Chicago
of a brokerage to be paid to an intermediary. Furthermore, the larger
Federal Reserve Bank at Indianapolis.
demand for acceptances and the benefit to be derived from the exemption
of the tax would at once tend to lower the rate at which acceptance
A
petition
for the establishment at Indianapolis of a
sell
to-day. To illustrate: Our present rate of 434% to 434% would probably branch
of the Federal Reserve Bank of Chicago was recently
fall to well below 4%. If It did that, it would probably at the same
time presented to
William A. Heath, Chairman of the Chicago
slightly pull down the rate for the short maturities of
the certificates of
indebtedness. Thus, what the Treasury might lose by the granting
of Federal Reserve Bank, for submission to the Federal Rethe tax exemption, it would be likely to gain through the higher price
it serve Board. The petition, made in behalf
of the Inmight secure for its certificates of indebtedness.
Moreover, the loss to the Government would be negligible. If we dianapolis Chamber of Commerce and business men
and
figure that there are outstanding appredmately $500,000,000 in bankers' banking interests of Indianapolis,
was presented to Mr.
acceptances, and if we figure the return to investing corporations at
434%, Heath by the Chamber's President, Felix
M. McWhirter.
the maximum loss to the Treasury would amount to appro.lmately
$2,500,000 (indeed, it would be much less because it is doubtful whether all Mr. Heath advised Mr. McWhirter that he would
present
foreign holders of American acceptances pay the tax, and there is
no the matter informally to the Board at its November meeting,
means of collecting it from them, and the Reserve banks, the largest holders
and that "we 'will have a definite date to present formally
of acceptances, are not subject to the tax.)
As against this wholly negligible loss to the Treasury the advantage to the board of Chicago Federal Reserve Bank
early in
to the country would be immense.
December, probably 14th." According to the Indianapolis
1. Nobody can express in money what it would be worth to the country,
"News" of Nov. 23, the petition says:
to its financial safety and stability, to have the
Reserve System,
rendered fully efficient through the establishmeFederal
That there is already a distinct separation of interest between
nt of an open discount
industry
market such as has been the rock-bottom of British
In the Chicago region, which extends into Indiana along the
banking strength.
shore of Lake
2. Acceptances finance primarily agricultural products, while
they are Michigan, and the manufacturing centre of Indiana, Iron
warehoused or in course of exportation, in addition they finance
and steel
very centres of northern Indiana are
largely the importation of articles of consumption. Cotton,
already of great extent and require finangrains,
meat products, tea, coffee, sugar. Ste., are some of the
main staples that cial accommodation of a very specific character."
are financed by American acceptance credits.
The reduction of the discount rate at which acceptances are
The following is also taken from the same paper:
sold would
therefore redound to the benefit of the producer
and consumer. In the
final analysis, it is the price for agricultural goods
Figures to Justify Plea.
that
should
increase
and the price for consumers' goods that should decrease
In the document, which goes into detail on the
to the extent
that the cost of the credit is reduced.
logical reasons why
a
branch
bank
should be opened in Indianapolis, it is set out that
3. The accepting banker does not directly benefit from the lowering
Indianapof olis is the trade centre
the cost; he receives the same moderate acceptance
of
a
territory comprising 49 counties in central
commission, irrespective of what the open market rate for acceptances
Indiana.
may
be.
The
bank, or corporation. investing in acceptances would
It is shown in the petition that the volume
receive a smaller
revenue owing to the lower rate of interest, but,,on
of business arising in the
the other hand, would district of which Indianapolis
gain the approximate equivalent by saving the
is the centre, is large and compares favorably
tax. The accepting banker
would profit only to the extent that at the lower
with
the
volume
of
business in other cities now having Federal
rate of interest, he would
Reserve
be in a better position to compete with London,
where, at present the branch banks. The future growth of the Seventh District
open market 90-day discount rate is about 334% against our 434%
of the Federal
(thereby Reserve System, particularly the Indianapoli
in turn swelling the U. S. Treasury revenue
s
district of it, is set out to
from income tax.) The show that the
lower rate would stimulate the use of acceptance
steadily increasing volume of business in this district jusnot only in
foreign countries, but also on the part of American credits,
borrowers. To-day, tifies the establishment of a branch bank here.
discount
with a
rate of 434%. an acceptance commission for 90 days of
The petition is accompanied by maps and charts,
only 31% to %% would bring the cost of the credit
compiled by the
up to from
to bureau of industry of the Chamber
53j%, while a would-be drawer of good standing could borrow at531%
of Commerce, showing the relative
present
on his own note at approximately 431% to 5%. In other words, the open- position of Indianapolis and cities of the country where branch
banks
market rate for an acceptance (that is guaranteed paper) is too high as have been established. Al!
of these charts rank Indianapolis high among
compared to the rate for commercial paper involving the
commercial the cities which have branch Federal Reserve banks.
credit risk. On the other hand, the Federal Reserve bank's
market
rate for acceptances could not be materially reduced below open
Population, 1920, 1,573,666.
the present
level, because outside purchasers would then further decrease
their inThe total population of the district, which would be
vestments in acceptances and would convert their liquid funds into taxserved by the
branch bank at the time of the census reports of 1920, was
exempt certificates of indebtedness to even a larger degree than to-day.
1,573,666,
the petition sets out. The rural areas are closely settled
and numerous
if acceptances were made tax-exempt and could find a wide distribution thriving
industrial
centres
support
substantial
a
population. The value
at a rate below 4%, as is envisaged in our discussion, a fairly adequate
of manufactured products in the district for 1919 was
$845,696,626, while
margin between the going rates for commercial paper and bankers' acceptthe value of all farm property for the year was reported to be
ances might be established. The resulting substitution of bankers' ac$1,879,855.721.
with the value of crops produced at 3289,499.272.
ceptances for single-name promissory notes, would bring about the enlarged
The financial resources of the proposed district consist
of 591 national,
supply of liquid paper which is an essential step forward in the direction
State and private banks and trust companies with total
capital of $43,of perfecting our banking system. For without an ample volume of
082,000 and total deposits of $394.925.000.
bankers' acceptances the discount market cannot play its part as a central
Further arguments for the bank, as set forth in the
petition, are revealed
reservoir, absorbing and redistributing the nation's free supply of floating
In the geographical position of the city, which,
combined with transfunds.
portation facilities, including 17 railroads and 13
interurban lines, make
I am not unmindful of the fact that the word "tax-exemption" Is anathema It
a strategic shipping centre particularly advantageo
us to manufacture
for most of us. But what is here proposed is not the kind of exemption
and as a farm market centre.
that is objectionable because it renders tax immune large individual incomes.
Great Farm Territory.
I would suggest that the income from eligible bankers' acceptances be
The extent of agriculture and stock raising in the
exempted from the normal tax only for acceptances in the hands of foreign
surrounding territory,
holders and of banks, savings banks, insurance companies and investment it is pointed out, is reflected by the value of the products of meat packing
and slaughtering which. in 1922, was $131,400,000,
corporations in the United States.
the receipts on the
The total of eligible acceptances outstanding is easily ascertainable by Indianapolis Board of Trade, of approximately $75,000,000 worth of
the Federal Reserve banks: investors in acceptances could be required to grain annually, and the production of canned goods in 1022 with a total
keep photostatic copies, so that a strict supervision could be accom- value of 322.000,000.
plished with very little difficulty. There exists to-day a provision of law
exempting from taxation the income of foreigners from money on deposit
68th Congress—First Session Convened—House
in American banks. What is here proposed is simpler and would seem
Organization at First Blocked.
* (Barring the grant of power to issue so-called "finance drafts" which—as fully
The assembling of the 68th Congress, first session, on
explained in earlier addresses in a carefully restricted form—may become essential
and desirable when European countries, having stabilized their budgets and trade
Monday of this week (Dec. 3) wasrmarked by efforts on
balances, may wish to return to unrestricted gold standards or to gold exchange
tandards.)
the part of Republic
an insurgents"'to block the plans
DEC.8 1923.]
THE CHRONICLE
of the regulars to effect the re-election of Frederick H.
Gillett as Speaker, as a result of which the organization
of the House was delayed until Wednesday, the 5th. The
President's annual message to Congress, accordingly was
not delivered until Thursday. The message is the subject
of another article in this issue. The functioning of the
Senate was immediately brought under way with the opening
of Congress on Monday; after a 45-minute session, the
Senate adjourned until the succeeding day out of respect
to the memory of the late Senator Nicholson of Colorado,
Senator Knute Nelson of Minnesota, and Senator Dillingham of Vermont. Through manoeuvres of the House
Progressive to block the election of a Speaker four ballots
were taken on Monday without result, and on motion of
Representative Longworth, regular Republican floor leader,
who stated that it seemed that no good purpose could be
served by having another ballot that night, the House
adjourned until the following day. A statement issued
on Monday by Representative Nelson, leader of the Progressives, indicated that the action of the Progressives
was due to efforts to bring about a revision of the House
rules.
On the 4th inst.with the reaching of agreement between Representative Longworth and Republican Progressive leaders
—Representatives Nelson of Wisconsin, Woodruff of Michigan, and La Guardia of New York—looking to the amendment of the rules, the way was paved for the organization
of the House on the 5th. On the latter day Representative
Gillett was re-elected Speaker—his election occurring on
the first ballot that day, and the ninth since the convening
of Congress since Monday. The total number of votes
cast in the balloting on the 5th was 414, of which Speaker
Gillett received 215 votes, Representative Finis J. Garrett
of Tennessee, the Democratic nominee, received 197, and
Representative Martin B. Madden of Illinois, 2. Four
were recorded as "present."
Following the election of the Speaker, the organization
of the House was perfected and the customary resolution
providing for the appointment of a committee of the House
to join with a committee on the part of the Senate to notify
the President that Congress was ready, to receive any
communication he might be pleased to make was adopted.
In accordance with the agreement with the Progressives,
the House adopted a resolution whereby it is provided that
the rules of the last Congress are to govern the present
Congress until Jan. 14 1924. More.than 300 bills, it was
stated, had been introduced in the House on the 3d, and
the number on the 4th was said to exceed 600.
2491
which refuses to recognize the sanctity of international
obligations." He declared that "while the favor of America
is not for sale I am willing to make very large concessions
for the purpose of rescuing the people of Russia," and the
hope was expressed that "the time is near at hand when
we can act." Indicating his attitude toward the Allied
debts, President Coolidge said:
The current debt and interest due from foreign governments, exclusive
of the British debt of $4,600,000.000, is about $7,200,000,000. I do not
favor the cancellation of this debt, but I see no objection to adjusting it in
accordance with the principle adopted for the British debt.
The President indicated his "unqualified approval" of
the tax reductions recommended by Secretary Mellon,
declaring that "the taxes of the nation must be reduced now
as much as prudence will permit, and expenditures must be
reduced accordingly." "Another reform which is urgent
in our fiscal system," he said, "is the abolition of the right
to issue tax-exempt securities." The question of a bonus
to veterans was disposed of by the President in dealing with
the legislative program which the American Legion will
present to Congress, the President in stating that "the
attitude of the Government towards these proposals should
be one of generosity," declaring, however, that "I do not
favor the granting of a bonus." With reference to the
railroads the President observed that "consolidation appears
to be the only feasible method for the maintenance of an
adequate system of transportation with an opportunity so
to adjust freight rates as to meet such temporary conditions
as now prevail in some agricultural sections." "Competent
authorities agree," he added, "that an entire reorganization
of the rate structure for freight is necessary. This should
be ordered at once by the Congress." As to that part of
the Transportation Act respecting "the recapture and redistribution of excess rates" the President's message said:
The constitutionality of this method is now before the Supreme Court for
adjudication. Their decision should be awaited before attempting further
legislation on this subject. Furthermore, the importance of this feature
will not be great if consolidation goes into effect.
Commenting on the cost of coal, which he declared "has
become unbearably high," Presidential authority to deal
with emergency situations is proposed as follows by the
President:
The supply of coal must be constant. In case of its prospective interruption the President should have authority to appoint a commission empowered to deal with whatever emergency situation might arise, to aid
conciliation and voluntary arbitration, to adjust any existing or threatened'
controversy between the employer and the employee when collective bargaining fails, and by controlling distribution to prevent profiteering in this
vital necessity. This legislation is exceedingly urgent and essential to the
exercise of national authority for the protection of the people.
Discussing the agricultural situation and relief in behalf
of the farmer the President stated that •"no complicated
scheme of relief, no plan for Government fixing of prices,
Message of President Coolidge to Congress—Secretary no resort to the public Treasury will be of any permanent'
Mellon's Tax Reduction Proposals Approved—
value in establishing agriculture." "Simple and directBonus Opposed.
methods put into operation by the farmer himself are the
President Calvin Coolidge appeared before the new only real sources for restoration," he continued, adding:
Indirectly the farmer must be relieved by a reduction of national and
Congress on Thursday, Dec.6, and read in person his first
taxation. He must be assistet by the reorganization of the freight
message to that body—the message furnishing the first local
rate structure which could reduce charges on his production. To make
intimation to be given by him since he succeeded the late this fully effective, there ought to be railroad consolidations. Cheaper
President Harding as Chief Executive of the nation, of his fertilizers must be provided.
According to the President, "the present tariff law has
attitude toward foreign and domestic problems. Such
questions as taxation, foreign debts, the World Court, accomplished its two main objects. It has secured an
League of Nations, railroad consolidations, tariff, bonus abundant revenue and been productive of an abounding
to war veterans, immigration, agriculture, coal prices, dm., prosperity." He declared that "a constant revision of the
are covered in the message—foreign affairs being dealt with tariff by Congress is disturbing and harmful." Noting that
before the domestic questions are taken up. A reference "the present law, contains an elastic provision authorizing
to the loss suffered by the nation in the death of President the President to increase or decrease present schedules not
Harding is made in his message by President Coolidge, who in excess of 50 per centum to meet the difference in cost of
reminds Congress that "it is our duty, under the inspiration production at home and abroad," he stated that whenever
of his [President Harding's] example, to take up the burdens the required investigation shows that inequalities of sufficient
which he was permitted to lay down, and to develop and importance exist in any schedule the power to change them
support the wise principles of Government which he repre- should and will be applied." On the subject of shipping
sented." President Coolidge indicated his indorsement of the President said:
Our Government during the war acquired a large merchant fleet, which
President Harding's attitude toward the World Court, and
be transferred as soon as possible to private ownership and operarecommends that this Government give its support to the should
tion under conditions which would secure two results: First, and of prime
Permanent Court of International Justice, with the proposed importance, adequate means for national defense: second, adequate service
reservations "clearly indicating our refusal to adhere to the to American commerce. Until shipping conditions are such that our fleet
be disposed of advantageously under these conditions it will be operated
League of Nations." He noted that "our country has can
as economically as possible under such plans as may be devised from time
definitely refused to adopt and ratify the covenant of the to time by the Shipping Board.
League of Nations." "The League exists," he said, "as a
Declaring that it is his duty to enforce adequate laws to
foreign agency. We hope it will be helpful. But the United prevent violation of the prohibition amendment to the
States sees no reason to limit its own freedom and independ- Constitution, the President noted that "a treaty is being
ence of action by joining it." Referring to Russia the negotiated with Great Britain with respect to the right of
President stated that "our Government offers no objection search of hovering vessels. To prevent smuggling," he
to the carrying on of commerce by our citizens with the added, "the Coast Guard should be greatly strengthened,
people of Russia," adding that "our Government does not and a supply of swift power boats should be provided.
propose, however, to enter into relations with another regime The major sources of production should be rigidly regulated,
2492
THE CHRONTCLE
and every effort should be made to suppress inter-State
traffic."
Declaring that "it is necessary to continue a policy of
restricted immigration," the message said "it would be well
to make such immigration of a selective nature, with some
inspection at the source, and based either on a prior census
or upon the record of naturalization."
Revision of laws regulating radio interference, revision of
procedure of the Federal Trade Commission to give more
constructive purpose to this department, legislation looking
toward the reorganization of different departments and
bureaus of the Government, a proposal that a separate
department and place in the Cabinet be provided in behalf
of education and welfare, are some of the other recommendations in the President's message. The message, which was
delivered at a joint session of the House and Senate and was
broadcast throughout a large part of the country, is given
in full herewith:
[VoL. 117.
wise moral obligations which international faith and honor require should
be discharged.
Our Government has a liquidated claim against Germany for the expense
of the army of occupation of over $255.000,000. Besides this, the Mixed
Claims Commission have before them about 12,500 claims of American
citizens, aggregating about $1,225.000,000. These claims have already
been reduced by a recent decision, but there are valid claims reaching well
toward $500,000,000. Our thousands of citizens with credits due them of
hundreds of millions of dollars have no redress save in the action of our
Government. These are very substantial interests, which it is the duty of
our Government to protect as best it can. That course I propose to pursue.
It is for these reasons we have a direct interest in the economic recovery
of Europe. They are enlarged by our desire for the
stability of civilization
and the welfare of humanity. That we are making sacrifices
to that end
none can deny. Our deferred interest alone amounts to a million dollars
every day. But recently we offered to aid with our advice
and counsel.
We have reiterated our desire to see France paid and Germany revived.
We have proposed disarmament. We have earnestly
sought to compose
differences and restore peace. We shall persevere in well-doing, not by
force, but by reason.
Foreign Papers.
Under the law the papers pertaining to foreign relations to be printed
are transmitted as a part of this message. Other volumes of these papers
will follow.
Since the close of the last Congress the nation has lost President Harding.
Foreign Service.
The world knew his kindness and his humanity, his greatness and his
The foreign service of our Government needs to be reorganized
character. He has left his mark upon history. He has made justice
and
improved.
more certain and peace more secure. The surpassing tribute paid to his
Fiscal Condition.
memory as he was borne across the continent to rest at last at home reOur main problems are domestic problems. Financial stability
vealed the place he held in the hearts of the American people.
is
But this is not the occasion for extended reference to the man or his the first requisite of sound Government. We cannot escape the effect
work. In this presence, among those who knew and loved him, that is of world conditions. We cannot avoid the inevitable results of the economic
unnecessary. But we who were associated with him could not resume disorders which have reached all nations. But we shall diminish their
together the functions of our office without pausing for a moment, and harm to us in proportion to restore our Government finances to a secure
in his memory reconsecrating ourselves to the service of our country. and endurable position. This we can and must do. Upon that firm
He is gone. We remain. It is our duty, under the inspiration of his foundation rests the only hope of progress and prosperity. From that
example, to take up the burdens which he was permitted to lay down, source must come relief for the people.
This is being accomplished by a drastic but orderly retrenchment,
and to develop and support the wise principles of Government which he
which is bringing our expenses within our means. The origin of this
represented.
has been the determination of the American people, the main support
Foreign Affairs.
For us peace reigns everywhere. We desire to perpetuate it always by has been the courage of those in authority, and the effective method has
the budget system. The result has involved real sacrifice by Debeen
granting full justice to others and requiring of others full justice to ourpartment heads, but it has been made without flinching. This system
selves.
Our country has one cardinal principle to maintain in its foreign policy, Is a law of the Congress. It represents your will. /t must be maintained.
It is an American principle. It must be an American policy. We attend and ought to be strengthened by the example of your observance. Without
to our own affairs, conserve our own strength, and protect the interests a budget system there can be no fixed responsibility and no constructive
of our own citizens; but we recognize thoroughly our obligation to help scientific economy.
This great concentration of effort by the Administration and
others, reserving to the decision of our own judgment the time, the place
Congress
and the method. We realize the common bond of humanity. We know has brought the expenditures. exclusive of the self-supporting Post Office
Department.
down to $3,000.000,000. It is possible, in consequence,
the inescapable law of service.
make a large reduction in the taxes of the people, which
is the sole
Our country has definitely refused to adopt and ratify the Covenant to
of the League of Nations. We have not felt warranted in assuming the object of all curtailment.
This is treated at greater length in the budget message, and a proposed
responsibilities which its members have assumed. I am not proposing
any change in this policy; neither is the Senate. The incident, so far as plan has been presented in detail in a statement by the Secretary of the
Treasury which has my unqualified approval. I especially commend
we are concerned, is closed.
The League exists as a foreign agency. We hope it will be helpful. a decrease on earned incomes, and further abolition of admission, message
But the United States sees no reason to limit its own freedom and inde- and nuisance taxes. The amusement and educational value of moving
pendence of action by joining it. We shall do well to recognize this basic pictures ought not to be taxed. Diminishing charges against moderate
incomes from Investment will afford immense relief, while a revision of
fact in all national affairs and govern ourselves accordingly.
the surtaxes will not only provide additional money for capital investment,
World Court.
thus stimulating Industry and employing more labor, but will not greatly
Our foreign policy has always been guided by two principles. The one reduce the revenue from that source,
and may in the future actually
is the avoidance of permanent political alliances which would sacrifice our increase it.
proper independence. The other is the peaceful settlemet of controBeing opposed to war taxes in time of peace. I am not in favor of excessversies between nations. By example and by treaty we have advocated profits taxes. A very great
service could be rendered through immediate
arbitration. For nearly twenty-five years we have been a member of The enactment of legislation
relieving the people of some of the burden of taxaHague Tribunal, and have long sought the creation of a permanent World tion. To reduce
war taxes is to give every home a better chance.
Court of Justice. I am in full accord with both of these policies. I favor
For seven years the people have borne with uncomplaining
courage the
the establishment of such a court intended to include the whole world. tremendous burden
of national and local taxation. These must both be
That is, and has long been, an American policy.
reduced. The taxes of the nation must be reduced now s much as
pruPending before the Senate is a proposal that this Government give its dence will
permit, and expenditures must be reduced accordingly. High
support to the Permanent Court of International Justice, which is a new taxes reach
everywhere and burden everybody. They bear most heavily
and somewhat different plan. This Is not a partisan question. It should upon the poor.
They diminish industry and commerce. They make
not assume an artificial importance. The court is merely a convenient agriculture
unprofitable. They increase the rates on transportation.
Instrument of adjustment to which we could go, but to which we could not They are a charge
on every necessary of life.
be brought. It should be discussed with entire candor, not by a political
Of all services which the Congress can render to the country, I have no
but by a Judicial method, without pressure and without prejudice. Parti- hesitation in declaring
this one to be paramount. To neglect It, to postpone
sanship has no place in our foreign relations.
It, to obstruct it by unsound proposals. Is
to become unworthy of public
As I wish to see a court established, and as the proposal presents the only confidence and untrue
to public trust. The country wants this measure to
practical plan on which many nations have ever agreed, though it may not have the right of
way over all others.
meet every desire, I therefore commend it to the favorable consideration
Another reform which is urgent in our fiscal system is the abolition of
of the Senate, with the proposed reservations clearly indicating our refusal the right to Issue
tax-exempt securities. The existing system not only
to adhere to the League of Nations.
permits a large amount of the wealth of the nation to escape its just burden
Russia.
but acts as a continual stimulant to municipal extravagance. This should
Our diplomatic relations, lately so largely interrupted, are now being be prohibited by constitutional amendment. All the wealth of the nation
resumed, but Russia presents notable difficulties. We have every desire ought to contribute its fair share to the expenses of the nation.
to see that great people, who are our traditional friends, restored to their
Tariff Law.
position among the nations of the earth. We have relieved their pitiable
The present tariff law has accomplished its two main objects. It has
destitution with an enormous charity. Our Government offers no objection secured
an abundant revenue and been productive of an abounding prosto the carrying on of commerce by our citizens with the people of Russia.
perity. Under it the country has had a very large export and import trade.
Our Government does not propose, however, to enter into relations with A
constant revision of the tariff by the Congress is disturbing and harmful.
another regime which refuses to recognize the sanctity of international obliThe present law contains an elastic provision authorizing the President to
gations. I do not propose to barter away for the privilege of trade any of
increase or decrease present schedules not in excess of 50% to meet the
the cherished rights of humanity. I do not propose to make merchandise
difference in cost of production at home and abroad. This
does not, to
of any American principles. These rights and principles must go wherever my mind,
warrant a re-writing of the whole law, but does mean, and will be
the sanctions of our Government go.
so administered, that whenever the required investigation shows that
But while the favor of America is not for sale, I am willing to make inequalities
of sufficient importance exist in any schedule, the power to
very large concessions for the purpose of rescuing the people of Russia.
change them should and will be applied.
Already encouraging evidences of returning to the ancient ways of society
can be detected. But mor are needed. Whenever there appears any disShipping.
position to compensate our citizens who were despoiled, and to recognize
The entire well-being of our country is dependent upon transportation
that debt contracted with our Government, not by the Czar, but by the by sea and land. Our Government during the war acquired a large mernewly formed Republic of Russia: whenever the active spirit of enmity to chant fleet which should be transferred, as soon as possible, to private
our institutions is abated; whenever there appear works mete for repentance, ownership and operation under conditions which would secure two results,
our country ought to be the first to go to the economic and moral rescue of First, and of prime importance, adequate means for national defense'
Russia. We have every desire to help and no desire to injure. We hope second, adequate service to American commerce.
Until shipping conditions are such that our fleet can be disposed of adthe time is near at hand when we can act.
vantageously under these conditions, it will be operated as economically as
Debts.
Thecurrent debt and interest due from foreign Governments, exclusive possible under such plans as may be devised from time to time by the
Shipping Board. We must have a merchant marine which meets these
of the British debt ot $4,600,000,000, is about $7,200,000.000. I do not
favor the cancellation of this debt, but I see no objection to adjusting it in requirements, and we shall have to pay the cost of its service.
Public Improvements.
accordance with the principle adopted for the British debt. Our country
would not wish to assume the role of an oppressive creditor,' but would
The time has come to resume in a moderate way the opening of our introMaintain the principle that financial obligations between nations are like- coastal waterways; the control of flood waters of the Mississippi and
Dnc.8 1923.]
THE
CHRONICLE
2493
The Negro.
of the Colorado Rivers; the improvement of the waterways from the Great
Numbered among our population are some 12,000,000 colored people.
Lakes toward the Gulf of Mexico; and the development of the great power
other
and navigation project ef the St. Lawrence River, for which efforts are Mider,our Constitution their rights are just as sacred as those of any
rights.
now being made to secure the necessary treaty with Canada. These citizen. It is both a public and a private duty to protect those
projects cannot all be undertaken at once, but all should have the im- The Congres ought to exercise all its powers of prevention and punishment
can against the hideous crime of lynching, ofwhich the negroes are by no means
mediate consideration of the Congress and be adopted as fast as plans
the sole sufferers, but for which they furnish a majority of the victims.
be matured and the necessary funds become available.
Already a considerable sum is appropriated to give the negroes vocaThis is not incompatible with economy, for their nature does not require
so much a public expenditure as a capital investment which will be re- tional training in agriculture. About half a million dollars is recommended
the educaproductive, as evidenced by the marked increase in revenue from the for medical courses at Howard University to help contribute to
Panama Canal. Upon these projects depend much future industrial and tion of 500 colored doctors needed each year.
it
On account of the migration of large numbers into industrial centres.
agricultural progress. They represent the protection of large areas from
of members
flood and the addition of a great amount of cheap power and cheap freight has been proposed that a commission be created, composed
and
understanding
by use of navigation, chief of which is the bringing of ocean-going ships to from both races, to formulate a better policy for mutual
one would
confidence. Such an effort is to be commended. Every
the Great Lakes.
But it is well
seeks.
of
it
which
development
results
rejoice in the accomplishment of the
Another problem of allied character is the superpower
local problems
the Northeastern States, consideration of which is proceeding under the to recognize that these difficulties are to a large extent
human kindness
direction of the Department of Commerce by joint conference with the which must be worked out by the mutual forbearance and
of a real
promise
of each community. Such a method gives much more
local authorities.
outside interference.
than
remedy
Railroads.
Civil Service.
Criticism of the railroad law has been directed, first, to the section
exceedThe maintenance and extension of the classified civil service is
laying down the rule by which rates are fixed, and providing for payment
persons in the executive civil
to the Government and use of excess earnings; second, to the method for the ingly important. There are nearly 550,000 compensation. Four-fifths
yearly
adjustment of wage scales; and third, to the authority permitting con- service drawing about $700,000,000 of
of these are in the classified service.
solidations.
of the United States is espeemployees
This method of selection of the
It has been erroneously assumed that the Act undertakes to guarantee
The Civil Service Comrailroad earnings. The law requires that rates should be just and reason- cially desirable for the Post Office Department.
first, second and third
able. That has always been the rule under which rates have been fixed. mission has recommended that Postmasters at
by a repeal of the
To make a rate that does not yield a fair return results in confiscation, and class offices be classified. Such action, accompanied
an improvement.
confiscatory rates are, of course, unconstitutional. Unless the Govern- four-year term of office, would undoubtedly be
enforcement be
I also recommend that the field force for prohibition
ment adheres to the rule of making a rate that will yield a fair return, it
the present
brought within the classified civil service without covering in
must abandon rate making altogether.
servants is the merit
The new and important feature of that part of the law is the recapture membership. The best method for selecting public
and redistribution of excess rates. The constitutionality of this method system.
Public Buildings.
is now before the Supreme Court for adjudication. Their decision should
facilities.
be awaited before attempting further legislation on this subject. FurtherMany of the departments at Washington need better housing
goes
consolidation
if
work is impeded, others are so scattered
great
he
their
not
that
will
feature
more, the importance of this
Some are so crowded
general
into effect.
that they lose their identity. While I do not favor at this time a
plans
The settlement of railroad labor disputes is a matter of grave public Public building law, I believe it is now necessary. In accordance with
development
the
for
concern. The Labor Board was established to protect the public in the already sanctioned, for a unified and orderly system
enjoyment of continuous service by attempting to insure justice between of this city, to begin the carrying out of those plans by authorizing the
annual
the companies and their employees. It has been a great help, but is not erection of three or four buildings most urgently needed by an
altogether satisfactory to the public, the employees, or the companies. If appropriation of $5,000,000.
a substantial agreement can be reached among the groups interested, there
Regulatory Legislation.
complete proshould be no hesitation in enacting such agreement into law. If it is not
Co-operation with other maritime Powers is necessary for
protect
to
present
the
for
left
reached, the Labor Board may very well be
this are under way.
tection of our coast waters from pollution. Plans for
laws prothe public welfare.
Meantime,
await certain experiments for refuse disposal.
The law for consolidations is not sufficiently effective to be expeditious. but
oil and oil refuse from vessels in our own territorial
spreading
hibiting
should be speedily
Additional legislation is needed giving authority for voluntary consolidawaters would be most helpful against this menace and
tions, both regional and route, and providing Government machinery to
enacted. •
Interthe
of
approval
the
to
aid and stimulate such action, always subject
Laws should be passed regulating aviation.
state Commerce Commission.
Revision is needed of the laws regulating radio interference.
loadThis should authorize the Commission to appoint committees for each
Legislation and regulations establishing load lines to provide safe
our
proposed group, representing the public and the component roads, with
vessels leaving our ports are necessary and recodification of
of
ing
their
of
exchange
an
power to negotiate with individual security holdes for
navigation laws is vital.
the
as
conditions
and
terms
such
on
more
give
securities for those of the consolidation
Revision of procedure of the Federal Trade Commission will
Commission may prescribe for avoiding any confiscation and preserving constructive purpose to this department.
there must be
fair values. Should this permissive consolidation prove ineffective after
If our Alaskan fisheries are to be saved from destruction
a limited period, the authority of the Government will have to be directly further legislation declaring a general policy and delegating the authority to
invoked.
make rules and regulations to an administrative body.
Consolidation appears to be the only feasible method for the maintenance
Army and Navy.
of an adequate system of transportation with an opportunity so to adjust
of the army
freight rates as to meet such temporary conditions as now prevail in some
For several years we have been decreasing the personnel
reentire
an
Further reductions
agree
that
authorities
agricultural sections. Competent
and navy and reducing their power to the danger point.
organization of the rate structure for freight is necessary. This should be should not be made. The army is a guarantee of the security of our citiabroad.
ordered at once by the Congress.
zens at home; the navy is a guarantee of the security of our citizens
Both of these services should be strengthened rather than weakened.
Department of Justice.
for
submarines
Additional planes are needed for the army, and additional
As no revision of the laws of the United States has been made since 1878, the navy. The defenses of Panama must be perfected.
a commission or committee should be created to undertake this work. The
We want no more competitive armaments. We want no more war. But
their
Judicial Council reports that two more District Judges are needed in the
we want no weakness that invites imposition. A people who neglect
Southern District of New York, one in the Northern District of Georgia,
national defense are putting in jeopardy their national honor.
and two more Circuit Judges in the Circuit Court of Appeals of the Eighth
Insular Possessions.
Circuit. Legislation should be considered for this purpose.
It is desirable to expedite the hearing and disposal of cases. A comConditions in the insular possessions on the whole have been good. Their
mission of Federal Judges and lawyers should be created to recommend business has been reviving. They are being administered according to law.
legislation by which the procedure in the Federal trial courts may be That effort has the full support of the Administration. Such recommendahave the
simplified and regulated by rules of court, rather than by statute; such tions as may come from their people or their Governments should
rules to be submitted to the Congress and to be in force until annulled most considerate attention.
or modified by the Cogress. The Supreme Court needs legislation
Education and Welfare.
revising and simplifying the laws governing review by that Court, and
legitimately can do
Our national Government is not doing as much as it
enlarging the classes of cases of too little public importance to be subject
of the people. Our enormous material wealth, our
welfare
the
promote
to
to review. Such reforms would expedite the transaction of the business institutions, our whole form of society, cannot be considered fully successful
of the courts. The administration of justice is likely to fail if it be long
This is not a suguntil their benefits reach the merit of every individual.
the
delayed.
that the Government should, or could, assume for the people
The National Government has never given adequate attention to its gestion
inevitable burdens of existence.
prison problems. It ought to provide employment in such forms of proour
of
results
the
of
relieved
There is no method by which we can either be
duction as can be used by the Government, though not sold to the public
folly or be guaranteed a successful life. There is an inescapable
in competition with private business, for all prisoners who can be placed own
responsibility for the development of character, of industry, of
at work, and for which they should receive a reasonable compensation, personal
Government, but
thrift, and of self-control. These do not come from the
available for their dependents.
people themselves.
Two independent reformatories are needed; one for the segregation of from the
of steadfast
expressive
be
But the Government can and should always
women, and another for the segregation of young men serving their first
determination, always vigilant, to maintain conditions under which these
sentence.
most likely to develop and secure recognition and reward. This
The administration of justice would be facilitated greatly by including virtues are
American policy.
in the Bureau of investigation of the Department of Justice a Division Is the
laws for
It is in accordance with this principle that we have enacted
of Criminal Identification, where there would be collected this information
the public health and have adopted prohibition in narcotic
of
protection
the
of
crime.
suppression
which is now indispensable in the
uniformity we
drugs and intoxicating liquors. For purposes of national
legislaProhibition.
ought to provide, by constitutional amendment and appropriate
of child labor, and in all cases under the exclusive
The Prohibition Amendment to the Constitution requires the Congress tion, for a limitation
women.
for
law
wage
the Federal Government a minimum
and the President to provide adequate laws to prevent its violation. It jurisdiction of
find sufficient power of enforcement in the
Is my duty to enforce such laws. For that purpose a treaty is being which would undoubtedly
opinion.
public
of
negotiated with Great Britain with respect to the right of search of hovering influence
and that
Having in mind that education is pecullarly a local problem
vessels.
always be pursued with the largest freedom of choice by students
To prevent smuggling, the Coast Guard should be greatly strengthened, it should
well
give the
might
Government
parents, nevertheless, the Federal
and a supply of swift power boats should be provided. The major sources and
If
and every effort should be benefit of its counsel and encouragement more freely in this direction.
regulated,
rigidly
be
should
production
of
doubts the need of concerted action by the States of the nation for
made to suppress inter-State traffic. With this action on the part of any one
of
figures illiteracy
which is usually rendered this purpose.it is only necessary to consider the appalling
the National Government, and the co-operation
of the Union.
prohibition should be made effective. representing a condition which does not vary much in all parts
by municipal and State authorities,
the
national Treasury
from
appropriations
of
favor the making
not
than
do
I
menace
for
authority
disrespect
greater
no
has
Government
Free
of a citizen not only to to be expended directly on local education, but I do,consider it a fundaand continual violation of law. It is the duty
mental requirement of national activlty which, accompanied by allied
observe the law but to let it be known that he is opposed to its violation.
2494
THE CHRONICLE
subjects of welfare, is worthy of a separate department and
a place in the
Cabinet. The humanitarian side of government should not
be repressed,
but should be cultivated.
Mere intelligence, however, is not enough. Enlightenment
must be
accompanied by that moral power which is the product
of the home and
religion. Real education and true welfare for the people rest inevitabl of
y on
this foundation, which the Government can approve and commend
but
which the people themselves must create.
[Vox,. 117.
The distress is most acute among those
wholly dependent upon one
crop. Wheat acreage was greatly expanded
and has not yet been sufficiently reduced. A large amount is raised
for export, which has to
meet the competition in the world market of
large amounts raised on
land much cheaper and much more productive.
No complicated scheme of relief, no plan
for Government fixing of
prices, no resort to the public Treasury will
be of any permanent value
in establishing agriculture. Simple and direct
methods put into operation
by the farmer himself are the only real sources
of restoration.
Immigration.
Indirectly the farmer must be relieved by a reduction
of national and
American institutions rest solely on good citizenship. They
were created local taxation. He must be assisted by the reorganization of
the freightby people who had a background of self-government.
New arrivals should rate structure which could reduce charges on his productio
n. To make
be limited to our capacity to absorb them into the ranks
of good citizenship. this fully effective there ought to be railroad consolidations.
America must be kept American. For this purpose, it
Cheaper
is necessary to con- fertilizers must be provided.
tinue a policy of restritced immigration.
He must have organization. His customer with
whom he exchanges
It would be well to make such immigration of a selective
nature with products of the farm for those of industry is organized, labor
is organized,
some inspection at the source, and based either on
a prior census or upon business is organized, and there is no way for agricultu
re to meet this
the record of naturalization. Either method would insure
the admission of unless it, too, is organized. The acreage of wheat is too
large.
Unless
those with the largest capacity and best intention of becoming
citizens. I we can meet the world market at a profit, we must stop raising
for export.
am convinced that our present economic and social condition
s warrant a Organization would help to reduce acreage.
limitation of those to be admitted.
Systems of co-operative marketing created by the
farmers themselves.
We should find additional safety in a law requiring the immediat
e regis- supervised by competent management, without doubt would
be of assisttration of all aliens. Those who do not want to be partakers
of the Ameri- ance, but they cannot wholly solve the problem. Our agricultu
ral schools
can spirit ought not to settle in America.
ought to have thorough courses in the theory
of organization and cooperative marketing.
Veterans.
Diversification is necessary. Those farmers who
raise their living
No more important duty falls on the Government of the United
on their land are not greatly in distress. Such
loans as are wisely needed
States
than the adequate care of its veterans. Those suffering disabiliti
to assist buying stock and other materials to start
es incurred
in this direction should
in the service must have sufficient hospital relief and compensa
tion. Their be financed through a Government agency as a temporary and emergency
dependents must be supported. Rehabilitation and
vocational training expedient.
must be completed. All of this service must be clean, must
The remaining difficulty is the disposition of
be prompt and
exportable wheat. I
effective, and it must be administered in a spirit
of the broadest and deepest do not favor the permanent interference of the Government in this problem.
human sympathy.
That probably would increase the trouble by 1 creasing
production. But
If investigation reveals any present defects of administr
ation or need of it seems feasible to provide Government assistance to exports, and authorlegislation, orders will be given for the immediat correctio
ity should be given the War Finance Corporation
e
n of administrato grant, in its distion. and recommendations for legislation should
be given the highest cretion, the most liberal terms of payment for fats and grains exported
preference.
for the direct benefit of the farm.
At present there are 9.500 vacant beds in Governm
ent hospitals; I
I
Muscle Shoals.
recommend that all hospitals be authorized at
once to receive and care
The Government Is undertaking to develop a great
water-power project
for, without hospital pay, the veterans of all
wars needing such care, known as Muscle Shoals, on which it has expended
many million dollars.
whenever there are vacant beds, and that immediat
e steps be taken to The work is still going on, Subject to the right
to retake in time of war,
enlarge and build new hospitals to serve all such
I recommend that this property, with a location for
cases.
auxiliary steam plant
The American Legion will present to the Congress legislativ
a
e program and rights of way, be sold. This would end the present
too extensive for detailed discussion here.
burden of expense
It is a carefully matured and should return to the Treasury the largest price
possible to secure.
plan. While some of it I do not favor, with
much of it I am in hearty
While the price is an important element, there is
another consideration
accord, and I recommend that a most painstaki effort
ng
be made to provide even more compelling. The agriculture of the nation
remedies for any defects in the administration
needs a greater
of the present laws which supply and lower cost of fertilizer. This is now
imported in large quantheir experience has revealed.
tities. The best information I can secure indicates
that
The attitude of the Government toward those proposals should
present methods
be of power production would not be able profitably to
one of generosity. But I do not favor the granting
meet the price at
which these imports can be sold. To obtain a
of a bonus.
supply from this water
power would require long and costly experimentation
to perfect a process
Coal.
for chew production. Otherwise our purpose would
fall completely.
The cost of coal has become unbearably high.
It seems desirable, therefore, in order to protect and
It places a great burpromote the public
den on our industrial and domestic life.
The public welfare requires welfare, to have adequate covenants that such experimentation be made
a reduction in the price of fuel. With the enormous
deposits in existence. and carried on to success. The great advantage of low-priced nitrates
failure of supply ought not to be tolerated
. Those responsible for the must be secured for the direct benefit of the farmers and the indirect
conditions in this industry should undertak
e its reform and free it from benefit of the public in time of peace, and of the Government in time of
any charge of profiteering.
war. If this main object be accomplished,
the amount of money reThe report of the Coal Commission will be
before the Congress. It ceived for the property is not a primary or major consideration.
comprises all the facts. It represents the mature deliberat
Such a solution will involve complicated negotiati
ions and conons, and there is no
clusions of the best talent and experience that ever
made a national survey authority for that prupose. I therefore recommend that the Congress
of the production and distribution of fuel.
appoint a small joint committee to consider offers,
conduct
negotiations.
I do not favor Government ownership or operation
of coal mines. The and report definite recommendations.
need is for action under private ownership that
will secure greater continuity of production and greater public protectio
Reclamation.
n. The Federal Government probably has no peace-time authority to
By reason of many contributing causes,
regulate wages, prices, or
occupants of our reclamation
profits in coal at the mines or among dealers,
projects
are
in
financial
difficulti
es, which in some cases are acute. Relief
but by ascertaining and
publishing facts it can exercise great influence.
should be granted by definite authority of
law empowering the Secretary
The source of the difficulty in the bitumino
us coal fields is the inter- of the Interior in his discretion to suspend, readjust and reassess all charges
mittence of operation which causes great waste
of both capital and labor. against water users. This whole question is being considered by experts.
That part of the report dealing with this problem
has much significance, You will have the advantage of the facts and conclusions which they may
develop.
and is suggestive of necessary remedies. By amending
the car rules, by
encouraging greater unity of ownership, and possibly
This situation, involving a
by permitting comGovernment investment of more than
mon selling agents for limited districts on condition
that they accept $135.000,000, and affecting more than 30,000 water users, is serious.
adequate regulations and guarantee that competition between districts While relief whicn is necessary
should be granted, yet contracts with the
be unlimited, distribution, storage, and continuity ought
Government which can be met should
to be improved.
be met. The established general
The supply of coal must be constant. In cases of its prospective inter- policy of these projects should not
be abandoned for any private control.
ruption, the President should have authority to appoint a commission
empowered to deal with whatever emergency situation might arise,
Highways and Forests.
to
aid conciliation and voluntary arbitration, to adjust any existing or threatHighways and
ened controversy between the employer and the employee when collective support of the reforestation should continue to have the interest and
Government. Every one is anxious for good highways.
bargaining fails, and by controlling distribution to prevent profiteering I have made a
liberal proposal in the budget for the continuing payment
in this vital necessity.
to the States by the Federal Governm
ent of its share for this necessary
This legislation is exceediegly urgent, and essential to the exercise of public improvem
ent.
national authority for the protection of the people. Those who under- much to the national No expenditure of public money contributes so
wealth
building
for
as
good roads.
take the responsibility of management or employm
Reforestation has an importance far above the
ent in this industry
attention it usually
do so with the full knowledge that the public interest
is paramount, and secures. A special committee of the Senate is investigating this
need,
that to fall through any motive of selfishness in its service
is such a be- and I shall welcome a constructive policy based on their report.
trayal of duty as warrants uncompromising action
It is 100 years since our country announce
by the Government.
d the Monroe Doctrine.
This principle has been ever since,
and is now, one of the main foundations
I
Reorganization.
of our foreign relations. It must be maintain
ed. But in maintaining
A special joint committee has been appointed
to work out a plan for it we must not be forgetful that a great change has taken place.
a reorganization of the different departments
We are no longer a weak nation,
and bureaus of the Governthinking
mainly
of defense, dreading
ment more scientific and economical than the
present system. With foreign imposition. We are great and powerful. Now powers bring
new
the exception of the consolidation of the War
and Navy Departments responsibilities. Our duty then was to protect ourselves. Added to
and some minor details, the plan has the general sanction
of the President, that. our duty now is to help give stability to the world.
and the Cabinet. It is important that reorganiz
We want idealism. We want that vision
ation be enacted into
which lifts men and nations
law at the present session.
above themselves. Those are virtues
by reason of their own merit. But
they
must not be cloistered; they must not be
Agriculture.
impractical: they must
not be ineffective.
Aided by the sound principles adopted by the Governme
nt, the business
The
world
has
had
enough
of the curse of hatred and selfishness, of
of the country has had an extraordinary revival. Looked
at as a whole, destruction and war. It has had enough
of the wrongful use of material
the nation is in the enjoyment of remarkable prosperity. Industry
and power. For the healing of the nations there
commerce are thriving.
must be goodwill and charity,
confidence and peace. The time has come
for a more practical use of
For the most part agriculture is successful, eleven staples having
risen moral power, and more reliance upon
the principle that right makes its
in value from about $5,300,000,000 two years ago to about $7,000,00
0,000 own might.
for, the current year. But range cattle are still low in price,
and some
Our authority among the nations must be
represented by justice and
sections of the wheat area, notably Minnesota, North Dakota and
on mercy. It is necessary not only to have
faith, but to make sacrifices for
west, have many cases of actual distress.
our faith. The spiritual forces of the
world make all its final deterWith his products not soiling on a parity with the products of industry,
minations. It is with these voices that America
should speak. Whenever
every sound remedy that can be devised should be applied for the
relief they declare a righteous purpose there need
be no doubt that they will be
of the farmer. He represents a character, a type of citizensh
ip, and a heard. America has taken her place in
the world as a republic—free.
public necessity that must be preserved and afforded every facility
for Independent, powerful. The best service that can
be rendered to biunanitY
regaining prosperity.
is the assurance that this place will be
maintained.
DEC.8 1923.]
THE CHRONICLE
2495
surplus, and expenditures remaining the same, anything which reduces
the revenue reduces the surplus. The reaction, therefore, of the authorization of extraordinary or unsound expenditures is twofold—it serves, first,
to raise the expenditures and so narrow the margin of available surplus;
a
and, second, to decrease further or obliterate entirely this margin by
general
his views regarding President Coolidge's message to Congress, reduction of the Treasury's revenues through the disturbance of On
the
income.
which is promptly reflected in the country's
Elbert H. Gary, Chairman United States Steel Corporation, business
other hand, a decrease of taxes causes an inspiration to trade and commerce
stated on Thursday that "the President's message will be which increases the prosperity of the country so that the revenues of
increased. Taxation
generally approved, for it is non-partisan, conciliatory, the Government, even on a lower basis of tax, arethe
estimated surplus
be reduced to a point apparently in excess of
frank and fair to every section and every interest. It is can
expenses remaining
reduction,
effect of such
cumulative
the
by
because
able, clear, comprehensive and convincing. It will have a the same,a greater revenue is obtained.
the prosHigh taxation, even if levied upon an economic basis, affects
good effect upon business progress. Up to date Mr. Coolidge
the burden of all
perity of the country because in its ultimate analysis
seems to be the kind and quality of President that is needed taxes
It is
taxed.
property
rests only in part upon the individual or
to guide the destinies of the United States under the present borne by the ultimate consumer. High taxation means a high price level
therefore, results not only
complicated and difficult conditions." Judge Gary, in and high cost of living. A reduction in taxes,
in an immediate saving to the individual or property directly affected,
part, added:
safely be
but an ultimate saving to all people in the country. It can
As a matter of course I have been more interested from the standpoint said, that a reduction in the income tax reduces expenses not only of the
of business progress and prosperity. While I recognize that moral and 7.000,000 Income taxpayers but of the entire 110.000,000 people In the
ethical questions involving humanity and welfare are of the first importance, United States.
policy of taxation
yet I believe that, in order to secure happiness and contentment, there
The results which flow from an economically unsound
must be material growth and strength and progress. Unless the finances are not as easily visualized as the results of high taxation taken alone
of the country and the commercial interests and the industrial progress are because the effects are Indirect. These effects are a most insidious menace
vigorous to the extent of furnishing,food and clothing and shelter, with to a continued prosperity. In my previous reports I forecasted that high
an abundance of opportunity for employment at fair rates of wages, there surtaxes were driving capital out of business productive of revenue to the
printed in the
can be no real success or prosperity or happiness.
Government. An examination of Table II ithi.s table was
Therefore, as this country has been emerging from a whirlpool of antagon- issue of the "Chronicle" for Nov. 17. Page 2172—Ed.] shows the proisms and destruction and bitterness and sickness and dissatisfaction, so gressive diminution in the number of taxpayers with incomes in excess of
that all of us have been wondering whether or not we would find a restored $300,000. and confirms my forecast. The returns of 1921, which have
confidence and a return to normal conditions by rehabilitation and recon- recently been made available, give this figure as 246, as compared with
struction, we have been looking forward anxiously for political action, 395 the year before.
information
administration of laws, solution of industrial disturbances, knowing that
While It is the policy of the Treaury not to make public
serious mistakes on the part of the President, or the other Governmental with respect to the incomes of particular individuals, still the publication
be
might
President,
the
of
men who
departments which should follow the lead
in the newspapers of the probate of estates of several wealthy
Injurious, and hence every word that has been uttered by the present have recently died, permits comment on the type of investment into which
Incumbent of the White House has been weighed, discussed and applied the decedents appear to have been driven by the high surtaxes. These
to existing situations, with the honest intention of correctly judging Presi- cases are remarkable for the way they show how men noted for the business
dent Coolidge and his associates. I can truthfully say that, so far as I ability and initiative have withdrawn their capital from productive business
know, Industry and industrialists of the United States have been passing and placed it in municipal and other tax-free bonds. This is but one
upon these questions without any feeling of prejudice against any single phase of the income-tax avoidance. Tax-exempt securities are not the
strictly legal rights,
department of industry or human activities.
only means by which the wealthy taxpayer, within his
confiscatory. It has been
avoids a burden which appears to him to be
that means have always
the history of taxation throughout the world
Secretary of the Treasury Mellon in Annual Report been found by the ingenuity of the citizen to avoid taxes inherently excessurtaxes is maintained, they
sive. If the present unsound basis of high
Urges Consideration by Congress of Lowering
will continue to become progressively less productive.
of Taxes.
to a more reasonable
On the other hand, a decrease in the surtaxes
not only in a more economically sound structure,
The question of lower taxes which was dealt with by Sec- amount would result yield
out of the
Government
the
to
revenue
in
more
but would ultimately
The
retary of the Treasury Mellon in his communication last lower
taxes than the Government receives out of the higher taxes.
if the recommendations on tax
month to Representative Green, Chairman of the House Com- Government actuary has estimated thatGreen
the
second
In
are adopted,
contained in my letter to Mr.
mittee on Ways and Means, Is further discussed in the Sec- reduction
on incomes in brackets in excess
year after operation, any loss in revenue
Secweek.
this
revenue from these
Congress
additional
to
but
presented
overcome
report
be
annual
only
retary's
or $100,000 will not
the Government. His detailed estimate is as
retary Mellon's letter to Representative Green was given in brackets will flow into
and should be read in connection with the table appearing at the
these columns Nov. 17, page 2170. As we then indicated, the follows,
end of my letter to Mr. Green:
as
were
follows:
letter
the
in
recommendations contained
ESTIMATED EFFECT UPON THE REVENUE OF THE PROPOSED
CHANGES IN THE INDIVIDUAL INCOME TAX LAW.
1. Make a 25% reduction in the tax on earned income.
2. Where the present normal tax is 4%, reduce it to 3%, and where
Net reduction in tax when
the present normal tax is 8%, reduce to 6%•
all changes have been in
3. Reduce the surtax rates by commencing their application at $10,000
full effect.—On income for Net increase
instead of $6,000, and scaling them progressively upward to 25%, at
in tax colcalendar yearIncome Tax Brackets.
lected. 1926
$100,000.
over 1925.
1925,
1924,
4. Limit the deduction of capital losses to 12%% of the loss.
collected
collected
5. Limit the deductions from gross income for Interest paid during the
1926.
1925.
year and for losses not of a business character to the amount the sum of
these Items exceeds tax exempt income of the taxpayer.
$92,750,000 581,363.000 511.387,000
0
11,000-$6.00
2.715.000
52.100,000 49,485,000
6. Tax community property income to the spouse having control of
6.000-$10.000
1,753,000
18.260.000 16.507,000
310.000-520.000
the income.
3,514.000
30.380.000 26,866.000
.000
$20,000-$50
and
wires.
telephones,
leased
telegrams,
on
tax
the
2,836.000
7. Repeal
23,645,000 20.809.000
0,000
$50,000-S10
Net increase.
8. Repeal the tax on admissions.
1.138,000
142.000
996.000
9. Miscellaneous nuisance taxes. The elimination of various small 5100.000-5150.000
727,000
8,000
719.000
0
0
00,0
$150,000-$2
miscellaneous taxes.
1.414,000
8.000
1,406,000
$200.000-5300,000
1.558.000
8.000
10. Amendments to strengthen the Act and eliminate methods heretofore $300.000-5500.000
1,550.000
629.000
85,000
544,000
3500.000-31.000.000
used by taxpayers to avoid imposition ofinthe tax.
570.000
20.000
the Treasury.
550,000
Over $1,000,000
11. Establish a Board of Tax Appeals
12. Changes in the present law to simplify administration.
528.141,000
x194.759.000
0
x222,900.00
Total
Judge Gary on President Coolidge's Message
to Congress.
In response to inquiries received from newspapers as to
A
In his report of the present week Secretary Mellon says
"high taxation, even if levied upon an economic basis, affects
the prosperity of the country because in its ultimate analysis
the burden of all taxes rests only in part upon the individual
or property taxed. It is borne by the ultimate consumer.
High taxation means a high price level and high cost of living. A reduction in taxes, therefore, results not only in an
Immediate saving to the individual or property affected, but
an ultimate saving to all people in the country." Secretary
Mellon's discussion of the subject in his report follows:
Taxation.
The question of reduction of taxation Is one which should have the
serious consideration of Congress. Before the period of the war taxes
as high as those now in effect would have been thought fantastic and impossible of payment. As a result of the patriotic desire of the people
to contribute to the limit to the successful prosecution of the war, high
taxes were assessed and ungrudgingly paid. Upon the conclusion of
peace and the gradual removal of war-time conditions of business, the
opportunity is presented to Congress to make the tax structure of the
United States conform more closely to normal conditions and to remove
the inequalities in that structure which directly injure our prosperity and
cause strains upon our economic fabric.
In considering any reduction the Government must always be assured
that taxes will not be so far reduced as to deprive the Treasury of sufficient revenue with which properly to run its business with the manifold
activities now a part of the Federal Government and to take care of the
public debt. Tax reduction must come out of surplus revenue. In
determining the amount of surplus available these factors control: The
revenue remaining the same, an increase In expenditures reduces tte
x Loss.
solely from the
I have considered this problem in the first instance
from this
standpoint of the Government's revenue and it is clear that
other viewstandpoint alone a reduction in surtaxes is necessary. The
drive capital
point, however, is much more important. High surtaxes
other lawful methods
from producave business to tax-exempt securities or
.
business
advancement
of
of avoiding a taxable profit equally destructive
freight rates and
The farmer is now complaining, and rightly, of the high
The railroads of this
the high cost to him of that which he has to buy.
country require a billion dollars a year of new capital in order that they
time in keeping with
may properly maintain their service and at the same
on upon such
the country's growth conduct the business of transportati
rates. The cost of
an economical basis as will permit the reduction of
capital is, therefore, one of the largest items of expense in the conduct
cost of capital
of railroads. Nothing has so contributed to this additional
from railroad
as the high surtaxes which have driven the large investors
of
capital for a
demands
the
to tax-exempt securities. In like manner,
of all
higher return by reason of the high surtax rates has raised the cost
manufactured products.
The constitutional amendment removing in the future the tax-exempt
features of municipal bonds, which was introduced at the last session of
Congress, would bring about a most desirable readjustment of the relation
however,
between the States and the Nation. Such an amendment,
would not affect the already existing mass of tax-e.cempt securities aggreduring
their
gating about $11.000.000,000. and these would continue
life to be a means of escape from taxation. Such an amendment has yet
to pass Congress and be ratified by the States. Its effect will not be
immediate. A reduction of surtaxes destroys much of the desirability
of the tax-exempt feature of these securities, Is within the sole power of
Congress, and would promptly divert capital to productive investment.
such as railroad securities, which tend to the reduction of costs, thus
giving relief to the farmer and consumers generally.
2496
THE CHRONICLE
FoL.117.
Following the insertion of his letter to Representative
Green, and the tables which were made public along with the
letter last month (all of which were published in our issue of
Nov.17) Secretary Mellon in his report continues:
evident that with fairly balanced relations between our own industries
this country may enjoy a good degree of prosperity even when very unsatisfactory conditions prevail abroad. Never before has so rapid a
recovery been made from a major crisis. It is true that the recovery
has not been uniform in all the industries and that the ideal equality of
purchasing
power which is the condition of full propserity has not been
While the foregoing letter [in pamphlet report' does not cover estate
taxes, attention should ultimately be given to reductions in these taxes attained. The farmers as a class are below the workers of the other
also. Every estate now pays tribute to at least two Governmental author- industries in purchasing power, partly because farm products always
ities, the Federal Government and the State of the domicile of the decedent. have formed our chief exports and partly because the war itself created
It often happens that a particular asset is taxed also in one or more other a deficit in certain classes of construction work, and thus supplied the
States. The cumulative effect is confiscatory. Such taxes usually have basis of this industrial revival. All signs go to show, however, that agrito be paid in cash and a man's life work in the building up of a business culture is regaining its position. The surplus of the leading crops this
is often lost to his heirs. It should be remembered also that estate taxes year is comparatively small, and with further readJustments, together
come not out of income but out of capital. In spending such taxes the with the steady growth of population which has added about 13,000,000
Federal Government and the States are living on the country's capital, to our numbers since the war began, it may be confidently expected that
and by just so much are reducing the country's future earning power. agriculture will soon secure that fair share of the general prosperity which
While the States should do their share in the reduction of these taxes. all desire it to have.
In looking forward to 1924 it appears that the factors which have been
the Federal tax is very heavy and could be lightened with benefit to our
most influential in the revival that has taken place are likely to remain
people.
effective,
at least in considerable degree. It may be that the country
There is one feature connected with such taxation which is not commonly understood. Values of property in our economic structure are will not build as many dwelling houses or freight czrs as in 1923. but
intricately interwoven, and on these values is based credit. When one there is reason to believe that much construction work is under consideraof these values it struck down it drags with it many other values. The tion and with stable conditions will go forward. The attitude and cirfacts that inheritance taxes are capital taxes and can not be paid in kind cumstances of the railroads will be an important factor in the situation.
require a forced realization of a particular property, which greatly destroys They are large consumers ordinarily of iron, steel, and all construction
its value and collaterally affects the value of all other properties. In materials, and they have not made up in one year the accumulated deficit
in construction since the beginning of the war. The country has benefited
time this feature may become a serious menace to our prosperity.
in marked degree during the past year, not only from the direct effects
of their liberal expenditures upon the employment situation but from the
results
improved transportation service. There is one unsatisfactory
Secretary Mellon on Business Revival Since 1921— feature in
about the large capital outlays upon the railroads in the past year,
Attitude and Circumstances of Railroads
and that is that they have been almost wholly prvided by borrowing and
are represented by bond issues. It is evident that the railroads can not
Important Factor in 1924 Situation.
be permanently financed in this manner. Unless a proportion of the
Reference to the business revival, which has been wit- new capital is provided in the form of proprietary investment, the credit
of
the companies will suffer, interest rates upon their offerings will have
nessed since the crisis of 1921, is made by Secretary of the
to be advanced,and in the end further borrowing will become impracticable.
Treasury Mellon in his annual report submitted to Congress The public is interested
in maintaining the credit and the service of the
the present week, who says that "in looking forward to 1924 roads, and expecially interested now that their expenditures shall be
in
1924, as in 1923, a strong supporting element in the general employment
It appears that the factors which have been most influential
and business situation. The companies have been operating this year
in the revival that has taken place are likely to remain effec- under conditions
more than ordinarily favorable to earnings, owing to the
tive, at least in considerable degree." He points out that heavy volume of traffic, but they have not prospered alike in all sections
the country.
"the attitude and circumstances of the railroads will be an ofThe
Inter-State Commerce Commission is in possession of all the facts
important factor in the situation. They are," he notes, "large as to their earnings and is empowered to make any adjustment of rates
consumers ordinarily of iron, steel and all construction ma- that conditions seem to warrant. The Transportation Act of 1920 undoubtedly has strengthened the credit of tho railroads and aided them in
terials, and they have not made up in one year the accumu- obtaining capital
under market conditions in many respects unfavorable.
lated deficit in construction since the war." Secretary Mel- It would be unfortunate to have the Act altered at this time in any way
likely
to
handicap
the companies in raising more capital.
lon further says "there is one unsatisfact
feature
ory
about
the large capital outlays upon the railroads in the past year,
and that is that they have been almost wholly provided by
borrowing and are represented by bond issues." "Unless a
proportion of the new capital is provided in the form of proprietary investment," he says, "the credit of the companies
will suffer, interest rates upon their offe”ings will have to
be advanced and in the end further borrowing will become
Impracticable." Secretary Mellon observes that it would be
unfortunate to have the Transportation Act altered at this
time "In any way likely to handicap the companies in raising
more capital." We quote more fully Secretary Mellon's observations herewith:
Secretary of State Hughes on Policy of United States
Toward Europe, Latin America and Far
East—Monroe Doctrine Defended.
In an address dealing with the position of the United
States with respect to European affairs, Latin-America and
the Far East, Secretary of State Hughes on Nov. 30 declared
that our policies with respect thereto are squarely in accord
with the Monroe Doctrine. Asserting that "we are still
opposed to alliances," "that it is our purpose to co-operate
hi those varied humanitarian efforts which aim to minimize
or prevent those evils which can be met adequately only by
community of action" and that "we seek to aid in tho establishment of sound economic conditions," Secretary Hughes
added that "there is plainly no inconsistency between these
policies and the Monroe Doctrine. Our position as a World
Power has not affected it. The question is whether that
Doctrine is still important under changed conditions. The
answer must be in the affirmative." "The future," he said,
"holds infinite possibilities, and the Doctrine remains as an
essential policy to be applied wherever any exigency may
arise requiring its application. To withdraw it or to weaken
it would aid no just interest, support no worthy cause, but
would simply invite trouble by removing an established safeguard of the peace of the American continents." He further
said:
In my annual report addressed to you one
year ago I was able to say
that a substantial revival of business had taken place
from the depressed
conditions of the year preceding, and I now have the
satisfaction of recording
that the year covered by this report has witnessed
more complete recovery.
Labor has been in strong demand and in most
localities fully employed.
In the principal manufacturing industries the
volume of production has
been the greatest in our history. The traffic handled
by the railroads
has surpassed all records. The activity in building
operations which developed in 1922 has continued at a rate which will probably
make the
total expenditures in this line in 1923 greater than
in any previous year.
The railroads have made larger capital outlays
for new equipment than
in many years, besides liberal expenditures for
bringing old equipment
to a high standard of efficiency. The automotive
industries have also
been especially noteworthy for prosperity, and
in this connection it is
proper to add that highway construction has
been an important factor
in the employment situation.
These have been the outstanding features of
our industrial revival, their
Influence extending to all the other industries
and having much to do
with the general recovery of confidence. This
recovery may be said to
The bitter controversy which followed the war showed with what tenacity
have reached its climax for the year in the early
part of April, when the we still hold to the principle of not meddling in the political
strife of Euusual spring demand for labor added to a demand
which already equaled rope. It is true that the spread of democratic ideas and the resulting
change
the supply, together with increased forward
purchases of goods, started in Governments have removed the danger of organized effort
to extend to
wages and prices upwars so sharply as to
occasion some apprehension this continent the European "political system" of 100 years
ago. But Europe
that the country was starting upon a new course
of inflation. (The con- still has "a set of primary interests" which are not ours.
As Washington
servative instinct of the business community
reacted against this tendency, said, "She must be engaged in political controversies
the causes of which are
with the result that although consumption and industrial
activity have essentially foreign to our concern." Unity in war did not avail
been well maintained, the rise of prices has been
to change
checked, speculative the divergent national aims and policies
in peace. It is not that our intertendencies eliminated, and the business situation
steadied and strengthened ests may not be affected injuriously
by such controversies. That was true
In consequence. Although in some sections the
country banks are in the days of Washington, Jefferson and Monroe.
But it was, despite such
still burdened with slow loans taken when the price level
higher than injuries, the abiding conviction that we had
better bear these ills than suffer
at present, this condition has improved decidedly in thewas
past year, and the greater evils which would follow the sacrifice
of our independent posithe general banking situation is very satisfactory. In view
of the great tion.
expansion of business which has occurred in the
past year, the expansion
We still hold ,to that view. The preponderant thought among
of credit has been small, and at this time there is no question
us undoubtas to credit edly is that our influence would not be increased
being ample in supply to meet the needs of business.
by pooling it. The influences
due
to
our
detachment
and
impartiality
could not long be maintained
The crisis of 1921 was one of the most severe this country has ever
if we should substitute the role of a partisan in
experienced, due to the fact that the conditions
European quarrels and the
were world-wide, with
trade everywhere dislocated and industry in distress. This state of afafirs constant efforts of propagandists have brought vividly before us the fact that
where the direct American interest is not clearly
was the natural outcome of the great war and the social disturbances
perceived
foreign controverand sies afford abundant opportunity
for the play among us of intense racial
International controversies which ensued. Not in the history
of the feeling.
modern world, since the countries have become in high degree mutually
dependent, has such a state of confusion been known. The
"We have," he said, "the deepest sympathy with the people
conditions
were unprecedented and, therefore, the uncertainties were many
and of France; . . . we desire to see France prosperous and
contributed to a state of alarm and demoralization. Out of these
conditions this country in the last two years has made a remarkable recovery, secure with her wounds healed and her just demands satisand one which should inspire confidence for the future. It has been made gied." We desire to see a united and
prosperous Germany,
DEC.81923.]
THE CHRONICLE
with a will to peace, making amends to the full extent of
her power and obtaining the appropriate rewards of her
labor and skill." In his statement to the effect that "we
seek to aid in the re-establishment of sound economic conditions," he addia that "In short, our co-operation as an independent State in the furtherance of the aims of peace and
justice has always been and still is a distincttive feature of
our policy." Defining the Latin-American policy of the
United States he said:
First—We recognize the equality of the American republics, their equal
rights under the law of nations.
Second—We have no policy of aggression; we do not support aggression
n
by others; we are opposed to aggression by any one of the Latin-America
republics upon any other.
Third—States have duties as well as rights. . . . Among these obligations is the duty of each State to respect the rights of citizens of other States
which have been acquired within its jurisdiction in accordance with its laws.
Fourth—It is the policy of this Government to make available its friendly
assistance to promote stability in those of our sister republics which are especially afflicted with disturbed conditions involving their own peace and that
of their neighbors. . . . We are not aiming at control, but endeavoring
to establish self control. We are not seeking to add to our territory or to
impose our rule upon other peoples.
Fifth—The United States aims to facilitate the peaceful settlement of
difficulties between the Governments in this hemisphere. . . . With repect to the Latin-American republics, it is our policy not only to seek to
adjust any differences that may arise in our own intercourse but . . .
to extend our good offices to the end that any controversy they may have
with each other may be amicably composed.
Sixth—In seeking to promote peace, as well as to aid in the reduction of
unproductive expenditures, this Government has sought to encourage the
making of agreements for the limitation of armaments.
Seventh—The policies which have been described are not to secure peace
as an end in itself, but to make available the opportunities of peace; that is
to open the way to a mutually helpful co-operation.
Eighth—The United States is contemplating the negotiation of new commercial treaties with Latin-American countries, or the modification of existing treaties in harmony with the most-favored nation principle, excepting,
however, as in the case of the exchange of notes with Brazil, the special
treatment which the United States accords or hereafter may accord to Cuba,
in view of our special relations with that republic, and to the commerce
between the United States and its dependencies and the Panama Canal Zone.
Ninth—We have certain special policies of the highest importance to the
United States.
Secretary Hughes's address was delivered in Philadelphia
at a meeting held under the joint auspices of the American
Academy of Political and Social Science and the Philadelphia Forum, in commemoration of the centenary of the Monroe Doctrine. In full the address follows:
2497
and collisions of her friendships
her politics or the ordinary combinations
our destiny with that of
or enmities. * * • Why, by interweaving
prosperity in the toils of Euroand
peace
our
entangle
Europe,
of
any part
caprice?"
or
humor
pean ambition,rivalship• interest,
participation in EuroAs our paramount interest dictated abstention from
of foreign powers
pean policies, so it also required that the machinations the independence
when
should not have increased opportunity here, and
was threatened by the
achieved by the Spanish colonies in this hemisphere
the Holy Alliance, this
imposing combination of European sovereigns, styled
Monroe's message.
correlative policy found emphatic expression in
on their part to extend their
"We should consider," said he, "any attempt
dangerous to our peace and
system to any portion of this hemisphere as
of any European Power
safety. With the existing colonies or dependencies
But with the Governments
interfere.
not
shall
and
interfered
not
have
we
maintained it, and whose inwho have declared their independence and have
just principles, acknowldependence we have, on great consideration and on
the purpose of oppressing
edged, we could not view any interposition for
destiny, by any European
them or controlling in any other manner their
of an unfriendly disposiPower, in any other light than as the manifestation
tion toward the United States."
pretensions, it was anAnd on the same occasion, in response to Russian continents, by the free
nounced with equal emphasis, "that the American
and maintained, are
and independent condition which they have assumed
future colonization by any
henceforth not to be considered as subjects for
European Powers."
The most significant
These are the two points of the Monroe Doctrine.
of the non-intervencircumstance connected with the form of the declaration
States alone. The British
tion principle was that it was made by the United
declaration with
joint
Foreign Secretary, George Canning, had proposed a
and Madison. But,
Great Britain, and this was favored by both Jefferson
the fact that Great
with the advice of John Quincy Adams, and in view of
upon a separate
Britain had not recognized the new republics, Monroe decided
statement of
declaration on our sole responsibility and joined with it the
suggested by
the non-colonization principle, which not only had not been
Canning, but was wholly opposed to his views.
address with
It is not my intention to repeat what I have said in a recent
to inquire as
respect to the Doctrine, but rather, re-stating its true content,
States as a
to its place in the scheme of the foreign policies of the United
the Pacific
World Power in the 20th century with respect to the region of
Ocean and the Far East, to Europe and to this hemisphere.
Certainly, after one hundred years, there should be no hesitancy in definthose critics
ing what we mean by the Monroe Doctrine, and this, despite
understand it, and
who seek to disparage it by professing to be unable to
those zealots who
those prophets of a new era who would thrust it aside, and
they may favor
would use it as a convenient warrant for any sort of action
task.
in this part of the world, is, after all, not a very difficult
two points stating
In the original declaration there were, as I have said,
by European Powers
the opposition of this Government, first, to any action
by them
interposition
to extend their system to this hemisphere, or to any
of the new American
for the purpose of oppressing or controlling the destiny
of the
Republics, and, second, to the future colonization by European Powers
American continents.
can
it
of Monroe
In all that has been said or done since the declaration
was said with Europe
be regarded as modified in only two particulars. What
exclusively in view must be deemed equally applicable to all non-American
was not dependPowers; and the opposition to the extension of colonization
control, and, at least
ent upon the particular method of securing territorial
to acquisition of
since Polk's time, may be deemed to embrace opposition
additional territory through transfer of dominion or sovereignty.
essentials, and it
its
in
doctrine
the
change
Neither of these modifications
(1) to
may thus be summarized, as I have elsewhere stated, as being opposed
independence of
any non-American action encroaching upon the political
American States under any guise, and (2) to the acquisition in any manner
of the control of additional territory in this hemisphere by any non-American
Foreign policies are not built upon abstractions. They are the result of
practical conceptions of national interest arising from some immediate exigency or standing out vividly in historical perspective. When long maintained, they express the hopes and fears, the aims of security or aggrandizement, which have become dominant in the national consciousness and thus
transcend party divisions and make negligible such opposition as may come
from particular groups. They inevitably control the machinery of international accord, which works only within the narrow field not closed by divergent national ambitions, or as interest yields to apprehension or obtains
Power.
compensation through give and take.
How does the Doctrine thus defined stand in the present scheme of AmeriStatesmen who carry the burdens of empire do not for a moment lose sight
or
is
of
deemed
power
a
balance
When
of imperial purposes and requirements.
can policy? And by policy I do not mean the proposals of any party
by
essential to national security you cannot conjure it away by any form of group, but those principles and aims which have been supported either
words. The best of diplomatic instruments, the conference, has no magical definite action of the executive within his authority, or of the treaty-making
potency to dispose of these strongly held national convictions.
power, or by a sentiment so preponderant and long cherished that it may be
We are fortunate in our detachment from many difficulties and dangers called the opinion of the country. The changes of one hundred years in
which oppress the imagination of other peoples, but we should resist the ten- population, extent of territory and developed resources, and our military
dency to indulge in self-praise. When we have a clear sense of our own potency are obvious enough and need no recital. But have the changes alinterests we are just as inflexible as others. The great advantage we have tered our policy or has it become inconsistent with the Doctrine?
had is that, coming to independence in a world afflicted with the long rivalRelation to Pacific Ocean and Far East.
ries of military powers, the traditions of conquest, and the dreams of empire, we sought simply the assurance of freedom, and our national instinct
the
In relation to the Pacific Ocean and the Far East we have developed
has been opposed to aggression and intervention. The Monroe Doctrine was
open door, (2) the maintenance of the integrity of China,
the embodiment of this sentiment. Through the one hundred years since its policies of (1) the
with other Powers in the declaration of common principles,
announcement, despite the strife of parties and opposing convictions as to (3) co-operation
with other Powers by conference and consultation in the
domestic issues, it has been a unifying principle, contributing not only to (4) co-operation
(5) limitation of naval armament, and (8) the limitation
peace,
of
interests
as
and
prestige
a
our
dignity
to
of
but
power
capable
our security and peace,
thus -asserting and maintaining a vigorous independent policy. The attitude of fortifications and naval bases.
to
The Empress of China, fitted out by Robert Morris and others, sailed
of American statesmen toward this doctrine, with few exceptions, has been
for that
Canton in 1784, and by the year 1805 37 American vessels cleared
that expressed in the familiar words of Daniel Webster:
CushCaleb
port. In 1843 Daniel Webster, Secretary of State, instructing
"I look on the message of December 1823 as forming a bright page in
Envoy Extraordinary and Minister Plenipotentiary to China, said:
our history. I will neither help to erase it nor tear it out; nor shall it be ing as
that the Govby any act of mine blurred or blotted."
"You will signify in decided terms and a positive manner,
to remain on terms
of the United States would find it Impossibleprivilege
The anxiety to escape the toils of European politics and intrigues was ernment
or commergreater
if
Emperor
and
with
the
regard
friendship
of
any other Government
early manifested. John Adams in 1782 wrote in his diary:
cial facilities should be allowed to the subjects of
States."
United
the
to
of
granted
citizens
be
should
than
'of
being made the tools of
"'You are afraid,' says Mr. Oswald to-day,
with rethe Powers of Europe,' Indeed I am.' says I. 'What Powers?' said he.
Most favored nation treatment was secured in the Treaty of 1844,
All of them,' said I. 'It is obvious that all the Powers of Europe will be spect to which Caleb Cushing said:
continuously manoeuvring with us to work us Into their real or imaginary
vast
balances of power. * * * Indeed, it is not surprising; for we shall
"Thus, whatever progress either Government makes in opening this
very often, if not always, be able to turn the scale. But I think it ought empire to the influence of foreign commerce, is for the common good of
to be our rule not to meddle.'"
."
all
of
Christendom
and
each other
We were not isolated and could not be. The European Powers were at our
or equality
Thus was laid the foundation for the policy of the open door,
doors; their conflicts had embroiled the New World from the beginning.
When the great Powers took advantage of the weakness of
opportunity.
of
and to
There was no thought of escaping constant dealings with these Powers, whose
China to obtain spheres of interest in order to facilitate exploitation
rivalries menaced our peace, but upon what basis should these dealings be
free commercial intercourse, this Government, through Secretary
restrict
of
protection
the
seeking
open
alliances, or the more
had? We had the choice of
Hay, sought to establish by international accord the principle of the
difficult course of maintaining independence. With splendid courage no
of the terridoor and with this to obtain the recognition and preservation
less than with profound wisdom the Fathers chose the latter course, at once torial and administrative integrity of China.
conserving our safety and enhancing our influence. It was the choice of an
Despite many obstacles, caused by the disregard of professions and the
infant nation, but of a nation conscious of the promise of its influence as a desire to take advantage of the opportunities afforded by the progressive disworld power.
integration of China, this Government continued earnestly to press these
This was the admonition of the Farewell Address:
principles, and at the recent Washington conference the postulates of Ameri"Observe good faith and justice toward all nations. Cultivate peace can policy were taken out of the unsatisfactory form of diplomatic notes
rule
*
of
The
*
great
all.
*
with
conduct
in
for
us,
regard
harmony
and
a more adequate and explicit statement, were incorporated into a
relations, and have with and, with
to foreign nations, is, in extending our commercial
• • * Europe has a set solemn international engagement, signed by the nine Powers especially interthem as little political connection as possible. or
a very remote relation. ested in the Far East. This treaty has been ratified by all but one of these
of primary interests which to us have none,
Hence,she must be engaged in frequent controversies, the causes of which Powers, and it is hoped that ratification by that Power will not be long
Hence,
It must be unwise
our
concern.
to
therefore.
foreign
essentially
are
deferred.
in us to implicate ourselves by artificial ties In the ordinary vicissitudes of
2498
THE CHRONICLE
[VOL. 117.
Open Door Policy.
rope. It is true that the spread of democratic ideas and the resulting change
While the diplomatic exchanges between the Powers, in which the open in Governments have removed the danger of organized effort to extend to this
door policy was fully accepted, were not, of course, satisfactory and later continent
the European "political system" of 100 years ago. But Europe
became largely ineffective, they were so strongly supported by public opinion still has "a set of primary interests" which are not ours. As Washington
in this country as to make it clear that while we eschewed alliances we were
said:
ready to join in declarations of common principles where this method of cooperation would supply the best means of attaining the desired object. This
"She must be engaged in political controversies the causes of which are
was again illustrated by the resolutions adopted at the Washington confer- essentially foreign to our concern."
ence.
Unity in war did not avail to change the divergent national aims and poliAgain, through the four-Power treaty between the United States, Great
Britain, France and Japan, which is to continue for ten years and thereafter cies in peace.'It is not that our interests may not be affected injuriously by
subject to termination on twelve months' notice, we have established another such controversies. That was true in the days of Washington, Jefferson and
form of co-operation with regard to insular possessions and insular dominions Monroe; indeed, the effect of changes and developments is that we are far
better able to bear such injuries to-day than we were then, as is sufficiently
In the region of the Pacific Ocean.
It is provided that if any controversy arises between any of the parties illustrated by our sufferings during the Napoleonic Wars.
But it was, despite such injuries, the abiding conviction that we had betout of any Pacific question which cannot be settled by diplomacy, with regard to their rights in relation to these possessions and dominions, they ter bear these ills than suffer the greater evils which would follow the sacrishall invite the other parties to the treaty to a joint conference to which the fice of our independent position.
We still hold to that view. The preponderant thought among us undoubtwhole subject will be referred for consideration and adjustment.
Also, if the rights sought to be safeguarded by the treaty are threatened edly is that our influence would not be increased by pooling it. The influence
that is due to our detachment and impartiality could not long be mainby the aggressive action of any other Power, the parties shall communicate
with one another fully and frankly in order to arrive at an understanding as tained if we should substitute the role of a partisan In.European quarrels,
to the most efficient measures to be taken, jointly or separately, to meet and the constant efforts of propagandists have brought vividly before us the
fact that where the direct American interest is not clearly perceived foreign
the exigencies of the particular situation.
In giving assent to this treaty the United States Senate made the reserva- controversies afford abundant opportunity for the play among us of Intense
feeling.
racial
tion, which in no sense departed from the intent of the treaty, that it should
What was true in Monroe's day is even more true to-day in view of our
not be regarded as a commitment to armed force, or alliance, or obligation
to join in any defense. Thus we have definitely adopted the policy for the vast population drawn from many countries and reproducing here the conprotection of our insular possessions and for the preservation of peace in the flicts of European interests. It is not to our interest to adopt a policy by
which we would create or intensify divisions at home without healing diviPacific region of conference and consultation with other Powers.
Limitation of naval armament has manifest relation to our policies in the sions abroad. And it must be always remembered that the moral force of
region of the Pacific Ocean and the Far East, but it has, of course, a much our expressions depends upon the degree of the preponderance of the sentiwider scope and expresses our strong desire to avoid extravagant outlays and ment behind them. Each group intent upon the assertion of its own dethe competition in armament which is provocative of war. In the proposals mands forgets the equal insistence of others. But when all is said there is
which our Government made to this end we were carrying forward an Ameri- still no doubt of our desire to be helpful in every practicable way consistent
can principle which as early as 1794 Alexander Hamilton recommended for with our independence and general aims. We have poured out our wealth
application to the Great Lakes, and which was so applied in the Rush-Bagot without stint both in charity and investment and the important productive
enterprises undertaken abroad since the war have been supported by AmeriAgreement of 1817.
It had been the desire of our Government that the project of reduction or can capital. The difficulties which beset Europe have their causes within
Europe
and not in any act or policy if ours.
limitation of armament which failed in the First Conference at The Hague
in 1899 should be taken up in the Second Conference in 1907. And we then
Our Policies Toward Europe.
considered this matter, and we still consider it, so far as land armament is
concerned, as "unfinished business," to use the phrase found in the instrucGenerally, our policies toward Europe may thus be summarized:
tions to our delegates at the Second Hague Conference.
We are still opposed to alliances. We refuse to commit ourselves in adFurther, in support of this policy we were willing to agree to certain devance with respect to the employment of the power of the United States in
fined limitations as to fortifications and naval bases in the Pacific Ocean,
unknown contingencies. We reserve our judgment to act upon occasion as
maintaining for fifteen years, or until the end of the year 1936, and there- our sense
of duty permits. We are opposed to discriminations against our
after subject to termination on two years' notice, the status quo with respect nationals.
We ask fair and equal opportunities in mandated territories, as
to fortifications or naval bases in the Philippines and Guam.
they were acquired by the Allies through our aid. We desire to co-operate
This was sufficiently emphatic with respect to our non-aggressive and according
to our historic policy in the peaceful settlement of international
peaceful intentions in the East, and yet it merely confirmed the policy of
disputes, which embraces the policy of judicial settlement of such questions
Congress, which has never had the intention of fortifying either the Philip- as are justiciable.
pines or Guam.
It is our purpose to co-operate in those varied humanitarian efforts which
As indicative of this phase of our policy with respect to these possessions,
aim to minimize or prevent those evils which can be met adequately only by
which we acquired as the result of the Spanish War, let me repeat what Sencommunity of action. For example, we are at this moment leading in the
ator Lodge said in the course of the debate in the Senate on the recent naval
effort to put a stop to the abuse of narcotic drugs. We strongly support, as
treaty. With respect to Guam, he said:
our recent action has shown, international conferences where the condition,
"We took that island in the Spanish-American War. • • • We are such that they afford an instrumentality for the adjustment of differhave had so little interest in the island
that we have never passed a line of ences and the formulation of useful conventions.
legislation in regard to it or to provide for its
government or to make any
We seek to aid in the re-establishment of sound economic conditions. In
provision about it at all. • * * We have never
fortified it, and nobody short, our co-operation as
would vote to spend money in fortifying it."
an independent State in the furtherance of the
With respect to the Philippines, he said:
aims of peace and justice has always been and still is a distinctive feature
"The Philippines will be in exactly the condition in which they now are
of our policy.
and have been ever since they were
There is plainly no inconsistency between these policies and the Monroe
fortify them. It would cost hundreds oftaken. * * * We shall never
• * * We are not going to do it." millions of dollars to fortify them. Doctrine. Our position as a World Power has not affected it. The question
is whether that Doctrine is still important under changed conditions. The
Consistent With Monroe Doctrine.
answer must be in the affirmative. The fact that the intervention of nonHow do these policies in the region of the Pacific Ocean square with the
American Powers in this hemisphere is not threatened at this moment canMonroe Doctrine? Is there any inconsistency? Has our entrance into this
region as a World Power of first rank led us to violate our traditions? not be deemed to be controlling. The future holds infinite possibilities, and
the Doctrine remains as an essential policy to be applied wherever any exiManifestly not.
gency may arise requiring its application. To withdraw it or to weaken it
We fought the Spanish War to put an end to an intolerable nuisance at would
aid no just interest, support no worthy cause, but would simply invite
our very door and to establish and make secure the independence of Cuba, trouble
by removing an established safeguard of the peace of the American
not to override it. And as a consequence of victory in that war we acquired
continents.
distant possessions, but not with the purpose of making these a basis for
While retaining the Doctrine, we should make every effort to avoid its beencroaching upon the territory or interfering with the political independence ing
misunderstood. If its import has been obscure, it is largely because it
of the peoples of the Eastern nations. In safeguarding the integrity of China, has often
been treated as though it were our sole policy in this hemisphere,
in securing equality of commercial opportunity in endeavoring to forestall
and as though every action bearing upon our relation to our sister republica
efforts at exploitation and aggression, in seeking to remove suspicion and must be
referred to it. Attempts to stretch the Doctrine have made it in
allay apprehension, and in enlarging, through assured tranquility, the oppor- some quarters
a mystery and in others a cause of offense. Treating the Doctunities of peaceful commerce, we have been pursuing under different condi- trine as a
tions the same aims of independence, security and peace which determined has been catch-all has not only given rise to much unnecessary debate but
harmful to our just influence by arousing fears of latent possibilithe declaration of Monroe.
ties of mischief and affording opportunities to those few but busy persons
With respect to Europe, our policy has continued to be in the phrase of who are
constantly seeking to foster a sentiment hostile to this country.
Jefferson: "Peace, commerce and honest friendship with all nations, enBy correct definition of the Doctrine, I do not mean a statement in adtangling alliances with none."
vance of every application of it. That, of course, as in the case of any prinWe entered the Great War, not violating our tradition, for the cause of ciple, would
be
liberty itself was at stake. We have emerged from the war with the same of the principle quite impossible. The important thing is the understanding
itself.
general aims that we had before we went in. Though victors, we have sought
It should be recognized that the Doctrine is only a phase of American polneither terrntory nor general reparations. Our people have borne their own icy in this
hemisphere and the other phases of that policy should be made
burdens, and in large part we are bearing the burdens of others. We are clear.
It would not be entirely correct to say that the Doctrine is merely
not seeking to dictate to Europe nor to deprive any one of rights.
negative, for it is a positive declaration that certain action on the part of
But we do desire peace and economic recuperation in Europe. We con- non
-American Powers in relation to this hemisphere will be regarded as
tributed our arms in the interest of liberty and to destroy the menace of an dangerous
to our peace and safety and as the manifestation of an unfriendly
autocratic power, but not to secure the economic prostration of a vanquished disposition.
people. We have the deepest sympathy with the people of France; we
But the Doctrine is a principle of exclusion. Both with reference to the
warmly cherish their ancient friendship. We desire to see France prosperous declaration
as to non-intervention and to that as to extension of territorial
and secure, with her wounds healed and her just demands satisfied.
control, it aims directly at the exclusion of interposition by non-American
We desire to see a united and prosperous Germany, with a will to peace, Powers.
making amends to the full extent of her power and obtaining the appropriate
In recognizing these limitations of the Doctrine we do not detract
from its
rewards of her labor and skill.
importance; it gains rather than loses by such clarification. The principle
We wish to see an end to the waste of military efforts and the easing of of exclusion
embodies
a
self-defense
policy
of
on
the part of the United
the burdens of unproductive expenditures. We wish to see the fires of States; it
is a policy set up and applied by the United States.
hatred quenched. It is because of these earnest desires that we have hoped,
While the Monroe Doctrine is thus distinctively a policy of the United
as was stated in the recent communication to the British Government, that States,
maintained for its own security, it is a policy which has rendered an
the solution of the present grave problems would be sought in fair and com- inestimable
service to the American republics by keeping them free from
prehensive inquiry in which all interested might participate and which would the intrigues and
rivalries of European Powers. The same, or similar, prinbe inspired by the determination to find means to restore the productive ciples might,
of course, be set up and applied by any or all of our sister reactivities through which alone reparations can be paid, and to give oppor- publics, and it is
tunity for the reasonable contentment and amicable relations of industrious such principles as believed that each of them would be benefited by having
a definite part of her foreign policy. We have always welpeoples, through which alone peace and security can be assured.
comed declarations by other American States as to their determination thue
The bitter controversy which followed the war showed with what tenacity to safeguard
their
independence. We have also been gratified at the acquiwe still hold to the principli of not meddling in the political strife of Eu- escence
in these principles by European Powers.
DEC.8 1923.]
THE CHRONICLE
2499
arising along the boundary between Canada and the United States. Our 100
Latin-American Policies.
having
years of peace furnish a shining example of the way in which peoples
that
true
remains
still
it
Doctrine
the
of
strife have been able to live in friendship
But, fully recognizing the value
-American Powers. an inheritance of bitterness and
non
by
action
to
opposition
of
principle
It simply states a
and settle all their differences by peaceable methods.
free from the described interposito
It aims to leave the American continents
With respect to the Latin-American republics, it is our policy not only as
respects our policies within
other
in
but,
define
to
attempt
not
does
it
but
tion,
seek to adjust any differences that may arise in our own intercourse,
in
conduct
own
our
to
relating
to extend our good offices to the end that any controversy they
this hemisphere. Our affirmative policies
our policy with respect to I have said,
composed. We are seeking to
relation to other American States, and not merely
Those may have with each other may be amicablyby arms but by mutual respect
envisaged.
clearly
be
should
Powers,
-American
non
maintained not
Americana,
the conduct of
Pax
a
establish
set
principle of exclusion
affirmative policies, while distinct from the mere
the tranquilizing processes of reason. We have no desire
with that Doctrine, but and good-will and
be recogforth in the Monroe Doctrine, are not inconsistent
to arrogate to ourselves any special virtue, but it should constantly
in
rather constitute its fitting complement.
nized that the most influential and helpful position of the United States
equal
their
republics,
American
the
of
but that equality
power,
First—we recognize the
this hemisphere will not be that of the possessor of physical
Marshall:
Justice
Chief
Said
nations.
of
law
the
rights under
of justice.
universally acknowledged than the of the exemplar
be"No principle of general law is more
In connection with this aim, it is gratifying to note that the treaties
this equality that no
of •
perfect equality of nations. . . . It results from
tween the United States and other countries providing for commissions of
another."
upon
a
investigation and consideration of causes
one can rightly fully impose rule
Law, held inquiry, in the interest of full
International
of
Institute
American
the
in
of
concluded
session
treaty
At the first
resort to hostilities, and the similar
jurists representing the Ameri- difference before
In Washington in the early part of 1916. the
between the United States and the Republics of Central
and duties of nations. This February 1923
rights
the
of
declaration
a
adopted
republics
the conclusion at the Santiago conference for a
can
of philosophy or of America, formed the basis of
controversies.
declaration stated these rights and duties "not in terms
general treaty for the submission to commissions of inquiry of
of
Court
Supreme
the
of
decisions
by
supported
ethics. but in terms of law."
arising between the American republics.
principles:
following
the
forth
set
declaration
The
reduction of •
the
the United States.
Sixth—In seeking to promote peace, as well as to aid in
to protect and to conserve unproductive expenditures, this Government has sought to encourage the
1. Every nation has the right to exist, and
neither implies the right nor justifies the act making of agreements for the limitation of armament. Through our treaty
Its existence; but this rightor
itself to conserve its existence by the commission
and we have •
of the State to protect
with the great naval Powers we have limited our capital ships,
and unoffending States.
innocent
against
acts
unlawful
of
the sense that it has voluntarily reduced our land forces.
2. Every nation has the right to independencetoindevelop
itself
without
provides •
conference
free
One of the treaties negotiated at the Central American
a right to the pursuit of happiness and is
that in so doing it does
interference or control from other States, provided
on the part of the Central American repub- •
of
armament
limitation
the
for
States.
other
a
rights
the
violate
or
not interfere with
the equal of every other nation lies. At the recent Santiago conference it was not possible to reach an agree3. Every nation lain law and before law
all nations have the right to claim ment between the other Latin-American States upon this subject, but undue
belonging to the society of nations, and
of the United States,
Independence
of
to this failure. I have recently pointed •
and, according to the Declaration
of the earth, the separate and equal station importance should not be attached
"to assume, among the Powers
to
the total active armies in the world, or
have
regard
we
them."
entitle
whether
out
God
that
nature's
of
and
nature
of
to wnfch the laws has the right to territory within defined boundaries
organized forces in the world, we have in this hemisphere, in-•
total
the
to
4. Every nation
over its territory, and all persons, cluding the United States and Canada but 6% of the whole.
and to exercise exclusive jurisdiction
whether native or foreign, found therein.
Moreover, the discussion at Santiago did not reveal points of view that
the law of nations is entitled to
S. Every nation entitled to a right byby
all other nations, for right and must be considered to be utterly irreconcilable. On the contrary, it may
and protected
have that right respected
observe.
to
all
of
duty
the
be hoped that in the fortunate absence of all causes of serious controversy,
duty are correlative, and the right of one is
the fundamental prinof avoiding unnecessary outlays, a basis of agreement to
It cannot be doubted that this declaration embodies to the republics of and for the purpose
relation
limit armament may yet be reached.
ciples of the policy of the United States in
as members of the famSeventh—The policies which have been described are not to secure peace'
Latin-America. When we recognized these republics
as repeatedly de- as an end in itself, but to make available the opportunities of peace; that is,
ily of nations we recognized their rights and obligations
We have not to open the way to a mutually helpful co-operation. This is the object of'
fined by our statesmen and jurists and by our highest court.
be increasingly helpful as they
sought by opposing the intervention of non-American Powers to establish a the Pan-American conferences. These will
protectorate or overiordship of our own with respect to these republics. Such become more and more practical.
would be in
The object is to create the opportunity for friendly contact, to develop a
a pretension not only is not found in the Monroe Doctrine but
by
better appreciation of mutual interests and to find particular methods .
opposition to our fundamental affirmative policy.
•
Second—It follows that it is a part of our policy to respect the territorial which beneficial intercourse can be aided.
of
protection
the
exchanges,
of
This bears directly upon the facilitation
Integrity of the Latin-American republics. We have no policy of aggression;
and the developing of all'
we do not support aggression by others; we are opposed to aggression by any health, the promotion of education and commerce
improving.
the necessary agencies for disseminating information and for
one of the Latin-American republics upon any other.
allayed, it
Fortunately, however, under present conditions, there is no reason to ap- means of communication. With peace assured and apprehensions
had been •
than
interest
of
diversity
prehend such aggression. History shows that boundary disputes not infre- will inevitably be found that there is less
for working toquently give rise to action which in reality is of an aggressive character, but supposed, and that there is an ever-widening opportunity
•
gether for the common good.
Is sought to be justified by territorial claims.
the
Eighth—It should also be observed that in our commercial relations
There are but few of these controversies still open in Latin America. Arin
treatment
gentina and Chile resolved their boundary dispute by arbitration. The boun- United States is seeking unconditional most-favored-nation
present year preferentialdary controversy between Argentina and Brazil was also submitted to arbi- customs matters. Prior to the beginning of the
imports
certain
to
Brazil
by
conceded
been
tration and the decision has been loyally carried out. Chile and Peru have tariff rates had for about 20 years
feature of our tariffs
found it possible, and we were privileged to give the aid of our good offices from the United States. This had been an anamolous
has been neither to'
In the matter, to provide for the submission to arbitration of the questions relations, since the general policy of this Government
which have long vexed their relation growing out of the Tacna-Arica contro- give nor to seek customs preferences.
In view of the adoption of the Tariff Act of 1922, Section 317 of which
versy and the Treaty of Ancon. There are a few minor boundary questions
the products eau'
in Latin-America, but there is no reason to doubt that they win be disposed authorizes the President to declare additional duties upon
the United States, it
of peacefully. It is believed that no aggression is threatened in Latin- country that may discriminate against the commerce of
was felt that this Government could not longer with consistency ask the'
America.
which'
Third—States have duties as well as rights. Every State on being re- Brazilian Government to grant to goods of the United States rates
other
ceived into the family of nations accepts the obligations which are the essen- were lower than those which were accorded to similar imports from
•
tal conditions of international intercourse. Among these obligations is the countries.
In making known, in January last, its determination no longer to seek the'
duty of each State to respect the rights of citizens of other States which
renewal of preferential treatment, this Government explained to the Governhave been acquired within its jurisdiction in accordance with its laws.
A confiscatory policy strikes not only at the interests of particular indi- ment of Brazil that its policy henceforth would be to seek from Brazil as well
viduals but at the foundations of international intercourse, for it is only on as from other countries, treatment for goods frsm the United States as favorhave
the basis of the security of property, validity possessed under the laws exist- able as might be accorded to the products of any third country. Notes
ing at the time of its acquisition, that the conduct of activities in helpful been exchanged with Brazil embodying this policy.
The Government is contemplating the negotiation of new commercial treaco-operation are possible.
existing treates
Each State may have its code of laws in accordance with its conception of ties with Latin-American countries, or the modification of
however, as in
domestic policy, but rights acquired under its laws by citizens of another in harmony with the most-favored-nation principle, excepting,
which
treatment
State it is under an international obligation appropriately to recognize. It the case of the exchange of notes with Brazil, the special
the United States accords or hereafter may accord to Cuba, in view of our
is the policy of the United States to support these fundamental principles.
between the United
Fourth—It is the policy of this Government to make available its friendly special relations with that republic, and to the commerce
assistance to promote stability in those of our sister republics which are States and its dependencies and the Panama Canal Zone.
Not only does the Monroe Doctrine not mean that the United States has a
especially afflicted with disturbed conditions involving their own peace and
policy of seeking in the Latin-American republic economic advantages denied
that of their neighbors.
States to
It is the desire of the United States to render this assistance by methods to other countries, but it is not the general policy of the United
is proposed by
that are welcomed and which are consistent with the general policies above seek preferential rights. The commercial treaties which it
this Government to negotiate with the Latin-American countries are, with
stated.
For example, in the case of the Central American republics, it has been respect to the principles involved, substantially like those which it is sought
our constant endeavor, in the interest of the maintenance of their integrity to negotiate with European Governments.
Ninth—We have certain special policies of the highest importance to the
and sovereignty, to facilitate by our good offices such agreements between
themselves and such measures of security and progress as will favor stable United States.
and prosperous conditions. This has been the object of the conferences of
We have established a waterway between the Atlantic and Pacific Oceans—
Central American republics, and at the last conference, held in Washington the Panama Canal. Apart from obvious commercial considerations, the adeIn December 1922, an important advance was made.
quate protection of this canal—its complete immunity from any adverse conIt is not too much to say that if the treaties and conventions then formu- trol—is essential to our peace and security. We intend in all circumstances
lated and signed are ratified and carried into effect there will be no prob- to safeguard the Panama Canal. We could not afford to take any different
ability of further serious disturbances in Central America, and thew repub- position with respect to any other waterway that may be built between the
lics, favored with vast natural resources, will enter upon an era of tran- Atlantic and the Pacific Oceans. Disturbances in the Caribbean region are
quility and will enjoy opportunities of almost unlimited prosperity.
therefore of special interest to us, not for the purpose of seeking control
In promoting stability we do not threaten independence, but seek to con- over others, but of being assured that our own safety is free from menace.
serve it. We are not aiming at control, but endeavoring to establish selfWith respect to Cuba, we have the special interests arising from our treaty
control. We are not seeking to add to our territory or to impose our rule and our part in securing of her independence. It is our desire to see her
independence not weakened, but safeguarded, and her stability and prosperity
upon other peoples.
Fifth—The United States aims to facilitate the peaceful settlement of dif- assured. Our friendly advice and aid are always available to that end.
this
in
the
hemisphere.
This policy has had
Governments
ficulties between
I have sketched briefly these affirmative policies of the United States in
notable illustration in our own relation to our neighbor on the north the this hemisphere. We rejoice in the progress of our sister republics and at the
Dominion of Canada, which is justly proud of its position in "the community enhanced prosperity which is at their call. The Monroe Doctrine stands, as
of nations known as the British Empire." We have a boundary with Can- it has always stood, as an essential part of our defensive policy, but we are
ada, including that of Alaska, of about 5,500 miles unfortified. Through ar- no less but rather more interested in the use of the opportunity which it
bitration we have disposed of such serious controversies as those relating to created and has conserved. We desire no less than they themselves the inthe Bering Sea fisheries rights, the Alaska boundary, and the North Atlantic dependnce, the peace and progress of all the American republics, and we seek
to enjoy to the fullest extent possible the blessings bestowed by the spirit of
coast fisheries.
We have an international joint commission for the purpose of investigating confraternity, those mutual benefits which should result from our intimate
and reporting upon questions relating to boundary waters and other questions association and our common political ideals.
2500
THE CHRONT.CLE
War Veterans Comemmorating in New York Anniversary of Monroe Doctrine Declare Against
Foreign Encroachments.
At ceremonies held in this city, at the City Hall on Dec. 1,
in commemoration of the one hundredth. anniversary of the
Monroe Doctrine, participated in by veterans of the Civil
War, Spanish War and World War, resolutions were adopted
protesting "energetically against the foreign propaganda
which aims to entangle this Republic in the selfish quarrels of European politicians." The resolutions declared
"that Washington's solemn warning against entangling alliances and Monroe's notice to Europe to keep hands off the
American continent constitute a national policy that is as
uecessary to-day as when first promulgated for the protection of the rights and interests of the American people."
The resolutions read:
We, veterans of the various wars in which the United States has been engaged, and other Americans believing in the principles of liberty and democracy on which this republic was founded by the Fathers, and which have
made it the freest and most powerful nation on earth and a shining example
to mankind, assembled in mass meeting in City Hall Park, New York, Saturday, Dec. 1 1923, hereby declare and resolve:
That the Monroe Doctrine proclaimed by President James Monroe in his
message to Congress on Dec. 2 1923 to supplement and reinforce the immortal declaration against entangling alliances made by George Washington in
his Farewell Address, has safeguarded the American Continent from encroachments by the monarchies of the Old World and enabled the American
'people to make progress unexampled in the history of the world and to develop and strengthen the free institutions established by the Revolution.
That .the American people, animated by friendship and good-will for all
the nations of the world, and wishing their peoples complete success in their
efforts to secure happiness and contentment, can best serve the cause of
humanity and civilization now, as heretofore, by strict adherence to the
fundamental principles on which this republic was founded and to which it
• has held true since it came into existence.
We deplore the suffering and misery resulting from the actions of the various Governments of Europe since the World War and fully approve the humanitarian efforts of our Government and people to relieve these conditions,
but we maintain that in strict adherence to the American policy enunciated
by Washington and Monroe in their historic declarations and put into practical effect by President Cleveland in his Venezuelan message, lies the chief
hope for the continued existence of our free institutions and the eventual regeneration of the people of Europe.
We declare: That Washington's solemn warning against entangling alliances and Monroe's notice to Europe to keep hands off the American Continent constitute a national policy that is as necessary to-day as when first
promulgated for the protection of the rights and interests of the American
people. We protest energetically against the foreign propaganda which aims
to entangle this republic in the selfish quarrels of European politicians. Opposed as we are to any foreign intervention in American affairs, we are likewise opposed to any interference by our Government in quarrels and enmities
iof the European nations. To-day Europe is in a more envious and unhealthy
-condition than at any other period in modern history.
Instead of the democracy which we had hoped would be established by the
World War victory, the political drift in Europe is to autocracy, dictatorship
and the grab of territory. Willing now, as ever before, to serve our country
if called on to protect its honor and interests, having served in war and abhorring it, we fervently pray God to preserve our beloved country from the
horrors of war.
To-day, therefore, we reassert and reaffirm the doctrines of Washington
against entangling alliances and of Monroe against any foreign encroachments
or any intermeddling in American affairs.
[VOL. 117.
President Coolidge Calls Monroe Doctrine as One of
"Triumphs of American Statesmanship."
The Monroe Doctrine is described by President Coolidge as
"one of the triumphs of American statesmanship" in a letter
which was read at the annual banquet in Washington, Dec. 1,
of the Women's Bar Association, at which exercises in commemoration of the Monroe Doctrine centenary were held.
The President's letter was given as follows in the Washington (D. C.) "Post":
I am very glad to have this opportunity of extending through you to the
members of the Women's Bar Association my greetings on the occasion of
the exercises in commemoration of the centennial celebration of the Monroe
Doctrine. As the years pass, we come to a fuller realization of the great part
which this Doctrine has played in the relationship between the New and the
Old World, and to recognize it as one of the triumphs of American statesmanship. It is altogether fitting that we should pay a tribute at this time to its
author, and to the men of that time to whose foresight and courage we owe it.
Professor Brown of Princeton University Declares
United States Does Not Possess Sole Right
to Interpret Monroe Doctrine.
According to Professor Philip Marshall Brown, of Princeton University, the United States has no valid reason or
right to arrogate to itself the sole interpretation of the Monroe Doctrine. Professor Brown's assertions were made at
the meeting in Philadelphia on Dec. 1 held under the auspices of the American Academy of Political and Social Science and the Philadelphia Forum, and the press accounts
report him as saying:
This Doctrine is essentially a Pan-American principle that concerns all the
nations of this hemisphere alike. The United States may at times be constrained in an acute emergency to take the lead in the defense of this principle, but it cannot rightfully claim it as private property. The other nations of the American continents properly resent such statements as Secretary Hughes unfortunately has seen fit to quote with approval from President
Wilson: "That the Monroe Doctrine was proclaimed by the United States on
her own authority. It always has been maintained and always will be maintained upon her own responsibility."
From the Latin-American point of view there is no sound reason, either in
the very nature of the Monroe Doctrine or in the inherent right of every nation to safeguard its interests, why the United States should claim it as private national policy. The more we explain and disclaim, the more these
other American nations suspect our ulterior motives or accuse us of arrogant
bad manners.
There is no use denying the fact that the recent Pan-American Conference
in Santiago served in a marked way to increase distrust and hostility because
of this insistence on the part of the United States that it could not permit the
formulation of the Monroe Doctrine as a Pan-American doctrine to which all
of these nations could cheerfully subscribe on a basis of mutual equality and
friendly confidence. The results of this policy have been lamentable, the
possibility of a genuine understanding and sympathy with these nations is
becoming increasingly difficult.
The policy of withholding recognition of new Governments
for diplomatic purposes had no proper relation to the Monroe Doctrine, Professor Brown maintained. "It is rather a
most unfortunate instance of the offensiveness of American
policy to the peoples of the other American nations, and it
has been productive of unhappy results," he is said to have
The centenary of the Doctrine has been celebrated through- added.
out the nation during the past week; the observances will
be brought to a close to-day (Dec. 8). At last Saturday's Dr. Alfaro, Minister of Panama, Says Monroe Doctrine
Has Defended Latin-American Nations -ceremones at the City Hall the gathering was addressed by
Misapprehension and Misunderstanding.
ACting Mayor Hulbert.
Dr. Ricardo J. Alfaro, Minister of Panama to the United
States, in addressing the meeting held In Philadelphia on
President Coolidge Says Monroe Doctrine Has Been
Dec. 1 to commemorate the centenary of the Monroe DocOne of the Substantial Guarantees of Peace.
trine, admitted that a great deal of misapprehension and
President Coolidge in commending the nation-wide observ- misunderstanding
existed among the people south of the
ance of the centenary of the Monroe Doctrine declares that Rlo Grande in
respect to the foreign policy of the United
"It has been for a hundred years one of the substantial guar- States, due to a
misconception of the Monroe Doctrine and
antees of peace among nations." His statement to this effect its relations to such foreign policy. He is quoted as saying:
was contained in a letter to John Barrett, Chairman of the
ft is a fairly general belief in Central and South America that all those
International Pan-American Committee. The letter, which events that have caused the aggrandizement of the United States or of its
naval and military strength at the expense of territorial sovereignty of other
was made public by Mr. Barrett on the 2nd inst., is as fol- nations—European
as well as American—are directly attributable to the
lows:
Monroe Doctrine. Whatever is wrong or right in connection with those
The White House, Washington, Dec. 1 1923.
//cm. John Barrett, Chairman International Pan-American Committee, 1 West
64th Street, New York City.
My dear Mr. Barrett: The program of the International Pan-American
Committee for a nation-wide, indeed an international, series of commemorations of the centenary of the Monroe Doctrine's promulgation, is deserving
of more than passing notice. I have been pleased to know that in hundreds
of cities, all over the continent, this anniversary occasion is to be fittingly
observed.
It is a matter of much satisfaction that within recent years a greatly improved understanding of the true intent and significance of the Monroe Doctrine has come to be entertained not only throughout the American world,
but in the whole world as well.
It has been for a hundred years one of the substantial guarantees of peace
among the nations. Accepted by the nations and established before the
world, we cannot doubt that in another century its usefulness will persist.
We cannot but be glad to know of the widespread recognition of this celebration as marking one of the important epochs in the history of our country;
and of its sister republics of the three Americas.
Most sincerely yours, ,
CALVIN COOLIDGE.
events, the Monroe Doctrine is not responsible for it, and, indeed, as originally proclaimed, it has nothing to do with it.
The peoples of Latin-America, especially those situated in the vicinity of
the Caribbean Sea, have undoubtedly very serious and delicate problems to
confront in their international intercourse with the United States. The discussion and solution of those problems may lead sometimes to popular discontent and mistrue toward the great republic of the North. But I maintain
that it is wrong to put the blame for the unsatisfactory solution of an interAmerican question upon the Monroe Doctrine, for it certainly was not intended to foster aggression or injustice on the part of the stronger upon the
weak. It must be borne in mind that the Monroe Doctrine is an American
foreign policy, but the American foreign policy is not at all Monroe Doctrine.
Dr. Alfaro declared that the Monroe Doctrine has redounded to the benefit of the Latin-American nations, defending them from those possibilities which endangered
their independent life. He is reported in the New York
"Tribune" as stating:
Under the ascendancy of the Monroe Doctrine we have seen European nations barred from the Western Hemisphere during a century that has witnessed
DEC.8 1923.]
THE CHRONICLE
2501
SecThe London "Times", in a leading article on the Monroe Doctrine and
retary Hughes's statement of American policy, says:
the
and
years,
hundred
"Almost all things undergo changes in course of a
Monroe Doctrine is no exception to the general rule. Yet while it has received an expansion, a development and applications which would haveprinstartled Monroe and most if not all of his colleagues, the fundamental
ciple on which it depends is the same as it was a century ago. The Doctrine'
justiamply
been
has
it
policy
has been upheld, and as a broad declaration of
fied by its results.
"It has deserved and it enjoys from the 100,000,000 white citizens of the'
United States popular affection and admiration which are hardly accorded ta
These
any other policy, save to the first principles of the republic itself.
sentiments are none the less wide or none the less ardent because except in its
general drift and tendency, the Doctrine is rather vague and as events have
proved decidedly elastic.
"It has been extended without difficulty to cases not contemplated when
Argentine Newspapers on Monroe Doctrine.
it was promulgated, and every successive adaptation has been sanctioned iv
said:
2
Dec.
papers
public opinion and greeted with public applause. It has exercised great and
Buenos Aires cablegrams to the daily
of the whole of the New World. It may
The newspapers to-day refer to the centenary of the Monroe Doctrine, say- far-reaching influence on the history
more profound and more decisive upon
ing its influence on world events has given Monroe's expressions new aspects be destined to exercise influence still
of significance. It is pointed out that the Doctrine has been adapted accord- that history and upon the history of mankind.
"The world into which the Monroe Doctrine was born was very remote from
ing to circumstances to later necessities and the transformation of prevailing
the world of to-day. The Monroe Doctrine lay almost quiescent until Presiideas.
American claims on
The declaration is made that the very evolution of the Doctrine justifies dent Polk awoke it to cover his annexation of Texas and
popular mind with
its existence as a live institution and that the application given it by great the Northwest frontier. Polk managed to taint it in the
American Presidents and jurists proves that Monroe's words were essentially the defense of slavery, and for this reason among others Lincoln's Secretary
Napoleon's
adventure
an expression of the thought and will "of a great people, conscious of its of State did not rely upon it in his opposition to Louis
in Mexico.
mission and strength."
consideraits
into
took
1866
in
opportunity
gives
Representatives
anniversary
of
the
of
House
"But when the
"La Nacion" says that the celebration
to all free men on earth "to recall the acts of the great statesman who a hun- tion the bill for the eventual annexation of British America this enlargement
dred years ago sustained the Doctrine against autocrats and tyrants who of the Doctrine provoked the passage of the British North American Act. It
was appealed to in discussions about the Panama Canal and in very extravaaspired to drown democracy in blood."
gant and dangerous form over the British boundary dispute with Venezuela."
Referring to the attitude of the South American republics toward the MonBrazilian Minister of Foreign Affairs, Felix Pacheco, roe Doctrine, the London "Times" points out that Secretary Hughes disclaimed all idea of aggression against American States and described the
Would Have Pan-American Conference
object of his policies and of the Pan-American conferences as being "to open
Agreements Made Effective.
the way to mutually helpful co-operation."
"The South American republics," comments the London "Times," "know
In an address delivered at exercises in commemoration of
their own affairs and their own interests best, but the contention of Mr.
the anniversary of the Monroe Doctrine in Rio Janeiro on Hughes seems reasonable to outside observers. The League of Nations and
Dec. 2, Felix Pacheco, Minister of Foreign Affairs, urged the principles on which it rests meet the wishes of these States more fully
or any other policy, but Pan-Americanism and the
the American Governments to put into effect the Pan-Ameri- than any other association
Monroe Doctrine as expounded by Mr. Hughes are no more incompatible with
or
conferences,
discontinue
agreements
such
conference
can
them than are the British Empire and the principles it embodies. They mayconfessing their lack of utility. According to Associated even be steps toward 'the larger hope.'
"The Monroe Doctrine, like all broad policies loosely expressed, is opea
Press cablegrams he declared that "the fact that the Monroe
to abuse, but without the firing of a shot it has saved South America from,
Doctrine has survived the tests of a century proves its vi- foreign invasion for a hundred years, and that is its abundant justificatiom
tality." He is also quoted as saying:
to the mind and conscience of the world."
It is my duty to affirm again Brazil's solidarity with the United States
and to the idea of mutual aid all the American nations owe one another.
What is the value of conferences without immediate sanction being given to German Papers Criticize Secretary Hughes's Policies.
their labors by the Governments represented? Already five such conferences
The speech of Secretary of State Hughes in'Philadelphia
have been held, and it is reasonable to ask what fruits they have produced.
