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financial
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 118.
gilt
rtnitd
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, FEBRUARY 16 1924.
Electric Railway Sectice
State and City Sectiew
NO. 3060.
might be taken as more facetious than serious. The
way to remove a public officer is clearly defined, but
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of the politics. As to any actual.wrongdoing and
The resolution declaring it "the sense of the Senwrongdoers, the President leaves no doubt of his inate" that the President should "immediately request
tentions. He is responsible, he says, to the people
the resignation" of Secretary Denby passed that
as to retaining or dismissing public officers, and he
body on the 11th by 47 to 34. The division upon it
assumes that responsibility. He will act as soon as
was strictly partisan, the affirmative being 35 Demhe is advised that he may do so with entire justice
ocrats and 10 radical Republicans and 2 Farmerto all concerned. He will neither sacrifice any innoLabor, with 33 Republicans and one Democrat (Mr.
cent man nor retain any unfit one, because "of my
Bruce of Maryland) in the negative. The President
own welfare"; he will try to act upon the evidence
promptly replied that "no official recognition can be
and the law, to hold,the.Governmental function ungiven to" the Senatorial "opinion concerning memimpaired, "and to deal thoroughly and summarily
bers of the Cabinet or other officers under Executive
with every kind of wrongdoing." But the wrong
control." Dismissal of an officer otherwise than by
must be proven, not merely charged or insinuated or
impeachment he deems "exclusively an Executive
inferred. Meanwhile, steps to fully protect the pubfunction and regards as a vital principle of our Govlic interests have been and are being taken. More
ernment." He quotes Madison as declaring it "esthan this no man in Mr. Coolidge's position could
sential to the preservation of liberty that the three
justly and properly say. Less than this no man of
great departments of government be kept separate
Mr. Coolidge's character and record could do. Nor
and distinct," and (still moreforcibly as a rejoinder)
does anybody, thus far, venture to question that
quotes Grover Cleveland in a similar situation;
when the President says a definite thing and gives a
"They assume the right of the Senate to sit in definite assurance
he means it.
judgment upon the exercise of my exclusive discreDuring the last few days the matter has reached a
tion and executive function, for which I am solely
responsible to the people from whom I have so lately stage where men are losing their reason, and curreceived the sacred trust of office. My oath to sup- rency is being given to all sorts of baseless stories
port and defend the Constitution, my duty to the intimating that persons of prominence in the politpeople who chose me to execute the powers of their ical and'financial world have been guilty of miscongreat office and not relinquish them, and my duty to duct, if not of actual crime, in connectio
n with these
the Chief Magistracy, which I must preserve unim- Government oil leases.
Certainly the life of Presipaired in all its dignity and vigor, compel me to re- dent
Harding was beyond reproach and his name
fuse compliance with these demands."
might well have been left out of the detestable mess,
It is quite true that certain named officers "and but Frank A.
Vanderlip chose to drag it in, only to
all other officers of the United States whose appoint- have to confess that
he was merely a gossip monger,
ments are not herein otherwise provided for and and could not offer
an iota of evidence in support of
which shall be established by law," require Senato- • he gossip. He
cut a pitiable figure in his testimony
rial consent to Executive nomination, but the sug- yesterday. Then an attempt
has been made to congestion that some power of recall is reserved to the nect Otto H. Kahn
with an alleged million-dollar
Senate by this partnership in the original selection slush fund. But, unlike
President Harding, Mr.
Thranicit.
7O6
THE CHRONICLE
[Vox,. 118.
Kahn is still among the living and able to defend' gold imports were slightly larger than for the last
himself, and is doing it with a vigor that bodes no month, the movement of gold from abroad in Janugood to the evildoers who would cover their own mis- ary this year was in excess of any month since Nodeeds by directing suspicion towards those whose vember 1921. Gold ,exports in January this year
lives and records should be an impenetrable shield were only $176,312, an insignificant amount, posagainst assaults on their character. It is time we sibly the smallest ever recorded for a single month.
re-urned to reason and common sense, and treated For seven months of the fiscal year ending with
such dastardly tales with the execration they merit. January, the imports of gold amounted to $235,953,496, Thich contrasts with $184,977,253 gold imports
Merchandise. exports from the United States dur- for the first seven months of the preceding fiscal
ing January, according to the official statement year, an increase this year of $50,976,243. Gold exissued the present week, were valued at $394,000,000, ports for the past seven months were $6,528,179 and
and imports at $299,000,000, an excess of exports for the corresponding period of the preceding fiscal
amounting to $95,000,000. In January 1923 the ex- year $35,202,623, a decrease this year of $28,674,444.
cess of exports was only $6,162,842. Exports in The excess of gold imports over exports for the curJanuary of this year at $394,000,000 contrast with rent fiscal year to date is $229,425,317, which con$426,798,981 for December, but with only $335,416,- trasts with $149,774,630 for the first seven months
506 for January 1923, while merchandise imports for of the 1922-23 fiscal year. Not slice 1890 have gold
January 1924 at $299,000,000 compare with $288,- exports been at as low a point as during the current
109,624 for December and with $329,253,664 for fiscal year and in 1890 they were 50% greater than
January 1923, a decrease in this last instance of over is now indicated for the fiscal year under review.
30 million dollars. There is little more than the Imports of silver in January were valued at $5,927.average change in the foreign trade statement for 745, and exports $8,120,648. These figures show I ilthe month just closed. Since July of last year mer- tle variation from month to month.
chandise exports from the United States have been
The result of an arbitration of a dispute between
somewhat larger than for the corresponding months
have increased from the Mason Builders' Association and the bricklayers
of the preceding year, and
month to month,except that for January of this year furnishes an interesting comment upon the practice
there is a decrease of $32,800,000 from December. of offering labor bonuses under pressure. Since
On the other hand, merchandise imports have shown September builders have been paying a $2 bonus in
addition to the union $12 rate on new construction,
a decrease for five of the seven months.
In the case of the merchandise exports, one item but as the pressure has declined of late the employalone will account for more than the loss in value of ers naturally have sought to discontinue the bonus.
exports in January this year as compared with the The unions objected, urging that according to a union
preceding month. Exports of raw cotton in January' rule a bonus once begun must continue, until the
this year, though much larger than in the corre- building is completed; the employers argued that
sponding month of last year were nevertheless only they cannot be bound by a union rule, just as the
546,253 bales, according to the census figures issued unions are not bound by a rule of the employers;
the present week, while in December the shipments moreover, the joint agreement did not cover the quesreached no less than 845,581 bales. Allowing for tion and they are not bound by union rules to which
this difference between December and January, the they are not a party.
This sounds reasonable, but after the usual wranvalue of all other merchandise exports in January
gling the employers consented to let the case go to a
of this year, apart from cotton, will probably be
found to have been $25,000,000 or $26,000,000 larger Justice of the State Supreme Court as arbitrator,
than for December, instead of being smaller by $32,- and it was taken to Justice John Ford, the question
800,000, as would appear by the face of the returns. submitted being whether the bonus voluntarily ofFor the seven months of the fiscal year ending fered by the employers must be paid during the term
with January of this year, merchandise exports from of the job. He found for the bricklayers, saying that
the United States are valued at $2,616,361,331; the building industry was enjoying a term of excepthese figures contrast with $2,346,590,692, the value tional activity and profit and the $14 and $15 which
of exports for the seven months ending January had been forced by the demand for labor was the
1923, an increase of $269,770,639 for the later period. true economic value; further, that the bricklayers
On the other hand, imports show a small decrease— had not forced the offering of bonuses and the union
merchandise imports for seven months, July 1923 to could not forbid the men from accepting higher
January 1924, inclusive, amounting to $2,003,250,- wages.
Unions are not likely to attempt to interfere with
921, and the corresponding figures for the preceding
decrease of the law of supply and demand when it lifts wages,
seven months being $2,022,592,729, a
$19,341,808. It will be recalled that during the fall and the real question in this case would seem to turn
months of 1922, which is a part of the last mentioned upon what the terms were. If the bonus was not in
period, there was quite a marked increase in the distinct terms to extend over the life of the job it
value of merchandise imports into the United States, should naturally be interpreted as an extra upon the
and this continued throughout the first six months per diem rate and subject to withdrawal; otherwise,
of 1923, but then subsided—hence the falling off in an employer making such an offer would by natural
imports for the seven months of the fiscal year just implication lose his right (supposing he possessed it
completed, in the comparison with the first seven before) of discharging any man. If he hires a man,
is he bound to retain him through the term of the
months of the preceding fiscal year.
job? In this decision of the arbitrator's the employImports of gold during January were valued at
$45,170,144, these figures contrasting with $32,641,- ers are not satisfied, one of them asking what is the
226 for December and with $32,820,163 during Janu- use of agreeing with a union when all it has to do is
ary 1923. With the exception of May 1923, when to adopt a rule and then have that declared to be the
FEB. 16 1924.]
THE CHRONICLE
practice in the trade? Experience has given too
much reason for deeming the union idea of contract
to be something which binds only one side, a sort of
heads I win tails you lose. All the advantage having
been obtained from an agreement, the union idea is
that it may be considered as merely a step to making
a fresh one. Such a notion naturally grows out of
the assumption that to the union is owed the paramount allegiance, its aim and effect being to extort
for its members the very utmost from the outside
world.
It is not strange that a few employers have become
so tired that they are ready to adopt what the
unions affirm is the open-shop idea and close the
door to every union member. It was agreed (concludes the newspaper story of this arbitration) that
employers will think twice before offering bonuses
again and that the decision may tend to strengthen
the desire for the abolition of unions. For that end,
the open shop is the plain specific.
707
the position they held in the world. Finally, he
looked to the League of Nations, which he hoped
would be used more and more as an international
body for the settlement of questions that any two nations themselves found it impossible to settle direct.
Germany must come in, and he hoped Russia would
come in, too. He predicted that, when America saw
the League working out the European problem from
the new point of view of enthusiasm and idealism,
she would come in also."
According to a London cablegram the next day,
"ex-Premier Stanley Baldwin indicated on that day
that the Conservative Opposition was unlikely to
take any action that would hamper the Macdonald
Cabinet in negotiating with France." He added that
"Mr. Baldwin, as leader of the Opposition, opening
the debate on the pronouncement of policy which
Premier Macdonald made the day before, said he
gathered from the Premier's statement that Great
Britain was in process of either negotiating or entering into fresh negotiations with France." The former Premier was quoted as saying that "and at a
time like this no Opposition will willingly raise any
question that might make the duty of the Government more difficult." The correspondent also
stated that "ex-Premier Asquith,following Mr. Baldwin, referred to the latitude the Government had
given the guardians of the Poplar district of London
in distributing relief to the unemployed and said he
wished to say in the most unequivocal terms that unless the Government could see its way to reconsider
the action of the Ministry of Health in this respect
there was not the least chance of that administrative
act receiving the countenance or approval of the
House."
The Paris representative of the Associated Press
sent word Wednesday afternoon that "Prime Minister Macdonald's speech in the British House of
Commons yesterday created a most favorable impression in French official circles, where it was,
pointed out particularly to-day that the British Premier seems to share the optimism of President Millerand as to the prospects of a final clearing of the
international atmosphere in Europe this year." He
added that "the fact that the French officials are so
well satisfied with the situation and Mr. Macdonald so conciliatory in his attitude toward France is
taken in diplomatic circles as indicating the report
of the experts will be essentially favorable to the
French view of the German situation."
The reassembling of the British Parliament, which
occurred on Feb. 12, had been awaited with unusual
interest, because at that time the Labor Government
would make its first official appearance and woke
known its policies through the medium of a speech
by Premier Macdonald. The New York "Times"
representative in London cabled that "Mr. Macdonald was heartily cheered when he entered the House.
Every seat on the floor of the House was occupied.
and the congestion led Colonel John Ward to ask the
Speaker if he could not consider the possibility of
utilizing the cross benches beyond the bar for the
accommodation of members.
Many members
crowded into the galleries." He added that "there
was a large attendance of peers, while in the distinguished strangers' gallery were the Ambassadors of
America, France, Germany and Belgium." He suggested also that "the House itself presented a new
spectacle with the Conservatives crowding the Opposition benches." Outlining the Premier's speech, the
"Times" representative said: "The Prime Minister,
in explaining the program of the Government, spoke
for an hour and three-quarters. His statement was
frank in its admission of the difficulties which confront the Administration, and courageous in its attempt to give practical form to the ideals which long
have been preached from labor platforms. It
breathed optimism, especially in relation to foreign
affairs, which aroused the enthusiasm of the Ministerialists. There could be no complaint as to the
•delicacy with which Mr. Macdonald approached the
It would be too idealistic to assume that no politsubject of international relations." Elaborating the ical opposition would be offered to the Labor MinPremier's discussion of the last-named point, the istry in Great Britain. It seems to have developed
correspondent said: "Turning to foreign affairs, already. On the evening of Feb. 13, the London corWhich he dealt with last, the Prime Minister sought respondent of the New York "Herald" cabled that
to justify his action in recognizing Russia, stating "less than 24 hours after confronting Parliament
that preliminary to any settlement was recognition. Prime Minister Macdonald finds his Government in
He declared he would insist firmly upon a discon- troubled waters. Herbert Asquith has virtually
tinuance of propaganda; a complete statement would threatened defeat for the Laborites unless
the Govbe sent to Moscow of all outstanding differences and ernment modify its refusal to check the Health Minall pledges made by the Soviet Government regard- istry's remission of penalties imposed on Poplar
ing debts, and an Anglo-Russian commission would Borough's Board of Guardians for granting excesdiscuss debts, credits and territorial waters." Con- sive unemployment doles." He also said that "the
tinuing, the correspondent said: "The final aim of 'Daily Herald,' the Labor organ, will say editorially
the Foreign Secretary, he declared, was to come to to-morrow that 'the claws are out' for the Laborites an agreement on armaments. He was sure that if after a brief period of patronization and back-slapthings were p operly handled, France and the other ping. It contends that the issue involved in the
nations of Eu pe would see that the great security Poplar question is 'work or maintenance,' and asot in armaments, but in justice of serts that the Liberals must look twice before trying
.of a nation W
708
THE CHRONICLE
to bring the Government down on it. It is interestto note that the Prime Minister in his speech yesy said the Government would not accept any
vote as enforcing resignation." The Associated
representative said that "former Prime MinBaldwin and Asquith to-day criticised Ramsay
donald's policy in recognizing Russia before the
viet gave any pledges concerning the fulfillment
of obligations to the British Government corporations or individuals. Mr. Baldwin declared that
Italy had not accorded recognition to Russia until
she had secured valuable concessions and privileges
from Moscow. He said the Government's policy of
'sweet reasonableness' in dealing with Europe might
be carried to excess without reaping any of the rewards which were its due. He said Mr. Macdonald
had failed to give the late Government credit for concluding the liquor treaty with the United States.
Mr. Baldwin said Mr. Macdonald would find his policy toward Russia impossible of fulfillment, arguing
that Germany, which knew Russia better than any
other country, had been unable to achieve any substantial business success there, although it had been
granted the widest concessions." Yesterday morning's London cable advices stated that at the session
of the House of Commons the day before "the Government proposed a general reform of the poor law
and meanwhile it was the duty of the House to forget party and try to get the Minister of Health out
of the difficulty which the impossible order made by
the late Government had got him into." The New
York "Times" correspondent added that "the Premier's explanation had its effect. The resolution, as
it stands, will probably be supported by the bulk of
the Unionists, but it does not appear likely that the
Prime Minister will regard it or be obliged by the
Liberals to regard it, as a vote of censure, either on
himself or on his Minister of Health." The same
correspondent likewise cabled that "Mr. Macdonald
also made it clear to-night that a capital levy, so far
as this Government is concerned, is as dead as protection."
Since the general elections in Great Britain, in
which the Conservative Party, of which Stanley
Baldwin was the leader, was defeated, comparatively
little has appeared in the London cable advices as to
its plans. Recently, however, it seems that steps
have been taken toward reorganization. The London correspondent of the New York "Times" said in
a cablegram under date of Feb. 11 that "a meeting
of the Conservative Party in London this afternoon
unanimously re-elected Stanley Baldwin as leader
of the party and decided to shelve protection for the
time being. The meeting was attended by nearly 600
Unionist peers, members of the House of Commons,
and defeated and prospective candidates." He
added that "Mr. Baldwin in his speech showed that
the party will not rely in the future on a policy of
'tranquillity' to combat the Labor program, but will
propose a program of constructive social reform.
He indicated that the King's speech at the opening of
the session was the basis of the future social policy
cf his party, adding that a new policy for dealing
with the depressed state of agriculture would at once
be thrashed out by experts and that an effort would
be made to fight to the last to retain the empire
preferences agreed to at the recent Imperial conferences." Continuing, the correspondent said that
"safeguarding of industries against unfair competi
[VoL. 118.
tion and development of the Empire are to be kept
to the forefront, but Mr. Baldwin admitted, and
Austen Chamberlain afterward agreed with him,
that a general tariff was not a matter of practical
politics at this juncture, in view of the result of the
last election." The Associated Press correspondent
quoted Mr. Baldwin as saying that "unless we can
show similar vitality, we shall be unable to conquer.
We are not going to beat the Socialist Party by a
policy of negation and tranquillity. The Socialist
Party has its support from the type of man who gives
all his strength in an attempt to bring about better
conditions for the people. We want a similar spirit
in the Conservative Party. Just as in the Middle
Ages the mediaeval church was the only avenue
whereby men in the lower order of the social scale
could rise into power, so now the Labor Party is
looked to as the one organization through which men
with brains and energy in the lower _orders hope to
rise gradually through their municipal services and
their political services into Parliament and into the
Cabinet. Until we devise a similar avenue on our
side, we are fighting with one hand behind our
backs."
Although Berlin. and Paris cable advices had contained rumors of serious obstacles having been
placed in the way of the special committee of the
Reparations Commission, of which General Dawes
is Chairman, and that he had resigned, Paris dispatches have declared that the French are eager for
a settlement of the reparations problem. There
have been encouraging reports of a similar character from other sources as well. The rumors regarding General Dawes's resignation were denied
promptly. As for France, the Paris correspondent
of the New York "Times" said in a cablegram dated
Feb. 8 that "there is an unexpected and rapidly
growing desire in France to have done with the reparaticm quarrel. This desire is even stronger in
Belgium. And it is this desire which has turned
upon the work of the experts' committees such attention, if not such hope, that their work has assumed
an importance not indicated before they began their
inquiry." He also asserted that, "with Prime Minister Macdonald awaiting their report before making
his expected move toward reparations negotiations,
and with France becoming tired after four years of
agitation, European opinion is going to demand that
all the Governments concerned give most serious
consideration to what General Dawes and his colleagues recommend." Continuing, he observed that
"it is thus clearly a different situation from that of
two years ago when the French Premier halted the
work of the committee headed by J. P. Morgan the
moment it touched the figures for reparations. I do
not mean to say that the French have reached a point
where they would accept any settlement. That is
not true, but they are at the point where they are
willing to make greater concessions than they would
have considered in 1922."
The Paris correspondent of the New York "Herald" was even somewhat more specific with respect
to some features of the situation as he understood
them. He asserted that "France is ready to talk
with Prime Minister Macdonald of Great Britain
regarding a program for joint action, commencing
with private conversations and leading, through a
general conference with the United tates participating, to the settlement of,all essenti lly European
FEB. 16 1924.)
THE CHRONICLE
709
questions and Germany's admission to the League cussed wage scales
and the health of the working
of Nations. It is not expected, however, that Mr. classes. Baron von Wange
nheim told the committee
Macdonald will ask Premier Poincare to receive him that the German
agriculturists were sadly in need of
before he knows Parliament's attitude as revealed credits; that they were
heavily overtaxed and facing
in next Tuesday's debate in London." With respect continued increases in
the cost of production. The
to America's attitude and possible participation, he co-operative societies, which
formerly financed the
suggested that "Nothing, however, can be done to- agrarian section
s, had exhausted their funds, and
ward a new general conference with an American the only source of aid
now available for the future
delegate or observer until Washington knows what was the Reichsbank,
which already was heavily overEurope's answer will be to the result of the inquiry burdened. Baron
von Wangenheim added that he
now being made into Germany's economic state." believed the questi
on of further maintenance of GerHe added, "as to the eventual admission of Ger- man agriculture
depended wholly upon its ability to
many to the League there is a significantly new atti- command long-t
ime credits." Commenting upon
tude noticeable in the French official press. Whereas the completion
of the committee's work in Berlin on
the'Temps'for four years has insisted there could be Wednesday, and
the resumption of its labors in
no thought of the admission of Germany until she Paris next Monda
y the correspondent said that the
'fulfills her obligations under the treaty,' it now report
of the experts "will be published in the world
holds that admission may be made conditional upon at large at
the same time it is submitted to the Rep'showing she has an intention to keep her engage- aratio
ns Commission." The Berlin representative
ments,' by, for instance, recognizing as of primary of the
New York "Times" said that "the committee
importance the acceptance of existing frontiers and hopes
to be able to make its report to the Reparasolemnly pledging to meet reparations debts."
tions Commission within four weeks." He added
In a cablegram on Feb.10 the Paris representative that "this will contai
n a definite scheme for reorganof the New York "Tribune" made still stronger asser- izing bankru
pt Germany and putting her back on a
tions and brought out still other features of the situ- paying basis."
He declared that "the committee has
ation, according to his information. For instance, no grand
total of ultimate figures of reparations
he said that "France is ready for a general settle- paymen
ts in mind. It is convinced that Germany's
ment of the reparations problem and all that this capacity to
pay cannot possibly be estimated with
involves. Whether or not Premier Poincare is over- even
reasonable approximateneiss at this time. One
thrown—and indications now seem to point to his membe
r remarked that while it was apparent Geroverthrow—it appears probable that the next four many could
pay nothing to-day nobody could estior five weeks will witness the most peaceful strides mate what
she would be in the position to pay three,
toward attainment of a general European settlement five, ten, twenty
or forty years from now. It would
that have been taken at any time since the signing all depend on the
amount of German goods the world
of the Treaty of Versailles." Continuing, he said: would be willing
to absorb. But the committee does
"From highly responsible sources the 'Tribune' is expect
to show convincingly that the proposed maable to announce that France, with or without Poin- chinery will
yield reparations and is confident its
care, now stands on the verge of granting conces- report
will appeal to the business common sense of
sions which, even as recently as three months ago,
the French and the Germans, as well as the rest of
appeared utterly out of the question. To-day it is
the world, and notably to American public opinion
known—although. only vaguely—that the Dawes and
American investment of capital." According to
reparations committee, which has been examin
ing the correspondent of the New York "Herald" in Berinto the state of German finances in Berlin, is bringlin, "if Germany and France view the report of the
ing back to Paris a general program for guaranties
committee of experts investigating Germany's finanfor reparations payments—credit operations and
cial position from a purely business angle, it will be
payments based on a balancing of the Reich
budget. found to contain provisions satisfactory to both."
The recommendations are said to include contro
l of He quoted a spokesman on the situation in part as
the German railways by an international
commis- follows: "What Germany can pay can be based
only
sion and an inter-Allied control of German
customs on what foreign countries are willing to buy from
revenues, which will be sufficient to consti
tute a her. Our problem consists in devising a schem
e for
complete guaranty of payment by the Reich,
pro- getting this machine operating profitably so that it
vided the debt is reduced to a reasonable figure
and will yield a tangible surplus, out of which repara
Germany is allowed unrestricted use of
her own re- tions can be met. The amount
Germany will turn
sources, including the Ruhr and the Rhinel
and."
over will depend on the volume of products she
is
able to market abroad." The New York "Tribu
ne"
The special committee of the Reparations Comrepresentative in the German capital went so far as
mission, of which General Charles G.Dawes is Chairto assert that "the Dawes reparations commit
tee left
man, returned to Paris from Berlin on Thursday,
here for Paris to-night in full confidence that
it has
and is expected to "resume its meetings here Mon- devise
d a tangible, practical plan for the financial
day, when it will again discuss with Reichsbank salvat
ion of Germany and the solution of the reparaPresident Schacht the status of the proposed
gold tions problem."
bank of issue. On Feb. 11, according to an Associated
Press dispatch from that centre, the committee "deCabling under date of Feb. 12, the Berlin
correvoted two long sessions to discussion of German spondent
of the New York "Times" said that "the exand agricultural conditions with Chairman perts of
labor
the Dawes committee harbor the hope
that
Grassmann of the General Federation of
Trade the idea of a definite currency bank will
be carried
Unions and Baron von Wangenheim of the German out with the
utmost expedition, and that within a
Agrarian League." The correspondent added that very few
weeks the Reparations Commission, with
"Herr Grassmann enlightened the experts on labor's the approval of
the Governments represented
attitude toward the eight-hour day and also dis- thereon, will
be able to put into execution a practical
710
UTE CHRONICLE
currency plan. This was the statement made by
Reichsbank President Schacht to-day, discussing the
activities of the committee, about which the expdrts
themselves have so far maintained silence as agreed."
Dr. Schacht expressed his ideas relative to the proposed gold bank in part as follows: "Germany cannot come to a definite gold currency by its
own strength and efforts. I therefore directed
my first-line efforts to making the dead foreign exchange capital both at home and abroad
serviceable to the gold bank. In this connection I
did not have the intention of creating a currency
bank which would directly put money into circulation. In my project there was no idea of exchanging
paper marks and rentenmarks for gold bank notes.
To keep this bank and its capital free from political
influences, etc., gold capital must be deposited
abroad. The capital of this gold bank could be
made serviceable either by credits abroad or the
issuance of notes, certificates, etc., against foreign
exchange or first class commercial paper. It was
not purposed, for instance, to give out these gold
notes for paying wages or the purchase of goods or
materials. Definite rehabilitation of the German
currency, such as the experts have in mind, can naturally be brought about only by international action
in raising the requisite gold. It speaks for the business-like objectivity of the experts that for this ultimate currency they have in mind a number of safety
measures for guaranteeing the independence of the
bank from political influences both at home and
abroad." General Dawes, upon his arrival in Paris
from Berlin, was quoted as saying that "he could
not say a word about either the rentenmark, or Berlin or the Germans."
Relative to the general situation in Germany the
Berlin correspondent of the Philadelphia "Public
Ledger" cabled Wednesday afternoon that, "except
for the general shakiness of their currency,for which
the German people's own nervousness is largely responsible, the situation is assuming a steadily
brighter hue for Germany. The currency and budget
continue to be stabilized for the moment, even without the promised help from international experts.
Political stabilization in domestic politics has made
most encouraging progress, as evidenced by the defeat of Radicals in the Thuringian and Lubeck electhins."
Much favorable comment was heard in international banking circles over the news that "President
Ebert to-day [Thursday] announced his intention of
revoking on March 1 martial law throughout Germany, which he proclaimed during the night of Nov.
8 last, when Berlin was surprised and alarmed by
the news of the Munich beer hall counter-revolution,
for which Adolf Hitler, General Ludendorf and their
fellow plotters still await trial."
The special committee of the Reparations Commission, of which Reginald McKenna, a former
Chancellor of the British Exchequer, is Chairman,
also has returned to Paris from Berlin where it had
been "endeavoring to ascertain the whereabouts of
German 'hidden' capital and methods to secure its
return." Announcement was made in an Associated
Press dispatch from Paris, dated Feb. 10, that "the
committee will spend the coming week digesting the
numerous written answers from German officials to
questions covering its field of inquiry." He added
that "the committee will hold its first meeting here
[VOL. 118.
a week from to-morrow [Feb.18]. Most of the European members of it will take advantage of the interval to consult their respective Governments." According to this correspondent also, "while still preserving discreet silence regarding the details of their
investigation in the German capital, the members of
the committee continued to-day to express optimism
over the prospects of a practicable report and general satisfaction over the results obtained in Berlin.
The general impression is that the Germans, both
officials and the industrial leaders, were quite frank
and unreserved in answering questions, there being
apparent the sentiment that the time had come to
co-operate in every possible way toward finding a
solution for Germany's financial troubles." He
even went so far as to assert that "there also continues to be remarkable unity within the ranks of
the committee. All the members apparently are
anxious with the data they have gathered to present
a short, terse and business-like report. In this way,
it is said, the members feel that the possible danger
of running counter to purely national interests will
be reduced to a minimum."
While there has been less opposition than last
week in the French Chamber of Deputies to Premier
Poincare and his financial policies, still he has not
had altogether clear sailing. The Paris correspondent of the New York "Times" cabled under date of
Feb. 13 that, "with more gravity and less noise than
was the case last week the Chamber of Deputies is
continuing the debate on the Government's financial
proposals for balancing the budget and relieving the
franc. The vote last week on the question of giving
the Government power of decree showed the Chamber that the Cabinet was sure of its majority and
there has, therefore, been an abandonment of the
manoeuvring which had given rise in certain quarters to the hope that the Government would be defeated and to rumors that M. Barthou or M. Clemenceau would be called on by the President to form .a
new Ministry." He added, however, that "intrigues
still continue, but the solid Nationalist majority behind the Government has for the moment, at least,
baffled them and the Chamber now is only concerned
with criticisms of the proposed 20% increase of all
taxation and the question whether it will accomplish
all that is hoped from it." It became known here
yesterday morning, through cable dispatches from
Paris, that "by,vote [Feb. 14] of 301 against 212 the
Chamber showed clearly to-night the majority on
which the Government can count for support in
carrying through its financial reform measures.