The responsibility of the United States is greater than ours. The United Nov. 30 on the Monroe Doctrine, has, according to Berlin
States created Monroeism and it would not be coherent to permit Pan-Ameri- cablegrams Dec. 1, drawn adverse criticism from the concanism to die. Secretary Hughes is President of the Pan-American Union.
Junker organs, which querulously complain,
Naturally he does not wish our cohesion to weaken, or we will arive at the servative and
Havana conference without having put into execution what was voted at that the utterances of the American Cabinet chief provide
Santiago.
no concrete help for Germany in her present sorry plight..
The Gondra convention practically solved the armament question; but why
cablegrams continue:
The
negotiate non-aggression pacts when Congresses do not approve and GovernThe conservative "Tageszeitung" says Mr. Hughes's statement is obvioual,y
ments do not ratify them?
intended as impartial, but it is regrettable that "Washington remains under
the influence of French propaganda and fails to recognize that not France but
Views in Italy on Secretary Hughes's Declarations Germany is threatened and needs security for the future."
"If what Poincare understands by security becomes a reality, namely the
Relative to Monroe Doctrine.
complete and permanent subjection of Germany under America's toleration,'"
From a copyright cablegram from Rome, Dec. 1, to the the newspaper adds, "all good wishes for Germany's prosperity amount to'
naught."
New York "Times" we quote the following:
The Pan-German "Deutsche Zeitung" says the speech was of the "Wilsonian
Secretary Hughes's speech in Philadelphia, which has been largely repro- type," and the monarchist "Reichsbote" exclaims bitterly: "American,
duced by the press, has been welcomed with a sigh of relief in Italy, where statesmen are fond of making high-flown speeches, but when they come to.
it is interpreted to mean that America has not definitely closed the door on deal with Poincare's tyranny and oppression of a defenseless people they'
the possibility of intervening in Europe and that she is only waiting for such shrug their shoulders and say that Europe is none of their business, notwithconditions to mature in Europe as to render her intervention efficacious.
standing the.fact that America by its participation in the war plunged CenPolitical circles have also read the Hughes speech with satisfaction, as the tral Europe into misery."
United
the
that
States
believed
will
Office
sooner
has always
Italian Foreign
The "Vossische Zeitung," the only other commentator, declares the speech
or later be obliged to abandon the policy of isolation from European affairs. is the starting point of a new American peace policy for Europe, and emphaThe "Giornale d'Italia" dedicates a column article, entitled "America Has sizes the importance of the fact that France and Great Britain have been
Spoken," to the speech. After stating that Italy willingly endorses all the' driven to the recognition of the necessity of applying new methods in "ohspostulates enunciated by Secretary Hughes, the "Giornale d'Italia" continues: tion of the reparations problem.
Experience has taught us that it is not sufficient to enunciate certain
The "Boersen Zeitung's" interpretation of Secretary Hughes's speech is
ideals, however excellent they may be. There is a kind of force of inertia
In the world which chocks them and renders them sterile. Too much dis- that it shows clearly the United States is keeping a watchful, interested attitrust, too much antagonism, has accumulated, so that now it is almost tude. America's solicitude, says the paper, remains, as before, mainly conimpossible to tell who is right and who Is wrong.
cerned with military armaments. If the race for armaments is not halted,
Certainly Germany has a right to live. But it is equally certain that
the conquerors have a right to be indemnified, that France and England then the United States "will simply throw over its expressed desire for a
feel the need no less sincerely than we do of escaping from the present situ- peaceful, just solution of all differences, and revert to a ruthless policy of
ation, but all efforts have so far been in vain. European disaster is in- power."
creasing every day and German catastrophe appears ever nearer.
In Washington, too, it adds, the foremost question is who has the mark
Therefore intervention of the United States becomes every day ever
more necessary and more urgent. To enter into alliance with anybody, warships and airships, and how, in event of war, America's security and vicno one asks her. As for arms or armies,no one threatens her. Her citizens tory may be assured.
and her g.00ds are everywhere welcome.
The United States, during the war, sent to France a most formidable
and most valiant army. But we can say without being accused of ingratitude the very fact that the American flag was raised against them more President Coolidge Remits Contempt Sentence Imposed
than her numerous and brave soldiers produced the defeat of her adveron C. L. Craig, Comptroller of New York, by Judge
saries. The reason is that the flag shone with great and irresistible moral
force. That force has not diminished: indeed, it has increased since the
Mayer—Attorney-General's Opinion—Statearmistice. The United States can, therefore, resume the task which
Wilson began of re-establishing Europe, wnich after all is a considerable
ment by Mr. Craig.
portion of world civilization.
Hitherto she has hesitated for reasons which we do not wish to question,
President
Coolidge
on Dec. 3 remitted the sixty-day jail
but which appear to us to be more dictated by party consideration than
sentence for contempt of court which had been imposed on
by the healthy opinion of the American people.
We hope and believe that America really does intend to intervene in
Europe as soon as she feels she can do so. If America will explicitly snake Charles L. Craig, Comptroller of the City of New York, by
known to the world under what circumstances she would consent to inter- Judge Julius M. Mayer in the United States District Court
vene, we believe there is not a single question in Europe which would render the attainment of these circumstances impossible.
at New York on Feb. 24 1921. The question of a pardon
in every other corner
the colossal development of European Colonial policiesgovernment established
of the earth. We have seen the democratic system of
had found existence
empires
in all the countries of our continent where three
promoted and the progin days gone by. We have seen the cause of peace
astonishing volume, and above
ress of inter-American trade increase to an
-Americanism, this feel:
all, we have beheld the birth and expansion of Pan
institutions, this
jog of continental solidarity, this common pride in our
will that the lands disindomitable
common confidence in our future, this
of the future,
covered by Columbus shall be the abode of a better humanity
and democracy,
able to pursue its own happiness amidst the blessings of peace
in those ideals of
free from jealousy, prejudice and greed, and ever inspired
happiness can
justice and fraternity through which the reign of international
be made permanent upon the earth.
for the Comptroller came before President Coolidge following
London "Times" on Secretary Hughes's Declarations
the action on Nov. 19 of the United States Supreme Court in
Monroe
Respecting
Doctrine.
upholding the findings of the United States Circuit Court of
A special cablegram to the New York "Times" from Lon- Appeals, sustaining the jurisdiction of Judge Mayer and
don, Dec. 1, said:
reversing an order of M. T. Manton, United States Circuit
2502
THE CHRONTCLE
.Court Judge, for the discharge of the Comptroller on a writ
-of habeas corpus. The United States Supreme Court held
'
that Judge Manton, although sitting in a District Court, had
no authority to grant a writ of habeas corpus, and the action
taken by the Circuit Court of Appeals was affirmed. Justice
Holmes, of the Supreme Court, in a dissenting opinion, took
the position that Comptroller Craig had taken proper action
• in applying for a writ of habeas corpus instead of appealing
to the Circuit Court of Appeals. He took the view that
• the Comptroller's letter to Lewis Nixon, which had led to
his conviction and sentence, did not sufficiently obstruct
-justice to give Judge Mayer authority to hold the Comptroller in contempt. Justice Brandeis also dissented. As
explained by United States Attorney-General Daugherty in
his opinion, on which the President's decision to remit the
sixty-day sentence is based, the prosecution for contempt
grew out of a suit for liquidation of the affairs of the Brooklyn
Rapid Transit Co. pending before Judge Mayer. Mr.
. Craig, as Comptroller, had applied for appointment as coreceiver, and the application had been denied. Subsequently Mr. Nixon, then Public Service Commissioner of
New York, called for a conference of Federal receivers of
this and other railways, together with municipal authorities;
Comptroller Craig, who had been invited to the conference,
addressed a letter to Mr. Nixon on Oct. 6 1919 declining to
• take part in any conference until Judge Mayer should change
his policy in respect to the city. The Attorney-General
states that he (Comptroller Craig) "attacked the Judge's
refusal to appoint a receiver for the City of New York and
• asserted that by his court orders he had barred the city from
:getting information of the affairs of the company and stood
between the city and truth and had done a monstrous thing.
He closed the letter with the following statement:
[VOL. 117.
attitude he seems willing, if not desirous, to assume the attitude of a martyr, and it is conceivable that he would be more
disappointed and punished by not being required to go to
jail than he would be'by serving his sentence." "My conclusion is," says the Attorney-General, "that irrespective
of what Craig, by his arrogance, personally then and now,
justly deserves, the situation would best be met by a remission of the imprisonment imposed by the sentence." The
order of President Coolidge remitting the sentence is contained in a statement, which we give further below, issued on
Dec. 5 by Comptroller Craig, in which the latter criticises
the Attorney-General, and declares that, "contrary to all
of the statements of Attorney-General Daugherty, the document [the President's order] is an unconditional and unqualified pardon by the President." The following is the Attorney-General's opinion in full:
/n the matter of the application for pardon in behalf of Charles L. Craig.
The President
Sir—Charles L. Craig, Comptroller of the City of New York, was convicted before Judge Mayer in the United States District Court for the
Southern District of New York. on an information charging him with contempt of the Court, and was sentenced by Judge Mayer on Feb. 24 1921
to imprisonment for sixty days in the jail of Essex County, N. J.
Craig applied to Hon. Martin T. Manton, United States Circuit Judge,
for discharge on a writ of habeas corpus, which petition was granted by
Judge Manton April 29 1921. An appeal was taken to the United States
Circuit Court of Appeals for the Second Circuit, which Court sustained the
Jurisdiction of Judge Mayer and reversed the order of Judge Manton discharging Craig. The matter was then taken to the Supreme Court of the
United States, which upheld the decision of the Circuit Court of Appeals
and the jurisdiction of Judge Mayer in the premises.
Craig has made no application for Executive clemency and declares that
he will make none, preferring to serve his sentence than to do so. Application has been made, however, in his behalf by Senator Copeland of New
York and by the members of the Board of Estimate and Apportionment for
the City of New York, including the Acting Mayor and Chairman of the
Board, the Acting President of the Board of Aldermen and the Presidents
of the Boroughs of Manhattan,the Bronx, Queens, and Richmond,and in
addition a number of appeals have been made by fellow-citizens of Craig
preliminary
As a first and
evidence of good faith those who desire such a asking that clemency be extended to him.
conference and a reasonable solution of existing complications should proCraig was guilty of criminal contempt. It is well established that the
cure the entry of orders by Judge Mayer putting the City of New York on power of pardon covers sentences for criminal contempt as distinguished
an equal footing with the private interests active In the receiverships. A from those commitments to jail which are only for the purpose of comrefusal to do this can but prolong and embitter the controversy and it will pelling a person to comply with the order of a court in the course of a litinot in the end procure any advantage whatever to the traction interests.
gation.
The prosecution for contempt in this case grew out of a suit for liquidation
The Attorney-General continues:
of
the affairs of the Brooklyn Rapid Transit Railway Co.. pending before
The statement that the Court had denied to the city information, or access to information, in respect to the affairs of the railway company, was un- Judge Mayer in the United States District Court for the Southern District
true. The city had never applied for such information or access. After a of New York. It was found necessary to have a receiver for the operation of
full hearing, and giving the defendant an opportunity to retract the un- the railway and Lindley M. Garrison was appointed. Craig, as Compfounded statement, which he failed to do, the Court held that the letter was troller of the city, had applied to he appointed a co-receiver, as a represenwritten and published to intimidate the Court in its order by misrepresenta- tative of the city's business. This application was denied. Thereafter
tions to the public of its attitude and threats of a lack of the needed co-oper- the Public Service Commissioner of New York, Lewis Nixon, called for a
ation by the city authorities in the maintenance of the traffic service of the conference of representatives of the Federal receivers of this and other
railway and that this was contempt, and accordingly Judge Mayer imposed city railways to meet himself and other municipal authorities to bring
about co-operation between them all in meeting the serious problem of
the sentence under consideration.
If the defendant had desired to test the legality and correctness of the maintaining the transit system, including the adjustment of fares.
Comptroller Craig was invited to attend this conference, but instead of
Court's action, he could have applied directly to the Circuit Court of Appeals to have the correctness of the sentence on the facts and law re-exam- doing so he sent to the Public Service Commissioner a letter, the publication
of
which was the cause of the prosecution. The Comptroller in this letter
ined by a Court of three Judges who had nothing to do with the proceedings,
and after that an application could have been made to the Supreme Court declined to take part in any conference until Judge Mayer should change his
policy in respect to the city. He attacked the Judge's refusal to appoint
of the United States for a similar review on the merits.
for the City of New York and asserted that by his Court orders
Instead of taking this course, says the Attorney-General, ahereceiver
had barred the city from getting information
the affairs of the com"the defendant and his counsel sought to avoid a review on pany and stood between the city and truth andof had
done a monstrous
the merits by this court by submitting the case on petition thing. He closed the letter with the following statement:
"As a first and preliminary evidence of good faith those who desire such
for writ of habeas corpus to Judge Manton, alone, a Circuit a conference and a reasonable solution of existing complications should
procure the entry of orders by Judge Mayer putting the City of New York
Judge, then exercising District Court powers." "By a futile on
an equal footing with the private Interests active In the receiverships.
A
refusal to do this can but prolong and embitter the controversy and it will
Manton
Judge
for
resort to
final release," says the Attorney- not
in the end procure any advantage whatever to the traction interests."
General, "Craig and his counsel let the time go by for a
The statement that the Court had denied the city Information, or access
direct appeal from Judge Mayer's sentence, and unless to Information, in respect to the affairs of the railway company, was untrue.
clemency is now extended by the Chief Executive, the sen- The city had never applied for such information or access. After a full
hearing, and giving the defendant an opportunity to retract the unfounded
tence must be served." "The question presented,"continues statement,
which he failed to do, the Court held that the letter was written
the Attorney-General, "involves the protection of our courts and published to intimidate the Court in Its order by misrepresentations to
the
public
of
its attitude and threats of a tack of the newled co-operation
from unwarranted assault, insult and false and malicious by the
city authorities In the maintenance of the traffic service of the railway
accusation calculated to impede and hamper and interfere and that this
was contempt, and accordingly Judge Mayer imposed the
with and influence the action of courts respecting matters sentence under consideration.
If
the
defendant had desired to test the legality and correctness of the
pending before them, resulting also, and necessarily, in Court's action
he could have applied directly to the Circuit Court of Appeals
bringing our courts into contempt and disrepute among those to have the correctness of the sentence on the facts and
law re-examined by a
who, through ignorance and lack of information may accept court of three judges who had nothing to do with the proceedings, and after
an application could have been made to the Supreme Court of the
as true the unfounded and false accusations of contemners that
United States for a similar review on the merits.
of our courts." "No person claims that a court is exempt
Instead of taking this plain course, the defendant and his counsel sought
from proper criticism," says the Attorney-General, who to avoid a review on the merits by this Court by submitting the case on
petition for writ of habeas corpus to Judge Manton, along. a Circuit Judge
adds: "Proper criticism, however, means honest, truthful then
exercising District Court powers. On this writ the sole question was
criticism." As to the question of the extension of executive whether Judge Mayer had authority to consider the question
Involved and
clemency to the Comptroller, an expression of view was not whether he had correctly decided it. Judge Manton hold that Judge
Mayer had no such authority and released the defendant.
sought by the Attorney-General from Judge Mayer, who
Craig and his counsel took this course because they thought that Judge
Manton's release of the defendant could not he appealed from, but In this
stated in reply to the Attorney-General:
I oppose any Executive clemency to this defendant which would have the they were wrong. As the above indicated, the release was appealed from
effect of approving, or seeming to approve, his conduct toward the Court and both the Circuit Court of Appeals and the Supreme Court of the United
States have held that Judge Manton committed error In ruling that Judge
and the due administration of justice.
Mayer had not the authority to consider and decide the question of contempt
The Attorney-General in his opinion says that he thor- and to sentence
the defendant. Both courts have also decided that in the
oughly agrees with Judge Mayer's attitude "that whatever appeal from Judge Manton's release of the defendant they had no power
re-examine
to
the
question on the merits whether Judge Mayer rightly
taken,
it
be
may
should not have the effect of apaction
decided the question of contempt, as they could and justly would have done
proving or seeming to approve the conduct of Craig toward had the defendant
applied to them directly from Judge Mayer's decision.
Meantime, by a futile resort to Judge Manton for final release. Craig and
the Court, and should not be in any sense a vindication."
counsel
his
let
the
time go by for a direct appeal from Judge Mayer's senCraig's imprisonment, he says, "is not the greatest or most tence. and
unless clemency is now extended by the Chief Executive the
important question involved in the controversy. From his sentence must be served.
Dec.8 1923.]
THE CHRONICLE
2503
with others, was invited in
"Pursuant to my direction, defendant,problems
y serious one,
of the public utility
The question presented is a very delicate and an extremel
September 1919 to investigate the gravethat
and
speech
free
of
end the freest access to inright
the
to
and
hip,
between
ion
in
receivers
corporations then
Involving the line of demarcat
judgments, and formation and records was offered to him and to all public officials. Intheir
and
courts
the
of
the
g
conduct
concernin
publication
to obstruct the administration
obstruct the courts in stead of availing thereof, he sought
such publications as well, and as are intended to,
of intense public feeling by, on Oct. 6 1919. charging
in hand, and the of justice at a time
him and other public authorities free access which
refusing
with
their present and immediate conduct of judicial business
Court
the
Also it involves the had been extended to him and them.
enforcement of their orders and judgments therein.
e looking toward Co-and false and
"He stated in respect of the desired conferencCourt
and the public
protection of our courts from unwarranted assault, insult
and interference operation between the receiver appointed by the
hamper,
and
to
impede
d
n,
calculate
accusatio
malicious
pending before officials:
considered . . . there
with and influence, the action of courts respecting matters
"'Before any such conference can be seriously
into contempt must be a reversal of the policy for which Judge Mayer is responsible of
them, resulting, also, and necessarily, in bringing our courts
Board of Estimate and Apporand lack of information, denying to myself and other members of theof
information concerning the
and disrepute among those who, through ignorance
original sources
contemners of tionment any access to these
of
ns
accusatio
utility corporations holding
false
and
d
public
the
unfounde
true
various
as
may accept
property and affairs of
York.'
franchises, to operate in the streets of New
our courts.
of ignoring the charge of
choice
the
with
grounds
the
d
consider
confronte
and
was
"The Court
For this reason it becomes necessary to review
and thus by silence additing to the
t circumstances bearing the chief financial officer of the city,
charge creates, or of doing its duty under the
a
upon which clemency is asked, and also the attendan
such
whch
distriust
public
tion in passing upon the
at that stage of these important
law. To permit such obstructive tactics to
upon the case which should be taken into considera
impede the Court in due adto Craig.
receiverships had the tendency seriously
question whether or not clemency should be extended
premises.
the
in
follows:
as
justice
ally
ministration of
defendant was found guilty
The reasons advanced in his behalf are substanti
the
trial
"After due procedure and extended
nment of the City of New York of contempt on Feb. 141921.
(1) The Board of Estimate and Apportio
accused of. or tried for,
not
was
t
guilty
defendan
though
the
city,
of
ler
"The record shows that
deplores that one of its members. the Comptrol incarcerated in jail because
no question of free speech was
be
personal criticism of the Court, and that
of no act involving moral turpitude, may
do
anything
to
unable
itself
finds
.
States
Involved
the Supreme Court of the United
never asked for any records
to the question of pro"Defendant under oath admitted that he haddenied him.
for his relief, since it had to confine itself simply
the case.
or information, and that access had ever been the
cedure and could not look into the merits of and
defendant guilty of conholding
Board
of
the
1921,
a
member
14
Feb.
"My opinion dated
(2) That as chief financial officer of the city
opinion through a tempt, stated:
of Estimate and Apportionment Craig expressedofanthe
the Court does not concern
y
ordinaril
he
which
that
Court,
repeat
to
be
well
presence
may
in
the
'It
not
and
"
letter to a State official
it interfere with the
the circumstances.
itself with attacks of a personal nature nor should
criticism
undoubtedly believed was warranted under
ation was fullest exercise of the right to criticize freely. Whether such can
only
(3) That the rational presumption is that such aincommunic
sy; it
controver
to
descend
ation
administr
cannot
the
Court
the
interest
unjust,
be just or
may
prompted by a desire to protect the public
its
conduct
gs
happenin
actual
hope that in the light of the facts and
of his office.
injustice
great
a
that
n
time.
due
convictio
in
od
deep
a
by
understo
be
officials
(4) That the Board is impelled
public
to
denied
has
court
the
that
"'A charge, however, either
has been done to one of its members.
properties being
powers and
sources of information in respect of
a policy
(5) That the enforcement of the sentence might impair the ation of the any access to originalcourt
or that it has adopted and practiced
administered by the
impede the work of the Board as well as the financial administr
can be made
which
charges
such access is one of the gravest
denying
of
City of New York.
ng to Jail an outspoken against a court.
(6) That the precedent of summarily committi
office, but is also
jury might operate to deny
"'The defendant is not only the incumbent of a high
all in
public official without the benefit of a trial by
fear instead of courage a member of the bar of this court. It is manifestly his duty to do which
instill
and
acts
official
of
criticism
open
of
with
the right
wrong
a
not
is
It
done.
mishas
he
popular
ad
wrong
a
the
widespre
to
lead
and
repair
to
office
his power
no
reason
that
in the administration of public
for
and
sense,
of
may incur the displeasure
the Judge concerns himself in a personal
ed
conception of the integrity of officials who in
themselves may be strictly personal apology is desired nor required. The wrong has been perpetrat
which
judicial tribunals because of cricitisms
justice.
of
ation
against the administr
promptly
is
t
within the bounds of truth and justice.
defendan
the
of
tion of the
"'The reparation which is within the power
(7) That the Board feels that the condemantion and incarcera
ed rename and credit of the to make and file in the office of the clerk of the court an unqualifi
Comptroller may work irreparable injury to the
g the court. referred to in Paraation of justice.
traction of the false statements respectin
City of New York and to the administr
ence the graphs 1, 2, 3. and 4 of the information.'
(8) That because of the procedure in our system of jurisprud
sentence was imposed on
of his peers or to
"The defendant did not file a retraction and
Comptroller was not permitted to have a trial by a Jury
was his Feb. 24 1921.
who
Judge
the
than
other
one
by
some
d
considere
facts
have the
opinion of the Supreme
the
in
stated
clearly
is
action
nt
subseque
"His
accuser.
States as follows:
(9) That because of technicalities the Supreme Court found itself without Court of the United
t) found himself aggrieved by the
defendan
(the
latter
the
merits..
its
on
"'When
case
the
of
he
power to dispose
nment decree his remedy by appwal was plain. Neglecting that course,
gs, and
(10) And, therefore, that the Board of Estimate and Apportio
19 asked a single Judge to review and upset the entire proceedin
requests a review of the case in the belief that such a review will result
order. . . the course
favorable
the
from
appeal
no
was
there
now claims
the correction of a grave injustice.
review of either proceedings by
taken indicates studied purpose to excape
ate consens an Appellate court. Petitioner may not complain of unfortun
The foregoing reasons in many instances intermingle and are repetitio
to himself.'
quences
that
e
in
States
substanc
are
defendant
and
United
s
the
argument
of
the
same
Court
of
In slightly different form
"Since the decision of the Supreme
who merely
in which he justifies himself in having made
a State official though guilty of no act involving moral turpitude
has made a public statement that
not
will
retract
and
retracted
not
has
he
s;
cona matter
the original false statement
expressed his honest, sincere opinion to associate officials in
to be imprisoned the same, and states:
to the United
of
appeal
omission
the
over
cerning which he and they had an official interest, is about
shed
be
"'No tears need
by jury or review on
Judge Mayer is himself a member,
through no fault of his own, without the benefit of trial
States Circuit Court of Appeals, of which
sentenced: that this the only effect of which would have been that the service of the sentence
the merits by any one except the Judge by whom he was
prospect. Every lawyer familiar
in
merely
of
instead
and that the right would now be history
is due, in a measure, to the fault of our judicial system
will understand the merits of procedure
with conditions in these courts
involved.
effort to review and reverse the
an
of
futility
the
against
of freedom of speech under the Constitution is
corpus
d and misleading as by habeas
Circuit Court.'
The fact is that such representations are as unfounde
facts of the District Judge in his own
time of the decree was composed
the
the
at
upon
t
Appeals
defendan
of
the
Court
of
attack
Circuit
libelous
"The
was the false, malicious and
and I did not become a
The publication of Judges Ward, Rogers. Hough and Manton, thereafte
r.
Court, which he broadcasted through the public press.
until nearly eight months
upon the honor and integrity member of that court to
on for the pardon of
applicati
that
state
you
me
telegram
of falsehood. calculated and intended to reflect
"In your
, together
presented
to
been
declines
r
has
,
the
contemne
false,
Copeland
the defendant. signed by Senatormembers of the Board of Estimate and
of a court and which, though known to be
turpitude.
with a petition signed by the
would
sentence
the
of
retract but reiterates. is an act involving moral
ent
enforcem
that
s
e criticism of a Apportionment, which represent
the finanIn such an attitude no question is presented of legitimat
the work of that Boerd. as well as
from proper criticism. impair the power andofimpede
and would work
nt,
Governme
City's
York
New
court. No person claims that a court is exempt
administration
You desire me to
, and no thinking cial
Irreparable injury to the name and credit of the city.
Proper criticism,however, means honest, truthful criticism
all extension
the right of advise you whether, under the circumstances cited. I opposeimposed.
person will claim that such freedom of utterance carries with it
sentence
the
of
remission
of
form
in the
clemency
e
l
Executiv
and
untruthfu
malicious
false,
circulate
and
defame
as Supreme
falsify,
es.
to
appreciat
criminal libel,
"I gather from this that the Department
a matter pending
statements reflecting upon the rectitude of a court in
stated:
Court
now before
case
the
about
"'On the merits there is nothing unusual
before it, which must tend to destroy its usefulness and bring into disrepute
an ordinary contempt
us. . . . The matter heard by Judge Mayer was
and contempt our judicial system.
proceeding.'
I am now requested to
Such was the offense of Craig, in which he persists.
"And that the only aspect of the case to which
t
or withholding of Executive
If a person who has caused to be circulated a false or malicious statemen
direct my attention in respect of the granting
of the defendant
position
official
is
no longer in question clemency is that which arises out of the
retracts when shown his error. his moral turpitude
if deprived of
of his utterances, though shown and the damage which it is stated would result to the city
and belief may be retained in the sincerity
the
sentence.
while he is serving
services
his
of
r's
statethe
t. it seems
the
falseness
contemne
here,
paramoun
as
where,
are
to be incorrect; but
"If the defendant feels that his public duties
be untrue, and he still refuses to
of the false statements made
ments is proven and known by him to
to me that retraction by the defendant now
clemency
such
of
exercise
the
to
said of his moral rectitude and by him would furnish a proper prerequisite
retract and persists therein, what shall be
reasons above suggested to
as the Executive might feel desirable for the
the sincerity of his Intent?
t.
He was adjudged guilty of contempt extend to the defendan
in your telegram and
This is not Craig's first offense.
"In answer to the direct question contAinid
of justice and
Manning in the case of Schieffelin vs. HyIan, speaking on behalf of the court and the due administration any
Executive
of court by Mr. Justice
I oppose
tion
considera
nt, Appellate Division, New York Supreme not at all in respect of any personal
the effect of approving, or
Craig et al., Second Departme
have
would
t
which
defendan
this
to
was sentenced Dec. 3 1919 to pay a fine. clemency
due administrathe
and
Court
the
toward
Court, and on refusal to retract
to approve, his conduct
would not oppose any
Division, which affirmed the judgment seemingjustice.
If that is safeguarded I, of course, respect
Craig appealed to the Appellate
of
of the request
Appeals refused to review. He finally tion
wise to take in
action the Executive might deem It City
in order to avoid
without opinion, and the Court of
York
New
of
, until an order to committ him of the municipal authorities of the
Finance Department. Nor
paid the fine but not, so 1 am informed
its
of
ation
the
administr
with
nce
d to the Court. This contempt interfere
defendant shall have reto jail for failing to do so had been submitte
oppose Executive clemency after the
as Comptroller.and because of his would Ithe false statements for which he was adjudged guilty."
also was in connection with his office
tracted
that whatever action
ng
to
by
order
attitude
Court.
the
restraini
a
of
I thoroughly agree with Judge Mayor's
determination, in contravention
of approving, or seeming to
the Board of Estimate and Apporput Into effect a resolution adopted by
be taken it should not have the effect
may
urges the pardon of Craig for
Court, and should not be in
tionment, which Board now so strongly
approve, the conduct of Craig toward the
Court for the Southern District
on.
vindicati
a
his contempt of the United States District
sense
any
is the apparent willingness
of New York.
The serious point in the situation presented
matter of contempts. He is a
ed and misinformed persons to
uninform
Craig, therefore, is no novice in the
ss,
many
thoughtle
of
part
the
that when he resorted to habeas on
of speech and
lawyer and it cannot be fairly thought
this character into a question of freedom
instance he did not know and realize turn anything of
med in the
corpus proceedings in the present
That many people have been thus misinfor
liberty.
personal
merits.
of
his
review
its
case on
possible
nt, for violation
that he was thereby preventing any
case is undoubtedly the primary object of punishme
present
that
to
ties
owing
advanced
generally,
technicali
This Is a complete reply to the claim
effect, not only on the culprit, but upon the public
dispose of the case on its merits and of law is its
the enforcement of a sentence
that
apparent
the Supremo Court was unable to
seems
it
here,
as
has
when,
himself
and
the sentencing judge
the duty of the
that no court or other tribunal than
far-reaching injurious effect, it is obviously
case on its merits. It was not the may have a
a deterhad an opportunity to examine the
that element into consideration in reaching
take
to
e
Executiv
not
entirely
by
an
was
reviewed
case
fault of our judicial system that his
mination.
ely
he
:
because
but.
deliberat
tribunals
such
whether Craig's criticism
different tribunal, in fact by two
There is also involved in this case the question
where, by no possibility, could his case be
administration of justice rather
placed himself in a position
ties it is because he raised constituted an attempt to obstruct the
technicali
been
have
there
If
Court for its failure to appoint
thus reviewed.
than a mere ill-tempered.attack upon the
them.
them, and sought to escape under
The fact that some of his statements were untrue
.
-'receiver
co
a
of
to
him
Crate.
executive
clemency
extension
Regarding the question of an
with the primary issue whether there was any
Judge Mayer and received an expression of should not be confused
in the court, intended
I have communicated with
obstruction to the future conduct of the case
the
ing
real
of
ce
and
far-reach
importan
great
the
of
because
his views which,
attempted, by the defendant.
full:
or
in
quote
I
tion.
considera
matter unoer
the Judge, but that wrong
The letter was undoubtedly a libel upon
dge receipt of your telegram of Nov.281923.
action, and there is a wide di"I have the honor to acknowle
me to recite the details of the case because the could have been met by civil or criminal
"It is unnecessary forhas
prosecuted it from the beginning, when the vergence of thought as to whether the situation justified the proceeding
Department of Justice
Francis G. Carey, United States Attorney
on that point and believe that
information was filed by Hon.
for contempt. 1 have no doubt whatever
York.
for the Southern District of New
2504
THE CHRONICLE
the Court's action was fully justified in order to protect the honor, dignity
and usefulness of the Court.
The further fact is presented that, whether or not Craig chose the right
course of procedure, the courts did not have opportunity to pass upon the
important question involved, which is a matter of great and growing
Interest throughout the country, Craig is solely responsible for the Circuit
Court and the Supreme Court not being permitted to pass upon the merits
of the case.
Craig's imprisonment, therefore, is not the greatest or most important
question involved in the controversy. From his attitude he seems willing,
if not desirous, to assume the attitude of a martyr, and it is conceivable
that he would be more disappointed and punished by not being required
to go to jail than he would be by serving his sentence.
In addition to the foregoing it is urged that Craig's services are necessary for the public service in the position which he occupies and that his
imprisonment will have an injurious effect upon the administration of the
affairs of the City of New York. I am not impressed by this argument.
He claimed he had time to be co-receiver. There can be no affairs of any
municipality comparable to the importance of maintaining the dignity,
honor and usefulness of a Federal Court, nor is any local. State or municipal
officer of sufficient importance to make him immune from punishment
when he vilifies attempts to coerce and create public sentiment against
a United States Court.
On the whole, however, in view of the considerations above suggested,
and taking into account the official position which Craig holds, his sentence
may seem rather severe. In addition to this the fact that, though by his
own fault, no court has had opportunity to review the case on its merits,
is a matter to be considered.
My conclusion is that irrespective of what Craig, by his arrogance
personally then and now, justly deserves, the situation would best be
met by a remission of the imprisonment imposed by the sentence.
.
I advise that this be done.
Respectfully,
H. M. DAUGHERTY, Attorney-General.
[Vol,. 117.
"Acceptance, as well as delivery, of a pardon is essential to Its vitality;
if
rejected by the person to whom it is tendered the Court has no power to
force it on him."
This principle is confirmed in an unbroken line of decisions of the Supreme
Court of the United States. Its reasons were expressed in a very recent decision of that Court, as follows:
"Circumstances may be made to bring innocence under the penalties of
the law. If so brought, escape by confession of guilt, implied in the acceptcnce of a pardon, may be rejected—preferring to be the victim of the law
rather than its acknowledged transgressor—preferring death even to such
certain infamy."
As if to add insult to Injury, Attorney-General Daugherty, manifestly intending to deny the right so clearly confirmed by the Supreme Court, advised the President to act above the law by a remission of sentence proposed
to be made operative by Executive order. No remission of sentence can be
made except as expressed in a pardon granted by the President under his
Constitutional powers. Unless there is a pardon, there can be no remission.
But no pardon has any effect unless accepted.
The Attorney-General's advice was, therefore, manifestly a fraud upon
the law. If countenanced it opens the way for unlimited abuse of power by
the Daugherty process. Wholesale jail delivery would be made possible
by the device of mere Executive order to be issued at the instance of the Attorney-General in the cases of political and other favorites, without assuming the responsibllity of exercising the pardoning power.
Mr. Daugherty,as is well known,is an expert on pardons, or, as it may be
said, an expert for profit, as was evidenced by his procurance of a pardon
for Charles W.Morse.
The circumstances made to bring the official conduct of the Comptroller
under the penalty of the law, the innocence of which has been sullied by a
decision of Federal Judge Mayer in his own favor and by Attorney-General
Daugherty in the appeal prosecuted by him to assist Judge Mayer in upholding his decision and sentence of sixty days in the Essex County Jail,
relate to the receivership of public utility corporations in the Southern
District of New York.
Comptroller Craig's statement of Dec. 5 follows:
The Brooklyn Rapid Transit Co.and its affiliated corporations have their
legal
residence in Brooklyn. which is within the jurisdiction of the United
Late this afternoon Comptroller Craig received by telephone from Washington a copy of the pardon granted by President Coolidge, which was States Court for the Eastern District of New York, held in Brooklyn. The
signed by him after 4 o'clock and which, it was stated in Washington, Acts of Congress upon the sole basis of which these public utility corporations are able to obtain the protection of receiverships in Federal courts
will be transmitted by special messenger for delivery to the Comptroller.
Contrary to all of the statements of Attorney-General Daugherty. the confer jurisdiction where the plaintiff and the defendants are citizens of
different
States; but these Acts require that the defendants must be sued
document is an unconditional and unqualified pardon by the President. No
reference of any kind is made to the Attorney-General or any recommenda- in their own judicial districts.
The court of which Judge Mayer is a member is in the Southern
tion by him. There is nothing whatever in it to indicate or imply that the
District
President has even so much as heard from Mr. Daugherty. The form of the of New York, the boundary line between the Southern District and the
Eastern
District
being
the
East
River. The records show that the compardon is practically identical with that used by every President from
Washington down to the present time and follows the forms used from the plaint by a Pennsylvania corporation against the Brooklyn Rapid Transit
Co. was filed, simultaneously with the latter's answer
admitting the alledays of Magna Charts.
gations of the complaint, at 8:40 p. m. on Dec. 31 1918, which
was some
These forms sometimes contain the word "pardon."sometimes contain the
time after dark and the official closing hour of the clerk's office
word "remission" and sometimes both. It is a matter of verbiage and not
in that
court. Although the law requires that the Brooklyn Rapid
Transit Co.
of substance. Whatever the language, the instrument is a pardon. In the
should have been sued in Brooklyn, which is in the Eastern
present case it is free from conditions. President Coolidge is careful to
District of
New York, for some reason, which the public is entitled to know, the
suit
point out that the decision of the Supreme Court merely sustained Judge
was brought where, after the close of business on the last day of the
Mayer on the question of jurisdiction, as distinguished from the merits.
year
1918, it would land in the lap of the Hon. Julius M. Mayer in the Southern
President Coolidge's Orders.
District of New York.
The surrounding circumstances indicate a preconceived design by all
It is as follows:
of
the
parties to keep this receivership away from the Justices of Brooklyn,
CALVIN COOLIDGE,
where,
if
anywhere,
belonged,
it
and to strip the Federal Judges in the
The President of the United States of America.
Eastern District of the jurisdiction rightfully belonging to them, and to
To AU Whom These Presents Shall Come—Greeting:
Whereas. Charles L. Craig was charged in the United States District bring the conduct of these receiverships, the administration of these properCourt for the Southern District of New York with contempt of court, and ties by the court and the discharge of their obligations
to the City of New
after trial before Honorable Julius M. Mayer was adjudged guilty, and on
Feb. 24 1921 was sentenced to imprisonment for sixty days in the Essex York under the supervision and control of Judge Julius M. Mayer, in the
Borough of Manhattan. the Southern District of New York.
County Jail, Newark, New Jersey; and
Whereas, The said Charles L. Craig made application to Honorable
It is to be remembered that the State courts of the State of New York
Martin T. Manton, at that time United States District Judge, for discharge have complete
jurisdiction to dispose of every question that could be inon a writ of habeas corpus, which petition was granted by Judge Manton
volved
in the receiverships of these public utility corporations. There
April 29 1921; and
was,
Whereas, An appeal was taken to the United States Circuit Court of therefore, a manifest purpose not only to withdraw these
receiverships from
Appeals, Second Circuit, which Court on May 22 1922 reversed the order the courts of the State
of
New
York
but also to withdraw them from the
of Judge Manton; and
Whereas, The Supreme Court of the United States on Nov. 19 1923 Eastern Judicial District of the Federal courts and to bring them under
affirmed the decision of the Circuit Court of Appeals, thereby sustaining the personal conduct of Judge Mayer.
the jurisdiction of Judge Mayer:
Immediately upon the filing of the complaint and the defendant's
answer,
Now, Therefore, Be it known that I, Calvin Coolidge, President of the
United States of America, in consideration of the premises. divers good and Judge Mayer made an order appointing Lindley M. Garrison receiver
sufficient reasons me thereunto moving, do hereby remit the imprisonment of the properties and assets of the Brooklyn Rapid Transit Co. and two
of Its affiliated corporations.
imposed by the said sentence.
In testimony whereof I have hereunto signed my name and caused the
This order provided that there be placed in the possession
of such reseal of the Department of Justice to be affixed.
ceiver
all "books of account, records and other books, papers and accounts,
Done in the District of Columbia this third day of December in the
Year of Our Lord One Thousand Nine Hundred and Twenty-three, and of cash in bank, on deposit and in hand, money, debts, things in action.
the Independence of the United States the One Hundredth and Forty-010th. credits, stocks, bonds, evidences of indebtedness, securities, deeds,
leases.
CALVIN COOLIDGE.
contracts, muniments of title, bills receivable, rents, issues, profits and
By the President:
income accruing and to accrue, as well as all interest, easements, privileges
H. M. DAUGHERTY, Attorney-General.
and franchises, and all assets of every kind, character and description
The New York State Constitution provides:
of each of the defendants herein."
It further provided that the defendant "and all other persons
"Every citizen may freely speak, write and publish his sentiments on all
claiming
subjects, being responsible for the abuse of that right; and no law shall be to act by, through or under said defendants, or any of them, are hereby
passed to restrain or abridge the liberty of speech or of the press. In all enjoined from interfering in any way whatever with the
possession or
criminal prosecutions or indictments for libels the truth may be given in management of
any part of the property over which the receiver is hereby
evidence to the jury; and if it shall appear to the jury that the matter
as libelous is true and was published with good motives and for appointed, or interfering in any way to prevent the discharge of his duties
gisrgleadble ends, the party shall be acquitted, and the jury shall have the or his operation of said property."
right to determine the law and the fact."
No one can dispute that this order placed in the possession and
control
of the receiver all of the original sources of information in
regard to the
The Constitution of the United States Provides:
property and affairs of these corporations, whose possession and
control
"Congress shall make no law respecting an establishment of religion or was exclusive of all others. No one can dispute that any
interference with
prohibiting the free exercise thereof, or abridging the freedom of speech, or the receiver's
possession and control thereof would have been summarily
of the press, or the right of the people to peaceably assemble and to petition
punished as a contempt by the Judge appointing the receiver.
the Government for a redress of grievances."
The order further provides that "any party in interest tray
apply for
Judge Mayer and Attorney-General Daugherty make scraps of paper further direction."
That means to the undersighed. Julius M. Mayer.
of these fundamental rights.
Under well-understood Federal procedure the operation and
The communication addressed to the President by Attorney-General
effect of
Daugherty is a confession that the form of trial and sentence by Federal that order was to preclude applications being made to any other
court
Judge Julius M.Mayer are indefensible. It is an unwilling confession forced or Judge.
On Jan. 15 1919 the Corporation Counsel of the City of New York, in
from Attorney-General Daugherty by the third degree of public opinion;
but it is nevertheless a confession of indefensible conduct by Judge Mayer accordance with the directions of the Board of Estimate and Apportionand Attorney-General Daugherty, who came to his rescue and used the name ment, presented an application for the appointment of the Comptroller
of the United States of America to prosecute an appeal from the order of of the City of New York as co-receiver to serve without pay. As Judge
Judge Manton, in which the people of the United States had no interest of Mayer well understood, this application, if granted, would have given
any kind whatsoever, and in which prosecution the Attorney,General has the Comptroller and other members of the Board of Estimate and Apportionment free and unrestrained access to the original sources of information
been engaged down to the present time.
Attorney-General Daugherty's confession is accompanied by cries, in regard to the property and affairs of these public utility corporations.
groans and squawks intended to mislead the public as to its true character. A denial of such application was a denial of such access, and the original
His recommendations to the President involved a device that is a fraud sources of information were left in the exclusive control and possession
upon the law. The President has power to grant pardons. But no pardon of the receiver agreed to by the companies and appointed by the Court.
granted by the President has any effect unless and until accepted by the No one understood this more clearly than Judge Julius M. Mayer.
person pardoned and to whom it must be delivered.
Judge Mayer also well understood that it is a very common practice
In receiverships in the Federal courts where there are conflicting interests
Very recently the Supreme Court of the United States held:
DEC.8 1923.]
THE CHRONTCLE
to appoint two or three receivers. As soon as the argument was concluded upon the city's application for the appointment of a co-receiver
It was summarily denied from the bench by Judge Mayer. A few weeks
later Judge Mayer's policy of appointing a single receiver acceptable to
the parties in interest was followed in the case of the New York Railways
Co. and the various surface lines in the Borough of Manhattan, when all
of the books and records and all other sources of information passed into
the exclusive possession and control of Job E. Hedges,the receiver appointed
in that proceeding.
From the very inception of these receiverships a most determined drive
was made on the part of the companies to obtain increases in fare. No stone
was left unturned in this effort.
Determined attempts were made to stampede the municipal authorities
of the City of New York to consent to release the various transit companies
from the obligations contained in their franchises and contracts for a 5-cent
fare.
An increase in the rate of fare from 5 cents to Scents, as demanded by the
companies, would have taken from the people of New York City $60,000,000
a year and transferred it to those interested in the receiverships. One of the
express purposes of the conference called by Public Service Commissioner
Nixon for Oct. 6 1919 was "a flexible fare to be instituted, automatically
adjusted to meet the cost of service."
A cost-plus fare was even better for the transit companies than an 8-cent
fare, because it imposed no limit.
Up to the time of the Nixon conference the orders made by Judge Mayer
in the B. R. T. and New York Railways receiverships, placing those receivers in the exclusive control of all of the books, papers and records and all
other original sources of information in relation to the property and affairs
of such companies, remained unmodified. If Judge Mayer or AttorneyGeneral Daugherty can produce the order of the District Court of the
United States signed by Judge Mayer that modified the provisions of the
receivership orders, palcing the receivers in the exclusive possession of all
the books, records and other original sources of information in regard to
the property and affairs of these corporations, they are entitled to ask for a
retraction. No such order can be produced. Until it can be produced the
retraction must come from Judge Mayer and Attorney-General Daugherty.
It still remains true that the necessary effect of these orders was precisely
as set forth in my official letter to Public Service Commissioner Nixon, dated
the 6th of October, 1919, explaining the reasons why it was impossible to
attend and participate in the conference to grant a flexible fare and other
concessions to the traction companies.
Numerous statements have been furnished to the press on behalf of Judge
Mayer and Attorney-General Daugherty that upon the "trial" before
Judge Mayer I admitted the falsity of the statements in the letter to Commissioner Nixon. There is no foundation for any such statement in the
record or elsewhere.
Judge Mayer and the Attorney-General seem to have assumed that notwithstanding the character of the orders made in denying the city's application for a co-receiver, it was expected that if the members of the Board
of Estimate and Apportionment applied to the receivers for specific bits of
information that, just as the rich man gave poor Lazarus a few crumbs
from his table, the receivers might dole out such information as they saw
fit to the municipal authorities. It was because neither the Comptroller
nor any other public official assumed the role of Lazarus that Judge Mayer
decided that no access to information had been actually requested and therefore none was actually denied. This is the subterfuge that underlies Judge
Mayor's decision and sentence for contempt.
It still remains true that the receivers appointed by him are in the exclusive possession, under his orders, of all of the original sources of information in regard to the property and affairs of these various public utility corporations, and that no one dare interfere with such control and possession
under penalty of summary punishment for contempt.
Thus, to use the language of the Supreme Court of the United States:
"Circumstances may be made to bring innocence under the penalties of the
law."
It was well said by Mr. Justice Oliver Wendell Holmes, and concurred in
by Mr. Justice Brandeis, that what Judge Mayer did "was more than an
abuse of power."
Judge Manton and Judge Learned Hand of the Circuit Court of Appeals
had expressed views to the same effect.
The whole tenor of Attorney-General Daugherty's recommendations is
to fasten upon the American people the oppressive exercise of extra-judicial
authority and repression of fair criticism, and to abridge the freedom of
speech and of the press in relation to any matter that a Federal Judge may
deem objectionable.
The question of the Comptroller's personal imprisonment is a matter of
slight concern. But the usurpation of power proposed by Attorney-General
Daugherty is as much a blow at the rights of the American people as Is the
conduct of Judges like Julius M. Mayer.
The whole conduct of the Attorney-General savors of political cowardice.
Unwilling to face the American people upon a question of fundamctal
right, he resotrs to falsehood, villification and subterfuge.
Mr. Daugherty obtained the very thing he sought when he took up the
cudgels for Judge Mayer for two years ago and prosecuted appeals from
Judge Manton's order of discharge. The object of his action then was to
uphold Judge Mayer in a sentence of sixty days in a New Jersey jail, and to
intimidate and silence every one who. in the performance of duty, would be
impelled to make a proper protest against oppressive judicial action in the
Federal courts.
While President Coolidge received the recommendations, and doubtless
read the statements of Attorney-General Daugherty, there is nothing
whatever in the pardon signed by the President to indicate the slightest sympathy
on his part, with the statements and conduct of the Attorney-General.
In
fact ttle President was careful to exclude from the pardon signed by
him
even so much as a reference to the communication from the AttorneyGeneral.
While the steps taken in the various court proceedings were recited in
the
pardon, according to their dates, no allusion whatever was made to
any
action of the Attorney-General.
2505
do anything for his relief, since it had to confine itself simply to the question
of procedure and could not look into the merits of his case."
Comptroller Craig had been invited by Public Service Commissioner
Nixon to attend a conference. Instead of so doing, he wrote a letter
expressing his views in regard to the appointment of receivers for the
Brooklyn Rapid Transit Co.—the operator of more than $100,000,000
of transit properties owned by the City of New York. As the chieffinancial
officer of the city and a member of the Board of Estimate and Apportionment he expressed an opinion through a letter to a State official and not
in the presence of the court, which he undoubtedly believed was warranted
by the circumstances. The rational presumption is that such a communication was prompted by a desire to protect the public interest in the
administration of his office to which he had been elected and has since
been re-elected.
This Board is impelled by a deep conviction that a great injustice has
been done to one of its members, which, if the sentence be carried out.
may impair the power and impede the work of this Board as well as the
financial administration of New York City's million dollar a day Government.
This Board also feels that the precedent thus established of summarily
committing to jail an outspoken public official without the benefit of a
trial by jury may become so extensively pernicious as to completely deny
the right of open criticism of official acts, to instill fear instead of courage
to the administration of public office and to lead to a widespread Popular
misconception of the integrity and ability of officials who may incur the
displeasure of judicial tribunals because of criticisms which in themselves
may be strictly within the bounds of truth and justice.
Further, this Board feels that the condemnation and incarceration of
the Comptroller may work irreparable injury to the name and credit of
the City of New York and to the administration of justice.
Because of the time-worn procedure in our system of jurisprudence,
the Comptroller was not permitted to have a trial by jury of his peers or to
have the facts considered by someone other than the judge who was his
accuser: and because of technicalities, the United States Supreme Court
found itself without power to dispose of the case on its merits when presented to it. Such a situation we do not believe meets with approval
at the bar of public opinion and being in derogation of the spirit of our
free institutions should forthwith be rectified.
Therefore, the Board of Estimate and Approtionment of the City of
New York respectfully petitions that you review the case involving the
conviction and sentence of the Comptroller of the City of New York, in
the belief that such review will result in the correction of a grave injustice.
May we further suggest the consideration by you of a recommendation
in your message to the Congress at its next session that the revised statutes
and law be properly amended to the end that the constitutional guaranty
of American citizens shall be preserved and the right of free speech shall
forever remain inviolable.
Respectfully yours.
THE BOARD OF ESTIMATE AND APPORTIONMENT OF THE
CITY OF NEW YORK,
MURRAY HULBERT, Acting Mayor and Chairman.
WILLIAM T. COLLINS, Acting President Board of Aldermen.
JULMS MILLER, President Borough of Manhattan.
EDWARD RIEGELMANN, President Borough of Brooklyn.
HENRY BRUCKNER, President Borough of the Bronx.
MAURICE E. CONNOLLY, President Borough of Queens.
JOHN A. LYNCH, President Borough of Richmond.
On Nov. 27 Senator Copeland (Democrat) of New York
made formal application to the President for a pardon for
the Comptroller.
N. A. Olson Made Head oC Division of Agricultural
Finance of United States Department of
Agriculture.
Nils A. Olsen, formerly in charge of the Government seed
grain loan work in the Northwest, has been appointed by
Secretary of Agriculture Wallace to fill the vacancy as head
of the Division of Agricultural Finance caused by the
recent resignation of V. N. Valgren to enter commercial
business. The appointment took effect Nov. 30. Mr.
Olsen has been connected with the Department of Agriculture since 1919, when he entered the service to do research
work in agricultural history. In 1922 he was assigned to
the Advisory Seed Loan Committee in connection with
farmers' seed grain loans in the Northwest, and was placed
in charge of seed loan office at Grand Forks, No. Dak., to
direct the making and collecting of loans. This fall he was
Executive Secretary of the committee appointed by Secretary Wallace in connection with the preparation of the
Secretary's report to the President on the wheat situation.
Proposed Five-Year Farm Census.
The value of the proposed agricultural census in 1925 as
an aid in developing national agricultural policies is emphasized by Dr. H. C. Taylor, Chief of the Bureau of Agricultural Economics, United States Department of Agriculture.
The decision to apply to President Coolidge in behalf of "In working out the details of a properly balanced
system
Comptroller Craig was reached by the Board of Estimate and of national agriculture under normal
conditions, the basic
Apportionment of the City of New York on Nov. 26, when agricultural statistics collected in 1920
are inadequate,"
the following letter was addressed to the President:
Dr. Taylor says. He adds:
gITY OF NEW YORK.
Office of the Mayor.
November 26 1923.
Hon. Calvin Coolidge, President of the United States, Washington, D. C.
Sir —The Board of Estimate and Apportionment of the City of New
York greatly deplores that one of its members, the Comptroller of the
City of New York, though guilty of no act involving moral turpitude,
may be incarcerated for a period of sixty days in a jail In another State,
because the Supreme Court of the United States finds itself "unable to
At that time American agriculture was still in a period of readjustment
from war conditions, and the statistics reflect the transitory effects of
the war rather than to provide data from which national agricultural
policies may be developed. The various branches of American
agriculture
are now gradually working toward a more normal basis, and by
1925
will yield figures that may safely be used in planning the future
healthy
growth of the industry as a whole. The plan to make agricultural
enumerations in other than population census years is also merited
in that the
results can be made available nearer the date than the
agricultural census
is taken.
•
2506
THE CHRONICLE
Dr. Taylor says that basic agricultural statistics compiled
by the Census Bureau are continually used in connection
with the department's forecasts and estimates of crops
and livestock, in measuring the financial status of farms
and farmers, and in gauging shifts in farm population.
Every plan for agricultural progress is necessarily based
upon this information, he says. The figures also provide
business men with the information needed to plan sales
campaigns and general industrial activity, particularly in
commodities purchased by farmers.
England Interested in Boll Weevil Control—Hard Times
in English Cotton Centres Forecast.
According to the U. S. Department of Agriculture, cotton
trade centres in England are watching the fight against the
the
boll weevil in this country with anxious concern, because
situEuropean
bad
the
with
combined
ravages of the insect,
ation, have brought about a crisis in the English cotton industry. Films made by the United States Department of Agriculture, illustrating cotton production from soil preparation
to final shipment, were recently exhibited in Manchester
and Liverpool. They drew big audiences, says the Department, and aroused great interest. The Department in a
statement made public Dec.4 continues:
Comments on the films in the English textile press are very favorable.
One journal refers to them as a striking example of the "wonderful system"
the
developed by the American Government for aiding farmers, and says
paper,
pictures are of paramount interest to Lancashire people. Another
it has
however, thinks this Government might go considerably farther than
yet gone in efforts to control the boll weevil.
appears,
it
Interest in the methods of cotton growing in this country,
due to
has been tremendously stimulated in England by the near-famine
British mills
the boll wees11. When American cotton was available for the
ginning
in sufficient quantity, there was little concern about its cultivation,
mills to run
and shipping. But the present shortage, besides forcing many
find a
to
hard
is
it
half-time, has made the raw material so expensive that
against the weevil
market for the finished product. Progress in the fight
American grower of
is therefore as vital to the English spinner as it is to the
cotton.
forecast hard
Reports received by the U. S. Department of Agriculture
of men and
times for the English cotton centres this winter. Thousands
work one week
women in Lancashire are working half time. Many mills
drawing Governand close down the next. Half the time the operatives are
loss, to retain
ment unemployment doles. Some mills are running at a
But one trade
times.
their skilled employees pending a return of good
industry for
union secretary figures that 40,000 operatives have left the
good.
for the
But while the boll weevil is responsible in a considerable measure
cause of the
distress in the Lancashire cotton industry, it is not the only
or more
trouble. The general condition of the world is perhaps equally
responsible.
of
largest
In normal times, it is pointed out, India and China are the
can now
Lancashire's customers for piece goods. Neither of these countries
before the
buy more than a fraction of the manufactured cotton it purchased
used to sell
war. Formerly, says a Manchester cotton man, the Chinaman
cotton
soya beans to Germany. With the money he got for them, he bought
soya beans
goods from Lancashire. To-day the German is too poor to buy
cotton
buy
to
poor
from the Chinaman, and as a result the Chinaman is too
goods from Lancashire.
seven
And so it goes. English exports of cotton to Germany in the first
the same
months of this year fell to 14,750,000 lbs. from 22.000,000 lbs. in
of
yards
linear
period of 1923. Turkey, which in 1913 bought 360.000,000
cotton are
Cotton cloth, is now buying scarcely any. Other markets for
almost as much depressed.
felt, but
Suppressing the boll weevil would not cure this situation, it is
It would help mightily.
York Authority Asks That Belt Lines, &c.,
Port District be Excluded From Consolidation
Plans.
Announcement was made on Dec. 2 by E. H. Outerbridge,
ComChairman of the Port of New York Authority, that the
Henry
Julius
directed
have
Authority
Port
the
of
missioners
State
Cohen and Clark & LaRoe, of counsel, to ask the InterCommerce Commission to xclude the belt lines, terminals,
conetc., of the Port District from their tentative plan of
with
solidating the Central Railroad of New Jersey either
the New York Central or the Baltimore & Ohio, pending a
study of the terminal question as recommended by Messrs.
Ripley and Oldham and Senator Cummins. Should the InterState Commerce Commission deny this plea, counsel for the
Port Authority are directed to state that the "most logical
disposition of the Central Railroad of New Jersey would
seem to be with the New Yolk Central group," and should
take it the Catawissa branch of the Reading: but such
merger should be under limitations and conditions. These
ccnditions should protect the Comprehensive Plan and principles of the Port Authority in develop'ng the termihals of
the Central Railroad of New Jersey, and give to the Baltimore & Ohio adequate trunk-line service and terminal facilities for passengers and freight at Jersey City. Mr. Outerbridge's statement follows:
Port of New
of
•
stenoThe Commissioners of the Port Authority were furnished with
at the
graphic copies of the testimony in the consolidation case taken
as
the
21st.
on
closed
on
and
Nov. 16
hearing which began in Washington
[VOL. 117.
rapidly as they were available, the final minutes only reaching us on
Wednesday the 28th.
The Commissioners, having read this testimony as well as previous
testimony given by Messrs. Smith, Willard, Beater and others, and having
before them a careful analysis of all the testimony in any way relating to
matters affecting the Port of New York which had been prepared by Julius
Henry Cohen and Wilbur LaRoe Jr.. of counsel. reached definite conclusions
as to the position that counsel should take in the preparation of brief and
in oral argument.
In his testimony Mr. Basler strongly urged that the Central BE. of
New Jersey should be left as an independent terminal line—he stated it
now to be serving nine trunk lines on equal terms—soe that all could have
their car reach the terminals and industries served by that road.
Professor William Z. Ripley, advisor to the Inter-State Commerce Commission, in his report forming the appendix to the Inter-State Commerce
Commission's tentative plan, referred to the terminal situation generally
as one of such importance that it might well form a separate and special
study by the Inter-State Commerce Commission before reaching conclusions
as to consolidation, and at another point in his report states that there is
"a practically universal demand of shippers that they be able freely to exercise their routing rights by the provision of open terminals both at the point
of shipment and at destination."
Senator Cummins, Chairman of the Senate Inter-State Commerce Committee, has recently been quoted as intending to propose amendments to
the Transportation Act so as to permit this, believing that it might be
necessary.
The Inter-State Commerce Commission in its decision in the New York
Harbor case said: "It is necessary that the great terminals at the Port
of New York be made practically one, and that the separate interests of
the individual carriers, so long an insuperable obstacle to any constructive
plan of terminal development. be subordinated to the public interest."
Taking into consideration the legislation by the two States and Congress
adopting the comprehensive plan which was passed after the legislation
authorizing proposals for railway consolidations, and taking into consideration also all of the testimony, the Commissioners decided to direct counsel
First—To impress upon the Inter-State Commerce Commission the great
importance of the Port pf New York in the commerce of the nation, and to
stress the proposal as stated in its motion when the Port Authority intervened in June last in the consolidation proceedings that the belt lines, terminals, &c., within the port district should be excluded from the consolidation plan pending an independent study of the terminal question as
recommended by Messrs. Ripley, Oldham and Senator Cummins, and that
particularly at the Port of New York this question should be studied in
the light of the legislation establishing the comprehensive plan upon certain
specifically defined principles.
There is a precedent also for this in that the Inter-State Commerce Commission in its tentative plan did not include the Chicago Terminal district
in proposed consolidation.
Second—That in the event of the Inter-State Commerce Commission
reaching a final determination to recommend consolidations without a
special study of the terminal question, and therefore on the assumption
that the Central RR. of New Jersey may be aligned with some one of the
various groups proposed in the present tentative plan, the Commissioners
have directed counsel to state that in their opinion the most logical disposition of the Central BE. of New Jersey would seem to be with the New
York Central group, both because the New York Central is pre-eminently
a New York port line and because it controls to-day a better access to
Williamsport, Pa., on the Catawissa branch of the Reading and thence to
the Central RR. of New Jersey at Tamanend. and has included the CatewIssa branch in its request, and if so aligned the New York Central could
operate its own trains with its own power and crews from anywhere on its
lines west of Ashtabula all the way through to Jersey CIO%
The Baltimore & Ohio, on the other hand, must first obtain trackage
rights over the Buffalo Rochester & Pittsburgh from Butler to Dubois
and then interchange on rates and divisions with the Pennsylvania from
that point to Williamsport, Mr. Willard having testified that the Pennsylvania could not see its way to give him trackage.
This means that the Baltimore & Ohio's power and crews would have to
leave the trains at either Butler or Dubois and Baltimore & Ohio crews pick
them up again at Williamsport if that road were to get the so-called route
set up by Mr. Willard in substitution for the New York Central short route.
It is manifest, however, that the Port of New York cannot do without
and should not be deprived of the most efficient possible service of all the
trunk lines now reaching it and that if the Central RR. of New Jersey and
the Catawissa branch of the Reading should be consolidated with the Now
York Central group it should be under such limitations and conditions as
would protect—
First—The comprehensive plan and its principles in the development of
terminals and water front of the Central RR. of New Jersey: and
Second—As would permit the Baltimore & Ohio to have adequate trunk
line service in Its operations and adequate terminal facilities for passengers
and freight on the water-front properties at Jersey City.
Governor Pinchot's New Plan for Regulating Anthracite
Coal Prices—Conference Called for December 13.
A uniform system of coal-price control along the whole
line, from the mouth of the mine to the consumer's bin, is
proposed by Governor Pinchot of Pennsylvania in a plan
outlined to the Governor of 30 anthracite-consuming States.
The plan is described in a letter sent out by the Pennsylvania
Executive to the States simultaneously with a call for a
conference to discuss the situation on Dec. 13 in Harrisburg.
"I have proposed a definite and specific plan, against which
the only charge that can be made is that it is new," Governor
Pinchot wrote. The letter accompanies a record of the
proceedings of the meeting held at Harrisburg Nov. 26 by
three Governors and representatives of nine other Governors,
at which Governor Pinchot outlined his plan for reducing
hard coal prices. His plan contemplates a compact of the
anthracite-using States for co-operative regulation and a
Federal law that would prohibit price gouging. The compact
is completed, and its details were made public on Dec. 3.
The joint commission of the States would work in Pennsylvania through a State coal commission, composed, the
Governor suggests, of the Pennsylvania member of the
DEC.8 1923.]
THE CHRONICLE
joint commission, the Chairman of the State Public Service
Commission, and the State Attorney-General. A uniform
and unbroken system of control along the whole line, from
the mouth of the mine to the consumer's bin, would be
accomplished by his plan, the Governor said. It would
declare the anthracite business in all of its phases a public
utility. The Governor proposed that the anthraciteconsuming States agree that the compact shall be effective
when enough of them, including Pennsylvania, to consume
a certain percentage of the total anthracite output,shall have
ratified it, and Congress has given its consent. The exercise
of powers over inter-State commerce would be possible when
Congress has ratified the agreement for that purpose. The
District of Columbia would be embraced in the compact by
ratification by Congress. The joint commission would be
composed of five members, if Congres should not ratify
the compact, and seven if it does. In.either event, Pennsylvania would appoint one member, and should Congress
ratify the compact, the President would appoint one. Expenses of the commission would be met by a specific tax
per ton of coal. Governor Pinchot's outline referred to
previous compacts between States and between the Federal
Government and States as precedents for the course which
he suggests.
Under the heading "Outline of an Anthracite Compact,"
the Governor says:
The compact, having been ratified by States (including Pennsylvania)
which consumed any agreed percentage, say 30%, of the output in the
year 1922. could be in effect as to such ratifying States when consented
to by Congress. (Connecticut, Massachusetts, New York and Rhode
Island, for example, would, with Pennsylvania, meet that requirement.)
It would be in effect as to the District of Columbia and as to the exercise of powers over inter-State commerce when it had been ratified by
Congress for those purposes.
It should declare the anthracite coal business within the ratifying States
and District in all its phases a public utility.
It should create a joint commission of five members if the United States
does not ratify, and of seven members if it does. In the latter event
one member should be appointed by the President or as Congress may
prescribe. In any event, one member should be appointed by the
Governor of Pennsylvania in order to give special representation to that State
as the only producing State. The remaining members should be chosen
by all the ratifying States and the District of Columbia, each of them
having weight in proportion to the percentage of output consumed by
each respectively during the preceding year.
The power of the ratifying States to appoint, remove and fix salaries
of the commissioners should be exercised by delegates, one from each
State and District.
The compact should create a Pennsylvania Coal Commission, to consist of the Pennsylvania member of the joint commission as Chairman,
the Chairman of the Public Service Commission, and the Attorney-General
of Pennsylvania.
The compact should declare the mining, production of, and preparation
of anthracite coal for shipment, a public utility and should empower the
Pennsylvania Coal Commission to require uniform accounts, full reports
access to books and mines, adequate service without discrimniation, sale
f.o.b. cars at the mine at fair prices, competency of and safe working
conditions for mine workers, safety of mine property; also power
to investigate and publish the facts. It should consider any
information or
advice submitted to It by the Joint Anthracite Commission,
Suggests Power to Piz Prices.
The Joint Anthracite Commission should have power at its
discretion
to investigate all phases of the anthracite coal business and to asertain,
make public, and publish the facts in regard thereto,
especially costs
profits, wages, salaries, quality, impartiality and efficiency of service.
As to all stages of the business after the coal shall have been sold at
or
transported from the mine mouth: to fix prices; to require efficient
service
to consumers without unfair distrimination as to persons and places (or
without discrimination among communities, persons or classes of persons
under substantially similar circumstances and conditions as to domestic
fuel needs and the availability of substitutes); to authorize or require, in
its discretion, the pooling of coal delivered by any one or more persons or
corporations and the pooling of profits.
To prescribe a uniform system of accounts for any phase or phases
of
the business.
To require full reports under oath as to the financial and other aspects
of the business in detail.
To make examination of the books, papers, accounts, property
and
product of any person or corporation engaged in the business.
To fix for the benefit of producers and consumers standards
of coal
as to size, heat content, purity, availability for different uses.
&c.
To license all dealers in anthracite; to embody in such
licenses conditions for effectuating the powers of control granted by
the
to refuse such licenses In its discretion; to revoke licenses for compact;
breach of
condition; to require evidence of and make a finding that
public convenience and necessity require the issuance of a license, such
finding to
be a condition precedent to the issuance of the license; unlicensed
dealing
to be declared unlawful.
Would Apportion Supply of Coal.
To delegate In its discretion to any regulatory authority of any
ratifying
State, including the District of Columbia. the power of the
joint commission to regulate any or all phases of the anthracite business
carried on
wholly within the State to which such regulatory power is
delegated.
To raise a revenue sufficient to pay all salaries and expenses of the
joint
commission by a specific tax per ton.
To apportion the supply of coal at any time among the ratifying and
other States of the Union, and for export.
To prevent resale of coal when In the discretion of the Commission
such resale is disadvantageous to consumers as a whole.
To recommend to, advocate, or oppose before, the Inter-State Commerce Commission changes In freight rates affecting anthracite coal and
the allotment of railway facilities for transporting it.
To ascertain, publish and make public facts concerning substitutes for
anthracite coal, economies in use of fuel, and the like.
2507
To exercise any and all other powers necessary and proper to carry into
effect the powers hereby specifically granted.
The powers granted to the joint commission with respect to the regulation of inter-State commerce, except recommendations to the Inter-State
Commerce Commission concerning freight rates and the apportionment
of railway equipMent, should not be exercised unless the United States
has ratified the compact for these purposes nor against the vote of the
Commissioner representing the United States of America.
The Governor asks for an open-minded examination of the
proposed compact from the other Governors and for their
co-operation in giving it a fair trial. The proposed Federal
legislation, too, is a comprehensive piece of work,the Governor says, and as part of "unified control" it will "have more
effect than such legislation has ever had before."
The letter calls the attention of the Governors to the instructions given to Governor Pinchot by the conference to
call another meeting, and he set Dec. 13 at 2:30 o'clock in
the afternoon as the time, that date having been tentatively
agreed to at the first session.
In his letter the Governor further says:
No one doubts the need for relief. The question is not whether our
people shall be relieved, but how. Neither generalities nor denunciations
nor good wishes will relieve them. Action alone can. For that reason I
have proposed a definite and specific plan, against which the only charge
that can be made is that it is new. In view of the flourishing monopolies
which on every hand without restraint exact their toil from the average
citizen, it seems to me sound tactics to try a new way—a way of which it
can at least be said that it has not failed already.
The anthracite Industry is a monopoly. The regulation of such monopolies under the methods heretofore employed has been notoriously ineffective.
If your fellow-citizens and mine are to be relieved from the unjust burden
of extortionate prices for anthracite, we must do more than duplicate
failures of the past.
Maintains That Proposal Is Legal.
I am convinced that the proposed compact between the States offers a
practical way to reduce prices to the consumer. There can be no dispute
as to its legality. There can be no dispute that it offers a uniform and
unbroken system of control along the whole line, from the mouth of the
mine to the wnsumer's bin. It supplies, therefore, a more powerful means
to curb the exactions of monopoly than has ever yet been used in America.
If that is true, it would seem reasonable to ask for an open-minded
examination of what the proposed compact is and can do and. unless such
an examination discloses such weaknesses as we know exist in the ineffective
methods now in use, to hope for your co-operation in a full and fair trial.
I regard the support of a definite form of Federal legislation by the
Governors of the anthracite-using States as most necessary. The proposed
national law clearly shows a form which I believe will accomplish all that
Federal legislation can. But whether this or some other bill be agreed on
and enacted, If it is supported by a compact between the States it will
unquestionably, as part of a unified control, have more effect than such
legislation ever has had before.
The proposed compact need include only such of the anthracite-consuming
States as choose to relieve their citizens by joining it. Thus, if it were
agreed that the compact should become effective when approved by the
Congress of the United States and by States representing together, say,
20 or 30% of the total consumption, thcoss States, provided they included
Pennsylvania, would secure the full benefits of the proposed arrangement.
Miners" Didn't Lose Much Time Going:to_the Bank
After Strike Settlement,Says John Hays Hammond.
The following interesting sidelight on the recent settlement
of the anthracite miners' wage dispute—the Pinehot settlement, so-called—was published under a Washington dateline in the New York "Times" on Nov. 29:
John Hays Hammond, erstwhile Chairman of the United States Coal
Commission, dropped in at the White House to-day for a call on 0. Bascom
Slemp, the President's Secretary.
As he left the Executive Offices, Mr. Hammond stopped In the corridor
to chat with newspaper men who had been with him during the last coal
strike. The talk drifted to the Pinchot settlement. and some one suggested
that the miners must have been agreeably surprised when the Pennsylvania
Governor offered a 10% wage increase as the Major solution. while the
workers generally had been expecting 5% as the best offer.
"Yes." said Mr. Hammond 'a Surprise somewhat similar to that enjoyed
by a friend of mine, an old California prospector. who was approached by•
London engineer.
"'Gene,' he said, 'I think we will buy your claim. What do you want
for It?'
"'Well,' said my friend, 'I think ten thousand is a fair price.' and the
London man agreed.
-Imagine my friend's surprise when he got the check—for E10.000.
and not dollars. as he thought he had been stipulating. He didn't lose
much time getting to the bank, and neither did the miners at Harrisburg."
Pennsylvania Railroad Lays Off 500 Car Shop Employees at Wilmington, Del.
•
The Pennsylvania Railroad gave notice to 500 car shop
employees at Wilmington, Del., that on Dec. 6 they would
be laid off. This notice followed the return of practically
the entire shop force, which had been furloughed since
Nov. 22. Reduction is said to be due to lack of business.
About 2,000 men remain at the shop.
Shopmen on Delaware & Hudson Terminate 16-MonthOld Strike.
_
---ghopmen of the Delaware & Hudson RR. who had been
on strike since July 19 1922 recently voted to return to work
on the company's offer that the men apply for work as
individuals and new employees. The Delaware & Hudson
Co. says the vote means nothing, inasmuch as shops are
now fully manned.
s,2 o
THE CHRONICLE
ge Increase of Two Cents an Hour Awarded by Labor
Board to Track Foremen, Laborers and
r"
Other Employees.
reases in wages totaling approximately $628,429 were
ded to track foremen, track laborers and other employees
epresented by the United Brotherhood of Maintenance of
Way Employees and Railway Shop Laborers and the Brotherhood of Railway Station Employees, in a decision announced
on Dec. 3 by the United States Railroad Labor Board.
The increases range from 1 cent to 2 cents an hour and,
according to statisticians of the Board, affects approximately 22,612 employees of seven railroads. The parties
failed to reach a settlement after their disputes had been
remanded to them for further negotiations in a decision of
the Board issued June 30. A number of other carriers were
involved in the original controversy, but have settled. The
companies affected include the Boston & Maine RR.
Wages to Be Advanced on Philadelphia Rapid Transit.
The Philadelphia Rapid Transit Co. is to raise its basic
wage from 64 cents to 65 cents an hour Jan. 1. Any further
increase in 1924 will be paid to the trustees of the co-operative
wage dividend fund, it is stated. The average of the three
cities used as a basis for Philadelphia Rapid Transit wages
is 6734 cents an hour, Chicago being 73 cents, Detroit 70
and Cleveland 60, so on the present scale there would be
2M cents an hour to be paid to Philadelphia Rapid Transit
Wage Fund Trustees.
F. I. Kent Elected President American Acceptance
Council.
Fred I. Kent, Vice-President of the Bankers Trust Co. of
New York was elected President of the American Acceptance
Council at the annual meeting of the Council on the 6th inst.,
succeeding Paul M. Warburg. At the time of his re-election
as President of the Council last year, Mr. Warburg accepted
with the understanding that at the expiration of the term
the present year his incumbency would end. In his address
as President this week he said:
[VOL. 117.
Fifth Avenue Association as the best new building in the Fifth Avenue district
The main office of the Chemical Bank is at 270 Broadway, facing City
Hall, where it has been for 73 years. The Chemical opened as the first bank
on Broadway just 99 years ago at 216 Broadway, facing St. Paul's Church.
The Madison Avenue office will be the second office to be opened by the
Chemical Bank. Announcement regarding the first office, which will be in
the Burton Building at Fifth Avenue and 29th Street, was made some weeks
ago. The Fifth Avenue office will be opened shortly after the first of the
year.
The opening of these offices will be a fitting part of the bank's celebration next year of its one hundredth anniversary.
The Chemical Bank has been known in financial circles as "Old Bullion"
since the financial crisis of 1857, when it refused to discontinue specie payments.
The proposed opening of the Fifth Avenue office was
noted in our issue of Nov. 3, page 1962.
At the annual meeting of the Bank of Manhattan Co. of
New York City this week, P. A. Rowley was elected a director to succeed G. H. Leavitt, deceased.
The National City Bank this week announced the opening
of its new branch office at the southwest corner of 57th
Street and Seventh Avenue. This, it is stated, is the first of
the New York banks to open an office under the changed
regulations of the Comptroller of the Currency and the ruling of the Attorney-General, which permits the establishing
by national banks of offices for the receipt and payment of
deposits. The establishment.of this office places at the service of this rapidly developing business district the facilities
of the National City Bank in its general banking and compound interest departments, and makes the fourth locality
In the city in which the National City is represented.
At a meeting of the Administrative Committee of the National Association of Credit Men, held in New York on Nov.
26, the committee passed a resolution endorsing Secretary
Mellon's proposals for revision of Federal taxes which the
Secretary is urging upon the Committee of Ways and Means
of the House of Representatives, reports Mr. J. G. Geddes,
President of the Cleveland Association of Credit Men and
Vice-President of the Union Trust Co., Cleveland. The resolution passed by the Administrative Committee of the NaWe reached this accord, not because my interest in the affairs of the tional Association of Credit Men reads, in part, as follows:
Council had grown less—indeed, it is as warm and sincere as ever—but because there cannot be any doubt that in every live association there must be
rotation in honors and duties; or it grows stale.
Tax—New Procedure to Afford Taxpayer
Opportunity to File Protest.
The Bureau of Internal Revenue made the following announcement Oct. 1:
In order to be of further assistance to taxpayers in expediting the final
Income
determination of their tax liability, the Income Tax Unit of the Bureau of
Internal Revenue has adopted a new procedure in connection with reports
of revenue agents as the result of their examination of the books and records
of taxpayers for the purpose of verifying income tax returns. Instead of
transmitting the original report to the Bureau in Washington. at the same
time a copy is furnished the taxpayer, Revenue Agents in Charge of the 34
divisions into which the United States is divided, upon completion of a field
examination, will forward a copy of the report to the taxpayer with the
statement that the original report will be held for a period not to exceed
twenty days.so that the taxpayer,if he desires, may present to the Revenue
inforAgent in Charge any protests, briefs or letters, containing additional
mation. Taxpayers may also arrange oral conferences with Revenue
Agents in Charge.
or
If the taxpayer files an answer in the form of a protest, brief, letter
and
other evidence the Revenue Agent in Charge will examine the same
forwardprepare any additional comments he may deem proper to submit,
there
ing all papers to Washington for final audit, unless, in his judgment,
order
Is material variance as to the statement of facts, in which case he may
a reinvestigation.
report.
The taxpayer will be notified of amendments to the original
or brief
Should he not avail himself of the opportunity to submit a protest
within twenty days,the Revenue Agent in Charge will upon the twenty-first
taxpayer
day forward the report to Washington with the statement that the
does
has made no protest within the time specified. In the event taxpayer
not intend to file protest, and so advises the Agent in Charge, the report
will be transmitted to the Bureau without awaiting expiration of the twenty
days.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The Discount Corporation of New York announce the removal of their offices from 52 Wall Street to 58 Pine Street.
The Chemical National Bank of New York, which only
recently announced its intention to open its first office outside of its main location—this office to be established at
Fifth Avenue and 29th Street—has made known its intenof
tion to open a Madison Avenue office soon after the first
thereto
relative
following
The
statement
year.
the coming
President
was authorized on Nov. 27 by Percy H. Johnston,
of the Chemical:
Bullion," will
The Chemical National Bank of New York, known as "Old
the corner of
open a Madison Avenue office in the early part of 1924 at
Building. This was
Madison Avenue and 46th Street in the Webb St Knapp
of the
meeting
recent
the building that was awarded the gold medal at the
The onerous taxes that are required to meet the heavy expenditures of
Government, local, State and national, not only press heavily on taxpayers,
but are conducive to extravagances in Government and to unsound economic
practices in business. Such practices, by placing a premium on spending instead of saving, curtail the necessary accretion of savings and capital so necessary to healthy economic and social progress.
The reduction of Federal expenditures combined with the reduction in
taxes is therefore economically and socially of momentous importance to u,
all.
Not since the armistice has there been made so constructive and practicable
a proposal affecting the economic and social welfare of our whole nation as
that of Secretary of the Treasury Mellon.
The Administrative Committee invites the attention of business men in all
parts of the country to Secretary Mellon's constructive plan and urges upon
the House of Representatives and the Senate of the United States the advisability of translating the plan immediately into legislative action.
Local associations of credit men throughout the United
States, with a membership of over 30,000, are endeavoring
to gain the support of business men of their cities for Secretary Mellon's proposal for reduction of taxes.
On Nov. 26 Supreme Court Justice George V. Mullan received the report of George V. McLaughlin, New York State
Superintendent of Banks, as liquidator of the defunct National Thrift Bond Corporation of this city. The business
and affairs of the corporation were taken possession of by
the Superintendent on Aug. 1 1921. According to the New
York "Times" of Nov. 27 all the bondholders of the National
Thrift Co., consisting of thousands of employees of 150 industrial corporations, will be paid in full and its affairs
wound up without litigation. The creditors, other than purchasers of its bonds, will receive 58% of their claims. The
bulk of the claims, it is said, were held by the Bank of the
Manhattan Company and the Equitable Trust Co. Charles
P. Howland, counsel for the corporation, and Ingalls Kimball, the former President, appeared before Justice Mullan
and asked that the Superintendent's report be approved. No
objections to this were raised, but Justice Mullan reserved
decision until he could examine the papers. The "Times"
quoted Mr. Kimball as saying:
The capital of the corporation was impaired to such an extent that when
liquidation began it was a question whether there would be sufficient assets
to pay the expenses of liquidation. It was only by the skillful, energetic and
personal work of Superintendent McLaughlin and Samuel Rauch. Special Deputy Superintendent, that brought the collection of $150,247 of assets for the
creditors.
Reference was made to the affairs of the corporation in
the "Chronicle" of Aug. 13 1921, page 704.
DEC.8 1923.1
THE CHRONICLE
2509
Kelley Graham has been made Vice-President of the First portion of the building (the first five loors) for the occuNational Bank of Jersey City. Mr. Graham was formerly pancy of the trust company. The building is situated in the
Vice-President of the Irving Bank-Columbia Trust Co. of heart of the business section of Pittsburgh facing Fifth,
Grant and Oliver avenues and William Penn Place. The
New York.
building is in the Gothic style of architecture, but in designThe stockholders of the Hu-b Trust Co. of Boston on Nov. ing the main banking room the Grecian style has been fol27 voted to change the name of the institution to the Bank lowed, creating, it is said, a most beautiful and surprising
of Commerce & Trust Co. As we reported in these columns effect. This room is reached through massive grilled bronze
Nov. 24 (page 2292) the company recently took action to- doorways, 29 feet high and weighing 15,000 pounds each,
ward increasing its capital from $500,000 to $600,000. The from Fifth Avenue and from the corridor of the building
new capital will not, however, become operative until next which has entrances on the other avenues. The walls of the
April. The new title was adopted Dec. 3.
main banking room are finished in rusticated Tavernelle
marble from northern Italy and the floor is of Tennessee
The Commercial Bank & T- rust Co. of Bridgeport, Conn., marble, with the work spaces floored with cork. At the cenopened its new banking home at 1328-1334 Main Street last tre of the room 16 Corinthian columns of Tavernelle marble
iveek.
rise 30 feet to the ceiling. The walls of the mezzanine floor
to the impressive efGeorge H. Newhall, State Bank Commissioner for Rhode are broken by graceful arches, adding
Island, on Wednesday, Nov. 28, closed the Cosmopolitan fect of the room. The dominating idea in designing the main
banking room was to afford every comfort to customers,
Trust Co. of Providence, according to the Providence "Journal" of Nov. 29. Later on the same day Judge Antonio A. make possible the giving of the best banking service obtainobtain the greatest strength and place utility foreCapotosto in the Superior Court appointed Mr. Newhall and able, and
More than 23,000 square feet of floor space are devoted
his Deputy, Edward J. Littlefield, temporary receivers for most.
the institution, to serve without compensation. Frank D. to the banking room. The open door policy, characteristic of
Union Trust Co., has been carried out in grouping the
McKendall, the President of the Cosmopolitan Trust Co., the
officers In open spaces on either side of the entrance on Fifth
issued a statement denying that the corporation is insolvent
Avenue, with private rooms for conferences nearby. The
and declaring that a run on the bank had resulted from the
Trust Co. of Pittsburgh has a combined capital and
belief of many persons that it was a branch of the Westmin- Union
of $41,500,000 and total resources of $143,869,299.
surplus
ster Bank which was recently taken over by the Rhode
Island Hospital Trust Co. of Providence. The closed bank
Announcement was made in Toledo recently of a proposed
had a capital of $80,000 with surplus and undivided profits union of the Toledo Savings Bank & Trust
Co. (capital $600,of $14,000. According to newspaper advices from Providence 000) and the Summit Trust Co. (capital $500,000)
to form a
this week, the directors and stockholders of the trust cownew institution to be known as the Toledo Trust Co., with a
pony have been allowed one week in which to formulate a combined capital and surplus of $2,500,000,
according to the
plan for reorganization by Judge Tanner of the Superior Toledo "Blade" of Nov. 27. The consolidation is
expected to
Court. The bank has about $150,000 in Christmas funds, be completed by Jan. 1. The present capital
of the Summit
which are due to be paid Dec. 15, it is said.
Trust Co., it's said, is being increased from $500,000 to $900,and when this is effected the stockholders of each of the
000,
On Dec. 1 the Federal Trust Co. of Philadelphia formally
consolidating banks will exchange their old stock for $600,opened its new building at the corner of Broad and Federal
000 of new stock of the par valtil of $100 per share, or $1,200,streets, that city. The new structure is of Indiana limestone
000 together. In addition, $300,000 in new stock, it is underand is finished inside with Tennessee marble and Kaen stone.
stood, is to be issued by the new company within six months
A large skylight in addition to many large windows floods
to new stockholders whom its board of directors may select,
the banking rooms with light. The company was organized
any part of the issue is not disposed of in this way, it
in 1906, with capital of $125,500 and a paid-in surplus of $31,- and if
is said, it will be taken up by a syndicate at the price of $175
375. In 1920 the capital was increased to $200,000. Surplus
share. The new institution will conduct a general banking,
at present amounts to $296,000 and deposits total $4,500,000. a
The officers include Oliver P. Waldron, President; J. S. Mc- savings and trust business, it is said.
Cullough, Vice-Prudent; H. F. Richards, Vice-President,
The directors of the National Bank of Commerce of DeSecretary and Treasurer; Paul E. Ulrich and A. S. Ruggerio,
have recommended to the stockholders that the capital
troit
Assistant Secretaries and Assistant Treasurers, anil Francis
stock of the bank be increased from $1,500,000 to $2,000,000.
S. Goglia, Title and Trust Officer.
Action wil be taken by the stockholders at the annual meetThe Third National Bank of Philadelphia announces the ing in January. It is planned to offer to the stockholders
5,000 shares of the new stock at $180 a share. This will give
election of William B. Vrooman as Vice-President.
the bank $900,000 additional new working capital, and it is
A special meeting of the stockholders of the Brotherhood proposed to transfer $100,000 from the undivided profits
Savings & Trust Co. of Pittsburgh will be held on Jan. 28 for account to make the sum a round $1,000,000. With the capthe purpose of voting on a proposal to increase the capital ital increased to $2,000,000 the bank will have a surplus of
stock from $125,000 to $500,000.
$2,000,000 and undivided profits of approximately $800,000.
The formal opening of the magnificent new banking rooms
of the Union Trust Co. of Pittsburgh in the Union Trust
Building took place on Nov. 22. Internationally and nationally known bankers and business men from all parts of the
Eastern portion of the country gathered for the function. It
was estimated that during the morning 50,000 people visfted
the building, and many others were unable to gain entrance.
Secretary of the Treasury Mellon. the first President of the
company, journeyed from Washington to be present. Twentyone of the representative bankers of New York went
to
Pittsburgh by special train as guests of the institution. In
the evening a testimonial dinner was tendered Mr. Mellon.
The trust company opened for business in its new quarters
on Nov. 13. The occasion was marked by a dinner given to
the 300 employees of the bank on the night of Nov. 12 by
President H. C. McEldowney. On the Sunday preceding
the
opening (Nov. 11) more than $1,000,000,000 in money, securities, silver bar, valuable papers and prized possessions
were transported through the streets of Pittsburgh from the
old building of the company at 337 Fourth Avenue to the
vaults of the new building. More than a year ago the Union
Trust Co. purchased from the estate of H. C. Frick the Union
Arcade Building and since that time 200 skilled mechanics
have been working night and day to make ready the lower
The First State Bank of Moorhead, Minn., with capital
of $60,000 and deposits of approximately $400,000, was closed
by the State Banking Department on Nov. 28. Frozen assets
and depleted reserves were the cause of the bank's embarrassment, it is said.
The First National Bank of Princeton, Ky.,declared a
stock dividend of 100%, increasing its capital from $150,000
to $300,000, leaving a surplus fund of $150,000. The shareholders agreed to sell 50% of the increase to the public at a
price of $150 per share. This is efective Jan. 1 1924.
On Nov. 14 1923 Hugh
E. Vincent was elected a director
of the Hibernia Securities Corn., Inc. Mr. Vincent is also a
director of the D. H. Holmes Co. and the Hibernia Bank &
Trust Co. He is prominent in financial circles in New Orleans and is chiefly interested in commercial real estate.
Despite the onerous condi- tions under which Dominion
banks have been working during the past year, the Imperial
Bank of Canada (head office Toronto) was able to present
a satisfactory report to its shareholders at their annual
meeting on Nov. 28. The report, the 49th, covered the fiscal
year ended Oct. 31. It showed net profits for the period,
after deducting charges of management, making provision
2510
[VOL. 117.
THE CHRONICLE
for bad and doubtful debts, etc., etc., of $1,141,600. This
amount,together with the balance to credit of profit and loss
brought forward from the preceding year, $1,006,931, and
the sum of $338,801 from realization of real estate, made the
amount available for distribution $2,487,333, which was appropriated as follows: $840,000 to cover dividends at the
rate of 12% per annum; $70,000 to pay a bonus of 1%; $42,500 contributed to officers' and employees' pension and guarantee funds; $151,000 to pay Dominion Government taxes;
$100,000 reserved for bank premises account and $250,000
set aside for contingencies, leaving a talance of $1,033,833
to be carried forward to next year's profit and loss account.
Total assets of the institution as of Oct. 31 were $118,680,555,
of which cash and other liquid assets amounted to $55,785,350. Total deposits were shown at $89,442,750. The paid-in
capital of the bank is $7,000,000 and its reserve fund $7,500,000. Peleg Howland is President and A. E. Phipps is General Manager.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Except that the tendency of the railroad shares has been
strongly upward, the stock market the present week has been
somewhat confused and uncertain and appeared to be marking time pending the organization of Congress and the promulgation of President Coolidge's message. While certain
groups of stocks displayed moderate strength, price movements generally were irregular. The main interest centered
in the railroad issues, many of that group showing unusual
strength in the daily trading. On Saturday the market resumed its upward movement of the previous day. At the
beginning of the new week prices opened fractionally higher
than Saturday's closing, remaining fairly steady during the
morning session. In the afternoon trading a brisk downward reaction eliminated practically all of the gains of the
early morning. In the opening hour on Tuesday the market
continued the downward reaction of the preceding day, but
large buying orders in the railroad section soon had a steadying effect on the general list. The chief interest in the tradAgain referring to the affairs of the failed Home Bank of ing centered in Erie, Southern RR. and Pennsylvania issues,
Canada, a press dispatch from Toronto under date of Nov. each of which advanced a point or more. The advance of
28, printed in the Montreal "Gazette" of the following day, Erie shares to new high levels for the year was the presaid, in part:
dominating feature of the stock market on Wednesday
Following a conference between Premier Ferguson (Premier of Ontario),
Attorney-General W. F. Nickle, and G. T. Clarkson, liquidator for the Home morning. In the late afternoon Southern RR. became unBank of Canada, the Government decided to waive for a period of 18 months usually active, going up two points to a new high level for
its prior right to the full payment of $1,500,000 of provincial moneys on
1923. The strength of the railroad shares was again in evideposit with the bank.
"In order that the depositors, many of them being sorely in need of money, dence in the trading on Thursday when a brisk downward
might receive the 25% interim payment, the Government has decided to reaction was quickly checked by the dealings in this group.
waive its prior claim for 18 months in order that the small depositor might
The tone was again strong on Friday, with the railroad issues
receive sonic money almost immediately," stated the Premier.
"This decision was reached by the Government this morning following a continuing in the foreground. In the afternoon trading
conference between Mr. Clarkson and myself."
%. The advances in the
New York Central went to 1063
The Government is not waiving all claim to the money, but is allowing the
list
numerous
the day closed.
as
fairly
general
were
demands.
which
Government's
in
meet
period
to
longer
the
a
liquidator
Now that the Government has decided to waive its prior claim, it is stated,
from other sources, that the payment of the 25% dividend to the depositors
will commence as speedily as possible.
Special depositors' committees have waited on Premier Ferguson a number
of times in an effort to have the Government give up its priority claim altogether, but the Government was not prepared to go so far as this.
"The deferment which we have granted will work almost as well," said
the Premier, following the conference to-day. "According to the law we would be entitled to press our claim for the full
amount of our deposit. That would mean that the depositors would be deprived of an immediate payment. I think we have done our part. The matter is now closed."
. The Government deposit will bear interest at 3%, it is
said. As the amount involved would otherwise have had to
be borrowed from the Canadian Bankers' Association at 5%,
this will mean, it is stated, a saving to the depositors of approximately 2%, or about $37,000.
THE CURB MARKET.
There was a generally strong undertone to Curb Market
trading throughout the week, which became more pronounced
following the President's message to Congress. Trading was
active and while price movements showed the effect of some
profit-taking, the close shoed the list generally higher.
Oil stocks were the principal features. Continental Oil sold
up from 3934 to 43% and Cumberland Pipe Line from
5 to
105 to 1063%. Humble Oil & Ref. advanced from 34%
363 and closed to-day at 36. Indiana Pipe Line made a
gain of three points to 85. Magnolia Petroleum at one time
was up seven points to 143, but reacted finally to 13934.
N. Y. Transit was erratic, selling from 80 up to 82 and down
to 70, and at 77 finally. Northern Pipe Line improved
from 9934 to 102 and Ohio Oil from 6534 to 68. Prairie Oil
& Gas after early advance from 22234 to 226, dropped to
21834, recovered all the loss and reacted finally to 22434.
Prairie Pipe Line, after fluctuating between 96 and 98 during the week, sold up to 99 to-day. South Penn Oil lost
four points to 125 but recovered to 127. Standard Oil
(Ind.) after early fractional advance to 603', weakened to
3
583%. It recovered to 60 and finished to-day at 59%.
Standard Oil (Kentucky) was up three points to 98 and Standard Oil (Neb.) ten points to 220. Swan & Finch sold up
from 3234 to 37. In the other oil shares, Carib Syndicate
3
Gulf Oil of Pa.
rose from 33% to 53% and reacted to 4%.
from 563' reached 59 in the early trading, dropped back to
56 and sold up finally to 58. In the industrial list Centrifugal Cast Iron Pipe was a feature, advancing at first from 33
to 363%, then dropping to 30, the close to-day being at 32.
Chicago Nipple, A stock, sold up from 42 to 433% and the
%.
B ctfs. from 223j to 2534, the latter closing to-day at 245
% to 263%,
Durant Motors after early advance from 223
broke to 23, but recovered and finished to-day at 2534.
Park & Tilford improved from 2934 to 32.
A complete record of Curb Market transactions for the
week will be found on page 2535.
COURSE OF BANK CLEARINGS.
Bank clearings the present week show a satisfactory
increase compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, Dec. 8) aggregate bank clearings for all
the cities of the United States from which it is possible to
obtain weekly returns will show an increase of 12.1% as
compared with the corresponding week last year. The total
stands at $8,173,922,496, against $7,290,059,529 for the
same week in 1922. At this centre theie is an increase of
14.3%. Our comparative • summary for the week is as
follows:
•
1923.
1922.
Per
Cent.
Newyork •
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Baltimore
Cleveland
New Orleans
$3,679,000,000
507,029.766
430,000,000
336,000,000
115,127,789
a
151,200.000
128,417,000
128,791,407
106,801,010
92,526,175
88.210,347
82,133,901
33,218,721,115
480,696,975
396,000.000
283,000,000
123,340.722
a
137,800,000
103,296,000
121,375,471
88.659,891
74,112.050
81,105,770
60.423,341
+14.3
+5.5
+9.1
+18.7
-6.7
a
+9.7
+24.8
+6.1
+20.5
+24.8
+8.8
+35.9
Twelve cities, 5 days
Other cities, 5 days
$5,847,237,395
964,364,685
$5,168,531.335
906,518.273
+13.1
+6.4
Total all cities, 5 days
All cities, 1 day
/43.811,602,08J
1,362.320,416
36,075,040,608
1,215,009,921
+12.1
+12.1
as 172 099455
17 911(1 MO A2A
4.191
Clearings-Returns ha Telegraph.
Week ending Dec. 8.
'Tntal all pith. fn, amal.,
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 ending Dec. 1. For
that week there is an increase of 1.2%, the 1923 aggregate
of the clearings being $7,186,159,928 and the 1922 aggregate
$7,102,624,178. Outside of this city there is an increase
of 3.5%, the bank exchanges at this centre having fallen off
0.5%. 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 9.5% and in the Philadelphia Reserve District of 3.5%, while the New York Reserve District (because
of the loss at this centre) shows a decrease of 0.6%. In
the Cleveland Reserve District there is a falling off of 11.2%
and in the Kansas City Reserve District of 5.1%. The
DEC.8 1923.]
THE CHRONICLE
2511
Richmond Reserve District has a gain of 2.3%, the Atlanta
Our usual monthly detailed statement of transactions on
Reserve District of 18.5% and the Chicago Reserve District the New York Stock Exchange is appended. The results for
of 0.9%. In the St. Louis Reserve District the totals are the eleven months of 1923 and 1922 are given below:
larger by 10.6%, in the Minneapolis Reserve District by
Month of November.
Eleven Months.
Description.
1.3% and in the Dallas Reserve District by 25.8%. The
1923.
I
1922.
1923.
1922.
San Francisco Reserve District enjoys a gain of 12.9%.
No. of shar__ 22.588,5981 19,407,087
210,592.1741 231,242,790
In the following we furnish a summary by Federal Reserve Stock.
Railroad & misc. bonds_ _ $156,002,000 $142,008,000 $1,433.290,000 $1.898,202.000
U. S. Government bds_ _ 70,522,000, 87,037.400' 726,206.000 1,773,608,400
districts:
State,foreign, &a.,bonds 30.375,0001
45,832,000
SUMMARY OF BANK CLEARINGS.
Totalbonds
'Week ending Dec. 1.
1923.
Inc or
Dec.
1922.
Federal Reserve Districts.
(1st) Boston
10 cities 1373,909,408 341,495,137
(2nd) New York
10 " 4,154,972,728 4,178,284,481
(3rd) Philadelphia__ _10 "
454,959,406 439,622,093
(4th) Cleveland
9 "
300,194,159 338,205,074
(5th) Richmond
6"
159,359,942 155,716,480
(6th) Atlanta__
11
178,977,259 151,057,482
(7th) Chicago__
"
704,851,539 698,251,814
(8th) St. Louis
71,920,819 65,015,358
(9th) Minneapolis___. 7 "
107,514,527 106,085,163
(10th) Kansas City_ ___11 "
198,474,851 209,053,694
(11th) Dallas
5 "
66,709,823 63,008,574
(12th) San Francisco_ _ _16 "
414,315,467 366,828,828
1921.
+96 360,589,114 381,250,564
-0.6 4,737,089,110 6,016,025,087
+3.5 483,096,110 524,182,651
-11.2 325,643,347 431,526,051
+2.3 161,642,050 193,894,989
+18.5 146,977,641 180,232,172
+0.9 710,229,109 828,051,888
+10.6 61,320,588 63,047,779
+1.3 119,502,774 158.315,128
-5.1 219,926,909 307,038,651
+25.8 51,408,647 70,445,900
+12.9 385,054,808 396,050,609
29 cities 355,296,771 330,220,285 +7.8 362,719,548 484,246,764
We also add comparative figures for November and the
eleven months:
November.
I
1923.
Fed'i Reserve Diets.
let Boston_ _13 cities
2nd NewY'rk12 "
3rd Philadel_14 "
4th Cleverd_16 "
5th Richm'd 10 "
6th Atlanta _16 "
7th Chicago _27 "
8th St. Louis 9 "
9th Minneap 13 "
10th Kan.City15 "
11th Dallas __12 "
12th San Fran 26 "
1922.
1,899,457,
1,768,974,
8,368,017,604 17,639,373
2,170,991,119 2,144,201,03
1,533,157,605 1,446,013,
812,286,538 796,360,56
922,355,095 805,365,2
3,597,536,518 3,326,344,3
353,221,678 346,774,536
591,844,532 570,255,74
1,100,438,381 1,131,792,
633,784,
434,194,
2,031,651,01 1,760,974,1
Ten Months.
Inc.or
Dec.
1923.
1922.
Inc.or
Dec.
+7.4 19,998,766,435 17,030,966,901 +17.4
+4.1 198,034,125,628202,050,995,
+1.2 24,643,080,1 22,105,140,6 +11.5
+6.1 17,696,080,94 14,662,877,67 +20.4
+2.0 8,657,612,113 7,461,032,27 +16.0
+14.5 8,752,331,44 7,316,561,5 +19.6
+8.2 40,624,624,52 35,412,201, +14.7
+1.9 3,430,891,1
2,910,893,961 +17.9
+3.8 6,980,177,
5,380,455,
+11.1
-2.8 12,413,634,4 11,894,716,291 +4.4
+22.9 4,766,015,76 4,037,660,541 +18.0
+15.4 21,420,469,1 17,780,464,5 +20.5
562,102.000
The following compilation covers the clearings by months
since Jan. 1 in 1923 and 1922:
1920.
Grand total
121 cities 7,166,159,928 7,102,624,178 +1.2 7,762,490,207 8,550,061,367
Outside New York City
3,090,465,701 2,985,754,950 +3.5 3,083,927,448 3,606,758,658
Canada
400,298,000,
8256,899,000 8274,875.400 $2,559,792,000 $4,233,910,400
MONTHLY CLEARINGS.
Clcartnys, Total All.
Month
1923.
Clearings Outside New York.
1922.
%
1922.
1923.
%
$
$
8
8
Jan_ -- 36.285.247.515 29,931,584,280 +21.2 16,508.887.916 12,835,500.448 +30.0
Feb._ _ 30.408,860,129 26,521,051,368 +14.7 13.624.881,685 11,180,598,385 +21.9
March 36.159,954,710 32,111.576,705 +12.6 18,391,674,714 13,392,003,753 +22.4
let qu. 102854.062.354 88.564,192,353 +16.1 46,523,444,315 37,208,102,584 +25.0
33,737,329.935 31,520.827,020 +7.0 15,727,258,984 12,781,818,684 +23.2
May.. 35,541,669,726 32,793,824.900 +8.4 16,330,114.584 13,578,812,046 +20.3
June.. 34,792,240,606 34,117,477,449 +2.0 16,116,762,956 14,006.580,899 +15.1
24cm 104072240267 98,431,929,369 +5.7 48.174,934,524 40,347,175,409 +19.4
6 moo 206926302621 188996121722 +10.7 94,898,378,839 77,555,277,994 +22.1
July _ 32,062,972,812 31,807,852,558 +0.8 15,417,483,331 13,470,409.395 +14Z
Aug _ 29,372.702,640 30.355.605,765 -3.2 14,594,565,212 13,417.293,828 +8.8
Sept. 29,848,123,041 31,242,84.2.555 -5.1 14,577.259,870 13.958,072,011 +4.4
ad qu 91,033,798,493 93,406,300,878 -2.544.589.303,213 40,845,775.234 +9.2
9 'no'- 298010,101,114 280402,422,600 +6.3 139287,687.052 118401,053,228 +17.8
Oct._ 34,692,965,915 35,871.919.381 -2.7 16,962,813,005 16,004,024,624 +6.0
Nov _ 33.914.742.122 32.169,624.880 +5.4 15.888.429.174 14.837.346.384 +6.9
The course of bank clearings at leading cities of the
country for the month of October and since Jan. 1 in each
of the last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
-Month of NovemberJas. 180 Nov.301923. 1922. 1921. 1920. 1923. 1922. 1921. 1920.
(000.000s
$
omitted.)
3
$
$
18,048 17,332 16,822 19,434 194.501 199,002 175,858 222.154
New York
2,504 2,365 2,189 2,570 28,506 25,475 23.750
Chicago
Total
183 °Mee 33,914,742,122
1,669 1,558 1,336 1,486 17.807 14,898 12,986 17,275
+5.4366,617,809,155348,243,966,641 +5.3 Boston
Outside N.Y.City__ 15,866,429,174
+6.91172,118,929,2321149,242,424,21 +15.3 Philadelphia
1,982 1.964 1,697 1,966 22,469 20.317 18,541 22,929
a
a
St. Louis
ft
a
a
a
a
a
Canada
1,910,288,91 1,618,528,5 +18.01 15,760,173,689k 14,707,198,831 +0.4 Pittsburgh
860
612
660
801
7,530 6,091 6,917 8.140
666
635
San Francisco
574
672 7,354 8,814 8,016
7,458
Baltimore
382
406
275
398 4,404 3,743 3.416 4,485
The volume of transactions in share properties on the New Cincinnati
289
283
226
280 3,164 2,717 2.557 3,300
548
577
539
816 6,327 6,201 6,975 10,871
York Stock Exchange each month since Jan. 1 in 1920 to Kansas City
Cleveland
433
402
338
538 5,099 4,210 4,307 6.333
1923 is indicated in the following.
292
246
New Orleans
191
255 2,472 2,160 2,015 3,067
326
319
287
406 3,363 3,031
Minneapolis
3,071
3.655
119
Louisville
115
97
115 1,416
1,201
1,088 1,172
556
Detroit
467
383
465 6,122 4,874 4,234 5,649
1923.
1922.
1921.
1920.
Milwaukee
154
137
122
1.717 1,426 1,324 1.602
140
613
464
No. Shares. No. Shares. No. Shares. No. Shares. Los Angeles
376
352 6.384 4,636 3,804 3,614
58
53
Providence
49
54
577
524
487
641
Month of January
158
165
139
19,914,827 16,472,377 16,144,876 19,880,188 Omaha
205 1,943 1,803 1,773 2.914
February
197
185
22,979,489 18,175,095 10,189,671 21,865,303 Buffalo
151
188 2,150 1,822 1,653 2.105
March
181
151
25,984,666 22,820,173 16,321,131 29,008,749 St. Paul
137
199 1,649
1,477
1,520 1,763
88
Indianapolis
82
73
70
796
986
710
870
Total first Quarter
147
141
68,858,982 55,467,645 42.835.678 70,754.218 Denver
99
188
1,466 1,323 1,135 1,816
Richmond
243
223
195
247 2,356 2,074 1,883 2,813
Month of April
Memphis
20,091,986 30,634,353 15,529,709
133
137
93
94
1,018
891
733 1,108
May
23,155,730 28,921,124 17,236,995 28,447,239
167
143
129
150
1,511
1,776
1.369 1.927
16,642,242 Seattle
June
19,754,197 24.080,787 18,264,671 9,354.267 Hartford
48
40
40
42
517
443
415
484
Salt Lake City
75
68
63
700
81
594
804
592
Total second quarter
63,001,913 83,636,264 51,031,375 54,443,748
Total
30,694 29.250 27,280 32,188 333.551 319.854 289,127 369,017
Month of July
12,551,851 15,118,063 9.288,054 12,541,922 Other dtles
3,221 2,920 2,012 3,274 33,067 28,390 23,319 38.331
August
13,144.841 17,862.553 11,117.035 13,728,598
September
14,643,289 21.712,046 12.924,080 15,296,356
Total all
33.915 32.170 29,292 35,462 366,618 348,244 312,446 407,348
Outside New York_15,888 14,837 12,470 18,028 172,117 149,242 136,590 185,190
Total third quarter
40.339,781 54,692,662 33,329,169 41,568,878
a Will not report Clearings.
Month of October
November
15,802,900 25,762,640 13,129.731 13,667.289
22.588.598 19.407.087 15.438685 99
ma arm
We now add out detailed statement, showing the figures
for each city separately for the four years:
CLEARINGS FOR NOVEMBER,SINCE JAN .1, AND FOR THE WEEK ENDING DEC. 1.
Month of November.
-
Clearings at-
1923.
1922.
$
$
First Federal Rose eve District- RostonMaine-Bangor
3,562,010
3,700.967
Portland
12.934.085
13,072,903
Mass.-Boston
1,669,000,000 1,558,000.000
Fall River
11,849.732
11,613,495
Holyoke
4.615,900
4,625,879
Lowell
5,907,668
0,198,928
Lynn
a
a
New Bedford
8,853,231
8,480,722
Springfield
27,940.825
22,775.886
Worcester
14,163,000
15.037.000
Conn.-HartfOrd __
45,156,334
39,535,008
New Haven
28,135,481
25.533,220
Waterbury
8,502,400
7,690,900
R. I.-Providence-- _
55,838.400
52.710,300
Eleven Months.
Inc.or
Dec.
1923.
%
$
Week Ending December 1.
1922.
Inc.or
Dec.
1923.
1922.
Inc. or
Dec.
1921.
$
%
6
6
%
$
-3.8
37,147,472
38.724,814 +1.2
592,920
826,179
-1.1
150,690.675
146,476,886 +2.9
b
b
+7.1 17.607,000,000 14,898.000,000 +18.2 336.000,000
303.000,000
+2.0
113.338.919
90,513,578 +25.2
2,279,829
2,075,723
-0.2
40,203.362
40,276,827 +14.7
a
a
-4.7
63,193,907
54,015,225 +17.0
961,661
971,265
a
a
a
a
a
a
+4.4
72,444,095
72,832.235 -0.5
1,353,925
1,634,513
+22.7
244.746,708
210,894.832 +16.1
4,241.501
4,288,873
-5.8
167,930 619
165.191,971 +1.7
2,734,000
3,023,000
+21.8
516.856,089
443,336,381 +16.6
9.480,583
9,234.512
+10.2
314,789,904
289,396,154 +16.8
5,269,060
5.195,001
+10.8
87,750,086
79,702,600 +10.1
+5.9
576,696,600
523,605,600 +10.1
11,242,000 *11,000.000
Total(13 cities).--- 1,899,457,072 1,768,074,988 +7.4
19,998,766,435 17,030,988,901 +17.4 373,909,408 341,495,137
Second Federal Re serve District -New York N. Y.-Albany
21,028,836
19,330,293 +8.8
245.589,920
215,706.985 +13.9
3,886,325
Binghamton
4,236,693
4,311,900
4,367,700 -1.3
52,954,100
48,425,382 +9.4
728,200
752,000
Buffalo
197,379,695
185,032,063 +6.7 2,150,267,985 1.822,257,378 +18.0
c36,654.454
38.084.801
Elmira
3,622,333
2,342,695 +54.6
35,186.488
28,303,735 +33.7
382,233
487,829
Jamestown
5,305,287
5,420,848 -2.1
55,786,771
51,100,450 +9.2
c1,301,983
1,104,302
18,048,312,948 17,332,278.296 +4.1
New York
194,500.879,919 199,001.542,425 -2.3 4.095.894.227 4,116.889.228
Niagara Falls
4,138,468
5.613,828 -26.3
46.741,719
49,730,252 -6.0
Rochester
45,839,133
42,590,898 +7.8
505,796,241
447,329,883 +13.1
8,772,715
9,801,918
Syracuse
19,380.869
22,369,204 -13.4
223,477,793
200,269,356 +11.6
3,998,916
5,470,144
Conn.-Stamford..-.
11,909,910
13,407.272 -11.2
145,673,401
121,392,272 +20.0
c2,892.678
2,747.760
N. J.-Montclair
2,215,896
2,285,713 -3.1
22,438,555
20,161,974 +11.3
681.017
730.006
Newark
72,517,772 Not incl. in total.
795.105,769 Not incl. In total.
4,572,529
4,334.701 +5.5
Oranges
49,172,936
46.775.872 +5.1
Total(12 cities)
18,368,017,604 17,689,373,309
+4.1 198,034,125,828 202,050,995,944
-2.0 4,154.072.7284,178.284,481
-28.2
b
+10.9
+9.8
a
-1.0
a
-17.2
-1.1
-9.8
-2.6
+1.4
945,236
b
321,000,000
1,726.211
a
1,021,839
a
1.634.978
4,326,855
3,333,069
10,817,180
5,159,048
1920.
$
(
'1
1,057.058
b
337.062,343
1,688,902
a
1,214,950
a
1.548,971
5,833.070
4,013.583
10,483,891
6,253.398
+2.2
10.624,700
12,094,400
+9.5
300,589,114
381,250,564
-8.3
4,597.890
4,878,250
-3.2
875.250
1,026,100
+1.6
36,485,035
45.383,581
-25.7
+17.9
728,665
847.836
-0.5 4,678,562,759 4,943,302.709
-10.5
-26.9
+5.3
-8.7
9,225.187
3,992,815
1,908.273
713.438
13,040.134
4,622.650
2,087,387
838,460
-0.8 4.737.089,1105,016.025,087
[VOL. 117.
THE CHRONICLE
2512
CLEARINGS-(Continued.)
1923.
1922,
Week Ending December 1.
Eleven Months.
Month of Nocember.
Clearings atInc.or
Dec.
1923.
1922.
Inc.or
Dec.
$
%
$
$
%
6
Third Federal Res erve District -Philadelphis50,859,280 +36.1
69,201,211
5,316,416 +11.0
5,899,936
Pa.-Altoona
202,167,418
145,686,761 +38.8
15,266.775 +5.3
Bethlehem
16,076,984
51,078,491 +25.9
64,308.026
5,067,652 +9.4
5,545,834
Chester
200,365.866
183.009,956 +9.5
+9.1
15,787,916
17,220,535
Harrisburg
+15.4
132,356,622
152,704,617
-0.2
11,885,212
11,859,520
Lancaster
24,051,191 +15.1
27,679.778
2,090,862 +15.8
2,420,278
Lebanon
+22.1
35,465,646
43,293.505
+9.7
3,583.160
3.932,241
Norristown
1,982,000.000 1,964,000,000 +0.9 22,468,793,000 20,317,390,000 +10.6
Philadelphia
160,649,104
130,121,199 +23.5
12.731,057 +9.5
13,937,389
Reading
275.103,422
212,252.155 +29.6
21,301,670 +7.5
22,891.004
Scranton
132.757.435 +19.4
158.477,351
13.063,655 +18.1
15,450.508
Wilkes-Barre
61,867,918 +19.8
74,097.503
5,496,579 +14.5
6,295,195
York
+19.1
440,584.480
524,579,533
-5.7
49,778,329
46,933,751
N.J.-Camden
187,659,488 +18.1
221,659,856
+9.1
18,811,754
20,527.944
Trenton
a
a
a
a
a
a
Del.-Wilmington
+1.2 24,643,080,190 22,105,140,622 +11.5
Total(14 cities)---- 2,170,991,11! 2,144,201,037
Fourth Federal Re serve District -Cleveland
24,985,000
29.302,000
Ohio-Akron
19,088,050
18,425.874
Canton
263.328,229
268,575.298
Cincinnati
401,719,243
433,149,941
Cleveland
60,595.300
57.688,900
Columbus
a
a
Dayton
2,769.112
3,211,606
Hamilton
2.448.076
*3.000,000
Lima
1,332,746
1,399,798
Lorain
6,309,470
8,091,225
Mansfield
a
a
Springfield
a
a
Toledo
13,986,956
16.568,284
Youngstown
3.281,401
2,806.326
Pa.-Beaver County_
a
a
Erie
1,350,144
1,491,790
Franklin
5,992,151
5.592,310
Greensburg
660,073.024
611,514,505
Pittsburgh
8,557,229
5,668.502
Ky.-Lexington
17,779,298
18,089,703
W. Va.-Wheeling.Total(16 cities)- -
1,533,157,605 1,445,013,886
Fifth Federal Rese rye District- Richmond8,387,291
8,356,433
W.Va.-Huntington.
a
a
Va.-Newport News_
43,667,095
35,831,009
Norfolk
223,364,634
243,117,154
Richmond
a
a
LC.-Asheville
10,003,953
12.385,684
Raleigh
a
a
Wilmington
9,670.938
14,987,366
3. C.-Charleston.11,780,285
9,671,770
Columbia
406,098,920
381.573,700
4d.-Baltimore
1,663,769
1,886,782
Frederick
2,773,723
3,165,534
Hagerstown
93,475,020
85,886,043
D. C.-Washington
Total(10 cities)- ---
812,286,538
796,360,565
+17.3
-3.5
+2.0
+7.8
-4.8
a
+16.0
+22.5
+5.0
+28.2
a
a
+18.5
+16.9
a
-9.5
-6.7
+7.9
-33.8
-1.7
922.355,095
280,544,000
177,814,698
2,716,590.530
4,209,996,775
664,274,200
a
31,643,077
35,961,417
14,957,153
64,463,627
a
a
174,771,699
29,954,383
a
15,843,109
65,325.382
6,090,537,094
79,175,412
211,025,114
+17.8
+30.5
+16.5
+21.1
+8.9
a
+22.9
-2.5
+19.3
+37.7
a
a
+16.6
+27.5
a
+1.9
+14.3
+23.6
+18.9
-0.6
-0.4
a
+21.9
+8.8
a
+13.6
a
+55.0
-17.9
-6.0
+13.4
+14.1
+8.8
+2.0
805,365,277 +14.5
97,109,064
a
369,740.022
2,356,446,107
a
110,809,589
a
122,646,983
135,140,673
4,403,644,342
19,624,642
37.526,095
1,004,924,596
76,080,927
a
338,017,115
2,073,536,158
a
84,510,413
a
109,279,269
99,011.847
3,743,227,505
18,559,828
29,867,927
888,941,290
3.597,536,518 3,326,344.396
Inc. or
Dec.