The vote was on a Socialist motion to separate from
the Government's taxation bill its third article, providing for a 20% increase in taxes."
Premier Mussolini of Italy, according to cable advices from Rome this week, is experiencing considerable difficulty in rounding up the political situation
in his country in his favor as the time for the general
elections draws near. In a wireless message from
Rome dated Feb. 10 the New York "Times" representative at that centre said: "The passage of time,
instead of bringing about that clarification of the
political situation with the proximity of the general
elections which was generally anticipated, has a tendency to confuse things more and more, and signs
are not lacking that Premier Mussolini is encountering greater difficulties in drawing up the list of can-
FEB. 16 1924.]
THE CHRONICLE
711
didates to submit to the electors than he had fore- in the Chamber of Deputies, regardless of the numseen. Fascism, which looks for sweeping victories ber of votes cast for any or all parties. It is-the last
in Northern Italy, is very weak in the South, where word in proportional representation. It almost
it needs to include among its candidates eminent guarantees Fascist rule in Italy. The opposition
men from other parties if it is to have any probabil- will have 179 seats to divide. It strengthens Mussoity of success." In further outlining this situation lini's dictatorship. His justification of the innovathe "Times" Correspondent declared that "Musso- tion is that 'behind a man's vote there is a man's
lini's troubles began when he tried to put these in- life'; he insists that democracy has been undermined
tentions into practice. Ex-Premier Orlando and by the gradual disappearance of definite responsiDeputy de Nicola, President of the Chamber, on bilities and by the shirking of citizens of their share
whom he chiefly relied to secure votes for him in in them. Incidentally, he has abolished the death
Sicily and Naples, respectively, obstinately refused duty in the interest of the preservation of the family.
to fall into Mussolini's embrace and announced their The Italian dictator holds that a party which
intention of retiring from public life. Their exam- through the ballot box has acquired the right
to rule
ple was followed by other prominent southern polit- has also the duty of ruling and must have the
constiical leaders." Going still further, he declared that tutional power to do constructive work
to carry out
"further complication lies in the attitude of many a definite policy. Fascism° is a minority,
having
Fascist leaders themselves. The Fascist leaders are secured only 31 seats in 1921 out of
a total of 535. So
mostly young men who are now entering public life is the Labor Party in England. But
Mussolini has
for the first time. Most of them also either are or power which, under the English system,
is denied
would like to be candidates for the election. They Ramsay Macdonald. Mussolini will
have a working
therefore look with disfavor upon men from other majority in the next Parliament."
parties running for election on the Fascist ticket,
because every seat assigned to a non-Fascista is one
In another article the "Tribune" correspondent
seat less for the Fascisti themselves. Hence they discussed the question of emigration. He made
it
are bringing pressure to bear on Mussolini to exclude known that, "under the presidency of Mussolini, a
any one who is not a Fascista." He added that "yet congress on emigration will be held in Rome in
another difficulty the Fascisti will have to contend March; Argentina, Brazil and other States,
besides
with in the elections is the extreme youth not only the European nations, have promised to send
deleof their party, which has not yet completed five gates." The correspondent said that "he
[Mussoyears of life, but also of most of their leading men. lini] believes the question must be tackled scientificAll other parties have been in existence for years, ally from the financial angle and economic points
of
and their candidates are men with whose achieve- view of the two countries involved. He anticipates
ments and qualities the electors are acquainted and a big improvement in conditions, arising from the
whose capabilities and integrity they trust. Fascist conference." Continuing to discuss the emigration
leaders, however, must rely almost entirely on new problem the correspondent said: "This is a problem
'
and young men who are competing for the first time which brings Italy and America face to face. The
and are so many unknown quantities for the electors. immigration law which America has adopted has
Fascism must therefore struggle against the elec- reacted seriously on Italy—how seriously can be
tors'force of inertia which leads men to vote for old judged only after consideration of some of the figand experienced Parliamentarians rather than for ures taken from official reports. In the first three
new candidates who may prove failures when they months of 1920 the number of immigrants who left
get into Parliament, however bright their promise Italian ports was 48,802, and of these 36,886 went
may have been before." The correspondent did not to the United States. To-day all this
is changed.
close his dispatch, however, without observing that, Though Italy could send out approximat
ely 500,000
"by the above considerations it is not intended to immigrants every year, their chief
prospective new
suggest that the Fascisti arelikely to be beaten in the home has now been
shut off. There are two immeelections. Indeed, everything points the other way, diate results: First,
Italy's excess population is
especially if they can induce Liberal leaders in the rapidly increasing;
second, the revenue received by
south to join them for electoral purposes. But they Italians at home from
those who went abroad has
will have a stiff fight, and it is not impossible that dropped greatly." He
declared, however, that "there
the result may provide some surprises."
is no serious unemployment in Italy, such as exists
in Great Britain, but there will be soon unless trade
In a recent series of articles, Arthur S. Draper, shows a marked improvement
and some country
the head of the London bureau of the New York offers an opportunity to the Italian
immigrant."
"Tribune," has gone into the political situation in
Italy with great care. In an article bearing the
The reply of the Soviet Government of Russia to
date of Rome, Feb. 10, he outlined Premier Musso- the official communication of the British
Governlini's chances for victory at the general elections in ment announcing its recognition of the
former, apApril in part as follows: "Italy will have a general peared to be wholly satisfactory. The
following exelection in April, as the new election law prbvides cerpt from the reply sets forth the
attitude of Rusfor a poll 70 days after dissolution. Signor Musso- sia: "Expressing the will of the second Congress
lini is the dictator of Italy. He has thousands of of the Union of Soviet Socialist Republics, which proenemies, and more thousands who support Fascism° claimed thatfriendly co-operation
between the peoples
with religious fervency. There is a powerful opposi- of Great Britain and the Soviet Union remained one
tion, but it is divided into so many camps that one of the first cares of the Government of the Union,
can forecast a Mussolini victory with the greatest the latter declares its readiness to discuss and setconfidence. Mussolini's election law is a novelty in tle, in a friendly spirit, all questions arising directly
constitutional government. The party which ob- or indirectly out of the fact of recognition. Consetains a majority is guaranteed two-thirds of the seats quently my Government is prepared to arrive at an
712
THE CHRONICLE
understanding with the British Government to replace those former treaties which either have been
denounced or have lost their juridical force as a result of events during or after the war. For this purpose, the Government of the Soviet Union is prepared to send to London in the immediate future
representatives with full powers, whose tasks will
also include the settlement of outstanding claims
and obligations of one party against the other, as
well as a determination of the means for the restoration of Russian credit in Great Britain." The London correspondent of the Associated Press cabled
the following emphatic statements regarding the
highly important situation: "With the Soviet Government's acceptance of the British proposals regarding recognition in Premier Macdonald's hands,
a solid foundation for the settlement of all AngloRussian differences is ready and upon it the Laborite Premier hopes to erect the superstructure of a
general European settlement. Mr. Macdonald intends Russia to be the keystone of that structure,
but he is not so optimistic as to assume the building
is already completed. He knows there are difficulties ahead and that there will be many problems at
the conference table. The most important of these,
it is authoritatively stated, is the question of propaganda." He also said that "expert commissions
which will deal with Russian questions at the forthcoming London conference are in process of formation at the Foreign Office." Even the next day the
London representative of the Philadelphia "Public
Ledger" declared in a wireless dispatch that "in the
opinion of some of the most influential members of
the Socialist Cabinet and of certain influences in
financial circles, if representatives of the Soviet
Government, coming here soon for a conference in
an endeavor to straighten out the differences between the two countries, adopt an attitude which
the British might consider reasonable, there will not
be much difficulty in raising a loan and otherwise
establishing credits for the Russians with British
money."
Mention was made in last week's issue of the
"Chronicle" of the signing of a new commercial
treaty between Italy and Russia. This step was
regarded as preliminary to de jure recognition of
the Russian Soviet by the Italian Government, such
as was accorded by Great Britain. The note of reply of George Tchitcherin, Russian Foreign Minister, to the note of Premier Mussolini relative to the
signing of the treaty, fits in well with the reply of
C. Rakovsky to the British note. The following excerpt appears to be the most important: "From the
day I took over the Government my intention was to
'bring about the resumption of political relations between the two countries, holding that it would be in
their own interests and also in the general interest
of Europe. I am then glad that the Italo-Russian
Treaty of Commerce should have been signed to-day.
I am pleased to inform you that in harmony with
my statements to Parliament, I declared at the closing sitting of the conference on the said treaty on
Jan. 31, that, an agreement now being reached, I
regarded the question of de jure recognition of the
Soviet Government by Italy as settled."
In a dispatch from Vienna on Feb. 8 Chancellor
Seipel was quoted as saying that "Austrian recognition of the Soviet Government is under considera
[VoL. 118.
tion." He was said to have added,"We are awaiting
the decision of the Great Powers on this subject."
The Chancellor also pointed out that "Austro-Russian relations already are well developed by the two
commercial and transportation treaties signed some
months ago." It was added that "the Austrian Chancellor is en route to Vienna from Bucharest, where
he has been in an effort to perfect the relations between Austria and Rumania." In a wireless dispatch to the Philadelphia "Public Ledger" the very
next day its Vienna correspondent said that "Chancellor Seipel has returned from Bucharest with the
basis of a trade treaty, further setting Austria on
the way to normalcy. The details will be settled by
a mixed commission, but, in principle Austria will
furnish rolling stock to Rumania and repair the Rumanian railroads, and Rumania will send food to
Austria." He added that "both countries will accept the results with satisfaction. Austria welcomes
any alleviation of its food problem and the Rumanian press acclaims the resumption of trade with
the West."
Seemingly the Soviet Government will not lose
any time or opportunity to make good use of Great
Britain's recognition to secure loans. The New
York "Times" correspondent at Riga cabled on Feb.
10 that "Krassin has published an article on the sitnation arising out of British recognition of the Soviet Government. It is devoted principally to the
question of loans or credits without which, he main
tains, any profitable development of relations on a
large scale will be impossible." Going into greater
detail regarding the article, the correspondent said:
"Great Britain, although shaken by the consequences
of the war, remains, Krassin writes, economically
the strongest European power. Therefore closer relations with her are of the utmost importance for
Russia. He repeatedly lays stress on the uselessness
of small sums or short terms. Russia must have
loans amounting to tens of millions of pounds, so
arranged that she does not begin paying interest for
some years and does not have to redeem the loans for
some decades. These loans she must use to revive
agriculture, transport and industry and these restored resources must then supply means to pay interest and redeem the loan because it is useless to
expect payment from the State's other overburdened
resources."
While, as several times noted recently, there have
been indications of greater conservatism in the ideas
and the policies of the Soviet leaders in Russia, evidently radicalism in the extreme is still indulged in
by various factors. Under date of Feb. 11 a special
correspondent of the New York "Times" at Riga
cabled that "the Third Internationale in Moscow has
issued an inflammatory appeal to the proletariat of
the world, and particularly to that of Great Britain,
which it warns against expecting the British Labor
Government will yield good proletariat fruit. It declareA that Socialist progress is impossible until the
capitalists have been deprived of their rights and it
calls upon the proletarians to arrange mass demonstrations at which demand shall be made for complete indepedence of Ireland, India and Egypt, credits for Russian nationalization of mines and railways, labor control of all sources of production,
abolition of armament, scrapping of the Treaty of
Versailles and relief of unemployment."
FEB. 16 1924.]
UTE CHRONICLE
713
That the Soviet leaders themselves propose to
maintain a defiant attitude in the matter of recognition by other Powers was indicated in statements
made by Maxim Litvinoff, the Deputy Foreign Minister, in an interview with newspaper correspondents on Feb.13. He was quoted as saying that "England, Italy, Germany, who all have recognized Soviet Russia de jure, are capable of absorbing all our
raw materials and providing all the manufactured
goods we need." The New York "Times" Moscow
correspondent said that "it would be invidious, indeed unfair, to talk about beggars on horseback, considering that, as Litvinoff pointed out, the Soviet
Government after six years of struggle has succeeded
in obtaining recognition in Germany, Italy and now
Norway, without sacrificing the principles whereto
it is determined to adhere. Nevertheless, an impartial observer cannot fail to remark a note of exultation in the Soviet attitude nowadays which, however natural, may not prove entirely justified by the
circumstances." Litvinoff was quoted directly as
saying also that "we didn't buy recognition. Some
countries are still trying to bargain with us; others
still are muttering about old debts, etc. We refuse
any such negotiations or any preliminary conditions.
We demand, first of all, de jure recognition. That
is our due." The "Times" correspondent observed,
however, that, "but he is far too shrewd a diplomat
not to add, in reply to queries about America and
France: 'Of course, this doesn't mean that we decline to follow the British precedent of de facto recognition, with a trade agreement,in the case of such
countries as hitherto have abstained from any sort
of relations with Russia whatsoever.'"
The Bank of England iii its statement for the
week ending Feb. 14 indicated a further gain in gold
holdings of £2,244, which brought the total of gold
holdings up to £128,083,422, as compared with £127,493,425 last year and £128,762,519 in 1922. Moreover, there was an increase in reserve of £684,000,
the result of another contraction in note circulation
amounting to £682,000, while the proportion of reserve to liabilities advanced from 18.25% last week
to 19.05%, against 20% in 1923 and 1634% a year
/
earlier. Public deposits were reduced £1,334,000,
while "other" deposits increased £157,000. Loans on
Government securities declined £1,948,000, although
this was accompanied by a small addition to loans on
other securities, viz. £103,000. Reserve totals.£22,635,000. This compares with £25,224,195 a year ago
and £25,460,029 in 1922. Note circulation aggregates £125,198,000, as contrasted with £120,719,230
and £121,752,490 one and two years ago, respectively.
Loans amount to £69,432,000. A year ago they stood
at £70,623,032 and in 1922 at £80,565,926. No change
has been made in the bank's official discount rate
from 4%. Clearings through the London banks for
the week were £725,056,000, which compares with
£880,742,000 last week and £710,539,000 a year ago.
We append herewith comparisons of the different
items of the Bank of England returns for a series of
years:
The outstanding feature of the British Board of
Trade figures for January compared with December 1923 were an increase in re-exports of foreign
goods of £2,913,200, a decrease in imports of £7,939,800 and a decrease in the excess of imports of £10,067,800. Compared with January 1923 the changes
were not quite so striking with respect to all the
items. In this case there was a decrease of £2,708,000 in exports of British products, an increase of
13,512,100 in re-exports of foreign goods, an increase
in imports of £1,550,200. The net result was an increase in the excess of imports of only £747,100. The
figures for January of this year compare as follows
with those for January 1923:
20%
3%
Exports British products
Re-exports foreign goods
Jan. 1924. Jan. 1923.
£64,230,000 £66,938,008
13,310,000
9,797,961
Total exports
imports
£77,540,000 £76,736,860
101,250,000 99,699,855
Excess of imports
£23.710.000 £22.962,986
The Imperial Bank of India has again raised its
discount rate, this time to 9%. The 8% level had
been in effect only since Jan. 3, before which time it
had been 7%. Aside from this change, official discount rates at leading European centres remain at
10% in Berlin; 7% in Norway and Denmark; 6% in
/
1
2
Paris; 5 % in Belgium and Sweden; 5% in Holland and Madrid, and 4% in London and Switzerland. Open market discounts in London were a
shade firmer, the quotation being advanced to
;111-16% for both short bills and three months' bills,
58%
Against 3/ a week ago. Money on call was strong
0
and moved up to 3%,but closed at 2%7,which com/
1
2
pares with 2 % a week earlier. At Paris the open
market rate continues.to be quoted at 5 % and at
/
1
2
Switzerland 3%, unchanged.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1923.
1922.
1921.
1920.
Feb. 13.
Feb. 14.
Feb. 15.
Feb. 16.
Feb. 18.
Circulation
125,198,000
14,468,000
Public deposits
104.355,000
Other deposits
Governm't securities 44,849,000
69,432,000
Other securities
Reserve notes& coin 22,635,000
Coln and bullion-128,083,422
Proportion of reserve
19.05%
to liabilities
Bank rate
4%
120,719,230
19,517.2043
106,726,844
48,507.299
70,623,032
25,224,195
127,493,425
121.752,490 127,810.040
14.911.673 15,562,933
137,461,763 114.041.917
64,425,565 43,512,016
80,565.926 85,201,513
25,460,029 18.945,955
128.762,519 128,305,995
165%
435%
144%
7%
93.646,380
26.337,153
164,811.850
87.118,306
88.800,565
33,305.164
108,501.544
17%%
6%
The Bank of France in its weekly statement shows
a further small gain of 97,125 francs in the gold item.
Thus the Bank's total gold holdings are brought up
to 5,541,073,125 francs, comparing with 5,535,733,698 francs on the corresponding date last year and
with 5,525,077,927 francs the year previous; of these
amounts, 1,864,320,900 francs were held abroad in
1924, 1,864,344,927 francs in 1923, and 1,948,367,056
francs in 1922. During the week silver increased
108,000 francs, while Treasury deposits were augmented by 23,325,000 francs. Bills discounted, on
the other hand, fell off 28,422,000 francs, advances
were reduced 33,657,000 francs and general deposits
were diminished 369,083,000 francs. Note circulation took a favorable turn, a contraction of 241,282,000 francs being registered. This brings the
total outstanding down to 38,932,820,000 francs,
contrasting with 37,176,064,280 francs at this time
last year, and with 36,434,600,570 francs in 1922.
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
1923 and 1922 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Feb. 14 1924. Feb. 15 1923. Feb. 16 1922.
Cold Holdings—
Francs.
Francs.
Francs.
Francs.
Inc.
97,125 3,676,752,225 3,671.388,770 3.576.710,871
In France
No change 1.864,320,900 1.864,344,927 1,948,367.056
Abroad
Inc.
Total
97,125
Inc.
Silver
108,000
Bills discounted__ _Dec. 28.422,000
Dec. 33.657,000
Advances
Note circulation_ _Dee. 241,282,000
Treasury deponts_Inc. 23,325,000
General deposits—Dec. 369.083.000
5,541,073,125
297,250,000
3,575.160,000
2.452,735,000
38,932,820.000
38.205,000
2,077,033.000
5,535,733,698 5,525,077,921,
280,857.629
290,392,157
2,760.216,050 2,538,082,855
2.092,597.656 2.298.627,218
37.176,064,286 38,434,600,570
46.992.523
24.978.420
2.169,320,299 2,452,778.230
714
THE CHRONICLE
After three weeks of contraction in note circulation, running each week into quintillions, the Imperial Bank of Germany has now issued a statement,
/
as of Jan. 31, showing an expansion of 2612 quintillions of marks. In bills of exchange and checks the
report shows an increase of 39,197,794,000,000,000,000 marks. Rentenbank notes declined 49,566,229,000,000,000,000 marks, but Rentenbank bills and
checks increased 78,951,853,000,000,000,000 marks;
other assets increased 25,676,913,000,000,000,000
marks, Rentenmark discounts and advances 7,346,575,000,000,000,000 marks and other liabilities 51,796,900,000,000,000,000 marks. In note circulation
the expansion was 26,483,522,000,000,000,000 marks,
which brought the total outstanding up to not far
from the high record point, namely 483,676,522,761,871,000,000 marks, as against 1,984,496,000,000
marks last year and 115,375,000,000 marks in 1922.
Coin and bullion (which now includes aluminum,
iron and nickel coins) declined 103,085,000 marks,
but gold holdings remained at 467,031,000 marks, unchanged, which compares with 1,904,830,000 marks
in 1923.
The weekly statement of the Federal Reserve
Board the present week shows a decrease in gold
holdings, both locally and nationally, at the same
time that rediscounting operations very substantially increased. For the System as a whole there.
was a loss in gold of $11,000,000. Rediscounts of all
classes of bills expanded $59,000,000, but open market purchases were reduced $5,000,000. Earning
assets gained more than $56,000,000, while deposits
rose $18,600,000.. In New York closely similar
changes occurred. Gold reserves diminished $64,000,000, while rediscounting of Government secured
paper expanded $46,800,000 and "other" bills $7,500,000. Bill purchases in the open market were
also larger by $6,300,000. Large gains were also
reported in earning assets ($62,900,000). Deposits
fell off $8,700,000. The banks combined showed an
•increase in the amount of Federal Reserve notes in
circulation of $21,700,000, but locally there was a
decrease of $3,200,000. Member bank reserve accounts increased $21,200,000 for the System, although at New York a decline of $17,600,000 was
shown. The losses in gold coincident with the expansion in deposits brought about a decrease in the
ratio of reserve-1.2% to 80.9% for the combined
institutions, and 4.9%, to 81.5%, at the New York
Bank.
Last Saturday's statement of the New York Clearing House banks and trust companies showed sharp
reductions in both loans and deposits. There was a
decline in loans, discounts, etc., of $53,176,000 and
net demand deposits were reduced $81,546,000, to
$3,837,498,000, which is exclusive of $32,434,000 in
Government deposits. Time deposits, however, increased $4,322,000, to $437,289,000. Cash in own
vaults of members of the Federal Reserve Bank fell
$3,390,000, to $47,491,000 (not counted as reserve).
Reserves of State banks and trust companies in own
vaults increased $38,000, but reserves of these same
institutions kept in other depositories decreased
$521,000. Member banks again added to their reserves with the Reserve Bank,the amount being n0,635,000, and this jointly with the contraction in deposits, resulted in an addition to surplus of $38,670,630, thus carrying the total of excess reserves up to
EvoL. 118.
$41,881,610, as compared with $3,210,980 a week earlier. The above figures for surplus 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 $47,491,000 held by
these institutions on Saturday last.
Bankers were much more interested in the big
pieces of financing that they had assumed than they
were in the fluctuations in either the money or stock
market from day to day. Special reference is nade
to the $150,000,000 American participation in the
Japanese loan and to the raising of the capital for
the $10,000,000 corporation to give relief to Western
farmers. It is possible that this financing had some
temporary effect upon the money market, but, on the
other hand, this may be a debatable question. Call
money was quotably higher at times, and time Money
ruled a little firmer, but that is as far as the changes
in the local money market went. As the United
States Government is expected to do some financing
in the near future, and as it is not unlikely that the
New York City Government also will be in the market for funds, and as it is certain that the corporations, particularly the railroads, will seek money
through the sale of securities with which to reimburse their treasuries and to Provide for this year's
needs, it would not be surprising if the money market should be firmer from now on. There will be impending also the possibility of extensive financing
for Europe. Speculative activities in stocks have
not been an important factor in the money market
this week, and the sharp break yesterday was undoubtedly attended by much liquidation, with a coincident reduction in loans. If business continues
to expand, as car loadings indicate it is doing, the
demands for money from industrial and commercial
sources should be large. It is worth bearing in mind
that bankers and corporation officials are looking
for good business this year.
Dealing with specific rates for money, loans on call
this week covered a range of 43@5%, as against
4@51 % last week. Monday a flat rate of 434%
A
was quoted, this being the hig,h the low and the
ruling figure for the day. Tuesday was a holiday
(Lincoln's Birthday). On Wednesday renewals were
.
again put through at 434 %, which was the low, but a
high point of 5% was touched shortly before the
close. Increased firmness developed on Thursday,
mainly on calling of loans, and the renewal basis was
4
advanced to 43 %,with the minimum 432% and the
high 4%%. Friday's range was 434@43,%, with
41 % the basis for renewals. The above figures are
A
for both mixed collateral and all-industrials alike.
For fixed-date maturities very little change was
noted. The range of quotations remains at 43'%
for sixty days and 4M@4%% for all longer periods
from ninety days to six months, but toward the close
of the week practically all of the business was done
at the outside figure. This was due mainly to a
falling off in the supply of available funds.
Mercantile paper rates continue to range between
4%@5% for four to six months' names of choice
character, with 5% asked for names not so well
known. It is proper to state that the bulk of the
business in commercial paper is now being done in
four to six months' maturities, with only an occasional transaction in sixty to ninety days. A good
demand was noted for prime names on the part of
161924.1
THE CHRONICLE
out-of-town institutions, but trading was restricted
by lack of offerings. New England mill paper and
other shorter choice names are being dealt in at 4%%.
Banks' and bankers' acceptances have been quiet
and the turnover light. Both city and country banks
seem out of the market for the moment, especially in
the later dealings, which is attributable to the stiffening in the call loans market. Brokers look for a
broadening in the inquiry next week. For call loans
against bankers' acceptances the posted rate of the
American Acceptance Council has been advanced to
43j%,from 4% a week ago. The Acceptance Council makes the discount rates on prime bankers' acceptances eligible for purchase by the Federal Reserve
banks 43/3% bid and 4% asked for bills running 30
days, 43'% bid and 438% asked for bills running
60, 90 and 120 days,and 4
4
bid and 43/ asked
%
for bills running 150 and 180 days.
Prime eligible bills
. SPOT DELIVERY.
30, Days.
' 4H(g,4
60 Days.
4144
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks.
_Eligible non-member banks
30 Days.
4H
414 bid
43,3 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANNS IN
EFFECT
FEB. 14 1924.
Paper Maturing—
Within 90 Days.
PRDERAL RESERVE
BANK.
After 90 After 6
Days, Out
Out
Within 6 Within 9
Months. Month..
Corn'Trier Secur. by
A(afoul.* A pica!
.
A grtcul
U. S. Bankers' Trade
and
and
&Lives('k Govt.
A ccepA ccep- Livestock Livestock
Paper. Obliga- lances. lances. Paper. Paper.
n.e.a.
lions.
Boston
414414
434
414
5
New York
411
i- i
1
434
414
414
414
Philadelphia
414
414
414
434
414
5
Cleveland
414
434
414
414
414
414
Richmond
434
414
434
434
414
434
Atlanta
414
43-4
414
414
414
434
Chicago
414
454
414
434
414
434
St. Louis
414
414
414
414
414
414
Minneapolis
414
43-4
414
434
414
414
Kansas CitY
414
414
414
414
414
414
Dallas
434
414
414
434
414
434
San Francisco__
414
4H
434
414
414
434
•Including bankers acceptances drawn
for an agricultural purpose and sect;'.
by warehouse receipts, die.
The sterling exchange market has waited upon
developments abroad, and London has again proved
the controlling factor in determining price levels.
Early in the week some anxiety was expressed over
the attitude to be adopted toward business at the
reconvening of the British Parliament and this
exercised a slightly depressing effect, although it was
believed in many quarters that the Labor Leader's
policies were already pretty well known and partially
discounted.
Premier MacDonald's first formal
speech, however, proved unexpectedly reassuring,
and- this coupled with the publication of British
Board of Trade returns showing the highest volume
of re-exports since October 1920, brought about a
rally of 2 cents, to 4 31 for demand at the resumption
of business on Wednesday, although some of the
gain was lost before the close.
While a limited amount of selling pressure was
noted in the initial transactions, trading for the most
part has been unusually quiet and featureless.
Interruption of a national holiday on Tuesday
accentuated the inactivity. Moreover, large operators apparently see no reason for entering upon
extensive new commitments at this time and the
disposition continues to be that of holding off pending
some new turn in international affairs. Rumors
that General Dawes contemplated giving up the
715
chairmanship of the Investigating Committee were
not generally credited. As a matter of fact, prospects
of untangling the reparations snarl appear to be
brighter than for a good while. France is evidently
tired of the long delay and in a more conciliatory
mood, while indications all point to a better understanding on the whole, occupation question between
Premiers Poincare and MacDonald, than was the
case during the previous administration. In the
late dealings quotations eased off fractionally, largely
in consequence of the successful placing of the new.
Japanese loan, which by establishing a credit against
exports to Japan, does away with the necessity of
Japanese purchases of sterling for payment of exports
and therefore militates against anything like a
sustained rise in sterling prices. Other unfavorable
elements in the general situation were fears of
currency inflation, revival of talk of distribution of
doles and granting of subsidies and rumors that a
dock strike is impending.
Referring to the day-to-day rates, sterling exchange
on Saturday last was steady and fractionally higher,
with demand at 4 30/(4)4 31 1-16, cable transfers at
4 30/©4 31 5-16 and sixty days at 4 283/8®
4 28 13-16; transactions were extremely light. Monday's market was a pre-holiday affair and trading
was narrow and featureless; lack of buying power
induced a decline to 4 293.®4 30 7-16 for demand,
4 293"©4 30 11-16 for cable transfers and 4 27®
4 28 3-16 for sixty days. Tuesday was a holiday
(Lincoln's Birthday). A better tone developed with
the resumption of business on Wednesday and demand
sold up to 4 303@4 31, cable transfers to 4 30%@
4 313j and sixty days to 4 28®4 283 ; this was due
4
in no small measure to better British Board of
Trade returns;trading, however,continued restricted.
Dulness was still in evidence on Thursday and the
range of quotations was a trifle lower; that is, 4 293/
3
(4)4 30 9-16 for demand,4 29%4 30 13-16 for cable
transfers and 4 273. ®4 28 5-16 for sixty days. On
Frid‘y irregular weakness pervaded dealings, so that
demand receded fractionally, to 4 283/3@4 30 3-16,
cable transfers to 4 28%@4 30 7-16, and sixty days
to 4 263.®4 27 15-16. Closing quotations were
4 26/ for sixty days, 4 28/ for demand and 4 291
%
for cable transfers. Commercial sight bills finished
at 4 283 ,sixty days at 4 263, ninety days at 4 25,
4
documents for payment (sixty days) at 4 263/3, and
seven-day grain bills at 4 283. Cotton and grain
for payment closed at 4 28%.