1921.
$
$
%
$
1920.
$
1,245,178
3,900,395
1,144,127
1,111,966 +12.0
3,346,029 +16.6
1,006,208 +13.7
930,303
3.159.631
1,045,173
1,105,402
4.617,804
1,336,253
2,308,546
2,425,454
-4.8
2,278,351
2,631,870
417,000,000 +3.4
2,857,644 -0.7
+8.8
4,046,471
2,884.066 -12.2
1,151.055 +23.7
460,000,000
2,830.770
4,974.974
2,813,477
1,359,534
497,583,793
2,743,341
5.802,451
2,985,371
1,323,801
431,000,000
2.838.176
4,400,601
c2,530,811
1,424,303
4.167,179
a
3,793,200
a
+9.9
a
3,703,877
a
4,052,565
a
454,959.406
439,622.093
+3.5
483,096,110
524,182,651
4,862,000 +7.1
5.070,000
3.181,905
2,055,572 +74.3
54,909,773
54,462.851 -0.6
78,758,650
81,681,678 -1.7
13,260,400
11,851,000 -4.1
. a
a
a
10,384,000
4,679,600
66,457,116
126,886,514
14,377,800
a
c5,207,000
3,583.595
54.116,539
d80,301,000
11,371,200
a
a
d1,458,401
a
a
d3,366,911
a
a
a
1.217,731 +19.8
a
a
a
a
2,797.848 +20.3
a
a
137,167,952 *175,000,000 -21.6
a
1,243,508
a
a
2,519,111
a
a
1,681,234
a
a
5,006,053
a
162,000,000 -196,053,734
4,276,394 -15.3
4,700,000
6.000.000
300,194,159
338,205,074 -11.2
325,643,347
431,526,051
+27.6
1,990,257
2,247,978 -11.5
1,743,500
2,524,501
T9.4
+13.6
a
+31.1
a
+12.2
+36.5
+17.6
+5.7
+25.6
+13.-
c8.642.341
49,960,000
7,248,583 +19.2
44,947,629 +11.2
8,162,725
50,279,305
10,850,188
56,623,027
2,007,520 +34.2
2,293.568
3,200,000
81,981,452
-3.7
78,620,827
102,045,227
d17.063.000
17,283,318
-1.1
20,542,125
18,652.046
7,461,032,279 +16.0
159,359,942
155.716,480
+2.3
161,642,050
193,894.989
253,944,709 +19.9
304.464,902
125,548,952 +14.4
143,644,805
816,327,630 +12.3
916,846,909
2,504,559.489 1,964,477,882 +27.5
85,711.306 +16.7
100,047,806
43,212,191
36,341,501 +18.9
71,023,077
58,628,340 +21.1
a
a
a
463,623,414 +27.3
590,338,686
141,575,102
105,574,383 +34.1
1,181,158,619 1,003,021.638 +17.8
82,557.281 +11.2
91.779.197
81,010,157
65,167.717 +24.3
40,677.658 +21.5
49,425.000
44,122.856
39,058.606 +13.0
15,768,444 +10.3
17,391,251
75.961,622 Not included I n total.
2.471,731,396 2,160.131,864 +14.4
c6,100,301
2.543,000
15,860.065
51.316,381
2,278,232
5,242,907 +16.4
2,344,133 +8.5
+8.0
14.690.077
41,450,136 +23.8
1,727,634 +31.9
4,460,019
2,627,386
16,651,450
44,020,593
1,926,052
6,639,054
3,950,564
20,476,050
53,215,137
2,440,793
1,204.889
a
11,493,178
1,205,640 -0.1
a
a
9,515,913 +20.0
*1,500.000
a
9,381,589
*1,700,000
a
12,024,524
-6.0
b
19.163,666
b
19,477.325
b
901,603
746,060 +20.8
720.851
662,571
509,548
380,969
+33.8
348.013
330,053
63,669,082
49,184,491
+29.5
46,178,022
59,316,101
8.657,612,113
8,752,331.442
7,316,561.525 +19.6
Seventh Federal 11 eserve,Distric t-Chicago9,794,713 +3.8
10.170,282
760,730
887,331 -14.3
1vlIchigan-Adrian
37,678,426
33,658.213 +11.9
3.438.149
3,634,775 -5.4
Ann Arbor
6,121.931,887
4,873,830,256
+25.6
467,252,798
+19.0
555,865,688
Detroit
74.743,458 +37.6
102,838,647
9,875,851
7,098,248 +39.1
Flint
316,208,294
289,865,709 +9.1
26,726,391
27,297.407 -2.1
Grand Rapids
82,657,152
60,645,175 +36.3
6,936,238
6,027,836 +15.1
Jackson
84,358,236 +31.9
111,235,383
9,779,452
8.186,445 +19.5
Lansing
91,099.762 +22.4
111,467.626
10,189,624
8,697,236
+17.2
Wayne
ndlana-Fort
184,570.511
109,273,948 +68.9
18,820.000
13,220,161 +42.4
Gary
796,161,013 +21.4
966,308,000
87.833,l I I
82,065,013 +7.0
Indianapolis
117,147,414
95.636.802 +18.8
9.632.000
10.535,000 -8.6
South Bend
24,083,890 Not Included in total
Terre Haute
+20.4
1,425,917,648
1,717,096.930
+12.3
137,390,137
_
154,237,075
pls.-Milwaukee
35,266,055
29,418,768 +19.9
+9.9
3.088,839
2.809,661
Oshkosh
6,449,216 Not,Included In total
Green Bay
11,382,605 Not included in total
Munson
98,562,149 +21.6
119,835,838
9,862.628
8,677,729 +13.7
owa-Cedar Rapids.
501,581,302
488,337,330 +2.7
47,657,180
49,336,439 -3.4
Davenport
522,580,461
448,653,280 +16.5
40,463.570 +14.1
46,153,175
Des Moines
+3.1
29.770.424
28,877,427
2,684,169
2,841,356 -5.5
IowaCity
26,720,009
24,267,698 +10.1
2.071,094 +25.4
2,597,871
Mason City
305,420,419
267,309,816 +14.3
27,512,711 -6.0
25,874,350
Sioux city
70,601,548
62,758.699 +12.5
6,243,772
5,507,091 +13.4
Waterloo
56,437,403
45,444.346 +24.2
4,181,629 +25.6
5,253,805
111nols-Aurom
71.386,385
61,115,309 +16.8
5,371,730 +5.8
5.682,056
Bloomington
+11.9
28,506,495,330
25,475,446,508
+5.9
2.365,113,173
2,503,842,728
Chicago
a
a
a
a
a
a
Danville
53.158,637
61,110,122
+15.0
4,839,036
+10.9
5,367,250
Decatur
186,230,812 +12.4
209,350.437
17.984.208 +3.9
18,694,489
Peoria
88,528,060 +22.2
108,161,375
8,297,799 +21.0
10,038,096
Rockford
120,596,861
106,107,458 +13.7
9,044,783 +15.0
10.401.912
Springfield
Total(27 cities)
1922.
3.621,561
+6.1 17,896,080 942 14,862,877,670 +20.4
Sixth Federal Rase rye District- Atlanta30,602,825
29.396,012 +4.4
Penn.-Chattanooga8,120,583 +51.0
12,262,000
Knoxville
80,094,085 +10.3
88.311,719
Nashville
220,007.173 +19.5
262.934.002
3a.-Atlanta
10,302,180 +14.3
11,776.207
Augusta
4,402 373 +2.7
4,522,607
Columbus
6,965,403
6,328,126 +10.1
Macon
a
a
a
Savannah
53,614,679
44,719,788 +19.9
Fla.-Jacksonville - - 12,941,642
9,467.648 +36.7
Tampa
121,063.933 -3.1
117,363,906
kla.-Birmingham
8,120,583 +4.7
*8,500.000
Mobile
8,685,552
7,243,563 +19.9
Montgomery
4,783,457 +15.6
VIIss.-Jackson
'5.528,491
3.774,947
3,330,890 +13.3
Meridian
2,200,386
1.829,893 +20.2
Vicksburg
6,575,052 Not included in total
Hattiesburg
292,280,729
246,154,990 +18.7
.a.-New Orleans
Total(16 cities)- -- -
330,457.000
232,019,575
3,164,257,115
5,908,543.036
723,183,400
a
38,903,615
35,050.028
17,843.523
88,787,264
a
a
203,749.148
38,180,951
a
16,144,206
74,687,115
7,530,439,071
94,150,581
209,685.314
1923.
+8.2 40,624.624.527 35,412,201,229 +14.7
e2,693,172
78,981,172
d23,101,000
b
24,569,519
b
146,977,641 • 180,232,172
178,977,259
151,057,482 +18.5
142,069
788,843
102.557,553
155,511 -8.6
903,86' -12.7
+1.6
100,897.97
185.303
425.000
94,140,581
166,073
474,890
102,348,270
5,409,291
5,576,460
-3.0
6,326,978
7,208,410
1.767.596
2,073.791
1,733,259 +2.0
1,610,783 +28.7
2,000.000
1,965,561
1,800,000
2.188.630
15.554,000 -1.5
15,318,000
1,453,000 +19.5
1,736.600
3,993,714 Not included In total
28,557,260 +4.4
20,821.587
16,000.000
1,800,000
15,647,000
2,000.000
29,408,839
32,723,950
1,920,101
1,803.047
+6.5
2,020,833
2,120,861
8,336,585
7,961,532
+4.7
9,410,849
9,658,827
4,716,430
1.082,394
4.586,381
1,013.062
+2.8
+6.8
4,419.470
898.666
7,100.940
1,730.991
1,126,383
519,581,487
a
1,153,954
3.675,071
2,035,362
1,608.442
1,250,355
517,470,995
a
975,096
4,083,685
1,726,667
938,867
-9.9
+0.4
a
+18.3
-10.0
+17.9
+71.3
1.172,812
532,554,745
a
1,063,059
3,488.216
1,920,000
1,038,197
1,599,327
629,085,319
'
a
1,290,587
4,673,652
2.400,000
2,928,161
704,651,539
698,251.814
+0.9
710,239,109
828,051,888
4.585,238
4,299,240
+6.7
3,964,300
3,959,812
Eighth Federal Re serve District -St. Louis23.144,840
19,352,564 +19.6
adiana-Evansville _
661.764
+1.9
674,665
New Albany
a
a
a
Ilssouri-St. Louis
a
a
a
Springfield
118,531.066
115,190.683 +2.9
entucky-Loulsville
1,784,335
2,026,996 -12.0
Owensboro
7,131,062
8,786,328 -18.8
Paducah
132.907.640
136,947,000 -0.3
ennessee-Memphls
+8.7
61.876,294
56,946,906
rkansas--LittleRock
1,375,449
1,413,869 -2.7
Ilnols-Jacksonville_
+6.4
5,448,426
5,796,327
Quincy
224,425,374
7,291,680
a
a
1,415,543,985
22.175,558
114,126.465
1,015,560,923
546,170,612
7 .181.141
; 3 ,415,420
194,231.704
6,256,014
a
a
1,200,790,332
20.365.093
78.345.203
891,237,365
443,521,880
15.124,872
61,021,498
+15.5
+16.6
a
a
+17.9
+8.9
+45.7
+13.9
+23.1
+13.6
+12.1
23,485,300
482,166
23,638.803 -0.6
702,874 -31.4
24,885,385
609,157
26,357,388
482,266
28.700,119
13,241,688
302,247
1,124,061
24,391,591 +17.7
10,454.796 +26.7
329,721 -8.3
1,198,333 -6.2
20,885,430
9,436,641
324,804
1,214,811
20,274,297
10,022,927
512,236
1.438.853
+1.9
3,430,891,158
2.910,893,961 +17.9
71,920,819
65,015,358 +10.6
61,320,588
63.047,779
Total(9 atlas)
353,221.678
346,774.536
•
a
a
a
a
a
DEC.8 19231
THE CHRONICLE
2513
CLEARINGS-(Concluded.)
Month of November.
Cleartn,
1923.
Eleven Months.
Inc. or
Dec.
1922.
Ninth Federal Res erve, District -Minneapoli
Minnesota-Duluth _ '43,317,157
38,712,292
Minneapolis
326,144,612
319,121.096
Rochester
2,147,558
*1,800,000
St.Paul
161,135,984
150,655,019
North Dakota-Fargo
9,375,788
9,755.03
Grand Forks
5,858.000
4,789,900
Minot
991,000
1,454,563
So. Dak.-Aberdeen_
6,390,402
5,768,831
Sioux Falls
13.711,100
11,200,879
Montana-Billings _ _ _
2,501.151
2,719.488
Great Falls
3.945,223
4,593,855
Helena
15,197,093
17,576.977
Lewistown
1,129,464
2,107,172
1923.
Week Ending December 1.
Inc. or
Dec.
1922.
1923.
Inc. or
Dec.
1922.
1921.
1920.
$
+11.9
+2.2
+19.3
+7.0
+22.3
-31.9
+10.8
+22.4
--14.1
--13.5
--46.4
Total(13 cities)----
591,844,532
570,255,745 +3.8
Tenth Federal Re serve District -Kansas Cit YNeb.-Fremont
1,552.464
1,443,429 +7.6
Hastings
2.150,322
1,956.598 +9.9
Lincoln
16,879,815
16,340,621 +3.3
Omaha
158,341,525
164,647.859
Kan.-Kansas City_ _
22,270,727
20,320,479 +9.6
Lawrence
a
a
a
McAlester
1,766,535
•1,500,000 +17.8
Pittsburgh
a
a
a
Topeka
13.121,983
11,138,252 +17.8
Wichita
37.814,351
42,583,828 -11.2
Mo.-Joplin
5,880,000
6,082,000 -3.3
Kansas City
548,368,904
577,135,595 -5.0
St. Joseph
a
a
a
-Lawton
Okla.
a
a
a
Muskogee
a
a
a
Oklahoma City
109,810,605
106,154,868 +3.4
Tulsa
27,685,215
33,671,816 +17.8
Colo.-Colo. Springs_
4,650,408
4,350.153 +6.9
Denver
146.577,696
140,601,446 +4.2
Pueblo
3,567,851
3,865,392 -7.7
355,973,849
3,362,608,051
20,911,607
1,648.970,412
96,718,220
53,575,300
12,849,314
61,347,177
143,683,380
26,494,471
38,186,409
149,475,239
9.383.651
285,676,507
3,031,461,157
19,848,002
1,477,290,337
88,950,616
48,731.900
13,728,782
57,113,186
124,237,981
28.291,192
38,824,687
150,890.379
15,410,360
+24.6
+10.9
+5.4
+11.6
+8.7
+9.9
-6.4
+7.4
+15.7
-6.4
-1.6
-0.9
-39.1
c8,123,475
62,781,497
8,480.420
65,365,596
-4.0
6,076.659
68,314,602
11,350.298
91.380,428
29.179,939
2,803,000
23.479,891 +24.3
2,055,937 +36.3
35,958,936
2,025,421
46.679.305
3,053.399
5,980,177,080
.5,380,455,086 +11.1
107,514,527
106,085,163
19,917,911
24,806,100
197,943,821
1,943.291,554
242,739,224
16,547,921 +13.5
26,047,337 -4.8
183,406,047 +7.9
1,802,601,318 +7.8
205,860,385 +17.9
a
158
,805,274 +7.9
a
a
129,942,710 +18.9
492,932,677 -11.9
59.079,000 +14.1
6,201,437.688 +2.0
a
a
a
a
a
a
999,062,109 +4.9
352,275,078 +6.0
49.003,195 +15.1
1,322,827,845 +10.8
36,888,707 +11.3
c263,780
420,542
3,621,440
31,743,955
244,504
443,090
3,389,119
35,155,389
17,046,361
a
154,513.478
434,228,98
67,404,814
6,326,505,006
a
a
a
1,048,358,879
373.566,382
56,390,768
1,465,879,336
41,041,877
1,218,786
1,265,846
-3.7
1,350,000
1,735.056
454,956
633.190 -28.1
743,267
1,501,778
2,952,874
4.804,283 -38.5
5,033,889
2,614,862
+1.3
119,502,774
158,315,126
+7.9
-5.1
+6.9
-9.7
425,000
518,334
3,714.323
34,690,811
537.713
652,547
4,830,122
46,330.387
d2,123,390
d6,285,000
2,018,935 +5.2
8,508,531 -26.1
2,237,188
10,148,539
2,899,319
12,025.457
105,080,770
a
120,082,074 -12.5
a
125,129,176
a
181.503,431
a
a
e29,878.108
a
805,391
17,807,888
e644,787
a
20,130,724 +48.4
a
423,571 +90.1
17,994,669 -2.2
663.088 -2.8
a
22,855,628
a
430,961
19,041,651
735,298
a
32,464,563
a
645,218
24,169,057
980.737
219,926,909
307,038,551
Total(15 cities)---- 1,100,438,381 1,131,792,236 -2.8 12,413,634,497 11,894,716,291 +4.4
198,474,851 209,053,694
Eleventh Federal Reserve Distr ct-DallasTexas-Austin
7,303,298
6.528,880 +11.9
84,053,101
73,620,193
+14.2
1,392,020
1,096,577
Beaumont
5,995.554
*5,500.000 +9.0
63,569.860
52,809.312 +20.4
Dallas
183,838,870
139.665,444 +31.6 1,565,361,944 1,242,168,814 +26.0
38,646,793
29,582,337
El Paso
22.054,247
21,057,783 +4.7
233,914,389
221,526.954 +5.6
Fort Worth
58,280.371
55,289,681 +5.4
526,451,473
523,558,269 +0.6 c11,958,015
10,726,750
Galveston
47,938,587
44,410.251 +7.9
337,469,784 +22.9
414,684,967
10,278,006
7,875,429
Houston
152,132,145
114,917,237 +32.4 1,346,946,140 1,130,739,734 +19.1
a
a
Port Arthur
2.427,692
2,008,239 +20.9
18,864,004 +55.3
29.293.357
Texarkana
3.624,718
2,912,176 +24.5
23,223.599 +24.7
28,970,064
Waco
19,017,039
11,846,139 +60.5
121,781,660 +20.8
147,095,751
Wichita Falls
7,818,127
9,252,883 -15.5
85,826,020 +7.5
92.260,153
IA.-Shreveport
23,354,340
20,805,869 +12.3
206.072,198 +13.3
233,414,463
4,434.989
3,727,481
Total(12 cities)---533,784,968
434,194,582 +22.9 4,766,015.762 4,037,660,541 +18.0
66,709.823
53,008,574
Twelfth Federal R eserve Metric t-San Franc Isco
Wash.-Bellingham_ _
3.284,000
31,753,147 +11.1
3,000,000 +9.5
35,269.000
Seattle
167,113,424
142.821,676 +17.0 1,776,333,745 1,511,358,771 +17.5
35,778.550
33,152,096
Spokane
51,013,000
48,829,000 +4.5
527.314,349
485,704,000 +8.6
9,560,000
10,168,000
Tacoma
a
a
a
a
a
a
a
a
Yakima
6,923,405
6,720,431 +3.0
62,536,793
64,667,883
1,273.439
1,284,654
Idaho-Boise
4.890.284
.4,500.000 +8.7
45,670,103 +6.4
48.574,269
Ore.-Eugene
1,728,546
1,428,652 +20.9
18,397,932
14,318.099 +28.5
Portland
167,594,182
140,138,865 +19.6 1,710,044,993 1.463.551.208 +16.8
33,304,581
27,254,563
Utah-Ogden
8.188.000
8.123,000 +0.8
63.604,502 +1.6
64,638,000
Salt Lake City__
75,019,143
67,665,784 +10.9
700,466.475
594,177,224 +17.9
16,516,068
17,969,098
Nev.-Reno _
3,386,232
.3.000,000 +12.9
32,678,886
27,919,000 +17.0
a
a
Ariz.-Phoenix
12,306,087 Not incl.in tot al.
86,804,395 Not incl. in tot al.
a
a
Callf.-Bakersfield__ _
4,426,294
4,249.076 +4.2
46,429,559 -0.0
46,416.296
Berkeley
17,6E4,014
16,253,906 +8.8
192,862,592
177,696,065 +8.5
Fresno
23.138,735
31,616,795 -26.8
203,097.703
202,988,474 +0.1
4,810,753
8,486,939
Long Beach
38.004,826
25,676,569 +48.0
394,022,751
221,571.302 +77.8
7,881,503
5,379,478
Los Angeles
612,754,000
463.905.000 +32.1 6,384,294,000 4,636.004,000 +37.7 130.862,000
98,638,000
Modesto
3.667,389
3,706,089 -1.0
34,882,093
86,240,005 -3.7
Oakland
66.517,295
59,854,507 +11.1
613,143,745 +19.0
729,716,085
13,405,678
14,230,785
Pasadena
23.690,835
17,835,217 +32.8
242,575.238
180,587,291 +34.3
4,574,058
3,910,024
Riverside
2,984,502
2,227,901 +34.0
34,128,849
27.514,304 +24.0
Sacramento
36.968,437
30,942,230
+19.5
332
292,744,259
+13.5
393,847
c6,435,254
5,571.620
San Diego
16.260,393
+21.8
13,349,160
175,512,710
141,944,473 +23.7
3,333.269
*3,000.000
San Francisco
666.000,000
634,800.000 +4.9 7.353.561,000 6,614,300.000 +11.2 140,900,000 134,300.000
San Jose
10,316.410
12,104,860
-14.8
113,976,607
106,895.696 +6.6
2,103,029
2,388,407
Santa Barbara
5,264,330
4,224,863 +24.6
53,422,770
43,504,704 +22.8
979,985
813,664
Santa Rosa
2,480.836
2,673,522 -7.2
25,657,094
22,986,978 +11.6
Stockton
12,354,500
11,327,000 +9.1
127,695,100
113,191,800 +12.8
c2.595,300
2,281,500
Total(26 cities) _ _ 2,031,651,012 1,760,974,103 +15.4 21,420,469,179
17,780,464,592 +20.5 414,315,467 366.828,828
Grand total (183
cities)
33,914,742,122 32,189,624,660 +5.4 366,617,809,151 348.243,966.641 +5.3 7,186,159,928
Outside New York
15,866,429,174 14,837,346,364 +6.9 172,116,929,232 149,242,424,216 +15.3 3,090,465,701 7,102,624,178
2,985,754,950
-5.1
+26.9
1,538,134
1.--00,000
+30.6
29,105,476
35,104,612
+11.5
+30.5
a
8,897,339
7,917,698
a
18,186,842
11.160.400
a
+19.0
3,950.000
4,294,046
+25.8
51.408,647
70,445,900
+7.9
-6.0
a
-0.9
36,497.881
11,388,943
a
1,781,203
36,060,353
12,500,061
a
1,946,489
+22.2
28,982,055
31,895.994
-8.1
a
a
20,665,024
a
a
23,514,607
a
a
-25.8
+46.5
+32.7
6,146,302
4,318,405
96,752.000
6.690,316
4,037.597
86,444,000
-5.8
+17.0
13,741,212
3,500,000
12,088,524
3,354,589
+15.5
+11.1
+4.9
-11.9
+20.4
7,167,225
2,856,696
146,100,000
2,266,513
904,749
7,146,608
3,172,310
158.000.000
2,117.255
1,033.831
+13.8
1,986,600
6,048.400
+12.9
385,054,808
396.050,609
+1.2 7,762.490,207 8,550,061.367
+3.5 3,083,927,448 3,606,758.658
CANADIAN CLEARINGS FOR NOVEMBER,SINCE JAN. 1, AND FOR THE
WEEK ENDING NOV. 29.
Month of November.
Clearings as-
1923.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_ __ _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
$
628,461,740
541,238,764
366,431,143
71.361,199
37,454,717
28,467,045
14,850,789
27,306,440
34,263,725
14,021,894
11,352,706
12,186,476
19,301,993
24,902,037
3,357,383
3.782,843
11,770,453
7,692,170
4,798,854
6,294,994
2,604,669
2,246,290
3.698,768
3.746,642
4,472,671
15,137,590
1,952,161
4,206,099
2,926,358
1922.
$
467,425,324
435,041,252
370,423,361
60,180,601
35,425.283
28.443.440
12,984,458
24,865,518
26,323,481
11.582,988
8,350.640
12.535.238
29,988,523
22,459,118
3,651,010
3,331,767
9,296,668
7,837,013
5,225,752
4,125,104
2,336.262
2,046,195
3,366.867
3,398,293
4,663.706
13,695,614
1,738,198
4,843,474
2,943,384
Eleven Months.
Inc.or
Dec.
%
+34.5
+24.4
-1.1
+18.6
+5.7
+0.1
+14.4
+9.8
+30.2
+21.1
+35.9
-2.8
-35.6
+10.9
-8.0
+13.5
+28.6
-1.8
-8.2
+52.6
+11.5
+9.8
+9.9
+10.3
-4.1
+10.5
+12.3
-13.2
-0.6
1923.
$
5.030.866.104
5.131,101.649
2,221,027,286
685,518,216
323,310,405
277,208,208
140,142,016
276,315.993
237,230,993
130.089.277
96,826.494
139.010,226
193,713.663
169,807,149
28,008.853
28,903,412
79,006,974
58,065,549
47,933,172
43,366,838
26,704,689
15.874,283
35.767,930
39,775,937
47,415,038
163,311,513
16,207,860
46,331,113
31.332,849
1922.
$
4,624,334,968
4,490,426,633
2.294,030,449
622,551,009
334,943,990
259,343,901
145,176,683
258,639,389
234,887,768
129,995.960
96,770,360
134,749,335
214,229.246
163,504,149
29,837,806
27,795.032
80,153,199
57.454,882
49.311,043
36,952,321
25,230,548
16,011,509
33,649,861
39,776.377
47,744,358
157,126,159
16,244,238
54,555,968
31,771,690
Week ending November 29.
Inc.or
Dec.
%
-12.8
+14.3
-3.2
+10.1
-3.5
+6.9
-3.5
+6.8
+1.0
+0.1
+0.1
+3.2
-9.6
+3.9
-6.1
+4.0
-1.4
+1.1
-2 8
+17.4
+5.8
-0.9
+6.3
-0.0
-0.7
+3.9
-0.2
-15.1
-1.4
1923.
1922.
Inc. or
Dec.
$
$
%
107,432,755
89,737,982 +19.7
90,499.853
89,862,200 +0.7
82,051,265
82.895,162 -1.0
14,587.409 • 14,091,954 +3.5
6,261,811
5,719.920 +9.5
5,451,282
5,516,443 -L2
2,947,964
2,719,054 +8.4
5,632,232
5,154,943 +9.3
7,690,071
5,614,776 +37.0
2,697,406
2,301,926 +17.2
2,066,326
1,785,445 +15.7
2,301,746
2,515,008 -8.5
4,249,175
3,827,484 +11.0
4,968,549
4,519,070 +9.9
617.209
697,451 -11.5
723.935
651,164 +11.2
2,447,718
1,846,111 +32.6
1,587,699
1,559,549 +1.8
988,111
923,158 +7.0
1,461.471
710.327 +105.7
579,197
518,260 +11.8
454,366
375,988 +20.8
789.790
654,147 +20.7
727,766
587.153 +23.9
843.927
936,495 -9.9
3,447,073
2.635,026 +30.8
396,507
30,558 +3.6
856,485
957.173 -10.5
537,673
524,358 +2.5
1921.
$
109,204,008
102,527,954
78.750,503
13,120,851
7,277,312
5,596,498
3,145,573
5,428.163
6,120,733
2,816,320
2,013.347
3,104,703
4,784,766
4,137,585
701.648
670.590
1,998,024
1,538,043
1,197,788
703,310
518,801
386.372
707,827
709,240
900,171
3,060,111
1920.
$
145,674,628
115,160,952
110,103,780
13,443,327
11,913,043
7,578,981
4,793.643
6,921,530
10,258.345
2,951.343
2,008.623
3,502.044
• 6,013,202
5,394,645
967,842
1,092.485
2,648,552
2.367.173
1,387,844
1,066.225
677,005
723,393
939.436
1,224,108
998.259
3,644.888
893,585
791.958
705,720
Total Canada (29)- 1.910,288,913 1.618,528,532 +18.0 15.780.173,689 14,707,198,831
+0.4
355,296.771 330,220.285 +7.6 362,719.546
464,246.754
a No longer report clearings. b Do not respond to requests for figures. c Week ending Nov.28
d Week'ending Nov. 29. e Week ending Nov. 30.
•Estimated.
THE CHRONICLE
2514
[VOL. 117.
ENGLISH FINANCIAL MARKET-PER CABLE.
TRADE AND TRAFFIC MOVEMENT.
The daily closing quotations for securities, &e., at London,
Shipments of Iron Ore from Lake Superior Ports Show
as reported by cable, have been as follows the past week:
Large Increase Over Season of 1922.
Dec. 1. Dec. 3, Dec. 4, Dec. 5, Dec. 6. Dec. 7.
London,
Frt.
Wed. Thurs.
The shipments by water of iron ore from Lake Superior
Tues.
Mon.
Sat.
Week ending Dec. 7.
33 1-16
33 1-16 33
3331
3334
per
3
3%
Silver,
d
oz
than
less
docks during the season just closed aggregated no
948.9d.
948.11d. 948.10d. 958.1d. 945.8d, 945.
Gold, per fine ounce
5634
57%
5731
5731
Consols, 234 per cents
5731
59,036,704 tons, being a gain of 16,423,475 tons over 1922, British,
10034
10034
10034
10034
10034
5 per cents
9731
only
1921
9734
In
tons.
4
cents
British, 434 per
when the movement was 42,613,229
54.70
54' 54.50
54.15
54.25
French Rentes (in Parts)_ _fr. ____
22,300,726 tons were moved, while in 1920 shipments totaled French War Loan (In Paris)fr. __ __ 71.25 71.10 70.60 70.85 70.50
58,527,226 tons. The 1923 movement is the largest since
The price of silver in New York on the same days has been:
in New York, per oz.(eta):
1918 when water shipments from Lake Superior ports Silver
6434
6431
6434
6434
6431
6434
°reign
amounted to 61,156,732 tons. Below we compare the water
shipments from the various ports for the last five seasons:
Preliminary Debt Statement of U. S. Nov. 30 1923.
Entire Season
III
1919.
1920.
The preliminary statement of the public debt of the
1921.
1922.
1923.
Tons.
Tons.
Tons.
Tons.
PortsTons.
Nov. 30 1923, as made up on the basis of
Escanaba
5,607,411 4,592,354 1,806,656 7,361,700 4,963,358 United States for
3,415,108 2,132,935
786,946
2.789,285 1,976,220
Marquette
statements, is as follows:
Treasury
daily
the
5,915,383
8,180,852
Ashland_
Superior
Duluth
Two Harbors
Total
6,237,449 5,813,207
17,820,476 11,234,240
20,163,619 13,044,771
6,418,464 .5,952,437
2,264,705
4,991,278 14,812,398 10,919,965
9,164,803 15,479,334 16,821,209
3,286,338 9,278,464 6,424,545
59,036,704 42,613,229 22,300,726 58,527,226 47.177.395
THE ENGLISH GOLD AND SILVER MARKETS.
rcular of
from the weekly circular
I We- reprint .the
Samuel Montagu & Co. of London, written under date of
Nov. 21 1923:
BondsConsols of 1930
Loan of 1925
Panama's of 1916-1936
Panama's of 1918-1938
Panama's 011961
Conversion bonds
Postal Savings bonds
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
Treasury bonds 01 1947-19.52
$599,724,050 00
118,489,900 00
48.954,18000
25,947,400 00
49,800,000 00
28,894,500 00
11,877.900 00
$883,687,93000
$1,951,642,400 00
3,197.957,40000
3,305,021,900 00
6,326,289,100 00
14,780,910,800 00
763,952,300 00
GOLD.
$16,428,551,030 00
Total bonds
The Bank of England gold reserve against its note issue on the 14th inst.
Noteswas E125.858.740. as compared with £125.847,730 on the previous Wednes- Treasury notes$311,088,600 00
Series A-1924, maturing June 15 1924
day. rntilan and Continental demand again being on a small sale, it is
380.681,10000
Series B-1924, maturing Sept. 15 1924
probable that most of the moderate supplies in the market this week will
598,355,900 00
A-1925, maturing Mar. 15 1925
Series
go to the United States. It will be noted from the details of the Indian
299,663,900 00
Series B-1925, maturing Dec. 15 1925
406,031,000 00
currency reserves given at the end of this letter that British Government
Series C-1925, maturing June 15 1925
615,707,900 00
Series A-1926, maturing Mar. 15 1926
securities have been substituted for the 200 lacs (52,000,000) of gold with414,922.30000
maturing Sept. 15 1926
B-1926,
Series
drawn from the reserves for sale by the Indian Government. On the 15th
355,779.90000
Series A-1927, maturing Dec. 15 1927
inst. the Imperial Bank of India advanced its minimum rate of discount
068.201.40000
Series 13-1927, maturing Mar. 15 1927
34,050,432,000 00
from 4% to 5%.
Treasury CertifIcatesCURRENCY.
TaxAccording to the United States Department of Commerce, copper coins
3191,517,500 00
maturing Dec. 15 1923
SerIes
In circulation in China now number about forty billions. With the fall In
Series TD2-1923, maturing Dec. 15 1923...,. 178,549,500 00
321,196,000 00
Series TM-1924, maturing Mar. 15 1924_ _
copper prices and with the wholesale minting of these coins In China, inSeries TM2-1924. maturing Mar. 15 1924_ 249,750,500 00
cluding some light-weight coins, the value of the copper cent has continued
8941,013,50000
to fall so that it now exchanges for about 190 to the silver dollar. It has
Treasury (War) Savings Securitiesreached a level where it is no longer profitable for the mints to continue
War Savings Certificates:
349,933,88403
Series 1919 a
coining the copper cent pieces, and hence many of the mints have ceased
21,351,78298
Series 19206
doing so. This situation has had a serious effect upon the economic
12,734,12322
Series 1921 a
life of the people for the reason that the copper is the coin of the _tpasses. Treasury Savings Certificates:
1,862,19695
and its depreciation affects their purchasing power seriously. This is parSeries 1921, Done of Dec. 15 19218
102,731,12685
Series 1922, Issue of Dec. 15 1921 b
ticularly true in the factories and modern Industrial plants, where"wages
16,975,76090
Series 1922, Issue of Sept.30 1922
have been placed upon definite schedules. Among the farming population
149,832,88735
Series 1923, Issue of Sept. 30 19228
prices more easily adjust themselves so as to cover any depreciation of cur- Thrift and Treasury Savings Stamps, Unclassi4,481,58013
fied sales, Sto
rency. This emphasizes the need of China to possess forms of currency
359,903,34241
which have more coherent relations to each other than at present enjoyed
by copper, silver and gold.
$21,779,899,872 41
Total Interest-bearing debt
• Matured Debt on Which Interest Has CeasedSILVER.
Owing largely to the oscillations of the United States-exchange, which Old debt matured at various dates prior to
31,293,440 26
April 1 1917
have been during the week
in a downward direction, silver has not
1,259,500 00
Certificates of indebtedness
been easy to761117
-Ti. his has been the cause of theItllifity of the market, Spanish War Loan of 1908-1918
273,000 00
200,400 00
rather than general eagerness to buy. India and China have both bought, 334% Victory Notes of 1922-1923
but some China selling has also been in evidence. Continental sales have 434% Victory Notes of 1922-192310,487,900 00
for
1922
Called
15
Dec.
redemption
'
been slight, although the high rates ruling have provoked some selling
22.281,050 00
Matured May 20 1923
235,795,29025
tendency: American silver has also come on offer at each advance. The
Debt Bearing No Interestquotations on the 19th inst.-33q7.
-for cas1MTn-mi. for two months
00
States
United
$346,881,016
notes
delivery-are the highest fixed since Nov. 7 1922, when the prices were Less gold reserve
152,979,025 63
33314. and 33 7-16d.. respectively. The continued reduction of stocks at
$193,701,990 37
Shanghai, notwithstanding fresh arrivals there, has naturally conduced to
the good tone which has prevailed. The Indian speculative stock continues Deposits for retirement of national bank notes
and Federal Reserve bank notes
44.013,117400
to be tightly held.
Old demand notes and fractional currency
2,050,493 83
$239,766,058 20
"Daily Financial America" announces from Washington under date of
nth ult, that the Secretary of the Interior has asked the Bureau of Mines
322.055,461,22087
Total gross debt
to make a preliminary survey of the possible new uses for silver in commerce
a Net cash receipts. b Net redemption value of certificates outstanding.
and industry. If the preliminary study looks sufficiently promising, definite research may be undertaken. As a result of the decrease in demand
for silver for monetary purposes following the expiration of the Pittman
TREASURY MONEY HOLDINGS.-The following
Act, United States silver producers are faced with the necessity of finding
statements
ne'markets for their metal, and this new study has been ordered for the compilation made up from the daily Government
particular purpose of determining whether the use of silver might be intro- shows the money holdings of the Treasury at the beginning
duced into hitherto unsuspected fields.
of business on the first of September, October, November
The same journal has received advice from Cobalt, Ontario, dated 24th
December 1923:
and
of
specCobalt
another
field
has
silver
ult. that "the great
handed out
tacular surprise, this time in yielding a monster nugget of almost pure
Sept. 1 1923. Oct. 1 1923. Noy. I 1923 Dec. 1 1923.
Holdings In
native silver weighing approximately three thousand two hundred pounds
$
$
8
$
U. S. Treasury.
and valued at over $20,000.
Set gold coin and bullion_ 333,201,370 333,945,270 337,555,454 331,637,371
INDIAN CURRENCY RETURNS.
44,204,564
56,694,483
61,423.230
53,203,705
Set silver coin and bullion
Nov. 15. Set United States notes_.
Oct. 31.
Nov. 7.
(In Lacs of Rupees.)
2,647,387
3.000,160
2,408,410
1,794,877
19,103,121
17,163,743
17,674,352
national
17,731,827
17954
bank
get
Notes in circulation18082
notes__
17996
788,178
980,271
1,025,120
1,359,281
get Fedi Reserve notes__
9774
Silver coin and bullion in India
199029816
351,961
.313,441
178,137
472.651
get Fen Res. bank notes
Silver coin and bullion out of India
-- -8,380,781
9,123,533
9,372,400
9,797,406
Set subsidiary silver
4,051,852
16,426,827
=Coin and bullion In India
4,729,454
2132
2432
5,310,705
Sinner coin,dte
__
Gold coin and bullion out of India -----------Total cash in Treasury_ 422,871.822 425,268,150 *446,746,141 *411,165,215
5748
Securities (Indian Government)5748
5748
152,979,028 152,979,026 152,970,026 152,979,026
Lena gold reserve fund
200
Securities (British Government)
Dash balance In Treasury.. 269,892.796 272,289,124 293,767.115 '258,186,189
No silver coinage was reported during the week endind15tli1inst.
In spec. depositories:
The stock in Shanghai on the 17th inst. consistediof about 20,200,000 Dep.
61 436,000
139,395,000 297,150,000 122,912,000
Acct. certs. of indebt
48,915,469
50,592,941
76,580,384
66,732,568
ounces in sycee,$32,500,000 and 80 silver bars, as compared with 22,300,000 Dep. In Fed'I Res. banks_
Dep. In national banks:
ounces in sycee, $33,000,000 and 1,100 silver bars onithellOth inst.
7,772,451
8,312,195
8,064,895
7,837.023
To credit Trea8. U. EL_
21,040,522
-Bar Silver per or. std.- Bar Gold
21,406,988
21,064,723
20,905,194
To credit dish. officers_
1,034,407
p. or. fine.
QuotationsTwo Mos.
Cash.
1,043,020
1,010,420
1,005,212
Cash In Philippine Islands
705,260
955. 2d.
32 13-16d. 323d.
Nov. 15
827,210
759,714
723,545
Deposits in foreign depts.
95s. 3d.
Nov. 16
3274d.
32 7-16d.
Nov. 17
323d.
33 5-16d.
Net cash in Treasury
9671-a3334d.
Nov. 19
3334d.
506,491,338 676,919,260 498,861,469 399,090,29E
and in banks
95s. 4d.
33 h d.
Nov. 20
323d.
Deduct current liabilities_ 254,035,100 254.171,748 275,818.507 243,316,451
33 5-16d.
3215-16d. 95s. Id.
Nov. 21
958. 6.6d. _
3.
_3
Average
32.791d
Available rub halanea_ 252.4561238 422.747.512 223.042,962 155,773,843
.197d.
The silver quotations to-day for cash and forward delivery are respectively
Includes Dec. 1 $33.657,078 02 silver bullion and 31,772.137 97 minor coins.
c not Included in statement "Stock of Money."
2232
.111_
IV
THE CHRONICLE
DEC.8 1923.]
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for November 1923
and 1922, and the five months of the fiscal years 1923-24
and 1922-23.
Receipts.
Nov. 1923. Nov. 1922. 5 Mos. 1924.. 5 Mos. 1923.*
Ordinary-a
$
s
$
'Customs
46,565,105 41,647,032 228,813,314 211,421,943
Internal revenue:
Income and profits tax_ __ _ 32,881,328 24.616,895 483,139,936 393,799,714
Mlscell. internal revenue
79.749,652 69.730,356 447,505,359 428,193,428
Miscellaneous receipts:
Proceeds Govt. owned secs.:
Foreign obligations-Principal
65.602
37,939,194
517,878
Interest
195,593 50,618,735
11,723,214 115,004,755
Railroad securities
4,929,879 8,264,835
14,250,746
46,381,103
All others
2,118,185 2,723,749
4,745,702
30,302,809
Trust fund receipts (reappropriated for investm't) 3,961,893 2,385,767
12,859,321
11,302,937
Proceeds sale of Burp, prop- 2,164,488 4,286,054
21,490.717
31,669,418
Panama Canal tolls, &c
2,216,414 1,484,015
11,505,623
5,709,777
Receiptsfrom miscellaneous
credited direct to approp. 1,315,153 5,656,634
18,342,759
33,361,669
Other miscellaneous
14,680,881 15,560,188 100,814,353
97,111,024
Total ordinary
190,844,173 226,974,261 1,393,130,238 1,404,776,457
Excess of total expenditures
chargeable against ordinary
receipts over ord.receipts 65,442,475 27,278,464
81,244,429 109,538,314
Expenditures.
Ordinary(Checks 2., warrants paid, dm.)
'General expenditures
152,058,896 155,570,568 800,610,153 826,670,549
Interest on public debt
1179,220,700 80,229,118 b383,992,139 374,324,264
Refunds of receipts:
Customs
1,621,874 2,392,518
10,591,191
20,077,443
Internal revenue
8,697,535 4,384,764
52,872,245
45,710,179
Postal deficiency
8,000,000
22,201,089
Panama Canal
432,460
446,821
3,819,380
1,327.293
Operations in special accounts:
Railroads
c14,579,718
3,332,530
1,114,525
54,691,764
War Finance Corporation. 0,934,690 015,502,609 c32,639,114 c55,207,840
Shipping Board
8,845,882 6,319,964
63,071,826
22,987,070
Alien property funds
c2,309,284 c3,239,198
c3,436,964
643,286
Loans to railroads
350,000
2,171,000
3,783,587
Investment of trust funds:
Govt. Life Insurance fund. 3,932,873 2,361,714
12,775,306
11,242,397
Civil Service retirem't fund
2,083
11,023,666
9,775,099
D.C. teachers retire. fund
29,020
24,053
'•4.015
60 540
Total ordinary
231,365,548 186,322.325 1.314,049,307 1,3:38,286,721
Public debt retirem'ts chargeable against ord.receipts:
Sinking fund
23,500,000 67,517,100 117,181,900 174,512,800
Purchases from foreign repayments
467,600
6,400
38,419,300
567,400
Received for estate taxes
943,100
405,900
4,702,300
934,550
Forfeitures, gifts, dte
10.400
1.000
41.800
13,300
Total
24,921,100 67,930,400 160,325,300 176,028,050
Total expend, chargeable
against ord. receipts,, 256,286,648 254,252,725 1,474,374,667 1,514,314,771
• Receipts and expenditures for June reaching the Treasury in July are
b The figures for the month include 21,440,267 and for the fiscal yearincluded.
Gate 211,452,191 accrued discount on War Savings certificates of the Series 1924 to
of 1918.
c Excess of credits.
2515
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are
paid
into the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned as part of the public debt. The amount of such obligations
to-day was $44,013,574
8614.96510 Federal Reserve notes and $19,012,528 In national bank notes are In
the Treasury In proems of redemption and are charges against the deposits for
the
respective 5% redemption funds.
gortumercial andrAiscellanconsRUM
•
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Aug. Bas. on Deposit to
Secure Circulation forNational
Fed. Res.
Bank Notes. Bank Notes.
Mlles& Bask Circulate»
Afloat MgBongs.
&ma
Tenders.
2'eltd.
Nov.30 1923.- 746,778,030
545,900 743,984,275 29,450,769 773,435,044
Oct. 31 1923_ 746,562,330
545,900 743,806,385 28,799,884 772,606,269
Sept.29 1923._ 748,780,830
545,900 742,184,915 28,137,092 770,322,007
Aug. 311923.. 745,585,080 4,543,700 740,323,568 28.821,244 768,944.812
July 311923.. 744,848,940 4,793,700 740,986,663 28.823,714 769,810,377
June 30 1923_ 744,654,990 4,993,700 719,103,825 28,336,094 747,439.719
May 31 1923_ 744,034,190 5,593,700 742,178,351 27.829,641 770,007,992
April 30 1923._ 742,823,590 6,148,700 740,099,541 27,868,731 767,968,272
Mar. 31 1923._ 742,879,540 6,368,700 739,984,523 27,197,981 767,182,504
Feb. 28 1923._ 741,077,590 6,878.700 738,423,517 28,620.187 767,043,704
Jan. 31 1923_ 739,329,840 7,868,700 734,541,173 29,209,789 763,750,962
Dec. 30 1922_ 738,257,440 7,968,700 735,281,275 26.846,812 762,128,087
Nov.30 1922._ 739,018,090 31,468.700 736.065,365 25,433,762 761,499,127
Oct. 311922.. 737,660.690 46,468,700 734,520,475 28,158.712 760,679,187
Sept.30 1922._ 737.501,940 56,768,700 734,485.283 26.285,914 760.751,197
Aug. 31 1922_ 735,460,690 67,518.700 733,623,525 26,082,024 759,705,549
July 311922.. 735,160.690 80,518.700 732,467.585 25,603,977 758,071,562
June 30 1922._ 734.546,300 84,218,700 732,585,640 25,816,387 758,202,027
May 31 1922._ 733,876,590 87,218,700 730,203,870 25,696.832 755,900,702
April 30 1922._ 731.693,690 95,568.700 729,526,135 25.096,414 754.622,549
Mar.31 1922- 730.016.940 102,393,700 727.838.900 24.840.522 752,079.422
315,279,170 Federal Reserve bank notes outstanding Nov.30 (of which $498,000
secured by United States bonds and $14,279,170 by lawful money), against $49.044,000 Nov. 30 1922.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Nov. 30:
U. S. Bonds Held Nov. 30 to SecureBonds on Deposit
Nov. 30 1923.
2s, U.S. Consols of 1930
4s, U. S. Loan of 1925
2s, U.S. Panama 01 1936
2s, U.S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
545,900
586,897,500
85,943,150
48,347,620
25,589,760
587,443,400
85.943,150
48,347,620
25,589,760
545,900
746.778,030
747,323,930
Treasury Cash and Current Liabilities.
The following shows the amount of national bank notes
The cash holdings of the Government as the items
stood afloat and the amount of legal tender deposits Nov. 1 and
Nov. 30 1923 are set out in the following. The figures are Dec. 1, and their increase or decrease during the month
taken entirely from the daily statement of the United States
of November:
National Bank Notes-Total AfloatTreasury for Nov. 30 1923.
Amount afloat Nov. 1 1923
AssetsGold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Net increase during November
330,054,467 98 Gold certifs. outstandlt.
3,186,173,214 13 Gold fund F. R. Board 910,656,369 00
(Act of Dee. 23'13, as
amended June 21'17).2,273,933,942 20
Gold reserve
152.979,02563
Gold In general fund
178,658,345 28
Total
3,518,227,682 11
Total
3,516,227,682 11
Note.-Reserved against $348,681,016 of U.S. notes and
$1,445,127 of Treasury
notes of 1890 outstanding. Treasury notes 011890 are also
secured
by silver dollars
In the Treasury.
SILVER DOLLARS.
Assets$
Liabilities5
Silver dollars
421,616,809 00 Silver certifs. outstand'g
00
Treas. notes of 1890 out_ 409,624,194
1,145,127
Silver dollars In gen.rnd 10,547,488 00
00
TotaL
421,616,809 00
Total
421,616,809 00
GENERAL FUND.
AssetsGold (see above)
178,658,345 28 Treasurer's checks outSilver dollars (see above) 10,547,488 00
standing
1,187,28954
United States notes._
2,847,387 00 Depos. of Govt. officers:
Federal Reserve notes
788,178 00
Post Office Dept.....
6,633,25124
Fed. Res. banknotes,,..
351.961 00
BoardertrusteesPostal
National bank notes _ _ _
19,103,120 50
Savings System(5%
Subsidiary silver coin...
8,380.781 16
res'velawful money)
6,602,935 80
Minor coin
1,772,137 07
Other deposit3___ _
237,067 29
Silver bullion
33,057,076 02
Comptroller of CurUnclassified-collecrency, agent for
tions, dm
2,279.713 91
creditors of InsolvDeposits in Federal Reent banks
3,040,627 81
serve banks
48,915.468 79
Postmasters, clerks of
Deposits in special decourts, disbursing
positaries account of
officers, ete
30.782,58020
sales of certificates of
Deposits for:
indebtedness.
61.436,00000
Redemption of Fed'I
Deposits in foreign deReserve notes (5%
Positaries:
fund, gold)
156,564,205 48
To credit Treas. U.S.
145,991 12
Redemption of Fed'i
To credit of other
Reserve bank notes
Government officers
559,269 54
(5% fund, lawful
Deposits in nat'l banks:
money)
27,500 00
To credit Treas. U. S.
7,772,450 54
Redemption of nat'l
To credit of other
bank notes (5%
Government officers 21,040,522 17
fund,lawful money)
Deposits in Philippine
Retirement of addi- 33,003,480 91
Treasury:
lions' circulating
To credit Treas. U.S.
1,034,407 11
notes, Act May 30
1908
14,410 00
Uncollected items, exchanges, Ac
5,223,122 25
Net balance
243,316,450 52
155,773,847 59
Toad
399,090,298 11
Total
399,090,298 11
Ngie.-The amount to the credit of disbursing officers and
agencies to-day was
331,413,179 62. Book credits for which obligations of foreign
Governments are
bald by the United States amount to 533,22.6,629 06.
Amount of bank notes afloat Dec. 1 1923
Legal Tender NotesAmount on deposit to redeem national bank notes Nov.1 1923
Net amount of bank notes issued in November
Amount on deposit to redeem national bank notes Dec.1 1923
8772.606,269
828,775
$773,435,044
$28.795.884
650,885
$29,450.769
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Nov. 27-The First National Bank of Chula Vista, Calif
$25.000
Correspondent, It. M.Pray, Chula Vista, Calif.
Nov. 27-The First National Bank of Cosmopolis, Wash
25.000
Correspondent, C. W. Bridgham, McCleary. Wash.
Dec. -The Pleasantville National Bank,Pleasantville. N. J.-Correspondent, Japhet Price, Pleasantville. N. J.
APPLICATION TO ORGANIZE APPROVED.
Nov. 27-The Depositors' National Bank of Lakewood, Ohio
200.000
Correspondent, George Balda, 814 B. of L. Engineers
Building, Cleveland, Ohio.
APPLICATION TO CONVERT RECEIVED.
Nov. 27-The American National Bank of Denver, Colo
$500.000
Conversion of The American Bank & Trust Co., Denver,
Colo.
CHARTERS ISSUED.
Nov.30-12466-The Old First National Bank of Mt.Vernon,Ind.$100.000
Succeeds The First National Bank of Mt. Vernon, Ind.
President, Edward E. Highman; Cashier, Eugene E.
Highman.
Dec. 1-12467-The Peoples National Bank of La Follette. Tenn.
Conversion of The Peoples Bank of La Follette, Tenn.
President, W. A. Carden; Cashier, David Reynolds.
VOLUNTARY LIQUIDATION.
Nov. 27-10414-The First National Bank of Sarasota. Fla
525.000
Effective Nov. 20 1923. Liquidating Agent, A. L.
Joiner, Sarasota, Fla. To be succeeded by a trust company.
Nov_ 30-366-The First National Bank of Mt. Vernon, Ind
Effective Nov. 30 1923. Liquidating Agent. Ambrose 100.000
W. Harbert, Mt. Vernon, Ind. Succeeded by The Old
First National Bank of Mt. Vernon (12,466). Liability
for circulation assumed by Old First National Bank of
Mt. Vernon under Section 5223, U. S. R. S.
Nov.30-949-The Geneva National Bank, Geneva, N. Y
Effective Nov. 20 1923. Succeeded by The National 300.000
Bank of Geneva, N. Y., No. 12450. Liability for circulation will not be assumed under Section 5223, U. S.
R. S. Liquidating Agent, Charles R. Mellen, Geneva,
N.Y.
1
50,000
50,000
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
THE CHRONICLE
2516
[VOL. 117.
Price.
Pace. Shares. Stocks.
Shares. Stocks.
1 30,000 Portsmouth Dover Jr York
10 E. A. Abbott Co
By Messrs. Adrian H. Muller & Sons, New York:
1034 lot
St. By. 58, 1929
2
$5
011,
par
Okla
Horns
Price.
100
Price. Shares. Stocks.
Shares. Stocks.
1,000 Helen Freeman,Inc.,6% crt.
2,000 Securities Trading cerp.S20 per sh. 2,650 Crowell & Thurlow $S. Co.,
100 Chronicles of America Picture
$10 lot
of indebt. Aug. 1 1922
$175 lot
$10 par
$3 lot
Corp., Class "A," no par__$1 per sir. 310 Interboro Cons. Corp.,corn_ $1
Tungsten Mines85,June 1919
8,000
1992
75,
lot
Corp.
Elec.
$5,000
lot
10 Marshall-Jones Co., pref._ _81 per sh. 100 Bethlehem Motors Corp
$100
lot
00 ,r
)
$3 per sh. 500 Denver & Rio Grande,pre:...MI lot 34 Electric Corp., $1
10 Tyson Co.; Inc., pref
$11,850 notes of Parker Braid Co.,
4345,1937.53
10 Tyson Co.,Inc.,corn.,no par-$15 lot 300 Republic Rubber corp., corn. lot 30,000 Boston Elev.By.
10
Mass
Plainville,
int.
Jr
82
registered
$5
certif. of deposit
90 United Henn.Co.,corn., no par_S1 lot
$1 lot 150 West Texas Oil Corp.,$5 each_S1 lot
30 United Refineries Co., pref
By Messrs. Wise, Hobbs & Arnold, Boston:
lot
Price.
165 Cuban Domin.Sug., pref-$43 Per 811. 3,000 Cerro Gordo Mines, $1 ea..510
Price. Shares. Stocks.
sh. Shares. Stocks.
per
_840
pref.
Carbonic,
General
110
}$976
Sugar
Co.,
Cuban
Dominican
1,670
40 Reed Prentice Co.,pre
255
10 Beacon Trust Co
(lot
$6 per sh. 400 General Carbonic, corn_ -84 per sh
corn
corn., no par
Co.,
Prentice
Reed
8
_
_
7534
common__
Shops,
35 Saco Lowell
300 Interborough Cons.Corp.,eom.1$85
2,000 Imports Advancement Corp.,
pf. par.ctfe.
Steam Cotton Co_ _ _ _166Si 40 Becker Mill. Mach.,Elec.
Lt_ _3 13 16
$8110 lot 550 Interborough Cons. Corp., preff lot 2 Naumkeag
corn., no par
242 Rights Haverhill
Stint 5 Quincy Mkt. Cold Storage &
75 New York Curtain
$10 ea_ 334
corn.,
8,735 West India Sugar Finance
Co.,
State
1
Theatre
14114
Warehouse Co., common
ea_ 40
825
$5 per sh. 100 Smith Motor Truck Corp.,corn. lot
corn.,
Co.,
Corp.,corn
Fastener
50 Carr
El.
1,000 Chaparral Hill Gold Mining
temp. certof $10 each
600 Palisades Realty & Amusement
10c. 204 Morose()Holding Co.,Inc.,com 1
Co., Si each
80
$13 per eh. 5,000 McCoombs011Co.,$ leach..!
pref
Co. of N. J., com
Co.,
Theatre
State
5
6 Haverhill Gas Light Co.,550 each 8034
each
Corp..1
200 Utah Cons.Min.Co.,com_22e. per sh. 53 Nevada United Min.Co.,81 Gold
100 El Dorado Refining Co.,com $1 lot 10 Lambie Concrete Housing
5,000 Porcupine Imperial
55
}
4,000 Interborough Coward Corp..
special
preferred
50c.
Assts
10 Weeks Alberta Oil
}$8
Mines,$1 each
Sc. per sh.
COM
20 Lamble Concrete Housing Corp.,' lot
lot 29 Puget Sound Power & Light,
5 Amer. Detective Service Co
250 National Drug Stores Co..Pre
common
special
10344
prior
preferred
ea_
$1
1
$8 per SII. 1,000 Big Sinking Petroleum,
680. 50 Briscoe Motor Corp., pref
8 100 State Theatre Co.. Prof
68c.
625 National Drug Stores, cora __$101 lot $507.67 Sulzer's Harlem River Park'
5 American Glue Co., common.... 3734 94 100 State Theatre Co., pref__72c.
Co.2d 68,1914
$124Si Per sh.
9316
ea70 Singer Mfg.Co
$50
Co.,
Chemical
Merrimac
15
Co.
Finance
$1253 per sh. 218 California Delta Farms, corn. all. 25ofUnits Industrial
70 Singer Mfg.Co
10 Herschell Spillman Motor Co.,
70
Massachusetts
$17 per
5%
$3
20 Electrical Utilities
common,$50 each
40 Amer. Road Machinery. prei_sio lot
$65Si Per sh. 1,525 People's Collateral Pledge So-$2 lot 30 Tel
cum. pref
Corp.,
Herschell Spillman Motor Co., lot
10
13100
U Where of Am., pref
cletY, corn., $1 each
109 Rolup Screen 8% cum.pf__81 per sh.
preferred, $50 each
com.el.A
(lot
Am.,
of
120
Where
U
Tel
SoPledge
Collateral
People's
18 Chelsea Exchange Bank _$5144 per sh. 13.500
cl.C/
ciety, pref Ws.of dep.,$1 ea.$105 lot 120 Tel U Whereof Am.,com Mills,
Price.
800 Mexico Northwest. By., com_41 lot
Bawls.
Per sh. 1,200 Cascade Silver Mines &
5,963 Halcyon Real Estate Corp 130 lot 600 Scott's Preparations, Inc-.58
$14 lot 21,000 Cons. Machine Tool Corp.of
each
$1
pref
Corp.,
50 National Drug Stores
69
1,000 People's Collateral Pledge So1942
75,
America
Am.,
of
with 1001common as bonus_ _5460 lot 125 Radio Products Corp.
.of dep.,$1 each _8301ot
ciety, pref., ctf.
$2.50 lot 10,000 rubles Russian Govt. 530,
$1 each
343 Rainier Motor Corp.,pref _$300 lot
$6101
50 People's Collateral Pledge Society
1916
Manganese.
Consolidated
lot
1,000
$1 lot 200 Old Hundred Mining Co.,$5 ea $1
cont., $1 each
$12 lot $2,000 Cascade Silver Mines &
Inc., $1 each
50 Brooklyn Rapid Transit Co_ _$2 lot
$24 lot
150 Restraunt Mach., corn., $10 eat$1
Mills 6s, 1923
10
Corp. of Am., pref._..1 $20
50 Restraunt Mach.,pref.,$10 each) lot 400 Palmetto 011 Co., coin_ __.$1 per eh. 10 Asbestos
lot 13,000 rubles Russian Govt.5Sis_ _88 lot
com____J
Asbestos Corp. of Am.,
$100 lot 2,000 Forty-Mile Power & Dredging
1,900 Cord Tire Corp.,corn
$10 lot
Co.,Inc
29 Christopher & 10th St. RR-$9 per eh.
By Messrs. Barnes & Lofland, Philadelphia:
50c. per sh. 80 Lafayette Motors, 2d pref__$1 per sh.
Price.
505 Second Ave. RR
Price. Shares. Stocks.
Stocks.
Shares.
com.,no
Judson,
4,000
Butterworth
East
&
North
Park
654 Central
5 Securities Corp. general, prof.... 60
$2 lot 3 Guarantee Tr..& Safe Deposit_..152
par
25c. per sh.
Decatur
River RR
of
Trust
Sharing
Profit
10
100
$2 lot 100 Link Belt Co., par 850
184 Butterworth Judson, pref
750 Everett Heaney Co., $10 each
County Stock Co., Delaware,
82 lot 50 Tombstone Coneol. Mines_ _ _ -1
$1.60 per sh. 75 Butterworth Judson, pref
$3 lot
Par $10
I
100 Poland Mining
lot
1,000 Boston-Mexican Petroleum
10,000 L.W.F. Eng. Co.,$10 each
5734 Mariposa Mining, par $10---$3
$25 lot 100 Elec. Lead Reduction,coin_ _ 1
Ordinary, no par
Sc. per sh.
Fair
dr
853 lot 100 Elec. Lead Reduction. pref.- }Lot $9 16 Hestonville, Mantua COM
85 lot 400 Bath Iron Works, Ltd
29
150 S. S. Cuba, Inc., corn
Passenger
By.,
mount
Inapt
&
Land
edmont
$1 lot 62 Piedmont
547 Federal Export Corp_ _ __10c. per sir. 100 Inter-Seal Corp
100 Home Oil Co.of Texas, par $1042 lot
Racine Mining
1
$3 lot
40
50 Federal Co., pref
26 Gallaudet Aircraft Corp.,corn. 1.59
90 Metropolitan Edison, corn
1
Dodson Writing Machine
$8 lot
26 Gallaudet Aircraft Corp., pref._ lot 15 American Fruit Growers of Pales- lot 2
Eastern Petroleum
50
Corp.
20 Eastern Power & Light
S30
tine, Inc., $10 each
34
32,000 Carona Lead, 250. each_ _$25 lot
100 John B. Black Co.,'no
Lift
Stair
24
Gaso&
10
125 Oklahoma Petroleum
4,200 American Dan Bottle Seal Co.
50 International Cheese
$5 lot 20 Gulf Mines Corp
line Co.,pref
$751ot
no par
Chemical
&
Dyestuff
8 Phila. Bourse, cam., par $50__ 1934 200 Federal
500 National Motors Corn,8% pref.
420 American Dan Bottle Seal Co.,
Corp., no par, voting trust ctf 55 lot
5 Penn National Bank
42234
$10 per sh
lc. per sh.
pref
4 Fairmount Park dr Haddington
225
22 Union National Bank
40
350 Alberque Hotel Co.,$1 each..810 lot 150 Cons.Belgian Linen Mills,1nc$40 lot
Passenger By
70
$50Trutt,
par
&
Title
Jefferson
5
lot
21
each
4,000 Tr -City 011, $1
Per Cent.
100 Haytian-Amer. Corp., prof.
Bonds.
499
FIdelity Trust
lot
1940..575
60,
50 Haytian-Amer. Corp.,com____ }$1 lot 10 American Nickel, $10 each...
Coal
Ridge
Pine
$6,000
651
5 Land Title & Trust
150 Conn Candy Corp., no par__ I
.50 Haytian-Amer. Corp.,foundersi
$2,000 Carbondale By. 5e. 1933... 55
125
lot 10 Parkway Trust
70
1931._
5e,
Rys.
20,000 Gold Crater Cons. Min. Co.$2 lot 500 Duke Cons. Roy.Synd.,S1 ea- }$5
American
311
$2,000
Bank
State
National
13 First
2,000 Goldfield Oro Mining Co_ _310 lot 3,250 Haxeybury Frontier Mining'
$500 Tombstone Consol. Mines 6539 lot
307
4 First National State Bank
Co., Ltd., 81 each
5,000 Western Nevada Copper Co.$6 lot
$1.000 Poland Mining, special con14 15 Media Title & Trust, par $50. 52
$9 lot
1,000 Mobile Light & RR.Co__$1 per sh. 33 Powhatan Zinc A, Lead Mining(
tract bond
10
850.
3 15 Media Title & Trust, Par
Co., $25 each
482 Rainier Motor Corp., pref.3450 lot
$5,000 National Properties (Amer
1034
$50.
Par
&
Tr.,
T.
Media
(rights)
3
lot
}$3
$2 lot
Os
4
Rye.)
100 Confidence Gold Mines Corp...811ot 5 Vapor Gasoline Economizer,Inc.
lean
11
11 15 do
693 Excelsior Powder Mfg. Co_ _5100 lot 16 World Film Corp., lat Pf.$5 ea.!
33,450 Sweetwater Min.8e,1952.8250101
55
24 Keystone Watch Case
85 Excelsior Powder Mfg. Co....810 lot 50 World Film Corp.,2d Pt.,$5 ea.] lot 7 Notaseme Hosiery, pref. V. t. 0.55 lot $39 59 Sweetwater Mining, non int
$s
81 lot
$100 lot 10 Lawson & Co., Inc., corn
bearing scrip
245 Ozark Coal Co
20 Notaseme Hosie.7, pref. v. t. o.$6 lot
$100 lot
525 Exce sior Coal Co
Si $5,000 Trenton, Pennington de
Price. 100 Sweetwater Mining 1st pref.
45
1943
5s,
Bonds.
By,
St.
Hopewell
8 Guardian Liquid'n,Inc., no par.$10 lot
9734
$50
par
Insurance,
10 Victory
$6,700 Palisades Realty Jr Amuse100 Scranton Industrial Devel.($10)
1934 $14,000 Warrior Mountain Orchard 1
72% 8 Phila. Bourse, corn., par 850....
ment Co. 5s, 1930
$10 lot
and receipt for $250
Co. Os, 1922
Si
Chain
&
Anchor
Baldt
250
lot $40,000 Colima Lumber Co. 181 68,
9,300 Comstock Tunnel $2 each..
1%
1924
$200 lot
100 Carbon Steel, 1st pref
$1 lot $5001People's Collateral Pledge SoDIVIDENDS.
160 Rock Island Co., pref
ciety, 7% Series "A" note. _3230 lot
1,550 Lucey Mfg. Co., Class "A"
grouped in two separate tables. In the
are
$180 lot $5,000 Second Ave. RR.6% receivDividends
pref. certif. of deposit
3734% flat
ers certificates
$10 per all.
45 Maquaso Co
first we bring together all the dividends announced the cur35,000 Tuckahoe Min. Co.,$1 ea-$25 lot 85,000 Second Ave. RR.1st 58,1948 5%
$41,000 Second Ave. RR. 1st 5s,
rent week. Then we follow with a second table, in which
2,250 Aetna Petroleum Corp.,$5ea.
3%
1948, certifs. of deposit
$50 lot
we show the dividends previously announced, but which have
&
Broadway
East
Dock
$11,228 Dry
63 Copper Plate Sheet & Tube Co.
not yet been paid.
Battery RR. ref. mtge. Income
$1% per sh
434%
rods. bonds, due 1960
100 Universal Leaf Tob. Co., corn
The dividends announced this week are:
S50H per sh. 35.000 Anglo-Amer. Devel. Co..
Ltd., sub. part. ctf., 45% paid.$10 lot
150 Ute Mtn. Ranch & Inv., pref _1825
Books Closed.
When
Per
70 Ute Mtn. Ranch dr Inv., corn..! lot 83.000 Smith Springfield Body Corp
$41 lot
Days Inclusive.
Cent. Payable.
7s, 1925
200 Met.Int. Corp., pref.,25% p.!$25
Name of Company.
200 Met.Int.Corp.,com.,25% pd. lot $3,000 Arthur H. Crist Co. (nowl
The Cooperstown Press, Inc.)
Railroads (Steam).
$5 each
*4% Jan. 1 *Holders of rec. Dec. 15a
fle, 1923
150 Mex.Int. Corp., pref.,25% p4.1825
Albany & Susquehanna
1 2% Feb. 1 *Holders of rec. Dec. 280
..
150 Met. Int. Corp.,corn.,$5 each( lot $1,000 Arthur H. Cast Co.(now'
Atch.Topeka & Santa Fe, pref
The Cooperstown Press, Inc.)
134 Jan. 1 Holders of rec. Dec. 15
2,400 U.S.Ship Corp.,810 each._$80 lot
Bangor & Aroostook, pref.(guar.)
)85,000 Beech Creek (guar.)
*50c. Jan. 2 *Holders of rec. Dec. 146
Os, 1926
37 Acker, Merrell & Condit,com.S126 lot
lot
(now
Co.
$25 lot $6,000 Arthur H. Crist
Dec. 26 *Holders of rec. Dec. 17
27 Watson Trucking Co
Chicago Burlington le Quincy
The Cooperstown Press, Inc.)
Dec. 31 Dec. 18 to Jan. 1
Colorado dr Southern,first preferred.... 2
600 Halcyon Real Estate Corn-$60 lot
1
lot
Dec. 31 ,Dee. 18 to Jan. 10a
4
Os,
(inliq.)-850
1931
10 National Nassau Bank
Second preferred (annual)
rec. Dec.
50 National Nassau Bank (in liq.)$100 lot $70,000 Valler-Montana Land & lot Fonda Johnstown & Glov.,pref.(guar.). 1)4 Dec. 15 Holders of
rec. Dee. 20
of
$125
Holders
*
lot
2
Jan.
ilq.)$125
68,
Water
(in
Co.
1928
Bank
*1H
Nassau
,k
National
Jollet
Chicago (guar.)
50
15
87%c Jan. 2 Holders of rec. Dec.
Lehigh Valley, corn. (guar.)
5,000 Interstate Gasoline Co..81 per sh. 810,800 Seaboard Finance & Invest$1 lot
ment temp.2-year gold notes,'23 1%
$1.25 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
500 Verdi Divide Mining Co
10
Dee.
roe.
of
1%
Holders
65,1923
2
RR.
lot
Jan.
Maine
$13,800
Eastern
1%
Louisiana & Northwest (guar.)
500 Am. Hosiery Co.,$25 ea310.000
14a
$20 lot $32,700 Seaboard Finance ,Ir Invest*82.50 Jan. 2 *Holders of rec. Dec.
New York & Harlem. corn. & pref
623.( Entine° Oil Corp., pref
rec. Dee. 14a
of
Holders
ctfs.
2
temp.
Jan.
lot
1924.
1
$20
2-year
75,
ment
pref
Co.,
Pere
corn.
Marquette,
623i Enfisco 011
(attar.)
15a
Jan.
rec.
of
flat
Holders
7%
1
134 Feb.
Prior preference (guar.)
700 Atlantic Lobos Co., corn..83 per sh.
131 Feb. 1 Holders of rec. Jan. likt
Five per cent preferred (guar.)
120 Atlantic Lobos Co., pref_ _56 per sh. $25,000 National 011 Co.7% certif
rec. Dec. 10a
$7 lot Pitteb. Ft. Wayne dr Chic.,
of deposit, 1919
corn. (guar.) 131 Jan. 2 Holders of
24,614! Cuban DOMIOICSO Sugar
134 Jan. 8 Holders of rec. Dec. 10a
$6 per sh. $11,500 Habirshaw Electric Cable
Preferred (guar.)
Co., corn
rec. Dec. 14
of
*Holders
2
fiat
Jan.
deposit.
-36%
7s,
Co.
*$1.50
certifs.
of
Corp.
Finance
Pitteb.
&
Sugar
Youghiogheny
Mckeesp.
322 West India
Feb. 14 *Holders of rec. Jan. 22
$15 per sh. $3,000 La Diehl% dr Pacific RR.
Reading Company,common (guar.).- *21
pref
$2 lot
6s, 1936
•50c. Jan. 10 *Holders of roe. Dec. 17
Second preferred (guar.)
1,345 West India Sugar Finance
Jan. 1 *Holders of rec. Dec. 15
*4
SI Si per sh. 816,100 Seaboard Finance & InvestRensselaer & Saratoga
Corp.,corn
5% flat United N.J.RR.& Canal Cos.
21 to Dec. 31
ment Co.7s, 1923
$40 per sh
62 Imperial Trust Co
(Quilx.)- - 234 Jan. 10 Dec.
48 Imperial Tobacco,corn_ _ _ _526 per sh. $1,000 Norwood Golf Club 4% Deflat
8%
benture Bond, 1940
Public Utilities.
$1034 per sh.
171 Simms Petroleum
*134 Jan. 2 *Holders of rec. Dec. 15
Amer. Public Service, pref.(qar.)
134 Jan. 1 Holders of rec. Dec. 10
Bangor Ry.& Elec., pref. (guar.)
By Messrs. R. L. Day & Co., Boston:
(qu.) _ 134 Jan. 1 Holders of rec. Dee. 16
.
pf.
Tract.,
Brazilian
Lt.
&
Pow.,
Price. Central Ills. Public Serv., pref.(guar.)- - '134 Jan. 15 *Holders of rec..Dee. 31
Price. Shares. Stocks.
Shares. Stocks.
56 Fist National Bank,Boston_..325 Si 5 School of the Theatre,Inc., pref. _85 lot Central States Elec.Corp.,pref.(guar.). 1.34 Dec. 31 Holders of rec. Dec. 10
1 Boston Athanaeum, $300 Par-640 650 Cincinnati & Sub. Bell Teleph.(guar.)-. 411
Jan. 2 *Holders of rec. Dec. 20
52 Winchester (Mass.) Nat. Bank
52.87 950 LaFayette Motors, 2d pref-$16 lot Citizens Pass. By., Philadelphia (quar.) $3.50 Jan. 1 Holders of rec. Dec. 206
(assessment paid)
3711 City Gas of Norfolk, prof.(quer.)
30 American Glue,corn
Jan. 2 Holders of rec. Dec. 15
2
4 Ludlow Manufacturing Aseoelates139
$1 lot
April I Holders of rec. Mar. 15
2
1734 28 LaFayette Motors, 2d prof
1 (right) Hill Mfg.Co
Preferred (guar.)
per.
8534
$50
Elec..
Jr
Gas
Fitchburg
July 1 Holders of rec. June 15
2
7 Naumkeag Steam Cotton Co_ _166 Si Si 10
Preferred (guar.)
136
400G.S. Tiffany Jr Co.,
Oct. 1 Holders of rec. Sept.15
2
50
25 Hamilton Manufaettring Co
Preferred
(guar.)
2134
an2'25 Holders of rec. Dec.15'24
9534 22 Boston Belting Co., pref
2
30 Wamsutta Mills.ex div
Preferred (guar.)
5 Gorton Pew Fish. Co.,Ltd.,com- 12
100
234 Jan. 2 Holders of rec. Dec. 15
22 Tremont & Suffolk Mills
Consumers Gas,Toronto (guar.)
Power
2 *Holders of rec. Dec. 15
Jan.
*134
Consumers
5 Bigelow Hartford Carpet Co., pf.11444 20 Montpelier & Barre Lt.&
(guar.).6%
pref.
Power,
4634
Co., pref
135
'
134 Jan. 2 *Holders of roe. Dee. 15
3 Pepperell Manufacturing Co
Seven Per cent preferred Mari
1,600 Tungsten Mines Co.,510 par$10 lot Federal Light & Trac., corn.(guar.)-- 750. Jan. 2 Holders of rec. Doe. 15a
100 Boston& Maine RR.,pref.,D- 23
$1 lot $500 Dividend Mining & Milling
m75c. Jan. 2 Holders of rec. Dec. 15a
Common (payable in pref. stock).
50 Mass. Cons. St. Rye., pref
Co. let 7e, 1910
101%
81.31 Jan. 8 Dec. 19 to Jan. 17
Germantown Pass. By., Phila., (g11.)
5 Hood Rubber Co., pref
par
Holders of rec. Dec. 15
1mH Jan.Jan. 2 Holds
Illinois Power & Light,7% pref.(guar.). 1
Si (right) Phoenix Insurance Co---10734 500 Dividend Min.,k Mill., $1
5
10
.. 2
par
$1
Mining,
of rrecec..
n,0
dere
Dana
210
oilde
Co
H0
H
501
Six per cent preferred (quar.)
30 Cambridge Gas Light
850
Doe.
Si Dar50c. Jan. 2
common (guar.)
Si (right) Phoenix Insurance CP-107% 500 Conklin Mining Co.,
Dec. 20
lot Illinois Traction,
Humidifying
rec.
&
of
90
Holders
Cooling
58
pref.-Aero
2
1%
Jan.
Rubber,
Ansley
Six per cent preferred (guar.)
5 Firestone
Co. $10 par
Jan. IS *Holders of rec. Dec. 31
Middle West Utilities, pref. (guar.)-26 Springfield Gas Light Co,$25 Par 4634
' Dog Manh. Min..$1 par
500 Stray
34 Jan. 2 *Holders of rec. Dec.24
•1%
Mineral Point Public Service, pref
10,000 Chaparral Hill Gold Mining
$3
Corp.,
Utah
lot
Cons.
Nevada
$11
200
Jan. 2 Holders of rec. Dec. 12
MISSISSIPPI River Power, pref. (quar.)-81 par
par
Monongahela West Penn Pub. Serv. Co.
20 Fine Arts Importing Corp., 7%
Co
&
lot
White
Hollister,
$25
50
Jan. 2 Holders of rec. Dec. 17a
4334c.
pref
Seven per cent pref. (guar.)
37340. Jan. 2 Holders of rec. Dec. 17a
20 Houston Pub. Co., Inc., prof $25 lot $100 Cons. Nevada Utah Corp.6e,
Six per cent Pref.(guar.)
1927
$25lot
25 National weekly
II
I
I
__ _1
I
I
I
I
DEc.8 1923.1
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Newport News & Hampton By.
Gas & Elec. Co., pref.(guar.)
"14 Jan. 2 *Holders of rec. Dec. 15
North Amer.Light & Power,7% pf.(qu.) 14 Jan. 2 Holders of rec. Dec. 20
Pacific Telep. dr Teleg., pref. (guar.)
*14 Jan. 15 *Holders of rec. Dee. 31
Portland Ry., Lt.& Pow., lot pt (qu.)_
134 Jan. 1 Holders of rec. Dec. 17
Prior preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 17
Porto Rico Rys.. Ltd., pref.(quar.)
14 Jan. 2 Holders of rec. Dec. 15
,. Corp. of N.J.. corn.(guar.) El
Public Ser.
Dec. 31 Holders of rec. Dec. 14
Eight per cent preferred (guar.)
2
Dec. 31 Holders of rec. Dec. 14
Seven per cent preferred (guar.)
14 Dec. 31 Holders of rec. Dec. 14
Savannah Elec. & Pow., deb.stk.(qu.)
2
Jan. 2 Holders of rec. Dec. 10
Springfield (Ill.) By.& Light, pref.(qu.) 14 Jan. 2 Holders of rec. Dec. 15a
Tennessee Elec. Power:7% 1st pt.(qu.) 14 Jan. 1 Holders of rec. Dec. 12
Six per cent let preferred (guar.)
13,5 Jan. 1 Holders of rec. Dec. 12
Tr -City Ry.& Light, pref.(guar.)
14 Jan. 2 Holders of rec. Dec. 20
Union Passenger By., Philadelphia
*S4.7 Jan'. 1 "Holders of rec. Dec. 15
Union Traction,Philadelphia
1 *Holders of rec. Dec. 10
411.50 Jan
United Light & Rys., common (quar.)_ _
Feb. 1 *Holders of rec. Jan. 5
ft-% Feb. 1 *Holders of rec. Jan. 5
Common,(extra)
First preferred (guar.)
•14 Jan. 2 *Holders of rec. Dec. 15
Participating ,preferred (guar.)
*14 Jan. 2 *Holders of rec. Dec. 15
Participating,preferred (extra)
Jan. 2 *Holders of rec. Dec. 15
West Phila. Passenger By
Jan. 1 *Holders of rec. Dec. 15
415
Wisconsin Pow.,Lt. & Ht..7% pf.(qu.) *1,1 Jan. 20 *Holders of rec. Dec. 31
Banks.
Chase National (guar.)
4
Chase Securities Corporation (guar.)_ _ _ 81
Chatham & Phenix National(guar.).4
Mechanics (Brooklyn) (guar.)
3
National City (guar.)
4
National City Co.(guar.)
2
Extra
2
Public National (guar.)
4
Seaboard National (quer.)
3
Extra
2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Jan. 2
Dec. 31
Jan 2
Jan. 2
Holders of rec. Dec. 17a
Holders of rec. Dec. 17a
Dec. 16 to Jan. 1
Holders of rec. Dec. 150
Holders of rec. Dec. 15a
Holders of rec. Dec. 15
Holders of rec. Dec. 15
Holders of rec. Dec. 24
Holders of rec. Dec. 24
Holders of rec. Dec. 24
Trust Companies.
Bankers (quer.)
Guaranty (quer.)
Hudson (quer.)
United States Trust (guar.)
5
3
04
124
Jan. 2
Dec. 31
Dec. 31
Jan. 2
Holders of rec. Dec.15a
Holders of rec. Dec.14a
Holders of rec. Dec. 15
Holders of rec. Dec. 21
Fire Insurance.
Roasts (guar.)
$1.50 Jan
2 *Holders of rec. Dec. 15
Miscellaneous.
Allis-Chalmers, preferred Mar.)
Jan. 15 *Holders of rec. Dec. 24
American Car & Foundry, corn.(guar.)- 3
Jan. 1 Holders of rec. Dec. 17
Preferred (guar.)
151 Jan. 1 Holders of rec. Dec. 17
American Cigar, preferred (guar.)
14 Jan. 2 Holders of rec. Dec.15a
American Cyanamid, corn. (guar.)
Jan. 2 Holders of rec. Dec. 15a
Common (extra)
Jan. 2 Holders of rec. Dec. 150
Preferred (quer.)
Jan, 2 Holders of rec. Dec. 15a
American Express (quer.)
Jan. 2 *Holders of rec. Dec. 13
American Piano, common (guar.)
Jan. 1 Dec. 27 to Jan. 1
Preferred (guar.)
Jan. 1 Dec. 27 to Jan. 1
American Snuff, common(M)
W
Jan. 2 Holders of rec. Dec. 14a
Common (extra)
Jan. 2 Holders of rec. Dec. 140
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 14a
Amer.Steel Foundries,common (ffillar.)Jan. 15 "'Holders of rec. Jan. 2
Preferred (guar.)
Dee. 31 *Holders of rec. Dec. 15
American Woolen,corn. and pref.(guar.) 151 Jan. 15 Dec. 15 to Dec. 26
Anglo-American Oil, Ltd.(interim)
22c. Dec. 17 Holders of coup. No.26
Associated Oil (guar.)
'374c Jan. 25 *Holders of rec. Dec. 31
Autocar Co., preferred (quer.)
'2
Dec. 15 *Holders of rec. Dec. 5
Seasick, Alemite Corp. (guar.)
•500. Jan. 1 *Holders of rec. Dec. 20
Extra
•25e. Jan. 1 *Holders of rec. Dec. 20
By-Products Coke Corp., pref
$2.25 Jan. 1 Holders of rec. Dec. 220
Canadian General Electric (guar.)
114 Jan. 1 Holders of rec. Dec. 15
Carter (William) Co., pref.(guar.)
14 Dec. 15 Holders of rec. Dec. 10
Case (J. I.) Thresh. Mach., pref.(guar.) "14 Jan. 2 *Holders of rec. Dec. 17
Certain-teed Products Corp.First and second preferred (guar).--- •15‘ Jan. 1 *Holders of rec. Dec. 18
Chandler Motor Car (guar.)
'
8150 Jan. 2 'Holders of roe. Dec. 20
Chicago Yellow Cab,Inc.(monthly)- •331-30 Jan. 2 *Holders of roe. Dec. 20
•331-3o Feb. 1 *Holders
Monthly
of rec. Jan. 21
Monthly
* 33 1-3e Mar. 1 *Holders of roe. Feb. 20
Stock dividend
se100 Dec. 17 *Holders of rec. Dec. 11
Cluett, Peabody & Co., Inc., pf.(qu.)
14 Jan. 1 Holders of rec. Dec. 21
Crows Nest Pass Coal(guar.)
14 Jan. 1 Holders of rec. Dec. 11
Cuyamel Fruit (guar.)
011 Dec. 28 *Holders of rec. Dec. 15
Detroit & Cleveland Navigation (guar.)_ $1
Jan. 2 Holders of rec. Dec. 15a
Dominion Oil (guar.)
*20c. Jan. 2 *Holders of rec. Dec. 10
Dominion Radiator &Boiler, pref.(qu.). 14 Dec. 1 Holders of rec. Nov.
28
Dominion Textile, common (quer.)
El
Jan. 2 Holders of rec. Dec. 15
Preferred (quer.)
14 Jan. 15 Holders of rec. Dec. 31
Draper Corporation (guar.)
3
Jan. 1 Holders of rec. Dec. 8
Dunham (James H.)&Co.. corn.(guar.) '134 Jan. 2 *Holders of rec. Dec.
20
First preferred (quer.)
*14 Jan. 2 *Holders of rec. Dec. 20
•134
(quer.)
preferred
Second
Jan. 2 *Holders of rec. Dec. 20
Electric Controller &Mfg., corn.(guar.) •$1
Jan 2 *Holders of rec. Dec. 21
Common (extra)
oil
Jan. 2 *Holders of rec. Dec. 21
Preferred (guar.)
'14 Jan. 2 "Holders of rec. Dec. 21
Electric Storage Batt., corn. &pref.(qu.) 81
Jan. 2 Holders of rec. Dec. 15
Common and preferred (extra)
$1
Jan. 2 Holders of rec. Dec. 15
Elliott-Fisher Co., com,and corn. B.-- 81
Jan. 2 Dec. 16 to Jan. 17
Common and common B (extra)
$1.50 Jan. 2 Dec. 16 to Jan. 17
Preferred (guar.)
134 Jan. 2 Dec. 16 to Jan. 17
Emerson Electric, Preferred (guar.).- 14 Jan. 2 Holders of rec. Dec. 20
Endicott-Johnson Corp.. corn. (guar.).- $1.25 Jan. 2 Holders of roe. Dec. 14
Preferred Mar.)
14 Jan. 2 Holders of rec. Dec. 14
Fisher Body Ohio Corp., pref. (guar.).- *2
Jan. 1 *Holders of rec. Dec. 19
Fleischmenn Co.,corn.(extra)
•250. Jan. - 1 *Holders of rec. Dec. 15
Gimbel Brothers, pref.(guar.)
*14 Feb. 7 "Holders of rec. Jan. 15
Gleasonite Products Co., corn.(guar.).- 25c. Dec. 10 Holders of rec. Dec.
3
Globe-Wernicke Co., common (guar.).- 14 Dec. 10 Holders of rec.
Nov.30
Hall (C. M.) Lamp Co
•50c. Dec. 12 *Holders of rec. Dec. 8
Hammermill Paper, preferred (guar.)
•151 Jan. 1 'Holders of rec. Dec. 20
Hanes(P. H.) Knitting Co., pref.(gu.)- 14 Jan. 1 Holders of
rec. Dec. 20
Hanna Furnace, preferred (guar.)
2
Dec. 15 Holders of
Hart, Schaffner & Marx, pref. (guar.).- '134 Dec. 31 *Holders of rec. Dec. 5
rec. Dec. 18
Heath (D. C.) & Co., pref.(guar.)
*14 Jan. 1 *Holders of roc. Dec. 26
Helme (Geo. W.) Co., corn.(guar.).- 3
Jan. 2 Holders of rec. Dec. 17
Common (extra)
7
Jan. 2 Holders of rec. Dec.
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 17
17
Hercules Powder, common (quer.)
14 Dec. 24 Dec. 16 to Dec. 24
Common (extra)
2
Dec. 24 Dec. 16 to Dec. 24
Homestoke Mining (monthly)
*50c. Dec. 26 Holders of rec. Dec. 20
Hupp Motor Car, preferred (quar-)
'134 Jon. 1 *Holders of rec. Dec. 20
Ide(Geo.P.) & Co., Inc., pref.(quar.)
2
Jan. 1 Holders of rec. Dec. 154
Imperial 011,common(guar.)
*24 Jan. 2 "Holders of rec. Dec. 10
Preferred (guar.)
*2
Jan. 2 *Holders of rec. Dec. 10
Indiana Pipe Line (guar.)
2
Feb. 15 Holders of rec. Jan. 18
Int. Buttonhole Sew. Mach.(guar.).- *10c. Jan. 2 *Holders of rec.
Dec. 15
International Shoe, common (guar.).- $1
Jan. 2 Holders of rec. Dec. 15
Preferred (monthly)
1
Jan. 2 Holders of rec. Dec. 15
Jordan Motor Car, common
5
Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
•134 Dec. 31 Holders of rec. Dec. 15
Kelly-Springfield Tire, pref. (quar.)
14 Jan. 2 Holders of rec. Dec. 17
Kelsey Wheel, common (guar-)
"14 Jan. 2 *Holders of rec. Dec. 21
King Philip Mills (quer.)
*14 Jan. 2 *Holders of rec. Dec. 20
Laurentide Co., Ltd.(guar.)
14 Jan. 2 Holders of rec. Dec. 14
Loose-Wiles Biscuit, first pref.(guar.).- *14 Jan. 2
Lorillard (P.) Co., common (quer.)
3
Jan, 2 Holders of rec. Dec. 15
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 15
Mack Trucks, Inc.. com.(quar.)
81.50 Jan. 2 Holders of rec. Dec. 20
First and second preferred (guar.)-14 Jan. 2 Holders of rec. Dec. 20
Mallinson(H. R.) & Co., pref.(wren)._ *14 Jan. 2 *Holders of rec.
Dec. 20
Manhattan Electrical Supply (guar.)... El
Jan. 2 Ho dere of rec. Dec. 20a
Manhattan Shirt, Prof. (guar.)
14 Jan. 2 Holders of rec. Dec. 17
Name of Company.
2517
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Mathleson Alkali Works, prof. (quar.)_ _ '134 Jan. 2 "Holders of rec. Dec. 20
Preferred (account accum. dividends)_ "514 Jan. 2 *Holders of rec. Dec. 20
Motor Wheel Corp., corn.(quer.)
*2
Dec. 30 *Holders of rec. Dec. 10
Mountain Producers (guar.)
20e. Jan. 2 Holders of rec. Dec. 15a
Extra
10c. Jan.. 2 Holders of rec. Dec. 15a
National Breweries,common (quar.)_ _
Jan. 2 Holders of rec. Dec. 15
81
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 15
New York Transit (guar.)
50c. Jan. 15 Holders of rec. Dec. 20
Nunnally Company
•50c. Dec. 31 *Holders of rec. Dec. 15
Orpheum Circuit, Inc., pref.(guar.)2
Jan. 2 Holders of rec. Dec. 15
Packard Motor Car, common (guar.)_
30e. Jan. 31 Holders of rec Jan. 15a
Paige-Detrolt Motor Car (in corn, stock) tr50
Jan. __ *Holders of rec. Dec. 22
Park City Mining & Smelting (guar.).-- •15c. Jan. 2 *Holders of rec. Dec. 8
Penney (J. C.) Co., preferred (guar.) - "14 Dec. 31 *Holders of rec. Dec. 20
Pierce Arrow Motor Car, prior p1.(qu.)_ $2
Jan. 2 Holders of rec. Dec. 15a
Pittsburgh Plate Glass,common (quar.)_ *2
Dec. 31 "Holders of rec. Dee. 15
.
5
Common (extra)
Feb. 15 *Holders of rec. Jan. 31
Common (quer.)
*2
Apr. 1 *Holders of rec. Mar. 17
Common (guar.)
July 1 "Holders of rec. June 16
•2
14 Dec. 1 Holders of rec. Nov.29
Port Hope Sanitary Mfg., pref.(guar.)
Price Brothers & Co., Ltd. (guar.)
34 Jan. 2 Holders of rec. Dec. 20
Ranger Texas 011(quer.)
*2c. Jan. 2 *Holders of rec. Dec. 10
Reece Buttonhole Machine (quer.)
•30c. Jan. 2 *Holders of rec. Dec. 15
Reece Folding Machine (quar-)
•10c. Jan. 2 *Holders of rec. Dec. 15
Boo Motor Car (guar.)
*15c. Jan. 15 *Holders of rec. Jan. 2
Extra
•10c. Jan. 15 "Holders of rec. Jan. 2
Reynolds(R.J.)Tobacco,com.A&B (qu.) '75c. Jan. 1 *Holders of rec. Dec. 18
Shell Union 011 Corp., corn. (guar.)_
25c. Dec. 31 Holders of rec. Dec. 14
Simmons Co.. common (quer.)
*25c. Jan. 2 *Holders of rec. Dec. 13
Common (payable in common stock).. VA
Jan. 2 *Holders of rec. Dec. 13
South West Pa. Pipe Lines (quer.)
Dec. 31 Holders of rec. Dec. 15
2
Standard 011 (Kentucky)(quer.)
"31
Dec. 31 *Holders of rec. Dec. 15
Tennessee Copper & Chemical (guar.)_ _ 25c. Jan. 15 Holders of rec. Dec. 31a
Texas Chief Oil (guar)
•20e. Jan. 2 *Holders of rec. Dec. 10
United Drug, first preferred (guar.). -. .874c Feb. 1 *Holders of rec. Jan. 15
United States Rubber, 1st pref. (quar.)_
2
Jan. 31 Holders of rec. Jan. 15
United States Tobacco. corn. (guar.) _ _ _ 75c. Jan. 2 Holders of rec. Dec. 17
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 17
Utah Copper Co.(guar.)
$1
Dec. 31 Holders of rec. Dec. 151
Van Dorn Iron Works,common
.
50e. Jan. 2 *Holders of rec. Dec. 15
Preferred (quar.)
'134 Jan. 2 *Holders of rec. Dec. 2
Webasso Cotton Co.. Ltd. (guar.)
El
Jan. 2 Holders of rec. Dec. 14
Ward's(Edgar T.) Sons Co.. pref.(qu.)_
14 Dec. 31 Holders of rec. Dec. I
Weber & Helibroner, coin
•50c. Dee. 31 *Holders of rec. Dec. 20
•15.‘ Mar. 1 *Holders of rec. Feb. 20
Preferred (guar)
Western Canada Flour Milk;(guar.) _ _ 2
Dec. 15 Dec. 7 to Dec. 14
Western Electric, common (guar.)
$2.50 Dec. 31 Holders of rec. Dec. 28
Preferred (guar.)
14 Dec. 31 Holders of rec. Dec. 14
u Wrigley (William) Jr. & Co.-.
New no Par value stock (monthly).-- 25c. Jan. 2 Holders of rec. Dec. 20a
25c. Feb. 1 Holders of rec. Jan. 20a
New no par value stock (monthly).
25c. Mar. 1 Holders of rec. Feb. 20a
New no par value stock (monthly)
New no par value stock (monthly).250. April 1 Holders of rec. Mar.20a
Wurlitzer (Rudolph) Co.;7% prof.(q.)_ 14 Jan. 1 Dec. 21 to rec.Jan. 1
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Railroads (Steam).
Alabama Great Southern ordinary
83,4 Dec. 27 Holders of rec. Nov.28
Preferred
34 Feb. 15 Holders of rec. Jan. 18
Atlantic Coast Line RR., common
34 Jan. 10 Holders of rec. Dec. 1.4a
Atlanta & West Point
3
Dec. 31 Dec. 23 to Dec. 31
Boston & Albany (guar.)
231 Dec. 31 Holders of rec. Nov.304
Boston & Providence (guar.)
234 Jun. 1 Holders of rec. Dec. 20
Buffalo & Susquehanna. corn.(guar.).
134 Dec. 31 Dec. 16 to Jan. 1
Common (extra)
234 Dec. 31 Dec. 16 to Jan. 1
Preferred
Dec. 31 Dec. 16 to Jan. 1
Canadian Paciffc. common (guar.)
234 Dec. 30 Holders of rec Nov.304
Chesapeake & Ohio, common
2
Jan. 1 Holders of rec. Dec. Ta
Preferred
34 Jan. 1 Holders of rec. Dec. 76
Chicago Rock Island dr Pacific6% prof.. 3
Dec. 31 Holders of rec. Dec. 7a
Seven per cent preferred
34 Dec. 31 Holders of rec. Dec. 7a
Cinc. New On.& Tex. Pea., common
3
Dec. 24 Holders of rec. Dec. 30
Common (extra)
33,4 Dec. 24 Holders of rec. Dec. 3a
Preferred (guar.)
14 Mar, 1 Holders of rec. Fen. 15a
Preferred (guar.)
13,4 June 2 Holders of rec. May 17a
Preferred (quer.)
14 Sept. 2 Holders of rec. Aug. 16a
Cuba Railroad. preferred
3
Feb I '24 Holders of rec.Jan.19'246
Delaware & Hudson Co.(quer.)
231 Dec. 20 Holders of rec. Nov.260
Erie & Pittsburgh (guar.)
134 Dec. 10 Holders of rec. Nov.30a
Great Northern Iron Ore Properties
82
Dec. 27 Holders of rec. Dec. 106
Greene Railroad
3
Dec. 19 Holders of rec. Dec. 14
Hocking Valley
2
Dec.31 Holders of rec. Dec. 76
Illinois Central. Leased lines
2
Jan, 1 Dec. 12 to Jan. 4
Lackawanna RR.of N.J.(quer.)
1
Jan. 2 Holders of rec. Dec. 64
Minn. St. Paul & Sault Ste. Marie,corn. 4
Dec. 17 Holders of rec. Nov.300
Preferred
4
Dec. 17 Holders of rec. Nov.300
Mobile & Birmingham, preferred
2
Jan. 2 Dec. 2 to Jan. 1
Morris & Essex
82.121 Jan. 2 Holders of rec. Dec. 84
N.Y.Chicago & St. L.,corn.& pf.(qu.)_
13,4 Jan. 2 Holders of rec. Nov.15a
N.Y. Lackawanna dr Western (guar.)_ _
14 Jan. 2 Holders of rec. Dec. 14a
Norfolk & Western,common (guar.)__
Dec. 19 Holders of rec. Nov.30a
Common (extra)
1
Dee. 19 Holders of rec. Nov.300
Pittsburgh & West Virginia. pref. (qu.). 134 F eb 29'24 Holders of rec. Feb.1•24a
Reading Company,first preferred (guar.) 50e. Dec. 13 Holders of rec. Nov.27a
Southern Pacific Co..(guar.)
13,4 Jan. 2 Holders of rec. Nov. 300
St. Louis Southwestern, Prof.(guar.)
131 Dec. 31 Holders of rec. Dec. 15
Valley RR.(N. Y.)
234 Jan. 2 Holders of rec. Dec. 15a
Union Pacific, common (guar.)
231 Jan. 2 Holders of rec. Dec. 1
Western By.of Alabama
Dec. 31 Dec. 23 to Dec. 31
Public Utilities.
Amer. Telephone & Telegraph ((Plan)- 231 Jan. 15 Holders of rec. Dec. 20a
Associated Gas & Electric. Prof.(guar.). *874c Jan. 1 "Holders of rec. Dec. 15
Boston Elevated RY..com.(qu.)
14 Jan. 2 Holders of rec. Dec. 154
Preferred
34 Jan, 2 Holders of rec. Dec. 15a
First preferred
4
Jan. 2 Holders of rec. Dec. 15a
Brooklyn Union Gas(guar.)
Jan. 2 Holders of rec. Dec. I4a
2
Colorado Power, COM.(guar.)
3,4 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
134 Dec. 15 Holders of rec. Nov.30
Columbus Elec. dr Power,corn.(qu.)
234 Jan. 2 Holders of rec. Dec. 140
First pref. Series A (quer.)
134 Jan. 2 Holders of rec. Dec. 144
Second preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 144
Columbus By.. Pr. & Lt., prof. A (qu.)- 14 Jan 2'24 Holders of rec. Dec. 154
ConsoUdated Gas,common (guar.)
81.25 Dec. 15 Holders of rec. Nov. 80
Consol.Gas,E. L.& P.,Balt.,corn.(qu.) 2
Jan. 2 Holders of rec. Dec. 15a
Preferred, Series A (guar.)
2
Jan. 2 Holders of rec. Dec. 156
Preferred, Series B (quer.)
134 Jan. 2 Holders of rec. Dec. 15a
Detroit Edison (guar.)
Jan. 15 Holders of rec. Dee. 20a
Duluth-Superior Tr. corn. dr pref.(qu.)_
1
Jan. 2 Holders of rec. Dec. 15a
Duquesne Light, 1st pref., Series A (qu.) 13,4 Dec. 15 Holders of rec. Nov. 15a
El Paso Electric Co., common (quer.)- 24 Dec. 15 Holders of rec. Dec. la
Equitable Ilium. Gas Light. Phila., pref. 3
Dec. 15 Holders of rec. Dec. 8
Erie Lighting Co.. pref.(guar.)
50c. Jan. 2 Holders of rec. Dec. 156
Frankf & Southwk Pass Ry Philo (qu.) 84.50 Jan. 1 Dec. 2 to Jan. 1
General Gas & Elec.. Prof., Class A (qu.) 82
Jan. 2 Holders of rce. Dec. 15
Gold & Stock Telegraph (guar.)
14 Jan. 1 Holders of rec. Dec. 316
Illinois Bell Telephone (guar.)
2
Dec. 31 Holders of rec.dDec. 29a
Kansas City P.& Lt., 1st pf Ser. A(gu.) 81.75 Jan. 1 Holders of rec. Dec. 15a
Laclede Gas Light, corn (guar.)
14 Dec. 15 Holders of rec. Dec. la
Preferred
23,4 Dec. 15 Holders of rec. Dec. la
Mackay Companies,common (guar.) _
134 Jan. 2 Holders of rec. Dec. 5a
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 5a
Market St. By.,San Fran..pr. pref.(qu.) 134 Jan. 2 Holders of rec. Dec. 10a
Name of Company
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
134 Dec. 15 Holders o rec. Nov. 306
Middle West Utilities, prior lien (quar.)_
Jan. 2 Holders of rec. Dec. 130
Montana Power,common (guar.)
131 Jan. 2 Holders of rec. Dec. 136
Preferred (guar.)
National Power & Light, pref. (quar.),,,. 81.75 Jan. 2 Holders of rec. Dec. 10
Dec. 31 Holders of rec. Dec. 10a
New England Telep. dr Teleg.(guar.)--- 2
Jan. 15 Holders of rec. Dec. 20a
New York Telephone, pref.(guar.)
Dec. 15 Holders of rec. Dec. 4
2
Niagara Falls Power, corn. (guar.)
Dec. 15 Holders of rec. Dec. 4
1
Common (special)
134 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
Niagara Lockport & Ont.Power.cam-- *50c. Jan. 1 *Holders of rec. Dec. 15
*134 Jan. 1 *Holders of rec. Dec. 15
Preferred (guar.)
Northern Ohio Tr.& Lt.,6% Pt.(qu.).. 1)4 Jan. 2 Holders of rec. Dec. 15
131 Jan. 2 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
*134 Jan. 1 *Holders of rec. Dec. 20
Ohio Bell Telephone, preferred (guar.)
Oklahoma Gas& Electric, pref.(guar.)- 134 Dec. 15 Holders of rec. Nov.30
134 Dec. 15 Holders of rec. Nov.30
Ottawa dr Hull Power. pref.(guar.)
Dec. 14a
Pennsylvania Water .4 Power (guar.)--- 134 Jan, 2 Holders of rec. Nov.
15a
Philadelphia Electric,corn.& pref.(qu.).. 50c. Deo. 15 Holders of rec.
30
Nov.
reo.
of
Holders
16
Dee.
134
San Joaquin Light & Pow.,pref.(guar.)134 Dec. 15 Holders of rec. Nov. 30
Prior preferred (quar.)
1
'Jan.
to
2
Dec.
1
Jan.
83
(quar.)
Phila
Second dc 3d Sts Pass By
30
Southern Colorado Power, pref.(guar.). 131 Dec. 15 Holders of rec. Nov.30
Dec. 15 Holders of rec. Nov.
Standard Gas ee Electric. pref.(quar.).. 2
Dec. 31 Holders of rec. Dec. 106
Twin City Rap.'Fran.. Minnear.,corn.,.. 3
134 Dec. 31 Holders of rec. Dec. 106
Preferred(guar.)
United Gas Improvement, pref.(guar.)- 87340 Deo. 15 Holders of rec. Nov.300
United Light dr
34 Jan 2'24 Holders of rec. Deo. 16
Participating preferred (extra)
500. Dec. 31 Holders of rec. Dec. lba
West Penn Company,common (guar.)
1)4 Dec. 15 Holder of rec. Dec. 1
WestPenn Railways, preferred (guar.)
134
Banks.
Commerce, National Bank of (guar.) _ _
Extra
United States, Bank of the, (quar.)..
3
Jan. 2 Holders of rec. Dec. 140
Jan. 2 Holders of rec. Dec. 146
4
2)4 Jan. 2 Holders of rec. Dec. 206
Trust Companies.
Equitable Trust Co.(guar.)
3
Dec. 31 Holders of rec. Dec. 210
Miscellaneous.
$1.50 Dec. 31 Holders of rec. Doe. 150
Adams Express (guar.)
3‘ Jan. 2 Holders of rec. Dec. 15a
Advance-Rumely Co., pref. (quar.)___
Allied Chemical & Dye Corp., pref.(qu.) 134 Jan. 2 Holders of rec. Dec. 140
Amer.Art Works.corn.& pref.(quar.)- 1)4 Jan, 15 Holders of rec. Dec. 31
Dec. 31 Holders of rec. Dec. 17a
$5
American Bank Note, corn.(extra)
75c. Jan 2 Holders of reo. Dec. 170
Preferred (guar.)
Dec. 15 Holders of rec. Dec. 3
1
(guar.)
common
Bakery,
American
134 Dec. 31 Holders of reo. Dec. 86
American Beet Sugar. pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 136
American Can. pref.(quar.)
81.50 Jan. 2 Dec. 22 to Jan. 1
American Chain,common(No.1)
50e. Dec. 31 Dec. 22 to Jan. 1
Class A stock (guar.)
Doe. 15 *Holders of rec. Dec. 5
(quar.)
corn.
Hoe,
&
American Fork
*2
Dec. 15 *Holders of rec. Dec. 5
Preferred (guar.)
$1.50 Dec. 31 Holders of rec. Dec. 13a
Amer. Locomotive, corn.(guar.)
134 Dec. 31 Holders of rec. Deo. 130
Preferred (guar.)
American Machine & Foundry (guar.).- 1)4 Jan 1'24 Holders of rec. Deo. la
pref.
Service,
*5043. Dec. 31 *Holders of rec. Deo. 8
Amer. Pneumatic
Dec. 31 Holders of rec. Dec. 115o
American Radiator. common (guar.)... 81
Jan 2 Holders of rec. Dec. 15
81
American Sales Book, corn.(guar.)
Feb114 Holders of rec. Jan. 15'24a
2
Amer. Shipbuilding, corn. (guar.)
May1'24 Holders of rec. Apr.15'240
2
Common (guar.)
2
Augl'24 Holders of ree. July 15'240
Common (ular.)
200. Jan. 2 Dec. 22 to Jan. 1
American Stores (guar.)
la
Amer. Sugar Refining, Pref.(guar.).- 134 Jan. 2 Holders of rec. Dec. 15
*1234c Jan. 1 *Holders of rec. Dec.
American Thread, preferred
1)4 Jan, 2 Holders of rec. Dee. 106
American Tobacco. pref.(guar.)
Dec.15
50e. Dec. 15 Dec. 6 to
Amer.Vitrified Products.common
700 Jan. 21 Holders of rec. Dec. 156
Anaconda Copper Mining (guar.)
134 Jan. 2 Dec. 16 to Jan. 1
Armour & Co.(Ill.), pref.(guar.)
1
Armour & Co. of Del.. pref.(guar.)._ 134 Jan. 2 Dee. 16 to Jan. 210
Dec. 15 Holders of rec. Nov.
1
Atlantic Refining,common (guar.)
Doe. 15 Holders of rec. Doe. 50
2
Atlantic Terra Cotta, pref.(guar.)
Dec. 10 Holders of rec. Nov. 300
61
Atlas Powder, common (guar.)
200 Jan. 1 Holders of reo. Doe. 206
Balaban dr Katz,common
1 Holders of rec. Dec. 206
134
Jan.
Preferred (guar.)
Baldwin Locomotive Works,corn.& pf _ _ 3)4 Jan. 1 Holders of rec. Dec. la
Beech-Nut Packing. common (extra)__ _ 60c. Doe. 10 Holders of rec. Dec. fla
r50 Deo. 10 Holders of rec. Dec. la
Common (in common stock)
Belding Cortice111. Ltd., pref. (quar.)_ _ 134 Dec. 15 Holders of rec. Dec. la
Corporation
Bethlehem Steel
134 Jan.:14 Holders of rec. Dec. 10
Common (guar.)
134 Jan 2'24 Holders of rec. Dec. 156
Bevan per cent cum. pref. (guar.) ___
Seven per cent non-cum. pref. (guar.) 134 Jan 2'24 Holders of reo. Dec. 15a
Jan 224 Holders of rec. Dec. 156
2
Eight per cent preferred (guar.)
42
Dec. 24 *Holders of reo. Dec. 14
Blaw-Knox Co.,corn.(extra)
Blumenthal(Sidney) dr Co.. pref.(guar.) 131 Jan. 2 Holders of reo. Dec. 140
Boone(Daniel) Woolen Mills,corn.(qu.) 700. Jan. 2 Doe 1 to Doe 4
Borden Company, preferred Mara_ 134 Doe. 15 Holders Of reo. Dee. 1
Boston Woven Hose dr Rub., corn.(qu.) 11.50 Dec. 15 Holders of roe. Dec. la
3 Dec. 15 Holders of reo. Doe. la
Preferred
ee
Dec. 12 *Holders of rec. Dec. 1
Bower Roller Bearing
25o. Jan 1'24 Holders of rec. Dec. 206
Bridgeport Machine Co. (guar.)
250.
Apr2'24 Holders of reo.Mar.20'24a
Quarterly
1
Marl'24 Holders of rec. Feb.20'246
Brown Shoe,common (guar.)
Febl'24
Holders of rec. Jan.21'240
134
(guar.)
Preferred
$1.50 Doe. 15 Holders of rec. Nov.20
Buckeye Pipe Line (guar.)
Bucyrus Company, preferred (quar.)--- 134 Jan. 2 Holders of rec. Dec. 200
Jan. 2 Holders of rec. Dec. 206
Preferred (acct. accumulated Wyo.).. 7
62 Doe. 31 Holders of rec. Dec. 20
Burroughs Adding Mach.(quar.)
2)4
Jan. 2 Holders of rec. Dec. 15
Burt(F. N.) Co.,com.(guar.)
134 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
*234 Jan. 15 *Holders of rec. Jan. 2
Bush Terminal,common
.3
Jan. 15 *Holders of rec. Jan.
Preferred
18
Bush Terminal Bides., pref.(guar.)-- *134 Jan. 2 *Holders of rec. Dec. 300
$1.50
Dec. 15 Holders of rec. Nov.
California Packing Corp.(guar.)
134 Jan. 2 Holders of rec. Dec. 206
California Petroleum. preferred Or uar.)_
Calumet, & Arizona Mining (guar.)-- 50c. Dec. 24 Holders of roe. Dec. 76
la
Calumet dr Heels Consolidated Mining_ _ 50c. Dec. 17 Holders of rec. Doe. 30
2
Dee. 15 Holders of rec. Nov.
Canada Iron Foundries, preferred
Co.
Foundry
Canadian Car &
Preferred (account accum. dividends). /3334 Jan1014 Holders of rec. Dec. 19
Jan. 2 Holders of reo. Dec. 15
CanadlanConneeticutCot.51 ills,P1.(flu) 2
Carter (William) Co., preferred (quar.). 13.5 Dec. 15
81.25 Febl'24 Holders of rec. Jan15'240
Checker Cab Mfg.. claw A (liner.)
33i Dec. 28 Holders of rec. Dec. 100
Chesebrough Mfg., corn. (guar.)
33Z Dec. 28 Holders of rec. Dec. 106
Common(special)
134 Dec. 28 Holders of reo. Doe. 106
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 22a
Chicago Mill & Lumber, pref.(guar.)_ _ _
Jan. 2 *Holders of rec. Dec. 20
Chicago Motor Coach,preferred (quar.).
75e.
Jan. 2 Holders of rec. Dec. 156
(guar.)...
Mfg.,
A
Cl.
Nipple
Chicago
Class A (account accumulated dive.)_ _ 25e. Jan. 2 Holders of rec. Dec. 15a
$2.85 Dec. 10 Holders of rec. Nov.260
Childs Company, common (guar.)
134 Dec. 10 Holders of rec. Nov.266
Preferred (quar.)
62340 Dec. 29 Holders of reo. Dee. I
Chili Copper(guar.)
Jan, 2 Dec. 16 to Jan. 1
(guar.)
2
Finance
Cincinnati
Cities ServiceCommon(monthly Pay.In cash scrip)- OH Jan. 1 Holders of rec. Dec. 15
15
Common (pay. In com, stock scrip)._ 0134 Jan. 1 Holders of rec. Dec.
34 Jan. 1 Holders of rec. Dec. 15
Preferred and preferred 11 (monthly).Dec.d15a
rec.
of
Holders
1
Jan,
(guar.)
81.75
corn.
Coca-Cola Co..
334 Jan. 1 Holders of rec. Dec.d150
Preferred
Deo. 216
Computing-Tabulating-Record.(guar.)_ 81.50 Jan, 10 Holders of rec. Dee
170
corn.
stock)
/300 Dec.22 Holders of reo.
Congoleum Co..common (in
200
Connor(John T.) Co., common ((Mar). 50c. Jan. 2 Holders of rec. Doe.
200
Dec.
reo.
of
83.50
Jan.
Holders
2
Preferred
134 Jan. 1 Holders of rec. Dec. 20a
Continental Can, preferred (guar.)
50c Dec. 15 Nov.24 to Doe. 16
Continental Oil (guar.)
Cooper Corporation, Class A (guar.)---- 134 Dec. 15 Dec. 1 to Dee. 15
50c. Jan 1 Dec. 16 to Jan. dl
Corona Typewriter,corn.(guar.)
2
Jan. 1 Dec. 16 to Jan. dl
First preferred (guar.)
154 Jan. 1 Dec. 16 to Jan. di
Second preferred (guar.)
[VOL. 117.
THE CHRONICLE
2518
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Indusite.
Miscellaneous (Continued).