3
,So far as could be learned, the week's gold movement was limited to 126 boxes valued at £800,000 on
the Cunarder Berengaria from England.
In Continental exchange a renewal of acute weakness in French francs and the establishing for the
second time in the history of Belgium of a quotation
below 4.00, constituted the chief features of an otherwise dull and uneventful week. After a relatively
firm opening, Paris checks broke from 4.593 to
,.
4.52
and then finally to 4.393. In Belgian currency the recession was even more marked and
there was a slump to 3.76, as against 4.053/3 in the
early part of the week. The drop in French exchange
was attributed to desultory attempts to sell on an extremely narrow market, and the declines were regarded as sentimental in character, rather than representing actually unfavorable conditions, since trading
practically throughout the week was of minimum proportions. Improvementlin the reparations outlook
716
is conceded, but developments in the passage of the
Governmental finance measures in France's Parliament were not altogether satisfactory, and not a
few bankers agreed with the statement of Andre
Tardieu that the program is not sufficiently comprehensive to permanently check the decline in
franc quotations. while relief through reparations
payments is still a long way off. As to Belgian
francs the break was accredited to speculative
activity abroad. It is understood that speculation
in French currency i almost • impossible; hence
operators have turned their attentions for the moment
to Antwerp francs. Italian lire maintained a firm
front and ruled all week at close to 4.36, although at
2
the close there was a decline to 4.323/. Reichsmarks moved down a trifle, to 0.0000000000223'; a
nominal figure with no transactions recorded locally.
Greek currency displayed a slightly improving tentency, rallying to 1.729, but later on relapsing to
a low point of 1.66. Here, as in the case of the
sterling market, transactions were restricted by
observance of a national holiday. Russian chervonetz
continue to be quoted at close to 4 60.
The London check rate on Paris closed at 96.55,
comparing with 94.00 a week ago. In New York
2
sight bills on the French centre finished at 4.403/,
2
cable transfers at 4.413/, against
against 4.52%;
4
4.518 ; commercial sight at 4.39, against 4.513 ,
4
and commercial sixty days at 4.343, against 4.463'
last week. Closing rates on Antwerp francs were
3.76 for checks and 3.77 for cable transfers, in
comparison with 4.02 and 4.03 the preceding week.
Reichsmarks finished at 0.000000000023 against
0.000000000024 (nominal). Austrian kronen have
/
not been changed from 0.00141 8,for both checks and
cable transfers. Lire finished the week at 4.333/ for
bankers' sight bills and 4.343/ for cable transfers.
This compares with 4.373/i and 4.383/ the week
before. Exchange on Czeshoslovakia showed very
little change and closed at 2.91 (unchanged); on
2
Bucharest at 0.513/, against 0.50 8; on Poland at
2
0.0000113/,against 0.000011, and on Finland at 2.52,
against 2.51 last week. Greek drachmae finished at
1.66 for checks and at 1.663.' for cable remittances,
which compares with 1.723 and 1.73 the previous
4
week.
The neutral exchanges, formerly so-called, were inactive, with nothing new of importance to report.
Quotations, though tending lower, were fairly stable
on a light volume of trading, which contrasts sharply
with the sharp losses recorded a week ago.
.
Bankers' sight on Amsterdam finished at 37 343/2,
againt 37.36; cable transfers at 37.383/2, against
37.40; commercial sight at 37.283/2, against 37.30, and
commercial sixty days at 36.923', against 36.94 a
week earlier. Final quotations for Swiss francs were
17.38 for bankers' sight bills and 17.39 for cable
transfers. Last week the close was 17.41 and 17.42.
Copenhagen checks finished at 15.78 and cable transfers at 15.82, against 16.203' and 16.243.'. Checks
on Sweden closed at 26.08 and cable transfers at 26.12,
against 26.21 and 26.25, while checks on Norway
finished at 13.28 and cable transfers at 13.32, against
13.39 and 13.43 a week ago. Spanish pesetas closed
the week at 12.72 for checks and 12.74 for cable
remittances, which compare:: with 12.75 and 12.77 in
the preceding week.
As to South American exchange, price levels remain strong and check rates on Argentine finished
[VOL. 118.
THE CHRONICLE
the week at 33.53 and cable transfers at 33.58, the
same as last week. Brazilian currency closed at 12.11.
for checks and 12.15 for cable transfers, in comparison
with 12% and 12Wi. last week. Chilian exchange was
a shade easier, finishing at 10.20, against 10/, while
Peru declined to 3.95, against 4.00, the previous
quotation.
The Far Eastern exchanges were as follows: Hong
Kong, 51@•51).4 (unchanged); Shanghai, 73%@74,.
against 72@•723; Yokohama, 463@46%, against
0
45.80©45.85; Manila, 49%@503', against 5 @503.';
i@,51, against 513i@513'; Bombay,.
Singapore, 50Y
30.75@31.00, against 30.60@30.80; and Calcutta.
31@3131, against 30.60@•30.80.
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:
IAD BY FEDERAL RESERVE
FOREIGN EXCHANGE RATES CER
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
FEB. 9 TO FEB. 15 1924, INCLUSIVE.
Noon Baying Rate Joe Cable Transfers in New York.
Value in United But., Monett.
ctountro and MOrlaarY
Unit.
Feb. 9.
EUROPE$
Austria, krone
.000014
Belgium, franc
.0404
Bulgaria. lev
.007178
Czechoslovakia, kron .029058
Denmark, krone
.1622
England, pound et •
4.3095
ling
.024965
Vinland, markka
0458
Prance, franc
a
3ermany, reichsmark
016960
Croece, drachma
.3743
Rolland, guilder
.000035
Hungary. krone
.0438
Italy, lira
.1341
Norway. krone
b
Poland. mark
.0305
Portungal, escudo
005007
Rumania.leu
1278
ipain, peseta
.2827
;weden,krona
.1741
3witzeriand, franc
Yugoslavia, dinar.._._ .011815
ASIAChina.7328
Chefoo, tael
.7340
Hankow tael
.7186
Shanghai tael
.7416
Tientsein tadl
Hongkong dollar... .5082
Mexican dollar---- .5144
Tientsin or Peiyang
5116
dollar
5091
Yuan dollar
.3030
mita,rupee
4592
'span, yen
.5070
lingapore(S.8.)do
NORTH AMER..970705
7anada, dollar
.999563
7utha. peso
484167
dello°, peso
gewtoundland. dolls .967250
SOUTH AMER.agentIna, peso (gold) .7581
.1210
train, milreis
%bile. Peso (paper)..- .1025
7RA9
Feb. 11. Feb. 12. Feb. 13. Feb. 14.
Feb. 15.
3
$
.000014 .000014
.0381
.0385
.007250 .007345
.029054 .029047
.1582
.1575
$
.000014
.0381
.007381)
.029031
.1581
$
.000014
.0400
.007256
.029059
.1609
4.2974
.024948
.0454
a
.017207
.3740
.000035
.0437
.1340
b
.0308
.005022
.1274
.2621
.1739
.011802
$
4.1004
4.3030
4.3032
.024978 .024963 .024061
.0445
.0446
.0448
a
aa
.016863 .016411 .016560.
.3739
.3740
.3740
.000035 .000034 .000034
.0434
.0435
.0436
.1339
.1330
.1338
b
b
b
.0332
0326
.0322
.005043 .005040 .005061
.1274
.1275
.1277
.2609
.2612
HOLT- .2621
.1739
.1739
.1740
DAY
.011882 .012065 .012434-
.7463
.7423
.7258
.7519
.5094
.5184
.7409
.7395
.7232
.7478
.5085
.5161
.7422
.7400
.7239
.7484
.5084
.5177
.7419
.7403
.7233
.7475
.5079
.5161
.5158
.5144
.3033
.4599
.5073
.5125
.5144
.3037
.4609
.5075
.5156
.6131
.3039
.4596
.5065
.5144
.5194
.3041
.4569
.5065
.970358
.999719
.482813
.967500
.970160 .969885
.999719 .999719
.483125 .482500
.967750 .967563
.970013.999844
.483125.
.967083
.7569
.1221
.1029
.7822
.1210
.1013
.7617
.1213
.1006
.7029
.1210
.0986
71171
7550
75159
7R9n
a German marks have been quoted as fol owe: Feb. 9,.000000000000204; Feb. 11 .000000000000211; Feb. 13,.000000000000214; Feb. 14,.000000000000219; Feb. 15.000000000000213.
b Polish marks have been quoted as follows: Feb. 9. .000000107: Feb. 11_
.000000108; Feb. 13, .000000110; Feb. 14, .000000112; Feb. 15, .000000108.
The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,060,078 net in cash as a result of the currency movements for the week ended Feb. 14.
Their receipts from the interior have aggregated'
$3,827,878, while the shipments have reached $767,800, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORE BANKING
INSTITUTIONS.
Week ended Feb. 14.
Banks'interior movement
Into
Banks.
33,827,878
Out of
Banks.
Cain or Loss
to Banks.
$767,800 Gain 33.060,078.
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:
FEB. 16 1924.]
THE CHRONICLE
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
717
face an estimated surplus of over 300 millions, and
now comes the pending Mellon bill, which maintains
Saturday, Monday, Tuesday, 1Vednesd'y, Thursday, Friday,
Aggregate
the policy of graduating tax rates according to abilFeb. 9.
Feb. 11. Feb. 12. Feb. 13. Feb. 14. Feb. 15.
Week.
for
5
$
ity to pay, a policy "sustained by sound arguments
5
57,000,000 69,000,000 Holiday. 94,000,000 70,000.000 82,000,000 Cr. 372,000,000
based on economic, social and moral grounds." But
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 first object of taxation
is revenue, and experithe 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 ence is all against the
theory that high rates produce
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 high yields.
When the surtax on incomes of $300,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 000
or more was 10% the yield was about the same as
Bank for collection for the account of the local Clearing House banks.
when the rate was pushed to 65%; "there is no esThe following table indicates the amount of bul- caping the fact that when the taxation of large inlion in the principal European banks:
comes is excessive they tend to disappear." In proof
of this "fact" some figures which need not be quoted
Feb. 14 1924.
Feb. 15 1923.
Banks of—
are given. Mr. Coolidge gave a homely and quite
Gold.
Silver.
Total.
Gold.
Silver.
Total.
Lincolnian illustration by imagining a situation
England_ _ 128,083,422
128,083,4221127,493,425
France a—. 147,069,128 11,880,000 158,949,128 146.855,551 1E600,000 127,493,425 where taxes take 5% of the first day's earnings, 10%
Germany - 28,391,200 b3,475,400 31.866,6001 50,109,980 3,268,950 158,455,551
Aus.-Hun. 10,944,000 2,369,000 13,313,000110.944.000 2,369.000 53,378,930 of the second, 20% of the third, 30% of the fourth,
13,313.000
Spain
101,106.000 26,249,000127,355,000101,013,000 26,078,000 127,091,000
Italy
35,027,000 3,412,000 38,439,000 35,356.909 3,033,000 38.389.000 50% of the fifth, and 60% of the sixth—not many
Netheri'ds 48,478,000
843,000 49,319,000 48,482,000
613,000 49,095,000 persons
Nat. Bel& 10,819,000 3,062,000 13,881,000 10,757,000
in such a contingency would fail to knock
Switserl d 21,474,000 2,562.000 24,036,000 21,195,000 2.362,000 13,119,000
'
4,273,000 25,468,000
Sweden.... 15,093,000
15,093,000 15,218,000
15,218,000 off working on the last two days, and as capital is
Denmark - 11,643,000
468,000 12,111,000 12,680,000
254,000 12,934,000
Norway
8,182,000
8,182,000 8,115,000
8,115,000 governed by human motives, it avoids the highest
Total week 566,307,750 54,320,400620.628,150588.218,956 53,850,950
642,069,906 rates by not working. Said Mr. Coolidge:
Prey. week 566,834,571 55.031,400621.865,971 588,520.291 53,788,300642,308,591
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
"I agree perfectly with those who wish to relieve
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 the small taxpayer by getting the largest possible
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 contribution from the people with large incomes.
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 But if the rates on large incomes are so high that
along as the figure computed March 7 1923.
they disappear the small taxpayer will be left to bear
the entire burden. If, on the other hand, the rates
The President's Lincoln Day Address.
are placed where they will produce the most revenue
President Coolidge's speech this week at the Lin- from large incomes the small taxpayer will be recoln Day dinner of the National Republican Club at lieved. . . . I wish to include in the program a
the Waldorf-Astoria Tuesday evening contained reduction in the high surtax rates, not that small incomes may be required to pay more and large insome notable utterances and has met with universal comes to pay less, but that
more revenue may be
approval. After his opening tribute to the memory secured from large incomes and taxes on small inof Lincoln as Magistrate and Man, Mr. Coolidge comes may be reduced; not because I wish to relieve
offered a timely plea for national unity; "there is the wealthy, but because I wish to relieve the counno sound policy (said he) which is narrow, or sec- try."
tional, or limited; every sound policy must be naIf the correctness of getting the utmost out of the
tional in its scope and it is always necessary to con- rich is possibly open to question on economic
sider what will be for the good of the whole country." grounds, it is atoned for by the practical soundness
He would come to the aid of agriculture as being our of the statement of the drying-up- which over-taxafirst necessity, not by any attempts at price fixing, tion exerts, thus:
but by ameliorating the unfavorable conditions. He
"A very important social and economic question
omits to mention the comparatively small deflation is also involved in high rates; that is, the result
of labor as one source of the farmer's trouble, but which taxation has upon national development. Our
does argue forcibly that "the high prices paid and progress in that direction depends upon two factors,
the low'prices received on the farm are directly due personal ability and surplus income. An expandto our unsound methods of taxation." Upon this he ing prosperity requires that the largest possible
offers a homely ithistration. A farmer ships a steer amount of surplus income should be invested in productive enterprise under the direction of
to Chicago, and his own tax and the tax on the car- personal ability. This will not be done the best
if the rerier and the packer go into the cost of the hide to the wards of such action are very largely taken away
by
maker of shoes in New England; then this total re- taxation."
ceives additions at each subsequent step, until the
The practical effect of the Mellon reduction upon
retailer finally sells the hides back to the farmer in the small
incomes and the criticism upon the prothe form of finished shoes, for "if the farmer ulti- posed substitute are admirably put.