Dec. 31 Doe. 16 to Jan. 1
Cramp(Wm.)drSonsShIp&Eng.HIg.(qU.) 81
1
Dec. 15 Holders of rec. Dec. 16
Crane Company,common (guar.)
134 Doe. 15 Holders of rec. Doe. la
Preferred (guar.)
134 Doe. 31 Holders of rec. Dec. 156
Crucible Steel, preferred ((Mari
750. Jan 2'24 Holders of reo. Dee. 86
Cuban-American Sugar.common
134 Jan. 2 Holders of reo. Nov.28a
Preferred (quar.)
Dec. 15 Holders of roe. Nov.80
10
Cumberland Pipe Line
Dec. 22 Holders of rec. Dee. 86
Davis Mills(guar.)
Dec. 15 Holders of reo. Nov.30a
2
Diamond Match (guar.)
15 Holders of rec. Nov.30a
Dec.
2
Dictograph Products Corp., pref.(qu.)_
500. Jan. 21 -Holders of rec. Doe. 31a
Dome Mines, Ltd. (guar.)
Dominion Glass. Ltd., corn. de pf.(qu.). 134 Jan. 2 Holders of rec. Dec. 15
134 Jan. 1 Holders of rec. Dec. 15
Dominion Iron & Steel, pref.(Misr.)
25e. Deo, 31 Holders of rec. Dec. la
Douglas-Pectin Corp.(guar.)
2
Dec. 15 Holders of rec. Dec. 56
(qu.)
du Pont(H.I.)de Nem.de CO.,COM.
134 Jan. 25 Holders of rec. Jan. 10a
Debenture stock (guar.)
du Pont(E.I.)de Nem.Powd..com.(qu.) 1)4 Feb. 1 Holders of rec. Jan. 19a
1)4 Feb. 1 Holders of rec. Jan. 19a
Preferred (guar.)
154 Jan, 2 Holders of rec. Dec. 276
Eastern Steamship Lines, 1st pref.(qu.)
81.25
Jan. 2 Holders of rec. Nov.300
Eastman Kodak,common (guar.)
11.25 Jan, 2 Holders of rec. Nov.806
Common (extra)
1)4 Jan. 2 Holders of reo. Nov.30a
Preferred (guar.)
650. Jan. 2 Holders of rec. Doe. 150
Eaton Axle & Spring (guar.)
Eisenlohr (Otto) & Bro.. pref. (quar.).. 134 Jan. 1 Holders of rec. Dec. 200
*51
Jan. 2 *Holders of rec. Dec. 15
Electric Auto-Lite (guar.)
5
Dee. 20 Holders of rec. Dec. 3a
Elgin National Watch (extra)
Jan. 2 Holders of rec. Dec. 150
Famous Players Lasky Corp.,corn.(qu.) 42
15 Holders of rec. Dec. 31a
Jan.
2
Federal Acceptance corp.,Pref. (gliar.)Federal Mining & Smelting. pro!.(guar.) 134 Deo, 15 Holders of reo. Nov.250
30e. Jan. 2 Dec. 23 to Jan. 2
Federal Motor Truck (guar.)
50o. Jan 1'24 Holders of reo. Dec. 15o
Fleishmann Co., common (guar.)
750. Apr. 1 Holders of rec.Mar15'24
Common (guar.)
July 1 Holders et rec. June 15
750.
Common(guar.)
75o. Oct. 1 Holders of roe. Sept. 15
Common (guar.)
75o. Jan 1'25 Holders of reo.Deo.15'24
Common (guar.)
$1.50 Doe, 15 Holders of rec. Dec. la
Foundation Co., common (guar.)
$1.75 Doe. 15 Holders of rec. Doe. 1
Preferred (guar.)
Jan. 1
*4
Gainesville Cotton Mills, common
Jan. 1
*3
Preferred
Dec. 81 Holders of rec. Nov.806
1
Galena-Signal Oil. common (guar.)
Dec. 31 Holders of rec. Nov.306
2
Old and new preferred (guar.)
81.50 Doe, 31 Holders of rec. Dec. 150
General Baking, common (guar.)
31 Holders of rec. Dec. 150
Dec.
$2
Preferred (guar.)
134 Jan. 2 Holders of rec. Doe. 246
General Cigar, 3referred(quar.)
2
Jan, 15 Holders of rec. Dee. 5ce
General Electric, corn.(guar.)
150. Jan, 15 Holders of reo. Dec. 60
Special stock (guar.)
300. Doe. 12 Holders of rec. Nov.190
General Motors, corn, (guar.)
1)4 Feb. 1 Holders of reo. Jan. 70
Preferred (guar.)
134 Fob. 1 Holders of rec. Jan. 70
6% debenture stock (quar.)
134 Feb. 1 Holders of rec. Jan. 7a
7% debenture stock (guar.)
Dec. 16 Holders of rec. Dec. 12o
Gen'l Motors Acceptance Corp.(No. 1)_ 8
General Petroleum Corp..corn.(gust.)... 50c. Dec. 16 Holders of rec. Nov.30
• 11.75 Dec. 15 *Dec. 1 to Dec. 15
Giant Portland Cement, prat
*82.50 Dee. 20 *Holders of rec. Doe. I
Glen Alden Coal
Dec. 16 Dec. 2 to Dee. 15
1
Globe Soap, corn.(guar.)
134 Doe. 15 Dec. 2 to Dec. 15
pref.
(quar.)special
First,second and
134 Jan. 2 Holders of rec. Doe. 220
Goodrich (B. F.) Co., preferred (guar.)_
Great A tl. & Pacific Tea,common (qu.) 75o. Doe. 15 Holders of reo. Doe. 100
Jan. 2 Holders of rec. Doe. 156
$1
Great Western Sugar,corn.(guar.)
134 Jan. 2 Holders of rec. Doe. 15a
Preferred (guar.)
Jan. 2 Holders of rec. Doe. 15
1)4
(qu.)
pt.
6%
Corp.
Die
&
Greenfleld Tap
Jan. 2 Holders of tee. Dee. 15
2
Eight per cent preferred (guar.)
2
Jan. 2 Holders of reo. Dec. 15a
Guantanamo Sugar, pref. (guar.)
*1
Jan. 2 *Holders of rec. Dec. 14
Gulf States Steel. com.(guar.)
134 Jan 2'24 Holders of reo. Dec. 146
First and second preferred (quar.)
Doe. 20 Holders of reo. Deo. 50
134
1st
pref.
(quar.)
Co..
Hanna(M.A.)&
Harbison-Walker Itetrac., pref. (guar.). 13.4 Jan. 19 Holders of rec. Jan. 9a
750. Deo, 15 Holders of roe. Nov.300
Hayes Wheel (guar.)
Doe. 31 Doe. 21 to Jan. 1
81
Hood Rubber, corn. (guar.)
750. Jan. 2 Holders of rec. Dee. 20a
Hudson Motor Car (guar.)
2 Holders of rec. Dec. 20
Jan.
1)4
_
_
(guar.).
pref.
Brick,
Hydraulic Press
Dec. 81 Dec. 1 to Dec. 27
3
Illinois Pipe Line
to Jan. 90
Jan. 10 Dec. 15
Ingersoll-Rand Co.,com.(pay.in stock)/ 10
Jan. 2 Holders of reo. Dec. 146
3
Preferred
134 Jan. 1 Holders of rec. Doe. 156
Inland Steel. prof.(guar.)
Inspiration Consolidated Copper (guar.) 500. Jan. 7 Holders of rec. Dee. 20a
Dec. 81 Holders of rec. Doe. 15a
International Cement Corp.,corn.(qu.)- $1
134 Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
.11ti
Jan. 15 Holders of rec. Dec. 15
Internat. Harvester. corn.(guar.)
134 Jan. 2 Holders of roe. Dec. 15a
International Salt (guar.)
Jan. 2 Holders of rec. Dec. 150
1
Extra
13( Jan, 1 Dec. 16 to Jan. 1,
Internat. Silver, pref.(guar.)
5),I Jan. 1 Dec. 16 to Jan. 1
Prof. (acct. accum. dividends)
81.60 Jan, 15 Holders of rec. Jan. 2a
Iron Products,corn.(No. 1)
134 Jan. 1 Holders of rec. Dec. 15a
Jones & Laughlin Steel, pref (guar.)
Kaufmann Dept. Stores, pref. (guar.).- i34 Jan, 2 Holders of rec. Dec. 20
75c. Jan. 2 Holders of rec. Doe. 70
Kennecott Cooper Corp.(guar.)
Dec. 31 Holders of rec. Dec. 150
2
Kresge (S. S.) Co., corn. (Quar.)
134 Dec. 31 Holders of rec. Dec. 156
Preferred (guar.)
$2
Jaq. 2 Holders of rec. Dec. 130
Lehigh Valley Coal Sales (guar.)
Holders of rec. Dec. 176
134 Jan,
Liggett dr Myers Tob.. Prof.(quar.),. _
134 Febn'24 Holders of reo.Feb.7'246
Lindsay Light, preferred ((Mar.)
Loew'ri, Incorporated
50o. Doe. 81 Holders of reo. Doe. 150
Dec. 20 Holders of rec. Doe. 10
Lord & Taylor.20 of.(acct. aocum. div.) 516
$1.25 Mar 114 Holders of reo. Feb.15140
Manati Sugar (guar.)
81.25 June2'24 Holders of reo. May15'246
Quarterly
Quarterly
61.25 Sep l'S4 Holders ofrec. Aug.15146
34 Jan. 1 Holders of reo. Doe. 156
May Department Stores, pref.(quay.)
McCord Radiator & Mfg., Cl. A (qu.). *750. Jan. 2 *Holders of reo. Dee. 20
250. Jan. 2 Holders of roe. Dee. 10
McIntyre Porcupine Mines, Ltd
234 Dee. 81 Holders of reo. Doe. 50
Mergenthaler Linotype (guar.)
Doe. 15 Holders of rec. Dec. 5
Metrop. Paving Brick, corn.(extra).._ 2
134 Jan. 1 Holders of rec. Dee. 15
Preferred (guar.)
1 Holders of rec. Dec. 250
Jan.
134
Michigan Drop Forge, pref. (quar.)--134 Dec. 10 Holders of rec. Dec. 5
Missouri Portland Cement(extra)
Dec. 25 to Deo. 31
31
Deo.
334
and
Monarch Mills, common
preferred134 Jan. 1 Holders of rec. Dec. 200
Montgomery Ward & Co., prof.(guar.)
Montreal Cottons, Ltd.. common(gum.) 134 Dec. 15 Holders of rec. Nov.30
134 Dec. 15 Holders of rec. Nov.30
Preferred (guar.)
500. Dec. 31 Holders of rec. Dec. 140
Mother Lode Coalition Mines
123.-4c Doe. 15 dDeo. 1 to Dec. 15
Mutual Oil (guar.)
8334 Dec. 20 Holders of rec. Nov.20
Nashawena Mills (stock dividend)
750. Jan1524 Holders of rec. Doe. 316
National Biscuit, common (guar.)
National Enameling 6c Stpg., pre:.(c61.)- 134 Doe. 31 Holders of rec. Dec. ha
Feb15'24 Holders of rec. Feb. 114
1
National Fireproofing, preferred
My 15'24 Holders of reo. May l'14
1
Preferred
Jan. 1 Holders of reo. Dec. 21
8
National Grocer, preferred
Dec. 31 Holders of rec. Doe. 14e
2
National Lead.common (guar.)
134 Dec. 15 Holders of rec. Nov.236
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 10
National Sugar (corn.)
214 Jan. 2 Holders of rec. Dec. 216
National Surety (guar.)
50c. Dec. 15 Holders of rec. Nov.30o
National Transit
New York Air Brake. Class A (guar.) -- $1 Jan. 2 Holders of reo. Dec. rio
50c. Dee. 15 Holders of reo. Dee. So
New York Canners, Inc. (guar.)
33,4 Feb. 1 Holders of rec. Jan. 211
First preferred
Feb. 1 Holders of reo. Jan. 20
4
Second preferred
134 Jan. 2 Holders of reo. Dec. 15a
New York Steam Corp.. pref.(guar-)
150. Jan. 21 Jan. 1 to Jan. 17
Nipissing Mines Co.(guar.)
150. Jan. 21 Jan. 1 to Jan. 17
Extra
(1) Jan. 2 Holders of reo. Dee. 50
North American Co., coin.(guar.)
1)4 Jan. 2 Holders of roe. Dec. 50
Preferred (guar.)
Jan. 1
North American Provision, pref.(quar.). 134 Jan. 2 Doe, 16 to Deo.
7
5
Jan. 1 Holders of ree.
Northern Pipe Line
28
Dee.
to
29
Nov.
Dec.
250.
31
Ohio 011 (guar.)
100. Deo, 16 Holders of reo. Nov.30
011 Lease Development(monthly)
75e. Jan, 1 Holders of MO. Dec. 1130
Owens Bottle,com.(guar.)
134 Jan. 1 Holders of reo. Deo. 166
Preferred (guar.)
Jan. 21 Holders of reo. Dec. 144i
81
Pacific Oil
134 Dec. 15 Holders of rec. Nov.306
Packard Motor Car, pref. (guar.)
4.3
Jan. 1
Pacolet Manufacturing,common
•3y.i Jan. 1
Preferred
334
DEC.8 1923.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inchatve.
2519
Weekly Returns of New York City Clearing
House
Banks and Trust Companies.
Miscellaneous (Concluded)
Palge-Detroit Motor Car.Corn.((oar.)-- •30e. Jan. 2 *Holders of rec. Dec. 15
The following shows the condition of the New York
SIM Jan. 2 *Holders
Preferred (guar.)
of rec. Dec. 15
Clearing House members for the week ending Dec. 1. City
Peerless Truck & Motor (qlian)
$1
Dec. 31 Holders of rec. Dec. 200
The
Pennok,011 (guar.)
200. Dec. 22 Holders of rec. Dec. 15a figures for the separate banks are the averages of the
daily
Extra
20c. Dec. 22 Holders of roe. Dec. 15a results. In the case of the
grand totals, we also show the
Pettibone-Mulliken Co. 1st & 2d pf.(qu.) 1,1 Jan. 1 Holders of rec. Dec. 24a
Phillips Petroleum (guar.)
50c. Jan. 2 Holders of rec. Dec. 140 actual figures of condition at the end of the week.
Pierce-Arrow Motor Car, prior Pi.(gu.)- 2
Jan. 2 Holders of rec. Dec. 15a
Pressed Steel Car, coin.(guar.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
1
Dec. 18 Holders of rec. Nov.27a
Preferred (quar.)
1 K Dee. 11 Holders of rec. Nov.20a
(Stated is thonsands of dollars-that is. three ciphers 10001 omitted.)
Procter & Gamble Co..6% pref.(quar.) 1% Dec. 15 Holders of rec. Nov.24a
Pure 011 Corporation.551% Pref.(quar.) 1g Jan. 1 Holders of rec. Dec. 15a
New
Six per cent preferred ((uar.)
1)4 Jan. 1 Holders of rec. Dec. 150
Capttat.IProfits. Loans,
Eight per cent preferred (guar.)
Reserve
Jan. 1 Holders of rec. Dec. 16a
Week
ending
Discou
Quaker Oats, common ((uer.)
Cash
with
Jan. 15 Holders of rec. Dec. 310
3
Net
Time Batik
Dec. 1 1923. Nat'l, Sept. 14 DantPreferred (guar.)
In
Legal Demand
1)4 Feb. 29 Holders of rec. Feb. la
De- MenState, Nov. 15 menu. Vault. Depart- DePostts. Posits.
Railway Steel-Stir ng,common((uar.)
Dec. 31 Holders of rec. Dec. 17a
laomitted.)
(000
Tr.Cos.,N0
Preferred (guar.)
v.15 &C.
tortes.
151 Dec. 20 Holders of rec. Dec. 70
Realty Associates,common
$2.50 Apr. 15 Holders of rec. Apr. 5
Members
of
Fed.
First preferred
Res.
Bank.
Average.
Average
Average .Average Average deo.
Jan. 15 Holders of rm. Jan. 5
3
Bank of N Y
Second preferred
$
244 Apr. 15 Holders of rec. Apr. 5
$
Trust Co____ 4,
Remington Typewrites',2d pref.(quar.)_ 2
12,271 62.058
794 8,350
Dee. 20 Dee. 9 to Dec. 20
47,415 5,781
Bk of Manhat'n1 10.
First pref.and 1st prof. Series A (au.)- 131 Jan. I Dec. 23 to Jan.
13,678
130,791 2,201 14,103 102,914 20,494
I
Republic,Iron & Steel, pref. (quar.)_
1% Jan. 2 Holders of rec. Dec. 15a Mech &Met Nat 10,000 16,849 151,174 4,674 18,586 140,975 3,651
550
Preferred,(wet.accumulated diva-)
5,604 80,399 1.538 10.461
52
Jan. 2 Holders of rec. Dee. 15a Bank of America 6.
79.177 2,792
Nat City Bank_ 40,
Rogers(Wm.A.) Co., pref.(quar.)
52,241 511,661 4,454 56,067 *535,105 72,575
1K Jan. 2 Holders of rec. Dec. 15
2,139
Chem Nat Bank 4,500 16,550 113,859 1,104 12,961
St. Joseph Lead (qar.)
250. Dec. 20 Dec. 9 to Dec. 20
95,432
5,797 344
Nat Butch & Dr
Extra
5
152
4.870
59
25o Dec. 20 Dec. 9 to Dec. 20
532
3,737
37 297
St. Mary's Mineral Land
Amer Each Nat 5,000 8,12
93,798
$1 Dee. 11 Holders of rec. Nov. 9
896 10,893
79,977 6.412 4.957
Schulte Retail Stores, coin.(In pref.stk.) m$2
Mr 1'24 Hold,of roe. Feb.15'24a Nat Bk of Com_ 25,000 39,449 303,478
939 33,637 252,537 18,795
Preferred (guar.)
Pacific
Bank..__
1,000
1.713 25,830
Jan. 1 Holders of rec. Dee. 15a
2
938 3,690
25.044 2,202
Iliaboard Oil & Gas(monthly)
1 Xe.Jan. 1 Holders of rec. Dec. 15a Chat &Phen Nat 10.500 9,791 150,908 6,258 17,322 119,111 27,835 6".626
Gears, Roebuck Sr Co., pref. (quar.).... 134 Jan. 1 Holders of
Hanover Nat Bk 5,000 21,904 113,422
513 13,491
100,49
rec.
Dec.
150
100
Shawmut Mills, common (guar.)
144 Jan. 2 Holders of roe. Dec. 20a Corn Exchange. 9,075 12,924 177,861 5.80 22,806
158,31 24,(54
- -1
Preferred (guar.)
24,050 159,737
1,4 Dec. 31 Holders of rec. Dm. 200 NationalPark_ _ 10,
929 16,650 125,930 6.791 7,854
Sherwin-Williams(Canada). corn. OHO - 134 Dec. 31 Holders
East
1,000
River
Nat_
832 16,125
408 1,824
of rec. Dec. 15
12,749 2,934
50
First National_ _ 10.000 55,943 261,395
Preferred (quar.)
1)4 Dec. 31 Holders of rec. Dec. 15
581 25,145 189.025 19.010 7,479
IrvIng-Bk-ColTr 17,500 11,419 250,854 4.015 32,947 250,115
Sloss-Sheffield Steel & Iron. pref.((Par.) 1% Jan. 2 Holders of rec. Dec.
200
14,90
Solar Refining
Continental Bk_ 1.000
980
7,907
5
Dec. 20 Dec. 1 to Dec. 10
146
895
6.253
37
South Porto Rico Sugar, pref. (quar.)_ 2
Dec 31 Holders of rec. Dec. 100 Chase National 20,000 23,250 333,212 4,363 38,583 290,754 22.734 1.(190
Southern States Oil (monthly)
500 2.549 23,180
Fifth Avenue_ _
be. Dec. 20 Holders of rec. Dee. 1
678 2.668
20,53
Spartan Mills
600 1,050 10,831
Commonwealth
4
Jan.
355 1,26
9.31
fig T
o
;
Standard Oil(California)(guar.)
15,260
500. Deo. 15 Holders of rec. Nov.20a Garfield Nat._ 1,000 1,642
38
1,86
14,30
1,200 1,190 16,492
Filth National_
Standard Oil (Indiana) (guar.)
62)40. Dec. 15 Nov. 17 to Dee. 15
208 2,215
16,121 1,239 249
4,000 7,258 85,408
Standard 011 (Kansas) (quar.)
500. Dec. 15 Holders of rm. Nov. 30,1, Seaboard Nat_
909 10,390
78,943 1.913
84
1,500 1,283 16,203
Standard 011 (Nebraska)
Coal & Iron Na
Doe. 20 Nov. 21 to Dec. 20
5
2901 1,982
13.624
975 412
Standard Oil (New Jersey)Bankers Trust_ 20,000 24,019 247,830 1,169 27,605 °215.843
24,527
Common ($100 par value) (quar.)--- 1
3,000
4,431
Mtge
S
&
Tr
48,688
Dee. 15 Holders of rec. Nov.28;
939 5.821
44,571 2.403
Common ($25 par value)(guar.)
250. Dec. 15 Holders of rm. Nov. 260 Guaranty True 25,000 18,406 372,475 1,525 40,456' 366.674 41,478
Preferred (guar.)
2,000 1,943 21.637
1% Dec. 15 Holders of rec. Nov.26a Fidel-Inter Trus
400 2,510
18,647 1,870.
_
Standard Oil of New York (guar.)
10,000
18,342
Trust
N
Y
Co_
143,888
529 16,753 120.033 17,990
35e. Dec. 15 Holders of rec. Nov.230
Standard Oil(Ohio),cOm.(guar.)
2,000 4,032 39,952
810; 4,837
234 Jan. 1 Holders of rm. Nov.23a Metropolitan Tr 5,000
36,363 2,33
Sterling Coal
16,354
Farm
Loan
&
Tv
62r
120,2711
1
12,539 *91,248 20,951
Jan. 2 Holders of rec. Dec. 20
Sterling Products,Inc.(extra)
Dec. 10 Holders of rec. Nov.200 Equitable 'Trani 23,000 9,986 218,2811 1,6911 26,559 *230,1651 16.63
$1
Stern Bros.,common (No. 1)
1
Jan. 2 Holders of rec. Dec. 16a
Stromberg Carburetor (quer.)
440,3284,32
375
Total
.
emerapos12
of
89
9,517 49,92rr194.38103,857,401 391.349'
$2
Jan. 2 Holders of rec. Dec. 110
32,007
Extra
31.50 Jan. 2 Holders of rec. Dec. Ila
Swift & Co.(quar.)
Totals, actual condition Dec. 14,363,593 49,714 606,406 c3.709.5663
2
Jan. 1 Dec. 11 to Jan. 10
95.297
31,924
condition
Texas Company(quar.)
Nov.244,305,336 48,263491,809c3.621.958,3
7150. Dee. 31 Holders of rec. Dec. 70 Totals actual
Texas Gulf Sulphur (guar.)
Nov.174,312,985 46,881 511,963c3,653,324 87,88 32.113
$1.50 Doe. 15 Holders of rec. Dec. la Totals, actua, condition
389,05932,015
Extra
State Banks Not Members of Fed'i Res've Bank.
600. Dee. 15 Holders of rec. Dec. la
Tide Water Oil (guar.)
Greenwich Bank 1,000 2,388
19,487 1,769 1,909
$1
20,135
Dec.
Holders of rec. Dec. 15a Bower
4
y Bank__
250
Tobacco Products Corp.. common (qu.)_ 1% Jan. 31
864
5,389
344
348
2,788 2.029
15 Holders of rec. Jan. 2a
2,500 5,048 91,335 3,783 2,049
Preferred (guar.)
31,750 56,446
131 Jan. 2 Holders of rm. Dec. 140 State Bank
Todd Shipyards Corporation ((uar.) _ _ $1.50 Dec. 20 Holders of rec. Dec.
la Total of averages 3,750 8,299 116,211
Tonopah Extension Mining (guar.)
5,896 4.306
54.673 58,479
Sc. Jan. I Holders of rec. Dec. 11
Truscon Steel, common (guar.)
Dm. 15 Holders of rec. Dec. Sc Tomb oczool
8
condition Dec. 1 116,066 6,063 4,192
Tuckett Tobacco, Ltd.. corn.(quar.)- -- 1
,
Jan. 15 Holders of rec. Doe. 31
54,628 58.430
actual
condition
Totals,
Preferred (guar.)
Nov.2 116,163 8,084 4,455
131 Jan. 15 Holders of rec. Dec.
54,952 58,486
Totals canal condition Nov.17 115.768 6,038 4.050
Underwood Typewriter,corn.(quar.)..... 75o. Jan. 1 Holders of rec. Dec. 31
54,229 58.298
la
Preferred ((uar.)
134 Jan. 1 Holders of rec. Dee. la Trust Compan ies Not Membe re of Fed I Res ye Ban k.
Union Buffalo Mills, first preferred
344 My15 24 Holders of rec. May 8a 'Mc Guar & Tr 10,000 13,964 54,044 1,451 3,851
33,776 1,438
Second preferred
867 1,978
2)4 Myii'24 Holders of rec. May So Lawyers 'Tit & T 6,000 5.715 28,283
18,454
700
Union Carbide di Carbon (guar.)
Jan. 1 Holders of roe. Dec. 80
$1
16.000 19,680 82,327 2,318 5,629
Union Storage (Pittsburgh)(extra)
2
Dee. 15 Holders of rec.
52,230 2,138
306 Total of avenues
United Cigar Stores of Amer.. pre.(qu.) 134 Dec. 15 Holders of rec. Nev.
Nov. 30a Totals,
United Dyewood Corp.,corn. (guar.)__. $1.50 Jan. 2 Holders of rec. Dec.
actual condition Dec. 1
81,526 2,381 5,702
15a
52,020 2,147
Preferred (guar.)
111 Jan. 2 Holders of rm. Dec. 15a Totals, actual condition Nov.24 81,916 2,168 5,605
50,871 2,136
United Profit Sharing Corp., common
15c. Jan. 2 Holders of rec. Dec. ha Totals, actual condition Nov.17 81,316 2,249 5,542
51.596
2,114
Common.(PaYable in preferred stock). m25o.Jan. 2 Holders of rec.
Dec. Ila Gr'd aggr.,
C.S. Cast Iron Pipe & Fdy.,'tom.(qu.)
aver.309,125468.3074,528,055 68,135504,316
34 Dec. 20 Holders of rec. Dec. t5
3,764,304
451,966
*Preferred(extra)
Comparison wit It prey. week
X Dee. 20 Holders of rm. Dec. 75
+22,832 +1,098+3.535 +11.475+3.76832,007
-17
t Preferred (quar.)
1)4 Dee. 15 Holders of roe. Dec. la
Preferred (extra)
acricond'n
aggr.,
Gr'd
,Dee. 1 4,581.185 58,158510.300 3,816,212
Dec. 15 Holders of rem Dec. la
2
455,874
U. S. Gypsum, common (guar.)
Comparison with prey.,week
$1
Dec. 31 Dec. 6 to Dec. 20
+57,770 +1.643 +14431 +88.4311+7,388 31.924
Common (payable in common stock)-- 520
-189
Dec. 31 Dec. 6 to Dec. 20
Preferred (quar.)
Gr'd aggr., aci'lileund'n Noe.24 4,503,415 50,5h5501.8
131 Dec. 31 Dec. 8 to Dec. 20
69 3,727,781 448,48832,113
U. S. Playing Card ((Mar.)
1
Janl'24 Holders of rec. Deo. 210 Gr'd aggr., act'. eend'n Nov.17 4,510,05 55,148 521,555
3,759,149]449.471 32,015
Extra
50e. Jan1'24 Holders of rec. Dec. 21a Gr'd aggr., act cond'n Nov.10 4,509,684 59.733513.880 3,711,058
457.466 32,106
U. B. Realty & Impt., own.(quar.)
Gr'd aggr., acr/ cond'n Nov. 34.552,459
2
Dec. 15 Holders
U.S. Steel Corporation, coin.(quar.).. 1% Dec. 29 Nov.29 of rec. Dec. 5a Gr'd aggr., art'l coad'n Oct. 27 4.542,002 55,509 480,290 3,742.268 452.188 32,051
to Dm. 2
57.033 511,777 3,707.826 466.553 32,310
Common (extra)
Gr'd aggr., aril cond'n Oct. 20 4.532,73 56,293521,9
44 Doe. 29 Nov.29 to Dec. 2
87
3,710.0271467,761 32,306
United States Title Guaranty (guar.)
2
Dec. 15 Holders of rec. Nov. 300
Extra
N(Me.-U. S. deposits deducted from net
2
Dec. 15 Holders of rec. Nov.300
demand deposits in the general total
V. V1vaudou,Inc.((liar.)
50o. Dec. 15 Holders of rec. Dec. la above were as follows: Average total Dec. 1, 39,708,000; actual
totals Dec. 1.
89,283,000; Nov. 24, SI0,318,000; Nov. 17,
Vacuum Oil ((uar.)
50e. Dec. 20 Holders of rec. Nov.30
$10,423,000: Nov. 10, 515,728,000;
Nov. 3, $18.503,000. Bills payable. rediscounts.
Extra
50c. Dee. 20 Holders of rec. Nov.30
acceptances and other liabilities,
Valvoline Oil, common (guar.)
average for week Dec. 1, 3442,326,000;
3
Dec. 15 Holders of rec. Dee. 7
Nov. 24, $423,693,000; Nov. 17. 3436,878.Virginia Iron, Coal & Coke,common
134 Jan. 2 Holders of rec. Dec. 15a 000; Nov. 10, 5432,465.000; Nov.3,5433.020.000. Actual totals Dec.
1,3436,364,Preferred
Nov. 24. $143,931,000; Nov. 17,5441,310
2% Jan. 2 Holders
rec. Dec. 154 000:
,001: Nov. 10, $453,939,000; Nov. 3.
Vulcan Dettnning, pf. & pf. A (qu.)._._ 1% Jan. 20 Holders of
5401.012,00
0.
of
rec.
Jan.
9a
Wabl Co., corn.(monthly)
1500. Jan. 1 Holders of rec. Dec. 24a
• Includes deposits in foreign branches not
included in total footings as follows:
Preferred ((War.)
134J an 1 '24 Holders of rec. Dec. 24a National City Bank, 3118,438,00
Bankers Trust Co.. 311,857.000; Guaranty
Waldorf System,common
3134e Jan. 2 Holders of rec. Dee. 200 Trust Co., $73,752,000; Farmers' 0:
Loan & Trust Co., 3282.000; Equitable Trust
First pref. and preferred (quar.)
200. Jan. 2 Holders of rec. Dec. 20
$31,923,000. Balances carried in banks
in foreign countries as reserve for
Walworth Mfg.,coin.(quar.)
35e. Dec. 15 Holders of rec. Dec. 5a such deposits were: National City Bank, $20,249,000
; Bankers Trust Co., $1.988,Preferred (guar.)
134 Dec. 31 Holders of roe. Dec. 21a 000; Guaranty Trust Co., 58,419,000;
Farmers' Loan & Trust Co.. 3282,000:
Wamsutta Mills (quar.)
134 Dee. 15 Holders of rec. Nov. 13
Equitable Trust Co., $3,355,000. c Deposits in
foreign
branches not included.
Wells Fargo & Co
$1.25 Dee. 20 Holders of rec. Nov.206
Western.Exploration (No.))
Sc. Dee. 20 Dee. 16 to Dec. 20
The reserve position of the different groups of institutions
West Point Mfg
4
Jan. 2 Holders of rec. Dec. 20
White Motor (quar.)
$1 Deo. 31 Holders of roe. Doe. 200 on the basis of both the averages for the week and the actual
Whitney Mills
*354 Jan. 1
condition at the end of the week is shown in the following
Williams Tool (quar.)
Jan. 2 Holders
2
Extra (acct. accumulated dividend)._ 554 Jan. 2 Holders of rec. Dec. 20
two tables:
Worthington Pump Sr Mach.,Pf. A (qu.) 135 Jan. 2 Holders of rec. Dec. 20
of rm. Dec.
Preferred B((uar.)
STATEMENT OF RESERVE POSITION OF CLEARING
1% Jan. 2 Holders of rec. Dec. 20a
ROUSE BANKS
20a
Yale & Towne Manufacturing ((uar.)-- 51
Jan. 2 Holders
AND TRUST COMPANIES.
Yellow Cab Mfg.,clam B (monthly)_ _ 412-3c Jan. 2 Holders of rec. Dec. 5
of
rec.
Dec.
200
Class II (monthly)
4l2-3c Feb. 1 Holders of roe. Jan. 210
Class B (monthly)
41 2-3c Mar. 1
Averages.
of rec. Feb. 200
Youngstown Sheet .2e Tube.corn.((oar.) $1.25 Dec. 31 Holders
Holders of rec. Dec. 150
Cash
Preferred ((oar.)
Reserve
1K Dec. 31 Holders of rm. Dec. 150
. a
Reserve
in
7'olal
Reserre
Surplus
• From unofficial sources. t The New York Stock Exchange has
On Vault. Depositaries Reserre.
Required.
ruled
Reserve.
that
stock
will not be quoted ex-dividend on this date and not until further
I The Members Federal
New York Curb Market Association has ruled that stock will not notice.
be
quoted
3
exReserve banks
dividend on this date and not until further notice.
494,381,000 494,381,000 487,202,600
State banks.
5,896,000 4.308.000 10.202.000 9.841.140 7,178.400
a Transfer books not closed for this dividend. 6 Correction. e Payable In
360,860
Trust
companies_
stock.
_
payable in common stock. g Payable in scrip. 5 On
2.318,000 5,629,000 7.947,000 7,834,500
account
112,500
dividends. m Payable in preferred stock. n Payable in Canadian of accumulated
Total Dec. 1_
funds.
8.214,000 504,318,000 512,530.000 504,878,240
7,651,780
received
transfers
in
Total Nov. 24.... 8,183,000 500.781.000 508,964,000
p All
London on or before Sept.3 will be In time for payment
503.250.400
5.713.600
Total Nov. 17--- 8.319.000 504,505,000 512,824.000
of dividend to transferees
503.185.600 9.638,400
Total Nov. 10---- 8.485.000 500.167.000 508.652.000
r Subject to approval by stockholders.
499,698.860 8.953.140
s Dividend Is 50 Ms.In cash or 254% in common stock,as the stockholder elects.
• Not members of Federal Reserve Bank.
Temporary Injunction has been obtained restraining the payment on
a This is the reserve required on net demand deposits
the U. S. Cast Iron Pipe & Foundry Common and Preferred dividends. Dec. 20 of
in the case of State
and trust companies, but in the ease of members
u New no par valuestock to be Issued In Dec. 1923 in place of the old $25 par stock. Includes
of the Federal Reserve banks
Bank
the monthly dividends 01 51) cents a share and 25 cents a share extra on the old stock Dec. 1, also amount in reserve required on net time deposits. which was as follow
'$11,740,470; Nov. 24.811.630,190; Nov. 17.
declared for payment in 1924 being all rescinded.
511,702,610; Nov. 10. 541890.920.
1
1
[VoL. 117.
THE CHRONICLE
2520
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve banks_
State banks.
Trust companies_ _
Total Dec. 1_ - -Total Nov. 24____
Total Nov. 17___
Total Nov. 10_ -
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
$
$
506.406.000 506,408.000 494,102,490 12.303.510
422.320
4,192.000 10,255.000 9,832.680
280,000
5,702.000 8,083,000 7,803.000
8,444.000 516,300,000 524,744,000 511.738,170 13.005,830
8,252.000 501.869,000 510,121.000 500.012.470 10,108.530
8.287,000 521.555.000 529,842,000 504,104,510 25,737.490
8.474.000 513.880,000 522,354.000 498.005,670 24,348.330
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING ROUSE MEMBERS.
• Not members of Federal Reserve banks.
of State banks
b This is the reserve required on net demand deposits in the case 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 Nov. 10, 311,Dec. 1, $11,858,910; Nov. 24, $11,635,920; Nov. 17, $11,671,770;
919,990.
Nov. 21
1923.
Nov. 28
1923.
Changes from
previous week.
Dec. 5
1923.
6.063,000
2,381,000
57,300.000 57.300,000
57.300,000, Unchanged
Capital
62,000 83,401.000 83,401,000
83.483.000 Inc.
Surplus and profits
861.999,090
859.258,000
Dec.
4,273,000
854.985,000,
Investments..
&
Loans. disc'ts
Individual deposits,IncLU.8 608.353,000 Dec. 1.234.000609.587.000 624.663,000
115,155,000 Inc. 8.381,000 108.794.000 114,150,000
Due to banks
127,841.000 Dec. 925,000 128.766.000 128.455,000
Time deposits
8,193,000 Dec. 1,001.000 9,194.000 9.470.000
United States deposits
29.303,000 Inc. 7,204,000 22,099,000 27,966,000
House
Clearing
for
Exchanges
71,616,000 Inc. 7.238,000 64.378,000 74.336.000
Due from other banks
89,185.000 Dec. 213,000 69.378.000 70,355,000
Reserve in Fed. Res. Bank
445,000 9,035,000 9,167,000
Cash in bank and F. R. Bank 9,480,0001Inc.
1
Reserve excess in bank and
1,475,000 2,016,000
695,000
Inc.
2,170,000
BankReserve
Federal
State Banks and Trust Companies Not in Clearing
Philadelphia Banks.-The Philadelphia Clearing House
House.-The State Banking Department reports weekly
return for the week ending D .e. 1, with comparative figures
comtrust
and
banks
State
of
condition
the
showing
figures
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 are 10% on demand deposits and 3% on time deposits, all
SUMMARY OF STATE BANKS AND TRUST COMPANTES
STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
(Figures Furnished by State Banking Department.) Differences from is not a part of legl reserve. For trust companies not memprevious week.
Dec. 1.
bers of the Federal Reserve System the reserve required is
$814.497,200 Inc. $8,395,800 10% on demand deposits and includes "Reserve with legal
Loans and investments
106,400
Inc.
3,310,400
Gold
488,200 depositaries" and "Cash in vaults."
21,734,700 Inc.
Currency and bank notes
73.737,100 Dec. 798,100
Deposits with Federal Reserve Bank of New York
9,000
843,528,800 Dec.
Total deposits
Deposits, eliminating amounts due from reserve decomtrust
and
banks
other
from
positaries and
panies In N.Y.City,exchanges and U.S.deposits 798,268,400 Dec. 2,260.700
132,976,000 Inc. 1,120.700
Reserve on deposits
Percentage of reserve, 21.5%.
• RESERVE.
-Trust CompaniesState Banks
$68,735,800 15.79%
•$30,046,400 18.42%
Cask in vault
25,272,500 5.80%
4.87%
_
8,921,300
cos.__
Deposits In banks and trust
21.59%
$94,008,300
21.29%
$38,967,700
Total
for the
•Include deposits with the Federal Reserve Bank of New York. which
State banks and trust companies combined on Dec. 1 was $73,737,100.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED
RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
*Total Cash
in Vaults.
Demand
Deposits.
Loans and
Investments.
/111.11116111111.1
4
t=a-onnaning,,ai;Ligviggtii
4.44,mmo Ozzzza
$
a
$
5,287.686,800
5,268,638.700
5,229.446,800
5,257.620,900
5.299,993,700
5.305,103,700
5,343,149,700
5.351,110.900
5,389,173,500
5.353.284,200
5,355,548,100
5,350,688,100
5.373,050.300
5,337,904,700
5.336.845,600
5.313,324.400
5.342.550.200
4,372,278,000
4,350,022,600
4.336,761.700
4.354.662,100
4.380,653.300
4.404,072.200
4.456,769.600
4.422.478,500
4,488,842,200
4,461,182,100
4,503,828.700
4,495,810,900
4,533.531.000
4,522,471.900
4,561.107,300
4.553,353,100
4.562.572.400
Reserve in
Depositaries.
Net Loans
Net
Net
Reserv
CLEARING ICapita1.Profits. DitWith Demand Time
counts. Cash
RON-MEMBERS
De- I DeLegal
Nat.bks. Sep.14 Invest- in
posits. I posits.
Week Eliding Statebks.Nv,15 ments. Vault. Depo
tortes.
Dec. 1 1923.i Tr.cos. Nov.15 &c.
Total
State Banks
Not Members of
Fed'IRes've Bank
Bank of Wash. Ilts
Colonial Bank....
500
Total
Trust Company
Not Member of
Ffed'I Reeve Bank
Nfech.Tr.,Bayonne
1,000
Total
200
800
Average Averagel Averag Average Average Average
$
$
$
$
$
$
$
1,149 4,457
24
326
1,626 7.295
1,626
7,295
24
326
1,149
4,457
892
389 6,556,
2,302 22,309 2.627
347
1,411
5,774
21,593
1,431
----
2,691 28,856
3,31'
1.75:
27,367
1,430
292
3,655
5.683
292
3,655
407
9,690
275
500
407
9.690
275
2.000
014
2,00
2,0
2,000
4,580
4,51
4,530
4,580
46.16
45,25:
43.61:
43,357
3,859
3.715
3,576
3,805
2,33:
2,844
2,12
2,283
632,532
a32,411
230,845
a30,782
11,537
11,254
10,273
10,349
•United States deposits deducted. $73 000.
other liabilities, $129,000
Rills Payable, rediscounts, acceptances and
Excess reserve, $60,210 increase.
$44,875,0
123,787,0
740.263,0
33,453,0
111,058,0
123,278,0
563,574,0
59,734,0
746,588.0
4.263,0
3,282,0
56,142,0
11,052,0
70,476,0
80,291,0
10,185,0
172,216,878
96,219,253
171,971.878
125.847,345
138,893,000
194,562,000
268,436,132
633,914,940
4,731,944
297.819.224
633.977,540
6,170.074
333,455,000
659,653,000
10,738,000
907.083,017
25,033,103
937,968,839 1,003,846,000
32,162,000
26,180.688
932,118,120
9,040,892
984,147.527 1,036,008,000
7,371.690
92,040,800
32.107.935
91,980,367
102,644,600
29.198,883
87.992,841
177,084,000
30,961,000
58,925,000
216,128.932
4,558,750
219,836.305
6,309.750
266,970,000
35,264,000
18,191,000
9,294.000
4,500,000
24,963,000
238.788,682
Total earning assets
Bank premises
14,163,377
6% redemp.fund agst. F. R. bank notes..
134,949,243
Uncollecteditems
1,088,061
All other resources
235.440,055
15,152,707
Total resources
331,697,000
10,325,000
224,000
139,804,000
1,810,000
1,330,146,376 1.350,283.029 1,519,868,000
Lfablities29,442.550
Capital paid in
59,799,523
Surplus
Deposits5,978,911
Government
Member banks-Reserve account--- 685.629.841
11,652,367
All other
703,261,119
Total
426,838,999
F. R. notes in actual circulation
F. R. bank notes in circu'n-net liability
105,715,161
Deferred availability items
5,091,022
All other liabilities
Total liabilities
128,010,738
1,160,311
29,412,550
59,799,523
28,681,000
60,197,000
8,304,920
701,180,582
12,833.271
18,145,000
704,184,000
10,725,000
720.318,774
429,997,203
733,054,000
593,520,000
3,818,000
94,702,000
5,896,000
105,674.346
5,080,832
1,330,146,378 1,350,283,029 1,519,868,000
Ratio of total reserves to deposit and
82.5%
F. R. note liabilities combined
Contingent liability on bills purchased
8,367,527
for foreign correspondents
• Not shown separately prior to January 1923.
83.8%
78.1%
8,455,786
11,613,670
NOTICES_
_
5,683
2,376 a32,171 11,570
+33
+38 -361
Nov. 17
1923.
Nov. 24
1923.
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 a. 5 1923 in
comparison with the previous week and the corresponding
date last year:
Dec. 5 1923. Nov. 28 1923. Dec. 6 1922.
$
$
$
Resources-
CURRENT
500
3rand aggregate- 2.000 4,724 45,8411E
Domparison with previous week _ _ -326
3rd aggr., Nov.24
3r'd aggr., Nov.17
3r'd aggr.,Nov.10
'led agar.. Nov. 3
Nat'l
Bank
Ctrculotion.
1923.
Total.
$39,875,0 $5,000,0 $44,875.0 $44.875,0
Capital
108.274,0 15,513.0 123,787.0 123,787.0
Surplus and profits
Loans, disc'ts & investm'ts 695.159,0 42,558.0 737,717,0 737.915,0
492,0 36,103.0 28,525.0
Exchanges for Clear.House 35.611,0
17.0 104,318,0 99,791,0
104.301,0
Due from banks
875.0 119,822.0 116,983,0
118.947,0
Bank deposits
535,958,0 25,309,0 561,267,0 556,729,0
Individual deposits
977,0 61,955.0 59,451,0
60,978.0
Time deposits
715,883,0 27,161.0 743,044.0 733.143,0
Total deposits
3,980,0
incl.)._
3.877,0
(not
deposits
U.S.
2,974,0
3,015,0
3,015,0
Res've with legal deposit's
55,598.0 54,778,0
Reserve with F. R.Bank_ _ 55.598,0
1.228,0 11,412.0 11,049,0
10.186,0
Cash In vault
4,241,0 70.025.0 68.799,0
Total reserve and cash held 65,784.0
3,899,0 00,058,0 59,958.0
58,159,0
Reserve required
8.841.0
9.967,0
342,0
9,625.0
Excess res. at cash in vault
for
Federal Reserve members.
•Cash In vault not counted as reserve
$
Gold and gold certificates
578,776.900 Gold settlement fund-F. R. Board.581.500.000
Total gold held by bank
573.572.600
577,416.800 Gold with Federal Reserve Agent
584.092.300 Gold redemption fund
591.433.500
801,935.000
Total gold reserves
587,766,500 Reserves other than gold
602,701,800
Total reserves
598.292,700
600.034.000 'Non-reserve cash
599,275,700 Bills discounted:
Secured by U.S. Govt. obligations
608,669,300
All other
612.693,900
816.672.200 Bills bought In open market
608.185.800
Total bills on hand
612.246.900
U. S. bonds and notes
U.8. certificates of IndebtednessOne-year certificates (Pittman Act).
Trust CornAll other
CLEARING
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
HOUSE.
mow is thousands of dollars-that is. three ciphers (0001 omitted.)
$ I
.500
Membersof Trust
F.R.System Companies
80,142,000
79,734,800
78,651.400
79.233.800
79,476,700
82.333,900
79,777.500
79,056,100
80,038,500
82,900,900
83.304.800
81,105,600
80,947,800
84,949.200
85.487,900
81,487,500
33.130.100
New York City Non-Member Banks and
panies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
Members of
Fedi Res've Bank
W.A.Grace& Co_
Week ending Dec. 11923.
Two Ciphers (00)
omitted.
_ _ ._
-The New York Trust Co. has been appointed transfer agent of General
Refractories Co., 225,000 shares Common stock of no par value.
-W. W. Lanahan & Co., Baltimore, Md., announce that A. Preston
Osteen has become associated with them in their bonl department.
-S. M. Conger, for many years associated with Chandler & Co., has
joined the sales organization of A. M. Lamport & Co.
-Irving Bank-Columbia Trust Co. has been appointed transfer agent
of the capital stock of the General Reinsurance Corporation.
-William T. Brown, formerly trader with °hater & Edey, is now
associated with A. E. Fitkin & Co. in their trading department.
THE CHRONICLE
DEC.8 1923.]
2521
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board Thursday afternoon, Dec.6,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 2486, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC.5 1923.
Dec. 5 1923. Nov. 28 1923. Nov. 21 1923. Nov. 14 1923. Nov.7 1923. Oci. 31 1923 Oct. 24 1923. Oct. 171923. Dec. 6 1922.
RESOURCES.
Gold and gold certificates
Gold settlement fund. F. R. Board
358,847.000
647.658,000
359,568.000
587.079,000
376,216.000
600.741.000
388,047,000
584,046,000
373,643,000
573,514,000
354,739,000
609,186,000
2
375.458,000 367.835,000 298,094,000618,424,000 607.734,000 616,574,000
Total gold held by bankS
Gold with Federal Reserve agents..
Gold redemption fund
1,006,505,000 946,647,000 978.957,060 972.093,000 947,157,000 963,925,000 993,880,000 975,569,000 914,668,000
2,055,625,000 2,104,845,000 2.098.784,000 2,107,168,000 2,107,970,000 2,085.682,000 2,089.358,000 2,087,371.000 2,045,210,000
56,009,000
85,914,000
60.944,000
59.715.000
53,174.000
82,229,000
87,789.000
54,748,000
61,471.000
Tots gold reserves
Iteserves other than gold
3,118,139,000 3,112,436,000 3,135,456,000 3,134,009,000 3,122,916,000 3,111,078.000 3.136,412.000 1125.169,000 3,045,792,000
77,425.000
79,516,000
84.846.000
72,710,000
72,854,000 127,189,000
75.370,000
72,325,000
80.067.000
3,197,655,000 3.197,282,000 3,212.881.00 3.309,379.000 3,195,241,000 1191.145.000 3,209,122,000 3,198,023,000 3,172,981.000.
Total reserves
•Non-reeerve cash
68,460,000
58,754,000
71,881.000
74,877.000
68,172,000
39,152,000
78.872.000
72,860,000
Bills discounted:
Secured by U. B Govt. obligations- 359,078,000 382.643,000 341,635,r.,0 373,536.000 377.705,000 425,650,000 384,346.000 386,175,000 374,409,000.
387,185,060 411,738,000 404,553 000 417,576.000 439,747.000 458,150,000 451,892.000 468,346.000' 330,536,000.
Other blUe disoounted
298,370,000 289.004,000 284,554.000 268,450,000 248,028,000 204,698,000 179,747.000 190,518,000 266,827,000.
Bills bought in open market
Total bills on hand
U. S. bonds and notes
U. B. certificates of Indebtedness
Municipal warrants
1,044,633,000 1.083,385.000 1,030.742 000 1,059,562.000 1.065380.000 1.088,498.000 1,015.985.000 1.045,039,000 971,772,000.
70,384,000
68,332,000
71.341,000
75,440.000
78.657,000
77,574,000
79.907.000
86,251,000 169,413,000.
20,911,000
13,119.000
5,031.000
14,852,000
11,663,000
14,263,000
8,286,000
7.790,000 142,389,000,
154,000
51,000
26,000
154.000
317,000
317,000
317,000
317,000
317.000
1,136,082,000 1,167,999,000 1,184,158.000 1,150,199,000 1.158,080,000 1.180,652.000 1,104.495.000 1,139,397.000 1,283,600.000.
Total earning anew;
56,715,000
56,559,000
58,649,000
46,394,000
Bank premises
55,954,000
55,943,000
58,182,000
55.895,000
55,640.000
28,000
3% redemp. fund eget. F.It. bank notes
28,00
28,000
28,000
2,780,000
28,000
28,000
28.000
28.000
643,289,000 603,579,000 680.640,000 787.899.000 588,520,000 611.271.000 660,460.000 840.236.000 660,119,000
Uncollected items
14,602,000
13,828,000
15,379,300
All other reeouroes
13,987,000
14.019,000
13.078,000
13,470.000
13,690,000
13,945,000
5,116,831,000 5,098,278,000 5,139,973.000 5,290.472,000 5,078,023,000 5.091,287,000 5,120,342.000 5,321,941.000 5,181.253,900.
Total tesollaial
LIABZLITIES.
Capital paid in
Surplus
Deposits-Government
Member bank-reserve account
Other deposits
110,114,000 110.095,000 110,103.000 110,023,000 109,835,000 109.726,000 109.709,000 109.688,000 107,265,00o.
218,369,000 218,366,000 218,369,000 218,369,000 218.369,000 218.369.000 218,369,000 218.369,000 215,398,000
46,976,000
30,065.000
18,485,000
40,334,000
28,823,000
36,575,000
34,803.000 25,072 000
44,911,000
1,884,010,000 1,881,025.000 1A91,027.000 1,913,355.000 1,864,808.000 1,395,265,000 1.872.179.000 1.915,740.000 1,843,601.005
19,527,000.
21,429,000
23,061.000
26.090,000
22,536.600
23,007,000
22,765,000
24.380,000
24.165,000
Total deposits
1,935,504,000 1.938,593,000 1,941,479.000 1,982.431.000 1,909,383,000 1,958,660.000 1,923.538,000 1,975,322.000 1,910,104,000
It. notes In actual circulation
2,252,598.000 2,246,300,000 2,223.074.000 2,263.048,000 2,265,556,000 2.224,865.000 2,255,354.000 2.272.391,000 2,361,222,000
19,259,000
473,000
F.R. bank notes in circulation-netflab.
529.000
489,000
517,000
523,000
502.000
507.000
498,000
Deferred availability items
574,347,000 559,044,000 821,692.000 691.589.000 550.334.000 555.914.000 589,636.000 723,251.000 540,233.000
27,772,000
22,447,060
23,210.000
23,207.000
All other liabilities
25,410,000
24.754.000
24,029,000
25,379,000
24,505.000
Total liabilities
5,116,831,000 5.098.278,000 5.139.973.000 5,290,472,000 5,078.023,000 5,091.267.000 5,120.342,000 5,321,941,000 5,181,253,000
RAW of gold reserves to deposit and
75.1%
71.3%
74.4%
73.6%
74.5%
75.3%
F. It. note liabilities combined
74.8%
74.4%
73.8%
Ratio of total reserves to deposit and
76.8%
74.3%
76.3%
75.3%
77.1%
76.5%
76.4%
F. It. note liabilities combined
76.4%
75.6%
Contingent liability on bills purchased
31,007,005.
40,528.000
38,946,000
44,102,000
42,331.000
18,373,000
25,045,000
for foreign correspondents
35,709.000
24,655.000
Dttniburion fro Matoriffu1-15 days bills bought in open market.
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness
1-15 days municipal warrants
16-30 days Mils bought In open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
81-60 days bills bought in open market_
8140 days bills discounted
81-60 days U. S. certif. of indebtedness_
81-60 days municipal warrants
61-90 days bills bought in open market61-90 days bills discounted
61-90 days U. S. certif. of Indebtedness.
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_......
Over 90 days municipal warrants
92,000,000
506.804,000
20,186,000
113,000
51,144,000
72,584,000
1,000
31.000
96,973,000
92,131,000
88.265,000
542,731,000
9,881,000
90,994,000
489.878,000
2.818,000
10,000
52,588,000
48,257,000
45,431,000
73,512,000
2,558,000
113,000
85,172,000
104,881,000
1,000
31.000
63,376,000
48,287,000
41.031,000
73.420.000
1,466,000
10,000
80,488,000
108.193,000
1,000
31,000
64.186,000
50,977,000
5,865,000
26,487,000
724,000
10,000
6,760,000
24,970.000
679,000
10.000
7.855,000
23.720,000
746.000
84,356,000
520,155.000
9,289,000
266,000
43.170,000
84,621,000
90,763,000
539,629,000
6,800.000
266,000
38,667.000
77,064,000
61,380,000
110.911,000
1,375.000
10,000
89,118.000
54,847,000
1,000
31,000
10,428,000
20,578,000
998,000
10,000
54,938,000
118,469,000
4,348.000
10,000
57.781.000
63,135.000
1.000
31,000
5,961,000
19,251.000
3,703,000
10.000
64,180.000
594.529,000
6,274.000
2
54.198,000
487,038,000
3,200.000
30,101.000
74,667,000
25,647,000
129,496.000
266,000
53.832.000
121.853.000
4,214,000
10,000
52,217,000
75,104,000
25,000
31,000
4,361000
17,647.000
3,750.000
10.000
266,000
51.320,000
125,902,000
1,601.000
44,851,400
76,596,000
1,000
41,000
3,735,000
17,206.000
3,484,000
10,000
I
5
8
71,874,000
68,283,000
558.679,000 499,882,00(1,
2,258,003,
4,595.000
21,767,000!
78.705,000
53,195,000.
58,631,006
720,000
44,871,000
126.020.000
163,000
266.000
51,484,000
76.515,000
83,830,000,
69,028.009
1,000,000.
26,000
47,247,000,
48,689,000
576,009,
41,000
4,113,000
14,602,000
3,032,000
10.000
10,681,000,
28,715,000,
137,835.000,
Federal Reserve Note:
Outstanding
Held by banks
2,732,743,000 2,719,721.000 2,721,504,000 2,730,668,000 2,725.392.000 2,720,586,000 2.736,852.000 2.743,726.000 2,730,882,000,
480,145,000 473,421,000 498,430,000 467,620,000 459,836.000 495,721,000 481,498,000 471.335,000 369,660,000,
In actual circulation
2,252,598,000 2,246,300,000 2,223.074,000 2.263,048.000 2,2135,556,000 2.224.885,000 2,255,354.000 2.272.391,000 2,361,222,000.
Amount chargeable to Fed. Res. Agent 3,601,797,000 3,602,150,000 3,614,813,000 3.595,957,000 3,576,956,000 3,590,810,000 3,614,101.000 3,617,660,000 3,606,113,000,
869,054.000 882,429,000 893,309,000 865,289,000 851,584,000 870,224,000 877,249.000 873.934.000 875,231.000,
In hands of Federal Reserve Agent
Issued to Federal Reserve Banks
How BemiredBy gold and gold certificates
By eligible paper
Geld redemption fund
With Federal Reserve Board
Total
2,732,743,000 2,719,721.000 2,721,604.000 2,730.668,000 2,725.392.000 2.720,586,000 2.736,852,000 2,743,726,000 2,730,882,000,
320,534,000 320,534,000 320.534,000 320,534,000 320,534.000 320.534,000 320,534,000 320.534.000 346,292,500,
677,118,000 614,876,000 622,720.000 623,500,000 617,422.000 834,904,000 647.494,000 656.355,000 685,672,000.
117,197,000 106.648.000 115,375.000 119,972,000 107,548.000 116,669,000 113,435,000 122,860,000 131,716,000.
1,617,894,000 1,677,663,000 1.602,875,000 1,666,662,000 1,679.888,000 1,648.479,000 1,655,389,000 1,643.977.000 1,567,202,500
2,732,743,1300,2,719,721.000 2,721,501,000 2,730,668,000 2,725.392.000 2.720,586,000 2,736,852,000 2.743,726,000 2,730,882,000,
Eligible paper delivered to F. R. Agent_ 995,510,000 1,036,394,000
989,636,000 1,008,342,000 1,011,460,000 1.047,588,000
965,676,000 1,005,838,000
924,788,000.
•Not shown separately prior to Jan. 1923.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL. RESERVE BANKS AT CLOSE OF BUSINESS DEC. 5 1984
Two ciphers(00)°mined.
Federal Reserve Bank of-
Baum New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. Si. Unit.Mbsneoy. Kan.Clip Dallas. gasFran
Taal.
RESOURCES.
it
1o1d and gold certificates
20,555,0
1816 settlement fund-y.R.B.ed 57,447,0
$
$
$
$
$
$
$
$
i
$
$
172,217,0 40.230.0 13,644,0 5,016,0 6,651,0 50,774,0 4,674,0 8.822,0 3,198,0 11.943,0 21,123,0
98,219,0 40,596,0 82.600.0 43,730.0 18,214,0 143,333,0 37,032.0 29,849,0 39.874,0 12.619,0 46,136,0
Total gold held by banks
3018 with F. It. Agents
3016 redemption fund
78,002,0
165,566,0
9,246,0
268.436,0 80.826,0 98,244,0 48.755,0 24,865,0 194,107.0 41.706,0 38,671,0 43,072,0 24,562.0 67,259,0 1,006,505.0
633,915.0 176,375,0 219,248,0 69,706,0 63,838,0 345,337,0 43,147,0 46,191,0 31,454,0 27,689,0 233,159,0 2.055.625,0
4,732,0 6,41)0.o 2,423,0 2,144,0 5,140,0 8,309.0 4,309,0 2,207,0 5,690,0 2,045,0 3,364,0
56,009,0
Total[Old reserves
teserves other than gold
253,814,0
4,949,0
907.083,0 263,601,0 317,915,0 12.005.0 93,843.0 547,753,0 89,162,0 87.069.0 80.216,0 54.296,0 303,782,0 3,118,139,0
25,033,0 8.631,0 4,032,0 2,613,0 6,098,0 6,693.0 8,689,0
918,0 3,558.0 6.201,0 2,101,0
79,516,0
257,763,0
Total reserves
17,162,0
400-reserve magi
311Is discounted:
f3ecured by U.S.Govt.obligalis 23,998,0
34,217,0
Other bills dlsoounted
32,116,0
Illis bought in open market
932,116,0 272,232,0 321,947,0 123,218,0 99.941,0 554,446,0 97,851,0 87.987,0 83,774.0 60,497.0 305,883,0 3,197,655,0
9,041,0 2,539,0 3,209,0 1,386.0 8,352,0 5,206,0 6,764,0 1,126,0 3,517,0 2,461,0 7,697,0
68,460,0
Total bills on band
90,331,0
92,041,0 38,288.0 33,118,0 22,284,0 23.296,0 57.261,0 17.988,0 4,664,0 27,082.0 3,163,0 15,89.5.0
32,108,0 11,425,0 28,327,0 30,479.0 62,211,0 47,171,0 41.1,8.0 16,938,0 35,285,0 11,794.0 35.922,0
91,980,0 23,751,0 28,803,0 1,959,0 10,918,0 39,365,0
122,0
41,0
785,0 45,436.0 23,094,0
8
358,847.0
647,058,0
359,078,0
387,185,0
298.370,0
216,129,0 73,464,0 90.248.0 54.722.0 98.425.0 143.797.0 59418.0 21.643.0 83.152.0 60.393.0 74 011 n 1 nAA AI, n
THE CHRONICLE
SOURCES (Coach/deintoo MIMI'S (00) omitted.
Boston. New York.
$
3,888,0
562,0
0.8.1Ponds and notes
. B. *rtlficates of indebtedness_
Muni°ipal warrants
'10 11 earning assets
Bank Premises
8% edemption fund
F. 1. bank notes
Uncoilacted Items
All ot ter resources
Cleveland. Richmond Atlanta. Chicago. Bt. Lents. Maness.Han.Citg Dallas. San Fran.
PAS&
$
$
4,559,0 12,565.0
18,101,0
38,0
103,0
$
9,943,0
812.0
1
1,341.0
$
328,0
2.0
51,0
$
6.939.0
660,0
1
7,876,0
500,0
$
1
7,480,0
236,0
$
6,280,0
Taal.
s
$
9,185,0
70,384,0
20,911,0
154,0
94,781,0
4,434,0
238,789,0 86,170,0 101,003,0 56,063.0 96,806,0 151,396,0 59,418,0 30,019,0 70,868,0 66,673,0 84,096,0 1,136,082,0
745,0 9,839,0 2,617,0 2,932,0 8,715.0 1,269,0 1,935,0 4,973,0 1,953,0 3,140,0
14,163,0
56,715,0
58,521,0
150,0
28,0
134,949,0 55,501,0 57,652,0 61,302,0 29,090,0 81,115,0 36,423,0 16,473,0 38,305,0 30,040,0 43,918,0
409.0
276,0
470,0
1,088,0
41.0 2,732,0
703,0
467,0
695,0 3,280,0 4.311,0
against
TotsLI resources
LIABILITIES.
CapitaI paid in
Surplus
Deport Is: Government
Me aber bank-reserve awl
Oth s' deposits
[Vol.. 117.
28,0
643,289,0
14.602,0
432.811,0 1,330,146,0 417,463,0 494,059,0 245,056,0 237,824,0 801,345,0 201,766,0 140,272,0 202,132,0 164,912,0 449,045,0 5,116,831,0
7,890,0
16,312,0
940.0
124.033,0
202,0
29,443,0 9,936,0 12,335,0 5,755,0 4,427,0 15,223,0 5,012,0 3,497,0 4,548,0 4,196,0 7,852,0 110,114,0
59.800,0 18,749,0 23,495,0 11,288,0 8,942,0 30,398,0 9,665,0 7,473,0 9,488,0 7,496,0 15,263,0 218,369,0
610,0 2,707.0 1,418,0 1.812,0 5,606.0 2,423.0 1,380,0 2,090,0 1,761,0 3,339,0
5,979,0
30.065,0
685,630.0 115,542,0 161,941,0 65,002.0 56,060,0272,870,0 67,136.0 47,197.0 76,400,0 61,225,0 150,974,0 1,884,010,0
353,0 1,115,0
11,652.0
138,0
475,0
162,0
466,0
928,0
703,0
536,0 4,699,0
21,429,0
TotsIi deposits
125,175,0
I.R. totes In actual circulation 228,186,0
F. R. bank notes in circulationnet liability
Delerred Availability Items
53,981,0
All ot ler liabilities
1,267,0
703,261,0 116,505,0 165,763,0 66,558,0 58,034,0 279,404,0 70,034,0 49,043,0 79,193,0 63,522,0 159,012,01,935,504,0
426,837,0 220,839.0 239,033,0 104,015,0 143,090,0 406,311,0 77,695,0 62.619,0 65,669.0 56,724,0 221,580,0 2,252,598,0
Totsd liabilities
Memoranda.
Ratio Di total reserves to deposit
and F. R. note liabilities corabin 1, per cent
Conti Rent liability on bills purch ed for foreign correstiondRil
489,0
105,715,0 49,376,0 51,239,0 55,886.0 21,505,0 67,540,0 37,886.0 16,332,0 41,876.0 29,982,0 43,029.0
5,090.0 2,058,0 2,194,0 1,554,0 1,826.0 2,469,0 1,474,0 1.308,0 1,358,0 2,503.0 2,309,0
432,811,0 1,330,146,0 417,463,0 494,059,0 245,056,0 237,824,0 801,345,0 201,766,0 140,272,0 202,132,0 164,912,0 449,045,0
72.9
489,0
574,347,0
25,410,0
5,116,831,0
82.5
80.7
79.5
72.2
49.7
80.9
66.2
78.8
57.8
50.3
80.4
76.4
6,368,0
1,579,0
1,982.0
954,0
753.0
2,552.0
808.0
624,0
789.0
661,0
1,303,0
18,373,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS DEC. 2 1923.
•
Federal Reserve Agent atBoston. New York Phila. Cleve. Richsn'd Atlanta Chicago. St. L. Minn. le.City.
Resources
(In Thousands of Dollars)
5
$
IS
$
S
s
s
3
$
$
federal Reserve notes on hand
87,850 310,720 41,400 49,120 27,950 74,432 126,440 24,390 9,245 30,753
Federal Reserve notes outstanding
245,603 702,161 239,942 266,341 114,195 155,826 449,067 93,082 65,157 77,678
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300 235,531 7,000 8,780
2,400
11,080 13,052
Gold redemption fund
27,384 13,486 13,468 2,411 4,438
17.266
8,693 2.067 1,139 2,094
Gold Fund-Federal Reserve Board
113,000 371,000 155,889 197,000 67,295 57,000 336,644 30,000 32,000 29,360
Eligible paPerf Amount required
80,037
68,246 63,567 47,093 44,489 91,988 103,730 49,935 18,966 46,224
lEnceett amount held
851 40,587 8,827 4,172
10,294 117,053
39,882 9,455
472 16,468
Dallas.8as h. Taal.
$
s
$
24,054 62,700 869,054
60,528 263.163 2,732,743
7,391
320,534
3,798 20,953 117,197
16,500 212,206 1,617,894
32,839 30,004 677,118
25,852 44.479 318.392
Total
589,350 1,832,095 522,135 622,389 265,167 390,256 1,064,456 220,009 140,031 202,577 170,962 633.505 6,652,932
LiabilitiesNet amount of Federal Reserves notes received from
Comptroller of the Currency
333,453 1,012,881 281,342 315.461 142,145 230.258 575,507 117.472 74,402 108,431 84,582 325,863 3,601,797
Collateral received from'Gold
165,566 633.915 176,375 219,248 69,706 63,838 345,337 43,147 46,191 31,454 27,689 233,159 2,055,625
Federal Reserve BanklEllgible Paper
90,331 185,299 64,418 87,680 53,316 96,160 143,612 59,390 19,438 62,692 58,691 74,483
995,510
Total
589,350 1,832,095 522,135 622,389 265,167 390,256 1,064,456 220,009 140,031 202,577 170.962 633,5056.652,932
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual ciroulation
245,603
17,417
702,161 239,942 266,341 114,195 155,826
275.324 19,103 27,308 10,180 12,736
9293 11111
426,R37 220.839 230,033 104 015 143090
449,067 93.082 65,157 77,678 60,528 263,163 2,732,743
42,756 15,387 2,538 12,009 3,804 41,583 480,145
408.315 77.665 62,610 65 MO AR 794 991 •non-n "Inn man
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 767 member banks, from which weekly returns are obtained. These figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statemen t
of Oct. 18 1917, published in the "Chronicle" Dec. 29 1917, Page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2486
1. Data for an reporting member banks in each Federal Reserve District at close of business Nov. 28 1923.
Three ciphers (000) omitted.
Federal Reserve District.
Boston
New York
PAW.
Cleveland Richmond Atlanta
Chicago Bt. Louts Minium Iran. Mg
Dallas
BanFras
Total
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt.obligations
Secured by stooks and bonds
All other loans and discounts
113
55
81
76
$
$
13,399
79,362
223,000 1,543,835
640.758,515,032
$
15,575
260,803
351,107
$
27,738
411,512
695,053
8
8,207
121,598
332,714
$
s
8,692
36.966
65,469 587,949
376,237 1,140,326
11.772
143,350
315,541
3,943
39,437
204,195
6,152
81,146
346,244
3,072
66,005
226,937
Total loans and discounts
0.8. pre-war bonds
U. B. Liberty bonds
0.8. Treasury bonds
U.S. Treasury notes
U.S. Certificates of Indebtedness...
Other bonds, stocks and securities._
877,157 4,138,229
12,666
48,733
76,461 449,592
6,751
25,809
29.980 470,061
2,439
12,228
174,020 747,754
627,785 1,134,303
47,278
10,694
43,044 114,894
4,484
3,278
55,729
45,751
4,723
2,325
182,349 299,254
462,519
29,626
26,277
3,077
14,610
2,022
50,736
450.398 1,765,241
14,499
24,768
13,774
94,054
1,711
11,918
6,048 108,567
5,173
15,745
43,114 342,051
470,663
15,193
22.116
6,972
17,248
5,429
87,426
247,575
9.161
12,186
955
27,987
2,382
26,781
433,542
11,733
46,691
3,984
16,630
3,398
58,161
296,014 1,000,581 11,903,987
20,661
275,655
30,643
13,713
96,708 1,009,510
1,962
12,436
83,337
13,322
841,944
36,011
3,523
9,281
68.668
13,655 159,171 2,184,472
Total loans & Waits & investmls. 1,179,474 5,892,406
Reserve balance with F.B. bank86,896 631,359
Cash in vault
19,527
87,940
Net demand deposits
802,468 4,741,783
Time deposits
268,857 887,858
Government deposits
8,678
11,998
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt. obligations
11,623
78,130
All nthan
35.8110
10 207
915,226 1,660,665
68,596 103,614
31,415
17,688
679,521 898,952
113.074 603,982
5,907
3,656
588,867
36,040
14,222
338,742
151,739
1.736
534,717 2,382.344
32,623 198,575
10,964
55,186
266,076 1,436,241
181,370 798.630
2,582
5,033
625.047
39,655
8,434
334,281
194,522
2,127
327.027
21,122
5,904
206,104
83,802
796
574,139
41,799
12.393
394,263
133,824
580
362,850 1,344.81116,367,573
96,740 1.385,302
28.283
10,401
22,442
296,516
260,504 742,732 11,101,667
79,384 551,100 4,048,142
1,902
4,301
49,296
20,336
18.794
13,367
18.659
10,673
34.146
1.440
6.336
20,336
21.436
43
15,904
0.538
39
18,693
38.990
106
48,129
21.766
a
35
s
28
$
74
s
52
2,359
2.608
$
65
$
767
12,061
226,939
187,911 3,732,015
800,589 7,945,033
15,288
24726
256,178
9c9 ma
2. Data of reporting member banks in Federal Reserve Rank and branch cities and all other reporting banks.
Tares ciphers (000) omitted.
New York City.
City of Chicago. 411 1. R. Bank Cities.F. R. Branch Cities Other Selected Cities.
Total.
Nov. 28.1 Nov. 21. Nov. 28. Nov. 21. Nov. 28. 1 Nov. 21. Nov.28.1 Nov. 21. Nov. 28. Nov. 21. Nov.28'23, Nov.21'23.Nov.29'22.
Number of reporting banks671
$
49
$ 67
49
Loans and discounts, gross:
$
$
Secured by U.S.Govt. obligadons 71,662 71,12:
28,105 26,421
Secured by stooks and bonds
1,352,8691,350,04! 439,416 443,309
All other loans and discounts
2,202,7102,198,41: 668,951 666,886
1
Total loans and discounts
3,627,24113,619,595 1,136.4721,136,616
0 B. pre-war bonds
4,182
37,878 37,878
4.179
U.S. Liberty bonds
37,511
39,141
391,261 389.601
Q. 8. Treasury bonds
5,08!
18,203
5,091
18,404
U.S. Treasury notes
438,128 438,463 63,244 62,824
U.S.
S. Certificates of Indebtedness4,154
9,480
4,063
9,476
Other bonds, stocks and beeurItiee
536,071 539,080 166,786 169,024
258
258
205
205
304
304
7671
767
784
$
s
$
1 $
$
$
$
1
$
$
149.94
39,582, 39,563 35,267 35.633 226,939,
152,090
225,143 297,401
2,605,979 2,605,617 619,6811 615.592 506,35 511,795 3,732,015 3,734,004
3,688,457
4,881,684 4,871,214 1,670,9951,674,501 1,392,35411,393,725 7,945,033
7,939,440 7,232.873
7,639,763 7,626,77: 2,330,2582,330,656 .933,976
1,941.15311.903,987
93.627 76,4141 76,8114 105,4151 105.397 275,655 11,898,587 11.218,731
93,826
275,888
613,911 230.2591 231,800 165.2801167,579 1,009,510 1,013,290
613.971
1.510.540
43,427
43,51
18,849
18,820
21.0611 18,967
83,337
81,305
627,379 628,10
139.237 139,984
75,3281 77,186 841,944 845,279 *687.231
29,974
,
30.018
.
12,982
.
95,094
68,688
68,115
1,156,508 1,162,072 589,899 594,455 438,085 435,542 2,184,472
2,192,069 2,249,041
Total loans dr disets & I nvest'te.5,088.2625.052,496 1.417,346 1,421.02910.294,882 10,197,9893,410,622 3,417,7382.752,0692,758,806
16,374,53315,761,337
Reserve balance with F. R. Ban/i..- 581,612 582,797 137,286 141,287 990.549 991,7111 230,279 233,380 164.474 165,001 16,367,573
1,385,302 1,390,092 1,356,129
Cash In vault
152,795
30,241
145,6151 62.712 63,081
30.002
72.588 67.591
81.009 81,551
296,516
290,247 288,463
Net demand deposits
4263,4474.205.223 970,116 986,12: 7,578,564 7,597,976 1,888,047 1,910,7811,635,056 1,649,319 11,101,667 11,158,076 11,094,036
Time dePosits
601,102 593,804 372,891 372,207 1,973,632 1.957,48411.211,482 1,201,634 863,028 862,992 4,048,142 4,022,110 3,647,977
Government deposits
2,640
32,038
2,400
35,6761 13,062
10,545
11,724
14,534
4,196
170.637
4,638
54,848
49,296
Bills Payable and rediscounts wIthi
F. R. Bank:
Secured by U.S.Govt.obligations] 46,255 35.280
17,087
108.229j 84,625 73,779 49,259 41,702 256,178 221,710
22.886
122,294
205,654
All other
115,215
8,28
10,027 20,892
8,740
114.752i 80,528 76.865 56,323 54,055 252,066
176,239
245,1372
Ratio of bills payable & rediscount,
with F. R. Bank to total loans
nnil Inonatnnanta run runt
11
1.1
2.2
1.8
2.3
2.2
4.8
4.4
3.8
3531
2.9
2.1
THE CHRONICLE
DEC.8 1923.1
anh'giazeitt
Wall Street, Friday Night, Dec. 7 1923.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2510.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ending Dec.7.
Saturday
Monday
Tuesday
wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
United
States
Bonds.
Stocks,
Shares.
Railroad,
&c.
Bonds.
State,
Municipal &
Foreign Bds.
521,977
1,143,185
833,310
975,262
1,221,140
1,288,000
82,693,000
5,785,000
6,330,000
6,774,000
6,943,000
6,984,000
5754,000
1,204,000
1,160,000
1,483,000
946,000
788,000
51,636,000
3,446,000
3,887,000
2,447.000
1,917,000
2,475.000
5082874
135 sno.000
56.335.000
515.808.000
Week ending Dec. 7.
1923.
1922.
Jan. 1 to Dec. 7.
1923.
1922.
2523
Exchanges at Paris on London,80.35: week's range,80.45 high and 81.55
low.
The range for foreign exchange for the week follows:
Checks.
Cables.
60 Days.
Sterling, Actual4 394
43934
43734
High for the week
4 32X
43334
43134
Low for the week
Paris Bankers' Francs5.45
5.46
5.3631
High for the week
5.3034
5.2434
5.3134
Low for the week
Germany Bankers' Marks0.000000000025 0.000000000025
High for the week
0.000000000016 0.000000000016
Low for the week
Amsterdam Bankers' Guilders38.19
37.77
38.23
High for the week
37.94
37.98
37.38
Low for the week
par;
St.
Louis,
15(425c.
per
$1,000 disDomestic Exchange.-Chicago,
count; Boston, par; San Francisco, par; Montreal, $21 25 per $1,000 dispar.
Cincinnati,
count;
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. 7.
Sales.
for
Week
Range for Week.
Highest.
Range since Jon. 1.
Lowest.'
Highest.
.
Par.Shores $ per share. I$ per share. 5 per share.1$ per share.
Railroads.
Oct 34 Sept
200 3234 Dec 5 3234 Dec 7 30
BkIn Rap'Fran full paid_
Nov
Jan115
CC C& St Louis_ _ A00 500 109 Dec 7.11131 Dec 1 76
175
July 231
Feb
A00 200 214 Dec 7214 Dec
Central RR of N
Mar
4854 No 78
Chic St P M & 0_ _ _ _100 300 50 Dec 4 50 Dec
Oc 60
Feb
Colo di South,1st pref100 300 50 Dec 4 50 Dec 4 47
Oc
334 June
500 2% Dec 71 334 Dec 6 2
Total bonds
857.652,000 866,342,200 82,614,524,700 84,293,542,000 Did Sou Shore& At1_100
534 Feb
10
500 434 Dec 5 5 Dec 6, 3(4 Au
Preferred
* Corrected total.
Illinois Central, pref_100 20010534 Dec 410734 Dec 710534 Oc 11834 Mar
Oc 1054 Dec
1,00010434 Dec 110534 Dec 3 102
Preferred wi.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Preferred full paid__ _ _ 2,200 10334 Dec 410434 Dec 7103)1Dec 10434 Dec
100
May
74
Feb
_100
Dec
6
72
Dec
6
70
stock_
72
line
Leased
STOCKS (No. Shares)•
BONDS (Par Value).
Oct
3,000 7-16 Dec 11 7-16 Dec 1 3-16
Oct I
Rights
Week Ending
1,200 194 Dec 5 20 Dec
15
Au 2534 Feb
December 7.
OIL
Mining. Domestic. For'n Govt. Int & GI NO Ry(w 1).100
100 100 2 Dec 6, 2 Dec 6 2
July 634 Feb
Iowa Central
200 14 Dec 6 17
134 Dec 334 Mar
% Dec
565,000 Keok & Des Moines_100
185,500 8247,000
54,155
Saturday
26,820
100 100 3234 Dec 7, 42 Dec
Apr
3234 Dec 60
249,000
213,000
96,715
Monday
37,360
93,000 Mash Elev guar
46
No 6334 Mar
S M__ 100 1,000 4734 Dec 11 48 Dec
235,525
383,000
128,365
Tuesday
31,555
21,000 Min.St P & Scertifs_
100
59
100
Dec
3
59
Dec
3
58
Jul
6334
Mar
line
Leasd
279,000
196,900
208,000
141,975
Wednesday
44,000
50 200l40 Dec 3141 Dec 3 136
Sep 162
Jan
341,800
221,800
191,765
62,590
743,000 N Y & Harlem
Thursday
100 300 20 Dec 5 21 Dec 4 434 Sep 21
Nov
211,710
159,600
76,210
294,000 Pacific Coast
354,000
Friday
100 1001 40 Dec 6 40 Dec 6 2134 Jun 40
Dec
Preferred
36 Dec 5 36 Dec 5 3034 Au 3634 Oct
_100 1
Total
772,575 1.264,435 81,853,000 $1,424,000 Virginia Ry & Pow_
278,535
Industrial & Miscell.
1,500 834 Dec 4 934 Dec 7 834 Dec 934 Dec
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Am Cotton Oil ctfs
Preferred certificates
BALTIMORE EXCHANGES.
1,8001 2634 Dec 4 2834 Dec 7 2634 Dec 2834 Dec
Amer Radiator, pret_100 100 123 Dec 4 123 Dec 4 1204 Ma 12334 Mar
100 1,400137 Dec 1142(4 Dec 7 130 Jun 152% Feb
American Snuff
Boston.
Philadelphia.
Baltimore.
Dec 5834 Feb
Amer Teleg & Cable 100 800 40 Dec 3 43 Dec 5 40
Week ending
51
July 5734 June
Atlas Powder, new 100 500 5234 Dec 4 5334 Dec
Dec. 7 1923.
Shares. Bond Sales. Shares. Bond Sales Shares. Bond Soles. Atlas Tack
• 200 11 Dec 5 114 Dec 4 1034 Jun 2034 Feb
Au 10034 Jan
Amer Roll Mill, pref _100 300 9834 Dec 6 994 Dec 6 96
Saturday
*7,880
443,950
2,982
282,200
34 No
330
5,500 Assets Ftealization___10 500
1
Jan
34 Dec 1
34 Dec 1
Monday
•11,898
30,650
8,325
323,300
1,420
6,200 Atl Fruit Col T Co ctf dp 400 1 Dec 4 1 Dec 41
34 No
234 Feb
Tuesday
19,000 Barnet Leather, pref_100 10 82 Dec 5 82 Dec 51 82
*24,737
20,900
Jan
9,578
332,200
868
Dec 99
Wednesday
*21,140
1,130
39,200 Brown Shoe, Inc, pf_100 100 904 Dec ,
11,500
10,643
57,200
Oc 99
Jan
11 9034 Dec 4 85
Thursday
22,076
1,474
20,500 Ce
14,300
9,188
185,200
No 42
Mar
21 Dec 4 18
1)Thresh M ach _* 200 21 Dec
&S
Mar
11,758
41,000
88,500
2,047
12,000 Cert-Teed Prod
July 45
Friday
5,303
200 30 Dec 5 30 Dec 5 23
10
Feb
Cluet,PeabsisCo,Pref _100 200 102 Dec 1 102 Dec 1 9934 Oc 110
Total
7,269
99,489
562,300
46,019 1,268,600
102,400 Coca-Cola, pref
100 100 9634 Dec 3 9634 Dec 3 924 Jun 99 !June
Ma 102
Mar
Colo Fuel & Iron, pf.100 100 102 Dec 1 102 Dec 1 102
Prey, week revised
/25.790
328.600
39.741 1.348.700
4.074
116.800 Conley Tin Foil
* 10
934 No 224 Jan
934 Dec 5 934 Dec
1 25
Ay 46
Feb
•In addition, sales of rights were: Saturday, 1,732; Monday, 10,365; Tuesday, Commercial Solv, A__.• 200 36 Dec 3 38 Dec
Ap 304 Dec
500 28 Dec 3 304 Dec 71 15
13,429; Wednesday, 8,640.
Jan
Continental Insur____25 100 934 Dec 4 934 Dec 4 , 9(1 • Au 104
Jul 96 June
Devoe& Rey lst pref 100 100 94 Dec 6 94 Dec 6 • 90
• 2,300 1934 Dec 6 20 Dec 1' 1734 No 204 Nov
Daily Record of U. S. Bond Prices. Dec. 1. Dec. 3.Dec. 4.Dec. 5. Dec. 6. Dec. 7. Dome Mines new
Oct 1434 June
* 5,600 11 Dec & 1234 Dec 6 11
Douglas Pectin
First Liberty Loan
(High 9930ss 993022 99191: 993053 992032 993032 Dupont deb 6% _ _100 500 86 Dec & 86 Dec 3 8134 Apr 8934 Apr
34% bonds of 1932-47_.
(Low_ 990: 99942 992922 99111n 999,22 99042 Emerson-Brant pref _100 2,000 634 Dec 41 8 Dec 5 634 Dec 304 Feb
Feb
(First 334s)
(Close 9999.: 99942 99242 992522 999535 995142 Fid Phen Fire Ins N Y 25 200 119 Dec 71119 Dec 710234 Jan 138
• 700 95 Dec 5 96 Dec 3 72
July 10334 Nov
159
81
184
247
179
Total sales in $1,000 units__ _
220 Gen Baking Co
---989n
--------98,,
Converted 4% bonds of (High
9634 JanlO23I Feb
981132 Gimbel Bros pref_ _ _ _100 800 99 Dec 11 9934 Dec
1932-47 (First 48)____( Low_
1024 Aug10834 Mar
_ _ _ 9841
____
Gt West Sug pref.. _100 300 10534 Dec 410634 Dec
--- - 98922
9842
Nov 97
Aug
____
(Close
88
- __- 98922
-_ - - 98422
9814: Hanna lot pref Cl A_100 300 8934 Dec 4 904 Dec
• 4,900 4034 Dec 7 41% D3c 31 394 No 4234 Nov
_._ _
_ ___
Total sales in 81,000 units_ __
2
6 Hartman Corp new
Converted 44% bonds (High 98132
2
100 58 Dec 4 58 Dec 4 4934 Sep 58
981912 9810.2 98142 98142 9811n Helme(G W)
Nov
of 1932-47(First 4(4s)(Low- 98922
98933
Apr
9842
989.2
Dec 25
981032 9800.2 Hydraulic Steel pref _100 100 2 Dec 1 2 Dec 11 2
100 210 157 Dec 3161 Dec 6 119
9842
(Close 984: 981032 9814
Ap 185
Nov
981032 981935 Ingersoll-Rand
Total sales in $1,000 units__
19
107
2
89
*16,600 374 Dec 5 3931 Dec 3 3134 July 4034 Apr
169
47 Inland Steel w I
Second Converted 434% (High
-- __
--- 10134 Dec 7 9636 Jun 10534 Apr
Preferred wl
10010134 Dec
-- --- -- - ---- bonds of 1932-47 (First( Low_
75 Dec 3 7634 Dec 4 644 Jun 7634 Dec
International Shoe_ _ _• 6
Second 4(4s)
(Close
100 100 1154 Dec 5 11534 Dec 5 114% Sep 12034 Mar
Preferred
Total sales in $1,000 units__
-- -* 300 29 Dec
-- ----- --_ _ _ _ Intertyye Corp
-__2934 Dec 4 2434 No 4134 Mar
Second Liberty Loan
____ 9842
____
(High
9841
1054 Dec 4 92
Jul 11034 Feb
Iron Products pref_..100 10010534 Dec
____
4% bonds of 1927-42_ _ _ _(Low
____ 98122
49 Dec 7 3134 All: 49
Nov
2,300 48 Dec
9842
Certificates
(Second 4s)
(Close
984,
-- -- 981s.
---M 110% Sept
Jones Ss Laughl pref_100 100 108 Dec 4 108 Dec 4 107
1
____
____
Total sales in 81,000 units__ _
10 600
34 Dec 3
34 Aug 334 Jan
Kansas & Gulf
34 Dec 3
9841
98912
Converted 44% bonds (High 9842
984: 98922
98142 Kresge(SS) Co pref_100 10011234 Dec 4 11234 Dec 4 10931 Oct 1124 Dec
9842
of 1927-42 (Second !Low. 984, 9842
Oct
9842
98°32
984. Lig & Myers Tob B_ _100 20022534 Dec 32254 Dec 3 19034 Ap 225
9842
(Close 984, 9842
434s)
Mar
9842
989,2
1034 Dec 117
Loose-W Bis 26 pref.100 30010334 Dec 7 10434 Dec
9893:
737
570
203
unUs___
332
Total sales in 81,000
205
Feb
_ _ 100 100 114 Dec 3114 Dec 3 11134 Jul 115
170 Macy (R H)
994: 997n
(High 9942
999s2
Third Liberty Loan
99922
Nov
McCrory Stores pref.100 100 98 Dec I 98 Dec 1 9534 No 98
99183
9942 9942
99222
44 bonds of 1928-%
Low.. 99232
994s
Aug 99% Mar
* 600 91 Dec1 93 Dec7 87
Met Edison pres
99722
998s
99412
Close 9942
994: 990s
(Third 44s)
Feb
Nat Ci & Suit pref__100 400 9334 Dec 5 94 Dec 4 8934 Jun 104
99922
773 1,708
0 2,500 3834 Dec 1 4034 Dec 4 3454 Jo
613
702
Total sales in $1,000 units__
424 Apr
438 1,198 Nat Dept Stores
9810,, 9810,, ogni,
98023,
989s2
Fourth Liberty Loan
(High 9842
100 100 9334 Dec 7 9334 Dec 7 9034 Jul 9734 Apr
Preferred
98982
44% bonds of 1933-38_ _(Low_ 984, 98'32
98's2
5024,500 64 Dec 1 6734 Dec 6 54% Oc 674 Dec
98°32
Nat Supply
9842
9842
989.: 98932
(Close 9842
(Fourth 434s)
Dec 5934 Mar
9842
9819.
, N N & H Ry Gas& E1100 200 47 Dec 5 48% Dec 5 47
573 1.200 1,362
831
Total sales in $1,000 units._ _
659
65! N Y Canners
* 200 2634 Dec 7 27 Dec 5 2634 Dec 3234 June
99174
991811
Treasury
(High 9937 j 9903
Mar
Jun 67
5
31
99174
314
Dec
Ohio
Fuel
Supply__
_25
600
99073
3134
Dec
4
9916,
4345, 1947-52
(Low. 9914 9915, 9904,, 9916, 99115
Apr
Onyx Hosiery, pref.100
I SI 864 Dec 5 864 Dec 5 864 Nov 98
99172
9914. 990733 9914 9917s
Oct 7234 Mar
Otis Steel, pref
t Close 9934
100 500 5734 Dec 3 5734 Dec 3 45
lr.
21111
134
314
121
Tatra snloq in *1(0(0(0.,..f.
Nov 434 Apr
Penn Coal& Coke... _50 200 30 Dec 3 30 Dec 3 27
Jones, pref_ _ 100 100 854 Dec 6 854 Dec 6 854 Dec 96
Jan
Note.-The above table includes only sales of coupon Phillips
Mar
Oe 47
Phoenix Hosiery
5 1
284 Dec 3 2834 Dec 3 27
July 7234 July
Pierce Arrow prior pref..* 300 65 Dec 4 66 Dec 5 60
bonds. Transactions in registered bonds were:
Apr
Pittsburgh Steel, pref 100 400 904 Dec 5 93 Dec 4 9034 Dec 98
36 1st 334s
991333 to 991143 3d 434s
99
to 9992, Pittsburgh Util, pref....10
Jul 1134 Sept
500 1054 Dec 1 1034 Dec 6 10
1 1st 434s
48 4th 445
to 98
98
989n to 98922
Ref
Corp
Dec
1
174
No
2234
Dec
Prod
&
ars_
_
Dec
4
2254
50
10,000
2134
54 2d 434s
to 9842 1 U. S. Treasury 448_9919n to 991521 P S Corp of NJ pf 8%100 500 102 Dec 1 102 Dec 1 98
98
Oct 10834 Mar
Ry Steel Spring pref _100
112 Dec 7 11034 Oc 12134 Mar
100 112 Dec
Quotations for U. S. Trees Ctfs. of Indebtedness, &c. First preferred__100 100 6831 Dec 6834 Dec 7 67 SO 82 Jan
Schulte Ret Stores pf 100 2 112 Dec
112 Dec 3 112 Sep 115 May
Int.
Inl.
Tex Pac Land Trust_100
Dec 324 June
20 274 Dec 5274 Dec 5 274
Maturity.
Maturity.
Rate, Bid. Asked.
Rate. Bid. Asked. Transue & Wms
Apr
Steel_ _* 200 3331 Dec 7 34 Dec 7 30 Jun 40
Union
011
%
3,005
34
Dec
7
Dec
7
)i
*
Jan
34 Jan
15
1924_.
June
June 151925.... 4%% 100
534% 100% 101
100%
220
Feb
United
Cigar
Dec
4
Dec
4
169
Oc
185
185
Stores...100
200
Sept.15 1924._ _ 534% 10019s. 10142 Dec. 15 1927
4)6% 100
100%
Mar
Preferred
100 10011234 Dec 5 11234 Dec 510834 Sept 119
Mar. 15 1925_.
% 1004 100% Dec. 15 1923
4%
99142 1001
United Paperboard 100 100 1534 Dec 5 1534 Dec 5 14 Join 1834 Mar
Mar. 15 1926.... 434% 100 34 10034 Mar. 15 1924._ 4%% 100116 1004,1
S Express
334 Dec 6 3% Dec 6 34 Dec 854 Mar
100 20
Mar. 15 1927 _. _ 4%% 100% 10034
Dec. 15 1925... 434% 99% 100
Feb
U S Tobacco
July 69
• 500 5234 Dec 5 54 Dec 7 48
Sept.15 1926 _ 434% 999ls
99142 Mar. 15 1924..... 431% 100
U S Realty&Impt full pd 400 10034 Dec 7 10034 Dec 7 9734 Au 10834 Mar
10034
Jan
No 64
Van Relate
100 900 2834 Dec 7 30 Dec 1 28
Foreign Exchange.
Aug
West Elec 7% cum pf 100 40(11254Dec 1 113 Dec 411134 M 117
Dec
5
45
5234
May
West
Penn
200
45
Dec
5
384
An
Power
To-day's (Friday's) actual rates for sterling exchange were 4 35%@4 37
800 8934 Dec 1 8934 Dec 1 6534 Ap 90
Nov
Preferred
•
for sixty days, 4 3534@4 3634 for checks and 4 3534@4 37 for cables.
1,400
34 Nov
34 Dec 7
34 Dec 3
34 Oct
Commercial on banks, sight 4 35%@4 36%, sixty days 4 3234@4 3434. White Oil ctfs
ninety days 41:4)4 and documents for payment (sixty days) 4 31340
• No par value.
43434. Cotton for payment 4 35 t:414 36% and grain for payment
The Curb Market.-The review of the Curb Market is
4 35%©4 3634•
(Friday's)
actual
rates
for
Paris
bankers'
To-day's
francs were 5.244 given this week on page 2510.
@5.2834 for long and •7,.2934@5.34 for short. Germany bankers' marks
A complete record of Curb Market transactions for the
are not yet quoted for long and short bills. Amsterdam bankers' guilders
-were 37.52@37.60 for long and 37.88@37.96 for short.
weekiwill be found on page 2535.
Stocks-No. shares._ _
Bonds.
Government bonds_ _ _
State & foreign bonds_
RR.& miscell. bonds__
5,982,874
4,418,231
15,808,000
6,335,000
35,509,000
18,583,200
10,800,000
36.959,000
216.561,703
242,263,021
751.367,700 1,794,861,000
419,113,000
563,520,000
1,444,044,000 *1,935,161,000
2524
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Dec. 1.
Monday.
Dec. 3.
Tuesday.
Dec. 4.
Wednesday
Dec. 5.
Thursday
Dec. 6.
Friday,
Dec. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
PER SHARE
Mange for Previous
Year 1922.
Highest
$ per share
+3113 35
971/4 9733
87
87
•112 134
116 116
5812 5834
.
5873 5873
1134 1134
3773 3812
14434 14518
71% 72
•10018 10033
3% 414
1034 1238
2812 2812
•5034 5414
438 433
1038 1012
Lowest
$ per share If per share 3 per share $ per share
Per share Shares.
Par $ Per share
Railroads
per share
*31
35 .31% 35
3212 3213 *3214 3312
100 Ann Arbor preferred
.3178 36
100 21 Sept 28 45 Feb 23
9673 974 9634 9712 9673 9738 97
1
98
9838 10,900 Atcb Topeka & Santa Fe_ _100 94 Oct 27 10518 Mar 3
98 2
87
87
87
87
8712 3,700
8733 87
Do pref
8733 8634 87
100 8634 Nov 27 9053 Mar 6
134
158 134
24 212 5,400 Atlanta Birm A Atlantic.._ 100
134
2
214
173 2
114 Aug 14
314 Feb 21
11458 115
11434 11553 11534 11653 11618 11712 117 117% 5,700 Atlantic Coast Line KR.....100 10978 July 31 127 Feb 28
5833 5873 5813 5834 5812 59
5834 6012 5934 60% 64,500 Baltimore & Ohio
100 404 Jan 17 6038 Dec 7
58% 58% 5812 5812 .5813 5853 5858 587 *5813 59
900
Do pref
100 5534May 7 6078 Mar 21
1138 12
1112 1218 1218 1212 12
1218
12
1234 11,800 Bklyn-Manh Tr ars_ _ _No par
314 Oct 29 12% Nov 26
38
39
3934 6,600
3833 3734 38% 38
3912 3812 387
Corrine ites, pref _ _ _ _No par 3412 Oct 29 39% Nov 21
1454 14538 14413 14514 14512 14634 14534 147
145% 14618 9,200 Canadian Pacific
100 13934Sept 21 160 Apr 18
7134 73% 7214 75
7458 7534 745 7512 72
7234 45,700 Chesapeake dr Ohio
100 57 June 27 76% Jan 30
10033 10038 10013 1004 10013 10013 10034 10014 9712 9712 1,000
Do prof
100 96 June 29 1044 Feb 23
4
4%
4
418
4
414
334 3,
334 483
4 9,600 Chicago & Alton
2 May 21
100
4% Dec 3
1114 1214 11
1058 1134 1012 1114 23,90()
1113 1114 12
Do pref
100
3% Jan 12 1233 Dec 1
*2813 2914 2,100 Chic & East III RR
29
2813 29
2913 30
2818 29
29
100 19 Aug 6 38% Feb 13
54
54
.51
54
54
*51
53
53
5312 54
Do prof
1.300
100 4612 Aug 15 624 Mar 28
47
433 4%
412 434
4% 434
434 4% 5,400 Chicago Great Western_ _ _100
45e
234 Oct 26
7 Feb 7
1012 11
1134 1112 1212 12
1213 9,300
10% 1113 11
Co pre(
100
673 Oct 26 17 Feb 6
1412 1418 14581 19,903 Chicago Milw & St Paul_ _100 1114 Oct 25 2633 Mar 5
1334 1334 1338 14
13
1334 1334 1433 14
2458 25
2458 2514 21
2458 2534 2514 2833 2514 264 22,700
25
D
prel
100 21 Oct 25 4513 Mar 5
. . L0,hUU
Chicago & North Western_100 5812 Oct 17 88 Mar 5
6234 6234 6258 6314 6218 6234 617g 62g 6214 6334
2
104 104
•106 107 •I06 107
105 105 *105 107
101 105 I 1,30)
Do pref
100 10314 Nov 16 11818 Mar 21
2412 254 2112 25
2414 25
2314 2312 23% 24,4 2333 24
28,610 Chicago Rock 131 & Pacific_100 1918 Oct 25 37% Mar 21
*8314 84
84
844 84
8358 84
8412 85
8518 817 8178 1,500
7% preferred
100 72 Aug 4 95 Feb 9
7312 7033 70381 1,503
*7112 7214 *72
7214 72
7214 7238 72581 73
6% preferred
100 60% Aug 4 85 Mar 5
*21
23
23
•21
21
23
2234 2214 23
22
2014 2034 1,500 Colorado At Southern
100 17 oct 29 4512 Feb 13
108 108
10834 10834 108 108
10734 108
10773 10912 10913 110
2,300 Delaware & Hudson
100 9314July 7 12412 Feb 13
117 117
117 117 011514 11712 115 115
11634 11712 116 116 I 1,900 Delaware Lack & Western- 50 Ion Oct 26 1304 Feb 8
19
1933 1878 1912 19
2038 2012 2113 2113 2234 21 18 22 1 185,800 Erie
100 1018May 22 22% Dec 6
2812 2873 2312 29
2838 2958 2934 3053 30
Do 1st preferred
3114 294 3038 60,400
100 15 Jan 17 3114 Nee 6
2334 23% 2312 23% 233 2434 25
2713 2883 2738 2614 27 I 20,000
Do 24 preferred
100 10%May 21 2718 Dec 6
59,4 59,2 5018 5934 5813 5933 .5873 595
5838 5984 5812 59
20,200 Great Northern pref
100 50% Oct 25 80 Mar 5
3214 32% 3212 3234 3214 3212 3212 3253 3233 3234 3218 3212 12,900
Iron Ore Properties-No Par 25 July 2 36 Mar 19
14
13
*12
13
13
13
*12
13
13
1114 1434 16 I 3,100 Gulf Mob A Nor tr ctfts_ _100
913 Aug 22 20 Mar 5
*47
•47
50
4934 *47
4934 *47
4934 4934 51
51
Do prof
5212 1,500
100 44% Jan 2 6234 Feb 21
10312 10312 103 10314 10212 10234 10213 10234 10212 10314 10278 102%, 2,200 Illinois Ceutral
100 101 Nov 8 11713 Feb 21
13
13
13
13
1234 1334 1312 1438 14
9t3June 30 2273 Mar 14
1414 1312 1334' 8.903 Interboro Rap Tran
100
1812 1858 1814 1813 1853 1918 1913 1938 1912 2014 1934 20
11,000 Kansas City Southern_
100 1538July :it 24% Mar 21
54
.53
5318 53,8 .
52
54
*5213 51
Do prof
51
53
200
*52
53
100 4858July 30 5734 Mar 5
63
63
6258 6314 6234 63
6234 6314 6213 6353 6312 61
5,700 Lehigh Valley
50 54 June 30 7133 Feb 7
*89
90
89,2 8934 90,3 90
8914 894 *89
89
9038 3,100 Louisville & Nashville___ _100 8484 Oct 30 155 Feb 28
90
32
2,200 Manit Elevated, mod guar 100
32
32
3112 32
32
32
32
32
30 Oct 30 4512 Apr 17
3212 *3273 83
5,100 Market Street RY
1273 1383 1214 13
12
14
1414 15
100
1314 1412 *1312 14
712 Oct 26 22 Mar 12
600
Do prof
42
+32
37
100 23 Oct 29 684 Mar 12
40
41
*35
42
421 1 4214 42
40
*37
Do prior pref
100 5613 Oct 29 87 Mar 12
68
6912 6913 6,500
6734 71
6953 6834 89
71
7213 6834 72
Do 2d pref
2,603
32
32
100
29
29 . 32
32
3434 3538 3634 32
14% Oct 29 5614Mar 12
32
32
912 Fob 13
113
13
112 112
133
*133 113
114
13
14 6.000 Minoan A St L (new)_ ...100
112
73 Aug 15
134
1178 121 1 1214 1212 117 1.838 1218 1384 1213 13
123 1314 19,700 Mo-Kan-Texas
9% Oct 31 17 Feb 15
pref
11,900
Do
4511
Feb 14
24% Oct 30
3034 3114 3053 314 3012 3114, 314 3213 3213 3314 3234 3338
10
973 10
10 , 10
814 Oct 24 1938 Feb 14
1018 1018 1038 1138 108 1138 12,200 Missouri Paolfic trust erts-100
10
Do
pref
8
trust
16,400
ctfs
49
303
Feb
10
18
Oct
29 1 28
25
30
100
283
2214
2838 29
2812 2312 28
29
30
4% Feb 15
2,600 Nat Rye of Max ad pref. _.100
2
213 214 *134 284
17
114 Nov 20
2
2
2
214
24 212
0712 99 i 0813 100
9712 99141 9833 99
9613 9878 9813 9834 13,500 New Orl Tex & Mtn v t e...100 8212 Aug 14 105 Mar 26
100 9012May 4 10612 Dec 7
113358 10414 10318 10438 10234 10334. 10312 10112 104 10553 10434 10612 86,000 New York Central
7834 7934 7858 7913 22.800 N Y C & St L new co w 1_100 6712 Aug
77
8012 Dec 3
77
7714 8012 794 80 i 7812 80
Preferred w I
8614 2,000
100 86 Nov 15 9512July 3
*86
8612 86
86 I 86
8618 86
8614 86
86
86
958July 5 2212 Jan 30
100
1412 14
1513 33,700 N Y N H & Hartford
1414 1412 14
1514 15
1553 1514 1534 15
1614 1612 1612 1634 1814
•16
1714 1714 1,600 N Y Ontario A Western _ _ _100 1414June 28 21% Feb 13
1614 *16
1734 18
1833 Feb 9
100
9 Sept 1
2,700 Norfolk Southern
1614, 1512 1612 1634 1634 16
1278 1512 16
1684 *1434 16
10413 10438 3.600 Norfolk A Western
100 100 July 30 11753 Feb 9
10378 10138 104 105
•10334 10413 *103 104 I 10312 104
Do prof
200
100 72 Sept 7 7812 Aug 15
*73
7313 7313
77 I *73
75 1 *73
77
75 .73
75
75
100 4934 Oct 5 3112 Mar 5
537 5434, 5334 5412 5312 5412 54
5514 5614 28,100 Northern Pacific
5534 5518 557
29,642 Pennsylvania
50 41)% Nov 2 4778 Apr 4
4118 4118' 41
42% 42
4114 41
4212 4213 428 4278 43
1,400 Peoria & Eastern
17 Mar 21
100
•10
117 117
1112 1134 12
11
1012 11 . 1012 1012 11
8 Oct 1
17,000 Per, Marquette
4134 41781 4113 42 I 42
4158 42
100 36 Jan 1 4714June 11
4278 4233 43
428 42
200
Do priur pref
72
72
100 6712 Oct 15 7634Mar 5
•70
•71
7014 70141 *7014 72 I *7033 7182 71
71
300
Do pref
61
100 5712 Oct 25 70,2 Jan 9
61
1358
61
*88
*60
•58
6013 6013 6014 6012
4118 2,000 Pittsburgh A West Va..... _100 337 Jan 271 5058May 10
41
41
4014 4012 4018 404 4013 4078 4013 4138 41
Do pref
90
8834 .87
•87
100 8512June 19 93 Jan 9
8834 *87
90 .87
8734 *87
84% •87
7833 78% 7818 79
7912 8028 40.800 Reading
7714 7838 7818 787
50 6812June 29 8118 Feb 7
7812 80
Do let preferred
5412 5412 5473 5513 3,600
*5334 55
*5334 55
*5334 55
50 44 June 28 5818 Feb 7
*5334 55
Do 2d preferred
5312 5312 5333 5312 *5234 5312 *523 5313 534 53% 54
5434 5.700
50 45 June 28 561g Jan 30
35
3534 2,600 Rutland RR pref
34
3578 39
3512 358 36
3758 3834 37
37
100 2212 Oct 21 39 Dec 4
•I934 20
1913 20
1912 2014 20
2014 2034 6.600 St Louis-San Fran tr etfe 100 1634 Oct 27 27 Mar 21
2033 20% 21
4212 4213 *42
Do pref A trust ctfa
2,100
44
424 4214 4312 4313 4312 44
41
43
100 3212 Jan 3 50 Mar 5
3234 33% 3214 327
3213 3312 334 343
3414 35,8 3434 3514 25,100 St Louis Southwestern_ _ _100 2512 Aug 4 363* Feb 10
Do
6014 5934 60
pref.
60
5934 60181 8014 604 60
0
7
3
18
2
6
67
0
100 5438June 28 63% Mar 21
60%
7
672 7
714
614 7
612 6341
12
3,3
200 Seaboard Air Line
67
7
100
434 Aug 15
712 Feb 10
1412 1418 1418 14
Do prof
13% 1414 14
1534 26,100
144 1433 1518 15
100
814 Aug 1 154 Dec 7
8838 8814 887
8813 8813 88
8812 88% 88% 9013 8834 8934 35,400 Southern Pacific Co
100 844 Aug 14 9514 Feb 21
37
3634 36% 36
36
36341 3658 3812 3734 38% 3784 3813 120,900 Southern Railway
100 243 Jan 6 3858 Dee 6
6712 6712 6714 674 6634 6634 6714 68
Do pre
1,200
677
88
6814 *67
100 63 July 2 7073 Mar 22
1934 1914 1931 1914 1982 2013 2114 208 2138 17.200 Texas & Pacific
18% 1873 10
100 14 Aug 4 294 Mar 21
1,700 Third Avenuo
20
*9
10
934
10
912 934
10
912 1014 10
9% 10
100
853 Oct 25 1914 Feb 10
Twin City Rapid Transit_ _100 5314 Jan 19 7712June 11
6912: .68
6912 .68
6913 1168
*65
6913 *68
6912 *66% 69
12934 13034' 12918 12934' 130 13014 13018 13133 13014 13114 9,800 Union Pacific
13034 131
100 12153 Aug 4 144% Feb 26
Do prof
940
7134 7134 7114 7113 *71
*7114 72
71 14 7114 71,4 7112 7112
1001 7013 Oct 38)1 764 Jan 6
1112
1158 1034 127
1131 1233 11
1214 12% 12
United Railways Invest-100
,
1238 11
773 Oct 29 2173 Mar 6
Do prof
4118 4214 3914 4113 3934 4014 20,303
374 3912 3678 42
394 40
100 26 Oct 29 62 Mar 5
1038 1034 1013 1078 1053 1034 1034 1118 11
1173 11% 1134 31,900 Wabash
100
7 Mar 10 1178 Dec 6
Do pref A
3434 3518 354 3612 35% 36,4 78,900
3413 3512 3412 35% 3412 35
100 234 Jan 17 3512 Dec 6
1)0 pref 13
600
*2212 23
•2214 23 •224 23
23
*2212 23
2334 2312 2313
100 1612 Jan 18 2314 Dee 6
97 10
9% 973
978 1018 10
9% 978
100
1014 1014 1012 7,000 Weitern Maryland
8 Sept 27 15 Feb 9
1)0 24 preferred
1834 17% 19
*17
1812 1713 1814 18
1818 1878 6,100
17 . IS
100 14 Sept 27 2634 Mar 22
1634 17% 13,100 Western Pacific
14
1312 1378 1414 1712 17% 1814
14
14
14
100 12 Sept 28 2014 Mar 5
Do pref
57
•5613 58 •56
2,600
5918 60
57
5834 58% 59
•5812 57
100 63 May 7 6333Mar 6
77
83
834
812
9,500 Wheeling ds Lake Erie 117-100
7% 7%
7% 773
834 9
6 Oct 25 1012 Feb 13
812 834
Do prof
1433 16
16
1713 1634 1712 1634 1712 11,500
1312 1313 1334 15
100 10 Oct 30 19 Feb 13
32
32
2,300 Wisconsin Central
33
33
32
32
3473 35
32
3312 35
.31
100 23 Aug 4 3512 Feb 23
Industrial & Miscellaneous
Adam, Express
*73
75
75
*73
•73
7334 *7312 75
75
75 .72
O73
100
1.100 Ad vanoe Rurnely
9
9
100
912 934 1012 1013 1018 101 1 •912 10
9,2 9,2
400
Do pref
33
3312 334 3318 3314 334 33
*33
34
3212 3212 *33
100
100 Mr Re5tictIon, Inc_ _ _ _No par
*6658 68
87
.664 68 •6614 6712 *6614 68
*664 6712 67
*67
8
7i8
1,300 Ajax Rubber, Inc
6% 7
7
718
7
673 7
7
714 7,4
50
18
14
4
*18
12
4 2,600 Alaska Gold Mines _____ .._ 10
14
4
*4
*4
is
4
7
7
I
11
78
72
1
3,700 Alaska Juneau Gold alln_ 10
I
6678 674 664 6712 6638 6638 6614 6873 6634 6578 6614 8538 11,900 Allied Chemical de Dye_No par
410914 111
Do pref
900
10914 10914 10913 111 *10912 11012 11012 11012 11078 1114
100
7,900 Allis-Chalmers Mfg
43
4312 4312 4234 45
4138 4134 4212 4314 4232 42% 43
100
Do pref
9214
•91
9134 *91
9214 •91
92
94 1 .91
93 .91
•91
100
117 12
2.700 Amer Agricultural Chew 100
1112 12
12
12
1134 12
1214
1134 12
•12
pref
Do
36
3712 2,909
3513 3638 354 3513 3513 3512 3012 36
35
101
35
9912 9912 100 100 • •98 100
9913 9912
300 American Bank Note
9934 *9512 100
50
•98
Do prof
5413 *52
300
*5314 5412 •52
5413 *52
5413 •52
59
54,2 5212 5213
40
900 American Beet Sugar
*3834 40 I 40
397 397 *3834 41
*33112 40
100
4082 40
3413
34 ! 337 3478
3434 3,400 Amer Bosch Magneto_ No par
3312 3311 3334 3334 3234 3234 34
400 Ain Brake Shoe & F___No par
7413 *73
7312 *73
731 2 7412 7534
•7313 744 *7312 7412 *73
Do prof
I
100
*103 107 *103 10712 *103 10712 *103 10713 11103 10712 •103 10712
3
205,000
! American Can
102
3
10414
10238
10158
193
1023
1043,
1038
105
53
10212
100
10333 105
Do pref
100
109% 10934 110 110,4 10918 10912 10912 10913 *109 11012 1004 10934 1,400
161 161% 16112 16212 *161 16314 161 161 , 16013 16218 161 16512 10,700 1 American Car & Foundry..100
prof
4
Do
150
100
•12112 12212 12212 12282 •121 12634 •121 12631 *121 12634 *121 1263
2318 1,300. American Chain, el A____25
23% 23% 2338 2334 2312 2312 *2313 2314 23
1
2313 23,
•1312 1458 *14
1458 1413 1512 14% 1413 2,400' American Chicle
No par
- 1314 14
*1434 1512
91 1
9,
4 6.0001 Amrtlean Cotton 011
100
834 878 *378 94' 853 933
578 8
*878 94
Do pref
1,500
27
32613 27121 2713 2712 2713 28
100
2733 2733 2612 26% 27
800; Amer Druggists Syndicate_ _10
.812 6
5,4 512
*512 57
512 312 *538 54
582 534
88)
89
700 Amer,can Express
*88
*88
89 1 88
100
8912 8912 8912 89,2 8914 90
8
4,712 8
71g
800 American Hide & Leather-100
713 *7
612 78 47
8
*713 8
4,3001, Do pref
44
44
4412 4414 4412 44
45
100
427 4514 45
4434 45
26 ' 2513 2613 244 2512 27,7001 Amer International Corn_ _100
2573 261$ 2434 2673 244 247, 25
• Bid and asked prices s Ex-d vidend.
87 Sept 28
611 Oct 29
21 Nov 9
fp) July 2
414 Oct lit
18 Aug 16
34 on 91
5914 Aug 9
10514 Aug 16
3734Ju3e 28
89 Nov 20
1018July 3
244 Oct 31
77 Jan 8
504.11ine 29
25 Aug 4
22% Oat 30
691.38ept 13
102 July 3
7312 Jan 2
100 Sept 6
14814July 12
117 Sept 17
2033June 28
5% Jan 30
334July 11
14 May 18
418Sept 19
87 Nov 19
818 Aug 9
29% Aug 9
16 Soot 25
82 Mar 3
1913 Mar 6
543* Jan 14
7333 Mar 19
1478 Mar 14
23 Mar 9
1% Oct 19
80 Jan 2
112 Mar 2
5114 Feb 16
974 Jan 27
3673 Feb 21
68% Feb 21
100 Nov 26
554 Aug 14
494 Feb 13
60 Mar 6
8314 Fob 16
110 Jan 14
106 Mar 6
115 Feb 20
189 Mar 7
12672 Jan 18
2542,11a 29
1733 Nov 7
2034 Jan 4
38% Jan 4
7% Feb 23
14313 Mar 2
13% Mar 7
74% Mw 7
334 Mar 28
Highest
$ per share $ per share
2778 Jan 62 Ana
9134 Jan 10813 Sept
8458 Jan 9518 Aug
14 Jan
512 Apr
83
Jan 124% Sept
3312 Jan 804 AuP
5312 Jan 8614 Aug
Jan
Jan
Dec
Jan
Jan
Jan
Jan
Dec
Dec
Jan
Jan
59 Jan
100
Jan
3013 Dos
834 Jan
704 Jan
38
Jan
10634 Jan
108 Feb
7
Jan
1118 Jan
74 Jan
7014 Jan
2813 Nov
Jan
5
16
Jan
9712 Jan
17% Dec
17 Nov
5214 Nov
5653 Jan
108
Jan
IN%
54
10053
1114
34
1214
314
3%
7
174
29
1515
,Aug
79 Aug
10553 Oct
124 May
204 May
434 Aug
6.112 Aug
1024 Ma'
2412 May
3638 AuV
5514 Sept
9518 Sept
125 Aug
50 Sept
105 Sept
95 Sept
534 Apr,
14113 Sept
Oat
143
18% Mar
2812 Aug,
2014 May
9578 Oct
45% Apr
19 May
47
Oet
115% Sept
3214 Aug
3014 Ate
5912 Apt.
72 Sept
14473 Oct
11 Mar
34 Jan
17
Jan 504 Apr
35
Jan 76 Nov
558 Jan 32
Apr
5 Jan
14% Apr
74 Jan
19% Aug
2412 Jan 4834 Aug..
154 Nov 2514 Apr
40 Nov 63% Sept
2% Nov
74 May
5478 Jan 87% Dee
7234 Jan 10118 Oct
124 Jan 28 Aug
1813 Dec 3012 Apr
834 Jan
2213 June
9614 Jan 1254 SeptJan 82
72
Oct
73 Dec 904 AUD
3314 Jan 494 Oct
1034 Jan 2038 Alio
19
Jan 4053 Aug
Jan 82 Aug
63
74% Aug
501g Jan
Jan
4158 Auu
23
Jan 96 Nov
76
7113 Jan 8718 Oct
43 Mar 57 May
Jan 5912 May
45
1712 Feb 5314 Juno
2014 Dec 32% Aug
31% Nov
50 Aug
20% Jan 3672 Nov
3233 Jan 6972 Nov
Apr
10
258 Jan
1424 Apr
44 Jan
7818 Jan 964 ocr
1714 Jan 2858 Aug
Oct
Jan 71
46
Apr
36
1834 Nov
1313 Nov
2553 May
Jan 6213 Sept
34
125
Jan 16424 Sept
714 Jan
80 Aug
7% Jan
19% Apr
364 Apr
2014 Jan
Jan
14% May
6
3613 AlIg
Jan
19
1214 Jan 24% AIM
1714 Aug
814 Jan
Jan
2812 Dec
13
13% Jan 24% Apr
514 Mar 64% Sept
184 June
Feb
(1
914 Jan
294 June
Jan
85
3314 Mar
48
Jan
1074 Jan
3153 Jan
454 Jan
9% July
Is Deo
53 Jan
55% Jan
101
Jan
3754 Jan
8613 Jan
2714 Nov
Jan
66
68
Jan
51 July
31% Jan
3114 Jan
51
Jan
984 Jan
324 Jan
93,4 Jan
Jan
141
1154 Jan
Or
83
23 Aug
3013 Aug
Oct
86
18% Apr
72 MaV
2 Mai
9144 Sept
11518 Sept
5038 Sept
104 Sent
4273 June
734 Sent
Dec
91
55% De:
40 June
Apr
49
88% 13V1
113 0",
764 Nov
11373 Do^
Oct
201
13613 Nov
14 iii;
Nov
3612 Mar
154 Nov
3311 Nov 61 Mar
74 Ault
44 Jan
126 June 162 00
17/
1
4 Ayr
104 Dec
Jan 74% Sept
58
244 Dee 50% June
---5
New York Stock Record-Continued-Page 2
2525
preceding
For sales during the week of stocks usually Inactive, see second page
I'41.12 ZLIAKIS
FISK bli ARM
Range for Previoss
Range since Jan. 1 1923.
STOCK
Sales
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Year 1922.
On basis of 100-share lots
for
NEW YORK STOCK
EXCHANGE
the
Friday,
Wednesday Thursday,
Tuesday,
Monday,
Saturday,
Highest
Lowest
Highest
Lowest
Week.
7.
Dec.
6.
Dec.
4.
5.
Dec.
Dec.
Dec. 3.
Dec. 1.
per share
$
share
per
g
:hare
per
$
share
Indus. & bli*cell. (Con.) Par $ per
$ per share $ per share $ per share $ per share $ per share $ per share Shares. American le..
Jan 122 Sept
78
100 78 Oct 29 11112 Apr 2
8312 8112 1,300
85
84
85 .84
85
8512 8534 85
*8512 86
Jan
9514
72
Aug
21
Feb
89
30
Oct
4
773
100
Do pref
*7914 81
*7914 81
81
*79
*7914 81
*7814 81
81
.79
4 Jan 14 Jul,
1
9/
10 1018July 6 13 Mar 1
200 American La France IF E
4 1138
/
•1138 1112 *1138 1112 *1114 1112 *1112 1134 *1138 1112 111
4 Oct
1
Nov 42/
28
6
Mar
38
30
Oct
13
100
Linseed
American
7,100
17
1718 1634 1634 1634 1738 17
17
18
17
1538 17
418 Nov 6412 Oct
100 2812 Oct 30 59 Feb 15
Do pref
1,200
33
33
32
32
35
3214 3214 *32
34
33
3212 34
par 6434July 5 7514 Aug 22
4 7334 7414 7314 7414 18,400 American Locom, new _No 100
1
4 73/
1
7212 744 7212 7314 73/
7334 74
Jan 12214 -Deo
112
9
Feb
122
15
11412Sept
prat
200
Do
117 117 *11634 118 *11712 118 *11712 118
11714 11714 *11634 118
44 Sept 5314 flea
900 Amer Metal temp ctfs__No par 4014June 30 5578 Mar 5
43
43
4 *4312 41
/
441
44
45
*44
45
*44
45
• *44
Oct
Jan 129
82
6
Dec
9414
2
'an
76
25
Radiator
94
American
7,400
8612 8614 87
9112 9134 9414 9312
87
86
4 Oct
1
3/
*8512 86
334 Jan
918 Feb 19
4.une 27
1
4/
25
4 4,200 American Safety Razor
/
4 71
1
6/
4 712
1
7/
4
1
634 7/
4
1
634 6/
604 534
*634 7
4 Jan 2414 May
1
5/
4 Jan 5
/
8July 2 211
103
par
Comm___No
&
Ship
Amer
2,200
1114
4
103
8
115
1112
1134
1112
4 *1112 1178 1112 12
/
4 111
/
111
4358 Jan 6712 May
4 Mar 2
/
Refining_100 6114 Oct 27 691
597s 5812 5878 5812 5938 5878 5938 5834 5912 7,400 Amer Smelting &
4 59
1
4 Oot
/
59/
59
8618 Jan 1041
100 93 June 27 10238 Mar 6
700
Do pref
9514 9534
9,512 9512 9512 98
9512 9512 *9512 96
*9512 96
4618 Sept
21
4 Jan
/
301
Mar
8
407
2
8July
313
1-3
ctfs_33
tern
Fdry
Steel
Am
21.000
3878
3818
4
1
3918 401
4 3838 40/
/
3858 39
Oct
3812 3334 3834 39
10814
Feb
91
9
Feb
10514
14
Aug
8
977
100
Do pref temp ctfs
600
4 10134 10134 10112 10112 102 102 *10113 102
/
10134 10134 *101 1011
5418 Jan 8572 Aug
5612 5678 5534 5612 6,60C American Sugar Refining_ 100 48 Oct 27 85 Feb 13
57
5512 5614 56
4 56
1
Aug
4 55/
1
5512 55/
112
Jan
84
3
Jan
4
1083
27
Oct
94
100
pref
Do
800
4
/
961
96
97
96
96
96
97
97
97
*96
98
•95
47 May
2314 Feb
4 Feb 14
1
100 16 July 2 36/
4 2178 4,300 Amer Sum-tra Tobacco
1
19
1812 1812 18/
19
*1838 1912 *1812 19
1834 19
Jan
4 Feb 71
1
52/
100 3212July 11 6534 Feb 13
200
Do pref
4412 4412 4412
4212 *40
*40
41
4412 41
4412 *41
*40
100 11918June 29 12578 Dec 7 11412 Jan 1284 Aug
4 7,400 Amer Telep & Teleg
1
4 125/
1
125 12512 12514 12534 12514 12534 125/
12434 125
125 125
Sept
16912
Jan
12918
13
Feb
16134
3
July
100 14014
14714 14934 1,400 American Tobacco
14712 11712 14778 14778 •14612 14712 147 147
•148 149
4 Oct
1
9612 Jan 108/
100 10018 Nov 27 10578 Mar 3
Do pref
10338 10358 1,300
10238 10212 103 103
4 101 10134 102 102
1
10078 100/
Jan 16534 Sept
4 Feb 9 126
1
100 140 May 20 159/
4 3,200
1
Do common Class B
4 14612 14634 *146 14612 14618 14618 14614 148/
/
147 1471
•147 148
Nov
3314
Jan
6
26
4 Jan 29 4434 Apr
1
Am Wat Wks & El v t c___100 27/
40
*37
40
*38
*3712 40
*3712 40
40
*37
39
*37
4 Sept
1
Jan 93/
87
Do 1st pref (7%) v t o_100 8514 July3 93 Jan 16
100
*8712 88
88
*87
*8712 88
*8712 88
88
88
*8712 83
Oat
5514
Jan
4
/
171
3
Oct
64
Do partic 92(6%) v t 0.100 4812 Jan 3
300
60
6214 60
6214 *60
*6012 6214 *60
60
60
•5912 61
Oct
7814 Jan 105
100 65 Oct 27 10958 Mar 21
4 7514 27.100 American Woolen
1
4 7534 74/
1
7334 7438 73/
4 7358 7478 7278 74
1
74/
73
Des
11114
Jan
102
3
Jan
11114
96
27
100
Oct
4
1
/
Do prat
800
101 101
4 10114 10114 101 101
/
4 10034 10112 *101 1011
1
•10012 100/
Sept
554
Jan
2211
2 Oct 26 34 Mar 7
2
214 214 1,500 Amer Writing Paper pref_100
2
214
*2
2
2
214
4 218 *2
/
21
4 Jan 21 Sept
/
121
618 Oct 30 1914 Feb 16
200 Amer Zinc, Lead & Smelt___25
812 *711 812
4 814 *8
1
7/
•712 812 *7/
4 812 *814 812
1
Jan 57 Sept
38
25 26 Oct 1 5814 Feb 27
Do pre!
30
30 •29
*29
30
*29
30
*29
30
*29
30
.29
65 Nov57 May
5312 Mar 6
29
8
323
50
Oct
MiningCopper
Anaconda
8,700
8
383
3814
4
1
/
38
38
3812
38
3818
4
1
/
3834 37
4 33
1
4 38/
1
37/
---------------6
Dec
19
4
/
931
100
4
1
/
88
Oct
900 Armour, pref
4 93's
1
4 9312 9314 9312 *93/
1
*93/
9214 9214 9212 9212 9234 93
1012 Nov 7 1834 Oct 3 ____ ____ __-- „,-No par
1412 1514 14,3001 Arnold Constable
4 144 15
1
013
1334 1312 1312 1334 1334 1378 14/
4 ec
1
Jan 70/
43
11,200 Associated Dry Goods____100 6214 Jan 5 89 Mar 19
4 8412 8412 8434 85
/
4 851
1
84/
4 8412 86
1
85/
83
84
83
Oct
86
Jan
75
Nov 26 89 Feb 13
82
100
Do 1st preferred
87
100
•85
88
*85
88
*84
86
8412 8412 *85
86
•85
4 Oot
/
Jan 911
76
Oct 28 9312 Fob 28
84
100
preferred
2d
Do
220
90
90
*89
*89
8812
*88
90
8812
88
8814 8814 88
------__Nov
-__
27
31
Oct
2714
25
4
/
241
new
Oil,
4 26/
/
4 3,900 Associated
1
4 261
/
4 261
1
264 2578 2614 26/
4 2614 *26
1
2612 2612 25/
4 Apr
1
5/
112 -Dec
312 Feb 14
12Nov 1
No par
114 1,000 Atlantic Fruit
*1
1
1
114
114 *1
1
1
I
114
•1
4 Dec 434 May
1
19/
914 July 5 34 Mar 19
1514 1614 4,300 Atl Gulf & W I SS Line___100
*1514 1534 1434 1514 1434 15
4 1614 1512 16
1
15/
May
3114
Dec
15
19
Mar
634July
27
3
100
Do pref
1312 1312 15
1,400
1312 •12
1312 *12
1334 .12
*11
14
.12
Oct
100 9938Sept 18 15312 Jan 10 117 Dec 1575
115 115 I 11534 11813 1,700 Atlant c Refining
4 *115 116
1
115 115
11478 114/
4 115
/
1141
4 Dee
/
Jan 1191
2 120 Jan 18 113
May
115
100
pref
Do
116
200
116
117
*116
117
117
117
*116
*117 118 *117 118
4038 Sept
94 Jan
4 Jan 12
/
17 July 6 351
2514 1,500 Austin. Nichols & Co__No par
2518 25
25
25
2478 25
25
2412 25
4 257
1
25/
Jan 91 Sept
68
4June 21 8912 Jan 23
1
100 78/
Do pref
85
*83
85
*83
*83
85
88
*83
85
*83
90
*83
____
____
____
____
18
Apr
2814
24
Oct
714
par
No
Knit
Auto
4 3,100
1
4 9/
1
9/
914 914
11
4 1012
1
1078 1078, 9/
4 11
/
1058 101
4 Oct
/
931s Jan 1421
4 12434 l271s 102,300 Baldwin Locomotive Wks_100 11012 Aug 4 14414 Mar 19 104
/
4 1261
/
4 1241
1
4 12614' 12518 126/
1
124/
4 128
1
12570 1277 124/
Oct
Jan 118
11684 Jan 4
2
Apr
111
100
pref
Do
100
111
111
111
4'110
111
4 111 *10912111 *110 111 1•110
/
.1061
4 Sept
1
Jan 67/
40
No par 27 Dec 7 65 Feb 16
100 Barnet Leather
27
27
32
32 1 *28
*28
*27
32
32
*28
32
.27
4 Jan 5614 Apr
/
191
978 Aug 23 35 Mar 23
4 25,500 Barnsdall Corp. Class A___ 25
/
4 1512 1612 1512 151
/
161
4 1714 161* 1712 16
/
1414 157
151
Apr
17 Nov 39
6 Oct 31 22 Jan 2
25
Do Class B
1012 4,600
1112 101
4 1038, 10/
/
4 1038 $10
1
1O4 1014 1114 10
10
14 Dec
4 Mar
/
11
4 Aug 31
1
/
18July 2
20
1
*38
14 2,000 Batopl-as Mining
4
14
14
4'
1
/
*18
14
*18
14
14
Apr 65 Sept
33
June 21 6214 Apr 4
50
par
No
Bros
Bayuk
59
600
59
59
6012 6018 6018 5912 5912 *5812 601 59
60
4 Deo
1
30 July 53/
20 51 Jan 2 8414 Mar 26
72
7212 7212 1.300 Beech Nut Packing
72
72
72
73
7212 *72
7212 7278 72
79 May
Jan
51
4June 29 70 Mar 3
/
100 411
4 5313 34,800 Bethlehem Steel Corp
1
4 5212 5358 52/
1
4 53/
1
5234 5234 5234 5412 5214 5314 52/
Jan 116/
4 June
1
Mar 12 104
11114
21
10014June
pref_100
8%
cony
cum
Do
25
_ _
_ _ •104
10514 10514 *104_ _ *106 109 *106 109 •105
Oct
94 Nov 101
100 87 July 2 9712Mar 9
Preferred new
9112 2,332
4 9334 9334 92
1
92/
9214 9212 92
4 93
1
92/
9212 -93101
4 Nov
4 Aug
/
718 Jan 18
Oct 25
4
33
par
No
Fisheries
Booth
200
5
*414
4
/
414 41
*4
*414 5 1
6
4 *414 5
1
4/
*4
Jan
Sept
812
15
2
Mar
972
16
Nov
418
100
Steel
412
200 British Empire
*414
*418 414
4 *414 6
1
438 4/
4
1
4 4/
1
4/
412
•4
4 Apr
/
58 Mar 761
100 55 Nov 10 6912 Mar 13
Do 1s1 preferred
___ ___
57 •_ _ _ *54
*54 . _ *54
1918 Mar 39 Sept
100 1212 Nov 17 2612 Feb 20
Do 2d preferred
-1478
200
1312 1312 *11
134 -1-314 *131* 1-5
Jan
•1314 1-5-18 *1314 li
100
12453
9
Jan
Aug
12112
22
10414May
100
10912 11012 2,000 Brooklyn Ea18011. Inc
110 110
109 110
109 109
109 110
4 Nov
/
•10938 110
Jan 1241
70
100 10312May 11 128 Feb 7
300 Brooklyn Union Gas
116 117 *11512 117 *115 117 *11412 117
•11412 11512 *114 115
8
647
Jan
Sept
42
2
Apr
4
1
/
65
29
Oct
4138
100
Inc
Shoe
800 Brown
5212
52
52
5712 52
•50
58
*50
5018 *50
57
49
100 100 Sept 29 14434 Mar 23 11312 Jan 147 flea
Burnt) Brothers
.104 105 *104 105 *104 105 *104 105 *104 105 *104 105
Oat
4 Jan 53
/
281
211±Sept2O 43 Jan 2
corn
B
Class
new
Do
1,2001
2312
8
233
23
23
2318
2318
2314 2314 2314 2314
*2314 24
1018 Dec
54 Mar
414 Oct 27 1134 Feb 14
512 558 1,900 Butte Copper & zinc v to__ 5
512 558
4
1
4 5/
1
5/
512 512
534 534 *512 534
Feb
Nov34
15
18
Aug
22
100 1314June 21
700 Butterick
4 1914 1914 1914
1
18/
•1812 1918 *1812 1918 1812 1812 *1812 19
2038 Jan 3514 Oct
4 Mar 1
1
4 Oct 1 37/
1
10 12/
4 1558 1,700 Butte & Superior Mining
/
1514 1514 1512 1512 1513 1512 151
1512 16
•1558 16
624 Dec1518 Apr
918 Feb 18
114 Nov 3
214
212 258 1,500 Caddo Cent 011 & Ref_No par
214
212
214 *2
214 *2
2
2
2
4 Sept
/
Jan 861
68
77 Aug 4 87 Feb 9
par
No
Packing__
California
400
80
80
80.
SO
4
793
4
793
*7934 8114 *7912 8114
80
80
31
4May
1
/
29
19
25
new
1718Sept
Petroleum,
54,500 California
4 2278 2312 2234 23/
1
23/
4 223s 23
1
2314 2418 23
2318 24
Jan 981i Apr
83
100 90'±Sept27 11012May 23
Do prat
97
96
500
*95
97
9614 *96
97
9612 9612 *95
97
•95
514 Feb1138 May
334 Oct 29 1258 Feb 20
10
4 3,000 Callahan Zinc-Lead
1
4 434
/
41
412 4/
434 478
434 434
434 5
4 478
1
4/
5012 Nov 8512 June
10 42 Oct 26 86 Mar 1
500 calumet Arizona Mining
4
/
*4312 471
4412 4158 *4312 45
43
43
43
4212 4212 43
1638 Mar
614 Dec
4 Feb i9I
1
9/
414 Nov 23
1
Gold
I
Hil
412
Carson
.2
412
*2
*2
412
3
*2
5
•2
4
*2
4 June
1
9/
3 Mar
41
4 Feb 21
/
No par
84 Oct 22
1,150 Case (J I) Plow
1 , 13g
78
58
31
34
58
512
12
12
12
12
68 Feb 9314 Aug
70
400 Case (J I) Thresh M pf ctf_100 65 Oct 17 85 Apr 9
*66
.67
70
*68
6812 6812 69
70
6812 *68
067
Sept
4418
Jan
4
1
/
29
7
Mar
4012
23
100
Nov
4
1
/
9
Leather
Central
4
/
4 1134 1114 111 1034 1114 8,400
/
4 1238 1118 1134 111
/
4 1138 111
/
111
6338 Jan 8234 Sept
4 Mar 7
/
100 2818 Nov 25 791
Do prat
30
324 5,700
3134 3214 3118 313
3212 3234 3134 3234 3034 32
3234 Jan 4638 Dee
par 3612 Oct 24 5012 Mar 28
Copper-No
Pasco
de
Cerro
12,900
43
4
1
/
43
4314
4312
4314
4312
4318
4
433
4
1
/
42
4318
435*
4234
4754 Jan 7914 Apt
55
5418 5412 5458 55
63
6014 63
31.300 Chandler motor Car_ No par 43 Oct 13 76 Mar 14
5418 55
5234 54
Jan 8958 Sept
60
900 Chicago Pneumatic Tool.. 100 7512June 20 9034 Mar 21
84
84
8312 8134 8314 8314 8334 833 *8312 84
8312 81
1518 Jan 2914 Nov
2418June
1
25
Mar
4
1
/
30
20
Copper
Chile
27
27
2714
4
263
27
2718 12,900
4 274 2612 2634
/
2714 261
27
4 June
1
33/
Nov
2214
2
5
3U
Mar
Aug
4
/
311
1434
4 4,400 Chino Copper
1
4 1638 1634 1634 1678 1634 1678 1612 16/
1
161* 1612 1612 16/
Jan 7014 D60
63
100 60 July 2 764 Mar 28
400 Cluett, Peaoody & Co_
70 .69
70
69
*68
69
70
7012 70
4 6834 *68
683Oct
8214
Jan
41
8
par
Oct
No
4June
1
/
83
6514
27
757g
4 7512
1
4 75/
/
75/
5,300 Coca Cola
7534 751
4 76
1
7512 7512 7612 75
75
Jan 37 May
24
100 20 Oct 30 3538May 31
1,300 Colorado Fuel & Iron
*2313 24121 24 2412 2312 2114 2412 2412 24 2413 24 24
No par 41 Oct 19 4978May 26 ____ ___- _--- _4478 44/
4 45
1
45
' 4434 45
45
4512
45121 1,300; Columbia Carbon
4514 4514 45
4 Apr 19 ___ ---- -- ,--1
4 33
1
4 333s 3433 33/
1
33/
4 3414 17,200' Col Gas & Elec, new._ NO par 3014June 28 37/
1
3178 3234 3214 3331 3218 33/
64 June
; Jan
11
4 Feb 8
1
2/
Graphophone No pa
18 Oct 16
Columbia
____
5 Feb 21 June
100
4 Jan 15
1
14 Oct 22 12/
Do prat
4 Apr
793
Jan
5514
7
Dec
83
67
30
pa
June
4 8412 88! 26.800 Cotnputing-Tab-RecordNo
1
4 8412 8318 8434 8412 85/
1
4 85 I 82/
/
8334 831
31
---, --4 Nov 26 ---1
No Par 135 Oct 23 184/
5,000 Congoleum
18334 18112 181 18334 181 18112 18178 182
18112 18112 181 12 182
Feb 4224 Oat
8
185
3
Jan
pa
No
3931
15
Oct
26
Cigar
Consolidated
4 17/
/
*1614 1612 161
4 3,100
1
1734 *1614 17
17
*1611 17
17
15
6612
47 Feb 8714 Nov
100 82 Oct 11 83 Feb 17
6612 .60
4 *63
/
661
Do pre/
6612 *60
6612 .60
6612 *60
*60
4 Jan 14524 Sept
1
85/
4July 2 6958 Feb 2
1
6018 6012 6012 61,8 5312 591g 32,100 Consolidated Gas(N Y)_ -100 56/
61
4 6014 60
1
59/
4 Apr
1
15/
4 60
/
691
9 July
2
Par
Feb
1412
TextileNo
6 Oct 30
6
6 I 12,200 Consolidated
6
6
6
6
(114
6
64
6
8
6
4514 Jan 11514 flea
2Sept 11
551
Ina
7
100
Can,
8May
427
Continental
18,600
4
1
/
50
50
51
4
/
50
591
614
4
5
503.1 5178 5014 5178 60
4 Dee
1
1114 Dec 18/
19
Jan
par
1214
No
5
24
Motors_
Oct
Continental
7 I 6,900
7
714
718 714
4 1813
/
71
7
738
7
4
/
4 61
1
6/
9114 Jan 13414 Oat
4July 5 13914 Feb 6
1
4 13234 13612 13414 13712 22,400 Corn Products Refining_ _100 114/
1
4 13312 133/
1
4 133/
1
13334 13434 13312 13518 132/
Jan 1228.4 Nov
111
24
Feb
100
8
1223
1
Nov
11512
pref
.11912
122
122
*11912
I
Do
122
*11912
•11934 122 *11912 122 *11912 122
Der
4 Jan 54
/
311
No par 22048ept 19 6214 Mar 9
4 311
1
3178 3114 32/
4 3214 31
1
4 3214 80,500 Cosden & Co
/
4 30/
1
4 32/
/
3114 3134 311
4 Sept
1
5234 Feb 98/
6812 6634 6338 6634 6712 28,100 Crucible Steel of America100 5712Sept 27 8412 afar 21
67
6512 66
66
6534 68
67
Sept
100
Jan
80
2
9412Mar
6
100
Aug
8534
pref
Do
9034 *90
200
9034
9034 9034 9034 *90
9034 9012 9012 *90
*90
191; Mar
818 Jan
No par
812 Aug 2 20 Feb 13
4 1378 1312 13/
1
4 6,600 Cuba Cane sugar
1
4 1314 1312 1318 1318 13/
1
4 13/
1
1318 1312 13/
1514 Jan 4172 July
100 3312 Aug 4 6414 Mar 15
Do pref
4 534 5318 5434 5312 5414 15,300
/
4 5218 53181 521
/
5218 5314 5212 511
Jan
1412
28
Aug
13
Feb
4
1
/
37
1
10
Aug
23
Sugar
4 3112 3134 20,200 Cuban-American
1
4 3158 3138 3178 3114 32/
/
311
32
4 3134 31
/
311
7818 Jan 1021s Dee
106 Apr 5
100 92 'July 1
9614 9814 *93
Do pref
97
97 I
200
97 .93
*93
.528 97
028 *93
578 97
672 *93
.,7
6
528 5/
July
No
3
Sugar
par
4
1
Dominion
1
614 6/
4
1
6/
4 7 4 4,600 Cuban
1
4 45
1
Preferred
100 30 Aug 281 5812 Mar 20
4 4334 44/
1
4512 2,000
4 43/
1
43/
44
*40
43
41
40
40
No par 5.112July 6 6818 Apr 27[
6212 62
5912 601± 61
59
63141 7,000 Cuyamel Fruit
4 5918 591s 59
/
591
*59
4 Apt
1
27, 2318 Nov 65/
4 6914 7334 6634 6912 6718 7058 6634 7178 6638 721
1
4'121,100 Davison Chemical v t c_No par 2038May 21 7912 Nov II
/
7134 73/
2538 Sept
1512 Jan
.1934 2012 2012 201 2 *1912 20141
200 De Beers Cons mines_No par 2038 Nov 9 28 Mar
21
*2012 2118 *1934 2004 21
100 10014June 213 111 Mar 2' 10038 Jan 11812 Aug
4 *10478 10512 10434 104/
/
700 Detroit Edison
4
1
.10334 10412 104 104
10418 10114 10.112 1041
1812 Jan 4612 Nov
10 3048may 22 4418 Jan 4
Dome Mines. Ltd
- - - ---- - - - - ------- -- - ---- -- -- - -4 Dec
/
70 July 901
4 Jan 2 1154 Apr 3
/
101312 10735 10738 10712 10714 10712 10714 10734 2.900 Eastman Kodak Co_No par 891
4 107 108
107,
'
10734
___
___ ____
____
24
July
27
3
Oct
_No
20
Spring_
par
Asle&
8
257
26
Eaton
2512
25
2534 261
251
4 13,500
/
','
2334 2334 2334 25
4 isTor
1693
Dec
105
28
Apr
14812
126 130/
4 30,900 El du Pont de Nem &-Co_100 10614 Jan 17
1
12414 12612 12538 127
12712 12378 12612 12912 12638 128
4012 June 5834 Dec
21
Mar
6718
5
July
52
par
Battery_No
Storage
2
63
6114
Elec
6312
4
/
6514
641
64
4
1
/
20.200
65
6512
63 4 64
6512 66
144 Jan 2412 Dec
4 Jan 2
/
50 13 Dec 3 201
4 *1318 14
1
13
1334 1312 13/
1312 1.800 Elk Horn Coal Corp
134 *13
*1314 13341 13
4 June
/
111
4 Jan
1
2/
712 Feb 20
34 Dec 3
100
*72
34
112 1,500 Emerson-Bmntingham
34
*34 1
84
34
34
34
14
1
4 Dec
/
Jan 941
7614
2
Jan
9414
29
Oct
587
50
8
-Johnson
6512
6512
66
Endicott
4 6512 1.500
1
65/
6534 65
4 05
1
6534 65/
66
66
Dec
119
Jan
104
3
Jan
118
100 110 Oct 29
11314 11314 113 113
Do oref.
400
_ _ *112 ----113 113
_ *112
*112
4 Oct
/
2612 Dec 311
4 Dec 4 31 Jan 10
/
191
No Par
1.800 Exchange Buffet
22
21
21
4 2012 •2012 23 .21
1
20 -204 19/
•20 -2"2
Jan
107
7518
Sept
2
Jan
93
27
Oct
52
4
/
711
par
694
8
763
71
Players-LaskY-No
6918
7214 7034 7112 48,000 Famous
71
69
8614 69
9112 Jan 10738 Sept
Do preferred (8%)_ -_ _100 82 Oct 29 9914 Feb 14
300
8734 8734
8734 873
8714 874 *8714 8778 *8712 88
88
086
Jan
9
1612 May
5 June 5 13 Nov 9
1112 .10
1112
1112 *10
Federal Mining & Smelrg _100
1112 *10
1112 *10
*10
13
•10
3712 Mar 6284 Sept
13
Feb
6012
4
100 3414June
44
42
Do pre(
42
4218 4218 *42
300
43
*40
44
*42
42
42
834 Dec 1034 D04
Jan 2
4
/
101
714Sept
21
par
No
934
B119
Avenue
10
Fifth
4
1
/
4
9
93
918
22,900
1018
914
4
1
/
9
4
1
912 9/
034 974
Jan 218 Dec
75
Vs par 144) July 3 21214 Jan 11
1,700 Fisher Body Corp
15818 15814 160 160
160 170
4,15918 163 *158 163 *158 163
7812 Jan 10314 J1111;
4.11111c 14
/
98
_100 94 July 3 1021
98
98)
100 Fisher Body Ohio pref
9814 *98
9812 .08
9834 *98
9834 *08
•93
Nov
10,
1612
13
par
Feb
Aio
1911 API
19
Oct
53±
Rubber
Fisk
5,600
4
1
/
7
4
1
/
7
4 778
1
7/
4
1
7/
4
1
7/
778 818
4 8
1
7/
778 8
4 Feb 17 4714aIay 4
1
No par 37/
4 451
1
4 4534 4.900 Fleischman Co
1
4 45/
/
451* 451* 4534 4534 46 I 45/
Asl. 4.0. 45
I
• BIC1 4'011118600 Dread, no ewe. on this Say.
121-dividen0
New York Stock Record-Continued-Page 3
2526
For sales during the week of stocks usually inactive, sea third
page preceding.
HIGH AND LOW SALE PRICE-PER SHARE,
NOT PER CENT.
Saturday,
Dec. 1.
Monday.
Dec. 3.
Tuesday,
Dec. 4.
Wednesday. Thursday.
Dec. 5.
Dec. 6.
Friday,
Dec. 7.
Sales
for
the
IVeek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share tots
PER SHAER
Range fit Previous
Year 1922.
Lowest
Highest
Lawton
Highest
$ per share I$ per share $ per share $ per share Shares. Indus. & Miscall.
(Con.) Par $ Per share
per shwa $ Per share $ per elate
69
6914 '89
69,2 6713 6812 6714 6714 1,000 Foundation Co
No par 5812 Oct 29 7832July 20
135* 1378' 13
133
_
134 1312 13
1312 9,700 Freeport Texas Co._...No par
912July 2 22 Jan 13
45
46
45
1214 Jan
45
*43
45 '44
45
271* "Uoi
700 Gen Amer Tank
3534 3714 3512 364 3534 388 3512 3714 28,500 General Asphalt Car..-No Par 3812 Oct 29 ma Feb 20
454 Jan 80 Oct
23
100
Aug
9
54
'67
Mar 7
6912 "137 (19
*6714 69
3714 Nov 7354 Jolly
69
6914 1,400
Do pref
100
60 Sept 27 83 Mar 7
8312 84
84
69 Nov 111 Jab,
84
84
84
85
843* 3,900 General Cigar, Inc
100 8012June 28 9432 Mar 14
105 105
105 105 '105 10512 '10478 10512 1,100
65 Mar 8354 Dec
Debenture preferred
100 10414 Nov 14 110 Apr 2
182% 185
183 185
94
Jan 109 003
18278 18312 18314 192
29,006 General Electric
100 16758Sept 21 192 Dec 7 136
1058 105* *1012 1032 1012 1032 1032 1012 4,300
Jan 190 Dee
Special
10 1014 Oct 19 12 Jan 2
1334 14
1334 1378 1334 14
1012 Oct 12 Sept
1378 1434 156,500 General Motors Corp...No par 123
4June 28 174 Apr 18
'8158 8312 *8138 8312 8128 813* 82
814 Jan
1514 July
82
300
Do pref
100 79 July 10
8134 814 .8112 8178 817* 817* 8112 8112
69
Jan 86 Bept
400
Do Deb stock (6%).-100 7834July 17 89 Apr 17
'96
90 Apr 7
97
*96
6754 Mar 9614 Oct
9712 *96
9712 *9612 97,2
Do Deb stock (7%)
100 9334 Oct 30 105 Apr 10
*48
4812 '474 4812 *4712 4812 48
7914 Mar 100 Sent
48
600 Gimbel Bros
No Par 3912June 27 5112 Apr 24
84 818 '8
812
384 Oct 4512 Oct
8
8
*ft
812
800 Glidden Co
No par
6 Sept 22 1232 Feb 9
"9
918 93*
912
9
934 Nov
9
1814 Juno
9
914 2,300 Goldwyn Pictures, new No Par
8 Nov 5 221sJune 5
2212 234 225* 228 2258 2314 217* 2212 3,600 Goodrich Co(B
F).....No Par 1732 Oct 23 411
:Mar 22
*73
2812 Nov 447k May
7712 74
7512 7534 757 .75
74 1
300
Do pref
100 6734 Oct 20 9212 Mar 6
4034 4118 *41
42
41
41
7912 Nov 91
41
41 1 1,400 Goodyear Tire, pref
Apr
100 35 Oct 26 6212 Apr 25
_
90
9034 '90
91141 *90
9114 "90
9114
Prior preferred
500
100 88 Oct 30 99 Feb 19
1312 14,8 1312 1312, "1312 1378 '1312 1378 1,900 Granby Cons
M,Sm & row
12 Oct 24 33 Mar 23
712 712
7
73S
22 Nov 35 MaY
714 714
7
718 1,800 Gray & Davis, Ino____No 100
par
7 Oct 10 1052 Mar 7
1434 1434 15
15181 *15
8 Nov 19% May
16
15
15 1
700 Greene Cananea Copper_ --100 133 Oct
4
31 344 Mar 6
*612 634 '64 634
65* 634
22 Nov 3452 May
612 612
700 Guantanamo Sugar_ _..No par
5 Sept 19 1412 Feb 14
7912 8138 81
82141 8014 8134 8014 82
7 Feb
145
:Mar
18,000 Gulf States Steel tr ctfs
100 66 June 28 10452 Mar 21
"8
34
58
4472 Jan 9478 Oct
"8
34
12
300 Habirshaw Elea Cable_No par
12
14 Aug 8
24 Jan 12
14 Jan
372 Mar
Hartman
Corp
100 7934 Nov 1 9472 Feb 6
• s alas 3714 ii34 3713 3712
"iii4 -31-, -5ii8
- 4,400 Hayes Wheel
1838 1838 1834 19
100 31 July 5 44 Apr 19
19
19
19
1914 *1914 1912 195* 19% 1,600 Hendee Manufacturing
*5912 6012 5912 5912 *584 604 '574 6012 58
100 12 July 2 2354 Feb 16
15
Jan
58
2854 Sept
I
58
*5718
1
200
Homesta
ke Mining
'33
100 58 Dec 6 7972 Jan 2
343 *3312 34
33% 3378 3478 34
3334 3334
55
Jan 82 Nov
34 1 4,800
54% 5512 55
No par 2852July 2 39% Mar 15
6034 5714 6712 614 6314 8118 6212 3334 624 30,900 Household Pro
613
Houston
4
Oil
of Texas
25% 25% 26
100 4034 Aug 4 78 Feb 16
27
2614
2 2612 2678 2634 2714 27,4 2778 22,800 Hudson
6114 Nov 913* Oct
Motor
2212 23
23
2314 23
23
2218 224 2214 2234 22,4 2212 2,700 Hupp Motor Car_ __No par 20 June 28 3234 Mar 8
194 Aug 2632 Dee
12
Car Corp__ _ _ 10 1534 Oct 29 3012 Apr
12
12
12
12
%
12
13
12
2
12
13
107
12
2 Jan 264 Dec
1,405
Hydrauli
c Steel
No par
618 612
6
6
II Oct 27
612 Jan 8
6
6
6
312 Feb 1412 June
6
1,050 Independent Oil & Gas_No
54 534 *534 6
*278 3
par
23* 3
Sept
212 212
3
32
21 1114May 3
25* 212
178 214
214
1
4,000
2
8
Indiaho
ma
Refining
5
518
5
5
1 Oct 19 19 Mar 19
5
'478 5
414 5
5
54 *44 5 '
34 Jan
1,200 Indian Refining
158* Dec
2512 2512 2512 2614 253* 28
10
4 Sept 19
84 Apr 6
255* 2578 2534 26
5
Jan
2514 2538 5,100 Inspiration Cons Copper
1152 June
*34 1,8
20 234 Oct 24 4354 Mar 1
"4 118
*24 1
*3
"4 1
"4
31
Nov
June
1
46
Internat
Agrlcul Corp
'514 578
100
512 513
12 Oct 26 11 Feb 20
512 6
532 Dec 1154 MAW
54 534
512 558
Do pref
558 54 1,200
42
4212 4134 4212 4214 424 42
100
44 Oct 30 3972 Feb 28
12 4332 4214 43
2812 Nov 4312 Mar
424 4318 12,60() International Cement__No par 31
June 28 44 Mar 19
24
26
25
Jan 3834 May
2434 255* 2412 254 2478 26
2518 25% 253* 26 I 30,900 Inter Combos Engine._No per
77
77
1952June 28 2712 Apr 6
77
7714 7634 7634 7612 77
2012 June 3012 Sept
*757 77
777 784 2,100 Internat Harvester
•I0534 108 *10534 108
100 6634 Oct 29 984 Feb 7
10814 10814 '10534 10814 *10534 10814 '1054 108 ,
7932 Jan 11572 Aug
100
Do pref
"612 712
75
100 106 Oct 27 11614 Jan 4 1054
78* '7
712
613 7
Feb 119 Sept
612 74
7 1 8,300 lot Mercantile Marine
678
33% 3412 3314 3418 313* 33
100
472 Aug 9 1152 Feb 14
337
315* 33%
884 Deo 271
31
:May
323* 17,300
Do pref
1114 1112 1118 1158 1112 1134 1138 1134 3134
100
184
Aug 8 47 Jan 5
4152 Dec 8732 May
1112 1212 1178 125* 26,900 International Nickel (The) 2
*79
1032 Oct 26 1614 Feb 16
80 '79
80 '79
80 '79
80
1114 Jan 19114 Apr
79
80 '79
80 1
300
Do pref
100 6934 Jan 4 83 June 12
35
35
344 3414 3414 333* 3414 3334 3334 '34
33
60
Jan 85
35 1 1,800 International Paper
Jan
100 2772 Oct 26 5852 Mar 6
'62
6312 6234 6234 625* 6258 62
434 Mar 6372 Oct
62 '61
Do stamped preferred-100 60 Oct
800
62% 623s
10% 10% 1012 1078 1014 104 1014 1012 1014 64
24 754 Jan 6
59 Mar 8012 Bent
11
1012 1034 9,800 Invincible Oil Corp.- __No per
5278 5334 5212 54
712
Nov
5
1914 Mar 7
51
524 52
124 July 2014 Apr
53
513* 523* 5218 5412 17,300 Iron Products Corp_ _-_No Pa
3212 Aug 6 5814 Mar 8
24
Jan 5312 Oct
Island Oil & Transp v t o
1
.03 Nov 28
•1914 1912 19 -1984
88 Feb 24
-14 Nov
3 Jan
16197 lOIs ;i51.1 IA' - 1,000 Jewel Tea. Inc
100
15%
78
Oct
11 24 Mar 15
78 '76
80 "80
10
82
Jan
79
221: May
7912
81
7934
1
400
Do
pref
793
4
*79
100 62 June 20 82 Feb 26
28
26% 2512 2612 2578 2614 26
384 Jan 7632 Dec
2614 2514 26
258* 25% 8,700 Jones Bros Tea, Inc
100
244
Nov
36
37
36
833
2
Mar
"3558 36
16
3412 Feb 5772 Sept
3512 3512 36
37
*3514 37
500 Kayser (J) Co, v t c ___No pa
36
36
*97 100
28 July 2 4572 Feb 23
9912 9912 *96 100
34 May 4852 Aug
102 '96 102
*96 102 1
100
Do 1st pref
No Par 96 July 2 104 Mar 23
3034 3218 3112 3234 3114 3178 '96
04 May 1064 June
315* 32,4 3112 324 3118 3214 18.800 Kelly-Springfield Tire
25
2012
*84
Oct
*84
17 6212 Mar 22
8712 *84
89
3414 Jan 3354 Msy
8712 *84
89 .84
89
8%
88
,
.84
pref
100 78 Nov 3 108 Jan 18
•83 92
88
9012 Jan 10734 May
88 '88
92
"88
92
90
700 Kelsey Wheel. Inc
91
90
94 ;
100 75 Oct 18 1174 Mar 6
354 35,4 3412 354 343* 354 3514
61 Feb 1154 Dee
3512 354 3558 3412 3434 21,400 Kennecott Copper
No par 2932 Oct 28 45 Mar 1
34 318
3
314
254
278 3
Jan 8952 May
234 27
7.500
3
Keyston
3',
e Tire & Rubber._ 10
318
14 Oct 19 1112Mar 24
*290 295 295 295 '280 300 '290 297
444 Nov
me
297 297
295 295 1
300 Kresge(SS) Co
100 177 Mar 2 297 Dee 6 110 Jan 1894 May
Nov
•78
80 '7712 80
79
79
7914 7914 '79
2001 Laclede Gas (St Louis)._..100 75 July
*79
80
80
1412 1412 •14
5 8932June 9
1412 "14
15 "14
Jan
43
1412
1412
*14
Aug
9412
500
14
14
Lee
Rubber
&Tire__ __No par
*2234 22612 22412 22514 *225 22712 "22512
1132 Oct 19 3152 Mar 7
2414
Nov
351
:Mar
22514 2254 22712 22712 1,100 Liggett & Myers Tobacco_ _100 1903
116% 1164 11614 11614 11614 11614 11612 22712
4MaY 21 22712 Dec 7 15314 Feb 235
117 *11612 117 *11612 117
Oct
450
Do
pref
65 66
645 664 648 6514 6434 6518 65
Jan 1234 Nov
a 11.100 Lima Loc Wks temp otf.No 100 11134 Apr 4 11812 Jan 8 108
654 65
1712 1712 1712 1758 1738
par 584June 28 7472 Mar 20
52 Nov 1174 May
1712 1712 19
1834 1912 *184 19
22,500 Loew's Incorporated__ _No per, 14
*814 812
June 21 2114 Feb 14
814 814 '8
814
1052 Jan 234 Sept
825 82: 1,600 Loft Incorporated
8,8 812
84 838
64
No per, 6 Sept 8 114 Jan 5
6512 6212 643
614 63
9
61
Jan 1414 May
8212 6034 62
10,800 Loose-Waal BlaeUlt
6012 65
17334 174 •173 174
100 3614 July 7 6512 Dec 1
174 17412 •17212 174
36
Jan
17212
172
173
17314
•108 110 •10814 110 "10758 110 '106
100 148 June 21 17852 Feb 9 14714 Jan 6772 Sept
110 '106 10814 *106 110
9,300
180 Sept
Mackay
ay (COW:mules
84% 8518 84
100 103 May 23 121 Feb 6
8512 8212 837* 8378 855* 854
72
Jan 117 Dee
894 82,300 Mack Trucks, Inc
885* 88
*94
95
No par. 584 Jan 2 934 Apr 6
*9312 95
9334 9334 '94
95
2512
Jan
*94
617
:Sept
*94
100
95
95
Do
let
preferre
d
38
88
88
100 87 July 3 9914 Mar 12
88
*8712 90 "8812 90
68 Feb 944 De0
*8812 90
300
*8812 90
Do 26 preferred
•65
6514 6534 657* 667
86
100 72 JUne 29 92 Mar 6
664 6634 *66
54
Jan
1,500
66
874
Sept
66
MaOY
663
4
*2812 2978 30
No par, 57 July 2 714 Jan 20
30
*2914 3014 *2914 3014 3014
59 Nov 62 Dee
500 Magma Copper
3014 3012 3012
2878 30
2934 308* 29
No par 2714 Oct 29 3814 Mar 3
2914
31
274 Nov 3534 Sept
3014 308 30
3114 11,600 Mallinson (11 R)& Co_No par 21
*5812 62 "584 6212 "5812 6212 29
June 27 40 Jan 2
*5812 6212 '59
154 Jan 40 Aug
50
812 80
6212
Manati Sugar
6312 *8
*75
80 '75
80
100 43 July 31 7514 Mar 14
*75
80 '75
80 •75
3014 Jan 52 Mar
100
80
Do Orel
4018 404 *3934 40
100 72 Oct 22 90 Feb 26
3814 40,4 40
4078 4012 4078 4012 4232 3,400 Manhattan Elea
7314
Apr 8414 Sept
"41
SupplyNo par 35 Oct 18 66 Mar 21
43
4212 4212 4212 4312 4334 447
41 Mar 6954 Apr
4412
12,400 Manhattan Shirt
2718 27% 26
274 2514 2714 2612 274 255* 4512 444 454
25
32 Mar 5834 002
26
20,900 Maracaibo 011 Expl_ __No par 40 Oct 30 4772 Jan 5
2634 25
2718 2778 2758 3234 3014 3218 317 3214
16 Sera 17 275
:Dec 1
3034 3134 3112 323s 153,400 Marland 011
"4
5
No per 1712 Oct 31 5952 Apr 2
5
6
*5% 7
64 7
225* Jan 483* June
7
*8
1,000 Marlin-Rockwell
7
*6
No par
314 Nov 7 16 Feb 26
31
558 Mar 2632 Mar
31
31
3114 31
3312 334 3412 31
335
3212 34
13,700 Martin-Parry Corp....No pm
4112 4034 4312 4312 433* 4414 4838
41
2014 Jan 364 Juno
4314 454 42
434 17,500 Mathieson Alkali Works... 50 26 July 31 3754 Apr 17
4712 48
4812 46
47
314
Oct
4714 434 47 I 4414 47
23
6334
Mar
13
22
Jan 54 Nov
4534 4812 35,600 Maxwell Motor Class A__ .100 36 c
13
1312 1234 1312 1212 124 1214 1234 1238
>et
6314 Mar 8
414 Nov 744 May
1234 1312 16,700 Maxwell Motor Class B No par 104 Oct 13
84
844 8312 8518 8478 8578 8512 8534 8514 12%
2
21
Apr
11
Feb
2572 June
5
9,400
May
8614
853
8 8512
Department Stores-100 674 Jan
17
1712 17% 1712 1712 175* 1712 1712
6512 Dec 1744 Dec
5 8672 Oct 24
1814 3,700 McIntyre Porcupine Mines_ _
1412 13% 1512 144 1434 1418 1488' 178 1734 18
14
15 Befit 18 2012May 4
Jan
1052
2152
Mar
141*
Mexican
1412
7,700
13
7
8
13
Seaboar
,
4
d OIL.No par
134 1312 1312 13% 1212 1258 "13
534 Aug 15 2334MaY 28
Oct 3412 Jul/
15
14
1278 1334 13,8 134 2,685
Voting trust certificates.....
2112 2112 2178 22
2134 22
6 Aug 15 2314May 28
2134 22
12
Oct 3212 July
22
22 '2134 22
2,201. Miami Copper
5 2012 Oct 29 304 Feb 23 25 Nov 3132 May
518 512
518 5%
5
54
5
514
514
5
5,8 514 33,800 Middle States 011 Corp
*2834 29
10
2834 294 "2814 29 '2814 29 1 *2814 29
34 Nov 16 1214 Jan 12
11 Nov
16
Apr
2814 2834 1,300 Midvale Steel & Ordnance- 50 211:June 29
62
62
3332 Apr 18
*6134 82,2 "6112 8134 614 6134 '6112 6134
2612 Den; 4514 May
Montana
400
6112
Power
01511
2518 2538 24% 25% 254 25% 254 2514 247
100 5412June 28 75 Mar 8
63
Jan 763s Sept
15,000 Moot Ward & Co III Corp- 10
2514
2434 25
244 2514 247 2512 2514 2533 2514 25% 2412 25
1814May
22
Nov
15
2614
12 Feb
We Aug
25% 2552 20,000 Moon Motors
No per
918 913
878 9
8% 94
878 9,8
13 Aug 193e Dee
9
9,000 Mother Lode Coalition-No per 1734 Jan 17 294 Mar 22
9
9
9
•14
74June 20 14 Feb 20
•1312 15 '1312 15 "134 15
15 •1312 15
938 Nov, 124 Dee
400 Mullins Body
1312
13
No
•34
par
35 .34
104 Aug 21 2972 Mar 15
35
3478 35
35
1714 Dec 34 Mar
35 1 34% 3434 '34
700 MunsIngwear
3434
No par 3112 Oct 26 364 Nov 7
*90
9412 *94
9412 '90
9412 944 9412 '9412 95
98 i 1,300 Nash Motors Co
95
No par 754 Jan 2 1144 Jan 12 "-in Dec
"9712 99
*9712 98
"9712 99
*974 98
*98 101
9820
525 July
0
Do preferred A
98
I
100 964 Apr 23 10134 Jan 17 10112 Aug 108
934 934
852 852 *834 934
834 834 •84 912
400 National Acme
9
DIX)
5212 5234 51% 5258 5112 5212 52
50
7 Nov 12 1812 Feb 19
94 Novi 2114 Apr
5212 5112 52
507 5114 6,600 National Biscuit
'12114 123
25
123 123
38 Jan 5 5272 Nov 28
123 123 '122 123 '122 123 *122 123
3678 Dec 270 Dee
Do
300
pref
100 11812July 5 125 Feb 2 11312 Jan 126
'58
6234 *58
6234 '58
624 '58
6234 '56
National Cloak &
Oct
6234 '58
828
40 June 18 6714 Feb 21
26
Jan 6672 Sept
Conduit
Nat
&
Cable_
par
;:io14 Feb 24
14May 31
-4-658 -36i8 16 40 404 -5278 161-4 -554 40 - 3,400,1 Nat Enam'g & Stampin.No
1 Dec
44
Apr
g.
12314 12314 125 125 *12314 12512 "124 126
35 Oct 18 73 Mar 14
304 Jan 6812 Oct
12458
900' National Lead
100 108 July 5 13634 Mar 20
'111 112 *111 112 *111 112 '111 112 "111 12458 125 125
85
Jan 1294 Dee
112
1001 Do pref
111 111
1138 11% 1112 1112 115* 117& 12
100 10712J une 28 114 Jan 4 108
Jan 117
12,4 12
Oot
1218 12
1218 5,100, Nevada Consol Conner
gis Oct 27 183
5
407 4112 4114 4114 40% 41
:Mar 5
134 Nov
404 414 404 41
194 June
2.200
NY
Brake
Air
41
4112
temp
etre
No
par 264 Jan 2 42% Nov 23
'494 50 '4812 4912 484 49
244
*4814 49
Nov
4152 Sept
49
49
Chum
400i
*4812
A
4912
No par 4514 Aug 23 5112 Feb 13
•1612 1812 '1612 1812 '17
19 '17
454
Nov 5114 Oct
183* 18
300' New York Dock
18,2 •1612 184
100 15i4June 30 27 Apr 2
*38
44
*38
44
*38
44
*38
20 Nov 46 June
44 '38
44
*38
43
Do pref
100 374 Aug 14 5112
224 22% 2214 224 2214 2212 2134 2214 22
46 Nov 884 JUna
224 2212 2252 31.503 North American Co, new.. 10 1712May 21 2414 Mar 15
44
44
443* 445* 4414 447 '44
Apr
13
45
44
600
*4414 4434
Do pref
50
484 Feb 14
•1412 1514 1412 1412 *1478 1534 *1434 18 '9.434 4478 *1434
88
Jan 4758 Aug
103 Nova Scotia Steel & Coal 100 4212July 2
16
16
1414 Nov 9 294 Mar 3
878 9
'9
912 '9
912 "812 912
2034 Feb 40 Sept
2,300 Nunnally Co (The)..._No par
9
9
94
914
'112 212 '112 14
77 Oct 20 1012 Feb 9
8 July 1254 Mar
14 14
134 134 *134 2
•112 2
203 Ohio Body dr Blower...No Par
134 Dee
*118
104 Jan 29
132
114
114
14 114
5 Nov 1414 Apr
114 114
14
118
114
118 1,900 Okla Prod & Ref of Amer
5
*4
%Nov 2
6
"4
34 Feb 8
6
"5
6
154 Dec
44 June
5
5
1,200 Ontario Silver Mining__ _100
*434 5
5
8
19
3 July 21
194 19
T7sMay 7
1912 1834 19
41g Jan
934 May
1834 1834 1812 1914 1814 1812 ,,230 Orpheum Circuit. Inc
1
Mauna 21 2152 Apr 26
411324 13434 *13312 1344 1344 135
Oct
124 Jan 28
13434 1343 134 13414 1344 13812 1,400 Otis Elevator
100
114',
July30
912 10
153 Feb 16 116
94 934
914 94
Jan 1 684 OM
9
94 93
93*
74 914 4,200 Otis Steel
No par
7 June 30 144 Mar 21
*4312 4334 4312 4312 *43
44
44 4472 4434 443 4412 4412
672 Nov 164 Apr
23,400 Owens Bottle
25
Jan
2
3652
52
5
4
Apr 2
32
Jan 424 Sept
132
*38
32 83% %
24
12 1,500 Pacific Development
4
38
32 Nov 20
8331 834 8312 84
214 Mar 5
4 Dec 1412 Apr
834 83%1 8412 84% 84% 8412 8514 5,700 Pacific Gas& Electrio
100 73 July
8514 Dec 7
'94 1012
958 93s *8
10
60 Jan 914 Sept
10
10
10
103
11
11
700 Pacific Mall Steamship__ 5
7 July 2 1254 Mar 14
11
Jan 19 June
'aid and sated price.; no sales the day. s Ex-rlivideng
$ Per share $ per share
6914 6914 6912 70
137 14
1378 1378
•46
47
*46
47
338* 37
353 385*
67 67
68
70
84
84
8312 8312
1047 105 '104 105
*18112 182
181 182
1012 108 1058 10%
14
14
1334 1414
'80
84
8112 8112
81% 8178 *8112 8178
*9612 98
*96
98
*4734 48
48
49
8
8
'712 814
*9
934
9
9
2212 2314 2234 233*
*74
7512 *7414 7512
4012 4012 41
4118
'90
91
90
90
1434 1434 1412 1412
.1,712 8
*712 8
*15
1512 1478 15
614 64 *612 634
8212 82781 8118 3312
241
*3*
"8
34
New York Stock Record-Concluded-Page 4
• 2527
For sales during the week of stocks usually inactive, see fourth p.,ge preceding.
HIGH AND LOW SALE PRICE-PER SHARg. NOT PER CENT.
Saturday.
Dec. 1.
Monday.
Dec. 3.
Tuesday, I Wednesday. Thursday, I Friday,
Dec. 6. ' Dec. 7.
Dec. 4. 1 Dec. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
PER SHARE
Range singe Jan. 1 1923.
On batty of 100-share toss
Lowest
Mohan
PER SHARE
Range for Prato=
Year 1922.
Lowest
MONS
$ per share $ per share g per share
Indus.& Miscell.(Con.) Par $ per share
$ per share $ per share $ per share t per share $ per share $ per share Shares Pacific Oil
4212 Nov &Rs May
31%Sep,19 48% Jan 4
4272 4218 43 27,000
4112 42% 4134 421s 42
43
4 42
1
4238 42/
10 Dec 21 Nov
4Mar 22
1
15/
23
10
Oct
94
12% 1218 1218 1218 1214 1214 1232 7,200 Packard Motor Car
1218 12
12
12
12
914 Dec 92 Dee
5 99 Feb 7
9018June
100
Preferred
1
*9212
2
9412
94
9312
*9112
*9212
•9112
9512
*9112 9512 *9112 9512
4878 Jan 10073 Dee
9312
Feb
7
28
Sept
53
50
Trans.&
Petr
Pan-Amer
46.400
6234 5934 6138
6358 6034 6412 61% 6212 81% 6238 61
62
Feb 954 Dee
so 5012 Oct 19 86 Feb 7 404 Dec
Do Class B
59 143,200
4 6114 5858 6218 5834 6012 59% 60% 5838 6014 57
1
59/
124 Jan
3
5
26
Apr
64
Oct
114
Par
Ref-No
&
Prod
Panhandle
1,800
112
112
1%
114
•112 2
112 *112 2
138
•112 2
17 Apr
Nov
712
15%
13
Mar
23
May
9
par
No
900 Parish & Bingham
12
12
12
12
12
12
1134 1134 12
*11
12
*11
Vs Dec 13112 May
6 Apr 4
112 Oct 8
cNo par
t
v
St'l
Penn-Seaboard
54,500
3
8
27
312
2
27
8
27
314
'314
8
27
278 314
234 3
5934 Jan 99 Sept
2,200 People's0 L & C(Chia___100 86 Apr 27 98% Nov 30
96
96
96i2 96
9534 96
96
4 9534 9534 9612 *96
1
95/
31% Jan 4532 Sept
50 41 July 2 5014 Mar 19
4238 428 4212 4272 4.200 Philadelphia Co (Pitteb)
4234 43
42% 43
43
43
44
43
7314 Oct 10512 Jan
Apr 4
9
Aug
80
par
No
55
Corp
Pbillips-Jones
200
62
*55
58
*55
56
62
*55
55
62
*55
62
*55
7
Dec
4
223
2
10
1112July
2234 20,200 Phillip Morris
20
198 20
19
1918 1918 1912 1918 19
4 20
1
19/
2814 Jan 5914 June
8 Apr 5
3134 3258 3212 33% 100,300 Phillips Petroleum __-No par 1934Sept 18 695
4 3212 3212 3312 3212 33,4 3034 33
1
31/
8 July 244 Apr
614 July 2 1514 Jan 14
914 958 5,600 Pleree-Arrow Mot Car-No Par
' ,4
0149
914 938
4 *834 9,4
1
4 9/
1
9/
4
1
938 9/
9
1878 Jul/ 49 Apr
Jan
8
5
35
July
2
100 1312
Do pref
2412 24% 25% 2412 2534 2534 2632 6,600
2512 24
4 2638 24
1
25/
34 Dec 12 Jan
Feb 13
6
5
112July
25
Corporation
011
Pierce
5,700
214
212
2
2
2
23
2
212
232
4
1
4 2/
1
2/
Jan
212 234
32 Sent 71
100 16 Oct 11 45 Jan 4
Do pref.
2214 2234 2212 2212 1,750
24
2314 2312 2278 23
24
25
*24
Nov 724 Sept
55
7
Mar
100 58 Jan 16 6772
1,400 Pittsburgh Coal of Pa
61
*59
59
5912 5914 5912 60
59
59
59
59
59
90% Feb 10012 Sept
5
Apr
100
26
Oct
100
96
Do
pref
*98
9834
9834
9834 *98
9834 *98
9834 *98
9834 •98
*98
6558 Apr 120 Oct
No Par 47 July 5 134 Feb 6
5214 5214 5212 52% 5234 52341 1,800 Postum Cereal
5178 5172 5132 52
52
*51
Oct
100 10812June 30 11414 Jan 25 105% Apr 11212
100
Do 8% preferred
•110 11212 *110 11214 *110 11214 "110 11214 112 112 *110 11214'
63 Jan 954 Sent
2
Jan
8112
23
Oct
100
4212
Car
Steel
2,000
55
Pressed
4
1
/
53
5312
538
4
/
3312 0312 54 . 54
*53% 54141 *5312 541
Sept
106
Feb
91
5
Jan
994
23
Oct
100 80
Do pref
84
100
84 "82
*82 884 1 *82
•8212 84
84
84
85
*84
2412 Jan 51 Sept
68,000 Producers dr Refinere Corp- 50 17 Nov 15 5812 Mar 20
2638 2638 27
2712! 25
2332 2688 2472 2732 2538 2638 26
3,400 PubServCorp ofNJ,new No par 42 Sept 18 5112 Apr 16
45
44
44341 4414 45
4314 44 1 44
45
4312 4414 44
-Jill His; Sept
8
Mar
2
134
100 11012 July
3,600 Pullman Company
4 12312 12312 12214 123 I 112 123141 12112 12332 12212 124
/
4 1241
1
124/
Jan 5314 June
31
50 4178July 31 6914 Apr 19
5378, 5338 5438 5314 5334 0,400 Punta Alegre Sugar
5312 5312 5314 5414 5238 53 I 53
Nov 384 Jan
284
13
Feb
32
21
25
1614Sept
20,000 Pure 011 (The)
2018 1912 20
1914 1914 2012 1938 20181 1934 2038' 20
19
July
94
1028. Apr
100 8212 Aug 28 100 Mar 9
Do 87 preferred
I
8912 *87
8912
8912' *87
8912 *87
*87
89
*8712 8814 *86
Jan 12614 Sept
94
100 991
4 Oct 29 123 Mar 17
/
11012 11114 1,100 Railway Steel Spring
10812 1081 10912 10934 10934 10934' 109 109
*109 110
3612 Sept
Jan
MI
19
Feb
34%
1
No par 2914July
4
3472 *3334 348 *3312 34/
1
1 Rand Mines, Ltd
4 35
1
*33/
*3312 35
*3358 35
1218 Nov 19 May
9%Sept 21 1714 Mar 1
4 1218 6,900 Ray Consolidated Copper.. 10
/
4 1218 1178 124 111
/
111
1218 1214 1178 1214 1178 12
42 Mar
Jan
24
6
Mar
4818
2
June
24
c100
t
v
Typewriter
700 Remington
3238 33
32
32
35
*3312 3512 3312 331
3312 3312 *32
Jan 105 Dee
55
100 90 Nov 23 104 Feb 13
1st preferred v t e
*8812 92
*8812 92
*8812 92
*8812 92
4'8812 92 1 *8812 92
Feb 80% Dee
504
23
Nov
99
3
Jan
100
80
preferred
2d
99
*9712
98%
*9712
*9712 99
*971 99
*9712 99
*9712 99
3812 May
21 Nov
8 Oct 25 31% Feb 16
No Par
1232 1318 1212 1314 1218 1218 1218 1238 1214 1238 1212 1214 5,400 Replogle Steel
4812 Nov 7812 Mar
66% Mar 21
100 4012.1une 3
4912 4838 4914 11,900: Republic Iron & Steel
491g 49
4712 4812 48
4912 4734 497
49
1 May
Feb95
74
21
Mar
s
967
Oct
100
4
843
pret
200! Do
9234
9232! 9212 9212 9214 9214 *92
9234 *9214 923 *92
*92
12% Nov5034 June
No par 14 June 30 2978 Apr 17
2414 11,600 Reynolds Spring
2334 2438 24
4 24
1
2334 2418' 23/
2334 2414 2372 243
63% Nov
Mar
43
22
Oct
7312
1
Jan
47
25
B
Class
Tob
(RJ)
16,300'
2
713
Reynolds
4
693
71
7012
7014 7232 7134 7278 7114 72 I 7072 7134
118 Feb 9 1114 Apr 11838 Oct
100 114 July
•116 11718 *116 1171 •116 11718 *116 117% *116 117 *116 117%
4732 Jan 67 Jape
5518 Feb 19
edIr shares)- 4012 Aug
"N
(
er
efo
lirC
o DTtcp
yal
5134 5114 5138 5038 5012 5012 5012 8,8001 RoD
51
5034 511
5112 52
12% Jan 2014 Snit
10 17 June 29 23 Dec 7
4 4,600 St Joseph Lead
1
2218 22/
4 23
1
2214 2278 22/
21% 22
2112 22
2172 22
112 Jan
64 Max
14
Feb
5
Oct
114
par
c-No
t
200 San Cecilia Sugar v
2
2
*134 214 •13
2% •134 21
21
*112 214 *2
10 taus 244 Apr
34% Nov 26
Corporation-100
Jan
1812
Arms
Savage
1,800
,
32
328
3234
32
1
33
33
33
14
33
333
33
3314
33
_
7
Dec
114
May
88
par
Stores_No
Retail
38,700, Schulte
10512 10812 107 10834 10712 114
104 10412 10214 10488 10238 105
59% Feb 947k Aug
92% Feb 13
100 654June 3
8514 84'. 85
85
84
4,400 Sears, Roebuck & Co
85
8434 8412 8412 881
8434 85
Jan 112 Aug
91
100 10612June 4 115 Nov 28
1 Do prat
•10912 118 *11014 118 •11014 118 *11014 118 1'11014 117 *11014 118
Oct 2314 Jan
6
47
3
Mar
1212
28
par
Oct
No
57g 57
5l
6
6
61a
6 s 1,800' Seneca copper
5%
5o
612 Nov
534 584
12 June
5 Oct 15 10% Mar 2
400, Shattuck Arizona CopPer__ 10
634 68
838 638 *612 632 \658 638 •658 7 1 *638 7
3412 Dec 484 MAY
7
Mar
4114
3
Oct
2918
£2
Trading__
&
Tramp
Shell
700'
34%, 3438 3434 *33% 33%
34
*3314 34
34 •33% 34
*33
1314 Dee
Dec
1218
23
1914May
8
par
Jan
No
12%
15121 1538 1534 151
4 1512 18,600' Shell Union 011
/
1514 1538 1518 1512 15% 1538 15
_
100 8912Nov 2 95 May 23
Preferred
92
500
9212 *91
91781 *91
*9112 9212 9112 9112 01
99
*96
28
Feb
16
31
812Juiy
10
1118 1112 27,000 Simms Petroleum
1038 1014 12181 1114 117
10% 1012 10% 101'a 10
23
Mar
No Par 23 July 31 34%
27
27
2612 2714 2614 2634 2634 2634 2638 2638 2658 2638 3,400 Simmons Co
18% Jan -3484
16 Sept 18 3932 Mar 19
4 39,200 S1nclalr Cons Oil Corp-No Par
1
4 234 22/
1
4 23181 2234 2314 234 23/
1
2278 2314 2272 2312 22/
100 8014 Aug 23 99% Feb 14
Preferred
200
85
85
88
8712 *85
8514 8513 *85
*85 ' 87 .8518 88
117* Oct
8a Nov
Jan 2 35 Mar 31
9%
10
Co
011
Skelly
18,800
2212
22
22%
22
22141
2114 2132 2078 • 22% 2134 2218 2178
3412 Mar 5412 May
39%July 11 60 Apr 26
5312 1,200 Mote-Sheffield Steel & Iron.100 68 Jan 13 90 Mar 16
*5212 5312 5234 5234 53
53
5312 54
53
54
*52
80
Mar
Aug
66
100
Do pre
103
82
*79
82
82 1 *79
*79
81 .79
82
81
81
*80
33 Nov 5714 Mar
100 3814 Aug 4 6414 Mar 19
5712 5712 *5712 59%1 5833 5914 597 59% 3,300 South Porto Rico Sugar
58
5914 58
*58
June
24
Nov
15
16
Feb
27%
30
4June
111
par
No
600 Spicer Mfg Co
137k 1372 1334 1378
1418 *1378 14
1432 14
1412 •14
•14
Apr 98 Sept
84
100 88 Oct 19 9778 Feb 2
Do pref
8912
8912 *85
*85
90
89% *85
8912 .85
*85
89,2 *85
844 Dec 141 Sera
100 62 Nov 28 90% Jan 23
200 Standard Milling
*6212 64
*6212 64
*6154 6212 6212 6212 6212 6212 .6212 64
Jan 135
Oct
914
2
Jan
12312
553 5733 36,300 Standard 011 of California_ 25 4718July 30
5514 58
5512 5578 5434 555* 5512 56% .5512 56
3812 Dec 2504 Oct
3078July 31 4414 Mar 3
Jersey
New
lot
0
251
Standard
35
23,000
2
8
357
363
4
1
/
3514
38
3514
8
353
3538 3578 3514 3615 35
Jan 11612 Nov
Do Pre/ non-vottng___100 11434 Aug 24 11814July 27 113%
1,600
4 11634 1163
/
11614 1161 11638 11632 11614 11614 11612 1161
118 116
4512 May 634 Dec
59 1 1,100 SterlingProductaNever 51 June 29 6758 Mar 2
59
8 59
5812 5812 583 .5818 59
*5812 5833 58
24% Jan 79 Dec
74 July 5 12412 Apr 17
par
Corp-No
Sp
Stewart-Warn
20,600
4
1
/
89
89
4
893
4
873
8812 90%
89% 8738
88
87% 89
3514 Jan 71 Dec
85
851 15,200 Stromberg Carburetor-No par 5912July 2 94% Mar 6
8534 843 8572 8518 86
4 84
1
8518 86/
8553 881
100933 Oct 1 12614 Mar 21
7912 Jan 1414 Dee
104 10618 10314 10438 103% 104% 10358 10512 10412 10578 128,200 Studebaker Corp (The)___
1034 105
Feb 11814 Nov
7
100
Nov
117
4
Jan
112
100
1161'115
11634,
*115 1163 *115 117 *115 117 91512 117 •115
312 Jan
84 Nov
6
Apr
15
3
No par .7 Jan
1134 12 1 11 2 1134' 2,600 Submarine Boat
1158 12
12
12
121 *1138 12
12
104 June
4 No
64 Feb 15
18
Sept
2
par
No
011
Superior
218
2
23
212
232
212
2%
2,400
21
214
214
214
*238 21
Jan
Apr
3913
26
22
Mar
27
Oct
34
2312
100
100 Superior Steel
3112 *3018 3112 3112 3112
*30
*3012 32
30% *31
32
*31
5 Mar
1% No
4 Oct 30
1 June
10
3*4
314 338
3% 318 7,600 Sweets Coot America
3
3
313 312
34 31
31/4
1254
124
No
May
838
Feb
21
21
June
8
par
ette_No
tr
C
&
Copp
9
Tenn
8
7
9
8
800
I
9
872 87s
4 87
1
4 9
8/
1
.8/
*834 87g
5214 Oct
42 Ma
5278 Mar 20
25 3438 Nov
4238 4114 4134 27,900 Texas Company (The)
4 4254 4138 4238 4178 4214 42
1
4134 425s 42/
38% Jan 6712 Nov
10 5314July 2 65 Jan 15
4 59% 8012 5912 80 1 7,400 Texas Gulf Sulphur
1
59/
59
59
59
597
5918 59/
4 59
1
32s4 June
Nov
1812
2
Feb
2414
93
v
121Loy
5
94
:
:
4
1
:
1
10
-.
00912
Coal&
4
1
9/
ert
w tac
as
:
ate
9
111133 r
914
9
914 913
91
9
144 Mar 2 109% May 154 Oct
11512 1151 *11512 11712 11512 115,2 116 11638 •11312 11512 113)14
Oct
35
8
Sept
Mar
2812
46
Jan
33%
Par
Bearing_No
Roller
3812
1
Timken
13
38
37%
2
44 7,600
1%
363s 3838
371s 37112 *3714 3734 3712 373
4914 Nov 8414 June
78% Dec 7
100 464 Aug
6572 6512 67121 8812 7112 72% 767 147,200 Tobacco Products Corp
6614 65
85
6534 661
7672 Aug 8912 Sept
6
Dec
9212
7612July
100
15)
(ignceJully
CIA
9212
8
4
917
913
1
Do
92
9212
91
19,800
91%
905
4
s
903
4
/
911
9014 91
88 Mar 115 Sept
11512 Oct 25
100 10434 Feb
Preferred
4 1145* "11434 115 *11434 115 1 6,000
/
4 1141
1
4 114/
/
•11414 1141 11412 11412 *1141
14% Jan 5
74 Mar 2014 May
114 Oct 2
27a
278 3 1 35,500 Transcontinental 011-No Par
s
338
3
1
318 34
278 31
29
4134June
35%
Tipewriter___25
30
Aug
*38
•38
3812
3812
3912
39
38
38
I
Underwood
1.300,
3812
*3712 39
Mar 78 Sept
85
28
61 I *80
61
*80
6034 601
4001 Union Bag & Payee Corp_100 50 Oct 27 7712 Mar
60
60
61
81
613
*61
85 Dec 13434 Dee
100 81 Feb 1 99% Mar 19
0341 *90
93121 *90
Union Tank Car
90121
9312 500
9312 .90
931 *90
*90
100 106 Sept 6 112 Jan 19 102 Feb 113 Sept
Do Prof
•108 1081 •108 10812 •108 18012 *107 10812 *107 10812 *107 108121
Jan 41% May
25
No Par 29 July 31 3912 Mar 21
800 United Alloy Steel
3132 3112 *3934 3112' *304 31% '3034 31121
31
31
31
31
Oct
60% Mar 85
100 7414 Oct 31 8584 Feb 26
80
United
100
•78
Drug
*78
1
I
79
80I
80
*78
79
80
80 •79
78
.
5172 Oct
Feb
8
411
1
July
49
14
50
Feb
4614
preferred
*4678
4818
4818
4
1
/
4
1
/
*46
*48
Do let
4818
4 4812
1
.14878 4812 "467 4812 3.46/
Oct
182
Jan
119%
100 1524 Jan 17 18512 Dec 7
18012 18212 182 182 1•180 1811 181 18512: 5,000 United Fruit
78 181
176% 178
4 Feb 874 Oct
1
43/
*234 4 I *234 4 1
3
3
.1214 3
400 United Retail Stores._ No par a3 Nov 30 84% Apr 17
3
3
3
3
Jan
Aug
164
39
1
3
5
Dec
July
5912
0
Fd7-180
20
erfon Pine &
563
5512 5778 54
3
8514
5
3 I 89.33S ULCasptrI
57
8
5912 5312 0914 5414 59
58
Jan 78 Aug
80
64 June 21 87 Nov 28
82
84 'Si) 84 I 82
•83
85
84
•83
84
101s Jan
242 Feb
612Mar 19
218June 28
4
1
4 3/
1
4 3/
1
3/
3/
4
1
4 338 3,300 US Food Products Corp 100
1
3/
378
•33
4
*334 4
•33
354 May
Nov
184
13% Oct 26 25 Jan 27
2,500 US Retro Mach Corp_No pa
17% 17% 1712 1738 17% 1738 1712 1712 1712 1712 1712 173
Jan 7274 Oct
37
7314
mar
16
29
June
40
Alcohol__100
5*
Industrial
637
6112
8
634
U
27,800
.
21
61
6112 6314
8114 6
64
62% 8334 62
724 Dec 102 Oct
100 9514June 29 101 Mar 28
96
*95
981 *95
98
*95
Do pref
98
98
•96
*95
*95
08
Jan 927$ Oct
56
94 1 9414 9412 9438 94% 1,600 US Realty & Improvement100 881* July 2 108 Mar 5
*93
95
9512 95
95
95
95
46 Nov 674 Apr
22
Mar
844
100
8
5
30
28
Rubber
Oct
States
g
387
3712 385* 13,700 United
3972 3872 401s 385* 3913 3838 39% 38
39
107 Jul,
91
Sep
13
100 7634 Oct 26 105 Jan
89
Do 1st preferred
9014 1.100
8912 8912 *8934 90
90
90
9012 9012 8912 90
33 Feb 484 Oct
1832 Oct 29 43% Mar 2
221s 2212 22
Itelifig. Ref & Min__
22
22
28g if goE lmepr
9
,121
2114 2112 22
2234 22% 23
49 Aug
Feb
424
3
Jan
484
39 Oct 31
4112
4112 •40
4112 4012 4012 *40
*40
41
41. 41
*40
Jan 11112 Oct
82
9432 95 i 94% 9512 94% 9472 98,100 United States Steel Corp_ _100 85I2July 31 1094 Mar 21
94% 9532 9418 9534 9418 95
Sept
123
1234
15
Jan
1134
Feb
100
116%
6
Aug
119
2
8
1187
1187
4
1
/
118
119 11912' 2,100
DO prof
4 119
1
118/
118% 119
1188 119
59 Nov 714 Sept
7812 Mat 5
10 5512 Oct 2
8372 64
2,900 Utah Copper
8518 6414 65
65
6'
65
64
6434 8434 85
gra Jan 234 Sept
Feb 16
24%
31
100
Oct
14
o
t
v
Securities
1712
17
17
1714
Utah
18
16%
6,200
2 1014 1614
16
16
18
304 Jan 534 Aug
4458 Mar 20
No par 24/14JulY
'1173 3088 301s 3112 3012 31% 3058 30% 7,900 Vanadium Corp
301g 31
3014 31
Oct
92 Jan 100
100 85 Oct 5 98 Jan 25
I Van Raalte, 1st pref
9812
91' *82
9812 *80
93,2 *80
9312 ,. i
984 *go
*80
234 Nov 3874 Mar
614June 27 27 Feb 20
-100
2,490 Virginia-Carolina Chem-100
812 81
958 9
9 I
9
9
./
934
9
918 9%
Oa
July
83
58
15
Mar
69
27
100
June
17
30
29
4 30
1
29/
Do pref
2,9001
301 301
3012
30% 3012 291s 291 *2914 30
4 Jan
1
94/
43 Ma
56
*50
56 , *50
58
1 Virginia Iron, C &0 ---100 52 July 2 68 Mar 5
*50
56
*50
58
58 .50
*50
Oct
86
Mar
66
23
Apr
85
ni2June
28
100
86
*8212
'
*8212 86
Do prof
1
*8212 86
86
*80
•8212 86
*8212 86
gla Jog
18 Dee
No Par
12 Oct 23 23 Mar 22
12
197
1
:
14,303 Vivaudou(V)
1412 1314 13'2 127 1312 121
14% 13
14
_
24
May
20
20
par
No
8June
145
16
1612
14214
4
518
4
ii
1612
Waldorf
System
800
1578 1814 1612 161
•1534 163
104 Oct 17 Apr
1214 Jan 27 1534Sept 18
1334 14
*1312 1412 1,403 Weber & Hellbroner-No par
1414 1432 137 137
•1312 14
*1312 14
ggi4 Jan 9884 Oct
100 33 Dec 6 105 Mar 2
33
*34
38 I 33
15 Wells Fargo Express
40
*34
38
*36
38
38 .36
*36
Feb 12114 Aug
89
20
Feb
11912
5
10112July
Telegraph-100
11014
11014
Union
1101
11014
1104
110 11014 1,600 Western
'109 1091 *10812 10912 10912
80 Mar 114 Dee
600 Westinghouse Air Brake_- 50 78 July 5 120 Feb 17
84% 847 *8314 85 1 *8314 8434 '8314 85
85
85
8314 85
Jan 651s Aug
6712 Feb 16
4912
5212June
30
50
Mfg1
&
5911
Elea
Westinghouse
5914
27,503
2
59
6118
5912
583 59'l 59
5814 59
59
59
25 May 334 Nov
3038 Mar 20
No par 20 Oct 31
2334 233
1,900 White Eagle 011
23% 2334 2334 2372 23% 2312 233
23
23's 23
3512 Jan 54 Sept
45 June 28 8074 Mar 19
50
Motor
2
543
54%
55
White
543
5714
4
23,900
53
533
2
5234 53% 523
24 Dec 12 May
523
52
5% Feb 19
14 Oct 19
34 6,100 White Oil Corporation_No Par
33
34
38
58
58 . 5t
12
4
1
/
as
84 Nov
2172 May
1
12
2 Dec 2 14 Feb 13
5
214
314
2% 26,000 Wickwire Spencer Steel
2
3,4 31*,
314 31
338 334
31
3
Ati Feb 10 May
7
21
Dec
June
812
5
25
(The)
7
77
Willys-Overland
71
69,200
812
77
8
7
8 i
732
7% 7%
7% 8
Feb
494
Ally
24
7
Dec
74%
2
Jan
4212
100
Do pref
7214 7312 7178 7318 7238 74% 26,900
727
71
7112 71% 723
71
27% Jan 5012 Sept
19 June 27 4234 Mar 7
2014' 20
20
20
800 Wilson dr Co.Inc. v t c-No par
20% 2018
2014 20% *2014 21
*2038 21
223
Jan
Nov
137
5
Dec
283
24
Jan
19918
100
286
1
W)
288
(F
286
Co
1,200 Woolworth
*283 285
283
28214 28214 *283 286
"282 284
2872 Nov 5578 June
26
1,500 Worthington P & M v to.. 100 1972 Oct 30 401s Feb 15
27
2634 26341 *2512 27
263
2612 2812 25% 255 '26
Jan 11 Aug
8
8
Nov
131s
17
par
Jan
814
Aeronautical___No
1312
1318
13
13181
13
Wright
1,300
1318
"1214 121 *1214 1212 1212 13
6912 6012
600k Youngstown Sheet & T_ No par 62 Oct 24 80 Jan 26
69 1 •6812 72
687* 6878 69
69
6812 6812 69
• Mit and ,.*a...1 (vice.; no Wes on this dav • Its-dividend
Retail Stores.
a After distribution of dividend in shares of United Cigar S tore at the rate of 88.8 shares for 100 shares of United
1 •34
June
200
f
2528
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Eschange method of quoting bonds 4088 changed and prices are now -and
interest"--except for income and defaulted bonds
BONDS.
N. Y. STOCK EXCHANGE
Week ending Dec. 7.
U. S. Government.
First Liberty Loan—
J D
% of 1932-1947
Cony 4% of 1932-1947
.1 D
Cony 43i% of 1932-1947
▪ D
2d cony 43. % of 1932-1947
•D
Second Liberty Loan9% of 1927-1942
MN
Cony 43i% of 1927-1942
MN
Third Liberty Loan4j% 01 1928
M S
Fourth Liberty Loan4j% of 1933-1938
A0
Treasury 43.is 1947-1952
A 0
2s consol registered
d1930 Q
25 consol coupon
d1930 Q
48 registered
Q
F
1925
coupon
1925 Q F
Panama Canal 10-30-yr 2s.._/1936
Panama Canal 35 gold
1961 1t
Price
Friday
Dec.7,
Week's
Range or
Last Sale
2•=1
Range
Since
Jan, 1
BONDS.
N. Y. STOCK EXCHANGE
Week ending Dec. 7.
t
t
Price
Friday
Dec. 7,
Week's
Range Or
Last Sale
Ran,„
Since
Jan, 1
Ask Low
High N 0. Low
High
Bid
Ask tow
litsh No Low
Hig)
Atl & Birm 30-yr 1st g 48_e_1933 M 5 69
6712
3
6712
65
6971
99.2. sale
1070 9942101.90 AU Knoxy & CM Div 4s„....1955 M N 8318 75
.
9930
841
827
8
3
8612
83
80
/
1
4
984,,
98n.
10 97.,, 98.90 Atl Knox dt Nor 1st g 58_ _ _1996
98.,, Sale
J 0 98,8 _ _ 9012 Nov'23
9834 9912
/
42 426 9611
98"., Sale 984,, 98,1
/
4,99.10 Atl & Cheri A I. Ist A 45is..1944 J J 911
9212
/
4 -03- 0212
5
0212
88
97.4.9731
.978111,Nov23 - - 97.00 99.00
1st 30-year Is Ser 11
1041 J J 9312 Sale 9812
99
16
96 100
Atl Coast Line 1st con 98 _131952 M S 87 Sale 8638
82/
1
4 89
42
87
6 96...98.70
98".
9311
.
10-year secured is
1930 M N 10712 Sale 10712 107/
1
4 33 101, 108
98t„ 9810,, 2217 913..,,98.88
98.,, Sale
General unified Cis
8712 8812 8718
I
82
8958
/
1
4
L & N coil gold 48
al19
86
54
23
81 D 8134 Sale 8114
87S
8131
7612 83
50
99.. Sale
5430 97". 99". A tl & Dan, 1st g 48
.
992
.99111
19483 J 73
73/
76
7518 Sept'23
1
4 79/
1
4
2d 4s
65 Aug'23
_
81 18 687e
98"., Sale 98.2, 98.,5220 97.,, 99.04 Ati & Yad let g
19
848
9
13
JA 0: 6
9
7
4
8
158
54
guar
411
82
9
7
6
3
,
1
79
1
-1
8
77.
/
771
1
4
/
4
977
814
1115
Sale
9917,,
99", 9913,,
981..100.04 A & N W lot gu g 58
9418 Nov'23
97
_-_- 10412 July'23 _ _ _ _ 1021
/
4 1011.
103 July'23 ____ 102
103
Bait AL Ohio prior 350
1925 J J 061
/
4 sale 90
961
8
44
9315
97
,2
104 May'23
103
104
Registered
/1925 Q 3 9012 9534 9412 02t,'23
9312 941
/
4
10314 Aug'23 _ _ _ _ 1031s 1031
/
4
let 50-year gold 48
/1948 A 0 8034 Sale 8014
/
4 82
741
81
155
100 July'21 ____
Registered
51948 Q J 7812 80
79 Nov'23 ____
74,s 79/
1
4
-16; 941
/
4 Apr'23
10-year cony 4l45
1933 M S 8212 Sale 82
8414
8278 113
77
Refund & gen 55 Ser A___1995 J
8334 Sale
State and City Securities.
10-year Bs
1929 J.
0
1 1(810334
118
)0
31
/
4 10
85
1/
1
4
84
014 0
9
79
8% 10
89
5
Y City-44's Corp stock.1960 M
1
100
9978 10014 100
9814 101
P Jet & 81 Div 1st g 3..0_1925 MN
¶15
95/
1
4 9412
1
4
/
4 95/
911
9538 19
1964 M
4YcIe Corporate stock
4
1
4 10038 10038
100 100/
9958 1021
/
4
PLE&W Va Sys ref 45_1941 81 N 78 Sale 7712
73
45
7814
7912
the Corporate stock
1966 AO 100
10014 Nov'23
_ _ 100 10211
Southw Div 1st gold 3(45.1925 J 3 9578 Sale 9534
/
4 9618
911
96
216
1971 3D 10418 1045
43i8 Corporate stock
-- -8
- 10312 Oct'23
10312 108
Tol cis CM Div lot ref 4s A-1959
J 6612 Sale 8614
6112 68
661, 30
4.1is Corporate stock _July 1967 33 104 1041
/
4 10414 Nov'23 _ _ _ _ 10134 10712 Battle Cr & Stur lot gu 38 1989
0
531
/
4
J
63
Apr'23
5118
____
80
6718
dAs Corporate stock
1965• D 104
_... _ 103/
1
4 Oct'23
_ 10134 10718 Beech Creek let gu g 4S--9114 5812 Oct'23 ____
-1936 J J 89
8812 8912
1963 M
4%s Corporate stock
104
104 Sale 104
3 102,8 10738
Registered
1936 J -1
86
86
3
23
54j
F
u
l
I
yy
1959 MN 9634 a% Corporate stock
97 Nov'23 _ _ _
95 10014
2d guar gold 58
1936
___1958 MN 9631
4% Corporate stock
97
97
4
95
9978 Belch Cr Ext lot g 3.q8---51951 j
A D
O
3 -8
7
-0
5
:
6
80
464 j„17,2,
_
4% Corporate stock
1957 MN 9634 -973
- - -s 97 Nov'23
_
96 10018 Big Sandy Mt 4s
1944
82
i0T4
II% Corporate stock reg 1956 MN
95 July'23 -95
9912 B & N Y Air Line 1st 4s
F
A
1955
5712 61
61
61 Nov'23 ____
7511
1957 MN 1034 1-64-4 10334 10334
43.6e Corporate stock
3 10112 10758 Bruns & W 1st gu gold 45..-1938
Feb'23 ____
89
89
43% Corporate stock
1957 MN 10334 10414 103/
1
4 10334
3 101,2 10718 Buffalo R & P gen gold 5s 1937
8112 01 Nov'23
/
4
;
4872,
8
37
99/
9
712 4
1
4 1011
1954 MN 8612 871
33 % Corporate stock
_
: 867s Nov'23
8512 91
Consol
1957 M N
ss S e 88
8614 921
871
/
4 17
1961 M
New York State-49
10212 June'23
101 12 10312 Burl C R & Nor let 55
1934
0
941
/
4
A
9612
9612
9612
10
9912
95
Improvement
Canal
4a_ _1961 • J
---- 10212 June'23 -- 10238 10212
Highway Improv't 43s .J963 M S ____
1121
/
4 July'23 -- 1121
/
4 11214 Canada Sou cons gu A 5s___1962 A 0 9818
11010612
OS', 9814
14
1 1
Highway Improv't 43.e 1965 MS
981
/
4 6
10912 Apr'22 -Canadian North deb 5 f 7s_ _1940 J 0 11238 Sale 1114
81041/4
11278
Virginia 2-3s
1991 J J
7114 Oct'20 25-year of deb (Sts
1946 J J 11111 Sale 11054
1
4 11354
11114 26 110/
Canadian Pac Ry deb 4s stock.. J J7814 Sale 7818 • 781
7478 8034
/
4 169
Foreign Government.
Carl)& Shaw Mt gold 4s
1932
2 90
9 12 Oct'22
Argentine (Govt) 75
1927 F A 102/
1
4 Sale 10178 102/
1
4 101 100/
1
4 10318 Caro Cent let con g 48
1949
"ii"
-iii69
/
1
4
72
Nov'23
__
_
_
Argentine Treasury 5801 1909_ _ _ M S 84 Sale 83/
15
7712 8514 Car Clinch &0 let 3-yr 58..1938 .1 D
1
4
841e
92 Sale 9112
8814 94
38
92
Austrian (Govt) 75 w I
1943 3 D 8712 Sale 8678
83/
1
4 93/
1
4
8712 147
68
1952 J D 9614 Sale 9512
89
98/
1
4
55
9614
Belgium 25-yr ext s f This 8_1945 J D 971
112
9114
/
4 Sale 97:2
10312
98
Cart & Ad lot gu g do
1981 J D 7912 __ _
76/
1
4 77/
1
4
7738 Oct'23 ____
6-year 6% notes
Jan 1925 J J 9612 Sale 96
93
9818 Cent Br U 1' lot g 4s
9612 121
1948 4
3 D
J f
5i2
7314
2 -6
54
978
- 6
55
418
V2,3
2 ___ i_
2 0c54
20
1941 F A 981
-years 18s
66
93
10314
:Sale 97,1
08'2
Cent New Eng let gu 45
1961
6
48
518 66878
Bergen (Norway) s f 88
1945 M N 10834 Sale 108/
1
4 10834 16 107 10912 Central Ohio 4tis 1930
1930 M S 927g _
9334 Dee'22 ________
Berne (City of) s f 85
1943 M N 10812 Sale 10814
10812 11 10712 11314 Central of Ga lot gold 55_0945 F A 100 - 1-01- - 100/
68
27
i9
525 11
4 Nov'23
Bolivia (Republic of) 8s _ _ _A 947 M N 8514 Sale 841
83/
1
4 94
/
4
8512 79
Consol gold 56
1945 M N
95
/
1
4 9 a
9512 9512
9512 16
Bordeaux (City of) I5-yr 69_1934 MN 7578 Sale 75
36
6912 8312
June 1929 J D 1001
10-yr secur Os
/
4 sale 100t8 100/
1
4 ...99
99/
1
4 1.0111
U S external 88
1941 J D 95 Sale 9414
9134 99
9512 118
Chatt Div pur money it 48_1951 3 D 76's --- - 74
74
Oct'23 .......
8212
75 (Central RY)
1952 3 D 7812 Sale 7812
7712 8814
122
Mac & Nor Div 1st g 5s_ _1946 .1 J
79
9414 104
7.16,(Coffee Security)._ _1952 A 0 96
9612 96 Nov'23
Mid Ga & Atl Div 58
8 .1
J 8
1947 1
98
2
57
11 -_ -. -_ __- 9
0
m
41,184
-- 9-9
July'23
77-11-2s
87
4
6:8
2 8J
Oct'23ueP :23 __ _. __ __
Canada (Dominion of) g 59_1926 A 0 991
99
26
1013
4
Sale
9912
/
4
99/
1
4
Mobile Division 56
1948
do
do
do
65 1931 A 0 9958 Sale 9912
99 102 (:ent K R & 1301ga coil ells._ _1937 M N _,
9934 25
„ -Ili 9014 Nov'23 ____
10-year 5s
1929 F A 101 Sale 10034 10134 87
99/
1
4 10212
Central of N J gen gold 5.1.1987 .1 J 10334 104 10314 lon
4 10238 108
be
1952 M N 991
9778 102
/
4 Sale 99
99/
1
4 83
Reentered
k1987 .I
F A
J 1806312
18
06
212 10212
2 10214 105/
1
4
Chile (Republic) ext s f 88 1941 F A 1051
/
4 Sale 104¼
105,4 90 100 10514 Cent Pac lot ref gu g 48 ____1949
Sale 86
1
4
7958 88/
8718 • 38
External 5-year 8188
1926 A 0 103 Sale l023
73 100 104,8
103
3(45..
_ _k1929 J D 9138 Sale 901
Mort guar gold
8984
2
9214
/
4
911
/
4
7.
1942 M N 9518 Sale 94
9312 9614
9518 88
Through St I. 131, 8,1 Is_ _1951 A 0 8?
83 83
793* 8034
8634 22
25-year s f 8s
1946 M N 10412 Sale 104
104,2 28 10012 10512 Charleston & Savannah 78 —1036 4 J 115 118 11412 June'23 ____ 11412 11412
Chinese (Hukuang Ry)55 _ _1951 3 D 4438 Sale 441
41
52/
1
4 (Ales & Ohio fund & impt 50.1929 J J
/
4
461
/
4 26
953
4
963
8
953
4
96
941
/
4 97
6
Christiania (City) s f 8s _A945 A 0 1061
1 106 11212
/
4 10712 10612 10612
1939 IVI N 9934 10012 99/
1
4
lot cense! gold 55
9734 103/
1
4 100
12
Colombia(Republic)64is_ _1927 A 0 9514 Sale 9514
8812 96,2
9558 69
Registered
1939 M N
Copenhagen 25-year 8 f 51.0_1944 J J 8712 Sale 87
87
9212
8734 22
ii_ii_s Sale 82
gold
General
si
M
8
13
1992
'
,
1L.
8
,
4A8
:
7
::8:1
23
3
"a
try71
8
4
a
l
1,84
84'4
Cuba 58
1944M
9014 99/
1
4
94
9512 94 Nov'23
Registered
1992
8014 8212
__
Eater debt of 58'14 Ser A..1949 F A 91
13
8711 96
94
9312
9414
20-year convertible 454s_ _1930 F A 8712 Sale 8612
8912
8218
-157
8712
External loan
1949 F A 81
811
/
4 89
8412 82 Nov'23
961
/
4
30-year cony secured 58_1946 A 0 89/
84
1
4 Sale . 8858
8934 161
aim
1953 1 J 89/
89
9934
1
4 Sale 89/
1
4
901
/
4 526
Craig Valley let g 55
1940 J J 9218
9014 95
911
/
4 Sept'23 __
Czechoslovak (Repub of) 83_1951 A 0 94 Sale 9278
77
93
9612
94
Potts
J
Branch
48_1946
Creek
let
1
7814
733
78
,
____
4
May'23
7814
4
82
-12
Danish Con Municip 88"A"..1946 F A 107 Sale 107
9 10612 10912
10712
R& A Div 1st con g 45
1989 J J 7812 801
7838 81
/
4 7818
7
7934
Series B
1998 F A 10712 10734 107
1
4
10712 20 105 109/
2(1 consul gold 4s
1989.1J 76
7414 76
78
74/
1
4 Aug'23 ___
Denmark external e I 88__ _1945 A 0 10714 Sale t07
1
4
10734 37 107 110/
Warm
V
lot
Springs
g
MA 13
58_
_1941
9034 0044
9034 July'23 __
20-year 68
1942 J J 94 Sale 9312
9312 99 Chic & Alton RR ref g 3s-1949
63
9412
0 g1
.511 S9
aIlle
Dominican Rep Con Adm e f 5558 F A 99/
951
/
4 102
7
1
4 Sale 991
/
4
99/
1
4
New York Tr Co Mrs
21% Jul* _3
MI ii4
_7
_
53-is
1942 M
8512 Sale 85
84
90
100
87
Stamped Oct '22 int_ _ _ _
---- 50/
1
4 '5312 52
Oct'23 ____
99,2
Dutch East Indies ext 65_ 1947 3 J 951
9214
9814
51)
/
4 Sale 95
95/
1
4
Stamped Apr '23 int_
46/
1
4 5112
40-year Os
5112
5112
3
5012
____
1962 M
92
9734
9434 Sale 9414
82
95
Railway let lien 35i5
1950 :1"; 3434 Sale 3212
2518 3512
3512 730
53s trust refs
1953 M
87/
1
4 9414 Chic Burl &
90 Sale 891
/
4
90,8 302
Div 35.1949 3 3 791
87
7812
Sale
79
/
4
/
1
4
13
French Repub 2.5-yr eat Rs_ _1945 M S 961
79
/
1
4
90
101
:Sale 9514
961
/
4 243
Illinois Division 40
1999 J 3 87
20-yr external loan This_ _1941 3 D 92/
8512 90/4
8712 87
12
87
84
97
1
4 Sale 911
/
4
9234 303
Nebraska Extension 4s
1927 M N 96 Sale 96
01 Brit & Ire (UK of) 51,0_1937 F A 100/
98
9511
7
97
9912
104
/
1
4
243
1
4 Sale 10018
101
Registered
1927 M N
10-year cony 550
1
4
96 Nov'23 ____
95/
1
4 06/
1929 F A 1081
/
4 Sale 1071
136 10614 118
/
4 109
General 4.8
1958
Greater Prague This
1952 M N 76/
65
8234
1
4 77
7612
771
/
4 37
let & ref 58
1971
g178
Na
4
a
l
e
9
11,2
Haiti (Republic) 65
8
1
tg18
5
1738
8
N
gg
1952 A 0 9012 Sale 90
891
/
4
98 Chic City & Conn Rys 55_ _1927
9014 93
50. Sale 50
Italy (Kingd of) Ser A 650_1925 F A 9812 Sale
50
9212 9812 Chicago & East III let 6s_ _1934
971
4
9812 35
i1
4
03
i
f
,2
____
Nov'23
le
2
g
_
1,2
Japanese Govt— £ loan 4s.192,5 F A 9418 Sale 93/
1t:
9418
9012
269
941
/
4
C & E 111 RR (new co) gen 55_1951
97
1112
8
7678 8
14
7
77
Second series &lie
1
4 4
0
72
93949112
7/
1925 3 J 93 Sale 9218
903s ON Chic & Erie Mt gold Is
93 '189
1982 P4 N
Sterling loan 4s
1931 J J 80 Sale 791
1
4 8278 Chicago Great West lot 48_ _1959 M S
75/
/
4
8014 61
44
56
511
/
4
Sale
52
491
/
4
190
Oriental Development 65.1953 M El 88/
87
9312
1
4 Sale 87
89
130
With Sept'24 coupon on
51
24
50
Lyons (City of) 15-year 6e- -1934 M N 7512 Sale 751
6914 8338 Chic Ind SC Lotilsv—Itef 68._1947 J 1 51 Sale 48
43
/
4
76
1V3I
s 10734
10412 105/
1
4 10414 Nov'23 ___
Marseilles(City of) 15-yr 85_1934 M N 7618 Sale 7518
6912 8312' Refunding gold 55
7614 62
97
92
1947
____
Nov'23
91
95
3
/
1
4
94
J.
Mexican Irrigation 4M5_ —1943 M N
30
42 I
31 Sale 31
28
34
Refunding 45 Series C
1947 J 3 80
1
4
791
/
4 88/
80 Nov'23 ____
85
Mexico-5s of 1899
1945 Q J 5012 Sale 4812
421
/
4 5812
5212 206
General 58 A
791
/
4 84
1968 M N 81 Sale 8012
7
81
Gold debt 4, of 1904
19543 D 29 Sale 28
25
411
/
4
301
/
4 173
General (is B
98
c1966
19521.1
Montevideo 78
D 8612 Sale 86
85
9138
24
87
Ind & Louisville lot gu 48_1958 i I 8
7P18 74 4 82
6981142 82/
5
2
1
4
112
538
44
38
Netherlands Os (flat prices)_ _1972 M S 9534 Sale 9412
94,2 10212 Chic Ind & Sou 50-year 48_ .1956 J J 8212 8
84
96
81
8418
7
8212
85
8212
1940 A 0 110/
Norway external s f 85
1
4 Chic L S & East 1st 41.is_1969 ,
1
4 Sale 110/
1
4 111
71 109 112/
.1 D
I 8714 ; __ 5
8634 90
e'2
23 __i
88
1114
2 Jun5
Os
1952A 0 9414 Sale 93
9238 100 C 51 & Puget St' 1st gu
9412 20
50
4s...1949
6818
Sale
Cis (Interim certlfleates)._ _1943 F A 9312 Sale 9214
9214 96/
1
4 Ch M & St P gen 4 -Is Ser A.e1989
931
: 236
.i i Nis
'12
1
711
4
/
4 23
711
6934 74/
/
4
Panama Mem 5tis Tr rects_1953 J D 9612 97
9434 97/
1
4
9614
9634 18
General gold 314s Ser B._e1989 J J 62
6211 20
6
701
72
7s 8
6312 6214
6%
3
Porto Alegre(City of) 85_ _ —1961 .1 D 9312 94/
93
9912
1
4 9614 Nov'23
_
General 4t4s Series C
e1989
Queensland (State)ext s f 70_1941 A 0 10434 Sale 103/
1
4 10912
1
4 10518 34 103/
Gen & ref Series A 4Y6s_a2014
113
6234
5011
49
48
/
1
4
7778
79
59
25-year 68
1947 F A 100 Sale 100
10012 48 100 10234
Gen ref cony Ser B 58....a2014 F A 5518 Sale 52
52
70
5512 188
Rio Grande do Sul 8s
1946 A 0 9312 06
911
/
4 9914
9612 100
9414
Convertible 434s
J
D
1932
5518
51
12
208
Sale
553
54
8
08
Rio de Janeiro 25-years f 88_1946 A 0 89
88
97
8912 8312
8934 35
4s
1925 1 13 tin Sale 6
83
4,2
6
111s4 6
6714
571s
47
,
2
6
5
,
8,
18
2 218
88
1947A 0 89 Sale 88
88
0712
23
/
4
891
25-year debenture 45
1934
San Paulo (City) s I Is
1952 M
93/
1
4 9934
9612 1/8
98
9634 15
Chic & Mo RAY Div 55
1926
.
1 961
9634
/
4 97
/
4 98
961
96/
1
4 10
San Paulo (State) ext s f 88_1936 J J 9814 Sale 98
9512 100 Chic& N'west Ext. 90_ _1886-1926 J
9812 19
F A 9612 981
/
4 961
/
4
961
/
4
1
94/
1
4 DON
Seine (France) ext 7s
90
1942 J J 83/
78
1
4 Sale 8212
83/
1
4 79
Registered
1888-1926 F A 0512 __ 95 Nov'23 __
9338 9.55,
Serbs, Croats & Slovenes 88_1962 MN 6512 Sale 6518
53/
1
4 7812
6612 128
General gold 334s
1987 M N
7018 Sale 7018
1
711 1
6934 77
Bolssons (City)68
85
1936 M N 8113 831
8812
39
/
4 8114
83
Registered
p1987 J F 69
7034 6814 Oct'23 ----6814 681
/
4
Sweden 20-year Os
/
4 106
1039 J D 10334 Sale i0234
10134 84 1011
General 48
1987 MN 8158 Sale 8038
8138 36
8018 87
Steles Conferees 20-yr s f 89_1940 J J 1113t Sale 11134
11212 28 11112 111)14
Stamped 45
1987 M N 81
8112 8012 Nov'23 ____
8714
79
Tokyo City 58 loan of 1912
6412
77
MS 621
. 66
65 Nov'23
General 58 stamped
1987 M N 10012 101 100
10012
9814 10512
9
Uruguay Republic ext 8s____1948 F A 10314 Sale 103
9914 107
10314 15
Sinking fund 65
1879-1929 A 0 1011
/
4 10434 102 Nov'23 ____ 101 10814
Zurich (City of) 8 f Is
10814 1137s
1945 A 0 110 Sale 110
110
Reglatered
A 0
1879-1929
•
10178
Apr'22
____
35=3
Sinking fund 5s
/
4. 97
1879-1)29 A 0 91202 981
7-1;
97
i; 110
1 -67
Railroad.
Registered
1879-1929
971
/
4 Mar'23 ____
9 8 9 1
Ala Ot Sou let cons A 58
9212 96
1943 J D 9412
941
/
4 Oct'23
Sinking fund deb 5s
1933
"
Fit;fe-ii
98
99
3
97 103
Ala Mid let guar gold 58..„.1.928 51 N
99/
1
4 1011
/
4
Oct'23
100
Registered
1933 M N
97 Aug'23 ____
97
0914
Alb & Sus.] cony 35-is
1946 A 0 7812 7914 7818
7818 20
10-year secured 7s g
19303 0 10538 1-0534 10514
106/
1
4 44 105 110
Alleg & West let g 48 gu, 1998 A 0 81
7
88
1
88311,42
8234 81
1
15-year secured 634s g1936 M 8 1061
81
:Sale 10612 10612
1 106 111
Alleg Val gen guar g 4s
87
90
1942 M
3
8834 8914 8812
&
R
1
Chic
8912
P—Railway gen 4s '88 J J 78 Sale 78
82
76
6
78
Ann Arbor let g 4a
6412 651/4
11995Q J 55
5634 57 Nov'23
Registered
_ a_l_e_ 74 Sept'23 ____
7
73
6s
;1
80/
1
4
74
Atcb Top dr S Fe—Gen g 48_1995 A 0 8712 Sale 8718
8414 9112
Refunding gold 98
871
/
4 204
A O
j
1934 -I
7318
7212 83,1
7334 222
81
Register&
89 Chic St L & NO gold 55_1951
1995 A 0 8512 -- 8714 Nov'23
13 9541 10112 12,8 Nov
1
_________
10
7
uy:fl
2
9
,3
0
7
8
5
_
%
1
4
7512 82/
Adjustment dold ts
51995 Nov 79/
1
1
4 8012 79/
1
4
79/
1
4
Registered
.1 D
95/
1
4 95/
__
1
4
7014 8212
Stamped
11995 Nov 801
/
4 Sale 8018
Gold 3ti5
8078 16
1951 J D -ii- 1;6;
1 77/
1
4 May'23
Cony gold 48 1909
1955 J D 82/
1
4 _ _ _ _ 841
/
4 Nov'23
Joint let ref 55 Series A
1963 J 0 9312 95
/
4 973e
9312
911
13
04
Cony 44 1905
1955 J D 8312 8458 84
Memph Div lot g 43
8434 37
1951 J B 78
83/
1
4
78
84
78 Sept'23 ____
7
773
Cony 4 'sue of 1910_ _ _1960 3 D 78/
7/
1
4 180864;1s
4 C St L & P let cons a &L
1
4 84
8214 Oct'23
A 0 9934 ---- 9912 Sept'23 ____
1932
9912
10014
East0
Div 1st g 48_ _ _1928 M
9334 9812 Chic At P 5.132 0 cons 65.__1930 1 D 104/
9518 96
95/
1
4
95/
1
4 20
1
4 Sale 100/
1
4 10433
6 104 10714
Rocky Mtn Div 1st 48_ _ _ _1965 J J 79/
7712 83
1
4 Sept'23
1
4 8112 79/
Cons 65 reduced to 3%e__1930 J D 90
9112 9212 Mar'23 ____
9212 92/
1
4
Trans-Con Short L let 40.19183 .1 83/
1
4 86
84/
841
1
4 60
811
/
4
/
4 8654
Debenture 58
19301M 8 9418 Sale 93/
92/
1
4 98/
9
1
4
1
4
941
/
4
Cal-Aria lit & ref 41
.0"A"I962 M S 89/
9018
8712 03 Chic T H & So ER81 1st 5e_19601.1 D 7914 Sale 791i
1
4
91
83
8012 22
761
/
4
'No price Friday:1810dt bid and asked. a Due Jan, DJ April, Due May, Due June, 13 Due July.
5 Duo Aug. 0 Due Oct. p Dee Nov. qDue Deo. ,Option
Bid
ir 1 n
`P 2
___
lini.,2 Sale
'
a 57(11, Sale
A il
i
New York Bond Record-Continued-Page 2
BONDS
Price
IC Y. STOCK EXCHANGE " Friday •
Week ending Dec. 7.
Dec. 7.
Week's
Range or
Lad Sale
4,2
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 7.
2529'
Price
Friday
Dec. 7.
Week's
Range 01
Last Sale
g
07.5
High No. Low
Bid
High No,
Ask Low
Bid
High Illinois Central (Concluded)
Ask Low
8778 9258
9112 45
9112 Sale 9012
Purchased lines 3,14's
19523' 75,4 7712 7513 Sept'23
43
9812 24
9818 9918 9s12
80
95 10012
Collateral trust gold 48__ _1953 MN 80 Sale 7914
11514 Sale 11414
11514 29 11212 11513
77 Sept'23
Registered
1953 MN
105
__ _ _ 105 Nov'23
10412 105
Ref 5s
1955 MN 10018 Sale 10018 10058 11
684 75%
7238 Sale 7134
15-year secured 53.6s
7212 26
10034 42
'
3 10014 Sale 10014
1934
7 10113 10314
10238 10318 10214 103
10912 15
15-year secured 6S4s g
1936 3, 10912 Sale 10814
94
95
8312 June'23
97
97% 9434 Nov'23
Cairo Bridge gold 4s
1950 3D 8414 86
88 Mar'17
6912 Oct'23
68% Litchfield Div let gold 38_1951
8712 8934 8753 Oct'23
-Sirs -1634
7714 7412 Nov'23
Loulsv Div & Term g 3%s 1953• j 75
5
864 9078
8814
88
90
88,4
_ 6812 Oct'23
Omaha Div let gold 35__ _1951 FA 6834
1
87 87
87
87
6734
_ 70 Nov'23
St Louis Div & Term g 38_1951 J
8418 June'23
8312 854
8512 _
76
7513 7612 Nov'23
1951
Gold 3%5
8
97% Sale 97%
97
.97%
13 7612 7812 7812 May'22 ---99
SprIngf Div let g
93
93 Mar'23
94
9414
1951 FA 8334
_ 8314 Nov'23 ---Western Lines let g 4s
7918
80
82
76
7912 14
92 Mar'16
8218
1951 F A
Registered
4
9214
9214 Sale 9214
90
9313 Ind B & W let pref 45
86 Mar'23
1940 AO
10
98
98 Sale 98
8412 Nov'23
95% 100 Ind Ill & Iowa let g 4s
1950 3, 8418
37 100 10278 Ind Union Sty 5s A
10114 Sale 10114 102
9534 Nov'23
1965 J J 9512 99
10114 10212 10134 Nov'23
100% 103 Int & Great Nor adjust 68_1952 3' 4214 Sale 39%
4212 384
8518 8614 86 Nov'23
80% 88
8934 156
1st mtge Els etre
1952 3' 8938 Sale 87%
5
7712 Sale 77
16
7712
754 783s Iowa Central let gold 5s
70
1938 ▪ D 70 Sale 69
2
116
7938 83% 7938
7478 8312
794
16
Refunding gold 4e
1951 MS 16 Sale 14%
8512 25
8512 Sale 8513
82% 8512
82% _ _
80% 82% James Frank & Clear let 40_1959 3D 82% 84 8278
82% 10
8238 Sept'23
10313 105 10312 Sept'23
1034 10638
9612 Oct'23
9634
94% 98 Ka A & G R 1st gu g 58
19383 J 9412 9912
8413 96 Kan & M 1st gU g 43
9414
8412 Nov'23
3
78
1990 A 0 7612 Sale 7612
95 95
95 Nov'23
1927 .7 J 9412 9634 97 Nov'23
2d 20-year 55
2
9512 -- 91 Mar'21
K C Ft BA M cons g 68_1928 M N 10034 102 10034 10034
9512 96 10412 Dec'15
21
74
K C Ft 8 & M Ry ref g 4e-1936 A 0 74 Sale 73%
_
7612 Feb'12
G&bj rt&B let gu 513_1929 A 0 9234 94
93% Nov'23
_
9018 Dec'12
8033
47
70
,
38r_1
_ Kansas City Sou let goldA
,
1950 j
A0
3 70 Sale 6938
67
Jan'21
8038 81
8634 56
8634 Sale 8434
Ref & Inapt 58
3
89%
8958
8934 91
894 98 Kansas City Term lst 48___-1960 J J 8112 Sale 81
71
82
10238 Sale 10238 10234 29 101 106
Kentucky Central gold 45__ _1987 J .1 8178 83 8218 Nov'23
64
95 Sale 9413
94
95
9614 Keok & Des Moines let 5s-19
6118 11
925
3A 0
1 6118 Sale 61
8012 Nov'23
80
81
794 85 Knoxv & Ohio let g Se
2
10012 100% 10012 10012
9238 22
9238 9234 9214
9034 9313
8112 48
8114 Sale 80%
8012 8718 Lake Erie & West lst g 55-1937 J J 9312 94% 9312 Nov'23
8112
8034 Nov'23
8078
78
8034
3
1941
.3 8412 Sale 8413
86
Id gold Se
7934
79% Nov'23
76
19973 D /5
8034 Lake shore gold 3558
75
7514 75
8313 Sale 8234
8312 22
80
1997
D 7314 7434 7212 Sept'23
87
Registered
101 Sale 101
1 100 10512
101
1928 M S 94% 9412 9414
9438 35
Debenture gold 48
1931 M N 9214 Sale 92
9212 120
25-year gold 4s
Day & Mich let cons 433_1931 • 3 92
914 June'23
91
1931 M N
8512 July'23
9234
Registered
Del& Hudson lst & ref 4s___1943
N 8334 Sale 83
82% 90
8334 56
9238 9312 93% Nov'23
20-year cony 58
1935 AO 9212 Sale 9178
9212 26
90
..1 .1
3
9012 Oct'23
19
64°
0j
98 LeR
it"
altN
ered
1 gu g °'58
heVgis
15-year SAE!