So is the single
mately wears the shoes he pays everybody's taxes paragraph about
the bonus, which recognizes that a
from the farm to his feet." This, of course, is not large body of ex-serv
ice men do not want it and obliterally and broadly correct, since nobody succeeds ject to being taxed
for it; "they are just as eager to
in passing all taxes along; but it is entirely true (as save their country from financial disaster
as they
the "Chronicle" has been contending) that taxes are were formerly to save it from military
disaster." No
pushed, unequally, back and forth and the whole decent person can question
the statement that these
load rests upon the consumer, there being nobody men "are entitled to be heard
and entitled to as
else to carry it.
much consideration as the request of those who do
The address was chiefly upon the ever-pressing want a bonus." This brief paragraph also
removes
subject of tax reduction. Out of about 60 billions of any doubt (if there could have
been any) that a bonus
income, said the President, nearly 7 2 billions, or bill will encounter the veto.
1
/
over $68 per capita, are absorbed in taxes. The war
The President coricluded by saying that "character
cost of over 40 billions is nearly one-half paid; the is the only secure foundation of the State," and that
(*old standard has been maintained, we are reducing the character of the country is sound is shown by
our debt nearly half a billion a year, and yet we the reaction against the oil scandal, concerning
718
THE CHRONICLE
[VoL. 118.
existence of both these antagonistic forces of race
and religion, is witness to the same truth.
This ever-present struggle is to be recognized and
has in some way to be surmounted, if peace is to be
won. We have to admit that some such struggle is
the law of growth in the world of nature. There
differentiation is the first sign and condition of
progress. Continued uniformity means arrest of development. Stable environment involves loss of
vigor. Sharp cold and rough winds have their value.
Breeders know it, as well as physicians. Evolution
is exacting; and softness of conditions is nowhere
productive of the best growth. Hardships are often
steps for ascent; and struggling may be the price of
peace.
When differences of race and religion are disregarded they often thwart promising efforts for peace.
Witness the Versailles Treaty. Fixed conditions
were to be established. Territory was redistributed;
new boundaries were drawn after careful study of
The Struggle for Peace.
It is an unhappy fact Slat progress in this world maps, to secure ideal results; apportionment was
seems always dependent on the struggle of opposing settled on academic estimate of people's needs. And
forces. We resent the fact, especially when it ap- what is the result? Nowhere are they peacefully
pears in the higher relations of human life, as, for accepted. Widely they are regarded as sure breedinstance, in connection with the great civilizing ers of coming war. Nations have been given what
they do not particularly want; and others are deforces of Race and Religion.
powerfully prived of what they consider as their own. Instances
Separately these have not only worked
for human advancement, but united they have been are not necessary; they exist in three continents, and
still more effective. Witness the great race-migra- are known of all.
The truth of the situation is that this enduring
tions which have settled the waste places of the
earth and created distinct civilizations; and the struggle with antagonistic passions which are congreat religions which, independently, or acting on sequent upon differences in both race and religion,
distinct races, have molded the world of to-day; is a challenge to the exercise of higher forces. These
Buddhism in Eastern and Mohammedanism in are appreciable, definite and within reach of all,
Western Asia, and Christianity in Europe and and may be readily classified.
First, there are disregarded forces which make for
America.
economic strength as a basis of peace. Intercourse
These forces are as powerful as ever. For more
than 2,000 years the Chinese, though successively between peoples of different nationality was never
overrun and apparently crushed by Tartars, and more easily possible than it is to-day; and this in
Mongols, and Manchus, have retained their national practice creates mutual understanding and respect,
life, their language, their history and their racial with inevitable friendship. The organization of socharacteristics. The negroes in America and in cial relations follows, with facilities of transportaAfrica have awakened to the fact that they also have tion and trade, opening markets and leading to profracial qualities which, whatever their situation or itable exchange. Increased production results,
conditions, are a distinct possession and are worthy spreading comfort and inciting thrift. New forms
of labor-saving machines are to-day available for
to be preserved.
When the Congress of Berlin refused to allow every industry. With new demand for products and
Russia to take possession of Constantinople after new purchasing power these machines are sought
she had beaten the Turks in the Russo-Turkish War, and quickly become indispensable, which means inthe Slays protested that their race had never had its creased stability to the common life. When to this
opportunity in Europe, as the Latin and Germanic is added sound money, we have an established, growraces had. To-day the Little Entente of.Czecho and ing and highly valued economic strength which is a
Jugoslovakia. and Rumania, with 50,000,000 popu- basic foundation of peace. These are just now challation, three-fourths of whom are Slays; and the re- lenging the attention of the great nations, and are
cent union of five Slavic republics with Russia, indi- the immediate objects to which the labors of their
various commissions of investigation and restoration
cate that, at least, they think their day has come.
Racial strength in them also remains as antagon- are directed.
In addition to these elements of strength there are
istic to peace as ever. Southeastern Europe has for
centuries, notwithstanding the dominion of the Turk, also those less tangible, but none the less real forces
been the scene of internecine strife which, when op- which pertain, or lie close to the individual. Selfportunity offered, has prevented unity and peace. respect, for instance, is a strong and often controlPoland, reunited after 150 years, is kept in constant ling social force. It is closely connected with mateturmoil by the fact that so large a part of its popula- rial comfort and well-being. Where it exists men
tion are of different races, and is held from close are not easily carried away by passion or stampeded
relation with the contiguous nations because of the into violent outbreaks which involve or threaten the
difference of its national religion from theirs. Ire- peace of the community. It is, to an appreciable
land also seems to keep in the mood or in the throes extent, a safeguard against hasty or hostile action.
of internal warfare for similar reasons; and the long It justifies the new insistence upon a definite and
struggle of Democracy to secure decent Representa- prescribed time to elapse before nations shall allow
definite
tive Government wherever it is tried, because of the themselves to go to war, even in a case of
which asAurance is renewed that there shall be strict
accountability, without fear or favor.
The argument on tax reduction may not directly
weigh much with Congress, for some in that body
are perhaps incapable of understanding it and many
are obstinately partisan. But behind Congress are
the people, whom the President reminds that "this is
their fight, they alone can win it; unless they make
known their wishes to Congress without regard to
party, this bill will not pass." So he urges them to
renew their efforts, and certainly such efforts are
much needed.
Some advance headlines called this address "the
keynote" of the Coolidge campaign. That is of slight
consequence, nor is its value lessened by lack of entire novelty. Call it a restatement of his Message,
it is still, a timely challenge which should meet response.
FEB. 16 1924.]
THE CHRONICLE
offense In any community in which it is recognized
:
as a mark of character and of culture in the individual it is an effective conservator of peace.
The same is true of the right of property. Individual possession, whether of home, or land, or
money, or goods, is promotive of respect. It is a visible bond to the community. A measure of its potential strength and a contributor to its resources, no
less truly than it is dependent on the community for
its protection and profitable employment. As it is
one of the very first pursuits in the struggle for human existence, so it is the tangible evidence and reward of success; and as wealth and capital it maintains its unimpaired position in all the long history
of the evolution of human society. It is recognized
as basic in civilization, and while, as is true of all
human blessings, it is capable of abuse, it is a right
that will never be surrendered- It is too closely connected with the right to "life, liberty and the pursuit
of happiness" to have its significance and worth lost
sight of in the bewilderment and clash of modern industrial and political strife.
To all these may be added those traits of character which in their exercise develop manhood, which
are therefore auxiliaries of peace, and may without
limit be cultivated. They need only to be named.
Patience, Self-Control, Courage, Hopefulness, the
sense of Justice and regard for others' Rights, and
all that goes to make Integrity. No one questions
their worth, or their combined power, which gives
such weight to individual influence, even when found
in imperfect possession, and which is resistless when
it characterizes a group.
Religion, in proportion to its truth and reality
when found in the individual is unmistakably the
deep and unfailing, if not the only, source of these
strong traits of character. It stands forth, therefore, as the Protagonist of Peace. Not in formal or
conventional shape, but Religion, pure and undefiled, may be counted upon as the aid, if not the inspirer, of every man engaged in the struggle to make
the world better, or to help his fellow man. The
man who is conscious of this possession may with
unfaltering optimism, yet with all humility, enlist
in the struggle for Peace on earth and Good-will to
men as certain of attainment, because he has it already in his own heart.
A Labor Party in Power —The Outlook
in Great Britain.
What will "Labor" do in England? Already, it
has kissed the hand of a King and received as reward therefor the crown of high office. And there is
food for abstract speculation in this initial act even
though it be brushed aside as a mere formality. What
would have happened had there been no visit to the
King, and no bestowal of a Prime Ministry in "my
Government"? All this may be idle talk—but the
boasted sentiment of a large body of the "Labor
Party" in England must have felt a queer twinge
when it finds the "party" compelled to acknowledge
the supremacy of the powers that be—even though a
.
King be a mere figurehead. We are told there are
many avowed Socialists in this lately successful
party. These men are not in sympathy with a monarchy or an empire. Nor does "labor" in England
differ, we may presume, from labor elsewhere, it
holding itself superior to and above modern politics
and mere political rule.
719
But this "labor" which there, no doubt as well as
here, holds itself the creator of "wealth," comes into
administrative rule though a minority in Parliamentary power. It must proceed along lines grooved
out by centuries of growth or throw everything settled overboard in some kind of an official revolution
which would soon find itself in an active physical rehellion. And the lesson may prove good for "labor"
and not inimical to the long unwritten constitution
of sacred precedent. In Russia the extremists in
labor gained control in the second revolution, and its
product the "Soviet" soon wrecked itself on the rocks
of Communism. It is one thing to preach of the "unrequited toil of the masses" and another to pay them
the arrears claimed by the manipulations of power
in political office. The bill is unpaid in Russia—it
will, though milder in demand, be unpaid in England.
Turning from this speculation to the more practical one of what the Labor Party in England will
do with its temporary power it has already become
manifest that it will turn from radicalism to moderation and attempt only what the Liberal Party will
permit. Capital (though a capital levy was proposed) no longer appears to feel alarm over the new
state of affairs; and the Conservative Party does not
seem to be in panicky retreat. Perhaps the entire
world looks on with the expectation of serious blunders at the start, or a mild adventure in political
rule that will not much affect the empire. For one
thing, in so far as these new leaders are Englishmen,
they are expected to have that English pride in the
far-flung empire that will save it from legislative
ruin.
But what can "Labor" do for labor? Hitherto its
thought has been self-centred. Hitherto it has been
an opposition power, not responsible for constructive rule. It has been, out of office, a class, a bloc,
a minority. Now—in office—it is the Government
—the whole people. It must think, plan, act, legislate for all. It must perforce attempt to reconcile
its so-called interests to the interests of all the people and confine itself to the lines of conduct laid
down by law and precedent. This is not only so because of the necessity of other votes to pass any proposed measure—but because the machinery which it
must use is not the creation of a few modern dreamers, but the fixed agency of immemo4a1 years.
The very experiment will be valuable to the world,
though in a far different way from that of Russsia.
It ought to be valuable to us. It will teach the futility of class rule. For, whenever labor attempts legislation in its own sole interest, it will find that its
highest and best interest is that of all the people. If
it attempt to reduce unemployment and relieve the
Government from its present gratuities it must and
will find that the great constructive "interests," the
finance and commerce of the country, must be called
on to exercise not granted or artificial powers, but
natural powers, the freedom of production and trade
based on the use of capital in enterprise, a system
that, despite a monarchical form of government, limited though that be, has welded together peoples scattered over a territory on which the "sun never sets."
It is not the drumbeat heard around the world,
but the merchant marine on seven seas that knits
peoples together and establishes a unity and amity
of empire. All the financial interests of the "tight
little island" are interwoven with the Empire. To
attempt to single out a mere class therein, such as
720
THE CHRONICLE .
labor, for favoritism under law will result in one of
two things—the destruction of the base and strength
of world-wide trade, or the union of labor's interests
with those of capital and of commercial and corporate life. It is the latter alternative that is expected.
In a word, theory will become subservient to practice. It is one thing to talk of rights and wrongs, out
.of office, and blame the party in power for alleged
and often imaginary evils; it is another thing, in
office, to sweep aside natural customs and conditions that are the evolution of decades and centuries, and set up Utopia on earth. It at once becomes
apparent that violent revolutionary changes will
wreck themselves by wrecking others. Confiscation of
lands withoutcompensation,-were this possible, would
uproot the commercial soil upon which industry is
founded. Labor can no more get something for nothing in England than elsewhere.
Labor is only one of the agencies by which we live,
though it be the admitted chief one, in a sense. Labor profits now by the stored-up labor of other generations, and cannot destroy that instrumentality
without destroying itself. Capital, or this stored-up
labor, cannot be seized by law, or confiscated by
taxes, without destroying the order and benefit of
"things as they are." And in a Government like
that of England the attempt will the sooner demonstrate its futility—for in England, unlike the United
States, labor depends for its employment on a trade
that is with an outside world. It is to be hoped, and
it is expected, that the new Adminsitration, while
attempting the relief of "labor" will discover that
this relief lies in a recognition of the natural unity
of labor and capital and of the solidity of a commerce
and finance largely free from Governmental control.
The Passing of Lenin—The Prospect in Russia.
Though Lenin has been dead nearly four weeks, no
change of importance is yet observable in Russian
internal affairs, and it is evident that for the time
being Lenin's influence still persists. This makes it
important to attempt some measure of his work.
We are told to speak only the good of the dead. But
time alters this admonition. The long dead tyrants
of ancient history are universally execrated now. A
Swedenborgian once said to the writer: "Why this
sentimentality,. that faults, which would be condemned in life, must be passed over in silence once
the man is dead—he is not dead, he has only entered
another plane of existence, and his crimes and
wrongs live after him, and these should be held up to
the scorn and denunciation they deserve." Yet, at
first flush, there is something to be admired in a
man who "carried on" with a "bullet in his spine";
something to be extolled in a man who, however mistaken, was true to his convictions, free from personal
profit in his elevation to tremendous power, and a
faithful servant of the State he set up, however baleful that may have been. Having said this we find
no cause for the world at large to mourn the passing
of Lenin—nor for his people to pay him the homage
due to hero and martyr to his work, though common
respect is due to those near and dear to him who now
grieve.
A man who would have torn down constitutional
government everywhere in the world is an archenemy of mankind. The self-determination he
preaches, he does not practice. The revolution he
fostered and established, he prevented in those about
[Von. 118.
him by armed force and horrific suppression. He
made of Russia a vast Commune and he filled his
homeland with starvation, suffering, destroyed billions of property, caused thousands of deaths by his
force and failure. As an experiment in human government the world might condone the Soviet were it
not accompanied by cruelty, confiscation and murder. For the part Lenin had in all this he must answer to to-day and to-mcrrow. In considering his
life-work it must always be remembered that he was
an active agent in a revolution which overthrew the
Kerensky Government and the legitimate functioning of the Duma. He did not give to the peasants
the lands of the aristocracy, though he laid heavy
tribute upon their toil and production to maintain
dying cities in which he seized the factories and industrial life, cities in which his Central Committee
and a small band of followers exercised absolute
power over a huge population scattered over a territory constituting about one-sixth of the land surface
of the globe, and, if not actually, then as head of the
State, he murdered or condoned the murder of the
Czar and his innocent children.