1937 MN
96% 9812 9834
15
974 10213 Lehigh Val(Pa) cons g 48-2003 MN 77% Sale 7712
99
2
77%
10-year secured 733
1930 3D 10713 10734 0678
19 103 111%
107
64
2003
M
N
87
8618 Sale 8618
4528
cons
General
D RR & Bdge let gU 48 g
1936 FA 8934
89 May'22
Leh V Term Ry 1st gu g 58 1941 A 0 99 102 1013 Oct'23
Den & It Cr-let cons g 45....1936 .8.7 70 Sale 67%
103 "elia Itirs
70
100 Sept'23
1941 A 0
Registered
Consol gold 43i8
J 75 Sale 72
1936
10218 20
72
80 Leh Val RR 10-yr coll 68-t31928 M S 102 10234 1014
11
75
Improvement gold 58
1928 .11) 81% Sale 8012
8178
9
89% Oct'23
84
794 88 Leh& N Y let guar gold 48..1945 51 S 82
let & refunding 5s
1955 FA 4512 Sale 41
37
68 Lox & East 1st 50-yr 58 gu-1965 A 0 9838 9934 9813 Nov'23
4612 325
do Registered
4912 Oct'20
1962 M N
8138 Nov'23
Little Miami 48
Farmers L&Tr rate Aug '55_
5314 Long Dock consol g 6,3
4418 50
37
10638 Nov'23
1935 A 0 10618
96
4012
46
Bankers Tr We of dep
444
1
%1
,
93
31 Q 3
J
444
4418 11
40
60 Long maid let cons gold 58_1
9712
9712
do Stamped
90 Sale 90
424 50
4218
434 48
90
3
4218 11
let consol gold 4e
Am Ex Nat Bk Feb '22 We_
19383 D 84% 86
4334 51
8434 Nov'23
__
3834 48
14
3834
48
General gold 4e
do Aug 1922 ctfs
D 8212
4113 4313
8112 July'23
1932
4113
444 57
9
434
Gold 45
Des M & Ft D lst gu 45_ ___1935• J 3734 42
75 July'23 -- _ _
1949 M
3
39
0 58
35
45
39
g8415
tugro
eld
eb
itele
ncl
D
Un
Des Plainen Val let gu 4;is__1947 MS
91
91
1934 J
1
9314 Sept'22
Dot & Mack-let lien g 48__1995 3D 65
2
8418
2
1937 M N 84 Sale 84
65
65
65
75l
20-year p m deb 55
Gold 48
1995.80 55 -icT
1949 m S 7812 7938 7838 Nov'23 - - - _
7314 Aug'23
60
7314
Guar refunding gold 4s
Del Riv Tun 43e
1961
N 86% Sale 8638
86%
85
9034
Nor Sh B 1st con g gu 5s_a1932 Q J 93% 94% 93% Nov'23
Dul Missabe & Nor gen 53_1941 33 99
1927 M S 97 Sale 97
99
Oct'23
97
3
9814 9912 Louisiana & Ark let g 5e
Dul & Iron Range lst 5s
1937 AO 9734 -9-g1
__
80% 8034 Nov'23
98 10034 Lea & jot sdae Co gu g 43-1945 111 S 80
2 99 Nov'23
-. 9518 July'23
Registered
1937 AO 9414
1937 M N
10212 10212
2
9518 9812 Louisville & Nashville 58
Dul Sou Shore & Atl g Is....1937 J J 7712 7814 77
9
19403 .1 9014 Sale 8912
74
7734
9014 75
80
Unified gold 45
1940 3 J ---- -- 9014 May'23
_
Registered
E Minn Nor Div lst g 4e____1948 A 0
_ 8412 July'23
Collateral trust gold 55-1931 MM
9712 Nov'23
9678 98
8412 90
E Tenn reorg lien a 58
1938 M S 841392
93
- - 93 Nov'23
1930 M N 10634 10678 10634 10713 10
91% 9313
t
-yreettfr554ceured 78
ET Va& GaDiv g 5s
10303 J 9814 9878 9878
1
9878
2003 A 0 10512 Sale 1114
97 100
10512 24
let
9814 9834 98%
Cone let gold 58
1956 M N
5
2003A 0 9714 Sale 9012
9613 9913
9714 213
9834
58 B (w
Elgin Joliet & East 1st g 58._1941 MN 99 Sale 9734
5
99
1,
930
3 1034 105 10358 Nov'23
9758 1004
N 0& M let gold 6s
Erie let consol gold 78 ext 1930 M S 10412 Sale 10334 105
12 10213 105
10114 104 10113 Feb'23 2d gold 65
let cons g 48 prior
1996 .1 .1 63 Sale 6134
6412 6412 Ss
10
1v4e19
38 ::105
6412 103
D
40
6 61
F A
87 Nov'23 - _ _
Paducah
i08 Iv 0 g8
Registered
1996
57 Mar'22
___- 62
61 Sale 61
Div
61
1
1st consol gen lien g 4s 1996 J J 5412 Sale 534
55% 700 -4512 157L&N,tm&M letg 4;01945 M S 9518
8
9334 Sept'23 - _
Registered
1996 J .7 47
Oct'23
_ _ _ _ 48
43
_1
19
,5
52 J
Q
48
7838 Sale 78%
L & N South joint M 46_1
7812
8
Penn coil trust gold 43 1951 F A 8712 Sale 8718
6
8712
82
9(1
724
73% Apr'23
Registered
50-year cony 4s Ser A 1953 A 0 54% Sale 53%
5513 98
4112 5513 Louhiv Chi & Lea gold 058-1931 MN 95% -- 9514
95131
2
do Series B
1953 A 0 554 Sale 5253
138
56
424 56
Gen cony 48 Series D
1953 8 0 58 Sale 5612
169
59
4334 59 Mahon C'l RR let 58
1934• j 9934 ---- 9934
9934
1
Erie & Jersey let a t 6e _.
,_ _ _1955 J .1 90 Sale 8713
9012
9
84
90 Manila RR (Southern Lines) 1939 MN 60
60
65
Oct'23
Erie & Pitts gu g 3;4s B
1940 J J 82
84
Oct'23
8334 85 Manitoba Colonization 58..1934 3D 9734
98 Nov'23
Series C
19403 J 82
82 July'23
82
lst
3%e
1
9
9
41
'
1
3
N
W
G
B
&
8314
Man
82 Sept'23 - 8034
Evans & T H let gen g Ss__ _1942 A 0 102
_ _ _ _ 88 Apr'21
cons g 4s-1
194
70
7 51 S
Mex Internat'l let co
77 Mar'13
Sul Co Branch let g 5e
1930 A 0 96
6912 Apr'21
1931 MS 97% ---- 101 Nov'23
Michigan Central 5e
Fargo & Sou 68
1924 .1 J 9938
991g 9913
9914 Oct'23
1931 QM 97 100 10012 May'23 -- _Registered
Fla Cent & Pen 1st ext g 60_1930 1 .7 9513 98
9412 June'23
.1
Ws 9412
4s
86
8812 86 Nov'23
Cotuaol gold 58
1943 J J 9313 9412 94% Nov'23 _
91
96
'
3 85
1940
Registered
85
88
Oct'23 - - _ Florida 14 Coast let 43,5s_1959 .1 D 8712 8834 87%
86I2 89
8834 31
19,
1194
5
502
1 M S 75
J L & El lst gold 33,48
SO
Feb'23
_
78
Fonda J & Cloy 43,03
1952 MN 65
6414
8
6614 6414
6414 72
N 8014 Sale 8014
let gold 33.e
8014
2
Fort St U D Co let g 4558 1941 J .7 8138 8312 8134 Oct'23
79
8134
1929 AO 9134 93
20-year debenture 4s
93
93
1
Ft W & Den C let g 5;0_1961 J D 9912 101
9813
1
9812
9812 103 Mid of N J let eat 5e
AO
87
Apr'23
let Worth & Rio Gr 1st g 48_1928 J .1 8334
8313
8312
2
82
88 Milw L S & West imp g 55-1929 FA 98% 9934 9834
9834
2
Frem Elk & Mo V let 6s
1933 A 0 1065 1-0734 107 Nov'23
106 109
1925 M
Ashland Div let g 65
1
100
9812 101 100
0 II & SA M & P lst 5s
1931 M N 97
9758 Nov'23
98
95% 9938
1924 3' 100
Mich Dlv let gold 65
11038 Nov'23
__
2d eaten 5s guar
1931 J J 95
9613 98 July'23
9312 98
9 3D 8918 91
134
Milw & Nor let ext 45e.,....1034
91
2
91
(Ialv Hone & !lend let 58_1933 A 0 88
8712
8712
8878
5
8514 89%
ID 8618 91
Cons extended 4345
8914 Nov'23
Genesee River let a f 68
88
1957 .1 J 8738 88
3
88
82
90 Mil Spar & N W 1st gu 411_1947 MS 85
_
85% 8518 Nov'23
Gia & Ala Ry 1st co 1 5e_ _ _01945 J J 8312 Sale 8312
8313
1
7912 85 Milw & S L let Cu 3345
19
93
44
1 3'
6618
Aug'21 -- -Ga Car & No let at a 58----1929 J 1 9012 _
91 Nov'23
90
9214 Minn & St Louis let 75
1
1927 ID 99% ____ 99
99
Ga Midland let 38_
1946 A 0 61
62 Nov'23
604 8478
MN 67 Sale 67
1
let consol gold 55
67
(IllaV G & N 1st gni:53.-1924 MN 99s
3
99%
99%
994 9913
let & refunding gold 45-.1949 MS 1814 Sale 18
1814 36
Gou & Oswegatch 58
1942 J D 952113-4
93
Ref & ext 50-yr 58 Ser A 19
68
2 Q F 1534 Sale 1534
21
16
fir R & I ex let gu g Ois.._ _1941 J J 90% 9214 91 Nov'23
MStP&SSIMcong4sintgu'38 3' 8718 8734 8638
16
87
Grand Trunk of Can deb 78_1940 A 0 112 11234 11118
.
2 ;
11213 2::
5
10
63
;1
11
3'
let cons 5s
11
99
9814
15-year s f 68
103% 62 1024 105
10314 Sale 103
1
,
94
30
1 MS 10134 10178 10138 10134
10-year coil trust 6A8
6
Grays Point Ter 58
1M ?Jvi cl 85
__ _ _ 10112 Apr'07
3'
6s
A
9914
10
99
__-9914
Great Nor gen 7s Series A_..19363 1 107 Sale 10634
10718 _ 5 10518 11112
1541 MN
let Chicago Term of 4s
9212 Dec'22 -1st & ref 4)is Series A
611
196I J J 8534 86
8512
86
8514 9212 kisskLAAlatgaatnt gu_1926
.1 9534 98
9634 Nov'23
Registered
1961 J .7
90 June'23 ---8654 90 Mississippi Central let 58
1949.71 8834 90
8838 25
88
554i3 Series B
19521 J 9614 glue 9513
9614 33
9413 102% M K & Okla let guar 55
1942 MN
9134 May'23
Green Bay & W deb etre "A"_ _ __ Feb 5113 65 6018 June'23
60
3D
75
gold
Mo
Tex-lst
Kan
&
433_1990
75%
Sale
7614 137
7614
Debenture ctfs "B"
Feb
7
734 191, 712 Nov'23 ---1314 Mo-K-T RR-Pr 15e Ser A.1,
3 784 Sale 78
19'
6
02
79
123
Greenbrier RY 1st gu g 48._ _1940 M N 83
8412 Oct'23
84% 8412
'
3 6412 Sale 6334
40-year 45 Series II
6412 13
Gulf & 13 I 1st ref & t g 58_ _61952 .1 .1 82 12-13 8114
6
8178
78
8412
10-year 65 Series C
1932 .1 .7 94% Sale 9418
948 78
Harlem It & Pt Ches 1st 4e_ _1954 M N 7214 76
7314
7314
1
67
7813
'
3 5334 Sale 53
5378 782
Cum adjust 58 Series A
1967
Hocking Val let cone g 4%8_1990 .1 i 83% Sale 83%
8378 36
80
86 Missouri Pacific(reorg Co)
Registered
8112 July'23 - --81
8112
let 5. refunding 55 Ser A..1965 FA 7412 Sale 7414
7412 48
97l 9734 97% Oct'23 ---Li
& T C 1st g 5s Int gu
127 I
9538 0734
let & refunding 58 Ser C 1926 FA 8513 9514 953
9512 19
Houston Belt & Term lst 58_1937 3 J 894 9014 89
89
93
let & refunding Se Sec D 10
97
49
5 F A 89% Sale 8838
898 147
...IOUS E & W T 1st g 55
1933 154 N 9412 98
9512 Nov'23:.
MS 5258 Sale 51
-1-39
-.44_1
9836
98
General 4s
392
52%
1933 M N 9514 97
lot guar 58 red
9318 July'23 --__
9318 98 Missouri PacificHousatonic Sty cons a Os
1937 MN 83
83
95
8712 __ft_
85
8712
3d 78 r:xtended at 4% -1938 MN 8034 ____ 81 Nov'23
_
Bud & Manhat 55 Series A..1957 F A 8138 Sale 80%
8138
7678 84% Mob & Bir prior lien g 58_ 1,
94
45
9238 ____ 93
Oct'23
1957 A 0 59 Sale 5858
Adjust inconic 53
59
J
55
6438
Mortgage gold 48
705 75
743 Oct'23
Illinois Central let gold 4s_ _121. 1 . 87
_ _ _ _ 88 Nov'23
88
9218 Mobile & Ohio new gold 68_1
1
,
927 3D 1024 ____ 102.38
10238
1
Registered
8318 Sept'22
- ii2 iilst ext gold 68
Q J 10012 10114 10012 Nov'23 - 1951 J J 7738 83
let geld 3355
7412 Oct'23
1938 MS 7334 Sale 7334
General gold 4s
7334
2
1951 -I J
Registered
80
Oct'22
Montgomery Div let g 534_1947 FA
2
9014 93
91
91
1951 A 0 7638 7612 83 Feb.23
Extended 1st gold 3%s
"AI 1i"
St Louie Div 55
1927 3D 933 954 9434 Oct'23 1951 A 0
Registered
7614 Sept'23
_
7614 764 Mob de Ohio coil tr g 48
753 7534 7514 Nov'23
1938 M
1951
M
8
59%
35
sterling
72 8312 Mar'22
let gold
_
Mob & Mal 1st 311,g 43
Oct'23
19
93
97
1 MS 8114 ____ 81
1952 M 8 8413 Sale 8414
Collateral trust gold 48
8514
8
77! 85s Mont C 1st gu y Is
31 10812 110 109
Oct'23
_
1952 A 0
Registered
953 Sept'19
31 99% 100
Registered
1937
1955
M
N
8514 Sale 8458
let refunding 48
8514 36
82
888
let Roar gold 58
31 7438 76781 654•No Mos Fr1461:latest 010 Asa asked this wmli. aDiJe Jar • to Due Feb. C Due
41400
4Due July. I Pil
ePt•
Poo Oct. a Option sale.
Ohio Un Sta'n lat gu 4;58 A_1963
J
5811
19633 J
let Series C 63's
1963 J J
Chic & West Ind gen g 6e31.932 Q 3/1
Coneol 50-year 4e
1952.7 J
15-year 5 1 7e
1935 M S
Choc Okla & Gulf cons 58
1952 MN
C Find & Ft W 1st gu 48 8
1923 M N
On 11 & D 2d gold 4s
1937.7 1
0 I St L & C lst g 48
k1936 Q F
11936 Q F
Registered
Cin Leb & Nor gu 43 g
1942 M N
Cin & CI cons 1st g 56
1928.8 J
Clearf & Mail lstgu g 513
1943 J
Cleve Chi Ch & St L gen 48_19933 D
1931 J J
20-year deb Ois
General 55 Series B
1993 J D
Ref & impt Ss Series A
1929 J .1
68 C
1941.8 J
Cairo Div let gold 4s
1939 .1 J
Cin W & M Div lst g 4,5_ _1991 J
St L Div 1st coll tr g g 4s_ _1990 M N
Spr & Col Div let g 4s
1940 M S
W W Val Div 1st g 4s
1940 J J
()CC & Igen consgfis
19343 .7
Clev Lor & W con let g 5e 1933 A 0
CI & Mar let gu g 048
1935M N
Clev & Mahon Vail g 5s
1938 ./ J
CI & P gen gu 4%s Ser A
1942 J J
Series B
1942 A 0
Int reduced to 33is......_1942 A 0
Series C 3%13
1948 MN
Series D 33411
1950 F A
Cleve Shor Line lst gu 048_1961 A 0
Cleve Union Term 5%s
1972 A 0
iSe (w I)
1973A 0
Coal River Sty 1st gu 4s
1915 J D
Colorado & South lat g 48
1929 F A
Refunding & eaten 43.55_1935 M N
Col & H V lst ext g 48
1948 AS
Col & Tol lst ext 4s
1955 F A
Cuba RR let 50-year 58 g
1952 I .1
1936 J D
let ref 73411
3
Range
Since
Jan. 1
Low
High
75% 8047734 83
76% 7814
9918 100%
100 102%
10718 111
823s 87
68% 73
7212 79%
67/
1
4 69/
1
4
71
68
80
75
'RI
84
-"Us lb;
821e 8574
94/
1
4 100
33
4914
8612 9733.
57
7313
14
40
82
87
75
797e'
9578 98
10012 10238.
73
79%
9258 95
6324 7214
89/
1
4
83
76/
1
4 8314
81
83%
92
61
100 101%
91%
8114
7258
72/
1
4
9074
9014
97
87/
1
4
78/
1
4,175
96
9314.
9li 97
90
92%76% 8112
84
92%
10078 10212
100 100
loots 105
1
4
80/
1
4 89/
97 100
81
8133106% 107
95% 98
90
921a.
81
8613
81% 811
:
81
75
94
91
8213 85%.
75
83
96
92
93
98
77
83
97% 103
8714 92
904 9049738 101
106 109
10114 10512
97
95
101% 10353.
an
:101%
8214 87
5812 63
9212 96
72
8034
7312 731s
9418 97/
1
4.,
9812 100
61
71
95% 9812
83
82
994 101
9734 10012.
8534 88
85
86
80
80
764 84
89% 9313•
87
87
9713 100
100 100
10138 1011%.
8734 921
:
91
89
8312 89
"tin- foil;
55
76
1513 40
14
3914.
84/
1
4 9012
98 101
10014 106
9814 1054/
- 45:1*4
97
871* 100
9154 94
734 801
.
7454 8318
611
/
4 67%
92% 96%
4858 63
7318
94%
85
4714
8878
964
99
63%
7912 82
9178 93
6912 74%
100 1(1413
994 10378
72% 7812
90
9434
94
9512
7412 784
81 8258
107 III
79;
1 11;
1.
2530
New York Bond Record-Continued-Page 3
BONDS
N. Y.STOCK EXCHANGE
Week ending Dec. 7.
Price
Friday
Dec. 7.
Week's
Range or
Last Sale
Ob
II
Range
Biwa
Jon. 1
BONDS
N. Y.STOCK EXCHANGE
Week ending Dec. 7.
Prir.4
Friday
Dec. 7.
Week's
Range or
Last Sate
Range
Since
Jan. I
High No, Low
Bid
Ask Low
High
High
High No, Low
BM
Ask Low
af & E lat gu 3%.
1
20001 D 7458 761s 741
10
90
40
747
0 AO 69/
74
78 Peoria & East let cons 4s-1
1
4 70 694 Nov'23
6814 78
Nub,Chatt & St L lit 64_1928 A 0 100 10014 100
4
Apr. 2414 Sale 244
10014
98/
1
4 101
Income 4s
2012 80
2412 38
NITIa&EIlstgugbe
1937 F A 9618 ____ 9614 Oct'23
.1 92 Sale 9118
9614 98 Pere Marquette let Ser A be 1958
9014 98
92 312
Nat Ry of Mex pr lien 00_1957 J .1
30 Sept'22
1956 J
1st Series B 45
97
7612 8214
77
7644 Sale 761
July coupon on
2811 42 "id" Ws; Phila Balt & W let g 48
27 Sale 26
1
8714 9214
89
1943 2.1 N 89 Sale 89
do off
'
3 4012 Sale 404
25
2714 26 Nov'23
35 PhIlippine Ry 1st 30-yr e f 411 1937
23
4012 497a
4013 19
General 41(Oct on)
1977 A 0 2412 2814 2618 July'23
261a 261a P C C & St I. gu00 A
1940 AO 94 Sale 94
94
7 93 904
April coupon on
21/
1
4 24/
1
4 Series B 414e guar
1
4
1942 A0 94 Sale 94
34 22 Sept'23
93 97/
94
21
5
do off
24
20
.
294
1942 6,1 N 9318
19
25 24
9144 9414
Series C 4S5 e guar
_ 9314 Nov'23
Nat RR Mex prior lien 00-1926 J J 37
N 86/
3814 June'23
19491945
38
Series D 4e guar
1
4 93
1
4 90 9118 Oct'23
89/
2413 44
July coupon on
FA
Series E 3I4s guar gold
4012 86
3812 Sale 3611
9038 Oct'23
8412 904
do off
34 ' 4438
34 Oct'23
1953 J 0 8518 8912 9112 June'23
Series F guar 48 gold
1
4
89 91/
lit consol 45 (Oct on)._ _1951 A 0
28 Apr'23 _ _ _ _
27
28
1957 MN 8512 92%, 93 Sept'23
Series 0 48 gear
89/
1
4 93
Nov'23
_
_
April coupon on
2114
23
23
21
9014 94/
2612
1
4
Series Icons guar 4S8s___ _1963 FA 91
92 9014 Oct'23
do off
24N 10
1964 MN 903, 9112 Oct'23
1812 2818
9111 94
2314 Sale 2314
Series .1 4s
Naugatuck RR let 41
8818 May'23
1954 M N 2114
10
1970
General Se Series A
4 J D 97 Sale 9612
97
93/
1
4 97
88's 681a
75 9012 Pitts & L Erie 2d g 58
New England eons 5s
1945.7 .1 7734 8778 75 Aug'23
_
al928 * 0 9612 ---- 99 Nov'22
1945.7 J 6812 76 64 Oct'23 Cons& 4s
64
7514 Pitts McK & Y let go 68----1932 J
102 -_-_ 105 Dee'22
_
BIJJunc RR guar lat 4s
1988 F A
82 82
82 June'23
1934
2d guaranteed 6s
9514 June'23
804 20
NO&NE lstref &imp 04eA•52 J J 8014 8312 8018
77 8112 Pitts Sh & L E 1st g 5.1
1940 A o 68'4 -66 9838 N4v'23
7612
6
New Orleans Term let 4s_ _ _1953 J 1 7614 7612 76
731s 7914
1943
let COI1801 gold 5s
9834 98 100 Feb'23
N 0Texas & Mexico lit 6e_ _1925 I D 10012 Sale 10012 10012 48 100 10114 Pitts Y & Ash 1st cons 58_ _1927 M N 9918 ___ 98 June'23
8534 235
1935 A 0 854 Sale 84
Non-cum income 55
72/
1
4 8534 Providence Secur deb 4s
1957 M N 324 -35 38 June'23
90
2 8914 9012 Providence Term let 40
90
N & C Bdge gen gu 0(a_ _1945 J .1 V() 91
1956 M 8 7112 - - - - 86
814
% Feb'18
91% 94 Reading Co gen gold 4s
NYB&MBIst con 2 5a._1935 A 0 9212 9612 -----------1997 .1 J 8611 Sale
8714 42 "His 88
306 101 I061
N Y Cent RR cony deb 6e. _1935 M N 106 Sal) IOW
/
4
Certificates of deposit
79 88
87
8634 Sale 8618
21
1998
82
F
A
Series
Sale
A
8034
Congo] 4e
8112
7638 83
Jersey Central coil g 48_ __1951 A 0 8IN 82 8112 '81¼
2 80 87
15 8
Ref & impt 4e -A-_2013 A 0 848 Sale 8418
86
047a
2 88
0838
/
1
4 R
N 10812
Reienbss:Sarato
ssge 20-yr 64._ _194
2013 A 0 9538 Sale 9412
Ref & impt 58
95313 320
1927 A 0 98
Dan
904 9fi98 Nov'23 _ _ _ _
N Y Central & Hudson RiverRlch & Meek 1st g 58
1948 M N 69
72 72
73 72 Mar'23
1997 J .1 7418 Sale 7418
Mortgage 34(s
5 72 7744 Rich Ter 5s
7412
1952J J 94) 97 964 Nov'23 - _ _ _
96 100
1997 J .1
Registered
7278
7278
1939 J
691
/
4 734 Rio Or June lat gu ba
83 87
6
85
85 Sale 83
31a 9
1934 M N 8)18 Sale 8834
Debenture gold 4s
894
9 8611 9188 Rio Or Sou let gold 41
19401 J
1
63
638
638 8
1942 J J 85% 8812 85)8 Nov'23 -30-year debenture 4s
8488 904
7 12
1940
J 12
guaranteed
7 Nov'23 --_ Lake Shore coil gold 3Ms-1998 F A 7112 Sale 71
7112 10 684 76 Rio Or West let gold 4s
1930
72 78
9
76 I
/8 75
75%
703
1998 F A
Registered
1
69 73
703e
Mtge & roll trust 4e A _ _ _1949 A 0 6112 Sale Al
OU12 68
6212 28
Mich Cent coil gold 3Sis_ _1998 F A 7214 7334 7234 Nov'23.71
711
/
4 81
7614 P.1 Ark & Louis lat04s_ _1934 M S 7512 Sale 75
7588 69
1998 F A
Registered
7034 Nov'23 608 75 Rut-Canada let gu g 45
70
1940.3 J 65
76
70 72 June'23
If Y Chlo & St L Ist g 4s_ _ _ _1937 A 0 8934 91
8378 9014 Rutland let con g 43-fe
9014 18
8912
79 8015
1941 .1
70 02V23
8) 81
1937 A 0
Registered
88 Oct'23 1
4
1947 1 J 6934 7114 69 June'23
864 88 St Jos & Grand lal g 45
6914 76/
Debenture 4s
1931 M N 874 88 8734
1
83/
1
4 89 St Lawr & Adir let g 55
91
9714
874
1906.1
PIN 93 9714 N3v'23
1931 M N 10014 Sale 110
2d6sABC
98 101
35
2d gold 65
95/
1
4 984
19964
' 0 031
98 Nov'23
N Y Connect Ist gu 04e A_ _1953 F A 8618 87 87 Nov'23 _ _ _
841a 88/
1
4 St L & Cairo guar g 40
87
90
1931
J PRI?
8811
2-91
8814
81
06 8
N Y & Erie 1st ext g 49
0
1 St L Ir & S gen con g 5a--1931 A 0 9814 97 9614
1947 M N 83111 ____ 81 Sept'23 _ _ _
0,2
934 994
9614 21
8d ext gold 045
1933 M S
95 May'23 _
1
4 89%
1929
Unified & ref gold 4s
J 8314 Sale 8234
8314 48 82/
4th ext gold 5s
934 94
1930 A 0 96
95 Nov'23
Ely &0 Div let g 48
1933 al N 73 Sale 7212
44
714 86
73
5th ext gold 4s
911
/
4 9218 St 1. m Bridge Ter gu g 55_ _1930 A 0 97
1928.1 D 92 ____ 92,8 Nov'23
96
99
_
9812 961.1 Nov'23
ee Y & Green L gu g 5s
72 85 St LA San Fran (reorg Co)45.'50J 1 563 Sale
1946 M N 85
85
1
85
707s
65
a 139
N Y & Harlem g 3Sil,
2000 M N 7418
74 Sept'23 _
85
1
4
/
1
4
Prior lien Sec B 58
734 77/
794
1950.7
61
81
I
8078 Sale 8038
9914 100
993 June'23
N Y Lack & Western 5s
1923 F A _
Prior lien Ser C 6s
194
22j
8J j
J 9514 Sale 9814
97 10015
9834 19
1st & ref 52
1973 M N
1
4
87/
1
4 92/
5%5
8814 18
88 Sale 88
-£1*/
let & ref 4Me
1973 81 N -6434
Cum adjust Sec A 6e__-_8/11199650
97 Nov'23
5 A0 7314 Sale 7234
67/
1
4 90
73341 120
103 103
NYLE&Wlst 7sext_1930 M S
Income Series A 65
534 87
103 June'23
Oct 894 Sale 58¼
456
9914 St Louis St San Fran gen 86_10
94
Dock & Imp be
1943 J J 9612_ _ 9914 Nov'23
98
31 .3
.1 .1
.11 10318 10314 10312 Nov'23 ---- 1021s 104
904 9872
N Y & Jersey 1st 5s
1932 F A 9614 fitile 9614
General gold 55
9614
95/
1
4 100
98 100 9812 Nov'23 - - - !I Y & Long Br gen 24e_ _1941 M S 84/
St L & S F RR cons 45_ _1996 J J 8412 _ _
821s 824
8212 July'23 - - _1
4 ---- 91 July'23
N Y N H & HartfordSouthw Div lstg 5s._ _1947 A 0 90
91
91
91 June'23 _ _
3
3478 47 St L Peo & N W 1st gu 58-1948 J
1954 A 0 3878 Sale 38'2
Non-cony deben 334e
984 108
33%
9878
1
9878 -9914 9878
4714 49 St Louis Sou ist gu 45
8612 8911
1931 M S R118 _ _ _ _ 8813
1947 M 13 43 57 42
Non-cony deben 4s
42
6
8888
1
431: 48 Bt L B W lat g 4s bond ctts.. 1989 MN 7578 Sale 7434
Non-cony deben 3Sis
1
4 7814
1947 M B 3718 3934 44 June'23
7578
3 72/
37/
1
4 61/
1
4 2d g 4s income bond ctfs_F1989
Non-cony deben 45
1955 J .1 424 4312 42 Nov'23
70
10 6612 704
6112 7118 7(1
37 60
19,32
D 7812 Sale 7638
7313 78
1956 MN 4114 4412 4214
Non-cony deben 45
Canso'gold 48
7812 236
7
4234
34
J 7512 Sale 7418
4612
:
7314 821
1956.1 .1 38
Cony debenture 3Iie
let terminal & unifying 56_1951
7512 41
3878 3718 Nov'23
52 7314 St Paul & K C Sh List 4448-1941 F A
721s 811
:
1948.1 .7 61 Sale 5718
Cony debenture 6s
61
140
7234
2
7314 7312 7234
2714 42/
904 90/
1
4 St Paul E Or Trunk 045-1947 J
1
4
4% debentures
1957 MN 3412 3514 35
3512 32
83 92 75 Nov'23 _1933 J
901: 93
7s European Loan
Man 45
1925 A 0 6978 Salo 66
69711 161
714 St Paul nMag6s
9034 Sale 9034
63
544 8
9934
2
France
1933
J 10618 107 10612 Nov'23 - - -- 106 1091.
1925 A 0 67 Sale 67
6712 127
Conn Ry non-cony 4s
95/
1
4 994
1930 F A 351t-Se Reduced to gold 4A5 --1933 .1 J 9534 96 96 Nov'23 _
"iF
1937 J D 89
Non-cony 45
8814 98
1954.7 .1
Mont ext let gold 4s
5
90
id-- oar•ii
90 8812
3875 44
19403 .1
Non-cony deben 45_ _ _ _1955 .1 J
Pacific ext guar 4s
84
85
3878 Oct'23
85 July'23
40
40 8 A & A pass let gu g 4s._ _1943 J J 7178 Sale 7034
Non-cony deben 4e___.1958.1 J
70/
1
4 7688
7178 31
40 Sept'23
01 Y & Northern let g FA__ _1927 A 0
9988 Santa Fe Free & Pb 58
1942 M S 9618
97 99
99
99 Oct'23
_ _ 97 .May'23 _ _ _ _
6014 70/
N Y 0& W ref lat 2 4e__g1992 M S 6234 8iiie 6112
1950 A 0 8034 Sale 8914
784 8314
1
4 San Fran Terml let 45
6234 16
8934 19
57 7012 Say Fla & W 611
General 4B
1055, D 5712 5878 5712
1934 A 0 10618 -- -- 108 Oct'23 _
107 10814
574
N Y Proy & Boston 4e
1942 A 0
991s 9914
_
Aug'22
1934 A 0 99 10014 9918
73
5.
9918
1
_
sr Y & Pu let cons gu g 4s__ _1998 A 0 -8034 -8212 8014 Sept'23 _ -a1714 82/
1
4 Seto V & N E lat gu g 42.-1989 H N 85,2 8612 867e Nov'23 _ _ _ _
84/
1
4 8712
NY & R B let gold 51
95 95 Seaboard Air Line g 4s
1927 M S
gg
62
1950 A 0 587s 6014 5934
_ 95 Apr'23 _
5934
8
N Y Sun & W 1st ref be__ _1937 1 1 961860 60
42
5914
1950 A o 69 Sale 5813
5212 41
Gold 46stamped
5112 52-43 52
16
59
1
4
Id gold Ois
1937 F A _ _ _ _ 4134 4534
01949 F A 45 Sale 4214
4534
11 42 49/
Adjustment 54
2214 401
4514 475
371a 49
General gold bs
1940 F A 4234 Sale 4212
1959 A 0 47% Sale 47
7
Refunding 45
4234
39
48/
1
4
80
48
Terminal let gold 55
58 4 69%
1943 MN 8434 86 8412 Nov'23 ----I 84
93%
lit & cons 65 Series A__.1945 M S 6812 Sale 6712
6812 262
IV Y Wales& B let Ser I0(5246 J J 3812 Sale 3812
3211 5014 Seaboard & Roan let 5e_ _1926 J J 9712
3914 50
9314 9754
9714 Oct'23 _ _ Norfolk Sou let & ref A bs_ _1981 F A 64 Sale 6212
61
71
Sher Sh & So lat gu 55
19433 D
6478 43
3612 374
- -- 3611 June'23
Norfolk & Sou 1st gold 5s
1941 M N 87 8934 88
3 87 934 S & N Ala cons gu g be
1936 F A idO
88
98 10114
_ _ _ _ 987* Aug'23
Nod & West gen gold 6s_ _._1931 MN 10612 108 10612 Sept'23
106 10812
9812 9972
Gen cons guar 50-yr 58_1963 A 0 9834
Nov'23
9834
Improvement & extg
110 110 So Pee Col 4s (Cent Pac col) k'49 J D 8312 sale 8312
1934 F A
7712 115
110 Mar'23
84
67
10814 10714
New River let gold
1932 A 0
9012 934
20-year cony 4e
01929 M 13 9234 Sale 9212
10718 Nov'23 _
9278 110
854 934
N & W RY 1st cons g 45 1996 A 0 giis gale 8818
1934
20-year cony 55
D 9914 9934 9834 Nov'23
9712 10214
8875 38
1998 A 0
Registered
85 90 So Pee of Cal-Go g 5s
101 10388
1937 MN 9214 10312 103 Oct'23
854 Oct'23 _
Diy1 let lien & gen g 48_1944 J J 877s Sale 877e
1
4 89 Bo Pac Coast 1st gu 4a g__1937 J
3 82/
88 911s
8778
90 _ _ _ _ 9112 Nov'23
10-25 year cony 44is_ _ _1938 M S
82
2 101 108 So Paa RR 1st ref 4s
1955
J 8612 Sale 8614
8678 87 83 884
1929 M S 10888
1
4 Southern-1st cons g 58_
10-year cony 65
9212 NM
9518
1994 J
95)8
102
88263-4 3
;
8827
1-e1-4 18
8
06
8
2;8
4 18
06
8;4
2 12
4 10812 117/
95N Sale
84/
1
4 88/
1
4
Poeab C & C joint 46._1941 J 0
1956 A 0 6812 Sale 68
Develop & gen 4s Ser A
654 167 6614 6911
79 88
gala 9654
North Ohio let guar g 5s
1945 A 0
1
82
65(w I)
82
1956 A 0 9638 Sale 9612
96111
30
Not Pacific prior lien 4s--1997 Q .1 8234 Sale 8112
8234 87 814 87
Ois
1956 A 0 10118 Sale 10034 10134 192 100 102
1997 @ 1
Registered
90 97
80 Nov'23 „ 80 831:
Mem thy let g
9314 Nov'23 - - _1996 J J 9318 94
8214, St Louis thy 1st g 45
58
02047 Q F 58 Sale 58
General lien gold 3s
59
32
7614 81
1
81
81
81
80
5814 60 So Car & Ga 1st ext 5%5_ _ _1195
a2047 Q F
9914
Registered
97
60 June'23
MN
29
1j
j 984 Sale 9834
987
1
5
8144 spa
811s 904 Spokane Internet let g be__.19551 J
Ref & impt00ser A-___2(147 J .1 8112 Sale 811
8288 33
/
4
8235 Oct'23
8112
---:
20471 .1 103 Sale 10288 103
68 ser B
72 10214 10914 Staten Island Ry
1943.7 D
80 091.'20
9114 100 Sunbury & Lew 45
If"
2047 1 .1 9112 Sale 9114
56 C
911
/
4
6
Oct'23
Ill
-8912
91
.1 9114 Sale 91
2047
944 Superior Short L let 511 2-.41
be D
917s 18
19
930M
36j j
13
95 May'18
0
89
89
.19961
Div
g 42St Paul-Duluth
90 95
Term Assn of St L let g 00-1939 A 0 9278
89 Feb'23
1
4
9234 Nov'23 _ _
80/
984 98/
1
4
St Paul & Duluth let 54_1931 Q F
9615 99
9878 Jan'23
let cons gold bs
.1 9618 - - 9734 Nov'23
1944 F
J 11
19681 D 801.
8414 8414
let coneol gold 4.
82
Gen refund 5 f g 48_
77
8414 Jan'23
1953
7818
7858 -787
- 8 7858
108 110 Tex & NO con gold be
Nor Pac Term Co Ist g es__ _1933 J J 10914 1-0978 10914 Nov'23
en/
1
4
90
9038 May'23
1943 .1 .1 9112
100 102 Texas & Pao Ist gold 5s
1938 A 0 99 100 100 Sept'23
No ot Cal guar g 52
8914
96
9214
9212
30
2000 3D 9212 -lg
12
J
1930
2d gold Income 55
404 64
North Wisconsin let 6s
100 June'23
_
51 Aug'23
*2000 Mar 55 85
193 16" La Div B I. let g 53
Og&LChamletgU4sg___1948 1 J 102354
84
92/
1
4
68
1931 J J 91
67 6814 68
93 9234 Nov'23 _
8614 8644 Tol & Ohio Cent 1st gu 5s _1935 J J 97
1943 M S 8914 ____ 89s Oct'23
Ohio Conn Ry 40
98/
1
4
96
98 9812 Nov'23
9514 9818
Ohio River RR let g ba
1936
D 97
Western Div let g Is
9214 98
9612 Oct'23
1935 A0 9438 05 05 Nov'23
9418 9512
1987 A 0 9412
General gold 55
General gold 50
944 Oct'23
1935 J o 91
9112
9112
3 87/
1
4 92
9838 100 Tol Peo & West 4s
Ore & Cal let guar g bs
1927 J J 0914 gale 9918
9
9914
284 113
1917 J J 25
30 30 Oct'23 _
843s 88 Tol St L & W pr Ben g 3e.,..1925 Ii 9618 _ _
D 8612 8712 8612
934 9814
Ore RR & Nay con g 48
1946
8712 43
9618
9618
99 10412
Ore Short Line-lit cons g 55.246
11 102 Sale 10034 10214
50-year gold 4s
8
a_
5
1
..
e
is
7414
1950 AO ,
34
8
..9
7514 29 684 7614
9
7
8
5
9978 105 Tol W V &0 gu 068 A
Guar con 56
J 10218 Sale 1011
/
4 10213 23
1946
9514 June'23 - 1931 J J
954 951)
9058 93
Guar refund 45
19291 1/ 9214 Sale 9214
Series B 43e
92/
1
4 40
1933 J J
9414 9612
9414 Oct'23 _
7512 82
Oregon-Wash lit & ref 481981
J 7912 Sale 7914
Series C 4s
7912 57
1942 MS 871e -- -- 8678 Nov'23
_
744 7938 Tor Ham & Buff lot g 4e /1046 J o 81 Sale 81
Pacific Coast Co let g be_ ....1946 J D 7614 Sale 7512
7614
2
81
5 -fa; W.
84
861s Ulster & Del letl ons g 5.1.....192S J D 901 1 9312 94 Nov'23 - _ _
Pao RR of Moist eat g 45_1938 F A 8612 8712 8812
94 9614
8612 19
9438 97
2d extended gold Si
let refunding g 48
1938 J J 945s 9538 9618 Nov'23
1962 A 0 6012 6712 6318
6358
5 6314 70
8934 91 Union Pacific lit g 4e
Paducah & Ills 1st a f 440_ _ _1955 J 1 8934 __
_
8934 Nov'23
1047 .7.1 91 Sale 9012
9138 56 884 9442
651s 7811
Paris-Lyons-Med RR Si._ _ _1958 F A 704 Sale 6914
20-year cony 48
701s 99
9578 Sale 9512
9414 984
1927 J
47
96
95 97%
Paullata Ry 7s
lot & ref tem) 55
1942 M S
9914 1004
95 Nov'23
908
100 Sale 9912 100 395
884 9314
Pennsylvania RE-cons g 481943 M N 8812 90 8853 Oct'23
_
58
1st & refunding 4s
80
o
p1121
8234 57
4
4
8212 Sale 8218
871s 9112
Consol gold 46
- y.- sr perm secured 66..1928 J J 103 Sale 10234 103
1
4
1948 MN 873 Sale 874
8778 11
19 1024 105/
99 934
May 1 1908 M N 88
42 stamped
.. J RR & Can gen 48_ ... _1944 M S _0212 9212 Nov'23
2 84 90
86
88 86
9214 98 Utah & Nor gold be
Coneol 4)40
994 99%
9478 33
1928.7 J 9gie, 99)4 9914 Nov'23
947g Sale 9414
.
415
General 4542
0114
181 extended 48
/
4 114
91
911
19333 .1 89% _ _ _ _ 9112 Apr'23
/11 9114 Sale 91
General 58
9836 11
01
0/
1
3
19683 12 10014 Sale 99/
8412 854
44 Vendetta cons g 45 Ser A„ 195b F A 8412 __ _ 8412
1
4 10014 76 106
844
10-year secured 75
87
1930 A 0 10718 Sale 107
Consol 45 Series B
10738 34
86
1957 M N 8412
85 May'23
15-year secured 63,65
84
374
1936 F A 1074 Sale 10734 10838 81 1064 11118 Vera Cruz & P Ist gu 0(5_1934 J J
76 June'23
Pennsylvania Co45
25
July coupon on
37
.
1076:
:4 Si991:-471:1)
11i 2814
32
:
Guar 346s coil trust reg A.1937 M S 844 Sale 8414
8414 8414 VerdiVI&WIstg 5e
3
9814 984
1926M 13
9814 Mar'23 _
8414
Guar 3 s coil trust Ser 13_1941 A A 824
981a 9881
811
/
4 831a Virginia Mld Ser E 65
8214 Nov'23
1926 IN S 98121 _ _ _ _ 9818 Sept'23
Guar 3.4s trust etfs C_ _._1942 .1 D 81
9770
81/
1
4 81/
1
4
General 55
85 8188 Oct'23
1936 M N
9712
9712
1
, trust ctfs D._ _1944 J 0 8114 82 8114
Guar 33,(s
8114 93 Va & So'w'n 1st gu 5s
91,2 934
83111 24
2003.1 .1
9112 Sept'23
Guar I5-25-year gold 4s_ _1931 A 0 91 Sale 91
8714 93
75,
41 81
1958 A 0 7558 767s 7612 Nov'23
let cons 60-year 55
9188 12
1922 M N 83/
Guar 458er E
4
8312 14013
84
1
4 85 8312
*No mice Friday; lake bid and asked this weal a Due Jan. 0 Doe Feb. C Due June, I Due July 8 Due Aug. oDue Oct. pDue Nov. Due Dec. &Option sale
soldI
-or
73
13:2 fi.
2531
New York Bond Record-continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 7.
it
Prise
Friday
Dec. 7.
Week's
Range or
Last Sale
Rams
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 7.
tZ
Zt
Price
Friday
Dec. 7.
Week's
Range or
Last Sate
Rano
Mises
Jtus.1
High N o. Lag 1
Bid
Ask Low
High No. Low
H::
Bid
Ask Low
High
1218
2 02%1 ___2_
9012 98 Det United let cone g 4%0_1932 J J 8412 Sale 4,
82 86%
9412 70
ale 94
1982 M N 9444
Sa
Virginian let 156 Series A
96 s
9638 32
96
9334 99 Diamond Match s I deb 7146 1936 M N
Wabash let gold Si
1939 M N
___
_
Nov'23
53
4812
47 64
6
8818
83 92% Distill Sec Corp cony let g 581927 A 0 48'4
2d gold 55
1939 F A 8734 88 8778
4814 50 4814 Nov'23 ---45 64
5
71
6714 71
Trust certificates of deposit__
.7 6718 7178 71
let lien 50-yr g term 4e.__1954
2352,
76
7814 10
9612 Dominion Iron & Steel 55.-1943 1--i 7514 Sale 78
94
Det Jr Ch ext 1st g 56_4-1941 J J 9512 9812 9512 Nov'23
9:14,
8678
7 184
0945 jov
1942 J J 8612 Sale 8612
Oct'23
71
7338 Donner Steel 7s
Des Moines Div let g 454_1939 J .1 724 75 71
8744 9112
15
6214 6934 du Pont(El) Powder 4)is .1936.7 D 89 ____ 9112 Nov'23 ---69
1941 A 0 69 Sale 68
Om Div 1st g 3%e
10814 71
7158 7278 duPont de Nemours& Co nit;'31 MN 10814 Sale 108
1941 M S 7514 80 7234 Oct'23
Tol dr Ch Div g 45
94
35
9 .J.1 .J1 _10_312 Sale 10314 10334 63 194
01 1
11334
0212
_ 7418 Mar'22
.iiik .
6.6_ Duquesne It 1st & coil 68_19
Warren let ref gu g 3%8_4-2000 F A
_ ____ 10618 June'23 ---- 106% 19414
81
Debenture 7%s
784 Oct'23
1948 Q M 79
Wash Cent let gold 4s
10212 118
5 9776 9934 East Cuba Sus 15-yr 5 f g 7%13'37 M S 10238 Sale 1017
994
1924 F A 9958 Sale 9938
W 0 & W let ey gu 45
17
86 91
19
8911 89
7934 10
Wash Term let gu 3%9_4_1945 F A 794 8014 7934
7612 80 Ed El III Mtn let con g 45-1939 J J 89
gg igH
99 100 Nov'23 ____
854 8512 Ed Elec III let eons g 55._ 1995 J J 98
_ 8512 June'23
1945 F A 8438
let 40-year guar 45
4
96
9512 9914
9738 96
1925 J 0 96
80 8712 Elk Horn Coal cony Os
W Min W & N W 1st gu 5s_ _1930 F A 76% 90 80 Aug'23
78
90
8815 95
1937 M N 90 Sale 8934
1952 A O 584 Sale 5714
5818 77
Empire Gas & Fuel 7)2s_
West Maryland let g 4s
9334
1
93 95
1932 M S 9334 Sale 9334
8 9
9912
J 9834 9914 9834
60
611 10
60
634 Eoult Gas Light 55
West N Y & Pa let g 5s444-1937
9034 9614
78
314 5
93 9112
924 46
814 Fe7
1943 A O 7614 85 77 Nov'23
deeral Light & Tree 68_44_1942 M 13 92
Gen gold 45
1
97 9918
9812
1953 M $ 9812 Sale 984
7934 72
Western Pao let Ser A 59_4_1946 M S 7958 Sale 7914
10212 39
99 10812
4
1941 M S 10238 Sale 102
86
90
1946 M S 894 91 894
95 Fisk Rubber lets f 85
B tle
7015 80
35
79
75
7 8
2361 J J 79 Sale 7838
93278 Ft Smith I,t & Tr 1st g Is...1936 M 8 7814 793 80 Sept'23 ____
West Shore 1st 48 guar
891
5
13
8314 9354
2361 J .1 7814 Sale 77
Registered
7q420-yr 7),55'42 J .1 8912 Sale 8812
7814
Fra
atnneets
riecols
nid
ig&
a7D
s7, 9999 Fr
993410384
17
1942 MN 101 Sale 10034 103
9858 26
Wheeling & L E let g 5s_ _ _1928 A O 9812 99 9812
904 9312
july'23 ____
Oct'23
99 96
Wheeling Div let gold 55_1928 J J 94
Gas & El of Berg Co cons g 591949 J D 924 94 9114
101
2 99% 101%
9
4459
11
4
2 6
95
02% General Baking 1st, 25-y2 68_1936 j 0 101 Sale 101
94 914 Oct'23
Exton & impt gold Is_ _1930 F A 91
81%
81%
811
1
8118
Ws 8214
24
_
Ira
z
i
A
3145_
_
55
Refunding 43is Series A._1966 M S 55 Sale 53
i
e
c
d
5
e
s
b
g
l
a
ec
t
u
rr
9,,s GeD
uer
se
57
10078 Sale 10012 10138 82 9912 10354
25
62
1949 M S 62 Sale 60
RR let consol 45
1
9814
97 101
3
17 A 9812 99 9814
5212
Wilk & East let gu g 5s
1942 J D 4978 4212 51
8A
I2
4 6s Ser A._ In.
is:6
rielr c
e0
ndR
9758 15001%1 G0
974 53 9615 10154
97 Sale 97
Will & S F 1st gold 58
1938 J D 99 100 9918 Oct'23
61 113% 1177s
a. 7
74
64 82
83 794 Oct'23
Winston-Salem B let 45_1960 J .1 81
112 Goodyear Tire & Rub 1st 5 f 86'41 M N 11458 Sale 11412 1143
gg 106
91
101
100
101
Sale
7714
A
e1931
F
Wls Cent 50-yr let gen 45_ _1949 J .J 7638 7718 7658
Rs
deb
g
I
10
-years
sets aa
Sup & Dul div & term let 45'36 M N 7612 rt 77 Nov'23
Granby Cons MS& P con 65 A'28 M N 8914 ____ 89 Nov'23 ---_
92 92
1928 M N 8914 ___ 92 June'23 ---65 May'22
W & Con East let 450
1943.7 J 60 _ _
Stamped
5 89 100
891
1925 MN 8914 Sale 8914
INDUSTRIALS
4...
n7
88
yd
peabveifi
ra
85 101
92 88 Nov'23 ____
2 80
195
3
,
2F
T A 90
80
Adams Express colt tr g 46-1948 M S 8014 8058 80
n 8
99
93
4
5 Gray &
sr 200
1
991
2
1936.7 13 8812 8912 88
88
Max Rubber 85
Falls Power let 51 53_1940 MN 9914 100 9914
7712 82
8 Hackensack Wt.ter 45
79
80 7838 Oct'23---17
5
6 Sale
6
6
Alaska Gold M deb 66 A_ _1925 M 9
14 80 8814
54
831
1
8312 Sale 8214
518 Sale
518
1926 M SI
Cony deb 613 series B
6'2 Havana E. By L & P gen Is A 1954 M
5
87
94
94
9314
Nov'23---9314
28
58._
..1952
F
A
consol
g
95
98
1928 A 0 9712 983 9712
Havana
mac
Am Agric Chem 181 55
996178 10012
1913344
,
201
1942 M N 10058 Sale 10018 10058 74 96 16058
98
1941 F A 98 Sale 97
let ref s 7s g
Hershey Choc late f g 65
753
5
71
92
9378
1933 A O 9312 Sale 9312
Ameri an Chain Cs
Holland-Amer Line 09 Ulan -1947 MN 75 Sale 7414
9438
5 924 95
82 69 81 Hudson Co Gas 1st g 564.4_1949 is N 9438 9414 9438
79
7812 Sale 78
Am Cot Oil debenture 55-1931. M
Sale
96
9612
5.1is..1632
9412
99
RefInIna
J
10614 ____ 10578 Dec'22 ---J
Am Dock & Impt gu 13644441936 J
011
A
Humble
1093,14
0,05344
3934
wit 90i4
71
3
27
33 14
5 Illinois Bell Telephone 55 IN3 D 9334 Sale 93% 9
1937 A
8612 Sale 8612
8612 16 -Al V67Amer Republics 65
88 spa
21
91
0 907 9114 904
Am Sin & R ist 30-yr baser A1947 A O 92 Sale 9134
9212
Illinois Steel deb 4%s
____
79
July'2
1936
M
75
---N
79
8012
1947 A O 10212 Sale 10212 103
Gs B
58
&
0
Nat
0
Ind
36
19.52 m N 10012 10178 10012 1003
99 10112
.1 100 Sale 100
10012 92 99% 104 Indiana Steel 1st 5s
Amer Sugar Refining 66._ _1937
P1935 J J 96% -_. _I 96 Nov'23
9238 236
4m Telep & Teleg coil tr 45.1929.7 J 9214 Sale 924
90% 9318 Ingersoll Rand 181 58
A 4? 11 Sale 11
--ii; -6
1936 M S 8712 Sale 874
18
Convertible 4s
86
871
9014 Interboro Metrop coll 4)is 1956 ._.
912
.?'
4
1% 138 4 Nov'23 --I
1933 M El 10418 Sale 10318 10418 25 100 10412
20-year cony 4Y2's
Certificates of dePos11
412 _ _ _ _
15 Pe
971 213
1946 J D 97 Sale 9658
30-year coil tr 55
95 101
Guar Tr Co ctfs 16% stamped_ ____
62 239
5612 7275
1925 F A 11738 Sale 117
7-year convertible 65
11814 58 11312 11814 lnterboro Rap Tran tat 53_41966 .2 J 62 Sale 59
62 257
5715 7212
.._ _ 62 Sale 59
stamped
82 50
Am Wat Wks & Elec 55
1934 A O 8312 Sale 8312
23
84
173
59
.573
8
52
12 7315
Sale
1932
A
0
583
4
864
4112
1939 J
Am Writ Papers I 7-66
65
4112 Sale 4112
44
113-year 65
8618 427
8314 9444
1932 M s 86 Sale 844
961 276
621s 9814
Anaconda Copper (is
1953 F A 9814 Sale 9538
7s
9
65
55 8112
1938 F A 9838 Sale 9818
78
9512 10434 Int Agile Corp let 20-yr 513_1932 MN 65 Sale 63
983 166
795 103 74
9054
1911j81824
1( ;O 7834 3a11 7834
134941495342trIonaia;e
Armour & Co let real est 4101939 .1 I/ 84 Sale 84
62
82 90 InterX/rcan Melne s f 68_.
85
81
8114 17
81
8812
95 Sale 9458
Associated Oil temp 136._ 1935
95
15
8118
8112
13115
8118
Sale
88
34
1947
J
J
it
tlantic Fruit cony deb 75 A.1934 .1 D 20 Sale 20
10
20
4012
20
1st & ref Is
73% 84%
7634 32
Trust certificates of deposit_ _4
18
3912 Jargons Wks Os (flat pricel t947 ,1 2 7634 Sale 7434
19
40
1852 1912 184
51
90
87
91
177 44 Kansas City Pow & Lt 5s..1952 M S 8958 Sale 8914
14
19 Sale 1812
do stamped
20
9258 28
8915 9515
. m 5 9238 Sale 8912
6s
El7s
Atlantic Refg deb 5s
1937.7 J 9634 Sale 964
a&Co
eras
971
Ka
an
ysG
19
09
384 IC
1942 F A 104 10478 10414 10412 12 1021s 107
9
1 10112
Baldw Loco Works let 5s_ -1940 M N 10034 Sale 10034 1003
95
10158
9834 10914
10114
Sale
88-1931
MN
10112
Tire
-Springfield
18
94
103 Kelly
Barnsdall Corps f cony 8% A1931 .1 .7 9512 96 954
96
7215 7215
1935 J J 7134 ____ 7212 Oct'23 ---0514 0014 Keystone Telep C.let 55
96
1948
.1 9714 Sale 97
971
Bell Telephone of Pa 5s
2 9614 9914
98
9734
Sale
98
55-1937
A
0
P
g
&
L
8
El
1926.7
964
Beth Steel let eat e f 5s
100
Co
9878 Sale 9834
Kings
9878
---Nov'23
10812
1107
8
11814
0
11012
1107
8
1997
A
221
138
9034 9718
Purchase money
1942 M N 96 Sale 9418
96
let & ref 58 guar A
971e 10615
1925 M 5 10118 _ __ 974 Sept'23 --__
20-yr p m & imp f 584_ _ -1936 J .1 884 8834 8818
8834 411 8634 9312 KiCngor
Nov'23
74
69
12
71
72
484_
_1314
9
1
1
,
P
A
70
s
t
g
974
4
32
55
3
4
100
1948F
A
County
9718 Sale 97
Cs A
CS 75
2
70
70
71
A 69
4e
8912
1953 F A 8812 Sale 8814
1
14 8015
75
75
75
75
75
55-.
11161:25918C9oeudnt7aEL2elighting
Booth Fisheries deb 5 f 65.-1926 A 0 7812 80 7818 Nov'23 -4
4
2
9803
:
9
8207
7i
8 108
-9
5
5
94 101
9512
5
951 95
J 95
Braden Cop M coil tr s I 684_1931 F A 10014 Sale 9934 10014
4 9912 10212
1936 .7 D 10112 10134 101% 10134
9338 23
9134 9838 Kinney Co 7348
Brier Hill Steel let 5%64_41942 A 0 93 Sale 9234
9312
4
87
8814
--------88
A..._1950
M
S
Steel
55
2
64
594_1943
J
6112
69
Lackawanna
65
6358
7th
Av
1st
c
g
6412
irway &
3 8914 96
9212
2 83 88 Lac Gas L of St L ref & ext 581934 A 0 9212 Sale 9238
1941.7 .1 8612 Sale 86
Brooklyn City RR 58
8812
911 91 Nov'23
13,
3l
4
i j
J 91
8812 9214
J 97 Sale 97
5 100
943
4
8 104
9714 13
994 Lehigh CA Nay 51 4)2s A441
Bklyn Edison Inc gen 55 A441949
9714 10054
21
3 ________
0:1:2
99
312 0
j 9812 99 8
J 10212 103 103
1930
103
General 135 Series B
Lehigh Valley Coal 5s
24 105 108%
1930 J .1 107 Sale 10534 107
General 7s Series C
4s
34 -agi4
37
10814 21 106 10934 Lox &g, & p F let gu g 55-1993 M S 3578 39 37
1940 J D 10814 Sale 108
General 78 Series D
4 112 11914
11718
6512 7434 Liggett & Myers Tobac 75_1944 A 0 11718 Sale 117
Bklyn Man R Tr See(tern)68.'68.2
6738 Sale 6678
6712 933
1951 F A 9614 964 9638
68
66
9634
9 98 9814
Bklyn Qu Co& Sub eon Md 55'41 MN
65 July'23 --__
59
10
11174 1184
11718
11712
J
1944
A
0
11738
11715
1941
J
let 55
89
794 Nov'23
Lorillard Co (P) 711
2
953
93111 974
1951 F A 9578 9618 9534
Brooklyn Rapid Tran g 584_1945 A 0 7334 ____ 7314 Nov'23 -- -- -ii- 16se
881
43 8815 8812
1952 MN 8812 Sale 8714
Sa
7
5a
Trust certificates
1
74
7334 _ _ 74
39 107 120
g 75_1(jt I 0 11318 Sale 11158 1131
let refund cony gold 4e___2002 J J 55
_
7312 Nov'23 ---6.89 Magma CeOCipt-Eyrl
54-41
gg
9635 102
0 9812 Sale 98
3-yr 7% secured notes.___1921 .1 J 9012 -91- 90
1
84% 96 Manati Sugar 7345
90
551s 5475
51
i
583
3i 1 s
5714 Sale 5612
Certificates of deposit.......... 9312 Sale 90
9012
6
84 954 Manhat Ry (NY) cons g 4s_g?(
45 ea
_ 8612
9518
Ctrs of deposit
78
4618 4912 4758
4758 17
8512
8578 27
2d 4e
9854
stamped__1950 FA 80 65
1942 M N 9512 9618 9614
Bklyn Un El 1st 5 4-55
.1-e- 80
6
9614
3 96
8012
7713 85
1950 F A 8012 Sale 80
8012
Stamped guar 4-5s
10
8
100
43
748 M
e2R
my & Lt 5 f 5s...1953 M S 8138 _ _ __ 8214 Nov'23 -, 8114 847s
m an
a Elec
niillsE
8834 9834
t
93is Ion
934 Sale I 92
Bklyn Un Gas let cons g 55-1945 M N 9512 9612 95 Nov'23
Market St Ry let cons 55--is
9
6ix 16
146, 9334 99
1932 M N 11314 11434 115
115 --: 10977361
75
5-year 8% notes
109 16114
16
712 8
121 119
16
4% 119
103
1st lien & ref 8s Series A441947 M N 103 Sale 103
11
05712 Marland Oil s f 89 with waents'31 A 0 19
99 97 10712
1929 M N 11314 11434 11312 115
16
2 10114
75
Without warrant attachediii5i t 0 101 Sale 10034 104
1932.7 D Nis _
6, 97 159
120
91
9234
90
1
A 112 ____ 119
91
Buff & Susq Iron s f 55
71is Series B
1952 A 0 81
1771 9114 10412
80 8973
87 me
102
8112
arr
Eaxne
1
8112 8112
fm
99 Sale 98
tw
Bush Terminal let 46
oum
wita
th&
drochan
95 106
8384
1955 J J 8334 Sale 8318
te
lt78-1942 .1 D 10478 10518 1047 Nov'23 ---4 8285
Consol 5s
997s
9818 24 95
93
84
85
9334 Metr Ed let&ret g Os Ser B..1952 F A 9712 Bale 9712
Building 5e guar tax ex--1960 AO 9212 Sale 9238
10
9
415 9615
95
1937 MN 9612 Sale 9512
9814
9412
1953
9412
9612 63
12
.1
9518
D
9412
Cal G dr E Corp 56
95 9663 Metr Power 65
101
10914
AO
9512
Sale 954
964
Cal Petroleum 6125 (w 1) 44-1933
Mexican Petroleum 5 1 85_._1936 M N 10474 Sale 1034 10534 53
9912 1001s
1924 F A 9978 100 9978 100
9
94 99 Mich State Telep let 58
9714 9512 Nov'23
Camaguey Sus 1st s f g 75_4_1942 AO _
8415 914
67
86
9212
Canada SS Lines letcolls f 75'42 MN 9113 9212 9212
93
712 Midvale Steel &0cony s f 5s 1936 M S 8578 Sale 85
6
7 0
99
114 10
84 90
4
8612
103
Canada Gen Elec Co 66_4.1942 F A 103 Sale 103
Certificates of deposit__ -1936 _ _ 8512 8534 8512
98 9912
6
99
9814 9778
98
Cent Dist Tel let 30-year 55_1943 J D 97
97 100 Milw Elec Ry & Lt cons 5 58 1926 F-A 9812 Sale 9812
5
8855 914
13
4
90
91
15
Cent Foundry lets f 654_ _1931 J A 8912 92 91
91
& exten 4345_41931 .1 J 90
8878 9412
24
3
24
112 6
8
85
9
712
2 10
90
9238
Cent Leather 20-year g 5s_1925 AO 91.24 Sale 91
9'
148
1951 2 D 93 Sale 93
Sc A
Gen
Refunding
79% 89,
5
8014 28
1931 J J 12934 Sale 128
150
1961 J D 8018 Sale 798
Cerro de Pasco Cop 8s
71 115
1304 s.._
1st Se B
_
__4
92
9215 9444
1
9438
9312 Nov'23 39
1927 M N 943s 95 9414
Ch 0 L& Coke 1st gu g 52_1937 J J 9312
7s Milwaukee Gas L 1st 45
7318 8
17
9554
93
78
97
9478
_
1927 FA 73is Sale
A__
Sale
Chicago Rye 1st 56
1st
58
_1943
.1
9478
Power
J
Montana
91
86
504 16
12
732:
8 Nov'23
9912 10018 Montreal Tram let & ref &L.:96
Chicago Tel 5s
1923 J D _
46
1 .1
,4 0
.1 8634 Sale S614
7315 8714
Sale
Chile Copper as Ser A
1932 AO
14
5 9
94634 10
93
93
14 Morris & Co lets f 4%84_4_1939 J 1 7834 79 79 Nov'23
Ws
8415
___4_
6412
6412
-534
Cincin Gas & Elec let & ref 58'56 AO 9254 Sale .9
99
5:
3
1
6412 Sale
9812 Mortgage Bond 45
95
5
9115 9315
9512
9512
5),25 Ser B due Jan 1
1981 AO 9513 96
1932 A 0 ____ 9312 9212 Nov'23 ---5s
9318
4 8914 95
COlo F & I Co gen at 5s...1943 FA 87
8714 87 Nov'23
8515 891s Mu Fuel Gas let cu g 564_ _1947 M N
£39
a3
113
9515 9515
7
274
Col Indus let & coil 59 go...1934 FA 7234 Sale 7534
95
318 Feb'23
74
......_1
19
94
51 j
m Nj 93
uarex
,
tol5d%
76
7912 N
2ds
42
-.
alass
utaUunEgitd
ec b
6742
53
Columbia0& E let 55
1927 J J 9614 Sale 9614
9 51
95 97%
54
53
964 26
53
90
9614
12
got. 46
Stamped
91
9138
1927 J J y618 Sale 9578
9532 97% Nattonal Acme 7148
1931 J D 9118 Sale
8
97 9712
10
Col dr 9th Av let gu g 55._....1993 MS
11
10 Sept'23
9712 June'23 ---20 Nat Enam Jr Stamln 181 58.1929 J D 9534 99_
95 95
93
Columbus Gas 1st gold Se_1932 J J 9278 9414 93
3
92
93 Nat Starch 20-year deb 5s 1930 J J
95 Oct'23 --- 97 10112
7212 National Tube 1st 55
1
69
9914
Commercial Cable 1st g 4s._2397 Q J 70% 714 7012 Nov'23
1952 m N 9914 Sale 9914
9214 95
Commonwealth Power 654-1947 M N 864 87 8614
1948.2 D 9334 9438 9334 Oct'23
87
94 8914 Newark Con Gas 55
36
9512 100
Comp Azu Barn 7%s
1937 J
6812 10115 New England Tel & Tel 58_1952 J D 97% Sale 9678
10014 Sale 100
9734 55
10014 13
62 62
Computing-Tab-Roe s f 66_1941 .1 .1 9912 Sale 99
9515 10115 New Orl Ry & Lt gen 055_ _1935 J J
__ 62 Oct'23 --- 10078
7
1 100 104
Conn Ity & List& ref g *ill 1951 J J 79
7615 8758 N Y Air Brake let cony es_ _1928 M N 102
___- 103
- - 102
102
71
714 Sept'23 ---,
8
7412 80
Stamped guar 4%6
1951• J 8018 8214
76
81
I
8314 N Y Dock 50-yr 1st g 4s_1951 F A 77 Sale 77
77
1
8412 90 NY Edison lst & ref 6148 A_1941 A 0 11014 Sale 10934 11012 65 10655 11212
Cons Coal of Md let dr ref 5e1950 J D 8718 Sale 864
8714 35
J
9314
9512
100
J
93
of
Ch
let
gu
g
564_1936
____
90
Co
1948 J D 964 Sale 9658
Con G
9534 NYGEL&Pg 58
Nov'23
974 10
N 87 6;11 8634
791s 8314
21
82
Consumers Power
1952
1949 F A 8134 Sale 8158
11
8415 9215
87
Purchase money g 4s
75 82
1931 MN 58 ____ 100 Oct'23
9812 100 N Y Muffle Ry late!5s A 1966 J .1 7958 ____ 82 June'23
Corn Prod Refg 51 g 55
99
96
1934 MN 100 ____ 9934 Nov'23 ___98 101 N Y Q El L & P 1st g 58_4_1930 F A 9814 ..-.
let 25-yr s f 55
9814
1
nee4 041
v.-4
2814 MN
1943 FA _
844 84
Crown Cork & Seal Os
ea N Y Rys let R E & ref 45_ _ _1942 J J 3112 Sale 3012 3112 11 27
84%
i
84
893
4
40
8914
37%
Sugar
cony
Sale
7s..
-1930
§or4
31
deposit
Cane
▪
4
13 82 94
3018 Sale 30
Cuba
Certificates of
34
8
9574 86
8712 9814
al942 A 0
Cony deben stamped 8%.1930 J▪ J 95% Sale 954
114 Sale
114
114 53
30-Year ad1 Inc 58
112 52
34 77s
Sale 106
118 112 Da
10638 61 105 10812
Cuban Am Sugar 1st coll 85-1931
CortIfIcatea of
584 69
5912 32
9258 93 9258
93
91
15
94% NY State Rye let cons 434e 1962 M N 584 Sale 5814
Cumb T & T 1st & gen 5s4-1937
97ts
87
1962 M N 86
8538 10
8334 90
88 87 Nov'23 -- - Den Gm & EL let&ref 6 f g 56•61 M N 85 Sale 8518
deposit654g
92 98
2
1942,M S 75 Sale 6612
93
9314 93
65 999212
75
39
Defy Corp(D 0)78
N Y Steam 1st 25-yr 66 Ser A 1947 M N
9312 58
9014 9514
9912 15
9434 10012 NY Telep 1st & gen 5!4348_1939 M N 9314 Sale 93%
Detroit Edison let eon tr 58_1933'J J 9912 Sale 9912
41 10314 1081.
11940 m 13 9512 Sale 95
9578 35
9014 98
let & ref 55 Series A
30-year deben 6 f 69_ __Feb 1949 F A 10534 Sale 105% 106
11940M El 103 Sale 103
1034 47 i01 19412
1st & ref 66 Series B
20-year refunding gold 66_1941 A 0 104 Sale 10338 10434 98 10214 10714
4No Moe FrIdaT:lateet bld and asked. a Due Jaa I Due ADril. &Due March. aDueMay. Due June. Due July. k Due Aug. o Due Oot. SDue Dec. /Option sale
6
i
IN:1 3
rs
B 106
2532
THE CHRONICLE
New York Bond Record-Concluded-Page 5
[vol.. 117.
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked "1"
Standard 011 Stocks Par Bid I Ask
Railroad Equipments Per C:. Bans
c:3
.
5
Anglo-American Oilnew_
*1528i 1514 Atlantic Coast Line 65
5.65 5.35
Atlantic Refining
100 115 119
Equipment640
5.50 5.30
Preferred
100 11612 117 Baltimore & Ohio 68
5.80 5.40
High No. Lao
High Borne Scrymser Co
Bid
Ask Low
Equipment 434s & Ss
100 145 150
5.60 5.35
Niagara Falls Power 1st 5e.._1932 J
9934 16
9514 101
9912 Sale 99
73 130ff Roch & Pitts equip 65_ 5.50 5.30
Buckeye Pipe Line Co_50 *71
6 10112 105
Ref & gen 65
01932 A 0
_ 10338 1043s
Chesebrough Mfg new..100 230 236 Canadian Pacific 4%5 & Os_ 5.50 5.30
7
9712 101
100
Nlag Lock &0Pow 1st 55.1954 MN 99 100 100
Preferred new
100 110 115 Central RR of N J 65
5.60 5.35
8912 96
20
No Amer Edison 65
91
1952 M 13 9012 Sale 8912
Continental 011 new.... 25 *43
4312 Chesapeake & Ohio 65
5.75 5.46
Nor Ohio Trac & Light es__ _1947 M S
8912 95
8912 9012 Nov'23 _ _
Crescent Pipe Line Co
50 *1412 17
Equipment6)
,65
5.60 5.35
64
90
Nor States Power25-yr 55 A.1941 A 0 8912 Sale 8912
8758 03
Cumberland Pipe Line_ _100 106 107
Equipment 55
5.55 5.30
137
100
let & ref 25-year 8e Sec B_1941 A 0 9934 Sale 99
9854 102
Eureka Pipe Line Co _ _10(3 98 102 Chicago Burl & Quincy 65
5.05 5.30
Northwest'n Bell T 1st 75 A.1941 F A 10734 Sale 10758 10734 67 107 10818 Galena Signal 011 corn_..100 6712 69 Chicago & Eastern III 5%5_ 6.25 5.50
9138 9212
9112 May'23
North W T lst fd g 44.65 gtd_1934 .1 J 9112 92
100 110 115 Chicago & North West 4%5 5.45 5.25
Preferred old
101 108
Ohio Public Service 73r 5_ _ 1946 A 0 104 10414 10412 Nov'23
100 105 10512
Preferred new
5.65 5.35
Equipment65
1
9934 10514 Humble Oil & Ref new.. 25 *3534 36
75
1947F A 10012 101 10012 10012
5.55 5.35
Equipment6)45
4
95
9234 9512 Illinois Pipe Line
Ontario Power N F let 55_ _1943 F A 05 Sale 9414
100 130 139 Chic 13 I & Pac 4;is & 5s_ _ 5.70 5.35
5
9214 085s Imperial 011
9418
Ontario Transmission 5s-- _1945 M N 9312 9412 9378
25 *11012 111
5.87 5.50
Equipment es
4
9834
1941 F A 9812 Sale 9812
96 10112 Indiana Pipe Line Co
Otis Steel 85
50 *84
8612 Colorado & Southern 68.... 5.75 5.40
94
18
1st 25-year 5 f g 7;rs Ser B 1947 F A 94 Sale 9312
9012 9478 International Petroleum-(I) *1678 17 Delaware & Hudson 65
5.85 5.35
J 9012 Sale 9014
9038 67
8812 9314 Magnolia Petroleum_ .._ _100 *
Pacific G .12 El gen ref 55 1942
12
38
238 1242034 Erie Oita & 55
6.20 5.75
12
92
8978 94
Pac Pow&Lt lstikref 20-yr 55 '30 F A 92 Sale 9178
National Transit Co__12.50
6.25 5.75
Equipment65
33
9434 9912 New York Transit Co_ _100 77
97
1937 J J
Pacific Tel & Tel 1st 55
9634 Sale 9612
5.70 5.40
78 Great Northern 65
1952 MN 9038 Sale 9012
9054 31
88
9212 Northern Pipe Line Co_ _100
55
5.45 5.25
Equipment 55
10238 46 102 10558 Ohio 011 new
Pan-Amer P & T 1st 10-yr 7s1930 F A 10214 Sale 102
25 5
*87
6812 6
989,4 Hocking Valley 65
5.75 5.45
96 100
1053 J J 9712 9738 97
9734 14
Park-Lex (ctfs) 630
25 *21
22
Penn Mex Fuel Co
5.60 5.35
Equipment 55
9258 94
Pat dr Passaic G & El eons 55 1949 M S 9314 - - - - 98 Nov'23 -Prairie 011 & Gas new_ _100 225 22512 Illinois Central 065 & 55.._ _ 5.45 5.20
3 10414 108
10514
Peop Gas & C 1st eons g 135_ _1943 A 0 105 Sale 105
Prairie Pipe Line new_..100 9812 99
5.65 5.35
Equipment65
1947 M
8718 04
8812 11
88
Refunding gold 55
8712 88
100 165 175
Solar Refining
Equipment 75 & 64.5135.50 5.30
47
9858 10112 Southern Pipe Line Co_ _100 91
9938 Sale 9938 100
Philadelphia Co 65 A
9212 Kanawha & Michigan 65
5.85 5.45
8712 0112 South Penn 011
8912 15
510
89
8912 89
100 127 128
Equipment 41.65
5.65 5.25
1943 M S 7314 Sale 7312
654 8234 Southwest Pa Pipe Lines _100 .75
7438 49
Pierce-Arrow 85
80 Kansas City Southern 5s. 5.65 5.35
70
19313 D
Pierce Oil f 85
98
77
7814 15
80
78
Standard 011 (California) 25 5574 5712 Louisville & Nashville 65... 5.65 5.40
89
9038 Standard 011 (Indiana).. 25 *5934 5978
Pleasant Val Coal 1st g 51 55 1928 .1 J 94
9038 Sept'23 _ _
Equipment610
5.50 5.30
901s 9458 Standard Oil (Kan)
Pocah Con Colliers lst 51 58_1957 J J 9212 -95
9212 Nov'23
25 *40
4034 Michigan Central 55 dr 65_ 5.50 5.25
9112 9512 Standard 011 (Kentucky) 25 *9734 98 Minn St P & S8 M 4%5& 5ii 5.75 5.40
94
1
Portland Gen Elea 1st Ss__ -1935 J J 94 Sale 94
8438 887s Standard Oil (Nebraska) 100 215 230
1
Portland Ry 1st & ref 58._ _ _ -1930 M N 8658 87
87
87
Equipment 63'55 A 75-- 5.80 5.45
8012 8075 Standard 011 of New Jer_ 25 *36
Portland Ry,Lt & Fist ref 55'42 F A 8112 Sale 8112
8112
3618 Missouri Kansas & Texas 65 5.90 5.60
9114 9614
65 B
1947 DI N
9212 19
100 11612 11634 Missouri Pacific 65 & 63s.. 6.15 5.60
9178 9114
Preferred
1033
4
1st & refund 73.65 Ser A
1940 MN 10334 Sale 0334 10334
*42
10714
25
4238 Mobile & Ohio 4%5 & 58... 5.55 5.30
Standard Oil of New York
5
101741 106
Porto Rican Am Tob 85_ _ _1931 M N 103 10412 05 Nov'23 _
100 278 119 New York Central 4345 & 55 5.40 5.25
Standard 011(Ohio)
8758 9334
1933 3 J 8914 9014 89
Pressed Steel Car 55
8934 23
100 115
Preferred
5.65 5.40
Equipment 65
1083
4
13312
Prod di Ref f 85(with wrient5)'31 .1 D 11018 11178 1138 11112
6
100 37
Swan & Finch
38
5.55 5.30
Equipment 75
D 107 10718 0634 10738 20 100 10812 Union Tank Car Co_
Without warrants attached_ _ _
100 90
9312 Norfolk & Western 43s..... 5.35 5.15
7612
Pub Serv Corp of N J gen 55_
19
88
807
8
100 107 10812 Northern Pacific 75
80 Sale 7912
Preferred
5.50 5.35
Punta Alegre Sugar 70
25 *5314 5339 Pacific Fruit Express 75.... 5.55 5.35
10812 47 105 124
Vacuum 011 new
108 Sale 08
1937 151 N 9338 Sale 93
907s 96
9512 25
Remington Arms 6e
10 *2234 25 Pennsylvania RR eq 58 & 65 5.60 5.20
Washington 011
89
9611
9212 22
DePub I de S 10-30-yr 555 f 1940 A 0 9214 93
Other 011 Stocks
92
Pitts & Lake Erie (*is
5.55 5.30
8678 9458 Atlantic Lobos 011
1953 J J 88
14
53rs
89
(I) *212 3
Equipment Os
8858 8734
5.80 5.40
'2'2 99
19523 D
Robbins & Myers 5 f 75
50 *7
10 Reading Co 4s& 55
Preferred
93 9312 Nov'23 _
5.35 5.15
91
91
Roch & Pitts Coal & Iron 513_1946 MN 901
25 *5814 59 St Louts & San Francisco 55. 5.75 5.50
Jan'23 _ _
Gulf 011 new
_ 91
80
86
5 *414 514 Seaboard Air Line 4s & 55 6.10 5.75
8
Rogers-Brown Iron CO 75_1942 H N 8338Mexican Eagle 011
84
8334
4 84
5 *11
Mutual Oil
1118 Southern Pacific Co 43.s.. 5.45 5.20
77
7952 National Fuel Gas
1937 M
100 89,2 91
St Joe Ey. L,H dr P 55
Equipment 75
7858 81
5.50 5.30
7834 Nov'23
10 1814 1812 Southern Ry 4s dr 55
St Joseph Stk Yds 1st g 065 1930.1
Salt Creek Producers
8518 Dec'22
92
86
5.60 5.30
-185 *85e 900
St L Rock Mt & P58 stmpd-1955
BaPillya Refining
7612 Nov'23
81
Equipment65
77
5.85 5.50
5434 62
1924 A 0 5834 60
St Louis Transit 55
5434
5434
Toledo & Ohio Central 65... 5.85 5.50
9012
93
J
Utilities
1937.5
Public
St Paul City Cable 55
9012 Nov'23
*4
,
34 4434 Union Pacific 75
5.45 5.25
9034 _
1942 M S 10414 Sale 104
Sake Co 75
10412 16 100 10412 Amer Gas & Elec new__ _(4) 93
rrheadcc•Stocks
94
prefTeo
9454
90
50 *4114 4214 AmericanCigar common 100 77
San Antonio Pub Ser 68__.10523 J 9134 Sale 9114
Preferred
9134 24
7912
97 10412
MAN
21
Sharon Steel Hoop bit 8e ser A '41 M
Deb 65 2014
100 85
87
9912 Sale 9912 100
9912 103
1942 A 0 10034 101 10078 101
14
Sheffield Farms 64.50
Amer Light & Trac com_100 118 120 Amer Machine & Fdry_ _100 137
8212
100
8712
55_1949
F
A
Power
4
Sierra & San Fran
17
90
212
Preferred
84
British-Amer Tobac ord. Cl *23
84 Sale 8338
90,2 10112 Amer Power St Lt com_ _100
Sinclair Cons Oil 15-year 75-1937 M S 9378 Sale 9318
El *2212 2312
179,413Bearer
937g 77
9714
85
100 8212 8312 Helme (Geo W)Co, new 25 .59
19383 D 8714 Sale 8714
105
63rs B (w 1)
Preferred
88
61
94
10034
M&S 0112 93100
1925 A 0 9718 Sale 9534
Sinclair Crude 011 0.65
110 113
Preferred
Deb 6s2018
9712 133
9353 9978 Amer Public Util com__100 30
A 97 Sale 9534
35
1926FOs
35 Imperial Tob of GB & Irel'd *1514 16
97
80
8912
0
1942
A
100 72
Sinclair Pipe Line 58
7413 Int Cigar Machinery_..100 54
7% prior pref
8034 138
59
80,
4 Sale 80
9812 102
100 46
South Porto Rico Sugar 75_1941 J D 10034 Sale 10012 10034 13
49 Johnson Tin Foil & Met _100 80
90
4% partic pref
9034 957e
100
South Bell Tel & T 1st 51 55_1941 J J 9518 Sale 95
78
96
MacAndrewe & Forbes_ _ 100 136 138
6% preferred
8612 92
Southern Colo Power 65_ __ _1947 J J 8712 88
4
74
97 100
Blackstone Val G &E com 50 72
88
Preferred
8712
9678 10012 Carolina Pow & Lt com_100
Stand
& El cony 1 65_1928 J D 0834 99
1
100 22
24
9038
9938
79 Mengel Co
75
9458 9914 Cities Service Co corn_..100 13712 13912 Porto Rican-Amer Tot._ _100 70
1930 M N 9478 9618 0618
Standard Milling 1st 55
2
964
75
Steel & Tube gen s f 7s ser C_195i J J 10334 Sale 10212 104
100 6712 08
16 100 10712
Preferred
70
Scrip
04
9934 CitiesServIceBankerre Shares 2
Sugar Estates (Orlenti) 75-1942 M S 96 Sale 9512
8
10
334 202
9614
1414 Universal T..eaf Tob com _100 45
50
9018
92
J
D
Syracuse Lighting 1st g 55_1951
100 88
Colorado Power coin _ _ _100
Oct'23
93
92
92
91
Preferred
83
86
Light &Power Co col tr f 55'54 J J 8318 84
1
100 90
100 107 110
Preferred
8312
8312
92 Young (4 5) Co
9818 101
Tenn Coal. Iron & RR gen 55'51 .1 J 100 Sale 9938 100
2
100 103 107
Corn'w'th Pow,Ry & Lt_100 35
36
Preferred
9914 10112 Com'w'th Pow Corp pref 100
Tennessee Cop 1st cony 6s 1925 M N 10014 10012 100 Nov'23
7012 Rubber Stocks(Cleveland) prices)
69
9213; 95
.
.13 1
Tennessee Elec Power 65.._
77
Consumers Power pref _ _100 .
94
94 Sale 9218
8
96
7 8
r%
estoneTire& Rub COM 10 *75
80
98
712 Fl6
5012 62
Third Ave 1st ref 48
Elec Bond & Share pref _100
100 9212 94
5314 37
52,
4 Sale 5114
preferred
6234 Federal Light de Traction() *70
39
AdjustmentIncome 55._a1960 A 0 45 Sale 4414
4514 114
9112
100 90
73
7% preferred
90
9514
Third Ave Ry 1st g 55
19373 J 92 Sale 9112
35
100 2
Preferred
92
74
334 2
7
,
512 Ger.
ed
ire & Rub corn50 *145 160
nreerfael2rT
1931 F A 10238 10212 10214
Tide Water 0116As
Lehigh Power Securities-(I)
102,
8 37 10112 105
100 95
98
i931 J D 10778 10818 10634
Tobacco Products s f 78
12 10234 10812
9
918
10778 21 10518 10753 Mississippi Riv Pow corn 100 2312 2412 Good year Tire & R com_100
1941 M S 10678 Sale 10678 107
Toledo Edison 75
Preferred
100 81
78
83 Goody'r TAR of Can p1.100
1925 F A
9712 9912
Toledo Trae, L & P 6e
1
First mtge 55, 1951_ _J&J 9112 9212 Marion Tire & Rub com_(i) *1-12 134
9712
9712 9778 9712
1949 M S 9278 ____ 9234 Nov'23
9214 95
Trenton G dr El 1st g 58
S F g deb 75 1935_M&N 101 102
100 14
16
Preferred
85
J 80
9314 Nat Power & Lt
Undergr of London 4s..__.1933
Oct'23
_ 85
100 68
73
*64
66 Miller Rubber
1948 .1 .3 75 -8112 8914 Oct'23
8858 8914
Income 65
Preferred
100 91
95
(I) *8514 8614
Preferred
Id
N
95
99
Paper
65
1942
Union Bag &
2
Income 75 1972
.I&J 89
9534
9512 Sale 9,513
100
8
5
90 Mohawk Rubber
95
9734 Northern Ohio Electric-(I) *5
Union Elec Lt & P 1st g 55-1932 M
9612 Nov'23
96,
8 97
35
Preferred
8
1933 M N 9138 9234 0158
8814 9212
7
55
Preferred
9212
100 17 10
20
1 SeiberlingTire & Rubber(f) *412 514
70
70
Union Elev (Chicago) 55....1945 A 0 _
North States Pow com_100 98
45
100 35
70 June'23
70
Preferred
90
1931 J J 9478 96
96
Union 011 55
Preferred
21
100
100 92
9434 Nov'23
6
94
2 Swp1n
tdTlre & It com-1
reefhearrre
c1942 F A 98
9712 10258 Nor Texas Elec Co corn.100 58
3
60
50
16
9812
9812 9838
1930 F A 104 Sale 104
6 10212 105
Onion Tank Car equip 7s
Preferred
100
10414
73
rarStocks
1941.5 D 110 Sale 10938 11012 23 10914 11334 Pacific Gas & El 1st pref 100 68
United Drug cony 85
50 *10
12
8712 8812 Caracas8uSguag
92
98
United Fuel Gas 1st 51 6$-1036 J .1 93
20 *81
Power Securities com
83
94
9378 94
rugar corn_ 10
FCaeJnatrdAogus
irurgeaS
(:) *2
8714 9712
United Rys Inv 55 Pitts issue 1926 ID N 9114 9134 9114
Second preferred
9178 41
103 105
13
7
(I) *13
6414
5612
J
J
4S-1934
United Rye St L 1st g
Coll trust 65 1949___J&D
6312 64
63
6414 75
83 Federal Sugar Ref corn_ _ 100 62 1 65
78
86
93
United 55 Co lot rets 6s..1937 M N 86
Incomes June 1949_ _F&A /58 63
90 100
8712 8612 Nov'23
Preferred
1942 A 0 9812 Sale 9812
98 10112 Puget Sound Pow & Lt 100 44
United Stores 65
10
1
:
0
) *8
9914 34
46 Godchaux sugar. Inc 0
1932 J J 10214 10278 10238 Nov'23
10018 103
6% preferred
' US Hoffman Mach 8e
100 79
65
58
Preferred
83
99 10212
U S Realty & I cony deb g 55 1924 J .1 9978 ____ 99 Nov'23
7% preferred
100 d102 105 Great Western Sugar new 26 *83 87
A
1947
837
8
fisser
8912
Gen mtge 7s 1941_ M&N 104 105 Holly Sugar Corp corn..(I) *25
8538 Sale 84
S Rubber 1st & ref
85e 91
30
1930 F A 10314 Sale 10314
71 10214 10912 Republic Ry & Light. .100 1412 1512
10-year 734s
104
100 80
Preferred
83
0878 102
9
Preferred
100
US Smelt Ref J12 M cony 65_1926 F A 100 10038 99
100 3.5
38 Juncos Central Sugar_..100 90 110
South Calif Edison com_100 10012 10112 National Sugar Refining.100 88
US Steel Corp(coupon _ _ 61963 MN 102 Sale 102
10212 219 10034 104
90
3 100 10412
f 10-60-yr 591registered .41963 MN
8% preferrea
10178
10178
100 114 117 New Niquero Sugar
95 100
78
9134 Standard Gas dr El (Del) 50 *2714 2814 Santa Cecilia Sug Corp pf 100
Utah Light & Traction 55_1944 A 0 8014 gale 79
8014 26
13
5
1944 F A 8758 Sale 8712
8534 92
Utah Power & Lt 1st 55
Preferred
61
50 *4712 4812 Savannah Sugar corn...(1) *59
8818 25
9554 Tennessee Elec Power_ (I) •15
95
Utica Elee L & Pow 1st s f 55 1950 .1 J 951
100 80
82
Preferred
- - 9514 Sept'23
16
887s 9214
J 8812
1957
4-9112 9114 Nov'23
Utica Gas dz Elec ref 55
Second preferred
90
83
(I) *4612 48 Sugar Estates Oriente pref. _
Western Power Corp__..l00 24
26 West India Hug Fin com_100
9834 10012
D
Va-Caro Chem 1st 15-yr 5s...1923
Preferred
9834 Nov'23
Preterred
100 18 -21"
100 8212 85
98
i947J D 8318 Sale 8318
75
31
Short Term Securities
75
85
.1 60 Sale 67
1937
55 (141
04
120
12-year f 74,
Am Cot 011 65 1924_ _M&S2 0914 0934 Industrial&Miscell
09
.1
58
9012 Amer Tel&Tel 65 1924 _F&A 100114 101114 American Hardware.._ _100 60
Without warrants attached_
_
67
66 Nov'23
61
1
Anaconda Cop Min 65'29 J&J 101 10114 Amer Ty pefounders corn 100 82
92
92
Vs Iron Coal& Coke 1st g 881949 H S 90
92
85
19343 .1 88 Sale 8712
312 Anglo-Amer 0117Yis'25 AitiO 10112 1_0_1_7_8 Bir
84
2 88
4
Va Ry Pow 1st & ref 55
ed)
100 96 100
88
srsef
(eErrsv
1942.5 D 9312 94
Vertientes Sugar 75
Federal Sug Ref 65'24_M&N
7
9312
Co new_ _ __ (1) *1712 1812
96
D
1941
J
8
0
6
8
16
0
8
8
3
1
5
1
12
8
2
1
0
7e
11
Sugar
10318 Sale 103
651933
Warner
59
Preferred
.. 50 *56
MAN -971.1 9914
10312
19391 J 9912
4
Hocking Valley 65 1924 HAS 100 10014 Borden Company com_10(f 12G2 12212
Wash Wat Power s f 5s
9912
9912
9312 9714 Interboro K T Is 1922_M&S
Weetches Ltg g 5sstmpd gtd 1950 J D 9658 Sale 9618
Preferred
100 102 105
9638 15
S
95
88
9012 Sale 9014
82
K C Term Ry es'23 M&N15
9
907g
100 78
West Penn Power Ser A 55_ _1940 M
Celluloid Company
1958 J D 10118 Sale 10118
2 100 10212
630July 1931
10118
Preferred
100 108 111
1st 40-year 68 Series C_
J&J 10212 10312
c1946 F A 104 Sale 104
30 10218 10712
104
1926 100 10014 Childs Company corn...100 184 190
5125
1st series D 75
1963M S 8734 Sale 8734
87
8912 Lehigh Pow Sec 65'27.F&A 9314 04
100 110 112
8318 46
Preferred
5s E
96 100
14
Sloss-Sheff S&I 65 '29_F&A 9612 9714 Hercules Powder
97
100 105 110
Western Union coll tr cur 55_1938 J J 97 Sale 97
89
1
100 104 106
S Rubber 7s 1930.FAA 103 104
9114
Preferred
Fund & real estate g 4%5_1950 M N 9034 9114 911 4
A
1936
F
8918
106
18
14
178
Joint
35
10834
100 80
Stk
Land
109
Sale
Salt,
Bk
Bonds
1083
8
International
15-year 0511 g
10712 39 10512 10812 Chic it Stk Land Ilk 5s _1951 100 10112 International Silver pref 100 105 108
Westinghouse K & M 75_ _.193l M N 10718 Sale 10718
80
72
98
55 1952 opt 1932
8712 39
Wickwire Spen Steel 1st 78 _1935 J J 79 Sale 72
100 10112 Lehigh Valley Coal Sales 50 77
9414 102
100 135 145
4 Sale 9538
5.145 1951 opt 1931
8 34
10214 10314 Phelps Dodge Corp
Wilson & Co 1st 25-Yr e 1 6s-1931 A 0 95,
1928 f D 8334 84
4345 1952 opt 1932
84
8414 14
9812 9912 Royal Baking Pow com_100 125 135
10-year cony 8 1 68
1931 F A 95 Sale 9418
21
100 9712 9812
9
83 10
85
8
00; 1952 opt 1932
95
Preferred
734s
971.2 9812
1941 A 0 10112 102 101
9 10012 100
4545 1963 opt 1933
10134
9812 9912 Singer Manufacturing-100 124 126
Winchester Arms 73411
9314 9913
9458 216
Young'n Sheet & T 6s(w 14 1943 J J 9438 Sale 9312
d Purchaser also pays accrued dividend
•Per share. I No par value. S Basis.
No price Friday;latest bid and asked. a Due Jan. d Due Apr. c Due Mar. e Due t New stook. .1 Flat price. It Last sale. a Nominal. a Ex-dividend. y Er-rights.
May. g Due June. Due July. It Due Aug. 0 Due Oct. y Due Dec. s Option sale. e Ex stook dividend. a Sale price, o Canadian quotation.
BONDS
N.Y.STOCK EXCHANGE
Week ending Dec. 7.
1311
BB
4%!
Price
Friday
Dec. 7.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BOSTON STOCK EXCHANGE-Stock Record seeBrUcilage
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday,
Dec. 1.
Monday.
Dec. 3.
Tuesday,
Dec. 4.
Wednesday. Thursday. I
Dec. 5. I Dec. 6.
Friday,
Dec. 7.
Sates
for
the
TVeek.
STOCKS
BOSTON STOCK
EXCHANGE
Shares.
Railroads
100
148 14934
127 Boston & Albany
149 149 1'3/147 149
•z145 147 145 146 *z146 149
100
469 Boston Elevated
7734 78
7838 7812 78/
1
4 7812 7812 79
79
7734 7734 79
100
64 Do pee!
9612 95
95
97
97
95 96
*95 ___ 95
100
14 Do 1st prof
117 11714 11714 11714 *11714 120 *117 120
118 118
97
97
100
63 Do 28 prof
97
97
97
97 *9512 97
961
/
4 97
*9612 97
100
10
1012 2,163 Boston& Maine
934 934
912 11
1012 11
1018 1018 *934 10
100
52 Do prof
__ *12
12
121
/
4 *13
15
_ •12
*12
100
1
4 14
1418 1414 15
447 Do Series A let pref
15
16
14/
1
4 14/
*1418 15
2112
*1918 20
558 Do Series B let pref100
1812 20
20
20
20 *19
*19
394 Do Series C 1st pref-100
19
17
1718 1712 1712 1712 18
*1718 19 *17
100
26
485 Do Series D 1st Pref
2434 25
25
*2312 25 *23 25 *2313
21 Boeton & Providence.....100
*145 150 *145 150 *145 150 *145 149 *145 14812
27 East Maas Street ay Co 100
22
2112 2112 21
22 *21
*211
/
4 22 *2112 22
100
12 Do let prof
_ 65 65 *63 65
*62
65 •62 65 .63
100
20 Do pref B
53 •55
*53
55
53/
1
4 5312 53
*53
*33
343
3413
100
34
34
34
35
35
35
Do
adjustment
*34
142 East Mass St RI(tr etfs)_100
33 33/
1
4 3314 3314 3212 3212
34
34
100
300 Maine Central
25
24 *_ _ 25
2314 23/
1
4
25
100
14/
1
4 1378 1538 1518 1512 1513 1534 15
1512 3,123 N Y N H & Hartford
1
4 14
14/
1
4 14/
64
11 Northern New Hampshire_100
65
62 62
6212 6212 *__
*60 65
83
83 *_ __ _ 85
83
85
Worcester :we-100
---72
72
72
72
73
74
73 --7i- ..-ii0 71
100
70
0?drw
70
d
o
ch
l
70
70
Colony
3812 --------876 Rutland pre!
100
36
38/
1
4 38
38/
1
4 38
35/
1
4 36
35 35
------------------Vermont & Maniachusetts_100
472 78 *70 _-__ *72 __ *72
2533
1141$06 since Jan. 1 1923.
Lowest
143 Apr 3
75 June 29
9112 Aug 9
11118 Aug 2
95 Nov 21
9 Oct 27
9 Oct 17
1213 Get 29
1812 Dec 5
16 Nov 10
21 Oct 25
135 July 21
18 Feb 15
69/
1
4Nov 2
52 Oct 18
z32 Nov 15
31 Nov 19
2314 Dec 6
954 JulY
62 Dec
80 June 12
6418 Oct 25
2112 Aug 25
70 Nov 26
litghost
151 June 14
84 Jan 5
100 Mar 6
125 June 12
106 Mar 6
2013 Mar 2
27 Feb 13
32/
1
4 Mar 1
48 Feb 6
42 Mar 22
59 Feb 7
16012 Jan 25
35 Mar 22
72 Jan 16
65 Mar 19
48 Mar 22
45 Mar 21
43 Jan 2
2218 Jan 30
84 Feb 3
100 Jan 3
81 Feb 14
3878 Dec 4
98 Jan 11
PER SHIRE
Ramos for Prestos
Year 1922.
Lowest
13014 Jan
7318 Feb
9414 Mar
116 June
10118 Nov
14 Jan
20 Jan
22 Jan
36 Jan
30 Jan
40 Jan
125 Jan
18 July
68 Aug
51 July
28 July
29 Jul
2713 Jan
12/
1
4 Jan
69 Jan
58 Jan
57 Jan
15 Jan
78 Jan
ROAM
152 May
8912 Sept
105 Sept
126 Sept
109 Sept
3112 May
37 Apr
4412 Apr
62 May
54 May
7712 May
163 July
26111 July
77 July
60 Nov
67 Aug
47 Aug
55 Oct
8472 May
96 July
103/
1
4 Dec
9814 May
gra June
100 Aug
Miscellaneous
4/
1
4 Jan
2/
1
4 Dec
312 Jan 9
____ ____ ______ Amer Pneumatic Service
1 Sept 19
*134 2
*134 2
25
'le* 2 • *134 2
Feb 2013 Aug
14
14
14
50 1212 Oct 23 20 Jan 10 13
*13
14 *13
14
14
40 Do Ore!
4 2,239 Amer Telephone & Teleg_100 119 June 29 12534Mar 14 11453 Jan 12814 Aug
12434 12518 125 12512 125 12512 125 12534 12512 115372
7212 7112 72
711
/
4 72 *7112 ------------499 Amoskeag Mfg
No par 67N Oct 9 112 Jan 5 104 Jan 121 Dec
91 Aug
80 No
NO par 72 Oct 9 88 Jan 5
75
75
75
75
76
75
76
229 Do pro!
*7514 76
76
2013 May
14 No
M
Fettbr 2
14
4
____ ______ Art Metal Construe,Ints___ 10 1434 Nov 15
*1434 17 *1434 17 *1434 17 *1434 17
13 Jan 22 May
12
_ _ _ _ _ _ _ _ ____ _. AtIas Tack Corti
*10
12
*10
---.10
12 *10
12
No Par 10 July 2 2018 Feb 14
10434 Aug 107 Dee
106 106
106 1013 105N 106 *105 106
--------47 Boston Cons Gaa Co. pref _100 104 Oct 17 10181122
.09 .09
.10 .10 --------459 Boston Mex Pet Trus_No par .09 Dec 5 .30 Jan 25 .10 Sept .50 May
.10 .10
•.05 .15
1534 Jan 3013 Dec
10 19 July 5 27 Mar 19
1
4 1.852 Connor (John T)
2278 2314 2334 2334 2334 24/
1
4 2412 24/
1
4 2414 24/
6 Apr
3 Jan
214 Nov 21
4 Jan 2
10
*213 3
*212 3
*212 3
____ ____ ___ ___ East Boston Land
*211 3
1
4 Feb
7 Dec 14/
5 Dec 10 1418 Mar 5
6
6
5
5
*6
612
518
5
578
6
8
460 Eastern Manufacturing
351 3612 3634 36/
38N Jan 8938 Oct
25 31 Nov 1 12712Mar 22
35
1
4
*35
38 '
335
38
37
210 Eastern SS Lines,Inc,
100 15284 Nov 8 172 Jan 3 156 Mar 185 Sept
154 1541 154 15412 4,063 Edison Electric Illum
154 15412 15312 155 15312 154
3 Mar 13 May
114 3
112 Dec 4 1078 Jan 2
112 134
112 113
3
312 1,293 Elder Corporation
No par
28 Dec 39 Aug
____
5 July 9 2918 Feb 5
___ *11
-__ *11
14
n Elee_100
•11 ____ •11
9 Nov 1613 Apt
6 Oct 25 1553 Mar 8
63 _--_-_ -_ 2-_ -_ 1 ------Gardner______GveetonM-Hootoust4r
No par
+612 8
*512 83
634 •5
*5
834 *5
17 Dec 2714 Feb
151 --------100 Greenfield Tap & Die _ _ 25 144 Nov 27 24 Feb 10
1
4 *15
15 •1434 15/
15 15 *1434 1518 15
,
43 Mar 5488 Dec
53
53
63
53
No par 50 Dec 6 6312 Mar 13
53 53
50
53
50
229 Hood Rubber
53
53
26 Jan 3888 May
43
42/
1
4 43
4212 421 --------275 Internet cement Corp-No par 82 July 2 44 Mar 19
*4112 4212 *4112 421 *42
Jan
20 Nov 32
50 10 Sept 14 22 Feb 19
*1014 14 *1014 14
*1014 14 I *1014 133 ---- ----______ Internat. Cotton Mills
•1014 14
Aug 85 Dec
7912
Jan
10
60
50
May
31
100
*57
*5712
60
*57
60
*57
60
__-- ---10 Do prat
5712 5712
IN Dec
ON Mar
3 Mar 20
.50 .50
.25 .50
.50 .50
.50 .50
150
2 International Products-No par .25 Dec 4
.3.25 .50
86
:-...i-c-2
-r
518 Dec 17 Apr
2 Nov 2
8 Mar 15
312 ::i
100
21
214 214
*2
312 *1
21
/
4 212 •1
11
/
4 Apr 1118 June
818 Aug 20
412 Dec 4
.+424 514
434 5
412 438
438 428
438 5
358 Libby.McNeill &Libby- 10
8 July 13 Jan
814June 27 11 Apr 26
2
'
34)
1018 *10
1018 *10
1038 *10
10381 10
10
20 Loew's Theatres
63
Jan 901s Nos
Dec
7
8718
Jan
2
7612
-100
Gas
Coit.
777g
78
Massachusetts
7712 78
78
78
7714 78
77
7714 -i61-2 -ii279
100 6412 Nov 28 73 Jan 25 62 Jan . 74 001
65 6514 *65 6514 65 6512
6512 6512 65 65
182 Do prof
Oct
157 *_-__ 157 *_-_- 157 3155 155 ,*2150 155 iLi" 112-11 Mergenthaler Linotype_100 147 June 19 179 Jan 6 130 Jan 181
11 Deo 27/
1
4 June
312Nov 19 1434 Feb 19
1
534 534 *412 5/
1
4 *414 534 *414 534' *414 434
434 434
40 Mexican Investment. Inc
13 Jan 34 Aug
9 2814 Jan 31
18
04 Nov 17
1
____ ___
•23N 24N 24 24
2234 23
23 24 I 2234 23
191 Mississippi River Power-100
7212 Jan 8513 Oct
100 80 Jan 16 84 Feb 14
Do stamped
-2-,i__
*8133 8234 *8118 8234 •8113 82/
1
4 *811
/
4 82/
1
4 *82
8212
,6/
1
4 Dec 111
/
4 Jan
8/
1
4 Feb 13
2
2
2
2/
1
4
2
218
214 --2/
National Leatherpro!25
*218 2/
1
4
2
1
4 --2-1-8 _
22 Dec
5
Jan
412Sept 13
2 Oct 9
*312 4
___
294 New England 011 Corp tr Ws_
*312 378
3
3/
1
4
3/
1
4 3/
1
4 *312 4
Jan
125
109
Sept
508 New England Telephone-101 1143
1j
(i)
ify
t''
/
4 113 114
114 1141 114- 1-111
114 114
114 11412 11314 1141
13 Jan 28
Oct
r2g
13 13li, iapn
1
4 1838 __ ...;
205 Orpheum Circuit, Inc
19
19
19
19 *1834 1914 *1834 1914 18/
1
4 Oct 192 Dee
8412 Om 27 190 Jan 2 115/
812 Pacific Mills
8614 86
86
86
86
-8512 -86 8612 86
86
861 *86
1213 Apr 16 July
10 15 June 26 18 Mar 14
1
4 ____ ____
10 Reece Button Hole
1
4 *1512 1533 *1512 15/
1
4 15/
1
4 *1512 15/
•1512 1534 15/
3 Mar
314 Mar 15
158 Deo
2 Jan 11
21 ____ ____ ______ Reece Folding Machine._ 10
212 *2
212 *2
*2
21
*2
21
*2
7/
1
4 APr
2 Feb 20 .60 Nov
5 .50 Oct 25
200 Simms Magneto
10013
11013
/
1
4
Jan
Jan
Sept
92
6
9818.1nne
26
100
102 10214 102 10234 10218 10212 102 10212 10214 10234 103 104399 Swift & Co
/
4 June
39 July 811
25 42 July 31 50 Mar 9
4212 43 1 •43 4318 43 43
40 Torrington
44
*43 433 *43 44 •42
1414
8
Mar
Feb
11
Mar
7
6
Dec
3
5
____
Drill
8
8
I
Twist
6
6
6
6
90 Union
6
6
87 Jan 45 Mar
1
4Mar 8
34 ' 3314 -33733
_- 1( 3,969 'United Shoe Mach Corp- 25 3212 Nov 2 55/
3312 337
33/
1
4 33/
3334 34
1
4 3312 34
2712
Jan
July
25
/
1
4
Jan
11
2438June
14
28
25
25
/
1
4
2612
26
261
/
4
26
26
26
Do
26
2841
pro!
26
253
2584
•255*
2118 Jan 334 June
shNo_ 5 1934 Aug 23 30 Jan 2
2618 2512 2614 2538 2534 3,130 Ventura Consol 011 Fields
2612 26
2614 26
2612 2834 26
1
4 Jan 61918 Dec
153*Sept 17 82218 Mar 19 313/
Pa
1
4 1.053, Waldorf Sys,Inc,new
1614 1618 1612 1638 1612 1612 1638 1638 1658 1633 16/
18
1
4 Apr
214 Nov 14/
17
13
Mar
5
Feb
15
com.No
Pa
8
8
1
*8
812
Cl
B
--------40 Walth Watch
812 814 814 *8 812
•8
11 Nov 49 Apr
2913 Mar 19
100 1512Mar
18 I *17
18 i __-- ___
19 •17
19 •17
354) Preferred trust ate
18 *17
*17
71 Feb 13 Oct
/
4 Jan 6 18 Dec 4
18 *31634 1712 *31634 1712
__ ____
215 Walworth Manufacturing_ 20 111
1712 17Ig 1712 17
•17
251 Jan 31 3412 Mar 14
1712 Jan 35/
1
4 Sept
/
4 3014 *2912 30/
1
4 2912 3050
*2934 30/
1
4 30 3012 *291
30
450 Warren Bros
30
3018 Jan 3814 Oct
50 3034 Oct 30 3912 Mar 14
3234 3214 3214 _______
3112 311
/
4 321
430 Do 1st pro!
/
4 31
3138 311
/
4 *32
4434
July
31
Feb
42
Mar
15
33
July
10
6_0_5
0
7.
3
.
6_
_66_1
_3_6_
35
35
_3_5_
!
,
*35
36
435 36
Do 2d pref
312 Nov 30 1218 Feb 21
8/
1
4 Nov 21 May
Wickwire Spencer SteelMining
1 Apr
1 Feb 28 .50 Jan
2 .10 Nov 28
.15 .15 *JO .20 •.10 .20 3..20 .30 3..20 ____
•.10 .20
100 Adventure Consolidated
56 Nov 66 May
54 July 5 87 Mar 1
Apr
Sept
July
5
.50
.03
.50
Mar
2
.10
*JO .25 •.12 .25 '
2
3.12 .25 ____2
•.1-2
-5
- A
AIhmeekhgoma Mining
1
4 Jan
15 Aug 9 34 Mar 1
2
19 Dec 32/
48 21187
-•- 1.3
-4 --2-14I --2- --2-- -•
25 .70 July 3
214 "-ifs
2 Mar
414 Mar 5
--3
1-4 2-18
- ___ '2
17
-0
- AAirlcnidel
ea lan Consolidated
738 Jan 6 1412 Mar 2
10/
1
4 June
6 No
5
/
4 854
*84 834 *813 834 814 814 *818 838 •81
7/
1
4 814
650 Arizona Commercial
1
4 Sept
16
18 Jan 18/
1412 Oct 30 19 Feb 19
16 I 017
18 *15 1710
18 *17
18
17 *17
17
10 Bingham Mines
7
Aug
1938
801
No
19
1934
248
49
June
17
Oct
25
20
25
20
19N
20
15
1938
1934
1978
20
20
1,520 Calumet & Bede
1684
May
212
3
284
2
/
1
4
2
/
1
4
Nov
2
1
2
Dec
4
57
8
3
2
938
Feb
13
/
1
4 2/
2/
1
4 234 *258
1
4 6,600 Carson Hill Gold
8 Nov 1312 Feb
25
7 Jan 18 15 Mar 1
Centennial
-iii.8
-ii" -ii12 636 Copper Range Co
25 2218 Oct 31 4634 Mar 1
35/
1
4 Dec 4654 May
25'2 "iiii -211-1 "2ii4
-,-tis IS" 25 iili
914 Jan
218 Nov
10
214June 28
314 3/
1
4
312 3°
3/
1
4 31/4
5 Feb 23
*312 35
3/
1
4 358
312 3/
1
4
627 Davie-Daly Cropper
Nov 1214 Jan
712
Mining_
10
1
438
Nov
1
1112
Mar
5
4
,
4
Copper
5
43
4
5
/
1
4
*43
4
5
5
1,330
East
Butte
518
518
5it's 5`,1'
114
112
.95
*I
Apr
3
/
1
4 Apr
*1
114
1
1
11
/
4
25
.30
May
22
Mar
5
25*
•1
*.90 114
112
245 Franklin
312 Mar
118 Aug
/
4 11
/
4 •112 2
11
1 Oct 30
4 Mar 5
134 134' *134 214
134 134
*11
/
4 11
/
4
95 Hancock Consolidated- 25
*2734
28
28
'
32712
1
28
2814
204
8June
7
2812
Mar
28
33
5
27
/
1
4
*2712
28
Coal
Co
*2734 2812
50 Hardy
2,i, "iiir
3.25 .50 *.25 .50Helve
25 .10 Sept 17
114 Feb 20 'al Dec -7
*.40 .50 .1%25 .40 •.25 .50 '
creek Coal
*.40 .5
dtla
1.387
8112 Jan 11638 Una
98 99
99
9934 101 10312
1 9312 Nov 7 11511 Apr 7
1
4 9812 981
98 98
98 98/
Island
Feb
9712
Nov
88
*9112
93
*9112
28
92
93
Mar
92
1
9014
10012
93
9214 92/
1
4
Nov 28
92
92 *92
71
Do prof
18/
1
4 191
18
18
18 Nov 2634 May
2
16 Oct 24 3314 Mar 3
41912 21
20 2014 1912 191
18 4
Copper
49r Isle Royale Copp
474 Apr
3 Feb
2
2
2
2/
1
4 214
214
2 July 17
338 Jan 2
214 21
*218 214
2
2
499 Herr Lake
312 Apr
1 Feb
`.99 1
214 Mar 5
.85 .8
•.99 112
2 .60 Sept 4
.90 .90
*.99 11 '
3.99 112
55 lieweenaw Copper
1
4 Feb
2/
*112 2
Pt Map
112 11
112 1'I
25
1 Oct 25
5N Mar 1
11
/
4 138
*112 2
*112 2
425 Lake Copper Co
•1
Nov
214 Apr
1
1
1
1
2
1
Mar
*1
11
*1
114
1
1
114 *1
Oct
30
3N
55 La Salle Copper
114
2/
1
4 May
1/
1
4 Jan
*112 17
*11
/
4 11
/
4 •112 11
1
4 Mar 27
/
4
2/
/
4 17
Us Nov 16
*158 118 *138 178 •11
Mason Valley Mine
11 Dee
438 Apr
.11
1
25
1 Oct 16
414 Mar 3
1
112
.11
112 *1
1
1
1
1
112
435 Mass Consolidated
218 Dec
6/
1
4 Apr
2
2
214 214 *2
7 Feb 10
212
175 18
2
11
/
4 Oct 19
11
/
4 2
*2
214
195 Mayflower-Old Colony
112 11
/
4 *112 2
7 Apr
4 Mar 17 .75 July
•112 2
*112 2
2 .90 July 3
.112 2
17 Michigan
Nov
68
52
June
3212
33
33
33
32
33
Mar
2
i5i
2
71
27 Oct 31
" ii" 260 Mohawk
33/
1
4 3354 3213 3314
16
1514 Dec 2012 Jttne
1538 15/
1
4 1534 1534 1538 1534 16
16
16
1534 1534
5 1414 Oct 29 2412 Mar 2
850 New Cornelia Copper
Apr
4
*2/
1
4 3
*23* 3
•2/
1
4 3 i *212 3 ---- ---- ___
414
----Aug
20
*238 3
2
/
1
4
Copper
New Dom.
87 Jan 40 Feb
44 .37
44 *37
44
87
*37
37
100 35 Apr 18 40 Apr 27
*37 44 *37
44
2 New River Company
73 Jan 85 Oct
1
4 75
7334 7334 *7334 75 *7334 75 *7354 74
100 72 Nov 8 84 Mar 16
*73/
1
4 75 *73/
15 Do pre
an
634 Feb 20
5 July
61
/
4 614 *614 61
434July 5
1
4
/
4 1,165 NIpissing Mines
5
6
6
61
/
4 6_/
6
6
5/
1
4 61
/
4
2/
1
4 2/
1
4
2/
1
4 2,16
234 234
2
2/
1
4
212 234
813 Oct 15 May
212 212
1
4Mar 1
15
111,Nov 1 12/
681 North Butte
.60 .60 •.90 112
114 Dee
AN Apr
*.50 1
*.50 1
.95 .95 *.50 1
258Mar 5
25 50 Nov 3
130 Oilbway Mining
1632 17 *1612 17 *16
16 Nov 27 Jan
17
17
17
1
4 Mar 1
17 •16
25 1313 Oct 30 32/
17
17
68 Old Dominion Co
25 Nov 8818 Aug
25 2438 July 18 46 Mar 1
Osceola
-*37 "If
4
*33,
iig
354 Nov
412
Nov
218 June
-;51-4 -3U-4 -iii4 -.414
27
&
Smelt5
Aug
13
4'!s *13
Mining
214
City
Park
510
/
1
4 14
1312 131 *1312 14
1
4 Mar 23 ---- ---12/
1
4Nov 14 16/
•13 14 *1314 14 *1314 14
100 Pd Crk PocahontasCo_No pa
22
30 Nov -Eli May
23 *22
25 18 Oct 31 60 Mar 2
2212 2212 2234 2234 2214 2234 *2212 23
23
203 Qu1neY
33 *z31
33 •z31
33
33 *z31
33
37 Nov 4812 MaY
32
27 Oct 31 5312 Mar 1
32
33 34
a
lir Mineral Land__ - 2
.42 .42 '
.35 .42 •A2 .60
3.50 .60
1
35 Sept 6
112Mar 5 .25 Mar
11
/
4 May
+.42 .60 •.42 .80
15
23 PlfstaiM
1%25 .7
114 May
*.25
.752
.10 June 4
1 Aug 8 .25 Dec
•.25 .90 *.25 .90 '3.25 .7' •.25 .75 '
South Lake
/
4 134 •114 13
/
4 134 •11
25
114July 18
314 Mar 3
11
/
4 Dec
*114 134
414 July
/
4 134 *11
*115 134 *11
Superior
1
1
1
1
118 l'e
234 Oct
1N 118
334 Feb 23 .90 Mar
+118 114
114 114
880 Superior & Boston COMM'. 1 .90 July 30
.43 .45 *.45 Afl
.48 .4
.50 .50
IN Feb 15
1348 Dec
illa Apr
.40 .48 1,295 Trinity Copper CorP
.20 Oct 24
.49 .50
.50 .50
.45 .45 *.40 .50
.40 .40
1 .40 Nov 21
11
/
4 Aug 18 .40 Nov .92 May
.40 .40
•.40 .50
225 Tuolumne CoPPer
1
4
212 2/
1
4
212 2/
2/
1
4 2/
1
4
218 Oct 25
6 Apr 13
4 Mar
5
1(o Oct
212 2/
1
4 3,900 Utah-Apex Mining
*234 278 *234 27g
.02 .02
.03 .04
.03 .03
1 Feb
.02 .05
3/
1 .02 Nov 28
3 Mar 5
1
4June
.03 .05 7,504 Utah Consolidated
.02 .06
.25 .25 *.25 .30
.25 .2
.25 .25
.25 Dec
Feb27 .80 Dee
.26.2811/4
212 Apr
3.320 Utah Metal & Tunnel
•.20 .25
*.75 1
•.75 1 I .75 .85 •.70 .85
.75
3..75 1
Aug
30
238
Feb
28
Nov
4.75 1
2
.60
2/
1
4 Jan
150 Victoria
Jan
.15 .15 *.12 .25 •.12 .25 •.12 .2
2 .12 Nov 27
1114Mar 5 .25
234 Apr
•.12 .25
200 Winona
.1.12 .20
714 Nov 16 May
412Nov 5 13 Mar 1
25
1
4 612 *5,2 61 2 *512 612 *514 61
512 534 *5/
*514 534
100 Wolverine
'Mend asked prices; no sales on this day. 8 Ex-rfght.e. I Ex-dividend and riffling. 2 Et-dIvidend. I Ex-stock dividend. a Assessment paid.
/Beginning with Thursday, may 24, trading has been in new shares, of winch two new shares of no par value were given In exchange for one share of old Stock of Vs
value. In order to make Possible oomparisons with previous quotations, we have divided all these previous quotations by tar.
•158 2
14
413
1
4
12478 125/
7212 7213
*7514 77
•1434 17
12
*10
106 106
•.05 .1
02234 231
*213 3
6
6
37
*35
154 15414
2534
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Dee. 1 to Dec. 7, both inclusive:
Range since Jan. 1.
Low.
High.
Atl G & W I SS Lines 55'50 44% 42% 44% 44,000 4054 Nov 62
Carson Hill g co note.75'27
96
Dec 100
96
1,000 96
Chic Jet US Yds 5s_ _ A940
93
94
5,000 88% May 95
57
Nov 72
E Mass St Bit ser A 4115'48
57
1,000 57
1948
Series B 5s
64
Nov 77%
66
3,600 63
1936 101
Hood Rubber 79
100% 10134 21,000 100
July 102%
Apr 8855
8615 86% 3.000 84
K C Mem & B Inc 55.-1934
1929 9454 9454 94% 4,000 92
Apr 9654
Mass Gas 434s
1931
91
Apr 9255
91% 4.000 89
4355
91% 91% 5,000 89
Apr 95
Miss River Power 5s_ _1957
Nov 99%
96% 96% 1.000 95
New England Tel 55_ _1932
1944 9655 96
Apr 99%
Swift Az Co 55
96% 12,000 91
1937
104 105
11,000 10255 July 115
Warren Bros 755s_
1932 96
95
96
Mar 98
6.000 94
Western Tel 5s
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Oct
Jan
Jan
June
Mar
Feb
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Del. 1 to De 3. 7, both inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
100
4754 4755
33 4755 Nov 68
Mar
Alabama Co
100
85
85
7 82
Jan 90
Apr
1st preferred
46
47
755 40
Jan 47% Oct
Arundel Sand & Grave1.100 47
100
10455 105
220 9455 Jan 105
Dec
Preferred
iso leo
12 155
Feb
Baltimore Trust Co _____ 50 160
Jan 160
100
18
18
Feb
100 15% Nov 25
Baltimore Tube
100
45
4554
120
Preferred
43
Nov
65
Apr
•
35
35
25 3255 Aug 36 June
Benesch (I), corn
25
2554 25%
50 25% Oct 2655 Jan
Preferred
1
.14 .14
Jan
113 .12
Celestine 011
Aug .50
334
3% 4
454 Feb
Central Teresa sus. pref.10
370
254 July
110 110%
85 108% June 110% Mar
Ches & Po Tel of 13alt- _100 110
25
3554 3554
Colonial Trust
50 3454 June 35% Dec
50
58
58
Feb
Commerce Trust
10 55
Nov 64
25 8034 80
80% 1,168 48
Commercial Credlt
Jan 8051 Dec
25
25
25%
209 24% Oct 2555 Apr
Preferred
25 26
26
26
120 25% Aug 27% Jan
Preferred B
110% 111%
Mar
737 108% July 118
Consol Gas, EL & Pr-100
100
105 105
Mar
July 108
51 103
7% preferred
100 116
118 117
Jan
Sept 120
75 114
8% preferred
7954 80
Jan
Consolidation Coal._ --100 80
657 79% Dec 98
•
Nov
6854 68%
Jan 69
72 25
Eastern Rolling Mill
100 97
96% 97
Mar
Jan 100
55 80
8% preferred
45
45
25 45
Aug 4755 Apr
Equitable Trust Co _____ 25
50
81
82
50 78% July 14434 Apr
Fidelity & Deposit
25
22
22
Jan
Nov 30
15 22
Finance & Guar Co
25
19
19
oo 1654 July 30 Jan
Preferred
-10
pref.
Service,
9
Apr
8% 855
5
7% June
Finance
Jan
80 80
84% 90
Aug 95
Houston Oil pf t,r etfs_100
Manufacturers Flnance-25
52% 53%
July 57% Jan
75 50
25
24% 2455
10 2455 Oct 26% Feb
1st preferred
25
23
23
220 21% Oct 26% July
2d preferred
84% 85
Jan
60 82 Sept 90
Maryland Casualty Co..25
20
Aug
20
115 18
Feb 22
Monon Valley Trac pref-25 20
MtV-WoodbMillspfvtr100 5834 58
184 50
Aug 7355 Mar
5834
Jan 39% Oct
98 35
New Amsterd'm CM Co100 3834 38% 3854
50
7454 7455
Jan
Northern Central
July 77
30 72
9954 100
Penna Water & Power-100 100
77 9854 Sept 10834 Mar
10
I% I%
Jan
134
2
40
Pitts Oil, pref
155 Jan
Pubic Service Bldg pref. _ 10054 100% 90054
10 9955 July 10035 Dec
16%
United By Az Electric...50 1655 16
366 15% Aug 2055 Jan
15654 157
Jan
S Fidelity & Guar_ __ _50 157
72 147
Jan 164
655 655
50
855
Oct
Wash Bait & Annan20
6% Dec 17
50
2755 2755
40 2855 June 31% Feb
Preferred
Nov
West Md Diary, pref _ _ _50 5155 51% 5155
10 51% Sept 52
Bonds8955 89% 84.000 88
Bait Sparr P Sz C 4555_1953
Apr 90 May
98
Consolidated Gas 5s_ _1939
98% 16,000 98
Jan
Sept 101
101% 101% 1.000 100% Apr 10355 Jan
Cons(1 E L& Pser A 65'49
1931
106% 106% 5,000 105% Oct 10855 Feb
Series C 7s
Consol Coal ref 5s_ _ _ _1950 8855 88% 88% 2.000 85% May 90
Jan
Davison Suip Az Phos 65'27 9634 9855 96% 4,000 95
tOct 9715 Apr
9555 96
Elkhorn Coal Corp 65.1925
3,000 9455 Nov 99% Jan
5s1947
55
55
Macon Dub Az Sav
1,000 4934 Apr 5854 Nov
94% 94% 1.000 94% Dec 97
Norfolk Street RD 55-194.
Feb
1926
9855 9855 1.000 9855 Apr 99 June
Petersburg A 55
1926 9954 0934 99% 1,000 9855 Feb 99% May
Ral& Augusta 6s
72
7255 8,000 71% Sept 74% Jan
United Ry Az E 4i. _ _ _1949
1949 6055 50% 50% 15,000 5034 Aug 55
Jan
Income 45
1936
73
74
Funding 58
1,400 7231 Oct 7755 Jan
1949
99% 9955 5.000 99 Sept 102% Jan
65
7031 7051 4,090 7051 Nov 77% Jan
Wash Bait & Annan 551941
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Dec. 1 to Dec. 7, both
inclusive, compiled from official sales lists:
Stocks-
bates
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High' Shares.
10
Alliance Insurance
American Elec Pow Co_ _50
100
Preferred
American Gas of N J_ _ _100
•
American Stores
100
Brill(JO)Co
100
Preferred
Buff & Susq Corp pfvtc 100
50
Cambria Iron
50
East Pennsylvania
100
Eiseniohr (Otto)
Electric Storage Batt'y..100
•
Erie Lighting Co
100
General Asphalt
•
General Refractories
Insurance Co of N A_ _ _ _10
50
Keystone Telephone_
50
Preferred
Keystone Watch Case.-100
Lake Superior Corp- _ _.100
50
Lehigh Navigation
Lehigh Valley Transit pf 50
10
Lit Brothers
Mlnehill & Schuyl Hav_ _50
Penn Cent Light Es Pow..•
North Pennsylvania.. _50
Pennsylvania Salt 'Mfg_ _50
50
Pennsylvania RR
Phila Co (Pitts) pf (3%)50
25
Plena Electric of Pa
25
Preferred
Malls Insulated Nt ire__ _ _•
?hike Rapid Transit_ _ _50
lelladelphia Traction_ _ _50
?hits
50
_ _& Western
.
Range since Jan. I.
Low.
31
31
150 2755 Jan
2234 2455 1.306 15
Feb
77
7654 7734
159 63
Feb
8334 8334 8434
76 7154 Aug
30% 2954 3015 11,032 20 June
85
8855
Jan
110 49
92
92
20 8854 Feb
48
5034
25 4234 Jan
39
39
39
15 39
Nov
57
57
15 57
Feb
5935 597-4 60
145 5954 Nov
6334 66
1,540 5254 July
166 2334 July
2354 2334 24
3734 3834
40 2534 Aug
55
5334 5534 4,455 4234 Feb
4955 4954 4955
687 4254 Jan
198
555 Sept
655 7
2755 2731 2755
Aug
50 25
125 55
55
July
55
254
254 2% 1,130
234 Oct
Aug
347 64
6654
6634 66
Jan
25 35
3834 3834
2035 2054
505 20 Feb
4935 4954
22 48 Sept
60
40 5434 Apr
60
80
7854 7834
49 77 June
87
87
87
20 79 June
Nov
7,725 41
4134 43
Jan
181 41
4154 4134
3134 31
3154 2.755 2734 May
821 2954 May
3154 31
3154
45
Aug
45,
95 42
Jan
3331 3455 1,093 30
Nov
311 58
5831 5834
Jan
----8
High.
32 May
Apr
30
Oct
79
Nov
85
32
Oct
91
Mar
98 May
5434 Jan
Jan
45
Feb
67
Jan
86
6651 Mar
27
Feb
5334 Mar
5955 Mar
Apr
50
8% Feb
3434 Mar
July
55
1034 Feb
Jan
75
Feb
40
2255 Jan
Feb
53
62
Aug
8134 Jan
9334 Apr
4755 Jan
4555 Feb
3334 Jan
3334 Jan
5031 Jan
3535 Sept
Jan
67
1255 Apr
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Pries. Low. High Shares.
Reading Company
50
Tono-Belmont Bevel._ I
Union Traction
50 41%
United Gas Impt
50 59
Preferred
so 5555
United Rys Investment.I00
Preferred
100
Warwick Iron Az Steel._ _10
855
West Jersey az Sea Shore.50 4255
Westmoreland Coal
50 65%
BondsAmer Gas Az Elec 55._ _2007
Small Ss
2007
Baldwin Locom 1st 551940
Bell Tel 1st 55
1948 9755
Consol Trac N J lst 55.1932
Elec & Peoples tr ctts 45_'45 6335
General Asphalt cony 85'30
Keystone Tel 151 55_..1935 75
Lake Superior Corp 55.1924 13
Lehigh Val Coal 5s_..1933 99
Pennsylvania RR 75_ _1930 107%
Pa & N Wes 55
1930
Phila Co cons& stpd 551951
Phlia Elec 1st 45
1966
lst 5s
1986 9731
5545
1917
5155
1953 9834
65
1941 10355
Reading general 45._ _1997
Welsbach Co 5s
1930
7914 7914
40;7
5855
5531
11
3735
8
41
65
41
'
57
59%
5554
1254
4055
855
4234
6555
85
85%
84% 85
101 101
9755 9755
63
63
6354 6355
104 104
74% 75
13
13
98% 99
107% 10735
99
99
88
883.4
8031 81
9651 97%
9835 9855
9834 9855
103% 10454
8734 8754
9955 9955
Range since Jan. 1.
Low.
High.
200 7055 June
35 Nov
350
775 35 June
3,120 7434 May
185 z5455 May
150
8
Oct
225 3234 July
181
6
Oct
636 33
Jan
100 65
Dec
85,00
500
1,000
1,000
1,000
21,000
1,000
16,000
1,000
15,000
1,000
3,000
12,000
4,000
55,600
1,000
10,100
20,500
2,000
6.000
82
July
84
July
101
Dec
9654 June
Dec
63
60
July
104
Dec
70
Apr
10
Oct
98
Nov
107% Nov
99
Dec
88
Nov
79 May
96
Apr
98
Nov
95% Nov
10255 May
83% Apr
98% June
Feb
Jan
Dec
Dec
Feb
Mar
Mar
Feb
Oct
Mar
80
Iles
4131
5955
5638
21%
55
9
44%
86%
95% Apr
Apr
Dee
r
Jan
101
87
99
D
J
1023.1
11038071
823i
107%
99
9355
82
103
103
9954
10855
88%
10055
Feb
Janjja
eaabna
Dec
Dec
Mar
Mar
Jan
Feb
Oct
Jan
July
Jan
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Dce. 1 to D.o. 7, both inclusive, compiled from official sales lists:
Stocks-
mum
r114411
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
Am Vitrified Prod, com_50
Am Wind Glass Mach...100
Arkansas Nat Gas. com.10
Carnegie Lead & Zinc. _ _5
Commonwealth Trust_ _100
Consolidated Ice, pref.. _50
Harb-Walk Refrac,com100
Indep Brewing, corn__ _50
Jones-Laughlin Steel, pf100
25
Lone Star Gas
Mfrs Light & Heat
50
Nat Fireproofing. com_ _50
50
Preferred
1
Ohio Fuel 011
25
Ohio Fuel Supply
Oklahoma Natural Ga8--25
Pittsburgh Brew, pref.- 50
Pittsburgh Coal, pref _ _100
Pittsb & Mt Shasta Cop_ _I
5
Pittsburgh Oil& Gas
Pittsburgh Plate Glass_100
3alt Creek Consol OIL .. _10
3tand San Mfg, corn._ _100
10
[Ida' Osage 011
25
Union Natural Gas
25
U S Glass
Arest'house Air Brake_..50
APhnIrogs r4 AL as, on'', An
854
95
5
254
109
2434
55
755
1954
3155
24
Ile
216
774
28
83
an
Range since Jan. 1.
Low.
831 854
500
654 July
94
95
155 78
July
455 5
454 Nov
5,785
2
2
1
Nov
565
190 190
13 159 May
18
20 18
Oct
1834
114 115
49 102
Mar
234 254
140
254 Dec
108 109
335 10854 Mar
2454 25
535 23 May
5355 58
172 51 May
755 735 1,145
6
July
600 1451 July
1931 1934
1355 1334
20 11
Sept
3131 3154
870 30
July
2254 2431 1,980 1854 Mar
434 435
80
454 Aug
40 97
9834 9831
Jan
9c 12e 38,000
80 Nov
179
654 7
555 Sept
207 219%
271 165
Jan
7
5% Nov
734 1,820
98
98
40 73
Mar
8
8
50
738 Oct
28
870 2334 Feb
2854
24
210 2334 Oct
24
434 87
83
85
Apr
an
All
1 an so
inlv
High.
931 Oct
95
Mar
10
Jan
455 Oct
Dec
190
Jan
38
122 May
434 Aug
110
Aug
27
July
80
Feb
855 Feb
20
July
1831 Feb
3654 Mar
3834 Mar
8
Mar
100
Mar
28e Jan
1038 Feb
2193.4 Dec
1735 Sept
9934 Nov
1355 Feb
29
Sept
2934 Oct
86 May
RAU Mw'
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange D.o. 1 to Dec.7, both inclusive,
compiled from official sales lists:
Stocks-
owes
rrway
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Amer Pub Serv pref.._ _100
American Shipbuilding_ 100
Am5teelFoundriescm331-3
Armour & Co(Del) pref 100 9355
Armour & Co pref
100 8354
Armour Leather
15
Preferred
100
Balabam &Katzcom vtc25 5255
Preferred
100
Bassick-Alemite Corp_ _ _ _• 30
Beaver Board
•
135
1st preferred certificates.
Borg & Beck
• 2754
Bridgeport Machine Co_ •
13unte 13ros
10
954
Case (J I)
•
44
2d preferred
100
Central Ill Pub Serv met_ _ ______
Chic City Az Con RY Lash pf•
354
Chicago Elev By pr6:.-100
34
Chicago M otor Coach com5 185
Preferred
Chicago Nipple Mfg cl A 50 43
Class 13
25
Chicago Rys part etf ser I_
Part ctf series 2
Corn Chemical Co of Tenn• 1531
Commonwealth Edison 100 12755
Consumers Co, corn...100
431
Preferred
100 63
Continental Motors..._10
751
Crane Co, pref
Cudahy Packing Cocom 100 6054
Daniel Boone Wool MIlls25 3155
Rights
3
Decker (Alf) & Cohn Inc.'
Preferred
100 84
1Deere & Co pref
100 8155
Diamond Match
100
3ddy Paper Corp (Tbe)_ _• 34
14'air Corp (The) pfd_._100
3111 Mfg Co
• 18
1lammermill Paper com 5
1!ayes Wheel Co
* 38
Ilbbard,Spencer,Bartlett25
1Iupp Motor
10 2254
lurley Machine Co
• 5355
Iydrox Corp corn
100 1934
Ilinois Brick
100 8131
ndep Pneumatic Tool Co * 81
nland Steel
25 3831
nternational Lamp Corp25
Ilinois North Utilities pref 8435
Iellogg Switchboard. _ _ _25
Cupp'h'er&Co(B)Incpf100
4%
Abby,McNeill& Libby _10
,indsay Light
io sx
lynn Ar TTaalv ine Twat
•No Par value.
8634 8755
66
65
4035 403.4
92
94
7854 8454
7
7
78
78
5134 5254
90
90
3554 3654
1
154
15
16
27
2851
1055 1055
93.4 954
44
A
44
44
85
85
4
33
%
Si
185 185
90
9031
42
4334
2434 2555
10
10
%
54
15
1534
127 12734
354 431
62
83
631 734
109 110
5834 8054
3054 3134
3
355
18
18
84
80
6155 62
118 11831
3434
34
10174 102
1851
18
30
3031
3744 38
6534 88
2235 2354
52
5334
1835 1954
8154 83
81
81
3934
38
9
9%
8454 8434
4455 45
9255 9255
434 5
334 354
0714 07,4
W
.
.
W
WW
....W
.
0.1... .
Cu
.W
. .
WW
W 1.30 WN14..N....W.4 L. .
.10.15.....13WW13
00i. 0.4
..
13.W.
....13.
0a 14 0.....4 .-,
0..0140...W04....4Q W.4W OM WWWW .4000.
4
.Q000.0=0.400.0.WWWWW.400W00.000.0
00000.00000000000.00000000000000
00000.00000000o0000000000-4000
Bonds-
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
[Vol,. 117.
i
i
I
Range since Jan. 1.
Low.
High.
8334 Aug 97
Feb
59 June 74
Jan
3455 Oct 4055 Dec
Feb
8454 June 108
71 June 98
Jan
7
Nov 10
Jan
78
Nov 8754 May
5054 Nov 5634 Oct
Nov
89
Nov 92
Oct
2734 Feb 42
454 Jan
1
Dec
Oct 25 May
10
2241 May 3874 Oct
10 Sept 1654 May
Mar
July 11
8
H Oct
854 Mar
554 Feb
44 Dec
Oct
Deo 86
85
Nov
334 Nov 10
55 Nov
854 Mar
Oct
118 May 212
85 May 99
Oct
4055 Oct 4454 Nov
2454 Dec 2555 Dec
10
Jan 2455 Mar
34 Dec
331 Mar
15
Nov 1555 Nov
11634 Nov 131
Jan
354 Nov
634 Jan
5854 Aug 70
Feb
55 Oct 12
Jan
10655 Oct 115
Feb
40 June 6454 Jan
1935 May 8234 Jan
3
Nov
5
Feb
11
Nov 2055 June
70
Jan 92 May
4855 June 7454 Jan
Jan
10934 July 121
2255 Apr 40
July
100
Jan 106
Van
1655 June 2834 Apr
25
Sept 31
Mar
32
July 4354 Apr
Jan
84
Feb 66
1554 Oct 2555 Mar
4155 July 5534 Nov
1554 Sept 3234 API'
60
Apr 965,5 Jan
Oct 8334 Oct
80
July 5094 June
32
Apr
8 May 32
Sept
83 June 87
Sept
3951 July 47
Jan
87 Sept 95
854 Apr
434 Dec
451 Nov
234 May
ti4 er Oct 10134 Mar
DEC.8 1923.]
THE CHRONICLE
7.
High.
Leto.
-4cowo.
0000000....4o.0,—w0004.0.4.0100-00000100
04000
g
g
g
g ggg ggggg
gg gg
g
Kgg
e.XXelUt),T,
.0
MA%R'gitg gMgVA44%qqg°,7gggqggggAggUgg4g
EWA
Range since Jan. 1.
0.On-'COCaCCqC4
On
74
51j
7355
55
43
41
9514
10461
gggg8888g
74
5034
7334
55
43
41
9534
10411
Co
to
.P.woww
cww .bo.w.w
tow.4w..
-1;c:00t.w.
00.
...0-1-0W001Wom w.w40.
3334 36
194 21
95
96
21
20
99
99
2
266
2
274
2134 2261
9751 98
97
98
8934 91
250 285
99
9914
1634 174
27
2714
4714 48
8734 90
10214 10354
175-4 1851
4914 52
5414 5576
416 44
135 135
7811 79
89
89
75
87
40
4434
26
27
2414 2514
108 110
%
14
834 104
11614 118
3816 4014
93
97
11911 12734
to
McCord Had Mfg
• 35
McQuay-Norris Mfg Co_ •
Middle West ULU pr In pf.
_
9534
Murray Mfg Co
10 20
Northern States Power Co_
National Leather
10
234
Philipsborn's Inc %rot ctfs_ _
2
Pick (Albert) dr Co
10
Pub Sem( of Nor Ill com_ *
Common
100 98
Preferred
100
Quaker Oats Co
100
Preferred
100 99
10 174
Reo Motor
Standard Gus& Electric_ 50 2716
Preferred
50 48
StewartWarner Spdcom 100 8911
100 10311
Swift & Co
Swift International
15 1854
Thompson,J R,com_ _ _ _25 50
Union Carbide & Carbon _* 544
United Iron Works y t 0_50
434
United Light & Rys com100 135
let preferred
100 79
Participating pref. _100
TJ Et Gypsum
20 80
Wahl Co
• 4164
Warner Malleable Cast'gs• 26
Ward, Montgomery w 120 2411
Class "A"
• 109
Western Knitting Mills_ •
Wolff Mfg Corp
*
914
25
Wrigley Jr corn
Common w 1 A
• 403.4
yellow Cab Mfg Co cl B _10 9534
Yellow Taxi Co
126
BondsChicago City fly 5s._ _1927
Chic City & Con Rya 58'27 504
1927 ' 7315
Chicago Rys 58
1927 5554
58, series"A"
1927 43
4s, series "B"
41
Purchase money 55
Commonw Edison Bs_ 1943
1943
1st 6s
el...(m a- On 10e al' a' An 1044 OA
;,SMESUSgVal=88=g8tA8455tallgtiSnt
"
Last v Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
39
26
104
21
99
84
24
3811
10334
1034
99
235
100
20
3234
5111
1244
10974
2154
5416
673.4
1314
164
94
9974
104
5874
27
2614
110
Apr
Apr
Jan
Sept
Dec
Feb
Nov
Mar
Apr
Apr
Apr
Dec
Jan
May
Max
Apr
Apr
Jan
Jan
Oct
Jan
Feb
May
Apt
Mai
Oct
Jar
De(
No'.
Dee
icy, Mal
3516 Mai
1263.4 No'.
41
No'.
114
Oct
19054 Sept
8354
6511
82
70
56
61
10534
106
Ma
Mai
Fel
Mai
Mal
Ma
Mal
Am
075A
cal
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange D. c. 1 to D:-e. 7, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Boatmen's Bank
First National Bank
199
Merchants-Laclede Nat'l.. 260
Nat'l Bank of Commerce_ _ ______
State National Bank
16534
Mercantile Trust Co
390
Illinois Traction, corn
1011
Brown Shoe, corn
Preferred
9134
Certain-teed Prod, 1st pref. 7654
Emerson Electric, pref _ _ _ _
Ely & Walker D G,com_
First preferred
Hydraulic Press Brick, corn
Preferred
64
International Shoe, corn.,- 80
Missouri Portland Cement_
National Candy, corn
Southwestern Bell Tel, pref 10674
Wagner Electric, corn
Preferred
83
BondsAlton Granite & St L Tr 0s.
United Railways 4s
64
Certificates of deposit... 6311
140 140
199 199
260 260
143% 144
16554 16514
390 390
10
1011
50
51
9016 91
7534 7634
9516 96
23
23
105 105
414
5
6161 64
73
80
10114 102
92
93
104 10614
33
3314
81
83
6
90
1
17
50
15
162
115
222
27
15
162
9
740
569
294
65
254
58
155
127
61
61 $14,000
63
64
73,000
6254 634 4,000
Range since Jan. 1.
Low.
140
197
251
140
16514
356
10
4634
88
73
914
204
10134
314
4734
6474
7934
7311
101
21
71
Nov
Nov
Mar
Nov
Dec
May
Dec
Oct
Nov
Nov
July
Aug
Sept
Aug
July
July
Jan
Aug
July
Aug
July
High.
148
210
265
153
166
395
17
65
9934
90
96
2511
10516
634
64
80
102
93
10614
3561
83
May
Jan
Nov
Mar
July
Oct
Jan
Mar
Jan
Feb
Dec
Mar
June
Felt
Dec
Dm
Dm
sates
Last Week's Range for
ofPrices.
Sale.
Week.
Par. Price. Low. High. Shares.
De(
Apt
De(
5854 Jan 63
Mal
724 Nov 64
Da
57
Oct634 Do
N May
Stocks-
Indus. & Miscellaneous.
10
Acme Coal Mining
•
Allied Packers, new
Amalgam Leather, corn..'
100
Preferred
Amer Cotton Fabric pt-100
Amer Gas & Elea corn._ _•
American-Hawallan EIS-10
Am Light & Trac, corn.100
100
Preferred
Archer-Daniels Mid Co_ _•
Armour & Co (III) pref.
-100
Atlantic Fruit Co
•
Blyn Shoes Inc. corn_ _ - _10
Bridgeport Machine Co..•
Brit-Amer Tob,ord bear.£1
Brooklyn City BR
10
Campbell Soup, met_ 100
Candy Products Corp
Car Ltg & Power, com....26
Preferred
25
Cent Teresa Sugar com_ _10
Centrif ugal Cast Iron Pipe*
Checker Cab Mfg Class A •
Chl Nipple Mfg,new,C1 A50
New Class B
60
Childs Co, common...100
New stock
•
Cities Service, com.....100
Preferred
100
Preferred B
10
Stock scrip
Cash scrip.
Bankers' shares.
•
Cleveland Automobile corn•
Columbian Syndicate
Cons Gas(NY)corn w 1_•
*
Cuba Company
Del Lack & West Coal--50
Dubilier Condenser & Rad•
*
Dunhill Internat
DuPont Motors,Inc-.-...*
*
Durant Motors. Inc
Durant Motors of Ind .10
Earl Motors ctf of den_ _ _ _
Eastern St'l Cast'g corn_ _•
Elec Bond & Share pref _100
1
134
1311
53
97
14
119
93
2134
10
104
23
114
24
84
32
44
431i
2454
137
6734
75
704
2274
59
3414
1274
294
371
2574
25c
t,.... Tr......‘4111a Tnn rum *
•No Par yarn°.
200
1
200
114
134
600
1174 1134
43% 03
500
97
200
95
4534 4514
100
600
14
1434
40
119 121
10
93
93
200
2111 2134
20
82
80
151 14
300
10
1134 1,500
1034 1034 2,300
300
234
23
1,700
1074 114
200
10734 10734
1',, 134 5,100
500
2
211
600
8
874
13-4
134 500
30
3634 14,100
3,500
424 44
4234 4354 1,700
2234 254 11,000
110
185 185
37
3774 1,900
1,400
13634 13834
6674 6754 8,100
500
654 634
75
76 $25,000
70
7011 $20,000
1,300
1374 14
1,100
22
2311
1,000
25c 25c
5834 594 2,100
400
34
3414
25
93
93
114 1216 5,000
16,100
2754 30
214 416 3,200
2231 2834 4,500
100
734
716
300
25c 25c
1654 1634
100
97
20
97
1.2(91
21
997.4
Range since Jan. 1.
Low.
1
Dec
1
Nov
11
Oct
43% Dec
95
Nov
31
June
114 Oct
109
July
85
Sept
1974 Nov
73
July
134 Sept
10
Oct
10
Oct
1934 Jan
751 Jan
10534 July
111, Dec
750 Mar
511 Jan
50c July
10
Jan
2834 Oct
3634 Sept
17
Sept
15934 Aug
37
Nov
128
Oct
644 June
556 Oct
72 June
70
Sept
1234 Oct
1951 Oct
25c Dec
5634 Nov
30
Nov
82
Jan
44 Jan
2734 Dec
264 June
2034 Nov
764 Oct
25c Dec
16
Nov
96
July
101.L 7.1....
514 561
tFederal Teleg of Cal_ _ _10
393 397
Ford Motor of Canada_100
Gillette Satety Razor. _ --• 25834 256 25816
Gleasonite Products Co_10 124 114 1254
75% 7634
• 76
Glen Alden Coal
27
2834
Gold Dust Corp w 1
• 2814
874 94
9
Gocaiyear Tire & R.com100
114 1%
Havana Tobacco, pref_100
176
•
134
Heyden Chemical
174
100 2134 2114 2434
Hudson Cos, pref
12
13
Bud & Muth RR.corn _100 12
Imperial Tob of G B & Ir £1 1534 1516 16
3
34
intercontinental Rubb.100
311
Internat Concrete Indus_10 12% 1134 1234
1%
114
Kelsey Motor Co
134
4234 44
Kreage Dept Stores, corn.' 44
89
89
_ _5
Kup'h'mer (B) & Co pf.
2% 3Y
Leader Production
3%
25
25
Lehigh Power Securities_ •
7716 77%
Lehigh Valley Coal Sales 50
5
5
Libby,McNeill & Libby-10
5
2
374
Ducey Mfg, class A
50
314
814 1011
Lupton(FM)Pub, cl A .•
916
54
53
Manufacturers' Lt & Ht_ 50
70
70
McCrory Stores, new com •
28
28
Warrants (stock put-)...
65
65
Merck & Co,common__ _ *
1416
14
143.4
Mercurb' k(Vienna)Am sb
•
634
54 6%
Mesabi Iron Co
18
1811
• 18
Midvale Co
35
35
35
Motor Products Corp,new
44
44
•
New preferred
2
2
10
National Leather
44 4%
109
44
La
r
wT
Meei,
ex ,
&t
ic ,
4%
N
N ey
108 109%
N
21
21
Paige-Detroit Mot Car_ _10
• 32
2936 32
Park &'Mord, Inc
28
29
Peerless Truck dr Motor_ 50 29
11%
Pyrene Manufacturing_ -10 114 11
34 3%
Radio Corp of Amer.com
33
31114 4
Preferred
5116 49
5114
Reading Coal
10 174 1654 1754
Reo Motor Car
4954 50
Rosenb'm Grain CorP.P150
50c 50c
Saguenay Pulp & Power_ _
1
1
Preferred
20
20
Shelton Looms common_
126
127
Manufacturing...100
12734
Singer
13c 15c
Southern Coal & Iron....S 14c
Standard Gas dr El, com_50 2711 2734 2754
211 24
Standard Mot Constr._ _10
•
g
814 10
Stutz Motor Car
102
103
100
Swift & Co
184
15 1811 17
Swift International
154
Tenn Elec Power, com- _..• 154 14
4
3%
434
Tob Prod Exports Corp-• 44
44
4511
Todd Shipyards Corp....'
54%
56
•
Carbon_
Carbide
&
Union
614 734
711
-1
United Profit Shar, new..
5
564
514
Unit Retail Stores Candy
5
5
Founders' shares
34
33
United Shoe Mach corn._25
4014
U Distrin Corp corn--50 4034 33
70c 82c
10 70c
US Light & Heat.com-1
134 14
Preferred
Universal Pipe & Rad__ _ _• 1874 183.4 1954
10
60
61
80
; 6
100
Preferred
1054 11
Waring Hat Mfg
70c 80c
Wayne Coal
4954 49%
West Va Pulp & Paper...'
10% 11
White R'k min Spa new- -• 1011
54 64
674
Willys Corp,1st pref_ _ _100
6
54 67
%
1st pref ctis of dep
Wrigley(Wm)Jr Co,new• 404 38% 4011
14
,2!
Range since Jan. 1.
Low.
High.
1,300
716 Sept
354 Apr
40 392
Nov 460
Mar
1,370 238 June 292
Apr
Oct
2.900 10
1264 Dec
1,800 56
Jan 804 Nov
2,600 18
Oct 284 Nov
84 Oct 1674 May
6,300
14 Dec
200 50c May
3,800
1
Sept
266 Feb
1,900 1234 Aug
2411 Dec
8
July
13
Dee
2,200
600 154 Nov 214 May
3
Oct
8,100
674 Jan
934 Sept 123.4 Dec
2,700
300
114 Dec
334 Nov
Dec
4,200 334 Sept 44
200 85
Sept 9714 Jan
1,700
1
June
44 May
254 Nov
300 1734 July
Jan
100 7514 Aug 90
400
5
Nov
834 Apr
Apr
200
2
Sept 20
Jan
816 Dec 22
600
Dec 54
Dec
50 53
100 4014 May 8654 Oct
100 16
Aug 38
Oct
Dec
Dec 65
100 65
Dec
1554 Nov
1,400 14
12% .lan
4,000
4% Sept
200 1116 June 214 Apr
200 19W Oct 3954 Nov
Nov
Oct 47
200 41
300
834 Feb
134 Nov
564 Apr
6,800
24 Oct
Jan
1,950 10734 Nov 112
Apr
200 14
Feb 24
Sept3474 Oct
8,100 25
1,000 25
Nov 3034 Nov
2,000
9 Mar 11% Dec
13,300
24 June
434 Mar
10,700
21,4 Jan
i Nov
1,800 39
July 5114 Dec
3,200 1311 Feb
2034 Mar
200 4654 Oct6434 Mar
1
Jan
1.400 50c June
400
1
Mar
2
Jan
100 18
Aug 2754 Mar
30 11311 Sept 12714 Dec
23,000
Oct
80
500 May
100 211 Feb 30
Sept
300
314 Jan
214 May
4,400
811 Dec 2464 Jan
120 98
Feb
June 109
400 1614 Nov 21
Feb
700 12
Mar
July 19
1,300
654 Mar
234 June
400 44
Dec 60 May
300 52
Oct 6554 Mar
6.500
764 Nov
474 Jan
6,600
5
Jan
8
Mar
200
34 Jan
9
Mar
500 n33
Mar
Dec 56
3,400 20 June 403.4 Dec
700 700 Nov
214 July
400 9f1c
Jan
34 Apr
3,100 1111 Sept 2034 Apr
500 55
Oct 72
Apr
400 1036 Dec 224 Apr
3,220 700 Nov
274 Jan
25 4911 Dec 4931. Dec
300 104 Dec 11
Dec
900
354 Nov 1174 Jan
700
3 June 1034 Jan
33,800 38% Nov 403, Nov
I
De(
New York Curb Market.-Official transactions in the
New York Curb Market from Dec. 1 to D.e. 7, inclusive:
Week ending Dec 7.
2535
Friday
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
High.
6
begy
3
Apr
1916 Apr
65
Apr
102
Mar
4734 Nov
254 Mar
140 I Jan
96
Jan
404 Apr
94
Feb
234 Feb
12
Nov
1634 May
25
Sept
1 134 Oct
10974 Feb
114 Oct
3
Aug
811 Dec
24 Mar
364 Dec
6634 Feb
4461 Nov
253.4 Dec
187
Nov
38
Nov
195
Feb
70
Mar
614 Mar
102
June
78
Aug
1934 Feb
344 Apr
14 Jar
594 Dec
3874 June
94
Oct
1334 Ain
30
Nov
774 Apt
84
Jan
254 inc
250 Dec
204 Mar
99
Mar
no•, ....-_
Rights.
Reading Coal w 1
Former Standard 011
Subsidiaries
Anglo-American 011_ _ £1
Borne-Scrymser & Co_ -100
6
Buckeye Pipe Line
25
Continental 011
25
Crescent Pipe Line
Cumberland Pipe Llne 25
100
Eureka Pipe Line
Galena-Signal Oil, corn _100
Humble Oil & Refining_ _25
100
Illinois Pipe Line
inne
)coup _25
na
alp
Oipe
il(C
La
In
mdpie
ari
60
Magnolia Petroleum__ _100
National Transit__ -12.50
100
New York Transit
Northern Pipe Line_ ___100
26
Ohio Oil
25
Penn Mex Fuel
100
Prairie Oil & Gas
100
Prairie Pipe Line
100
South Penn 011
...._1100
00
LinLeiwes
ern
t Pipe no
oultyhes
Pa
So
Standard 011 (Indiana)..25
25
3
Standard 011 (Kansas) _2
Standard 011 (Ky)
Standard 011(Neb)_ _ _ _100
Standard Oil of N Y _ _25
100
00
Stand 011 (Ohio) corn._1
Swan & Finch
25
Vacuum 011
23%
22
234 25,000
14% July
23%
Dec
5254 5411
7.700
10
95
1.900
100
90
130
290
3,100
90
4,485
100
545
900
590
170
3,700
2,100
8,050
3,065
385
120
65
57,100
2,300
2,500
60
20,600
30
160
16,400
133.4 Sep
108
Jan
69% Nov
3254 Au
De
15
Jan
85
87
No
55
July
28
Sept
115
Nov
92
July
Nov
• 78
123
Sent
1914 Nov
70
Dec
97 June
484 July
1064 Aug
Sept
152
91
Sept
100
July
87
Nov
6514 Nov
4914 Aug
3614 Sept
80
Jan
186
Jan
3554 May
270
July
21
Jan
40
July
19%
150
9466
50
26
117
117
79%
4151
171
123
163
168
29
138
110
85%
284
275
118%
196
116
96
6974
57
110
285
4966
317
39
5534
Jan
Mar
Jan
Feb
Feb
Nov
Apr
Mar
Mar
Feb
Feb
Mar
Jan
Feb
Apr
Feb
Feb
Oct
Feb
Feb
Feb
Feb
Aug
Mar
Feb
Feb
Feb
Jan
Apr
Feb
Mar
44
234
6
75c
3%
14
234
7
24
4c
490
55c
111
56
74
1
50
1574
be
2
63c
15c
75c
25c
500
33.4
5
550
1.100
1,000
800
1,100
18,800
500
15,600
900
100
73,000
8,010
3,100
900
6,700
21,300
600
25,000
30,100
22,000
3,500
1,500
5,000
400
1.000
200
8,500
100
1,300
434 Nov
214 May
6
De
65c Sep
314 Sep
164 May
154 Sept
6
Oct
2% Dec
3c June
10c Nov
50c June
40c Nov
434 Scot
554 Nov
1
Oct
30 Nov
134 June
lc Nov
114 Apr
530 Nov
(tc
Apr
50c Aug
250
Oct
50c Dec
114 Aug
411 July
510 June
10
711
24;4
114
7%
114
7%
18%
264
250
1
2811
3
61314
9%
1%
180
24%
400
4
650
20c
234
1%
1%
5%
10%
$3
154
1534 1534
145 145
71
7034 73
4351 3976 423.4
15
15
15
0
10661 19
8
5 1156
035‘
68
6614 69
36
134%
37 13
3634
34
1103.4 102 11136
85
82
85
1393.4 136 143
22% 2234 23
82
2
77
9
79
0 m 10
68
65% 68
21
20
2661
22451 21874226
99
96
99
127
125 129
92
923-4
75
78
594 5834 6011
4
90
8
9
33
94 4
98
2
220
42
37
5351
Other Oil Stocks
474
Arkansas Nat Gas com_ _10
254
Atlantic Lobos Oil com_ _ _•
60
Preferred
Boston-Wyoming 011_ _ _1
4%
Carib Syndicate
Coasondated.Royalties_
214
Creole Syndicate _____ --5
Derby 011 & Refin, com__•
Empire Petroleum
7c
Engineers Petroleum Co_ _1
5 55c
Federal 011
10 55c
Glenrock 011
Granada Oil Corp cl A 10
25 5854
Gulf 011 Corp of Pa
8%
Gulf States 011 & Ref _ _ _ _6
oill Tr recta w 1___
de, opo
I
Sc
Hudson
International Petroleum_ _• 17
2c
Keystone Ranger neve!._ 1
2
•
Kirby Petroleum
1 65c
Latin-Amer Oil
1 14c
Livingston Oil Corp
•
Livingston Petroleum_
5
Lowry Oh Corp
blargay Oil Corp
•
3%
Marland Oil of Mexico-- _1
5
Mexican Eagle Oil, corn...5
Mexican Panuco Oil__ - _10 55c
210 220
276
414 279
43
37
32
5
234
6
81c
5%
14
234
7
24
9c
55c
68c
131
59
934
1 y,
Sc
17
2c
234
654
16c
87c
25c
50c
4%
5
55c
Mar
Jan
Feb
Feb
Apr
Feb
Apr
Apr
Dec
Jan
Jan
Jan
Feb
Mar
Dec
Nov
Jan
Feb
Feb
Jan
Dec
Mar
Mar
Feb
Jan
Nov
Feb
Ma
THE CHRONICLE
Friday
Sales
Other Oil Stocks.
Last iVeek's Range for
Week.
Sale
(Concluded)
of Prices.
Par. Price. Low. High. Shares.
Mexico 011 Corporation _10
'Mountain & Gulf Oil
1
Mountain Producers__ AO
Mutual Oil vot trust certifs
New Bradford Oil
5
25
New York 011
Noble(Chas F)0& Gcoml
1
Northwest Oil
1
•Ohio-Ranger
10
Omar Oil & Gas
Peer Oil Corporation
10
Pennok Oil
25
Red Bank 011 new
ROyal Can Olt Syndicate_•
10
Salt Creek Con 011
Salt Creek Producers_ _10
5
Sapulpa Refining
5
Savoy 011
.5
Seaboard Oil& Gas
10
Southern States 011
5
Tex Ken Oil Corp
10
Tidal Osage Oil
10
Turman 011, new
Vacuum Gas & 011 Ltd_ _ _1
Ventura Cons Oil Fields_.J
5
Vulcan Oil
1
Wilcox Oil& Gas
"Y"011 & Gas
30c
14%
11
431
6c
702
2
13
4%
455
18%
86c
24
634
7
4c
5%
30c
155
1454
1071
454
9%
7c
3c
2c
65e
1%
12,55
4
454
7
1854
81c
174
850
2235
50c
6
674
lc
26
Sc
5%
7c
33c
Par
1551
11%
475
10
7c
6c
20
80c
234
13%
434
5%
7
1855
90c
1%
1
24
50c
6%
7
4c
26
50c
5%
7c
4,000
800
12,500
25,700
4,200
700
8,000
5,000
3,000
5,400
1,100
3.600
400
22,400
500
10,400
2,000
700
10,100
45,000
1,900
300
700
31,000
200
3,300
14,100
2,000
Range since Jan. 1.
Low.
280
1
12%
8%
354
5
60
lc
lc
450
750
9%
171
2%
6!I
15%
80e
I
65e
11%
50c
a
o
lc
10
90
4
60
Nov
Sept
June
Sept
Nov
June
Aug
Sept
Sent
Aug
Sent
Jan
Oct
Aug
Nov
June
Oct
Nov
Oct
Sept
July
Dec
Nov
Dec
Sept
Dec
Sept
Nov
Iliyh.
Bonds (Concluded)-
[SroL. 117.
Friday
Last Week's Range Sales
for
Sale.
ofPrices.
Price. Low. High. lVeek.
Range Once Jan 1.
Low.
High.
25ar Mar
154 Mar
20% Feb
1551 Mar
571 May
21% Feb
30c
Jan
220
Jan
7c Feb
117ur Mai
13
Mar
1471 Apr•
8
June
755 Mar
14
Mar
2551 Feb
474 Mar
355 Jan
4
Apr
26% Mar
75c
Apr
1315 Feb
7
Dec
40 Dec
30
Jan
1% Mar
1051 Jan
200 Mar
Beth Steel equip 79 _ _1935 10231 10294 103 $39,000 10151 Sept 10311 Sept
rlanadlan Nat Rys. 76.1935 10734 1063410734 17,000 10651 May 11034 Jan
Charcoal Iron of Am Se '31 8834 8754 8834 28,000 85
Nov 97
Mar
Chic & NW Ry Sow 1_2037 9351 9354 9354 23,000 0355 Nov 9334 Nov
Chic RI & Pac 5%s_ _1926
July 9551 June
7,000 96
9734 98
16,000 87
Cities Service 7s. Ser CI966 8851 8851 89
Nov 0634 Apr
1966 8834 88
78. Series D
8851 42,000 87
July 9351 Jan
Columbla Graph Ss_ _ _1925 1851
1,000 1234 Aug 30
1834 1834
Jan
18
July 35
18
2,000 10
Jan
Certificates of deposit _ _ _ ______
Cons0 E L & P Bait 65'49 10151 101 si 101% 5,000 10055 Apr 10334 Jan
75
1931 10851 105 10674 13,000 10251 Sept 10834 Feb
1952 9834 9611 9631 18,000 9611 1)ec 100
Jae
5545
Nov 106
1941 9134 91
Feb
Consol Textile 85
9134 7,000 91
105 105
1,000 105
Cuban Telephone 755s 1941
Jan 107
Jan
7
Deere & Co 715s
9954 100% 28,000 9855 Jan 10355 Feb
1931 994
Detroit City Gas 6s 1947 9934 9951 9911 26,000 99
Sept 10134 Jan
Detroit Edison Os
1932 10211 10134 10251 18,000 100 June 104
Jan
DunlopT &Ref Am 75.1942
92
9251 9.000 92
Oct 9754 Apr
98
9834 25.000 9634 June 9871 Mar
Federal Sugar es._ __ _1933 98
100 100
1925
2,000 9671 June 10034 June
Fisher Body 6s
9951 100
1026
65
July 100
Feb
5,000 97
1927
6s
9855 9851 9834 14,000 96
May 99,74 Feb
1928
65
9734 9771 8,000 9471 Mar 9831 Feb
9551 9834 22,000 94
rIalr (Robert) Co 7s.1957 96
July 9915 Jan
10251 104
7.000 102
3alena-Signal 011 75_1930
Nov 10534 Mar
10351 10434 13.000 99 June 105
Central Asphalt 8s_ _ _1930
Jan
3rand Trunk Ry 6555_1936
Jan
10434 10551 24.000 10351 Apr 107
9451 14,000 9351 Mar 9755 Jan
1937 9451 94
Cult 011 of Pa 5s
Flood Rubber 75
1936
3.000 100 June 102
10031 101
Jan
9451 121,500 94
Enternat Match 6 qs...1043 9455 94
Nov 9471 Nov
10555 10511 20,000 9551 Jan 106
Interboro R T 85J PM rcts
Sept
Kan City Term Ity 5%5'26 100
10051 10051 35,000 09% Oct 10051 Nov
10331 104
57.000 10131 July 10571 Jan
Kennecott Copper 7s 1930
Libby.McNelli&LIbby7s'31 9871 9871 0955 17,000 97
Judy 10231 Jan
5.000 10134 Mar 104
Liggett Winchester 75_1942
10171 102
May
97
9755 12.000 90
Jan 10234 Feb
51anItoba Power 7s_ _ _1941
1,000 97
98
Without warrants
98
Jan 10355 Feb
13,000 105
51aracatbo 011 7s
255 275
1925 255
Mar 275
Dec
1930 98
Morris & Co 7555
08
Aug 10634 Jan
9955 11,000 97
lational Leather Ss..b925
9455 9434 26,000 9154 Dec 102
Jan
blew On Pub Sere 5s_ _1952 8134 8155 8234 16,000 8134 July 8934 Mar
blor States Pow 6345w 133 9851 9834 9851 29,000 9834 Dee 9934 Nov
4,000 83
)hlo Power 55
87
83
Dee 92
1952 84
Jan
'an Am Pet tit Transp't
9674 9611 20,000 9634 Nov 97
1935
Cal Dev 6345
Nov
5,000 8555 Oct 9074 Jan
'Olin Power & Lt 55 B_1952 8711 8631 8711
1953 9834 95
9811 55,000 9734 Nov 9934 Oct
Thila Elee 5515
5,000 98
98
5319
98
Nov 10251 Jan
1947
65
1911 10351 103 10331 13,000 10234 Mar 10571 Jan
1,000 101
'hillips Petrol 7558-1931
101 101
Dec 140
Mar
Without warrants
101 10171 10,000 9554 Aug 10351 Jan
'ublic Serv Corp 75_1941 10054 9934 10051 45,000 9971 Sept 10471 Feb
'eh Serv Elee Pow 65_1948 9555 9551 9534 19,000 9494 Oct 9851 Jan
leading Coal 55. w 1 _ _1051
2,000 87
9251 9251
July 9434 Nov
455s w 1
8531 8594 4,000 8471 Nov 8851 July
Iless-Sheffleld 13 & I 8s 1929
11,000 98
9634 97
Feb 9834 Feb
11,000 10331 Sept 10554 May
lolvay & Cie 85
10371 104
1927 104
8911 893.4 9,000 87
booth Calif Edison 55.1944
Mar 93
Jan
Itand 01101 NY 6345.1933 106
10534 10671 31.000 10454 Apr 10731 Jan
7% serial gold deb_1925 10171 10155 10131 26,000 10151 Oct 10874 Feb
7% serial gold deb_1928 10434 10334 10451 9,000 103
Apr 106
July
1,000 104
106 106
7% serial gold deb _ _1928
Sept 107% Jan
7% serial gold deb_ _1929
10534 106
6,000 104
Apr 10855 Feb
7% serial gold deb_1930 10571 10554 10611 9.000 105
Apr 10934 Jan
106 107
2,000 10555 Sissy 110
7% serial gold deb_ _1931
Feb
101 10154 7,000 100 June 103
,un Co 75
1931
Mar
,wift & Co 55_ _Oct 15 1932 9134 9134 9134 51,000 8955 Mar 94
Feb
May
7,000 100
'Mal-Osage 011 75_ _ _ _1931 10155 10051 10115
Aug 104
hilted ()11 l'roduc 8s_ _1936 77
7451 77
Nov 10651 Mar
9,000 70
4,000 10374 Apr 107
Tnited Rye of Hay 7555'36
10555 106
Jan
'acuum Oil 7s
100 10634 13,000 105% June 10774 Jan
1936
‘7ebsterMIlls6%%notes'33 99% 9955 9974 201,000 9951 Nov 100
Nov
Foreign Government
end Municipalities
,rgentine Nation 6e..1924 9974 993,4 9971 18,000 9934 Sept 9934 Sept
lexieo 45
1945 35% 3451 3734 325,000 2934 Nov 4434 May
33
33
33
12,000 2934 Nov 33
Dec
Certificates of deposit _ _ _
55
13
143.1 65,000 1131 Aug
1951 May
14
85 10 year Series A
57
6355 211,000 4951 Nov 6311 May
60
Certificates of deposit_
Sept
5751 573.4 5751 10,000 51
Nov 58
35
871
8
Oct 11
83,4 931 20,000
Feb
letherlands(King(1)65 1372 9574 9551 96
33,000 9034 Nov 10251 Aug
usslan Govt 6555_1919 1071
10
11
41,000
855 Oct 1634 Feb
Certificates
32,000
831 10
855 Oct 1634 Feb
5145
1921 10
831 iosi 49,000 8 Nov 16 Feb
Certificates
May
10
18
74,000
851 Nov
83-4 10
8witzerland Govt 5515 1929 9815 9755 9854 23,000 97
Jan
Nov 104
Ext 5% g notes __ 1928 97
9634 9734 142.000 9671 Nov .734 Aug
• No par value. ft Correction. m Dollars per 1.000 ire flat. 1 I isted on the
Stock Exchange this week, where additional transactions will be found
5 New
stock. s Option sale. so When Issued. z Ex-dividend. y Ex-rights. a Ex-stoc,
dividend. n Ex-stock dividend of 411,
;•
t Reported previously as the Federal Tel. & Tel.
Mining Stocks
2% Mar
50c 70c
3,500 50c Des
50c
Alaska-Brit Col Metals_ _ _ 1
155 Sept
171
6% Mar
174
200
171
Alvarado Mln & Mill_ _20
Sc Aug 85c Feb
7e
9c 40.000
9e
Arizona Globe Copper__ _1
Jan
Sc Aug
le
lc
fle
13.000
100
Belcher Extension
33c
32c 34c
7,000 32e Dec 34c Dec
Black Oak Mines Co
Jan
Sc Aug 16c
Sc
Sc
1.000
Booth Mining
Oct
90 Feb 350
15c 2Ic 31,000
15c
Boston-Montana Corp _ _10
1
Sc July 50c Mar
2c
Sc
1,000
Butte & New York
Sc
Sc Nov 220 Feb
6c
2,000
Calumet & Jerome Cop 1
1% Oct
231 Jan
10
2%
2
2% 11,300
Canario Copper
Oct 350 Jan
1
3c
Sc
2c
Sc 12.000
Candalaria Silver
Oct
1
251 Dec
Central Amer Mines, Inc.1
1% 251 4,200
134
Nov
451 Mar
1
1%
Par
Par 8,800
Consol Copper Mines__ _ _5
Jan
Sc
5c Aug 15c
8c
1,000
Cons Nevada-Utah Corp_ _
571 Sept
Continental,Mines, Ltd _5
471 4%
4
Sept
200
1 540
155 Mar
50c 540 41,300 40e Sept
Cortez Silver
2
Apr
3%
3% Oct
Cresson Con Gold M dr NA
Was 371 2,400
Nov
154 Oct
1%
Crown King Cons M.Inc_ 1
1
1
1,900
13,
1 68c
64c 700
4,600 32e Feb 720 Air
Crown Reserve
4c
Sc Nov
9c
9c Nov
Diamond ill Butte (reorg) _
9c 59,000
2 75c
750 85c
2% Jan
1,200 70c Aug
Dolores Esperanza
Apr
40
Jan
Sc
Emma Silver
le
2c
3.000
Jan
1 16c
50 Aug 370
15e 17c 23,000
Eureka Croesus
Jan
10c
50 Sera 74c
7c 10c 42,000
Fortuna Cons Mining
Oct 50c Mar
1
110
Sc
11c lie
1.000
Forty-Nine Mining
Apr
Jan
Sc
Sc
lie
Goldfield Cons Mines_ 10
Sc
1.000
Jan
70
70 Apr 240
7c
11,000
Goldfield Deep Mines -- -5e
8c
Jan 340
Jan
Sc
4c
70
Goldfield Development.- _
8c
9,000
1
Jan 760 Feb
46c 46c
2.000 290
Goldfield Florence
1
Jan 570 Mar
42c 42c
Goldfield Jackpot
3,000 35c
5c
Sc
110 Feb
be Aug
7c 17,000
Gold Zone Divide
1
Jan
2c
Hard Shell Mining
le Sept 130
2c
1,000
10c
Jan
5c
10c Mar
HarmIll Divide
Sc
Sc
1,000
Dec
Hawthorne Mines Inc
66c
60c 66c 29.900 45c Nov 66c
5% July
955 Apr
25c
Hecht Mining
8%
700
8% 855
Oct 1 13-16Feb
4c
4e 13,000
Hilltop-Nevada Mining
Sc
Hollinger Cons Gold M __ _5
1154 1175
Feb
600 10;4 Oct 14
n e I Wt.
Homestake Eat Min Co_l 68c
50c 68c
9,700 50c Nov
1
2% 3
435 Mar
1,800
Howe Sound Co
2;5 Oct
Independence Lead Min_ _1 22c
190 23c 43,700 160 June 48c Mar
Jan
31e 31c
1,000 230 July 38c
Iron Blossom Cons Min_ _1 31c
Apr
3% Feb
174
1,400 95e
Jerome Verde Developm't 1
1% 174
1
Jan
Sc
1,000
3c
8c
Jim Butler TonoPah
lc June
5
July
351 Jan
1,600
2
2
Kerr Lake
2
234
4c
Jan
Sc
Sc June 10c
60 72.000
Lone Star Consolidated_ _1
4c
Jan
MacNamara Min & Mill_ _1
4c
70
1,000
Se June
1
Jan 16e May
8c
9c
4,000
Marsh Mining
6c
5
2% Mar
400
171
171
154 June
131
Mason Valley Mines
McKlnley-Dar-Sav hilt)._ I
120 12c
Oct 25c May
2.000 11c
1
44c
34c 44c 76.000
Oct 93c Apr
Mohican Copper
50
50c 13c
lie
Jan
14e 73,000 10e June 32c
National Tin Corp
1
70 10c
3.000
Nevada Ophlr
7c
6c June 200 May
271
275 274 3,600
New Dominion Copper...5
254 Jan
4% May
Nov 18055 May
100 150
110 135
150 150
New Jersey Zinc
200
New Sutherland Divide __
84c 98c 46.000 30e
Jan 980 Dec
New York Porcupine Min. 96e
4% July
6% Dec
5
Nipissing Mines
655
6% 6% 3,400
be
1,000
lc
Nixon Nevada Mining_ _ _ _
lc Sept be May
1 83c
81c 87c 21,400 370
Jan
Pio Mar
Ohio Copper
251
2
351 Apr
900
251
Premier Gold
154 Aug
250 250
2% Mar
1,000 20c Nov
5
Ray Hercules, Inc
Sc
2c
4c 15,000
80 Mar
lc May
Red Hills Florence
90e
80c 900 146,400 450 Nov
154 May
St Croix Mines Corp
Sc
6c
Oct
9c 22,000
ile
3c Nov
Silver Dale Mining
9c
7c
Oct
Oct 160
90 50,500
4o
Silver Horn M & D
Sc
Apr
Sc
3,000
lc Aug 25c
Sliver King Divide (reorg)
New York City Banks and Trust Companies.
lc
be
3c
3.000
Apr
1
20 Nov 50c
Simon Sliver-Lead
All prices dollars per share.
451 Mar
1,400
374 371
3%
275 July
South Amer Gold dr Plat.1
Sc
4c
Sc 78,000
40 Mar 310 June Banks-N.Y. Bid
Spearhead
1 Bid
Ask li
Ark Trust Co.'s Bid .4e5.
Banks
lc
Oct
Sc
8e
9,000
Jan
1
IC
Stewart Mining
America•
New York
_ 213 218 Harriman_ _ _ _I 325 330
Sc
Sc
Jan 16e Feb
1,000
1
Sc
Superstition Cons
286 291 Manhattan •_ 151
154 American_ _ __
Jan
1% Pis
500 810
171
155 May flowery'
1
Teck-Ilugbes '
440
150
__ :Meth & Met- 380 385 Bank of N Y.
6,000 390 Sept 89c Mar Broadway Cen
1 40c. 390 41c
Tonopah Divide
470 480
__ ;Mutual.
__
320
4
Mar Bronx Bore& 150
3,900
1% PA
134 June
1
Tonopah Extension
-- ,Nat American 120 135 Bankers Trusti 355 380
1% 171 2,000
2% Jan Bronx Nat
1
1% Aug
Tonopah Mining
100 125 i National City 344 348 Central Union 505 515
20
Apr Bryant Park' 160
Sc
6c
2.000
lc Aug
Tonopah North Star
_ Commercial._ 110 120
100
45
.
eth•_..1 3
ecwtricN
Il i Va
40
Sc
2.000
4e Dec 67c Feb Butch & Drov 135 115
1
._ Empire
Tuolumne Copper
305 315
70
95c
I% 21,700 95c Dec
97c
27ar Feb Cent Mercan_ 215 230 Park
United Eastern Mining ---1
1 420 430 Equitable Tr- 196 198
3c
Sc
Sc Dee Chase
1,000
Sc Dec
, Farm L & Tr_ 537 543
United Mines of Ariz
337 345 Port Morris.. 167
Nov
27
38;4
1,200
Apr
26%
27
25%
Chat & Phew. 253 257 Public
United Verde Extenslon500
' 325 350 Fidelity Inter 195 205
170 19c 24.000 13e
Apr 280 July Chelsea Etch* 45
19c
U S Cent Mines
, 375 385 Fulton
250 265
65 Seaboard
554 Mar Chemical
1,000
234 211
211
211 Nov
Unity Gold Mines
90 Guaranty Tr_ 247 250
538 543 Seventh Ave-I 80
6% Apr Coal
254 271
1,200
251
2% Dec
5
& Iron
•Utah Apex
200 212 Standard •..._ 1 185 200 Hudson
210
1.000
lc
lc
Sc Mar Colonial
Jan
be
10c
Victory Divide
1 350 355 Irving flank375
_ State•
1% Dec Commerce... 303 306 Tradesmen's• 200
Pie 1% 15,700 28e J11110
Par
Wenden Copper Mining
ColumblaTr 224 229
__
2,200 60c
600 830
Dec
134 Jan Com'nwealth• 230 238 23d Ward'... 275
West End Consolidated _ _5
__ Law Tit & Tr_ 102 197
30
3c
3,000
Jan Continental._ 150
6c
lc May
West End Extension Mm..
-- United States* 165 173 Metropolitan_ 315 320
55c Feb Corn Exch... 450 455 Wash'n Ms*. 200
6.000 15c July
32c 34e
Western Utah Copper_ _ _ A
- Mutual (Weet
12c
7.000
10c
lie
4e Mar 280 Apr Cosmop'tan•_ 115
Wettlaufer-Lorrain SIB/ 511
800
-cheater) ___ 120 130
125 Yorkville•
5O
Sc
120 Mar East River_
1.000
20 . Jan
hlte Caps Min Co___ _10c
205
N Y Trust.._ 351
354
251, Apr Fifth Avenue• 1250 135E1
9,b00 5Io Nov
65c 80c
5 75c
Yukon Gold CO
Title Gil & Ti' 387 394
Fifth
Bonds1375 2_40.
U S Mtg & Tr 305 310
69% 71% 24,000 51
Aug 8471 Jan First
Allied Pack Ss. Ser B_1939
United States 1220 1250
5955 9,000 51% July 76% Jan Garfield
59
1939
Cony deb Os
275 285 .Coney Island' 100 170 Wretches Tr. 210
_10555 10854 15,000 10554 July 10851 Aug Gotham
Aluminum Cool Am 781933 106
150
385 400
160 First
Rrooklyn
Jan Greenwich •__ 290 310 Mechancis' •.. 130 135 Brooklyn Tr. 470 480
1925 10234 102% 102% 13,000 101% Sept 104
7s
Nov
100
Feb
17,200
9971
85
9951
_1924
Hanover
__ Kings County 850
Amer Cotton 011 Os_
710
170
_ _ Montauk •
-9751 Jan
31,000 9134 July
Amer & E deb 6s _2014 9334 9311 94
250
__
Nassau
Jai
104 104% 9,000 103 June 110
I 385 4iiti
Amer Lt & Trac 65_.1925
275 People's
Manufctre,2750
Feb
Nov
101%
10.000 100%
100% 101
Without warrants
• Banks marked w th 0) are State
pl te banks (s) Ex-di 410nd .
July 100% Jan
9855 12,000 97
Amer Rolling Mill 85_1938 9834 98
13,000 9551 Jan 10055 May
9631 97
New
York
Realty
and Surety Companies.
City
Amer Sumatra Tub 6555'2'
10151 Jan
100 10054 24,400
Dec10
Amer Tel & Tel (is_ _..1924 100
All prices dollars per share.
101% 101% 4,000 101% May 103% Mar
American Thread 65_ _1928
Feb
4
103,
19055
July
10134 29,000
814 Ask.
Bid
Bid
Ask
AsX
Anaconda Cop Min 65.1929 10134 101
36,000 10155 Sept 103% Jan
101% 102
Alliance WIty 100 106 Mtge Bond.. 105
Anglo-Amer 0117%5_192.5 102
115 Realty A5800
Amer Surety_ 95
(liklyn)com 127
162
98 Nat Surety_ _ _ 158
Assoc Simmons HardwAi
9014 9155 16,000 90% Nov 9834 June Bond & 151 G. 283 288 N Y Title &
1933
6518
let peel.... 82
Mar City Investing 78
48,000 404 Oct 62
42
44
73
Mortgage.. 185
195
Ati Gulf & W I SS L 55 1959 44
2d prof -- 68
Feb 82% June
7071 71% 14,000 85
Preferred .. 95
Beaver Board Cos 85._1933
175 Wodcheeter
LI 13 Casualty_ 160
Nov 07
Aug
32,000 90
9054 91
Lawyers Mtge 155 169 US Title Guar 123
Belgo-Can Paper 6s. _ .1943 91
Title & Tr. 220 230
Xnaestinent ant gailroad intelligence.
Latest Gross Earnings by Weeks.-In the 'table which
follows we sum up separately the earnings for the fourth
week of November. The table covers 13 roads and shows
3.49% increase over the same week last year.
Fourth Week of November.
I
1923.
$
Ann Arbor
153,813
Buffalo Rochester & Pittsburgh
482,791
Canadian National
7,112,394
Canadian Pacific
6,351,000
Duluth South Shore & Atlantic_
155,943
Great Northern
2,755,010
Mineral Range
14,731
Minneapolis & St Louis
316,971
Mobile & Ohio
497,605
St Louis-San Francisco
2,231.019
St Louis Southwestern
843,949
Southern Railway
4,980.216
Western Maryland
495,585
Total (13 roads)
Net increase (3.49%)
1922.
$
128,660
695,868
6,837,829
5,807,000
132.990
2,935,880
8,903
311,713
581,643
2,252,556
749,158
4.521,096
537,106
Increase. Decrease.
$
25,153
213,077
274,565
544,000
22.953
180,870
5,828
5.258
84,038
21.537
94.791
459.120
26,391.027 25,500.402 1,431,668
890.625
41.521
541,043
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from Railway- -Net from Railway- -Net after Taxes1923.
1922.
1923.
1922.
1923.
1922.
$
$
$
$
American Railway ExpressAugust ___ _13.771,958 12.774,074
250,889
283,002
66,611
100,085
From Jan E 105480084 98.842,769 2,040,229 2,255,884
581,635
744,599
Ann ArborOctober_ _ _ _ 551,508
463,028
142,000
91,928
122,297
69,487
From Jan 1_ 4,564,819 4,154,798
774,351
793,740
560,753
.577,598
Atch Topeka ex Santa FeOctober_ _ _ _20,285,474 19,861,746 6,765,871 6,526,049 4,570,745 4,335,649
From Jan 1_168395340 153656,745 46,063,060 38,175,592 32,392,401 25,365,403
Gulf Colorado & Santa FeOctober.. _ _ 2,867,636 2,571,774 1,142,020
966,243 1,058.956
882,618
FromJan 1_20,582,579 19,158,857 3.932,873 3,799,103 3,118,682 3,066,071
Panhandle Santa FeOctober_ _ __ 910,818
888,765
226,577
176,028
205,432
153,090
From Jan 1- 6,994,830 6,455,816 1,203,217
534,184
956,294
307,397
Atlanta Birm & AtlanticOctober_ _ __ 411,473
382,801
30,291
7,126
17,680
-6,530
From Jan 1_ 3,836,130 3,241,862
12,508 -212,456 -117,456 -353,653
Atlanta & West PointOctober_ _
275,375
268,757
70,829
64,169
.54,979
43,689
From Jan 1_ 2.441,721 2,095,853
568,430
364,483
419,828 • 246,629
Baltimore & OhioBalt & Ohio Chic TerminalOctober_ _ _ 342,444
304,063
34,874
29,863
-5,604 -21,534
From Jan 1_ 3,130,169 2,545,576
376,076
208,548 -30,817 -279,649
Bangor & AroostookOctober._ _ _ 730.978
592,857
281,050
133,511
217,264
88,513
From Jan 1_ 5,586,321 6,310,230 1,232,908 1,760,924
794,867 1,300,929
Belt Ry of ChicagoOctober. __ 646,668
610,752
269.968
242,368
226,149
208,988
From Jan 1_ 6,050,451 4,977,838 2,255,542 1.680,947 1,855,919 1,330,737
Bingham dx GarfieldOctober_ _ _
41,366
27,094
17,277
1,427
8,134
-1,175
From Jan 1_ 381,890
181,328
96,262 -118,059
17,914 -162,773
Boston & MaineOctober. _ _ _ 7,592,968 7,474,118 1,432,867 1,305,922 1,175.383 1,052,697
From Jan 1_72,676,171 65,949,045 9,253,401 10,668,077 6.832,912 8,548,727
Canadian National RailwaysOctober. __ _26.391,995 24,984,309 5,163,470 3,295,693
From Jan 1_207950226 189356,655 12,021,285 3,823,007
Atl & St LawOctober.. 180,558 239,532 -166,146 -61,996 -181,296 -71,896
From Jan 1- 2,528,670 2,257,076 -633,835 -107,863 -785,391 -273,080
Carolina Clinchficld & OhloOctober_ __
730,310
633,332
158,627
200,590
108.075
140,460
From Jan 1_ 7,759.214 6,293,675 2,168,093 2,192,386 1,666,372 1,746,607
Central of GeorgiaOctober.. _ _ 2,262,510 2,194,087
442,359
633,111
328,419
503,884
From Jan 1_21,973,119 18,913,304 4,353,657 4,255,132 3,320,287 3,265,753
Central New England•
October_ _ _ _ 828,095
669.220
299,402
126,304
282.618
104,127
From Jan 1_ 6,624,637 5,539,200 1,614,489 1,233,374 1,383,049 1,008,630
Chicago & AltonOctober. _ _ _ 3,113,516 2,439,707
775,318
137,014
631,360
60,925
From Jan 1_28,245,005 22,136,817 6,761,633 2,354,114 5,850,068 1,598,759
Chicago Burlington & QuincyOctober_ _ _ _15,614,106 17.093,728 3,891,037 4,363,187 3,273,609 3,525,435
From Jan 1_143722485 134239,029 29,341,571 29,976,751 21.256,584 20,744,188
Chicago & Eastern IllinoisOctober....2,549,861 2,371,433
460,629
395,373
294,992
285,167
From Jan L23,872,360 19,936,499 3,319,427 2,747,292 2,059,873 1,813,137
Chicago Indianapolis & LouisvilleOctober.... 1,621,269 1,524,651
522,376
419,861
415,234
350,688
From Jan 1_15,081,398 13,111,981 4,169,486 3.122,391 3,311,155 2,485,404
Chicago & North WesternOctober_ _ ..14,924,884 14,864,079 3,043,251 2,915,746 2,190,817 2,082,124
From Jan 1_135246521 121255,715 22,471,294 22,979,020 14,830,034 15.454.149
Chicago Peoria & St Louis18,802
October....134,519
178,032
-5,424
18,798 -16,324
From Jan 1- 1,167,588 1,747,642
28,033 -62,854 -38,595 -160,853
Chicago Rock Isl & PacificOctober_ __ _11,418,170 11,249,119 2,620,420 2,433,343 2,214,493 1,894,610
From Jan 1.103639641 98,841.937 19,497,354 19,488,147 14,899,137 14,122,802
Chicago R I & GulfOctober__ __ 531,479
505,847
147,450
66,756
135,103
53,617
From Jan 1_ 4,714,710 4,813,605
782,950
896,569
639,543
775,337
Chicago St P Minn & OmahaOctober_ _ _ 2,648,335 2,537,965
572,997
477,962
436,974
326,632
From Jan 1_23,704,186 23,146,827 3,672,456 4.520,778 2,352,504 3,169,021
Cincinnati Ind & WesternOctober._ _ _ 430,799
460,556
66,117
107,228
45,789
87,120
From Jan 1- 3,906,289 3,538,558
666,642
481,187
464,706
319,510
Colorado Sz Southern-.
October.... 1.200,578 1,173.033
-68,575
187,460
From Jan 1_10,819,039 10,435,034
1,091,882
454,940
Ft Worth di Denver City983,158
October...
953,246
376,676
215,304
351,985
160,218
From Jan 1_ 7,773,768 7,818.756 2,172,122 2,516,967 1,777,982 2,081,164
Trinity & Brazos Valley237,333
October_ _ _ _ 484,940
201,609
72,825
194,106
65,579
FromJan 1- 2,491,172 2,352,150
670,526
379,895
598,912
309,429
Wichita Valley206,654
173,538
October_ _ _
120.925
75,243
113,485
68,821
467.964
314,575
From Jan 1. 1,185.831 1,055,720
401,492
251,374
Denver & Rio Grande3,783,788 3,397.224
958,438
October.
360,813
813,010
193.637
From Jan 1.28,502,355 27.218,189 3,273,750 6,434,142 1,629,692 4,825.527
2537
-Gross from Railway- -Net from Railway- -Net after Taxes
1923.
1922.
1922.1923.
1922.
1923.
Denver & Salt LakeOctober.... 296,985
32,598
233.764
41,603
8,949
-73
From Jan 1_ 2,213,684 1,178,978
76,473 -94,000 -13,672 -184,052
Detroit & MackinacOctober.... 218,022
190,387
72,949
44,281
63,397
34,205
From Jan 1_ 1,619,122 1,580,725
28,436
54,909
111,052
157,751
Detroit Toledo & Ironton-4,367
8,914
351.613
October _ _ _ 961,364
780,033
370,297
From Jan 1_ 8,822,316 7.467,782 3,244,131 1,138,907 3,097,936 1,011,934
Duluth & Iron Range290,648
173,362
364,892
231,995
723,705
October _ _ _ _ 849.353
From Jan 1_ 7,143,294 6.317,042 2.510,001 2,370,903 1,971.336 1,918,404
Duluth Missabe & Northern839,679
994,384 1,592.151
October.... 2,823.991 1,775,056 1,872,169
From Jan 1.20,225,846 13,687,250 12,436,507 7,324,380 10,206,551 6,021,933
Duluth South Shore & Atlantic46,999
32,678
60,678
79,954
432,548
October_ _ _ _ 480.245
69,976
388,273
676,011
962,139
From Jan 1_ 4,948,941 3,669,668
Duluth Winn & Pacific-3,353
6,863 -19,609
170,997 -11,108
October _ _ __ 170,01_
86,699
76,442
-4.508
221,181
From Jan 1_ 1,988,007 1,642,707
East St Louis Connecting104.220•
107.668
112,301
121,362
192,530
October_ _ __ 215,574
790,971
988,758
895,833
From Jan 1.*2,013,773 1,697,976 1,126,052
Elgin Joliet & Eastern488,949
638,647
550,314
570,002
October.... 2,214,802 2,095,680
From Jan 1-23,536,110 17,140,196 7,995.278 6,386,073 7,050.547 5,509,579
El Paso Southwestern139,891
248,415
210.879
905,193
320.379
October _ _ _ 1,109,074
From Jan 1_10,512,009 9,257,263 2,794,652 2,954,388 1.825,987 2,043,673
Erie Railroad541,053
928,212 1,532,620
October..._10.652,293 9,504,959 1,916,816
From Jan 1 100021,809 75,588,414 16,682,760 2,269.275 13,248.194 -608,888
Evansville Ind & T
19,344
69,671
154,589
72,954
22,927
October_ _ _ _ 172,749
963,078
378,071
338,586 -50,292
-8,364
From Jan 1_ 1.457,931
Coast
East
Florida
100,000
934,202
55,879
180,176
174,588
October.... 1,156,585
From Jan 1_31,128,984 11,147,440 4,511,983 3,350,363 3,463,587 2,696,704
Georgia & Florida128,726
27,812
49,807
34,341
43,548
October _ _ _ _ 169,303
127,274
281,651
345,294
190,614
From Jan 1- 1,471,742 1,111,583
Great Northern SystemOctober_ __ _14,158.441 11,605,480 6,645,097 3,286,496 5,611,406 2,456,976
From Jan 1_99,443,973 84,415,554 25,360,807 18,742,827 17,953,912 11,906,357
Green Bay & Western124.989
30,117
24,487
25,117
16,487
October...- 121,771
92,619
185,199
169,995
265,510
From Jan 1_ 1,094,955 1,136,245
Gulf Mobile & Northern88,981
423.108
126,898
169.192
126.246
October _ _ _ _ 575.128
807.603
From Jan 1_ 4,976,586 3,856,107 1,320,836 1,038,573 1,024,186
Gulf & Ship Island315,112
248,738
67,462
55,667
44,431
30.409
October _ _
504.551
452.830
688,379
691,467
From Jan 1_ 2,765,724 2,464,983
Illinois Central SystemOctober... _16,488,280 17,692,382 3,287,494 4,301,737 2.268,617 3,191,674
From Jan 1 157055,764 141709,033 30,244,951 31,331,706 21,137,637 20,788,907
Illinois Central CoOctober__ _14,334,184 15,595,017 2,690,399 3,847,712 1.792,959 2,855,049
From Jan 1 139881,818 126023,025 27,894,377 29,434,416 19,902,815 20,073,669
Yazoo & Miss Valley597,095
454,025
475.658
333,625
October_ _ _ 2,154,096 2,097,365
715,238
From Jan 1_17,173,846 15,686,008 2,350,574 1,897,290 1,234,822
Northern
International & Great
308,662
574,805
342,570
542.190
October.... 1,805,860 1,654,293
From Jan 1_12,681,598 12,016,867 2,435,222 2,107,016 2,109,314 1,766,272
International Ry in Maine169,852 -25,293
-6,499 -22,793 -22,499
October....164,801
64,581
58,392
224,581 -74,108
From Jan 1_ 2,186,254 2,122,574
Kansas City Mexico & Orient102,335 -43,031 -15,709 -43,031 -24,029
114,336
October _ _
10,953 -86,118 -37,851 -167.486
From Jan 1_ 1,501,124 1,109,348
Kan City Mex & Or of Texas60,513
145,656
60,372
12.546
18,612
October _ _ 181,461
25,740 -139,847 -12,057 -200,719
FromJan 1_ 1,451,501 1.226,105
Kansas City Southern282,422
486,955
389,447
398,558
October.... 1,815.382 1,631,247
FromJan1_16.609,744 14,842,173 4,000,497 3,514,897 3,120,104 2,536,387
Smith
Ft
Texarkana &
221,625
81.683
111,530
57,723
100,558
October_ _ _ 298,517
611,549
718,470 1,002,093
From Jan 1_ 2,376,111 1,736,564 1,130,070
Kansas Okla & Gulf275,280
82,954
41,796
31,831
92,531
October _ _ _ _ 211,521
581,933
241,538
341,037
680,147
From Jan 1_ 2,070,506 2,362,475
Ishpeming
Lake Superior &
51,538
73,003
122,872
57,024
80,495
October _ _ 149,862
408,573
441,090
464,845
515.667
From Jan 1_ 1,154,051 1,020.337
Lehigh & Hudson River82,992
63,523
284,826
75,702
October....298,190
99,492
224,407
702.896
357,808
834,198
From Jan 1_ 2,566,696 1,974,461
Lehigh & New England47,820
195.350
555.834
244,089
58,778
October _ _ _ _ 473,579
325,834
457,379 1,042,007
From Jan 1_ 4,959,688 3,437,504 1,233,501
LakeSalt
Angeles
&
Los
274,983
818,153
384,096
947,405
October..-. 2,545,523 1.894,327
From Jan 1_20,259,922 16,147,335 4,692,122 2,560,247 3,535,478 1,452,582
Louisiana & Arkansas69,754
29,252
54,399
263,529
101,279
October..-. 324.173
753,718
570,551
789,813
From Jan 1_ 3,139,538 2,707.184 1,008,735
Navigation
Louisiana Ry &
114,352
87,210
98,259
398,007
104,327
October_ _ _ _ 372,056
325,113
329,339
492,189
499,036
From Jan 1_ 3,254.262 2.889,782
Louisville Henderson & St L99.782
93,764
71,077
318.660
299,341
119,259
October_ _
790,437
723,093
647,110
861,415
FromJan I_ 2,919,586 2.723,475
Minneapolis Sz St Louis366,044
168,987
290,375
1,547,281 1,626,675
237,324
October. _
From Jan 1 A3,856,086 12,912,434 1,927,933 2,153,126 1,284,259 1,474,975
Minn St Paul & Sault Ste 83914,897
October. 4.668,291 5,025,351 1,335,824 1,162,583 1,105,278
From Jan 1.41,766,502 38,322,298 9,544,678 8,708,339 6,969,406 6,183,384
Missouri Kansas & Texas807,425
278,437
423,747 1,044,089
October. _ _ _ 3.132,213 3,390,173
From Jan 1_28,964,599 27,218,457 6,835,690 8,807,301 5,189,733 6,965,087
TexRy
of
Mo Kan & Tex
582,369
638.691
532,664
578,847
October..-. 2,300.300 2,392,821
From Jan 1_17,123,145 17,531,249 3,201,555 3,778,763 2,702,675 3,250,043
Missouri & Nor Arkansas45,121
47,275
16,476
19,569
149,145
128,802
October_ _ _ _
178,807
491,781
97.410
205,325
104,751
From Jan 1_ 1,253,170
Missouri PacificOctober._ _ 11,059,537 9,187,213 1,734,318 1,411,401 1,400,161 1,054,137
From Jan 1_94,738,751 82,310,143 13,176,732 12,892,127 9,436,370 9,208,611
Mobile & Ohio216,290
292,156
427.473
338,417
October....1,754,683 1.676.524
From Jan 1_16,891,944 14,494,081 3.680.259 3,240,915 2,841,376 2,643,073
.3v
8illeo
153ns
br
..&_ Gree
Co
club
tomer
O
145,914
28,204
42,493
25,705
38,474
126,677
283,653
125,117
235,034
From Jan 1_ 1,288,373 1,270,384
2538
THE CHRONICLE
[VOL. 117.
-Gross from Railway- -Net from Railway- -Net after T02e5-Gross from Railway-- -Net from Railway- -Net after Taxes
1922.
1923.
1923.
1922.
1923.
1922.
1923.
1922.
1922.
1922.
1923.
1923.
5
5
5
$
$
Nashv Chattanooga & St LVirginian RR416,189
238,322
October_ _ _ _ 2,284,432 2,159,604
298,623
451,851
October_ _ _ _ 1,730,427 1,523,951
552,618
355,760
432,120
204,645
From Jan 1_20,774,187 18,286,321 2,945,836 2,355.777 2,341,641 1,989,350
From Jan 1_18.226,391 16,066,983 6,874,337 5,974,503 5,806,386 4,741,027
Nevada NorthernWestern Maryland42,393
60,045
October _ _
118,991
82,748
69,881
49,928
288,102
October. _ 1.907,820 1,949,103
363,708
453.708
348,102
394,350
144.526
From Jan 1_ 836,015
469.983
463.603
208,867
From Jan 1_19,589,208 14,857,126 4,388,375 3,229.690 3,561,375 2,739,690
New Orleans Texas & MexWestern Pacific139,267
39,384
160,141
October_ _ _ 251,191
329,184
67,571
489,884
October_ _ __ 1,819,487 1,569,773
683.581
602,000
566,093
Beaumont Sour Lake & WFrom Jan 1_11,880,899 10,299.018 2,915,411 2,125,456 2,121,814 1.301.710
75,314 Western Ry of Alabama109,286
'October_ _
240,239
207,990
114.010
80,393
421,764
756,975
465.924
From Jan 1_ 1,978,667 1,677,317
803,853
92,836
85,746
October_ _
304.043
102,663
112.342
303,704
412,976
541,681
From Jan 1_ 2,494,057 2.196,371
676.360
539,554
St Louis Brownsv & Mex72,494 Wheeling & Lake Erie232,269
October_ _ _ _ 595,923
375,316
251,696
86,108
From Jan 1_ 5.081,332 4,334,677 1,995,474 1,470,961 1.809,278 1,329,142
548,794 -67,855
422,637 -150,380
October_
1,929,480 1,074,344
693,610
From Jan 1_16,188,028 11,004,773 3.754.180 1,748,332 2.618.373
New York CentralIndiana Harbor Belt374,587
358,739
425,253
405,722
October_ _ _ _ 1,101.119 1,168,737
Electric Railway and Other Public Utility Net
From Jan 1_ 9,810,944 8,472,273 2,933,668 2,960.759 2.597,333 2,567,013
Michigan CentralThe following table gives the returns of
October_ _ _ _ 8.334,047 8,255,638 2,322.100 2,234,030 1,855,101 1.759,716 Earnings.From Jan 1_80,111,139 67,610.184 25.131,619 19,087,403 20,255,356 15,073,634 ELECTRIC railway and other public utility gross and net
Cincinnati Northern61,371 earnings with charges and surplus reported this week:
137.008
74,060
324,409
158.252
463.301
October_ _ _
421,377
572,139 1,129955
From Jan 1_ 4.426,876 2,766,656 1,343,941
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
N Y Connecting192,632
184,254
184.310
232,005
313,430
Year.
Year.
Year,
Year.
October_ ___ 276,440
Companies.
From Jan 1_ 2.821.432 2.459.237 1,962,090 1,721,784 1,596,622 1,328,052
$
$
$
Norfolk & WesternzBarcelona Tr,L &P Co_Oct 4,339,004 4,081,364 2,721.926 2,628,952
218,321 1,192,265 --232,128
October_ _ _ _ 8,451,941 7,302,396 1,744,322
10 mos ending Oct 31-41,430.358 37.715,045 23,544,691 22.892,829
From Jan E79,117.122 76,637.774 18,040.757 21,471,108 12,882,651 16,362,927 z Brazilian Tr Lt & Pr__Oct 23,083,000 18,231,000 13,272,000 11,900,000
Northwestern Pacific10 mos ending Oct 31-203.963,000 162141,000 122678,000 101863,000
228,063
187,018
791,157
232,334
277,203
October_ _ _ _ 776,769
674,513
554,710
Oct 1,664,448 1.620,803
Duquesne Light Co
From Jan 1_ 6,916.642 6,817.526 2,033,877 2,098.348 1,553,862 1,621,217
10 mos ending Oct 31_15,900.673 13,737,854 5,573,370 5,344,374
Toledo Peoria & Western262,422
223,854
1.057,582
Oct
1.094,995
Nat
Gas
Co
Phila
Co
&
--9,937
166,495
-6,291
1.063 --17,291
October_ _ _ _ 165.399
10 mos ending Oct 31__11,942.953 11,180,809 4,388,043 4.335,833
From Jan -1 1,552,321 1,376,997 -109,804 -23.721 --221,029 --134,201
Pere Marquettez Given in pesetas. z Given in mllreis.
943,937
October._ _ - 4,419,562 3,602,421 1,217,310 1,100,097 1,053,685
Balance.
Fixed
Net after
Gross
From Jan L38,459.156 31,587.005 9,168,273 8,135,153 7,675,344 6,668,449
Surplus.
Charges.
Taxes.
Earnings.
'Pittsburgh Shawmut & Northern$
9,342
October_ _
99,447
146,162 -41,957
11,830 --45,734
444,623
899,865
976,926 -157,945 -170,331 --183,376 --194,112 Amer Water Works Oct'23 3,006,201 *1,344.488
From Jan 1_ 1,176.996
310,147
730.081
'22 2.483,730 *1,040,228
Pittsburgh & West Virginia12 mos end Oct 31 '23 34,034,0701'15,067,253 9,748,881 5,318,372
15.537
725
252,036
October_ ___ 372,466
52,890
37,247
'90
90
.acRt
3,036,705
6,944,754
*9.981,459
213.375
259,526
•
•
From Jan 1_ 3,186,815 2,299,579
659.028
493,843
28,123
5,233
Asheville Pow & Lt Oct'23
*33,356
84,325
Quincy Omaha& Kansas City20,737
5.211
*25,948
'22
74.888
12,603
6,833
153,186
10,836
16,528
October.._ - 107,081
306,933
62,635
12 mos end Oct 31 '23
961,294 *369,568
975,427 --95,012
From Jan 1_ 1,051.129
--7 --138,288 --39,3I2
277,994
62,437
'22
890,769 *340,431
St Louis-San Franclao-7.162
32,660
98,008
25.498
October__ 7,725,803 6,429,608 1,884,520 1,403,009 1,441,789 1,230,462 Augusta-Aiken By Oct '23
9,581
Elec
32,777
'22
104,685
42,358
From Jan 1_71.633.977 65,320,879 19,102,665 16,377,369 15,651,740 13.192,073
113,399
392,464
505.863
12 mos ending Oct 31 '23 1,217,914
Fort Worth & Rio Grande- '
16,142
387,929
'22
1,095,421
404,071
5,342
24,126
149,831
27,831
8,850
153,548
-October_ _ _ _
39,626
24,588
dsco
Oct'23
129,659
64,214
3,400 -160,614 Bangor
42,438 -123,389
Prom Jan 1_ 1,255,744 1,124,344
41,614
24,351
'22
131,659
65,965
St Louis-San Fran of Texas496,385
284,949
781,334
12 mos ending Oct 31 '23 1,538,863
38,255
45,701
158,031
40.123
October.. ___
173.433
47,760
420,691
705,239
284,548
'22 1,476,772
186,244
184,775
206,677
205,958
From Jan E 1,395,466 1,406,885
39,561
31,363
Oct '23
225,056
*70,924
Carolina Power &
St Louis Southwest of Texas34,779
17,352
'22
207,870
*52,131
Light
Co
221,646 -51,009
796,552
252,013 -26,955
October_ _ _ _ 1,034,546
657,319
319,552
12 mos ending Oct 31 '23 2,217.774 *976,871
-720.505-1,004,352
From Jan 1_ 7,077.610 6,155.746 -445,164 -763,323
514,677
214,981
'22 1,928,502 *729,658
•St Louis Transfer81,633
39,391
121,024
302.272
Oct '23
16.526 Central Illinois
20,247
17,422
76,252
68,292
20,737
October_ _ __
53,202
41,450
270,272
94,652
'22
Light
Co
111,375
228,000
614,688
232,316
117,506
From Jan 1_ 730,566
767,968
390,142
10 mos ending Oct 31 '23 2.866,198 1,158,110
527.681
399,771
927,452
San Antonio & Aransas Pass'22 2,428,108
145,916
277,820
646,115
294,554
159,415
October. ___ 775,695
793,370
218,341
Oct '23 1,049,915 1,011,711
299,777 Cities Service Co
573,775
From Jan 1_ 5,250,719 4.792,782
729,906
439.598
825.482
249.105
'22 1,114,936 1,074,587
San Antonio Uvalde& Gulf12 mos ending Oct 31 '23 16,592.772 18,077,141 2,623,742 13,453,399
9,564
22,098
88,638
26,244
October
101,895
13,586
'22 14,558,623 14,123.421 2,257,691 11,865,730
158,190
889,288
188,075
From Jan E 1,035.674
222,047
188,981
22,577
10.299
32,876
77.108
Citizens Tract Co Oct '23
22,694
9,824
Seaboard Air Line32,518
'22
72,748
762,044
296,955
884,731
119,971
October_ _ 4,529,107 4.203,641 1,060,555
937,470
416,926
953,483
12 mos end Oct 31 '23
206,930
117,853
From Jan 1_42,820,612 36,938,134 9,515,886 7,584,508 7,759,183 5,849,665
324,783
'22
790.592
456,613
Southern Pacific532,445
989,058
Commonwealth
Oct '23 2,639,466
Galveston Harrisburg & S A366,418
506,700
873,118
Power Corp
'22 2,326,687
454,964
October_ ___ 2.378,728 2,158,831
454,589
388,637
525,698
10 mos end Oct 31 '23 24,295,841 9,265,887 5,184,240 4,018,647
From Jan E19,445,388 18,127,408 2,899,144 2,918,385 2,240,146 2,377.776
'22 21,204.573 8,103.332 5,015,594 3,087,738
Houston & Texas Central467,643
185,231
652,874
Consumers Pow Co Oct'23 1,484.051
October...... 1,602,913 1,596,878
456.733
653,140
690.561
401.332
506,131
201,510
602,842
'22 1,256.298
From Jan 1_11,911,095 12,235,944 2,276,435 2,854,987 1,806,205 2.405,194
10 mos end Oct. 31 '23 13,643,404 6.242,534 1,867.910 4,374,624
Houston E &W Texas'22 11,480,343 5,459,620 2,038,003 3,421,617
October_ _ _ _ 361,645
308,534
75,816 Cumberland County Oct '23
112,138
98,843
62,781
85,108
61,686
124,467
318.754
385.421
From Jan 1_ 2,593.097 2,594,547
363,778
264,050
65,749
451,786
60,321
Power St Light
126,070
'22
301,688
752,094
751,261
12 mos ending Oct 31 '23 3,741,567 1,503,355
Louisiana Western787.403
382,825
710,332
101,818
October_ _ 453,429
141,732 . 129,113
105,509
'22 3,445,930 1,497,735
600,329 Eastern Shore Gas Oct '23
From Jan E 3,821,253 3,447,569 1,024.272
721,935
11,042
852,495
8,710
19,752
50,214
6,095
8,302
& El Co & Subs
Morgan's Louisiana & Texas14,397
'22
45,682
99,185
103,943
814,876
38,204
12 mos end Oct 31 '23
203,128
October. _ 842,582
140,741
78.566
547,984
84,420
73,923
91,851
699,279
165,774
From Jan 1_ 7,304,441 6,576,767
219,813 -11,642
454,457
'22
496,704
63,846
33,744
East Penn Electric Oct '23
97,590
276,082
Texas & New Orleans44,709
26,341
772,937
Co
83,351
71,050
51,736
19,916
October_ ___ 880.123
218,789
115,042
'22
564,890
326,770
7,171.702
7,431,107
455,406
12 mos ending Oct 31 '23 2,880,163
891,669
520,691
183,850
From Jan 1_
698,635
392,758
319,819
712,577
'22 2,384,234
Southern Railwaytagg
54,471
East St Louis &
'84,316
Alabama Great SouthernOct '23
362,585
53,157
718,544
5c Sub Cos
177,847
228,480
169,904
375,578 *116,395
October_ ___ 954.237
210,058
'22
601,514
633,972
*1.235,486
6,806,975
964.470
12
mos
9,054,512
2,674,071
end Oct 31 '23 4,471.222
From Jan 1_
1,376,918 2,150,343
636,454 • 499,162
'22 3,775,851 *1,135,616
Cinc New On & Tex Pac-162,003
213,185
375,188
495,384
321.526 Great Western
596,134
433,239
October_ _ _ _ 1,879,671 1,537.950
370,905
Oct '23
158,887
211,982
370,869
Power System
633,309
'22
From Jan 1_19,296,363 13,365,977 5,469,094 2,459,370 4,583.194 1,767,561
1,609,925
2,112,293
'3,722,218
10
mos
end Oct 31 '23 5.919,166
Georgia Southern & FIorlda'22 6,239.267 3.773.848 2.121,739 1,652,109
371,733
102,287
40.522
82,866
October __ 461,507
61,209
6,788
19,880
26,668
936,140
94,611
737,722
411,816 Huntington Dev & Oct '23
From Jan 1_ 4,376,362 3,730,676
595,059
19,022
Gas Co
38,912
19,890
104,604
'22
New Orleans & Northeastern244,372
488,423
244,051
12
mos
1.303,403
ending
Oct 31 '23
483,270
77,357
19,369
October..___ 575,044
33.453
50,663
242,762
237,957
480,719
'22 1,180.356
853,608 -126.089
From Jan 1_ 5,777,374 4,361,453 1,355,005
248,306
378,254
Milwaukee Elect
213,729
Oct '23 1,850.167 *591.983
Northern Alabama201,271
By
&
'407,977206,706
Light
1,667,186
Co
'22
151,334
69,834
59,722
October_ _ _ _
164,344
63,813
63,694
12 mos end Oct 31 '23 21,994,254 *6,155,469 2,356,243 3,799,226
594,453
369,385
From Jan 1_ 1,450,050 1,141.307
529,260
409,682
3,442,372
*5,839,582
2,397,210
19,017,672
'22
Spokane International45.804
84,886
280.309 *130,690
116,241
27,924
October_ _ _ _ 107,902
38.037 Nevada-California Oct '23
22,021
43,637
77.605
83,492
Electric Corp
249.681 *161,097
'22
980,494
243,120
251,397
From Jan 1_ 985,508
184.639
306,408
1,099,110
12
mos
*2.097,804
998,694
3.950,329
ending
Oct
'23
31
Spokane Portland & Seattle890,309
928,738
'22 3,324.200 *1,819.047
662,128
347,277
October. _
881,349
175,498
272,254
235,537
92,654
82,623
175,277
658.728
Oct '23
From Jan E 6,827,846 5,985,589 2,308,802 2,119.850 1,557,980 1,326.025 Now England Co
78,302
Power
Syst
545.350
165,292
86,990
'22
Tennessee Central1,136,126
12
mos
end
7,391,978
2,167,007
1,030,881
Oct
31
'23
279,944
264,313
51,821
43.832
October _ _
46,760
48,940
760,815
940.936
'22 5,638.567 1.701.751
549,641
307,283
From Jan 1_ 2,597,482 2,045,406
351,699
489,122
61,063
New Bedford Gas
293,201 *106,096
45,033
Oct '23
Term RR Assn of St Louis61,739
& Edison Lt Co
52,618
283,598
*114,357
'22
393,633
92,961
30,786
65.104
October_ __ _ 443,347
125,092
542,638
10
mos
ending
474.712
3,003,116
*1,017.350
Oct
31
'23
712,840
562,205
From Jan 1_ 4.279,860 3,723,525 1,349.004 1,124.727
'22
St Louis Mercb Bridge Term-5,209
Northern Ohio
159,774
786,472
154,565
Oct '23
459,475
116,990
87,933
219,129
October. _ _ _ 407.373
244.796
5,349
Elect
Corp
817,837
172,940
167,591
'22
907,535
From Jan E 4,083,627 3,244,7:36 1,320,409 1,110,403 1,014.435
391,553
10 mos end Oct 31 '23 8,438,365 1,988,931 1,597,378
Texas & Pacific345,379
1,644.080
7,710,217
1,989,459
'22
3,022,568
3.372,802
1,234,252
1,068,120
475,641
576.139
October. _ _ _
162,335
Lt &
903,484
167,907
Oct '23
330,242
From Jan E26,235.572 25,044,162 5,356,361 4,481,344 4,273.074 3.403,171 Portland
126,563
178,761
Power Co
842.131
305,324
'22
Ulster & Delaware2,128,823
2,083,667
12
mos
ending
10,741,353
Oct
31
4,212,490
'23
126,865
--3,498 --20.297
-9,499 -28,300
132,943
October. _ _ _
'22 10,001,609 3,721,163 2,128,495 1,592.668
243,987
183,934
103.909
46,849
From Jan 1_ 1,541,397 1,414,235
37,532
223,471
Republic By &
825,051
261,003
Oct '23
Union Pacific21,574
182,742
Light
746,177
204,316
'22
Oregon-Wash RR & Nay572.557
821.901
10 mos end Oct 31 '23 8,150.308 2,614,421 .2,041,864
393,532
212,398
October. _ __ 3,481,500 2,903,010 1,000.399
437,605
'22 6,774.767 2,184.482 1,746,877
From Jan E24,859,488 23,402,733 3,126,089 1,399,404 1,400,617 -412.640
THE CHRONICLE
DEC.8 1923.]
Gross
Earnings.
outhern California Oct'23 1,899,763
Edison Co
'22 1,453,428
12 mos end Oct 31 '23 19,932,202
'22 16,708,074
Southern Indiana
Oct '23
232,408
Gas Sc El Co
2!.
203.715
10 mos ending Oct 31 '23 2.196,432
'22 1.903,222
;Southern Utilities
Oct '23
195,903
Co
'22
182,586
12 mos ending Oct 31 '23 2,516.649
'22 2.327,076
'Tennessee Elect
Oct '23
794,849
Power Co
'22
706.579
10 mos end Oct 31 '23 7,495,426
'22 6,500,001
'-Third Avenue Ry Oct '23 1,255,245
System
'22 1.240,168
4 mos end Oct 31 '23 4,845,845
'22 4,874,166
Utah Power & Lt
Oct '23
777,155
'22
633,732
12 mos end Oct 31 '23 8,312,341
'22 6.958,093
••West Penn Co &
Oct '23 1.953,832
subsidiaries
'22 1,738,057
• 12 mos end Oct 31 '23 22,952,499
16,029,967
Sept '23
Winnipeg Electri
418,942
fly Co
'22
432,314
12 mos ending Sept 30 '23 5,515,387
'22 5,489.680
Yadkin River
Oct '23
169.225
Power Co,
'22
115,823
12 mos end Oct 31 23 1,761,504
, 22 1,219,350
Net after
Taxes.
$
1,113,693
847,415
11,446,086
9,719,107
77,986
64,376
773,116
634,856.
39.289
38,069
680,095
450.228
363,932
295,993
3,408,784
3,023,548
*249,885
*255528
*959,084
*1,023,001
*413,753
*324,371
*4,480,075
*3,626,907
*710659
614,05*
*8,236,847
*5,597,221
116,118
111,898
1,452,390
1,414,816
*88,677
*54,618
*945,259
*540,081
Fixed
Charges.
Balance,
Sur lus.
744,426
369,267
542,531
304,884
3,231,673 8,214,413
3,891.663 5,827,444
41,459
36,527
33.944
30,432
411.674
361.442
317,234
317,622
17,207
22,082
14,124
23,945
410,138
269,957
160.613
289,615
214,073
149.859
152,317
143,676
1.466,924 1.941,860
2539
Pierce Oil Corporation.
(9th Annual Report, Year ended Dec. 31 1922, and SemiAnnual Statement, 6 Months ended June 30 1923.)
W. H. Coverdale, Chairman, New York, Nov. 30, wrote
in substance:
The net operating loss for the year 1922, after interest, provision
for uncollectible accounts and for depletion and depreciation,
was
$3.787.507
To which must be added certain charges in respect to prior years.
including provision for International dr Great Northern judgment for $2,088,483 and interest, rendered on Feb. 28 1923,
which is one of the many unfortunate results of the Pierce management, and is now on appeal; for abandoned leases, and for
Investmentsin and advances to subsidiary companies written off 3,171,626
Preferred stock dividend paid in 1922
300,000
Total loss. 1922, as shown upon combined income and profit
25,217
and loss statement
$7,259.133
24,293
The effect of the above loss is a profit and loss deficit of $4,417.619
65,017
120,895 Such deficit is before giving effect to contingent liabilities of $549,122 aris233,280 ing out of the sale of certain of the corporation's accounts receivable. Pre'
170,868 ferred stock dividends then unpaid in the sum of $1,200.000, and unadjudi2,477,526 cated suits and claims then amounting to about $650,000.
Included among the liabilities as of Dec.31 1922 appears an item of $300,1,790,250
000 of alleged secured notes payable. Corporation does not recognize that
241,127 the above notes
constitute valid and binding obligations of the corporation,
186.603 as the execution and delivery of these notes
2,905,453 therefor were unauthorized and unlawful.and tbe delivery of the collateral
1,564,732
In the reports and statements of accounts these notes, together with
57,022 $900,000 of similar notes subsequently executed, with respect to which the
57,092 corporation mhkes a like claim, have been tentatively included as liabilities
708.412 of the corporation for the purpose only of bringing them to the attention of
686.016 the stockholders, but without waiving or intending to waive in any respect
53,751 the above-mentioned claims of the corporation with respect to them.
On Oct. 2 1922 the lawful board of directors was ousted and its functions
40,090
564.950 were usurped by a de facto board which the Virginia Courts have adjudged
364,951 to be unlawful; the above accounts do not include any liabilities or claims
arising from such action, or arising out of the litigation which ensued, cr
* After allowing for other income.
for the expenses of this costly litigation which are still unpaid and are not
yet entered on the books.
Comparative Earnings of Companies Under the Management of
The net operating loss for the six months ended June 30 1923 (during all
Stone. Webster & Co.. Inc.
of which time the illegal Doherty-Pierce management was in control), after
Month of October
12 Months Ending Oct. 31
- Interest, provision for uncollectible accounts, for contingencies, and for
depletion and depreciation, as shown upon combined income and profit
Surplus
Surplus
Gross.
Net.
After Ches. Gross.
After Ches. and loss statement, was$1,268,321.
Net.
$
The effect of the above losses is a profit and loss deficit of $5,685.940
$
$
$
$
$
as of June 30 1923:such deficit is before giving effect to contingent
Puget Sound Power de Light Co.
1923
1,062,716
390,664
227,814 12,085,719 4,750,434 2,917,133 of $636.795 arising out of the sale of tbe corporation's accounts receivable.
1922
878,635
349,855
206,401 10,351,213 4,457,587 2,709,861 Preferred stock dividends then unpaid in the sum of $1.800,000, and unadjudicated suits and claims then amounting to about $650,000; and is
Sierra Pacific Electric Coalso before giving effect to any liabilities for claims for legal services and ex1923
87,094
38,597
32,819 1,009,572
421,300 penses arising out of the ouster of the lawful board of directors or out of
482,008
1922
78,464
40,006
35,098
894,730
343,485 the litigation that ensued.
412,233
Northern Texas Electric CoFor the 9 months (from Sept. 30 1922 until June 30 1923) during which
1923
258,112
94,724
66,698 2,923,062
666,116 the lawful board of directors was ousted and the corporation was under the
981,035
1922
273,076
94,973
69,974 3,086,435 1,041,738
741,537 control of Henry L. Doherty and H. C. Pierce and their associates, the
Key West Electric Colosses of the corporation, as shown by the report of Price, Waterhouse &
1923
19,944
8,225
5,708
249,040
70,991 Co.. amounted to $2.612,826, and although the corporation claims that
101,804
Pierce and their associates may be liable to the corpora1922
21,718
9,567
6,916
248,976
51,920 Messrs. Doherty.amount
81,980
of this loss, this claim has not been carried as an
tion for the total
'Edison Electric Illuminating Co of Brocktonaccounts or statements herewith enclosed, but the failthe
of
any
asset
in
1923
138,784
55,491
54,164 1,565,425
567,187
556,306 ure so to carry it is not to be deemed as in any respect a waiver
of such
1922
129,457
51,247
50,412 1,354,031
474,499 claim on the part of the corporation.
485,310
Lowell Electric Light CorpThe company is now reviewing many of the acts and transactions of the
1923
128,280
41,887
40,344 1,648,306
580,279
575,830 de facto board (which the Virginia Courts adjudged to have been unlawful)
1922
123,484
35,902
35,752 1,281,756
407,629
393.137 to ascertain what claims and rights shall be enforced against the members
Haverhill Gas Light Coof that board.
1923
50,049
12,599
The loss last mentioned is reflected in shrinkage of working assets, in
12,516
569,015
129,025
129,475
1922
49,043
9,595
9,584
538,244
129,119 depreciation and depletion of properties, in the $1,200,000 of alleged Do131,666
Fall River Gas Works Coherty notes, the validity of which is not recognized by the corporation,
1923
96,172
23,517
23,505 1,031,248
236,877
236,201 together with interest on these notes, and in increased other liabilities of
1922
98,258
33,469
33,455
997,127
252,619
250,975 the corporation.during this period (and whilst
Furthermore,
the corporation was under
.Elec Lt & Power Co of Abington & Rocklandthe control of Messrs. Doherty. Pierce and their associates), improvident
1923
41,008
6,837
6,830
445,202
69,038
63,624 purchases of crude oil were made by the corporation from
Doherty
1922
34,689
7,557
6,922
369,772
67,630
60,047 companies. Shortly after the present board came into office,other
it repudiat&,
Savannah Electric dr Power Coas invalid and unauthorized, an alleged contract for the purchase by the
1923
165,931
61,469
30,374 1,707,592
599,229
282,330 corporation from the Empire Petroleum Co. of 4,000 bbls. of Tonkawa
1922
136,638
49,885
25,823 1,612,103
568,811
286,394 crude per day. Deliveries theretofore made under this alleged contract
Connecticut Power 00are partly responsible for the losses sustained by the corporation during
1923
177,537
48,599
31,211 1,982,949
579,842
370,477 the months of Aug., Sept. and Oct. 1923.
1922
163,750
41,617
24,530 1,693,166
After nine months of bitter and costly litigation the Preferred stockhold621,088
407,424
Cape Breton Elec Co, Ltders were placed in the control of the corporation loz decree of Court; and.
1923
69,380
at
a meeting of the Preferred stockholders held on July 23 1923, the follow12,282
6,585
693,322
86,843
19,203
1922
57,789
were elected directors of the corporation by the Preferred stockholders:
12,722
7,068
627,238
72,033
4,693 ing
William H. Coverdale, Harold B. Thorne, Herbert Lehman, Henry S.
Baton Rouge Electric CoParker. Frederick Lewisohn, Alvin Untermyer, Clay Arthur Pierce, Moritz
1923
51,504
17,271
14,783
622,348
216,823
185,683 Rosenthal, Duncan A. Holmes, Arthur Sachs and Eben Richards.
1922
47,998
15,496
Since
12,213
578,604
213,225
166,878 such election, Arthur Sachs has resigned as a director.
Paducah Electric Cotime the business and affairs of the corporation were found to be
that
At
1923
50,589
15,414
4.785
605,348
200,859
94,979 in a desperate condition. Notwithstanding vast expenditures made in
1922
48,475
16,219
7,788
552,710
187,621
86,083 past years for oil lands and leases, the corporat'on's crude oil production
Columbus Elec & Power Cowas negligible in volume, and the prospect for its Increase was remote;
197,940
1923
74,877
52,259 2,226,521 1,128,125
notwithstanding its substantial investment in four refineries, modern equip179,339
1922
83,929
61,133 1,939,664
ment was lacking and proper maintenance had been deferred, whilst, at the
987,259
El Paso Electric Cosame time, useless equipment had been purchased and delivered at several
198,002
1923
and cannot now 130 availed of; the Fort Worth-Healdton pipe line.
72,457
55,394 2,389,276
890,830
686,149 pointsmiles
long, built in 1916 to serve
1922
192,912
97.41
73,824
Fort Worth Refinery at a cost of
56,892 2,281,237
813,004
603,297 $1.462,094, was idle, as that refinerythe
was shut down and must remain
ICeokuk Electric Coshut down until either modernized so as to enable it to compete successfully
1923
9,103
34,837
5,871
410,333
108,687
68.175 or until existing conditions in the oil industry have changed raidcally; it
1922
10,422
34,015
6,774
383,818
99.801
56,042 was apparent that the Sand Springs-Tiger Station pipeline,31.25 miles long.
Eastern Texas Electric Comust be supplemented by a large additional mileage of gathering lines be1923
56,371
170,795
39,036 2,019,976
759,287
fore it could be used to an advantage commensurate with its cost: and
559,439
1922
49,240
149,076
31,678 1,738,201
595,164
394,190 boats carried on the books of the corporation at a valuation of $1604668
l'AississlIng River Power Cohad so depreciated in value as to have an appraised value of only $200 000.
1923
258,043
201,101
101,709 3,014,640 2,243,866 1,037,749
As a result of the large losses sustained during 1921, 1922 and the first
1922
228,495
53,844 2,889,278 2,164,941
153,533
931,402 six months of 1923, the corporation's credit position had been literally deCentral Miss Vail El Propertiesstroyed by July 1923;its inventories and its accounts receivable were largely
1923
at a burdensome cost for interest charges and other expenses total49,559
11,376
14,607
570,924
159,538
119,010 pledged
1922
46,762
from 13.5% to 17.5% to secure loans and acceptances; and Inventories
14,357
10,701
540,756
147,158
103,307 ling
were also pledged to secure judgment bonds(including a bond for 52.225.000
Houghton County Else Light Co-to secure the judgment against the corporation by the receiver of the Inter1923
43,760
7,957
12,038
534,524
134,516
83,963 national & Great Northern By.,rendered on Feb. 28 1923 as the result of
1922
45,935
8,141
12,540
547,376
150,302
94,224 the unauthorized action of the then Chairman of the board); its Federal,
Galveston-Houston Elm CoState and local taxes were heavily in arrears; its debenture notes were in
1923
283,193
13,275 3,318,812
54,768
688,997
201,527 default as to the sinking fund; trade acceptances for crude oil and gasoline
1922
275,547
56.409
17,219 3,300,945
665,691
208,152 were outstanding in a large aggregate amount; merchandise accounts were
Tampa Electric Colong overdue and its remaining working capital was entirely inadequate
1923
176,981
73,885
69,226 2,090,053
904,985
839,928 for the proper conduct of its business.
1922
153,649
68,578
Notwithstanding this deplorable situation, the corporation's net current
64,255 1,772,657
726,697
674,063
Blackstone Valley Gas & El Coassets on June 30 1923 amounted to the sum of $1,440,780.
1923
417,696
At that time, also, and continuously since that time to date, the general
161,462
133,676 4,494,109 1,627,373 1,287,744
1922
357,024
101,234 3.926,015 1.426,299 1,092,697 business of producing, manufacturing and marketing crude oil and its prod128,883
ucts has been in a demoralized condition, a state of affairs that has made it
very difficult for the corporation, without reserves or credit, to maintain
Its solvency.
Immediately following the first meeting of the new board on July 27 1923.
arrangements were made with Price. Waterhouse & Co. for an audit of the
accounts covering the year ended Dec. 31 1922 and for the six months ended
June 30 1923.
Financial Reports.-An index to annual reports of
At about that time, also, the firm of Coverdale & Colpitts, Consulting
railroads, street railway and miscellaneous companies steam
Engineers, was engaged to investigate and report upon the corporation's
which properties, operations and organization, and this examination is now in
have been published during the preceding month will be given progress; and William H. Coverdale was induced to accept the Chairmanon the last Saturday of each month. This index will not ship and to assume the task of reorganizing the disorganized affairs of the
include reports in the issue of the "Chronicle" in which it is corporation.