This man Lenin had ability. He must have foreseen some of the consequences of his acts. A fanatic
he undoubtedly was. His brother executed by order
of the Czar, himself banished to Siberia, a wanderer
upon the face of the earth, he nursed long his bitter
wrongs, but found in suffering no ch stening and in
Humph no pity. He professed to love peace, but
found no forgiveness for ancient dynasties--even
though from these there sprang the tribunal of The
Hague, even though from these there came the liberation of the serfs. He lived to admit, in his own
ccuntry, the most colossal failure in modern times—
the prohibition of the private ownership of property,
the s ppression of the natural evolution of a capitalistic society, and the destroying of the inalienable right of a man to labor when, where and how
he pleases. Foredoomed to failure, Communism, in
essence, dead in his own hand, he still sought to overturn the Governments of the world, that his frenzied
dream might be imposed on all mankind. For this
there is no forgiveness. At this point it may be said
that recognition of the present Soviet, though it be
not advocated, involves the question of whether or
not a people is not greater than a Government and
greater than a man and his ideas.
It matters not that this poisonous growth upon
democracy has been able to maintain itself for six
years, has been able to put down several attempts at
military autocracy—the dictatorship of the proletariat has been tried and found wanting. The death of
Lenin has served to centre the world's attention
upon the stupendous mockery of it all. The death
may, must, hasten the downfall of Marxism. What
will now happen no one can tell. Russia is to-day a
"dark continent." We, who observe from afar, do
not have accurate information. The peasants themselves, scattered over the immense wastes, do not
know their own country. They are partially content
in their present freedom—they know the old tyranny
was harsh—they may yet learn the new is worse.
Part of the territory of the Czar is gone—presumably
irrevocably. But the world has been so saturated
with war and blood that change in Russia, it is most
reasonable to say, will be slow. Tyranny will perish by its own force. Liberty, bought with the blood
of the innocent and the helpless, comes with stains
upon its hands, wherever, whenever, it appears. S.
FEB. 16 1924.]
THE CHRONICLE
cialism and Communism are contrary to natural
law—to natural law in a spiritual world. There
.seems little desire for a monarchy—but "common
consent" cannot exist under the rule of a class, under the rule of a Central Committee. Change in
Russia is inevitable, though gradual, but will it turn
to moderation?
Far from Moscow the millions will pause and
wonder what their future holds. Their isolation has
been their protection. Some say the picture of
Lenin, whose heart was unmoved by massacre, whose
mind,save for expediency, was untouched by failure,
whose soul was lighted by baleful fires of hate and
love, hangs in many an humble home. But for
decades before this debacle, the Nihilist and the
Communist had passed through the land sowing the
seeds of confiscation. Perhaps now there are small
communes, communnty rule in the essential things
of production and sustenance. But do these humble
and toiling peasants, loving light and music and
laughter, do they worship this man or do they fear
him?
Now that he is dead—will they meekly serve his
successor? Probably. For the best information is
that they have given a sort of lip-loyalty to a form
of government, that, save for taxes, which they often
resisted, let them alone. One thing the world must
know, that "labor," that once seized the factories
and ruined them, that dominated the cities and destroyed them, can never for long impose its tyranny
on those who live upon the soil and love it. With
Lenin dead, one more Utopian theory is dying, if it is
not dead. With the "master-mind" no longer there,
Russia may more rapidly evolve from the cloud of
Bolshevism into the light of true liberty. But who
can know?
Altruism or Selfishness in Housing.
it seems that the Mayor's Committee on Rent
Profiteering gave out for publication a copy of a
letter from Mr. Stewart Browne, head of the United
Real Estate Owners' Association, to a certain individual tenant, protesting that he was using the emergency rent laws to escape with a lower rent than he
is well able to pay. This letter was made public
(and a copy sent to Governor Smith) under the evident impression that a point was scored against
landlords, but Mr. Browne adopts it and comments
further upon it. The letter tells the addressee that
his landlord, a member of the association, reports
him as paying for five rooms and bath only $30,
whereas the rent should be $50 and that could prob.
ably be obtained by court proceedings, were those
not inadvisable unless imperatively necessary. This
tenant is told that, in Mr. Browne's opinion, his
financial condition would enable him easily to pay
$100, for he has a lucrative position with a corporation, and he adds the unwarrantable hint that he
does not believe the head of the corporation would be
pleased if he,knew "that you were availing yourself
of the rent laws to occupy an apartment for $36 per
month when you ought to pay at least $50." To the
Governor Mr. Browne expresses the opinion—
which certainly seems reasonable—that a five-room
apartment with heat and hot water and bath cannot
reasonably be furnished under $10 a room. He also
says there are persons known to pay several thousands for a motor car yet refusing to pay rent at. the
$10 rate, and in the Bronx are tenants earning'pm
a week but paying $25 monthly rent and defying their
721
landlords to make them budge. Poor people may
justly take the benefit of the rent laws, "but what
we are trying to get at is the tenant who can afford
to pay and won't." He affirms that there are more
tenants in New York at$10 or leas than at above that
figure, and "if we could readjust the situation we
could solve the housing problem and wipe out any
shortage in 60 days." The need is to root out those
who can afford to pay high rents but won't and let
the poorer ones into their places; for this, he adds,
a bill has been drafted, which "we hope to get
through."
There are, then, two sides to this as to all other
subjects of dispute, but the wreaths hung about the
neck of the very unusual landlord who seeks children and prefers their parents as tenants of his
property may be duplicated (and triplicated) for the
tenant who will pay a higher and the landlord who
will accepta lower rent than circumstances, including
the emergency housing laws, seem to compel. To
pay the price you must, and take the price you can
get, is not altruism but it is human nature, and if
tenants who, in the landlord's opinion, are paying
less than they could afford are to be pilloried the
landlords who,in the tenants' opinion, demand more
than they could afford to take ought to stand exposed, and in that case the pillories might require
too much space. But the persons who insist on paying for necessaries more than the sellers demand
ought to be chosen to tie the ropes.
At least, this appeal to the tenants not to take
the utmost from the emergency housing laws seems
to call the value of those laws in question anew. A
prominent realty operator also does that by criticising what he deems "the enormous overproduction of
multi-family housing, largely and foolishly of one
type." Speculative builders, he asserts, have overproduced high-grade apartments at from $20 to $80
per room, so that the unrentable surplus becomes a
doubtful asset, on which nothing can be had except
by cutting rents regardless of rental values. This
failure to produce anything "that savored of tenement construction," he predicts, will cause in the
next seven or eight months a heavy increase in vacancies and a decided fall in rents; he also denounces,
as directly promotive of wanton injuries to property,
several bills now in Albany, especially one to compel owners to make repairs at the demand of tenants.
Three years ago ["Chronicle" Jan. 1 1921] we told
how a colony of Finns had solved the housing problem for themselves and had also set a good example
by putting together their savings and their indus-trious hands and erecting two four-story apartment
dwellings in South Brooklyn. The number of those
houses has now reached ten, having an average of 45
families each. Under guidance of the "United -Neighborhood Houses, Inc., of 70 Fifth Avenue, a committee of clergymen and social workers have just now
been investigating this work, to their mingled amazement and delight, for they found four-room and five
room quarters at $32 a month which are better, some
of the visitors said, than their own quarters in this
borough for which they are paying $75 to $100. Each
of these Finnish co-operators must begin with a cash
contribution of $100 to $250 per room, with a loan
arrangement (repayable by installments) if he has
not the immediate cash; thereafter, of course, he pays
a regular rental, thus being both tenant and landlord.
A three-story $100,000 building,a part of the same col-
722
THE CHRONICLE
ony plan, was opened in June of 1920; it is a bakery,
a restaurant, and a co-operative store. This practical work has been quietly enlarging, while the
clamor of the past three years has also been continuing.
In the latter part of this month the "United Neighborhood Houses" will stage an exhibition of co-operative apartment achievements at the Russell Sage
Foundation. Instead of cursing landlords and other
rich people and howling for coercive statutes, these
practical Finns who needed places to live in just got
together and built them. Three years ago, some of
the real estate men resorted to advertisements, set-
[Vol- 118.
ting forth that court decisions were tending to lessen
rather than increase housing supply, and that construction can never be encouraged so long as the
Legislature enacts only measures "limiting the rights
of owners over their own property." The latest batch
of bills passed the Senate in Albany last week, and
one of them has passed the Assembly and has received Executive approval. Suppose that the labor
unions should really take notice of the Brooklyn
method and that each branch of the Legislature
should informally send two or three members with
eyesight and thinking power to visit the Finnish settlement?
Railroad Gross and Net Earnings in December
A noteworthy feature of the earnings of United
States railroads for December, the closing month of
,1923,is that they show a falling off in both gross and
net as compared with the corresponding month of
the previous year. The loss in the net, if standing
by itself, would hardly merit much attention, since
it is small and the character of the net is often dependent upon the course of the expenses, which for
special reasons may vary considerably from month
to month, but the shrinkage in the gross attracts notice. December is the first and only month of 1923
to show a shrinkage in gross revenues, and in fact
no monthly return has recorded any decrease in
gross since the summer of 1922, at the time when the
roads were still suffering from the effects of the
coal miners' strike and the railway shopmen's strike.
The present contraction in the gross is not large,
relatively speaking, being only $19,212,804, or 3.75%,
but it testifies to the slackening in trade, of which
so much was heard during the summer and autumn
of 1923, but of which little ocular evidence was obtainable in general trade statistics until the last two
months of the year, the reason being that during the
spring, when uncontrolled optimism was still regnant, unfilled orders in great profusion piled up sufficient in most lines of industry to keep trade active
and labor employed for the greater part of the rest
of the year.
Trade did taper down after the buoyancy of the
spring, but this has reference mainly to the disinclination to engage in new enterprises of any great
consequence or to make commitments for the future
except to meet current requirements. Railroad tonnage, particularly in the Eastern half of the country, kept steadily growing in volume until November
—fed by past orders as indicated—and many new
records were established from week to week and
fr...m month to month. Beginning with the latter
part of November, however, railroad tonnage began
slowly to decline, some evidence of which appeared
i, our compilation of the earnings for that month
and additional and more striking evidence to the
same effect is now furnished in the tabulations for
December.
Probably we shall have to be prepared for some
further contraction in gross earnings in the immediate future. This would seem to follow from the
fact that comparison is now with very heavy totals
in the preceding year and the volume of trade while
still large can hardly be said to be of the extraordinary magnitude of that which characterized most of
the year 1923. But even if the gross earnings should
decline in a moderate way—there is nothing to sug
gest the possibility of a very big decline—it by no
means follows that there will also be shrinkage in
the net. In the first place the winter, except during the past week or ten days, has been mild and
"open," and in the second place the carriers appear
once more to have regained complete control of their
expenses. Confirmation of this latter statement is
found in the present tabulations for the month of
December. We have already stated that the loss in
gross h
been $19,212,804, or 3.75%. This was
accompanied, however, by a saving of $16,773,652,
or 4.15%, in the expenses, reducing the loss in the
net to $2,439,152, or 2.25%. The following are the
comparative totals for the month:
Month of Decem9er—
(189 Roads)—
Mlles of road
Gross earnings
Operating expenses
Netearnings
1923.
,Inc. (4-) or Dec. (—)•
1922.
235,379
235,555
—176 0.08%
5493,099,550 3512,312,354 —319,212,804 3.75%
386,851,392 403,625,044 —16,773,652 4.15%
3106,248,158 3108,687,310
—52,439,152
2.25%
Additional significance is given to the shrinkage
in the December gross by reason of the fact that examination of the returns shows that the falling off,
though small, was quite widespread. Many large
systems participated in it. Indeed, when the roads
are arranged in groups or geographical divisions, as
is done later on in this article, it is found that every
group shows a larger or smaller contraction in the
gross with the single exception of the Southern
group, and this latter belongs in a class all by itself
by reason of the prosperity which the South is enjoying owing to the high price it has been realizing for
its cotton crop, the chief money staple in that part
of the country. On the other hand, however, the circumstance should not be overlooked that comparison
is with extremely heavy totals in the previous year—
so much so that some shrinkage in traffic and revenues was rendered inevitable as'a matter of course
the moment the slackening of trade made its influence felt. In reviewing the results for December of
the previous year (1922) we noted as an interesting
fact that as the country got further away from the
disturbing influence of the coal miners' strike of the
previous spring and summer and of the railway
shopmen's strike of the summer the returns of earnings were becoming better. The ratio of gain in the
gross was rapidly advancing, thereby reflecting the
rising tide of activity in business, while at the same
time these gains in the gross revenue were also yielding considerable improvement in the net. We then
showed that the addition to the gross for December
1922 over December 1921 had reached no less than
$87,735,590, or 20.66%, and though this had been
attended by an augmentation in expenses in amount
of $52,530,924, or 15.10%, there remained, neverthe-
FEB. 16 1924.]
TITV CHRONICLE
less, an increase in the net of $35,204,466, or 45.87%.
Alongside this noteworthy expansion in the net in
December 1922, the loss now in the net for December
1923 of $2,439,152 seems trifling. We pointed out,
too, that the increase in the gross then was even more
significant than appeared by the face of the figures,
for it had occurred in face of the lower schedules of
rates in effect. The previous May the Inter-State
Commerce Commission had ordered a 10% horizontal cut in freight rates, which had been in effect
since the previous July 1. Not only that, but in the
case of grain, grain products and hay, in Western
territory, a reduction of about 16 % had been op/
1
2
erative since Jan. 1 1922 by order of the Commission; Except for these lower schedules of rates, the
increase in the gross earnings would have run considerably,larger than the 20.66% increase actually
shown by our tables. On the other hand, as far as
the expenses then were concerned, though the cut of
7@8% in the wages of the maintenance of way men
and in that of the shop crafts employees, in effect
from July 1 1922, served to that exteut to hold expenses down,it was a question if the nominal saving
in that regard had not been offset by extra expenses
arising out of the disorganizing influence of the
shopmen's strike, the complete effects of which had
not even then entirely disappeared.
There was, however, a qualifying consideration to
take into account in connection with the big gain
made in December 1922. Comparison was, of course,
with Dec. 1921, and this latter was a period of intense
business depression, with resulting tremendous
shrinkage in traffic and gross revenues, forcing the
carriers at that time to cut expenses to the bone and
the curtailment was carried to such lengths that the
reduction in expenses actually exceeded the falling
off in gross earnings, thuS leaving a gain in net in
face of the enormous contraction in gross earnings.