Four months have elapsed since the new board took office, and the operpublished. The latest index will be found in the issue of ating
results of three such months are known, viz., Au., Sept. and ct.,
over which period the market prices of the corporation s renned products
Nov. 24. The next will appear in that of Dec. 29.
steadily and heavily declined; the realization from sales of kerosene. gaso224.668
231,235
894.067
902,106
180,473
153,503
2,002,549
1,836,657
469,532
427,452
5,331,394
4,032,489
59,096
54,806
743,978
728,800
34,926
14,528
380.309
175,130
FINANCIAL REPORTS
2540
[VOL. 117.
THE CHRONICLE
line and gas oil alone, over this period, being about $860,000 less than the
realization from such sales would have been based on July selling prices.
The net loss over the above three months' period has averaged about
$160,000 per month before depreciation and depletion, and about $300,000
per month after such charges; from which it is evident that the poor showing made in these three months is attributable to the decline in price of the
corporation's refined products and to high-priced inventory taken over from
the Doherty-Fierce regime.
The net operating loss for Oct. was but $121,000. as against $190,000 for
Sept.; and there is every indication that such monthly loss will be further
reduced in Nov. and will soon be entirely eliminated unless general oil
conditions become still more adverse. This result is made possible in the
face of a declining market only by a most drastic reduction in the corporation's producing, manufacturing, marketing and general office expenses;
and by the somewhat improved credit position resulting therefrom, and from
the following transactions:
Temporary loans in the total amount of $600,000 have been made to the
corporation on its unsecured notes, bearing 6% interest, by Messrs. Untermyer, Lehman Brothers, Lewisohn and one of the corporation's depositaries. The credit of the corporation had been completely destroyed, and
It was due to the generous action of these gentlemen that receivership was
averted.
Inventories have been reduced wherever possible and obsolete and highpriced stocks have been converted into cash.
The entire operating staff is now in process of reorganization by means
of which large economies are being effected. Expenses have been already
reduced at the rate of $1,000,000 per annum, and further savings are in
prospect.
The substantial improvement in the corporation's affairs thus brought
about will not be fully apparent for some months. In the meanwhile,
however, the new management is able to report:
That crude ell trade acceptances have been reduced from $1,041,085 outstanding on July 27 1923 to less than $125,000 at this time.
That overdue taxes to the amount of $115,000 have been paid.
That default in the sinking fund of the Debenture bonds,in the amount
of $85,000 bonds has been relieved.
That merchandLse accounts payable have been reduced from $397,000
on July 27 1923 to $130.000 now outstanding. (This does not, however,
take into account an alleged claim against the corporation by the Empire
Petroleum Co. for $208.642 on account of deliveries claimed to have been
made in pursuance of the alleged contract for Tonkawa crude, which was
repudiated as above stated, by the present board, and which claim the
corporation contests.)
That the Chase Bank acceptance loan has been reduced by $200,000.
And, finally, that the corporation's cash receipts and disbursements are
now about on balance, with further improvement in sight.
The corporation should have substantial additional working capital at
this time in order to relieve itself of certain burdensome charges, but as
this additional working capital is not now available, the corporation must
continue on its existing credit basis until the same can be supplied.
At a later date the whole question of financing, in order to provide for
the rehabilitation and balancing of the entire property, must have consideration.
COMBINED INCOME ACCOUNT.
Calendar Years
6 Mos.End.
1920.
June 30'23.
Period1921.
1922.
Gross profit
$3,220,631 $6,061.610 $8,362,540 $13,913,236
Deduct-Marketing,gen.
7,056,047
& administrative exps. 3,192,191
7.268.844
7.040,905
375,000
Federal taxes
1,000,000
3,946,843
Inventory losses
544,135
Bad debts
Int. on funded & floating
debt & commission to
trustees & exps. under
250.471
385,710
233,453
acceptance loans_
514.188
Prov'n for uncollectible
acc'ts receivable
11,305
553,331
Prov'n for contingencies
150,000
1.351.405
1,702,667
Prov.for depl.& deprec_
1,740.692
902,004
450,494
Other charges
Prior year charges
x3371,626
Preferred dividend
(2%)300,000(4%)600.000(8)1,200,000
1344,381
Stock div.(Com.stock)_
Net loss
Previous surplus
$1,268,321 $7,259,133 $6,135.659sur.$1085437
def.4,417,619 2,841,514 8,977.173 7.891,736
Total surplus
def.115.685,940df$4,417.619 $2,841,514 $8,977,173
x Includes provision for judgment in favor of International & Great
Northern Ry. Co. and other contingencies. $2,125.000; provision for abandoned leases, $1,161,545; investment in and advances to Midwest Producing Co. written off. $75,000; Pierce Pipe Line Co., Inc., organization expenses and preliminary expenses, previously carried in property accounts,
written off, $32,843; total. $3,394,388; less amount received prior to 1922
on account of the sinking of the S. S. Eupion,in excess of the net book value
thereof, transferred from reserve for depreciation. $222.762.
CONSOLIDATED BALANCE SHEET (INCL. SUBSIDIARY COS.).
June 30'23. Dec.31'22.
June 30'23. Dec. 31'22.
$
AssetsLiabilities8% cumul. cony.
011 lands, leasex23,092,490 23,341,904
pref. stock_ _ _815,000,000 15,000,000
holds, &c
Common stock_ _ _29,622,831 29,522,831
Real est., bides.,
Com. stk. Cl."B"
b
Plant & equip At
10-yr. 8% sk. Id.
refineries & disgold deb. b onds_ c1,785,000 1,800,000
tributing sta'ns_10,561,261 10,696,329
Notes pay. secured:
Tank steamers &
1,474,651 1,525,186 BY Pledge of inv.
barges
973,975
2,107,413 2,186,544
of oil stks., &c__ 620,547
Tank cars
BY Pledge of deStable and garage
344,749
459,637
mand note of P.
equipment
330,763 P. L. Co., Inc.,
Iron bbls.& drums 322,957
My. to P. 0.
Drilling tools and
101,102
93,820
Corp.& endors'd
equipment
469,888 In blank
600,000
553,829
y1,200,000
Cash
847,211
Trade acceptances 1,619,647
Notes & seen° rec.
1,625,094 1,309,997 Acets pay.& accr.
(less reserve)
2,151,703 2,138,396
liabilities
Inv. of crude oil,
ref'd prod., &c.. 6,140,349 6,982,422 Reserve for conz2,132,358 2,125,000
tingencies
Inv. of warehouse
868,051
716,234
materials,&c
Int., Maur., &c.,
195,611
129,530
prepaid
177,383
MLscell. invest'ts. 154,792
10-yr. 8% debs.
85,000
purch.for sk.fd.
Disc.on cap.stock 1,043,978 1.043,978
Total(each side)54,132.087 53,107,414
5,585,940 4,417.619
Deficit
a Under the provisions of the certificate of incorporation, $450,000 Preferred stock should have been retired during the year endlog June 30 1923.
b Common stock Class "B" authorized, 800.000 shares of $25 each,
$20,000,000: held for conversion of Preferred stock, $15,000,000; unissued.
$5,000.000.
c At June 30 1923 the company was in default of sinking fund requirements by an amount of $85,000, which has been made good.
x Oil lands, leaseholds and development, pipe lines (including capital
stock and advances to Compania Mexicans de Combustible S. A. amounting to $17,972.745).
y The validity of these notes and of this pledge is challenged by the
corporation.
in
z Including provision in respect of a judgment entered Feb. 28 1923
appeal,
favor of the International & Great Northern Ry. Co., nowofon
oil
stocks.
secured
by
the
pledge
inventories
of
$2,225,000
under bond for
liable for
Notes.-(1) At June 30 1923 the company was contingentlyuncollected
$636,795 in respect of customers' accounts receivable sold but
June
30 1923
stock
dividends
Preferred
unpaid
at
at that date. (2)
$650,000
amounted to $1,800,000. (3) Suits and claims for approximately
adjudicated.
been
company,
but
have
yet
not
the
have been filed against
No liability in respect thereof or of the costs and claims arising out of the
ousting of directors in Oct. 1922, is included in the above balance sheet.Y. 117, p. 448, 335.
(A. 0.) Smith Corporation.
(Report for Year ended July 31 1923.)
INCOME STATEMENT FOR FISCAL YEAR ENDED JULY 31 1923.
Total sales for the year [as reported in press dispatches]
$12,920,000
Operating profit after depreciation & amortization of dlscotmt- 1,534,908
Deduct-(a) Int. on 5-Year 6% notes. $153,900; (b) int. on 10Year 1st Mtge. 63is, $54,167; (a) reserve for Federal & State
Income taxes, $191,107; total
399,174
Net income for year
$1,135,734
Less-(a) Dividend on Preferred stock, $166,161; (b) dividend
on Common stock, $100,000; total
266,161
Sinking fund reserve for the retirement of Pref. stock
193,199
Surplus for year
8676,374
CONDENSED BALANCE SHEET JULY 31 1923.
AssetsLand, buildings, machinery and equipment
$9,095,617
Less reserve for depreciation and amortization
1,940,735
Add Fund appropriated for add'ns to plant assets-bal. unexp_ 1,165,330
Property account
Cast
U. S. Govt. St other securities (at cost)
Accounts receivable (less reserve for doubtful accounts)
Inventories
Other current assets and prepaid items
$8,320,211
213,454
3,144.784
1,700,489
3,008.448
77,348
Total current and working assets
$8,144.522
Deduct-Preferred stock sink, fund-balance unexpended
$83,658
Fund approp.for add'ns to plant assets-balance unexpended 1.165,330
Net current and working assets
Preferred stock sinking fund-balance unexpended
Deferred charges-being amortized
Good will
$6,895,534
83,658
289.546
2,221,751
Total
$17,810,701
Liabilities7% Cumulative Preferred stock
x$2.264,900
Common stock, 100,000 shs, no par value stk. represented on
Nov. 1 1916, date of incorporation. by
763,311
Subsequent adj, by approx. through revaluation of fixed
assets at Nov. 1 1916
442,659
Revaluation of miscell. capital accts. as of Nov. I 1916
572,279
Good will
2,221.751
Total Common stock
$4,000,000
10-Year 1st Mtge.(Closed)6% bonds
5,000,000
Notes payable
250,000
Accounts payable
1,215,780
Pay roll
178.883
Dividends payable Aug. 15 1923
64,636
Deposits on mans in invent. & empl. Lib. bond subscription
80,350
Accrued items. including interest and taxes
400,252
Reserve for contingencies
822,517
Surplus through operation of Pref. stk. sink. fd.-amount
reserved out of profits to July 31 1923
759,050
Undivided profits to July 31 1923
2,774,334
Total
$17,810,701
x Preferred stock authorized and issued, $3,000,000; less 7,351 shares
retired through sinking fund, $735,100.
Note.-Contingent liability, customers' notes discounted, $25,500.
-V. 117, p. 2334. 2003.
Canada Iron Foundries, Ltd.
(Annual Report-Fiscal Year Ended Sept. 30 1923.)
President V. J. Hughes reports in substance:
There was a substantial improvement over last year in the volume of
business done by the company. The value of the turnover for the year
shows an increase of no less than 51% on the corresponding value for the
year preceding. Owing,however,to the competition of European countries
enjoying the benefit of a low exchange, prices were low and much business
had to be taken at a small margin of profit, as it was considered the best
policy to keep the company's plants running as fully as possible. This
enabled costs to be kept down and left the comoany with a balance of profit
at the end of the year, although not one proportionate to the volume of
business transacted.
There was still a lack of business at the Fort William Plant, which
rendered its operations irregular and affected its earnings.
Dominion, Provincial and municipal taxation was a serious charge on
profits, the amount for which the company became liable in direct taxes
during the year being over 23% of its profits.
After providing for depreciation at the usual rate, debenture charges,
&c., the company's accounts show a profit balance of $129,317, which.
added to the balance of $1,085 carried forward from last year, left a sum of
$130,402 at disposal. Directors decided that.in the first place, the amount
of $50,000, which was taken from general reserve last year to meet the
deficiency of that year, should be replaced. The balance remaining
enabled a dividend of 2% on the preference shares to be paid for the year.
This dividend has been declared as payable on Dec. 15 to shareholders of'
record on Nov. 30 1923. This leaves the sum of $2.846 to be carried
forward in profit and loss account.
The usual comparative income account was published
in V. 117, p. 2437.
BALANCE SHEET SEPT. 30.
1923.
1922.
1923.
1922.
LiabilUiesAssets$
$
1 598,900 1,598,900
Common ,stock
Real estate, buildings, machinery &
Frei. non-cum.stock 3,877,800 3,877,800
good-will
a4.612,998 4,775,898 6% let M.debenture
b715,702 749,694
Cash
37,987 105,648 stock
Bills & accts. receiv. 809,996 414,222 Accounts payable,
272,505
81,859
wages,do
Materials&supplies_ 761,118 728,635
Govt.& other invest.1,110.605 804,355 Dividend payable.-- 77.556
Reserve for taxes and
Sub. co. loans and
34,774
unadjusted claims_ 35,837
she, of employees'
72,837
stock
211,568 Debenture sink. fd__ 97,116
Reserve fund
700,000 650,000
Unexpired Insurance,
2,846
1,085
taxes, &c
25,624 Surplus
45,557
Total
7,378,261 7.066,949
Total
7 378,261 7,066,949
a Plus additions,less depreciation and realizations to date. b Authorized
$1,000,000; less $93,597 redeemed through sinking fund -V. 117, p. 2437.
2216.
Tobacco Co. of Canada, Ltd.
(Report for Year ended Sept. 30 1923.)
Imperial
INCOME ACCOUNT YEARS ENDING SEPT. 30.
1910-20.
1921-22.
1920-21.
1922-23.
Sept. 30 Years-$3,271,421 23,630,976 $3,336,783 $3,386,150
profits
xNet
401,262
443,542
426,546
467,588
Pref. dividends (6%) _ _
Ordinary dividends._(6%)1,890,561 (6)1,882.130(6)1,651,416 (7)1,890,175
$913,272 $1,305.304 $1,258,821 $1,094,713
Balance, surplus
Profit and loss, surplus_y$5,963,438 $5,364,470 $4,373,470 $4,224,674
x After all expanses, charges and income war tax. y Out of which directors recommend payment of 1% final dividend on Common.
DEC.8 1923.]
THE CHRONICLE
2541
interest, and use the proceeds to redeem promissory notes issued to procure
BALANCE SHEET SEPT. 30.
equipment.-V. 117, p. 1460.
1922.
1923.
1922.
1923.
LiabUuieAssetsBoston & Maine RR.-$7,000,000 Government Loan.-A
8,030,000
8,030.000
shares2,200,248
Preference
2,060,088
dcbldifs__
Real est.
Plant, mach'y, dm. 2,378,905 2,334,787 Ordinary shares__31,637,200 31,430.400 loan of 87,000,000 from the Treasury to the company was
6,293,200 6.500,000 authorized by the I.-S. C. Commission Dec. 5.
Bonds
Good will, trade
marks & patents 28,816,801 28,816,801 Sundry credit, &e. 2,136,188 2,280.337
The loan just authorized will be expended,$1,106,000 for new equipment.
101,579
101,579
Sharesin assoc.cos. 3,828,007 3,744,229 Capital surplus
for
3,577,730 2,979,383 Reserve funds__ 1,902,779 1,891,231 $3,336,000 for improvement to existing equipment, and $2.558.000
Cash
803,000 additions and betterments to roadway and structures. The loan was made
General reserve___ 803,000
Discount &expense
needs
514,655 Profit and loss_ _ _ _ 5,963,438 5,364,470 in order to enable the company properly to meet the transportation
385,992
of bond issue__
of the public. One of the conditions of the loan will be that expenditures
Stockan trade and
made by the carrier shall be confined to such expenditures as may be charge11,389,584 11,632,227
leaf funds
able to accounts for investments in road and equipment provided in the
Sundrydebtors,&c. 4,430,278 4.178,688
Commission's classification of steam roads. The loan will be made in two
56,867,384 56,401,017 parts as follows: $1,106,000 for new equipment, to mature Jan. 1 1929:
56,867,384 56,401,017
Total
Total
for improvements to mature Jan. 1 1934.
$5.894,000
-V. 117. p. 1241, 786.
The company has applied to the I.-S. C. Commission for authority to
issue 87,000,000 6% mortgage bonds, to be issued to the Secretary of the
Treasury as collateral security for the Government loan. The stockholders
GENERAL INVESTMENT NEWS
will vote Dec. 20 on approving the issuance of the bonds.-V.117. p. 1460.
1346.
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."
Bridge Operating Co.-City Takes Over Operation.-
Operation of the city's car lines across the Williamsburg Bridge,following
the stoppage of the Brooklyn City and the B. M. T. surface car lines, was
inaugurated Dec. 1. Fares charged are 2 cents for single ride, with three
tickets for 5 cents.-V. 114, p. 625.
Campbell's Creek RR.-Securities Authorized.-
The I.-S. C. Commission on Nov. 28 authorized the company to issue
$279,500 capital stock, to be sold at not less than par; the proceeds from
2.480 shares to be used in payment or refundment of certain bonds and
Pennsylvania RR. Lays Off 500 Shopmen.-Following return of entire notes, and the proceeds from 315 shares to be used for capital purposes.
shop force after furlough dating from Nov. 22, the road announced that The report of the Commission says in part:
"The applicant represents that on Jan. 1 1924 $208,000 mortgage bonds
500 men at Wilmington, Del., would be laid off Dec.6 due to lack of work.
will become due and must be paid or refunded to avoid foreclosure, and
About 2.000 will remain at work. Boston "News Bureau" Dec. 4, p. 3.
of
I.-S. C. C. Orders Reductions on Express Charges by Feb. 21 1924.-New that it is also necessary to pay $40.000 of notes. consisting of eight notes
Co.
basis laid down for inter-State express rates in decision which refuses to $5.000 each, now past due and held by the Campbell's Creek Coal
of
shares
2.480
issue
to
authority
asks
applicant
the
our
purposes
these
For
American Railway Express Co. the right to make general increases it had
stock, and also seeks authority to issue the remaining 315 shares to be sold
asked. New York "Evening Post" Dec. 3, p. 1.
U. S. RR. Labor Board Grants Wage Increase to Way Men.-22.612 main- from time to time for proper corporate purposes.
tenance of way men get 1 to 2c. per hour increase, retroactive from June 1
Cape Breton Electric Co., Ltd.-Earnings.1923. on Boston St Maine, Ft. Smith & Western, Lousville & Nashville,
1922.
1923.
12 Months ended Sept. 30Henderson & St. Louis, Nashville Chattanooga & St. Louis, San Antonio
3631.631
3694.730
Gross earnings
Uvalde & Gulf and Trinity & Brazos Valley.
562.484
607,447
Pullman Conductors' Wage Scale.-II. S. RR. Labor Board has estab- Operating expenses and taxes
67,342
67.597
lished new wage scale for Pullman conductors, effective as of Dec. 1, as Interest charges
follows: 1st year. $150 a month: 1-2 years. $160; 2-5 years. $167 50;
31.805
&
819,685
replacem'ts
reserves,
dividends-for
Balance
5-10 years, $175; 10-15 years, $180; over 15 years. $185. "Wall Street
Comparative Balance Sheet.
Journal" Dec.6. p. 10.
Hudson Shop Strike Ended.-Strikers (out since July 1 1922)
Delaware
Sept. 30'23 Dee.31 12
Ltabilttles-Sept. 30'23 Dee.31 '22
Assets-voted to accept company s offer to apply for work individually and not
23,166,830 23,101,962 Common stock___$1,125,000 21,125,000
through union. Strikers numbered 4,500, but number who voted was not Property
314,000
59,901 Preferred stock___ 314,000
60,856
supplies_
&
Mans
known. New York "Evening Post" Dec. 5, p. 9.
1.240,000 1,240,000
53,198 Funded debt
22,903
Cash
Philadelphia Rapid Transit Wage Advance.-Basic wage to be advanced Investm't
95,000
97,125
payable____
Notes
2,503
secure
from 64 to 65c. per hour Jan. 1. Boston "News Bureau" Dec. 7. p. 5.
56,225
61,785
7,311 Accounts payable_
5,055
Advance paymtnts
New York Central RR. and Employees Reach Agreement on Wages and Notes
7,768
20,967
56,041 Accts. not yet due_
54,505
& accts.rec.
Working Conditions.-Present rate of wages to be continued. No changes Sink. fund. Invests
1,684
Suspense
978
5,377
to be made in operating rules. Each party to have right to cancel on 30 Suspense
7,841
10,449
8,212 Operating reserve_
7,381
days' notice. Agreement thought to be possible model for other roads. Funds in escrow
199,085
Replacement res__ 195,250
814
New York "Times" Dec. 7. P. 23.
270,784
28,100 Reserve & surplus_ 259,966
Purch. agreement_
Railroad Statistics.-The following is authorized by the Car Service
Division of the American Railway Association:
23,326,228 $3,315,703
23,326,228 $3,315,703 Total
Total
Car Surplus and Shortage.-In view of the seasonal decline in the demand -V. 117, P. 1992.
for transportation, the number of surplus freight cars shows a constant
increase, while virtually no car shortage is being reported.
Chicago & Alton RR.-Equipment Trust, Series A.
Surplusfreight cars in good repair on Nov.22 totaled 111,797,an increase
The I.-S. C. Commission on Nov.22 authorized the company to assume
Trust
Equip.
certficate
since Nov. 14 of 40.678.
6%
$5,400,000
in
liability
respect of
obligation and
The actual reported car shortage on Nov. 22 was only 1,866 cars, a de- series "A," to be issued by the Bank of North America & Trust Co.,under
crease of 2,035 within a week.
an agreement to be dated Nov. 15 1923. and sold at not less than 95 and
Of the total number of surplus freight cars, box cars represented 43,645. divs. in connection with the procurement of certain equipment. See
an increase of 9,196 since Nov. 14, while surplus coal cars totaled 58,490, offering in V. 117. p. 2211.
or an increase of 26,640 within the same period.
Surplus stock cars amounted to 5.148, a gain of 2.345 over the number
Chicago Milwaukee & St. Paul Ry.-Acquisition of
reported on Nov.14, while there was also an increase of 1.840 in the number
RI!. Approved.of surplus refrigerator cars which brought the total for that class of equip- Chicago Terre Haute & Southeastern authorized
the Chicago Terre
The 1.-S. C. Commission on Nov. 22
ment to 2,044.
Of the total car shortage, box cars represented 453, a decrease of 378 Haute & Southeastern By. to issue $1,969.533 5% 1st & Ref. Mtge. Gold
within a week, while the shortage in coal cars amounted to 907, which was bonds: said bonds to be delivered to the Chicago Milwaukee & St. Paul
By.to reimburse it, in accordance with the terms of a certain lease, for the
a decrease of 262 within the same period.
Shortage in stock and refrigerator cars had practically disappeared en- payment of $222,400 of certain other obligations of the Chicago Terre
Haute & Southeastern By., and for the payment of $1,673,065 by the
tirely on Nov. 22.
Locomotive Repairs.-Locomotives in need of repair on Nov. 15 totaled ChicagoMilwaukee & St.Paul By,.for additions,betterments and extensions
10,796, or 16.8% of the ownership. This was an increase of 684 compared to the property of the Chicago erre Haute & Southeastern By.
The Commission also granted authority to the Chicago Milwaukee &
with the number on Nov. 1, when there were 10,112, or 15.8%.
Of the total number 9,801, or 15.3%, were in need of light repair on St. Paul By.to assume,as lessee, the obligation and liability of the Chicago
Nov. 15, an increase of 638 over the number in need of such repair on Terre Haute & Southeastern By.in respect of the payment of the principal
Nov. 1. Reports also showed 995 in need of light repair or 1 %. This and interest of said $1.969,533 5% 1st & Ref. Mtge. Gold bonds,in accordwas an increase of 46 compared with the number at the beginning of the ance with the terms of the lease.
month.
The third supplemental report of the Commission says in part:
Serviceable locomotives in storage but ready for use whenever needed
"By our order of June 28 1921 in this proceeding (V. 113. p. 70) we
on
storage
in
were
Nov.
15, 91 more than
Nov. 1.
approved and authorized, among other things, the acquisition by the
totaled 2.608 on
During the first 15 days in Nov. 20,188 locomotives were repaired and St. Paul of control of the Southeastern by the purchase of stock and by a
turned out of the shops compared with 21,989 during the last half of October. 999-year lease. At that time we deferred consideration of that part of
Freight Car Repairs.-The railroads on Nov. 15 had the smallest number the application asking for authority for the issue of $2,090,000 of bonds
of freight cars in need of repair they have had in years. On that date they by the Southeastern and for authority for the St. Paul to assume, as lessee,
totaled 149,192, or 6)S% of the ownership. This was a decrease of 1,432 as part consideration of the lease the obligation and liability of the Southcompared with the number in need of repair on Nov. 1,at which time there eastern in respect thereof. Consideration was deferred for the reason that
no delivery of the bonds or assumption of obligation in respect thereof was
were 150,624, or 6.6%.
Of the total number on Nov. 15 116,534, or 5.1%. were in need of heavy to be undertaken at that time, and because the price at which the bonds
repair, an increase of 450 compared with the number in need of such repair were to be taken by the St. Paul was uncertain.
on Nov. 1. The railroads had 32,658 freight cars in need of light repair.
"By our supplemental order of Nov. 4 1921, in this proceeding (V. 113.
or 1.4%. a decrease, however. of 1.882 compared with Nov. 1. The num- p. 2078), we authorized the issue by the Southeastern of $3310,571 of such
ber of freight cars in need of repair on Nov. 15 was a decrease of 66,819 1st & Ref. Mtge. Gold bonds,and the assumption of obligation and liability
compared with the number on Jan. 1 this year, at which time there were In respect thereof by the St. Paul. Also, by our second supplemental
216.001, or 9%.
order of Dec. 1 1922 in this proceeding (V. 115. p. 2579). we authorized
Matters Covered in "Chronicle" Dec. 1.-(a) Settlements with individual the issue by the Southeastern of $713.0001 ofsuch bonds,and the assumption
carriers, p. 2399. (b) Wage increases to telegraphers and station agents of obligation and liability in respect thereof by the St. Paul.
awarded by U. S. RR.Labor Board, p. 2400. (c) Baltimore & Ohio shops
"Both applicants now represent that the St. Paul is entitled, in accorddoing heavy repair work closed down: 13,000 men laid off temporarily, ance with the provisions of the lease, to have delivery to it of bonds of the
p. 2400. (d) Rate problem, says committee of U. S. Chamber of Com- Southeastern to reimburse it for the payment of certain obligations of the
merce,is one of better adjustment and not general reduction ofrates,p.2400. Southeastern amounting to $222,400. Both applicants state that they
have agreed upon a price of 75% of par for such bonds. At that price
Alabama Florida & Gulf RR.-Govt. Loan Denied.the St. Paul is entitled to receive $296,533 of such bonds. It is further
The I.-S. C. Commission has denied the application of the road for a represented by the applicants that the St. Paul has made expenditures
Government loan of $70,000 desired to meet the road's maturing debt.
- amounting to $1,673,065 for additions, betterments, and extensions to tne
V. 114, p. 1061.
leased property, title to which is vested in the Southeastern: and that for
these expenditures, the St. Paul is entitled to receive, under the terms of
Alabama Great Southern RR.-Bonds Authorized.the lease, 1st & Ref. Mtge. Gold bonds of the Southeastern in a principal
The I.-S. C. Commission on Nov. 22 authorized the company to procure amount not in excess of the actual amount of money so expended. authentication and delivery to its treasurer of $500,000 First Consol. Mtge. V. 117, p. 2323, 1346.
5% gold bonds. Series A.-V. 117. p. 1774. 1554, 1552.
Ann Arbor RR.-Notes Authorized.The I.-S. C. Commission on Nov. 2 authorized the company to issue
$202,500 promissory notes in connection with the purchase of 5 Mikado
locomotives costing $253,125. Company has entered into an agreement
with the American Locomotivero.and the Enpire Trust Co.of New York,
trustee, whereby the Trust company will purchase the locomotives from
the Locomotive company and will pay in cash on or before the shipment
of each locomotive $10,125; and the balance will be paid in the proposed
notes of the Railroad company. The notes will be dated Oct. 20 1923,
will mature at successive quarterly intervals from Jan. 20 1924 to Oct. 20
1927, both inclusive, and will bear interest at the rate of 6% per annum,
payable semi-annually and upon maturity of each note.-V. 117, p. 1552.
1460.
Chicago Rock Island & Pacific Ry.-Provisional Lease
of Keokuk & Des Moines Ry.See Keokuk & Des Moines Ry.-V. 117. p. 1774, 85.
Chicago Terre Haute & Southeastern RR.-Bonds.See Chicago Milwaukee & St. Paul Ry. above.-V.117. p. 85.
Colorado 8c Southern Ry.-No Common Dividend.-
The directors on Dec.6 omitted declaration of a dividend on the $31.000.000 Common stock, par $100. In Dec. 1921 and Dec. 1922 dividends of
3% each were paid. The directors have declared the regular semi-annual
7- on the 1st Pref. stock and the regular annual dividend of
dividend of 2,
4%_on the 2d Prof.stock, both payable Dec.31 to holders ofrecord Dec. 17.
The following statement was issued after the meeting of the directors:
Atlantic Coast Electric Ry.-Sub. Co. Buses."Because of the decline in the volume of business moved, below normal.
The Atlantic Coast Transportation Co.. a subsidiary, has applied to and excessive flood losses, common to all roads in the Colorado & Southern
Wyoming, as well as in Texas, the net earnthe Board of Commissioners for permission to operate a $200,000 inter-city territory in both Colorado andstandards
of recent years, and expenses have
ings have not kept pace with
bus system at Asbury Park, N. J.-V. 111, p. 388.
been unusually heavy; in addition, continued interruptions in traffic beBangor & Aroostook RR.-Equi ment Trusts.cause offlood conditions have caused some loss of business, but repair work
The I.-S. C. Commission has authorized tfie company to sell $360.000 has been fully completed and the railroad will go into the winter ingood
.5)4% Equipment Trust Certificates, Series I. at not less than 95% and condition. 'the Colorado & Southern and its associate companies have
2542
THE CHRONICLE
expended more than normal for the purpose of conditioning power and
equipment. and as a result the equipment of the company is now in better
condition than for some time past.
"As a result of these several adverse factors, the income of the year does
not show a sufficient balance for a Common dividend, and no action was
taken by the directors on that subject."-V. 117, p. 1555.
East Penn Electric Co.-Pref. Stock Offered.-. G.
White & Co. are offering at $93 50 per share and div., to
yield about 73%, 5,000 shares 1st Pref. (a. & d.) stock
of no par value. Cum. divs. $7 per share per annum.
' Dividends payable Q.-J. Red., all or part, on any div. date upon 30
days' notice at 115 per share and diva. Preferred as to assets to extent of
$100 per share and also as to diva. Exempt from present normal Federal
income tax. Tax exempt in Penna. Maitland, Coppell & Co., transf. agts.
Data from Letter of President J. H. Pardee, Pottsville, Pa., Dec. 1.
Company.-Incorp. in Penna. Owns or controls an important group of
public utility properties located in Schuylkill County, Pa. By merger
proceedings, which are nearing completion, the company will own in fee
and will operate as a single unit all of the properties in the group with the
exception of the Pine Grove Electric Light, Ideat & Power Co. and the
Lykens Valley Light & Power Co. Approximately 7.5% of the company's
net earnings are derived from the electric light and power business, 24%
from the operation of its electric railway and 1% from its gas business.
The growing demand for power has so far exceeded the company's generating capacity that it has recently been purchasing at the rate of more
than 18,000,000 k.w. hours per annum from electric companies in adjoining
territories. The generating capacity has just been increased from 13,000
h.p. to 46,G00 h.p. by the construction of a new power plant, the first
16,500 h.p. unit of which was placed in operation Sept. 29 1923 and the
second on Nov. 10 1923. The absorption of this additional capacity is
already assured through the rapid electrification of the mining industry
alone. Population directly served by company with either electric light
and power or railway service is in excess of 150,000.
The properties of the company and its subsidiaries constitute an interconnected system and include: (1) a new power plant of 33,000 h.p.
generating capacity near Pine Grove. the old power plant at Palo Alto with
a generating capacity of 13,000 h.p., a 3,000 h.p. generating station at
Williamstown, 120 miles of high-tension transmission lines and a distributing
system serving over 17,870 customers: (2) an electric railway system of
about 65 miles radiating in different directions out of Pottsville and extending as far as Mauch Chunk; (3) a gas plant at Tamaqua.
CapitalizationAuthorized. Outstanding.
Bonded debt
1st Pref. stock (57)
,sh.
17,000'
50,0710 sh.
2d Pref. stock ($8)
9,125 sh.
10,000 sh.
Common stock
150,000 sh. 103,695 sh.
x After an additional amount of 8500,000 bonds has been issued under
the 1st Mtge. & Ref. Lien, company may issue additional bonds (a) to
retire underlying issues or (b) provide not in excess of 75% of the cash cost
or fair value of additional property, provided annual net earnings shall have
been not less than 15i times the annual interest charges on all bonds outstanding and to be issued, and on all other secured bonded debt. All
divisional mortgages are closed except for $828.500 bonds of one issue held
in the treasury of a subsidiary company.
Earnings 12 Months Ended Oct.311922.
1933.
Gross earnings
82,880,162 $2,384,233
Operating expenses, taxes and rentals
1,488,142
1,778,079
Net earnings
$1,102,083
Annual int. charges, amortiz'n & all other deduct'ns 450,620
$896,091
Balance available for depreciation & dividends__ $651,463
1st Pref. stock dividend requirements
119,000
Purpose -Proceeds will reimburse company and provide for the acquisition of the entire issues of capital stock of the Lykens Valley Light &
Power Co. (V. 106, p. 504) and the Pine Grove Electric Light, Heat &
Power Co. and for the construction of a group of employees' homes adjacent
to the company's new power plant near Pine Grove.-V.116, p.2255,2128.
Eastern Massachusetts St. Ry.-Extension of Bonds.
[VOL. 117.
substantial cash balance. There is a general feeling, in which the Court
concurs, that the time has probably arrived for a reorganization.
In the meantime, the protective committee, which
representative of
all issues of the funded debt, by reason of certainwas
conflicts of interest
between the issues of securities represented,found it advisable to discontinue
representing the bond-secured notes and the 2d Mtge. bonds and called
upon the holders of 2d Mtge. bonds who had deposited their bonds with
the depositaries (above) to withdraw the same and pay their pro rata charge
of $5 per 51.000 bond toward the expenses which had been incurred by the
committee. A considerable number of the 2d Mtge. bondholders complied
with this request, but some of the depositing bondholders (representing
about $1.500.000 of bonds) have not yet done so and their bonds are still
held by the depositaries.
The original committee, somewhat changed as to personnel, continued
to represent the 1st Mtge. bonds. A separate committee
was formed to
represent the noteholders. (See names of committees in "Electric Railway"
supplement, page 55.) No committee has been formed to represent the
2d Mtge. bonds. Apparently the conditions were deemed not to warrant
the formation of a 2c1IVItge. bondholders' committee at the time,
with the
expense incident thereto. In the absence of any controlling or advisory
committee, the trustees under the mortgage retained counsel and have
taken such action as was obviously necessary to preserve the interests of
the 2d Mtge. bondholders in the litigation.
Recently,in anticipation of a reorganization,the committees representing
the 1st Mtge. bondholders and the secured noteholders appointed from
their number a joint reorganization committee. [This committee is said
to consist of H. L. Stuart, Chicago; M. A. Traylor (Pres. First Trust &
Savings Bank), Chicago: John F. Downing and Peter W. Goebel,
Kansas
City; J. K. Newman, New Orleans.] This committee has entered into
negotiation with various classes of creditors claiming priority, including
the personal injury judgment creditors and claimants, in an attempt to
work out an amicable solution of the controversies and accomplish a reorganization without the delays and expense incident to final judicial deternation of the issues involved in the litigation. Conditional agreements have
been arrived at between certain of the interests. [It was reported that the
agreement reached provides that holders of personal injury claims will
receive 50% of their claims in cash and 50% in 1st Mtge. bonds of new company to be organized.] The Court has indicated a desire, and it is obviously
essential, that representatives of the 2d Mtge. bondholders be constituted
and empowered to negotiate and,iffound advisable, conclude amicableagreements with reference to the 2d Mtge. bonds, or, as an alternative,to continue
the litigation if need be.
The trustees under the 2d Mtge. are neither required by the
nor should they be called upon to engage in these negotiations ormortgage
come to
a decision in reference to any proposed compromise having to do with the
rights and remedies of their bondholders. The responsibility in such
matters should be assumed by a duly constituted committee representing
the bondholders.
The existing situation has arisen only within the last few weeks and, in
view of the developments, the undersigned, at the instance of parties
interested in the 2d Mtge. bonds, have offered to act as a committee to
represent these bonds in any negotiations which may be had looking to
an amicable adjustment between the conflicting interests in the reorganization, or, if necessary, to continue litigation with
respect to the relative
priorities involved. This committee will act for the bondholders if sufficient
bonds are deposited with them, to assure them that
such action is desired
by the holders of a substantial amount of bonds.
It is obvious that some organization of the bondholders should be effected
to take advantage of the present situation to safeguard whatever it may
be possible to realize from the investment. The trustees should not be
expected to assume responsibility for further negotiation or litigation.
The Court has set Dec. 27 as the day for heating and passing upon such
agreements as may have been made between conflicting claimants and has
stated that, in the event substantial progress toward amicable adjustment
has not been made at that time, the controversies will be set down for
judicial determination on Jan. 7 1924.
Bonds (or certificates of deposit) and assignments may be deposited with
New York Trust CO.. 100, Broadway, N.Y. City; National Shawmut Bank,
Boston, Mass.; Illinois Merchants Trust Co., Chicago, Ill.; Commerce
Trust Co., Kansas City, Mo.
Committee.-Eugene V. R. Thayer, Chairman, N. Y. City: Frederick J.
Horne (V.-Pres. New York Trust Co.), H. P. Wright (H. P. Wright
Investment Co.), Kansas City, with Boyd G. Curte, Sec., 100 Broadway,
N. Y. City. and McCune. Caldwell & Downing, Kansas City, and Humes.
Buck & Smith, N. Y. City, counsel.-V. 117, p. 1663.
The company has exercised its option to extend the time for the payment
of the principal of the Assenting 1st Mtge.5% gold bonds of Lynn & Boston
Keokuk & Des Moines Ry.-Receivers-Lease.RR., dated Dec. 1 1894, to Dec. 1 1929, pursuant to the provisions of an
S. D. Kaufman (Bankers' Trust Co. of Des
extension agreement and supplemental indenture dated May 31 1919, be- Des Moines, have been appointed receivers. Moines) and F. S. Hughes.
tween the company, Old Colony Trust Co., trustee, and the holders ofsuch
Representatives of the bondholders' committee announced Dec. 4 that a
assenting bonds.
provisional lease had been signed between their company and the Chicago
The holders of all assenting bonds are requested to present same to Old Rock Island & Pacific By.,
to go into effect on Jan. 1, when the present
Colony Trust Co., 17 Court St., Boston,on or after Jan. 15 1924,for stamp- lease expires. The Keokuk
& Des Moines is to receive $10.000 a month
ing and for the attachment of a contract of extension and extended interest and the Rock Island to pay
all expeness. The lease is subject to cancelcoupons in accordance with the provisions of agreement and indenture. lation by either partyison
60
days'
notice.
When the extended bonds are returned to the holder, a check for $10 will
In all probability the bondholders' committee will continue with the forebe delivered in respect to each $1,000 of assenting bonds surrendered for closure proceedings on the
railroad, and when these are completed make a
such extension.-V.117, p. 2323. 2211.
permanent lease with the Rock Island, it was stated.-V.117, p. 1555, 1347.
Eastern Wisconsin Electric Co.-Preferred Stock.-
The Wisconsin RR. Commission has authorized the company to issue
$40.000 Preferred stock, the proceeds to be used to pay for additions and
extensions.-V.117, p. 1461.
Federal Light & Traction Co.-Extra Dividend.-
An extra dividend of 75c. per share in 6% Cumul. Pref. stock has been
declared on the Common stock, in addition to the regular quarterly cash
dividend of 75c. per share, both payable Jan. 2 to holders of record Dec. 15.
Like amounts were paid in April, July and Oct. last on the Common stock.
-V.117, p. 1129,893.
Federal Valley RR.-Notes.
-
The I.-S. C. Commission on Nov. 22 authorized the company to issue
as required not exceeding $30.000 6% promissory notes, maturing on or
before three years from date of issue. The proceeds are to be used for
payment of bills and indebtedness incurred in maintenance of service,
to care for future lawful requirements, and for working capital.-V. 116,
p. 934.
International Ry., Buffalo.-Co-Operative Wage Fund.
The employees have established a co-operative wage fund (along the
lines of the employees of the Philadelphia Rapid Transit Co.) to purchase
securities of the International By. The employees plan to invest $200,000
for 1924, which will about represent the wage increase of 25 cents an
hour recently granted them.-V. 117. p. 2432.
Kansas City (Mo.) Rys.-Protective Committee for Second
Mortgage Bonds.-The committee named below has been
formed to protect the interests of the holders of the 2d Mtge.
Bonds, Series "A" and "B." A circular, Dec. 7, says:
Recent developments in the Kansas City Rys.
indicate that a
reorganization is imminent. When the default insituation
payment of the interest
on the 2d Mtge. bonds occurred (contemporaneously with default in the
payment of the interest on the other funded debt of the company [V. 109.
p. 1986)), a protective committee was formed representative of the 1st
Mtge. bonds,the notes secured by 1st Mtge. bonds and the 2d Mtge. bonds.
Holders of 2d Mtge. bonds were requested to deposit their bonds with
the following depositaries, and a substantial amount of the bonds were
deposited: New York Trust Co., New York; National Shawmut Bank.
Boston; Illinois Merchants Trust Co., Chicago; Commerce Trust Co.,
Kansas City. Mo.
The conditions surrounding the operation of the properties of the company
then in the hands of receivers, were such as to make it inadvisable. in the
opinion of the joint committee, to proceed to a foreclosure of the mortgages
which the committee represented. The committee has avoided taking
any drastic measures looking to a foreclosure. preferring to await developments and improved conditions and to permit the receivers to operate the
property for a sufficient length of time to determine the earning capacity
of the property.
The receivers have been operating under steadily improving conditions,
so that all receivers' certificates, car trust notes and other minor charges
which would be entitled to payment first out of the proceeds of sale, or in
reorganization, have been paid and satisfied and the receivers have a
Lake Shore Electric Ry., Cleveland, Ohio.-Franchise.
The Sandusky County Commissioners on Nov. 13 granted the company
a new 25-year franchise. The railway is to pay $12,500 to the County
within 60 days and make annual payments of $1,000 during the life of
the franchise.-V. 117. D. 208.
Long Island RR.-New President.-
Samuel Rea, President of the Pennsylvania RR. has been elected President to succeed the late Ralph Peters. George LC Boutillier continues as
Vice-President of the company.-V. 117, p. 2110.
Marion (Ind.) & Bluffton Traction Co.-Obituaru.-
Pres. James W. Sale died recently at Richmond, Ind.-V. 106, p. 2345.
Massachusetts Northeastern Street Ry.-Service.-
The New Hampshire P. S. Commission has granted the company permission to discontinue service on 3 miles of its road between Rowe's corner,
Newton, to the State line at South Hampton, N. II.-V.117, p. 1775.
Michigan Electric Ry.-Securities Ready.--
See Michigan United Railways below.-V. 117. p. 2433.
Michigan United Railways.-New Securities Ready.-
Upon presentation of certificates of deposit issued by Bankers Trust Co.,
owners will receive securities of Michigan Electric Ry. in accordance with
plan of reorganization. First St Ref. 5% bonds of new company carry
interest from Jan. 1 1923 and payment due July 1 will be paid when coupon
of that date is presented.-V. 117, P. 2433.
Mississippi Power & Light Co.-Registrar, &c.-
The Guaranty Trust Co. of N. Y. has been appointed trustee. registrar
and paying agent under the 1st & Ref. Mtge. dated June 11923.securing an
Issue of $12,000.000 bonds. See offering in V. 117, p. 2212, 2433.
New York New Haven & Hartford RR.
-
In addition to his present duties, Vice-President Arthur P. Russell.
with headquarters at Boston, Mass..and New Haven, Conn.
effective
Dec. 1,have jurisdiction of public relations and publidty.-V.will,
117, p.2209.
New York Railways Co.-Earnings.-Month of September- -3 Mos. end. Sept. 30Period1923.
1922.
1922.
1923.
Rev. pass. (cash fares) _ _ 13,428,905 14,474.681 37,893,927
43,253,680
Operating revenue
$758.525
$819,152 $2,307,403 52.444,865
Operating expenses
2.088,012
654,675
693,209
2.008,688
Street railway taxes_ _ _
220,628
66.714
74.045
199,846
Operating income__ _ _
$136,226
$37,136
$51,898
$98,869
Other income
99.266
23.876
24,993
100.414
Gross income
Int. & other charges_ _ _ _
$61,012
200,674
Net corporate deficit_
-V. 117. p. 1993, 1885.
$139663
Fism $199.283
632.311
$133 162
$433,028
$235,402
654,187
$418,696
DEC.8 1923.]
THE CHRONICLE
New York Rapid Transit Corp.-Earnings.-
2543
The report of the Commission states in part:
(Subject to any adjustment which the reorganization may necessitate.)
The applicant represents that for additions and betterments to its prop-Month of September- -3 Mos.Ended Sept.30- erty it expended from income during the period from April 1 1917 to June 30
N.Y.R.T. N.Y.Cons. N.Y.R.T. N.Y.Cons. 1922 the sum of $2,370,724, and from July 1 1922 to April 30 1923 the sum
Periodof $2,145.508, a total of $4,516,23p. It also proposes expending $312,210
RR. Co.
Corp.
Corp.
RR. Co.
for completion of work under way on April 30 1923, $19,859 for work
1922.
1923.
192:3.
1922.
Rev. pass.(cash fares) _ - 40,078,420 37,034,949 125,665,064 115.176,458 authorized but not started, and $146,059 for three locomotives, a total of
$2,056,426 $1,904,583 $6,442,896 $5,907.955 $478,129 for proposed expenditures. The total of the expenditures made
Operating revenue
4.411,174
4,278,679 and to be made is therefore $4,994,362. The applicant proposes to issue
1,399,078
1,408,979
Operating expenses
105,630
332,578
319,447 $4,900,000 of its 6% Cumulative Preferred stock in respect of a like amount
109,251
Street railway taxes_ --of expenditures.
In connection with its application for authority to issue Preferred and
$389,974 $1,699,143 $1,309.827
Operating income..--- $548,098
24,297
68,045
234,330 Common stock for the acquisition of the property, franchises, rights and
75,935
Other income
credits of the West Side Belt RR., which was denied by our order, dated
$572,395
$465,908 $1.767,188 $1,544,157 Feb. 6 1923 (V. 116. p. 1050), resolutions were passed by the applicants
Gross income
1,431,943
537,116
1,608,095 directors and stockholders for the increase of its capital stock to $47,000,000.
480,667
Int. & other charges- of which $12,100,000 was to be Preferred and $34,900.000 Common stock.
corporate
income_
$91,728
$335.246
def$63,937 In connection with the instant application, the applicant's directors and
Net
def$71,207
stockholders have passed resolutions for a further increase of its stock from
-v.117, p. 2323, 1664.
$47.000,000 to $51,900,000, the further increase to consist entirely of
stock.
Northern Pacific Ry.-Contemplated Improvements.-At Preferred
The applicant represents that in making the expenditures for additions
the 1.-S. C. Commission grain rate hearing last week in and
betterments from its working capital and from income, its available
it is necessary to reimburse its treasury
Minneapolis, President Charles Donnelly estimated that the funds have been so depleted that
by the issue of capital stock to enable it to meet maturities of its subsidiary,
company will expend approximately $57,000,000 for major the
provide
for further additions and betterments,
to
West Side Belt RR.,
improvements during the next three or four years.
and for other proper corporate purposes.
the certificates covering the new
place
to
The
proposal
of
the
carrier
is
Mr.Donnelly further stated that in addition to these, the company is now
in its treasury, and later, as may be desired, to sell
at work upon, and within a few months expects to complete, a branch in Issue of capital stock
it as security for short-term
pledge
less
to
not
than
85%,
or
this
stock
at
Montana about 30 miles in length for the purpose of opening an extensive
notes in the ratio of 125 to 100. The laws of Pennsylvania provide, in
field of high-grade lignite coal, owned in part and in part leased by the substance,
that capital stock must be issued at not less than par, either
railway company, or its subsidiary, the Northwestern Improvement Co.
or services exchanged.
This branch, when completed, will cost about $1,600,000. and it is confi- in cash or in value of property
Without determining to what extent our power with respect to an issue'
dently expected that the use of this coal in the territory which can be served
limitation of a State regulation, it is our
of
is
affected
by
the
securities
from this field will result in very considerable economies.
policy of the
Mr.Donnelly states that he does not mean to say that all of these improve- thought that in this matter we should be governed by the
ments would certainly be made within the next two or three years, even State law.
sale of applithe
of
authorization
reasoning
which
precludes
the
The
under favorable circumstances, but all of them are in contemplation, and
cant's stock at less than par must also govern the disposition of the request
all of them are improvements which he hopes to make, and he thinks each for
authority to pledge at less than par; for such pledge may result in case,
would fully Justify the expenditure involved in making it. Continuing,
of default in placing in the hands of the public a greater par value of stock
Mr. Donnelly says in part:
by the amount received therefor.
The Northern Pacific at the present time has 2,202 miles of automatic than is represented
We find that the proposed issue of capital stock is not for a legal object
block signals. This covers the entire main line, St. Paul to the coast, with
within the corporate purposes of the applicant, nor compatible with the
the exception of 30 miles, Little Falls to Philbrook, which is on our program public
interest.-V. 117. p. 2111, 1557.
for construction in the season of 1924, at an estimated cost of $120.000.
We are completing this season automatic signals Cheney to Pasco,a distance
Public Service Co. of Northern Illinois.- permission
of 130 miles, at an expense of $42,0000. We have, however, a number of
The City Council of Streator, Ill., has granted the company
alternate main lines which it is our intention to equip with automatic block
signals as soon as we can. These consist of lines DeSmet to Paradise. via to cease railway,operation and tear up the tracks of the Illinois Light &
Evaro. Logan to Garrison, via Butte, our Point Defiance line and the line Traction Co. The Public Service Co. guarantees satisfactory bus service.
for the next 5 years-"Electric By. Journal."-V. 117. p. 1897.
Staples to Carlton, involving a total expenditure of $1,448,000.
Improvements to shops, enginehouses and appurtenances, amounting to
a total of $2,965,000. call for no special mention.
Reading Co.-Warrants Ready Jan. 10.-The directors'
As to passenger stations, we are constantly approached by the live and
resolution:
active communities along our line not already taken care of, for improve- on Dec. 5 adopted the following
"Resolved, that the proper officers of this company be. and they are
ment in facilities of this character. They are, of course, not productive of
additional revenue except where at competitive points they may result in hereby, authorized and directed, upon the completion of the proceedings
producing more friendly public ffeeling. Expenditures of this character necessary or proper to insure the consummation of the third modified plan
the
during the next three-year period, if the funds were available, would easily as an entirety, to issue to each stockholder of record of Reading Co. atwar1924, a
close of business Dec. 17 1923, for delivery on or about Jan. 10
reach $750,000.
certificates
of'
subscribe
to
stockholder
to
right
of
such
West of Spokane the Northern Pacific uses annually large quantities of rant evidencing the
&
ice. Climatic conditions are such that natural ice within reasonable hauling new interest in shares of no par value of the proposed new Philadelphia
number
aggregate
the
Corp.,
to
the
amount
of
one-half
Iron
Coal
&
distance is practically unobtainable in the quantities required. This has Reading
stock of Readnecessitated hauling ice to western points from points as far east as North of shares of First Preferred, Second Preferred and Common
Dakota, and in some cases Minnesota. Comparative figures on the average ing Co. registered in the name of such.stockholder at the close of business
cost of natural ice as compared with artificial ice indicate that we can make Dec. 17 1923."
Warrants will not be issued originally except to stockholders of record
a saving of $130,000 per year by the construction of three plants for the
at the close of business Dec. 17 1923.
manufacture of artificial ice at an estimated cost of $650,000.
Subscriptions to certificates of interest in the new Philadelphia & ReadSummarizing the items shown on the exhibit introduced they call for a
warrants,
total expenditure of $56,949,000. This is a large sum of money-so large, ing Coal & Iron Corp. shares may be made, after delivery of the
upon
in fact, that unless conditions improve the Northern Pacific will not be able to J. P. Morgan & Co., New York, and Drexel & Co., Philadelphia,
of $4 for each share so subto finance all or perhaps many of these improvements. It is to be noted, surrender of the warrants and the paymentexchange
'1
1926,
prior
to
Jan.
may
make
the
warrants
of
Holders
scribed.
however, that though the amount is large, it is not substantially out of line
with the regular improvement program of the railway, as shown by a second after which date the warrants will become null and void. be transferrable
Warrants will not be listed on any Exchange and will
statement, which I will offer in evidence, showing the net expenditures for
additions and betterments, covering the period March 1 1920 to Sept. 30 only at office of Reading Co. Philadelphia.
'be exchangeable prior to July 1 1926 for cerCertificates of interest will
1923. This statement shows that during the period in question we expended
& Iron
$15,172,364 for improvements to fixed property and $18.227.326 on our tificates for actual shares in the new Philadelphia & Reading Coal
equipment. This equipment item. I may add, is inaccurate in failing to Corp. upon the filing of the affidavit or affidavits provided in the decree
Include the sums of $2.378,144 paid for 1,000 automobile cars. $100,978 paid of the District Court entered June 28 1923.
(The Wilmington Trust Co. has been appointed trustee of the stock of
on 250 stock cars, and $255,088 paid on 70 passenger refrigerator cars.
The three items mentioned make a total of $2,734,211, which should be the new coal company which is to be organized as a part of the plan for the
added to the amount shown as having been paid on equipment since March 1 dissolution of the Reading Co. and its subsidiaries. The new corporation
will be organized in Delaware.]-V. 117, p. 2433.
1920.
We still have in progress a number of substantial improvements, and on
many other items the charges have not yet been entered on our rceords,
St. Paul Union Depot Co.-Bonds Sold.-J. P. Morgan
although the work has been completed. We estimate that at the end of the
National
current year we shall have added to the above sums approximately $5.000,- & Co., Kuhn, Loeb & Co., First National Bank,
, and int.
000, making the total of our additions and betterment expenditures from the City Co.and Dillon, Read & Co. have sold at 943
end of Federal control to Sept. 30 1923 approximately $41,000,000, and of from July 1 1923), to yield about 5.30%), $12,500,000
this amount the statement shows that about $24,500,000 was expended on
projects costing over $25,000 each.
1st & Ref. Mtge.5% Gold bonds,Series"A' (see adv.pages).
I file herewith a third statement showing the Northern Pacific return on
Dated Jan. 11922. due Jan. 1 1972. Bearing interest from July 1 1923,
investment for the period June 30 1915 to Sept. 30 1923. The figures for payable J. & J.in New York City. Authorized issue limited to $20,000,000
the year 1923 should now. I think, be altered, because our October results bonds. Unconditionally guaranteed, both as to principal and interest,
show a considerable improvement, and it now seems quite likely that we by endorsement, jointly and severally by 9 proprietary railway companies
shall earn during the calendar year 1923 about 3% on property investment. (below). Denom. $1,000 and $500 c*. Red. as an entirety at 110 and
Considering the expenditures which, as above indicated. should be made int. on any hat. date from Jan. 1 1942 to July 1 1956. both incl., and at
during the ensuing three or four years, it should be borne in mind that a 105 and int. on any int. date thereafter. Northwestern Trust Co., St. Paul,
common carrier differs in many respects from other forms of industry. Minn., trustee.
One of these differences is that it cannot adapt its business to its plant but
Issuance.-Authorized by the I.-S. C. Commission.
must take and handle the business offered wherever offered, and must
of Pres. Ralph Budd, St. Paul, Minn., Nov. 27.
provide facilities for handling the business satisfactorily. If this results in Data from Letter
Guaranty.-Unconditionally guaranteed, prin. and int., jointly and
congestion at some points, the congestion must be relieved by improving
Chicago
facilities. Otherwise it may well be that the net revenues would diminish severally by endorsement by the following railway companies:
Milas the business increased. A common carrier must also provide and operate Burlington & Quincy RR.; Chicago Great Western RR.; Chicago
St.
passenger-train service adequate for the public requirements, even though waukee & St. Paul Ry.•. Chicago Rock Island & Pacific Ry.; Chicago
such service may be, and frequently is, conducted at a loss. It is, therefore, Paul Minneapolis & Omaha By. (Chicago & North Western System):
Paul
St.
Minneapolis
Ry.;
RR.;
Minneapolis & St. Louis
not merely desirable but essential that the railway improve its facilities in Great Northern
line with its traffic development, and it becomes necessary to introduce & Sault Ste. Marie By., and Northern Pacific Ry.
Purpose.-To retire $8,000,000 5-Year 5 % Guaranteed Gold notes and
Improvements and labor-saving devices of every character.
In addition to the improvements listed, which. as indicated above, are the $1,500,000 7% Guaranteed Gold notes maturing Dec. 15 1923, and the
those which would normally be made under reasonably favorable conditions, balance for additions and improvements to the company's property since
the Northern Pacific with a number of other railroads has been required by July 1 1923.
Company.-Incorp. in 1879 in Minnesota, and since 1881 has operated
an order of the Commission to install and place in operation, on or before
Jan. 1 1925, an automatic train stop, or train control device, applicable to a union passenger station and terminal facilities at St. Paul, Minn. During
or operated in connection with all road engines running on or over at least the past few years a new union passenger depot and facilities have been
a full passenger locomotive division. Under this order the Northern Pacific under construction. The station is now substantially finished, and by
specifically has been required to install and place in operation an automatic July 1 1926, all of the facilities and appurtenances are to be fully completed.
train stop, or train control device. between Mandan and Dickinson, North The actual cash expenditures on the property covered by the mortgage.
Dakota, a distance of 190 miles. Our officers, who have been studying plus the amount of expenditures during 1924 to be made out of funds
this question, are of opinion that there was not when the order was made, provided by the sale of these bonds. exceed by over $500.000 the funded
and that there is not now, a device prevailing in the Northwest to meet debt outstanding. While the valuation of the I.-S. C. Commission has
fully the requirements of the order, and after more than a year's experi- not yet been completed, the fact that much of the real estate owned by the
mental work we have not reached a satisfactory solution of the problem. Terminal Co. was acquired many years ago and at prices below its present
It is estimated that an installation which would meet the Commission's value should result in such valuation showing a reproduction cost largely
requirements on the engine district named would cost between two and three in excess of the company's capitalization.
hundred thousand dollars.-V. 117. p. 1993, 208.
The passenger terminal owned is used under agreement by the railroads
of the companies named above (which comprise all the railroads operating
Oregon Electric Ry.-Interest Not Paid.trains into St.Paul)for all their passenger business. As a matter of practice,
The interest due Nov. 1 1923 on the 1st Mtge.5% Gold bonds, maturing the railroads divide the operating expenses of the Depot Co., including
1933, has not yet been paid. Interest due May 1 1923 was paid June 1 interest on its debt, in proportion to their use of the Depot property.
The companies named own, in equal proportions, all of the Capital stock
last.-V. 116. p. 2516.
of the Depot Co.. upon which dividends of not less than 4% have been
paid in each year since 1881.
Pennsylvania-New Jersey Ry.-Sale.First & Refunding Mortgage.-Will cover all the railway and terminal
The branch line running between Bristol and Doylestown, Pa., about
property of the company, comprising some 31 acres of land centrally
26 miles, was recently bought by the S. Snyder Corp., Rochester, N. Y. situated
in St. Paul, subject to conditions in certain of the deeds of conSalvaging of this part of the line will be begun soon.-V.117, p. 1993.
veyance that a union passenger station shall be constructed and maintained
on the premises conveyed and that the Great Northern Ry. shall have
Pittsburgh & West Virginia Ry.-Application Denied.- the exclusive right to use 3 specified tracks of the Depot Company and the
The I.-S. C. Commission on Nov. 21 denied the company's application preferential right to use 4 other such tracks. The mortgage will also cover
to issue and pledge and (or) sell $4,900,000 of its Preferred capital stock, the all railway and depot property and appurtenances now or hereafter located
"proposed issue of capital stock found not to be for a lawful object within on the described real estate; all equipment, machinery and supplies now
applicant's corporate purposes, nor compatible with the public interest."
owned; all contracts and rights now owned or hereafter acquired in respect
2544
THE CHRONICLE
of the mortgaged property, and all property of any kind hereafter acquired
with the proceeds of bonds issued under the mortgage.
The mortgage is a first lien on part of the real estate, including the
greater part of the station itself, and a direct lien on all the rest of the
mortgaged property, subject only to the liens, so far as they attach, of
the Depot Co.'s $250,000 1st Mtge. and of its $250,000 Consolidated Mtge.,
maturing, respectively, in 1930 and in 1944. and to existing leases for usual
mail, express and other depot facilities. No additional bonds may
be
issued under these underlying mortgages and the outstanding bonds may
not be extended.
Additional Bonds.-Authorized. $20.000,000. Bonds are reserved to
retire the $500,000 underlying bonds at maturity. Of the balance of
37,000,000 bonds authorized. $2,500,000 will be issued and sold to complete
the depot project and $4,500,000 may be issued for the purchase or construction. betterment or improvement of property which shall thereupon
become subject to the lien of the mortgage.
Listing.-Application will be made to list these bonds on the New York
Stock Exchange.-V. 117. p. 2324, 2213.
Seaboard Air Line Ry.-Guaranty Settlement.-
[VoL. 117.
United Light & Railways Co.-Extra Dividend.-
The directors have declared an extra dividend of % of 1% on the Common
stock in addition to the regular quarterly dividend of 134 %. both payable
Feb. 1 to holders of record Jan. 5. Like amounts were also paid Aug. 1
and Nov. 1 last.
The regular quarterly dividends of 134% on the 1st Pref. stock and of
% on the Participating Pref. stock have also been declared, both payable Jan. 2 to holders of record Dec. 15. An extra of h of 1% is also payable Jan. 2 on the Partic. Prof. stock.-(See V. 116.9.10510
According to Vice-Pres. B. J. Denman. a super-power steam plant.
costing $10,000,000, and generating eventually at least 200,000 h.p., where
electricity will not only be manufactured for the consumption of the surrounding industrial community but will be stepped up to 66.000 volts or
132,000 volts for long distance transmission, will be built on the banks of
the Mississippi River, 2 miles above Davenport, Iowa. A tract of 91 acres
with a considerable water frontage has been purchased by the company and
surveys preliminary to actual construction have already been begun.
Construction will commence in a short time and it is expected that electrical
energyfrom the new plant's first unit will be sold next year -V.117, p. 1665
The I.-S. C. Commission has certified the payment of $650,188 to the
United Railways & Electric Co.-Wage Increase.company in final payment under the six months' guarantee provision of the
Employees have been granted a wage increase of 2%. effective Jan. 1
Transportation Act. This makes a total of $7,475,188 paid the carrier.V. 117, p. 2433, 1993.
1924. Motormen and conductors will receive from 46 to 51 cents an hour
as against 45 to 50 cents received at present.-V.117, p. 2324.
South Georgia Ry.-Capital Stock.-
The I.-S. C. Commission on Nov. 21 authorized the company to issue
not exceeding $197.000 Common stock, par $100:said stock to be exchanged
for stock of the West Coast Ry. on a par for par basis. The Commission
also authorized the acquisition and operation of the property of the West
Coast By.
The Commission denied the application to issue $232,000 Common stock
for distribution as a stook dividend, it being found not compatible with the
public interest.-V. 115, p. 2582.
Southern Pacific Co.-New $2,000,000 Steamship.-
Virginia R.& Power Co.-Valuation Placed.-
The Virginia Corporation Commission has placed a valuation of $8,100,000 on the Norfolk street railway division, as of Jan. 1 1923. The
company claimed a valuation of $10,639,084. while the city contended
for a valuation of $6,152,532. Under the ruling, the temporary sevencent fare in Norfolk, Va., becomes permanent.-V. 117, p. 2324.
Washington (D. C.) Ry. & Electric Co.-Refunding.-
The $1,000,0006% bonds due Dec. 1 were paid off at office of Mercantile
Trust & Deposit Co.. Baltimore, Md. In connection with this payment the
company lcalauseis
ir
oe
vd ?
.2itl:00(4.6Ti431epn.2
,5zZef. Mtge. bonds dated Nov. 1
The company has placed an order with the Todd Drydock & Construction
CO. of Tacoma, Wash., for a new modern passenger steamship for the
company's Atlantic fleet, plying between New York and New Orleans.
Washington Water Power Co.-Tenders.
The new steamer is to have a displacement of 11,100 tons and will cost
more than $2,000,000. It is expected the steamer will be completed and
The Farmers' Loan & Trust Co., trustee. has $28.210 to invest for the
delivered next fall. There are to be accommodations for 237 first class quarterly purchase of 1st Ref. Mtge. 5% bonds of 1909. due 1939, for the
and 111 steerage passengers. The steamer is to have a maintained sea sinking fund, and will receive offers up to Dec. 15.-V. 117.9. 1779.
of 15% knots and capable of making 16 knots in good weather.West Chester (Pa.) Street Ry.-New Officers.7117, p. 2213, 1993.
Charles B. Cooke, Jr.. has been elected President, succeeding Franklin
Southern Public Utilities Co.-Bonds Sold.-Drexel P. Jones. Thomas L. Hodge succeeds M. G. Woodside as Treasurer.V. 116, p. 2008.
& Co. Blodget
& Co., Stone & Webster, Inc., and Estabrook'
dr Co. have sok' at 91X and int., to yield about
SYt%, $4,000,000 1st & Ref. Mtge. 5% gold bonds of
1913. Due July 1 1943. (See advertising pages.)
Data from Letter of Pres. E. C. Marshall, Charlotte, N. C., Nov. 30.
Company.-Lacorp. March 1913 in Maine for the purpose of acquiring
public service properties in North and South Carolina. Operates in 17
communities in the Piedmont section of these States, furnishing electric
light and power, gas. water and street railway,service. Population served
over 225,000. Among the larger communities served are Charlotte and
Winston-Salem, No. Car. and Greenville and Anderson. So. Car.
The property includes'
four hydro-electric generating stations and one
small steam generating station, located in North and South Carolina.
together with transmission and distribution lines necessary for the conduct
of its electric light and power business in the communities served. The
stations have a total installed capacity of approximately 99.000 h.p., of
which 99% is hydro-electric. The property also includes artificial gas
plants having an aggregate rated manufacturing capacity of 3,230.000
cu. ft. daily, together with distribution systems in Charlotte, No. Car.,
and in Greenville, So. Car.; also street railways in Charlotte. WinstonSalem, Greenville and Anderson, and water works and distribution system
in Anderson. There are 36,644 electric customers, 8,252 gas customers
and 1.781 water customers served.
Purpose.-Proceeds will be used to reimburse the company in part for
capital expenditures, already incurred, in excess of $7.800,000. This
includes the cost to the company of the new 80.000 installed h.p. Mountain
Island hydro-electric station, at a price slightly under $70 per installed h. p.
Security.-Secured by a first mortgage on property valued at approximately $14,000,000. including the new 80,000 installed h. p. hydro-electric
plant at Mountain Island. On the balance of the property, valued at
approximately $7.000,000, they will be subject to closed underlying bonds
of only $1,441.000.
Capitalization Outstanding on Completion of This Financing.
Capital stock (par $100), dividend rate 5%
$10,827,500
jet & Ref. Mtge.5% gold bonds, due July 1 1943 (incl. this iss.)8
00
0
50
27:0
0,18
Underlying bonds (closed mortgages)
1,441,000
Earnings 12 Months ended Aug. 31 1923.
Adjusted for
,Actual. New Lease.
Gross earnings
$4,397.328 $5,237,328
Operating expenses, including taxes
2.911.537 3.111,537
Net earnings
$1,485,791 $2,125.791
Annual int. on (1) underlying bonds outstanding
(closed), $72.510:(2) 1st & Ref. to to be presently
outstanding, $424,350
496,860
496.860
Lease of Mountain Island Station.-The new Mountain Island station is
about to be put in operation, and is to be leased forthwith to Southern
Power Co.for a period of years running beyond the maturity of these bonds.
Under the terms of this lease, Southern Power Co. agrees to pay as rent a
fixed sum per kilowatt hour for the output of the Mountain Island station.
This should insure additional net income for Southern Public Utilities Co.
of a minimum of $430,000 a year and will probably average an increase in
net income of $640,000 a year. This rental alone should be sufficient to
pay the interest on the entire outstanding funded debt of the company.
Earnings 12 Months ended June 30.
Int.
Int.
Chis
Net.
Gross.
Chis.
Net.
Gross.
$
$
1923 _4.333.281 1.502.300 297,494 1918 _ _ _2,369,328 937.714 314.500
1922_ _3.911,646 1,255,822 308,676 1917- _ -1,884.012 748.330 293,129
1921-3,753.751 1,105,943 315.110 1916_1.697,587 663,418 264,235
1920 _ - _3.185,157 1,034,380 315,941 1915..--1,545,295 552.962 255,002
1919-2.619,473 832,771 316.738
Management and Control.-Company has been under the same management for many years. J. B. Duke and associates control the company
and the Southern Power Co.-V. 117. p. 1348.
Third Avenue Ry.-Earnings of System.-
-Month of September- -3 Mos. Ended Sept.30Period1923.
1922.
1922.
1923.
Operating revenue
$1.182.312 $1.199,805 $3,690,666 $3,633,998
Operating expenses
885.310
889.408 2,717,140
2,696.889
Street railway taxes__ _ _
78.135
79.208
238.985
234.692
Operating income_ _ _ _
$218,866
$231,189
$698,125
3638.769
Other income
24.264
23.971
69,348
70,430
Gross income
Interest & ether charges..
$243,130
222.305
$255,160
221.840
$709,199
669,399
$767.473
670,871
Net corp. income_ _ _ _
$20,825
-V. 117. p. 1881, 1778, 1665.
$33.320
$39.800
$96.602
Tulsa (Okla.) Street Ry.-Fare Increase Denied.-
The Oklahoma Corporation Commission has denied the application of
the company to increase its fare from 7 cents to 8 cents. In order to meet
jitney competition, the company extended its service some months ago by
putting on buses to be operated in connection with the city lines. In its
application the company says that the operation of these buses contributed
to a heavy loss sustained during the past y'ear. The commission held that
losses due to operation of motor buses in connection with a city street
railway system would not be considered in determining the proper railway
fare.-V. 115. p. 761.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
The review of market conditions by the trade journals formerly given
under this heading appears to-day on a preceding page under "Indications
of Business Activity.'
Coal Production, Prices, &c.
The United States Geological Survers report on coal production. torther
with the detailed statements by the 'Coat Trade Journal" and the 'Coal
Age," regarding market conditions, heretofore appearing in this column.
will be found to-day on a preceding page under the heading "Indications
of Business Activity."
Oil Production, Prices, &c.
The statistics regarding gross crude oil production in the United States,
compiled by the American Petroleum Institute and formerly appearing
under the above heading, will be found to-day on a preceding page under
"Indications of Business Activity."
Prices, Wages and Other Trade Matters.
Refined Sugar Prices.-On Dec. 7 all refiners led by American, Arbuckle
and Pennsylvania, reduced price 10 pts. to 9.15c., with exception of Federal, which is quoting 9.05c.
Price of Lead Advanced.-American Smelting & Refining Co. advanced
price from 6.85c. to 7c.(New York) on Dec. 1 and to 7.25c. on Dec. 5.
"Engineering & Mining Journal-Press." Dec. 8, p. 1004.
Copper Mines Restore Wage Cut.-Quincy Mining Co.(Houghton, Mich.)
on Dec. 17 will restore the wage scale in effect Nov. 1 before the 10% decrease. "Wall Street Journal" Dec. 3, p. 12.
Radiator Manufacturer Increases Wages 10%.-H. B. Smith Co. (Westfield, Muss.) announced 10% wage increase for moulders, who under new
schedule will receive $7 50 per day. "Boston News Bureau" Dec. 7, p. 4.
Eight-Hour Day for Standard Tank Car Co.-About 1 .000 men now on
8-hour, formerly 9-hour, shift. "Wall Street Journal" Dec. 6 P. 13.
Injunction Granted in Conde Nast Strike.-Temporary injunction restraining strikers from interfering with other employees granted to Nast Co. at
Stamford, Conn., by Superior Court Judge Banks. Company seeks permanent injunction and $50,000 damages. N. Y. "Times" Dec. 4, p. 37.
Injunction Granted Restraining Garment Workers' Union from Picketing
and Violence Resulting in Inability of Women's Wear Manufacturers to Complete Contracts.-"The Sun and The Globe" Dec. 4, p. 34.
Shoe Ttade Disturbance.-Haverbill (Mass.) Shoe Manufacturers Assn.
threatens shutdown unless Shoe Workers' Protective Union locals accept
terms of new agreement recently submitted. Cutters' local rejected plan
Monday 432 to 1, because it abolishes 5-day week. "Wall Street Journal"
Dec. 5, P. 3.
Rust-Proof Iron Produced.-Report from Stockholm. Sweden, states that
manufacture of "chrome iron" has been established on commercial basis.
New York "Times" Sec. 2. Dec. 2, p. 12.
Matters Covered in "Chronicle" Dec. 1.-(a) Changes in rules of N. Y.
Stock Exchange governing bond transactions, p. 2385. (b) Receivership
of J. S. Oliver & Co. and Turner & Co., cotton brokers, both of 8 and 10
Moore St. N. Y. City, p. 2388. (c) Receivership of F. J. Domo & Co.,
109 Broad St., N. Y. City, p. 2388. (d) Redemption and exchange of
unregistered 1919 War Savings Ctfs. (stamps). p. 2389. (e) Governor
Pinchot's conference on anthracite coal prices. p. 2398. (1) Federal Reserve Board decides that bankers' acceptances based on storage of coal
on docks are eligible, p. 2402.
Advanced Motors Corp.-Ban on Sale of Stock Lifted.-
See Barbarino Motors Corp. below and V. 117, p. 2113.
American Coke Corp.-Sale Confirmed.-
Confirmation of the sale of the Struthers plant of the corporation in
Fayette County, Pa., by the receivers has been made in the U. S. District
Court at Pittsburgh. The buyer was George Santow, the highest bidder,
who offered $68.000 for the property at a public sale Oct. 20.-V. 117. p.
1131.
American Cotton Oil Co.-Plan Ratified.-
The stockholders on Dec.6 ratified the reorganization plan whereby stock
of the Gold Dust Corp. will be exchanged for American Cotton Oil Co.stock
(see plan in V. 117. p. 1464).-V. 117. p. 2435, 2325.
American Cyanamid Co.-Extra Dividend.-
An extra dividend of % of 1% has been declared on the Common stock
in addition to the regular quarterly dividends of 1% on the Common stock
and 134% on the Preferred stock, all payable Jan. 2 to holders of record
Dec. 15. Dividends on the Common stock were inaugurated July 2 by
the payment on that date of an initial quarterly dividend of 1%• A like
amount was paid in October last.-V. 117, p. 2435.
American Fuel Oil & Transportation Co., Inc.-Sale.
Notice is given that default having been made by the company under
its indenture to the Empire Trust Co.. as trustee. dated July 1 1921, that
the trustee will cause to be sold at public auction to the highest bidder.
at the Exchange Salesrooms, 14-16 Vesey St.. New York, Jan. 3 1924,
by, Adrian H. Muller & Sons, auctioneers, the following stock held az
collateral for the bonds issued under the indenture
DEC.8 1923.]
THE CHRONICLE
Corp.,
0r.. 213
9
66184ssharescPoreferornea
. i)13rars1501000per
share.
shares Common, par $10
(3
4 Waldo Oil Co.. 1.000 shares Common, par
perr share.
(5) Tuxpan Oil Co.. 306 shares Common, par $100 per share.
1
This property will be sold as an entirety. Compare reorganization plan
in V. 117, p. 1350. 1779.
i RVIzi811
American Gas Co.-Guaranty.-
See Philadelphia Suburban Gas & Electric Co.below.-V.116, p. 1535.
American Locomotive Co.-Dividends.-
Quarterly dividends of 1 )..f% on the Preferred stock and $1 50 per share
on the no par value Common have been declared payable Dec.31 to holders
of record Dee. 13.
Secretary W.Spencer Robertson says: "In view of the fact that the shares
of Common stock which formarly had a par value of $100 per share have
been changed into shares of no par value and that since June 13 1923
certificates for the old shares have been exchangeable for certificates for the
new shares, dividend checks will not be mailed to Common stockholders
who hold certificates for tha old shares until the same are exchanged for
certificates of the new shares. All common stockholders who hold certificates for the old shares, par $100, should surrender the same to tne transfer
agent, the Bankers Trust Co., 16 Wall ot., N. Y. City, and receive in exchange therefor certificates for the new shares of no par value."-V. 117,
p. 671.
American Milling Co.-To Increase Stock-503
% Stock Div.
The stockholders will vote Dec. 11 on increasing its authorized Common
stock from 105,000 shares to 210,000 shares, par $10. If the increase is
authorized, it is proposed to distribute 52.500 shares of the new stock as a
50% stock dividend to Common stockholders of record Dec. 20,such stock
dividend to be issued out of, or from, the added surplus created by the
Increased sound value of the purchase price paid therefor of plant or mill
No. 2 recently purchased from the assets of the U. S. Food Products
Corp.-V. 116, p. 1535.
American Railway Express Co.-Increase Rates Denied.
2545
Atlantic Fruit Co.-Sale.-Pursuant to a decree of the U. S. District Court for the District of
Delaware dated Dec. 3 1923, the entire assets of the company will be
sold at public auction at the Post Office at Wilmington on Dec. 21 by
Frederick B. Adams and Edwin R. Cochran Jr., receivers.
Included in the assets to be offered for sale are: (a) 100,000 shares of
no par value stock of Compania "Atlantic" Frutera y Azucarera.de Cuba;
(b) $7,230.090 5-Year 5% notes issued under date of April 18 1923 by the
Compania "Atlantic" Frutera y Azucarera de Cuba;(e) 100.000 shares of
no par value stock of Atlantic Navigation Corp. of Delaware; (d) 7,500
shares, par $100 each, of the capital stock of Atlantic Fruit Co. of Nicaragua, formerly called Three Rivers Land & Fruit Co.:_(e) 140,000 shares.
par El each, of the capital stock of Atlantic Fruit Co., Ltd.:(f) $3,000,000
5% Demand notes dated May 311923. issued by Atlantic Fruit co. Ltd..
and (g) 4,853.66 shares of the no par value stock of the Atlantic Ertilt Co.
held in treasury.-V. 117. p. 1465.
Atlantic Paper & Pulp Co., Savannah.-Bankruptcy.-
A second petition to have'the adjudication in bankrupcty of this company
set aside and a receiver appointed, was filed in U. S. Court Nov. 20 by
Samuel C. Lawrence, through his attorneys. The assets of the bankrupt
are scheduled at $956,538 and liabilities at 81.291,432.-V. 104. p. 455.
Automatic Control Co.-Receiver.Judge T. J. Holl of the Indiana Superior Court at Indianapolis named
Russell Sumner (Sec. Fletcher Savings & Trust Co.) receiver, on a petition
filed by James W. Arbuckle. The company was organized some months
ago to perfect and manufacture an automatic train control device which
was patented by Edward Stiegelmeyer.
Barbarino Motors Corp.-Court Lifts Ban.-
Supreme Court Justice Cohalan on Nov. 25 vacated the temporary injunction obtained by Attorney-General Sherman on Nov. 2 restraining the
Advanced Motors Corp. from continuing to sell stock, following argument
and the submission of the books and accounts of the concern. These
showed that less than 2% of the stock had been sold and that the unsold
stock was intact in the treasury. The company originally was called the
Barbarino Motors Corp. The company says it has a well-equipped plant
at New Haven, and has bought out the Richelieu Motors Co. See V. 117,
p. 2113.
The I.-S. C. Commission has refu ed the petition of the company for
Increased inter-State express rat:on the ground that they are not justified.
The Commission held the inter-State main block and sub-block express
rates applicable within and between the several express rate zones are
Barney & Smith Car Co.-No Bids.unreasonable and unduly prejudicial and preferential to the extent that
There being no bids for the plan Dec. 5 when offered for sale at Dayton,
they may exceed rates constructed on bases outlined by the Commission.
- the sale has again been
postponed to Dec. 14.-V. 117, p. 2113.
V. 117. p. 2325. 1558.
American Rolling Mill Co.-Earnings.-
[The company's earnings for both N. J & Ohio corporations (excluding
results of Ashland Division).]
9 mos. end.
Years Ended Dec. 31
PeriodSept.30'23.
1922.
1921.
1020.
Profit from operations &
miscellaneous income_ $4,047,294 $3,568,798 $1,215,370 $6,713,738
Depreciation
1,035,021
901,329
459,787
1,118,490
Idle time expense
3,813
120,764
836,793
Inventory shrinkage_
2,253.844
1.446.023
Interest
116,872
240,340
73.918
92,7.59
Federal taxes
255,019
737,403
60/ Preferred dividends_
1,215
3,501
9,022
23,767
7% Debenture Prof. diva
89,301
481.800
480,279
465,050
7% Preferred diva
595,797
Common dividends
1.116,000
1,428.204
1.404.997
1,464.293
Balance,sur.
.or def.- _sur$834.257 sur3392,860df$4.303.270sur51365.954
Comparative Balance Sheet.
Sept.30'23. Dec.3122.
Sept.30'23. Dec.3122.
Assets$
$
Property accountx40,139,454 37.367,122 67 Pref. stock__ _ 116,400
116,400
Investments
4,825,341 1,570,903 74
0 Pf.Deb.stock.
20,800 6,883,600
Fd.for retlr't of 1st
7% Pref. stock_ _ _12,100,300
M.bd. of Ashl.
Common stock.. 19,935,325
19.935,325 17,852,550
Iron & Min. Co_ 919,000
Minor.stk.sub.cos
48,800
Special deposits... _ y58,800
58,800 A.I.& m 1st M_ _ 919,000
13,646,303 11.436,315 15-yr. 6% notes 7,000,000 3.631,326
Inventory
Accts., notes, &c.,
Notes & accts. pay 4.332,038
receivable
4,807,886 4,826,140 Federal taxes accr_ 237,049 9.091,760
Cash
1,099,552
807,673 Taxes, int., &c__ 810,365
632,034
Market'le securities 3,673,048 4,875,751 Accrued dividends 612,208
478.378
Deferred charges 1,147,161
385,242 Deprec.reserve_ _ _ 9,643,598 9,024,518
Res. for taxes....
23,099
23,099
Res. for conting.,
idle plant, &c..... 1,393,473 1,388,835
Total(each side)70,316,547 61,327,946 Surplus
13,172,891 12,156,644
x Includes real estate, operative, $2,468,487; real estate, non-operative.
$1,921,160; buildings and structures. $13.032.787; machinery
and equip
ment,$18.984,796;furniture and fixtures.$296,170;unfinished construction,
$3,436,052. y Securities in hands of trustees for guarantee of dividends
on 6% Preferrad stock.
Note.--Contingent liability, guaranty of indebtedness of Portsmouth
By-Product Coke Co.. 1.160,000; foreign drafts discounted,
$82.868:
total. 81,242,868.-V. i17. P. 2435, 2325.
American Snuff Co.-Extra Dividend of 2%.
The directors
have declared an extra dividend of
on the Common
stock, and the regular quarterly dividends of 3% on 2%
the Common and of
1 % on the Preferred, all payable Jan. 2 to holders of
record Dec. 14.V:116, p. 938.
American Steam Pump Co., Battle Creek, Mich.
Stock Dividend-Capital Increase-Acquisition.The company on Nov. 23 paid to stockholders of record Nov. 21, a
68%
Bassick-Alemite Corp.-Extra Dividend.-
An extra dividend of 25 cents per share has been declared on the out,
standing Common steek, no par value, in addition to the regular quarterly
dividend of 50 cents, both payable Jan. 1 to holders of record Dec. 20.V. 116. p. 2640.
Beaver Products Co., Inc.-Bonds Called.-
Certain tat & Ref. Mtge. 20-Year
% Sinking Fund Gold bonds
dated July 1 1922 (V. 114 p. 2828) aggregating $100.000 have been called
for payment Jan. 1 at 110 and int. at the Central Trust Co. of Illinois
trustee 125 West Monroe St.' Chicago, 111.-V. 115 p. 2908.
Beech-Nut Packing Co.-Balance Sheet.Sept. 30'23 Dcc. 31 '22
Sept. 3023 Dec.31'22
$LiabilitiesAssets$
8
$
Heal out.. bidgs.,
Common stock _ _ _ 5,000,000 5,000,000
mach'y, autos,
Pref. stock. Cl. A.
4,500
4,500
turn., fixtq., &c_x3,076,191 3,245,632 Pref. stock, Cl. B. 1,119.500 1,119,500
NItges. & secured
Min.stk.cont. cos.
51,163 (not owned)
56,527
loans on real est_
78,250
3 Notes& sects pay. 157,110
Pats., tr.-mks., &c
1
101.489
Securities owned:
Short term notes
Affil.corp.(con.) 594,976
mat'd or cared_
8,373
79,335
740,146 Dividends payable 170,054
do (not con.) 709,015
169,842
245,700 Fed. & State taxes
245,800
Industrials
2
720
753,446
706,275 Sales taxes, &c... 115,831
Cash
117,663
79,335 Fed. taxes reserve_ 102,615
Cash for red. notes
8,373
312.922
Bank & trust co.
Other reserves.. _ _
129,797
134,170
stocks (cost)-- 56,670 Deferred liabilities
56.670
9,782
Accts.& notes rec_ 1,209,017
663,017 Surplus paid in.,. 106,225
106,225
306,440 Earned surplus_ _. 4,102,781 2.811,691
U.S.Govt.secure_
Inventories (cost) _ 3,435,961 3,608,746
Adv.against purch.
727.183
of chicle
Deferred assets... 143.628
342.885
Tot.(each side) _11,016.787 10,046,011
x After deducting reserve for depreciation, 81.062.607.
The income account for the nine months ended Sept. 30 1923 was published in V. 117. p. 2437.
•
Boston Consolidated Gas Co.-Gas Output (Cubic Feet).
Oct. 1923.
Nov. 1923.
772.036.000
789.779.000
See also V. 117, p. 1559.
Sept. 1923.
697,942.000
Aug. 1923.
627.170,000
July 1923.
615.312.000
Bridgeport (Conn.) Hydraulic Co.-Notes Paid.-
The 1.500.000 5% Serial notes due Dec. I were paid off at office of
Bridgeport Trust Co.-V. 115. p. 548.
British-American Tobacco Co., Ltd.-Listing.-
The London Stock Exchange has granted an official quotation to 5.000
additional Ordinary shares of .C1 each, fully paid, making total amount
listed at Nov. 26 15,989.926 Ordinary shares.-V. 117. P. 1019-
Brompton Pulp & Paper Co. Ltd.-Tenders.-
The Quebec Savings & Trust Co., trustee, Montreal, Canada, will until
Dec. 24 receive bids for the sale to it of 20-year Cony. 8% Mtge. bonds,
due May 1 1941, to an amount sufficient to exhaust 867,500.-V. 117.p.1995
stock dividend on the $500,000 capital stock, par $25, then outstanding. The authorized capital stock was recently increased
from
Calumet & Arizona Mining Co.-Production.8500.000 to $1.000,000.
Month ofNov. 1923. Oct. 1923. Sept. 1923. Aug. 1923.
The company has acquired the entire plant, &c., of the Advance Pump
Copper production (lbs.)__-_ 3.688,000 3,226,000 3.386.000 3.046.000
& Compressor Co. through the payment of $140,000 in stock and
350.000 -V. 117, p. 2326, 2113.
In cash. Total outstanding stock at present amounts to $980,000.
Richard R. Hicks is President; John W. Bailey, Vice-President, and
(William) Carter Co.-50% Stock Dividend.Walter R. Munn. Secretary.
The company has voted to issue 8,109 shares of Common stock to Common stockholders as a 50% stock dividend. This will bring the Common
American Syndicate Corp., Detroit.-Receiver's Sale.- stock
outstanding at the present time to 82,432,700. par $100.-V. 117. p.
All the right, title and interest in the certain property
land. 1131.
contracts and real estate of the company will be exposed toincluding
sale at Public
auction at the Court House Detroit, Mich..on Dec. 12. pursuant
Central Limones (Sugar Mill).-Sale.of Theodore J. Richter, Judge of the Circuit Court for the to orders
Cou:aty of
Wayne. Mich. Detroit Trust Co. Is receiver.-V. 117,
The Liquidating Board of the Banco Nacional de Cuba has resolved to
p. 897.
offer at public sale, at the office of the Liquidating Board, Banco Nacional
American Wholesale Corr.-November Sales.de Cuba Building, Havana, Cuba, on Dec. 10, the following property:
1923-Nov.-1922.
Increase.
1923-11 Mos.-1922. Increase] The Central Limones (sugar mill, lands and appurtenances, located in the
82.879.311 82.763,222 8116,089
municipality of Guamacaro, near the town of Limonar, in the Province of
830.897.167
828.171,253
52.725,914
-V. 117, p. 1558. 1131.
Matanzas, Cuba; consisting of a sugar mill with capacity to grind daily
230.000 arrobas of sugar cane (25 lbs. per arroba): a refinery with a capacity
Anglo-American Oil Co., Ltd.-Interim
for refining 23,500 arrobas of raw sugar per day (construction not fully
The directors have declared an interim dividend of oneDividend.
houses, warehouses, dwellings and stores forming the batey
shilling per share. completed);
payable from net earnings of the current year, free of British
of Central Limones: 58 kilometers of broad-gauge railway. and 13.234
income
tax
The dividend will be paid on and after Dec. 17 1923 by the
lands.
farm
of
acres
National
Provincial & Union Bank of England, Ltd., London,or at any
of its branches
Centrifugal
Cast Iron Pipe Co.-To Transfer Assets to
or by the Guaranty Trust Co. of New York, 140 Broadway,
N. Y. City.
at the equivalent in U. S. currency of 84 40 per pound sterling
to New Delaware Corporation-To Retire Preferred Stock.
22c. per share). This compares with two shillings paid in May(equal
stockholders
will
vote Dec. 20 on transferring all of the assets of the
last
The
and
one shilling paid in January last.-V. 117, p. 1780.
company (excepting $25.000 of U. S. securities and [or] cash) to a new
to be known as the Centrifugal Pipe Corp., to be organized
Arizona Commercial Mining Co.-Copper Output (1923). corporation,
in Delaware with an authorized capital of 300,000 shares of no par value.
November.
October.
September.
August.
July.
exchange the existing stock of the New Jersey corporation
proposed
It
is
June.
590,000 lbs. 630.000 lbs. 592.000 lbs. 607.000 lbs. 631,000 lbs. 695,000 lbs. for stock of thetoDelaware corporation on
the basis of two shares of the new
-V. 117, p. 1666. 2113.
company's stock for each share of stock of the old corporation. This will
issuance
of
the
283,960
shares
necessitate
of
the Delaware corporation's stock.
Arkansas Natural Gas Co.-May Segregate Properties.- President Robert E. McConnell says substance:
"The proposal to sell
A Pittsburgh dispatch states that the company is said to have under this company's assets to the Centrifugalin
Pipe
is the final result of an
consideration a segregation of its oil and gas properties, the reduction of exhaustive investigation, undertaken, in the Corp.
first instance, with the purthe par value ofits sharesfrom $10 to $5,and the distribution of the proposed pose merely of determining the method of correcting
certain cumbersome
oil stock. of $5 par, share for share to holders of the gas stock.-V. 117. features ofthis company's organization. In the course of
that investigation,
p• 1889, 210.
there became very apparent the legal advantages of Delaware over New
2546
[Void. 117.
THE CHRONICLE
Jersey as a place for the conduct of the business owned by the company;
consequently, it was decided, in the interest of stockholders, to secure, if
• possible, those advantages and with that end in view the sale is recommended for your approval. It has the support of all the major interests in
the company.
Some of the benefits anticipated from the course may be briefly mdicated as follows: (1) Greater flexibility and latitude in internal corporate
management and conduct of the business;(2) pecuniary advantages to the
company and its stockholders, through savings in various taxes, &c."
[The directors of Centrifugal Cast Iron Pipe Co. have voted to retire the
4.010 shares of outstanding Pref. stock, par $20, on Dec. 17. Funds for
• the retirement will be deposited with the Bankers Trust Co.1--V.116,p.2641.
Charcoal Iron Co. of America.-Balance Sheet.-
Balance sheet as of Oct. 31 1923, it is stated, shows fixed assets of
• $11,940,197, this being the cost of the property as of July 1 1915. adjusted
to date by additions and depreciation. .An original issue of $4.000.000
1st Mtge.8% bonds,since reduced by sinking fund provisions to $3,598.500,
'is secured by these fixed assets, or a ratio of security of over 3 1-3 to 1.
Included in this property valuation is some 410.000,000 ft. of timber,
principally hardwood, carried on the books at $4,300.000. This timber,
in the opinion of experts, is worth not less than 15.000,000 on the stump
and on It the company will realize at least $8.000,000 when cut and sold
as lumber. Current assets as of Oct. 31 were $1,988,876 and current
'liabilities $980,807, a ratio of 231 to 1.
The company reports net earnings applicable for payment of interest
before depreciation of $556.784 for the first six months of 1923. Sinking
fund operations are cutting down bonded indebtedness at the rate of
'*200.000 a year. See V. 117, p. 1667.
Chicago Nipple Manufacturing Co.-Listing.-
Trading in Class 'B" trust certificates began cm the Chicago Stock
Exchange Dec. 6. There are issued 30.000 shares of Class "B" stock. par
$50, out of a total authorized issue of 50,000, which are preceded by 30,000
issued shares of Class "A" stock, par $50, the company having no funded
debt.-V.117, p.2438. 1890.
Chicago Yellow Cab'Co., Inc.-100% Stock Div. &c.'
200,000
A 100% stock dividend has been declared on the outstanding
. shares of capital stock of no par value, payable Dec. 17 to holders of record
Dec. 11.
The directors have declared three monthly dividends of 33 1-3 cents
each payable Jan. 1, Feb. 1 and March 1 to holders of record Dec. 20.
.Jan. 20 and Feb. 20, respectively.
Acquires St. Louis Motor Bus Co.-
John Hertz and associates of Chicago have purchased the Peoples Motor
. Bus Co. of St. Louis, which will hereafter be known as the St. Louis Motor
, Bus Co. The capital will consist of 35,000 shares Class "A" and 35,000
shares Class "B" stock, both of no par value. A total of 28,000 Class "B'
• shares will be issued to acquire the St. Louis company and all of the Class
"A" stock will be subscribed by Mr. Hertz and associates at $50 a share
with a bonus of one share of Class "B" for each five shares of "A" stock
. so taken. The stock will be trusteed for a year, during which period
, it will not be listed for trading on any of the exchanges. The trustees
are Edward N. D'AnconaPaul E. Gardner, John Ritchie, Charles A.
McCulloch and Edwin F.'Sims. Farnum, 'Winter & Co., Chicago, and
Kissell, Kinnicut & Co. handled the financial side of the transaction.
The new corporation begins business with assets of approximately $.1
800,000. There are now 3,busses in service which will no increased by
the addition of two new-type busses daily until a total of 120 are in use.
(Chicago "Economist.")-V. 117. p. 2438.
Childs (Restaurant) Co., N. Y.-No Par Shares.
The stockholders have changed the authorized Common stock from
$4,000.000, par $100. to 750.000 shares of no par value. Five shares
• of the new no-par stock will be issued in exchange for each share of Common
'stock, par $100, now held. The stockholders also authorized the sale of
:30,000 therm of the increased stock at $37 50 per share.
The Childs & Co., the Childs Unique Dairy Co., and the Childs Service,
Inc., have merged into Childs Co. See also V. 117. p. 2326, 2438.
City Dairy Co., Ltd.-To Change Par Value of Common.-
The stockholders will shortly vote on changing the par value of the Common stock from $100 to no par and on issuing three new shares for each share
• of Common stock, par $100, held. The present authorized capitalization is
$2,000,000, consisting of11,000.000 each of Common and Preferred stock.
It is expected that the new Common stock, when issued, will be put on a,
$4 per annum basis, the first quarterly dividend of $1 per share to be payable April 11924. This will be at the rato of $12 per annum on the present
-Common stock. par $100, on which a quarterly dividend of 231% is payable
Jan. 2 1924 to holders of record Dec. 15.
Community Power & Light Co.-Bonds Offered.Wm. L. Ross & Co., Inc., Chicago; Floyd-Jones, Vivian &
Co., New York; Whitaker & Co., and Liberty Central Trust
Co., St. Louis, are offering at 98 and int., to yield about
6.80%, $1,718,000 1st Mtge. Coll. Sink. Fund 63/2% Gold
bonds, Series "C" (see advertising pages).
Dated Oct. 1 1923. Due Oct. 11933. Int. payable A. & 0. at Liberty
Central Trust Co.,St. Louis,trustee; Central Trust Co.,of Illinois, Chicago,
or Guaranty Trust Co. New York, without deduction for normal Federal
income tax not in excess
'of 2%. Denom.$1,000,$500 and $100 c*. Company agrees to refund Mass. State income tax not to exceed 6% and the
Penn. 4-mills tax. Red., all or part, on 60 days' notice at 105 and int. up
to Oct. 11928,redemption price thereafter being reduced 1% per annum.
Data from Letter of President Wiley F. Carl, St. Louis, Oct. 1. .
Company.-Through its subsidiaries, serves 31 communities located in
Missouri, Kansas, Arkansas and Texas, having a population in excess of
100,000. Furnishes electric light and power in Ft. Scott. Kan. Helena.
Ark., Mexia, Tex., Marlin, Tex., and 24 other nearby communities. In
addition, 38,000 population in two of these communities and Columbia.
Mo., is furnished gas service; 50,000 population is furnished ice service;
and 8,000 population is furnished water service. Present properties have
a conservative valuation of approximately $5,000,000, after liberal deductions for depreciation.
Purpose.-To partially finance acquisition of the Central Texas Ice.
Light & Water Co., serving seven communities in or adjoining Limestone
County, Tex.; and the Central Texas Ice & Light Co., serving 7 communities in or adjoining Falls County, Tex., together with an ice plant at
Helena, Ark., and substantial plant and transmission line extension in
Kansas, Texas and Arkansas.
Security.-Secured by deposit of first mortgage bonds constituting first
mortgage liens on properties of subsidiary corporations, thus in effect securing these bonds by first mortgage lien upon such properties. Further
secured by deposit of all of the Common stock (except directors' qualifying shares) of such subsidiary corporations.
Earnings of Subsidiaries, 12 Months ending July 31 1923.
$1,225,724
Gross earnings
755,946
Operating expenses and taxes, including Federal taxes
$469,778
Net earnings
Capitalization Outstanding After Completion of Present Financing.
let Mtge. Coll. Bk. Fd. gold bonds-73i% Series "A (closed)_ $500,00n
925,00"
do
do
Series "B" (closed)
do
do
do
do
6 % Series"C (this issue) 1,718.00°
6:15,000
734% and 6% Serial Short-Term notes
140,000
7% Cumulative Preferred stock
•
4OO
t10
8
1,400.00
0
ac r0
Common stock
to,
Sinking Fund.-Indenture provides an annual sinking fund
beginning Oct. 1 1924 of3% of the total amount of Series"C" bonds issued
1% of which is to purchase Series "C" bonds if offered at or under par and
accrued interest, any balance plus the remaining 2% at the company's
option to be used to redeem bonds or for improvements against which no
additional bonds may be issued. All bonds purchased by the sinking fund
are to be canceled. Sinking funds are also provided for Series "A' and
Series "B" bonds, beginning April 1 1024 and Jan. 1 1926, respectively.V. 117, p. 1996.
Consolidated Cigar Corp.-Earnings.9 Mos. end. Sept. 30Gro s profit on sales
s
Selling expenses
Administration and general expenses
21,292212:873
1923.
$1.920,965 $
853.864
862.422
247,865
251,770
Operating profit
Other income
$806,772 $1.120.144
68.505 •
157,163
Totalincome
Interest and miscellaneous charges
$963.935 11.188,649
307.010
444,194
$881,639
1519.741
Net profit before Federal taxes
As a Sept. 30 1923. company had current assets (including inventories
of $7.749,188) of 110.696.395, and current liabilities of 15,917,799, with a
working capital of $4,778,596.
It is reported that the company is negotiating with bankers for a loan
In the form of a note issue, the proceeds to pay off bank loans so that surplus
earnings may be used in the working capital balance -V.117, p. 1020, 897.
Consolidated Gas Co. of N. Y.-Stock Increased600,000 Shares Offered to Stockholders at $50 Per Share.-
City Ice & Fuel Co. Cleveland.-Declares Four Divs.The stockholders on Dec. 3 increased the authorized capital stock from
The directors have declared
quarterly dividends of 2% each, payable 3,000,000 shares to 3,600,000 shares, no par value. The stockholders of
• on March 1, June 1, Sept. 1 and Dec. 1 1924 to holders of record Feb. 20, record Dec.8 will be given the right to subscribe for the additional 600,000
'May 20, Aug. 20 and Nov. 20 1924. respectively.
snares of stock at $50 a share, at the rate of one new share for cams five
shares of stock at $50 a share, at rate of 1 new share for each 5 shares held.
City Light & Water Co.-Notes Called.The Committee on Securities of the N. Y. Stock Exchange has ruled that
All of the outstanding 5-Year 6% Secured Coupon Gold notes dated the Common stock be quoted ex-rights Dec. 7. and that transactions in
.July 15 1919, have been called for payment Jan. 1 at 10031 and interest at rights must be settled on Dec. 18, after which date dealings in rights shall
the office of the company,60 Wall St., N. Y. City.-V. 116, p. 940.
be as in securities. See also V. 117, p. 2217.
Cleveland-Akron Bag Co.-To Change Par of Stock.-
The stockholders will vote Dec. 27 on changing the Common stock from
50,000 shares, par $100 each, to the same number of shares or such other
amount as may be decided upon of no par value stock. It Is stated that
• this will effect a saving in taxes and automatically increase the company's
surplus account.-V. 112, p. 2540.
Coca Cola Co.-Organizes Selling Company.
-
The company has found it necessary, due to the large increase in its
business during the current year, to organize its sales department as a
• company to assume full charge of the merchandising of Coca Cola. Five
Vice-Presidents have been elected for this company,including Neal Harris,
Vice-President in charge of marketing; Samuel L. Willard, Hamilton R.
• Honey, Eugene Kelly and T. Carl Thompson.-V. 117, p. 1239, 1132.
Columbia Quarry Co., St. Louis.-Bonds Offered.Burkholder Bond Co. and Little & Hays Investment Co.,
'St. Louis are offering at 100 and int. $300,000 1st (closed)
Mtge.63% Serial Gold bonds. A circular shows:
Dated Nov. 11923. Due serially Nov. 1 1926-1933 incl. Int. payable
M.& N. at St. Louis Union Trust Co.. St. Louis, Mo., trustee. Normal
Denom. $1,000 and
Federal income tax of 2% is paid by
1500c*. Redeemable, all or part on any
company.
int. date on or after Nov. 1
1926 on 30 days' notice at 102 and interest.
Company.-Incorporated in Missouri. Commenced business in 1906,
with a small quarry at Krause, Ill., to produce railroad ballast only.
Business has been built up to its present position with an appraised value
of $1,438.486 and in the month of July 1923 the output was 79,862 tons,
• consisting of limestone for blast furnaces, basic open hearth purposes.
chemical stone, railroad ballast, State and Federal aid road stone, general
• construction stone and agricultural limestone dust. Operating properties
' located at Krause. Columbia. Valmeyer and Maeystown. Ill. Company
also owns deposits located at Chester and Grafton, Ill.
Capitalization.-Pref. stock, 7% cumul.: auth., $200,000; outstanding,
Common stock: auth. $200.000; outstanding, $175,500.
$199.700.
'
Earnings.-Company earned in 1922 a sum, after Federal taxes, equivalent to more than three times the interest on the bonds. 'I hese earnings
will be largely increased as a result of the additional plants to be erected
out of the proceeds of this issue.
Dividends.-Company has paid 6% consecutive dividends on its Pref.
• stock. In 1922 it earned the Prof. dividends, and an amount equal to
28% on its Common stock.
Purpose.-Proceeds will be used to retire purchase money mortgages,
to retire bank loans, and for the erection of two additional plants, one
for the manufacture of pulverized stone for bitulithic streets, glass menuand slag crushing plant at
.facturing and chicken grit at Columbia,
• Granite City, Ill.
Commonwealth Light & Power Co.-Guaranty.See Kansas Power Co. below.-V. 117, p. 2327, 444.
Cumberland Coal & Iron Co.-Trustee.-
The Chatham & Phenix National Bank, New York, has been appointed
trustee of an issue of $2,500,000 15-year 7% 1st Mtge. Sink. F.:Gold bonds.
De Beers Consolidated Mines, Ltd.-Annual Report.1920-21.
Years ended June 30-1922-23.
Previous year's balance (diamonds
unsold, &c.)
£333,143
2.818,438
Diamond account during year
Int, and divs, on investments, &c_ _ _ _
355,796
Transferred from general fund
Stabiliment of diamond trade reserve_
1921-22.
£464,732
401,816
324,675
535,634
21,823
E592,075
2,300,581
639,448
1.010,232
E3,507,377 £1,748,680 £4,542,337
Total income
£1,167.954 £1,077,600 £2.462,850
Mining expenditure, &c
248,656
251,430
253.080
Int. on debentures and sinking fund
6,593
86,507
64,994
Income tax-Union of South Africa
119,505
118,765
Amount for stabiliment reserve
(E1)740,000
Preference dividends(after tax)___ _(L2)1,480.000
500,000
Deferred dividends, tax free
£464,732
£333,143
Suspense profit acc't(diam. unsold) £422,584
Balance Sheet June 30.
1922.
1923.
1922.
1923.
LiabilitiesAssets-£
£
E
Property account_ 8,190,500 4,952,147 Preference shares_ 2,000,000 2,000,000
Deferred shares_ 2,828,610 2,500,000
Inv. In stocks and
shares
183,285 De Beers 45,6% So.
163,078
Mr.expl. deben. 1,635,495 1,635,495
Resinv.&dlamond
2,819,485 2,727,001
stabil., d/c.. res. 2,819,485 5,632,078 Reserves
380,533 Stabil. of Ma. res. 2,573,842 2,455,077
Timber,fuel, dco_.. 312,366
450,000
Live stock
145,083
150,394 Lisbon stks.&shs. 619,626
218,708
Line & open sects. 342,239
Loan to Sou. Air.
Col'y,Ltd.,Natal
220,579 Comm. for Inland
173,491
Revenue
137,030
Spec. Inv., loans,
88,537
34,038
667,296 Int. on deb., do._
Acc
2,159,504
Cash
21,120
81,997 Divs. unclaimed
35,787
333,143 Pref. div. delared 925,000
Dlamoirds on hand 333,271
333,143
Diamonds unsold_ 333,271
Transf. from appr
•
89,313
Total(each MO14,159,072 12,581,453
account
Note.-Contingent liability: The company has guaranteed the repayment
of and interest on £1,250,000 735% 1st Mtge. Deb. stock issued by the
Cape Explosives Works, Ltd., Somerset West, Cape Province.-V. 117,
p.2438. 2327.
Davison Chemical Co.-English Contract.-
Pres. C. W. Miller, who has returned from Europe, says: "My trip
to Europe was most satisfactory in every respect, With the result that we
have closed more contracts in England than we have made hero. I regret
very much to find on my return that speculators have used rumors regarding
DEc.8 1923.]
THE CHRONICLE
Silica Gel for manipulating Davison shares. In my two annual reports
I expressed my confidence in the future of Silica Gel, and gave the stockholders definite information regarding our progress. It has been a great
gratification to all of us that our developments this year have resulted in
even greater achievements than we expected.
"The Silica Gel process is an established fact, and there is no mystery
about it. It will not be the policy of the management to embarrass our
customers by advertising whenever contracts with us have been made or
are pending. I wish to say most emphatically that none of the officers
have ever been interested in manipulating the stock."-V. 117. p. 2217.
1352, 1132, 668.
Dome Mines, Ltd.-Production.Month ofNov. 1923. Oct. 1923. Sept.
Gold production (value)
_v. 117, p. 2327. 2217.
$381,540
$390,539
Ausg4.31911
$
Dorris Motor Car Co.-Votes to Dissolve.-
A St. Louis dispatch of Dec. 3 states that the stockholders have voted
to dissolve. The company, it is said, has physical assets of $800,000
and owes $55,000.-V. 117, P. 1668.
Draper Corporation.-Status, &c.-
Lee. Higginson & Co. recently offered a block of stock of the company
at 157;4 per share. The stock was acquired by reason of the settlement
of the estate of the late George A. Draper, which still retains a large interest
in the company, and the sale in nowise affects the personnel of the management of the corporation. A circular issued by the bankers shows:
As of Oct. 1 1923 the entire liabilities of the corporation, exclusive of its
Capital stock and Government taxes, amounted to $76,703. At the same
time the company had $1,320,000 cash in the bank and $1.900,000 in stock
and materials, and showed net quick assets in excess of $16,500.000. The
corporation has never issued a note, and its predecessor, the Draper Co..
in its 20 years of existence never borrowed, with the exception of a single
short time loan incurred during the first months of its life.
It is officially stated that the profits of the business during the last 6
years, 1917 to 1922, inclusive, have shown as follows: Gross profits.
$20,500,000, less depreciation and other deductions, $8,150,000: total
net profits, 1612,350,000. Dividend disbursements (62%), $10,850.000.
balance. $1,500.000. It is further stated that during the past 26 years
about $17,800.000 has been charged for depreciation and deductions.
The outlook for the future is considered to be excellent, the company
being sold ahead for the next 6 months.-V. 116, p. 1183.
Eddy Paper Corp. of Illinois.-Retires Pref. Stock.-
The company has retired its outstanding $350.000 7% Cumul. Prof.
stock, par $100. This leaves the company with an authorized and issued
capital of 125 000shares of Common stock of no par value.
The following new directors have been elected: A. J. McKay, Charles
A. Blaney, Felix Pagenstocher and Robert M.EastMann.-Y. 115, p.
2910.
2547
Framerican Industrial Development Corp.-Schneider
& Co. Increases Capital Stock.Schneider & Co. (Le Creusot) has increased its authorized capital stock
from 36,000,000 francs to 50,000,000 francs. par 36 francs per share.
A dividend of 100 francs per share recently declared will be paid in two
installments, 50 francs Dec. 15 1923 and 50 francs June 15 1924.-V.
117, p. 2328.
Fruit Growers Express Co.-Definitive Certificates.-
The Guaranty Trust Co. of N. Y. announces that the definitive Equipment Trust of 1923 5%% gold certificates, Series "C." will be delivered
on and after Dec. 11 1923 in exchange for trust receipts now outstanding
upon the presentation of the latter at its trust department, 140 Broadway,
N.Y. City. See offering in Y. 117. p. 1560; V.116, p. 1654.
General Motors Corp.-Awards Bonds-Employees.-
Chase Securities Co. was recently awarded $422,000 city of Flint 5s at
103.03 by the General Motors Corp. The latter took the bond several
years ago in paymentfrom the city for improvements made by the corporation for the city's account.
The number of General Motors employees on Pct. 31 for the first time
exceeded 100,000. This compares with 69,856 in Oct. 1922 and 49,125 in
Oct. 1921. The record by months follows:
1922.
1923.
1922.
1923.
January
80.696 47,375 June
83.640 69,024
February
84,242 50,724 July
88.326 71.150
March
89,187 55,961 August
93.463 72,199
April
89,924 61.292 September
99.365 71,330
May
88,829 64,545 October
100.611 69.856
These figures do not include employees of Fisher Body and other affiliated
companies, which, if added would bring the total to over 135,000 employees.-V. 117, p. 2439.
General Refractories Co.-Transfer Agent.-
The New York Trust Co. has been appointed transfer agent of 225,000
shares of Common stock of no par value.-V. 117. p. 1990.
George Grow Tire Co.-Receiver.-
Arthur H. Morse of Weston, Mass., has been appointed receiver of the
company by Judge W.C. Wait of the Massachusetts Superior Court.
Grace Steamship Co.-Bonds Paid.-
The $466,000 6% bonds, due Dec. 1, were paid off at office of W. R.
Grace & Co.'s Bank.-V. 115. p. 2587.
Grinnell Mfg. Co. of New Bedford.-Bal. Sheet Sept. 30.
1923.
Assets1922.
1922.
LiabilWes1923.
Realest.&mach__$1,608,887 $1,594,597
1,579,753 1,429,795
Inventories
Bills & acets rec
372,087
277,335
and cash
Capital stock____$1,500,000 31,500,000
Bills & wets pay- 224,517
111,945
Reserves
101,580
98,318
An extra dividend of$1 per share has been declared on the Common stock
Dividend
45,000
52.500
no par value, in addition to the regular quarterly dividend of $1 per share,
Depreciation
876,412
886,710
both payable Jan. 2 to holders of record Dec. 21. Dividends
Total(each side)E3,560,727 $3,301,727 Profit and loss_ _ _ _ 813,218
652,254
paid
on
the -V. 115, p. 2.588•
Common stock in 1923 follow: Jan. 2, 50 cents; April 2,$1; July
2. $1, and
Oct. 1. $1 regular and $1 extra.-V. 117, p. 1132.
Hartman Corporation.-November Sales.Electric Storage Battery Co.-Extra
Increased 1923-11 Mos.-1922. Increase.
1923-Nov.-1922.
The company has declared an extra dividend of $1 aDividend.
$1,683,401
$1,804,118
$120,6371$16,487,251 $12,825,446 $3,661,805
share
quarterly
and
a
dividend of $1 a share on both the Common and Preferred stocks,
payable
To Erect Building in Chicago.Jan. 2 to holders of record Dec. 15. An
extra of 75 cents per share was
The Hartman Furniture & Carpet Co., Chicago. a subsidiary, will erect
paid Jan. 2 1923 on both issues.-V.116, p.
1766.
a 12-story building in Chicago, Ill.to
,
cost approximately $1.000,000.
Construction will start May 11924.-V. 117. p. 2116.
Elliott Fisher Co., New York.-Extra
An extra dividend of $1 50 a share and a quarterly Dividend.
dividend of $1 a share
Havana Docks Corp.-Bonds Called.have been declared on both the Common and Class "B"
Common stocks,
Certain let Coll. Lien 7% bonds, Series "A." dated July 1 1921. aggreboth payable Jan. 2 to holders of record Dec. 15.-V.
116. p. 2642.
gating $70,500. have been called for redemption Jan. 1 at par and interest
at the Old Colony Trust Co.. trustee,
Court St., Boston, Mass.
Erie Tire & Rubber Co., Toledo.-Sale.V. 117, P. 1892.
Federal Judge Westenhaver has approved the sale of the property
of
the company to the Erie Rubber Corp., Sandusky, for $330,100.
Wheel
Co.
Hayes
-Profits
Sufficient
to
Pay
Off
Bonds.
Under
the agreement the stock of the new concern is to be held by the creditors'
Net earnings this year, with the last 6 weeks estimated, it is stated will
committee of the old firm which has been
the hands of a receiver for a be sufficient to pay off the company's $1,400,000 bonds outstanding after
long time. The creditors are to receive in
25% of their claims.-V. 117. paying $3 dividend on the 200,000 shares of stock. Company
@FedFRASER