Stated in exact figures, our ta'yulations for December
1921 showed $120,615,992 falling off in the gross
earnings, or 22.87%, accompanied by a curtailment
in expenses in the huge sum of $144,215,090, or
29.84%, leaving, hence, a gain in net of$23,599,098, or
53.33%. As it happened, too, this gain in the net in
December 1921 followed a moderate gain in the net
in December 1920, making the December statement
for 1922 the third consecutive one in which improvement in the net had been recorded. The improvement in the net in December 1920, however, followed
entirely from the higher schedules of passenger and
freight rates which had then been put into effect a
short while before. In December of that year business depression had already begun and a marked
falling off in traffic had occurred. But owing to
the advance in rates referred to, the falling off in
traffic was obscured, these advances having been of
large proportions and having hence offset the loss
of revenue from the diminution in traffic. The increases in rates authorized by the Inter-State Commerce Commission the previous July and put into
effect toward the close of August in that year were
notable for their extent; there was an increase of
40% on the railroads in Eastern territory, of 25%
on the roads in the South and in Mountain Pacific
territory and of 35% on the Western roads. The
increases were of such magnitude that it was estimated,at the time that the effect would be to add
$125,000,000 a month to the gross earnings of the
carriers. That was on the supposition that the volume of traffic would be maintained at the level then
723
prevailing. But as it happened, depression came
unexpectedly and with surprising swiftness. Instead of the $125,000,000 gain in gross earnings
counted upon, our tables showed a gain of only $96,073,439 and the difference between the two amounts
furnished some measure of the shrinkage in the volume of traffic which then so suddenly overwhelmed
the carriers. Not only that, but of this gain of $96,073,439 in December 1920 no less than $82,268,614
was consumed by augmented expenses, leaving only
the moderate gain of $13,804,825 in the net already
referred to. Moreover, this small gain in net came
on top of a whole series of losses in net in the same
month of the years immediately preceding.
In the great augmentation in expenses in December 1920 and prior years, and the huge rise in operating cost, we have the basis for the reduction in
operating ratio shown since then. Some of the reduction must also be ascribed to a lowering of wage
scales, but far less than might be supposed. Aside
from the decrease in the wages of the railway shopmen and of the maintenance of way employees which
went into effect July 1 1922, the only other general
decreases in wages was the 12% reduction in all
classes of railroad employees put in force on July 1
1921. How relatively small this was will appear
when we say that in July 1920 alone these employees
had been awarded a 20% increase in their pay and
this followed a long antecedent series of wage increases made during Government operation of the
roads. The lower operating cost, therefore, now
achieved must be ascribed in the main to the greater
efficiency attained through better discipline among
the employees and the more effective control of operations in all departments.
Prior to December 1920, as already stated, our
December compilations had yielded very unsatisfactory results for many successive years. For December 1919 the figures showed some increase in the
gross, on top of a very heavy increase in 1918, but it
was quite moderate, being only $11,510,209, or 2.61%,
and it was attended by an augmentation in expenses
of $17,893,529, or 4.53%, leaving the net earnings
actually $6,383,320 smaller than in December 1918.
Not alone that, but this loss in the net in 1919 followed losses in each of the three years preceding, in
face of steadily rising gross revenues, too. Thus in
December 1918 the addition to gross revenues
reached no less than $102,757,756, or 30.62%, but as
expenses were at that time rising by leaps and
bounds because of the great increase in wages that
the Director-General had just made, the augmentation in expenses outran the improvement in receipts,
amounting, in fact, for that month to no less than
$143,786,626, or 57.55%. Accordingly, net earnings
fell off in the larg sum of $41,028,870, the decrease
being 47.84%. In the two years preceding-1917
and 1916—the showing was, as already noted, of
similar character, an improvement in the gross receipts being accompanied in both cases by a diminution in the net. It is true that these losses followed
important gains in gross and net alike in 1915, but
these gains in turn came after poor results as to both
gross and net in the two years immediately preceding. In the following we furnish the December summaries for each year back to 1906. For 1910, 1909
and 1908 we use the Inter-State Commerce totals,
but for the preceding years (when the Commission
had not yet begun to require monthly earnings) we
give the results just as registered by our own tables
724
THE CHRONICLE
each year
-a portion of the railroad mileage of the
country being then always unrepresented in the totals, owing to the refusal of.some of the roads at
that time to give out monthly figures for publication:
Gross Earnings.
NG Earnings.
Dec.
Year
Given.
Year
Increase or
Preceding. Decrease.
Year
Given.
Year
Preceding.
Increase or
Decrease.
Denver & Salt Lake
Cinc N 0& Texas Pac
Pere Marquette
Norfolk Southern
(VOL. 118.
Increase.
127,500
127,374
111,404
104.944
Representing 25 roads
In our compilation_ 310,436,291
Decrease.
Baltimore & Ohio
$3,873,852
Atch Top & Santa Fe (3) 2,749,580
Pennsylvania
a2,675,000
N Y Central
52,594,462
Illinois Central
1,904,110
Chic Burl & Quincy_ _
1.782.046
Philadelphia & Reading- 1,065,156
Erie (g)
1,005,217
Union Pacific (4)
981,156
C C C & St Louis
807,949
Minn St Paul & S S M_ _
767,809
Southern Pacific (8)
723,279
Pittsburgh & Lake Erie_
680,810
Buffalo Roch & Pittsb_
675,200
Chicago Milw & St Paul_
668.096
Northern Pacific
473,671
NY Chicago & St Louis421,508
Michigan Central
410,340
K C Southern
Mo-Kansas-Texas (2)_ _ _
St Louis Southwestern(2)
Chicago & Alton
Virginian
Denver & Rio Grande...Chicago & East Illinois_ _
Central of New Jersey
Hocking
Chicago Great Western_ Elgin Joliet & Eastern.,.,
ColoradoSouthern (2)_.,
Bessemer & Lake Erie--Boston & Maine
Texas & Pacific
Central of Georgia
Central Vermont
Yazoo & Mississippi Val.,
WestJersey & Sea Shore..
Lehigh & New England_
St Louis-San Fran (3)-El Paso & Southwest...
Great Northern
Decrease.
$357.096
353,192
353,105
318,822
311.156
302.993
280,081
247,553
242.890
232,663
222,413
194.229
186,006
172,259
162,832
159,224
153,671
140,400
128,618
128,297
126,965
123,017
117,888
$
$
$
8
$
$
1906- 135,735,226 124,733.435 +11,001.791 43,831,182 42,943,900
+887,282
1907_ 132,199,762 141,312,429 -9,112,667 34,354,158 45,998,206-11,644,048
1908- 205.777,451 194,222,311 +11.555.140 68.495,740 51,533,086 +16,962,654
1909_ 222,692,092 205,971.898 +16,720,194 68,467,305 68,653.301
-185,996
1910._ 236,835,304 220,870,151 +15,965,153 70,357,004 67,858,550 +2,498,454
1(411_ 233,614,912 232,275,177 +1,339,735 61,225,377 56,766,970 +4,458,407
1912- 263,768,603 234,087,361 +29,681,242 81,701,974 72,932,360 +8,769,614
1913_ 254,218,891 266,224.678 -12,005,787 68,800,026 82,622,271 -13,822,245
1914... 232,598,369 258,285.270 -25,686,901 61,134,950 68.274,222 -7,139,272
Representing 59 roads
In our compilation_ _229,274,611
1915_ 295.202,018 232,763.070 +62.438.948 105.878,758 61.186,558 +44,692,200
1916_ 262,171,169 242,064,235 +20.106,934 83,237,395 86,302,108 -3,064,713
Note.
-All the figures in the above are on the basis of the returns filed
1917_ 343,875.052 317,836.386 +26,038,666 85.715.727 103,520,028-17,804,301
1918_ 438,365,327 335,607,571 +102757756 44,738.149 85,767,019.-41,028,870 with the Inter-State Commerce Commission. Where, however, these
1919_ 451,991,330 440,481,121 +11,510,209 38,536,432 44,919.752 -6,383,320 returns do notshow the total for any system, we have combined the separate
1920._ 539,197,615 443,124,176 +96,073,439 51,322,679 37,517,854 +13,804,825 returns so as to make the results conform as nearly as possible to those given
1921- 406,864,055 527.480,047 -120,615.992 67,849,188 44,250,090 +23,599,098 In the statements furnished by the companies themselves.
a This is the result of the Pennsylvania RR. (including the former
1922._ 512,433.733 424.698,143 +87,735,590 111,942,758 76,738,092 +35,204,666
1923_ 493,099.550 512.312,354 -19.212,804 106,248,158 108,687,310 -2.439,152 Pennsylvania Company. Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana). the Pennsylvania RR. reporting $2,675,000
Note.
--In 1906 the number of roads included for the month of December was 96i decrease. For the entire Pennsylvania System, including all
In 1907,89;in 1908 the returns were based on 232,007 miles of road;in 1909, 239,481' and controlled, the result is a decrease in gross of $2,527,682. roads owned
In 1910, 241,364; in 1911, 238,561; in 1912, 238.072; in 1913, 243,322; in 1914,
S The New York Central proper shows $2,594,462 decrease. Including
246,807; in 1915, 248,437; In 1916, 216,811; in 1917, 247,988; in 1918, 232,774: the various auxiliary and controlled roads, like the Michigan Central, the
In 1919. 233,899; In 1920, 229,422; in 1921, 225,619; In 1922, 235,920: In 1923, "Big Four," &c., the whole going to form the New York Central System.
the result is a loss of $4,519,547.
235,379.
We have already pointed out that in the case of PRINCIPAL CHANGES IN NET EARNINGS FOR DECEMBER.
Increase.
Decrease.
43,085.790 Baltimore & Ohio
the separate roads, or systems, many roads are to be Pennsylvania
$4,032,875
Norfolk & Western
1,913,427 New York Central
53,960,010
Delaware
1.279,785
found with diminished totals of gross. The list of Chic MilwLack & West_ 1,178,287 Philadelphia & Reading_ 2,469,280
& St Paul...
Atch Top & Santa Fe (3) 1,454.023
Chicago & North
1,153,018 Michigan Central
951,409
decreases in the gross is indeed a long one and em- Lehigh Valley West__ 1,065,452 Illinois Central
949.204
590,507
braces roads from all parts of the country, though Erie (2)H & Hartford.- 1,013,463 Bessemer & Lake Erie__ 528,483
N Y N
957,318 Gulf & Ship Island
Louisville & Nashville735.756 Chicago
498,211
the systems serving the great manufacturing dis- Chic R I & Pac (2)__ - 711,400 C 0 C && Alton
St Louis
490.411
Great Northern
621.049 Chicago Burl & Quincy..
481.988
tricts are most prominent in it. In many cases Delaware & Hudson.-- 558,593 Pittsburgh & Lake Erie_ 477.371
Los Angeles & Salt
Kansas City Southern_
448,742
these losses in gross have been offset by reductions Missouri Pacific Lake 501,463 Maine Central
489.861
370,294
Atlantic Coast Line
'431,441 Virginian
313,629
in expenses, thus making the showing of net much St Louis-San Fran (3)__- 383,229 Union Pacific (4)
306.519
Seaboard Air Line
342.529 Nashv Chatt
290,397
better than that of the gross. On the other hand,in Minneapolis & St Louis- 340,609 Union (Penn)& St L____ 275,166
Wabash
282,926 Missouri-Kansas-Tex(2)264,099
Internat & Great North266,334 El Paso & Southwesternnot a few instances there are losses in net as well as Southern
255,993
236,375 St Louis Southwest (2).249,036
231,299 Central of New Jersey..,
in the gross, it having been found impossible to cur- Texas & Pacific
225,260
NY Chic & St Louis-226,618 Central of Georgia
218,160
Midland Valley
204,284 Hocking Valley
202,005
tail outlays in the amount necessary to counterbal- Pere Marquette
201,314 Detroit Tol & Ironton...
195,129
196,015 Boston & Maine
184,725
ance the shrinkage in the gross. The Baltimore & Bangor & Aroostook --- 193,631 Atlantic City
Dot Gr Hay & Milw154.515
Colorado Southern (2)179,968 Elgin Joliet & Eastern-151,165
Ohio heads the list for amount of loss in both gross Western Maryland
176,167 Louisv Bend & St Louis142,286
N Y Ontario & Western_
161,233
& Eastern
127,901
and net, it having fallen behind $3,873,852 in the Spokane Port & Seattle_ 154,020 Chicago Paul & S S Ill_ 115,659
Minn St
M-124,721 Lehigh & New England..
San Antonio & Aran Pass
113.593
former and $4,032,875 in the latter-following, how- Ann Arbor
117.610 Monongahela
108,670
107.326 Central Vermont
106,033
ever, Much larger gains, at least,in the gross, in De- Long Island
Rich Fred & Potomac-101,164
Representing 39 roalls
In our compilation -$19,822,302
cember'of the previous year. The Atchison Topeka
Representing 42 roads
in our compilation_ -$21,813,912
a This is the result for
& Santa Fe stands second for amount of loss in the Pennsylvania Company, the Pennsylvania RR. (including the former
Pittsburgh Cincinnati Chicago & St Louis and
Grand
gross, it reporting $2,749,580 decrease, and this, we crease. Rapids & Indiana), the Pennsylvania RR. reporting 23,085,790 inFor the entire Pennsylvania System, including all roads owned
and controlled, the result is an increase of 13.009.460.
may say, was accompanied by a loss in the'net of b These figures merely cover the operations
of the New York Central
Itself. Including the various auxiliary and controlled roads,like the Michi$1,454,023.
gan Central. the "Big Four," &c., the result is a decrease of $5,762,348.
Among other East-and-West trunk line systems
the two foremost among them, namely the New York
Central and the Pennsylvania, both have suffered
heavy reductions in the gross, though the Pennsylvania has managed.to convert this loss in gross into
a gain in the net by reason of heavy contraction in
expenses. The New York Central, on the other hand,
is obliged to report a heavy loss in net as well as in
gross. For the New York Central itself there is
$2,594,462 decrease in gross and $3,960,010 decrease
in the net. Including the various auxiliary and controlled roads, the decrease is swollen to $4,519,547
in the gross and to $5,762,348 in the net. For the
entire Pennsylvania System, including all roads
owned and controlled, the result is a decrease in
gross of $2,527,682, but an increase in the net of
$3,009,460. In the following we show all changes
for the separate roads for amounts in excess of $100,000, whether increases or decreases, and in both
gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR DECEMBER
Increase.
Increase.
$1,113,399 Seaboard Air Line
$390,996
Norfolk & Western
872,251 Florida East Coast
Louisville & Nashville_ _ _
338,215
848,588 Wheeling & Lake Erie_
Missouri Pacific
305,388
819.091 Chic R I & Pacific (2)296,090
Lehigh Valley
804,122 Southern
208,533
Del Lack & Western...
701,220 Los Angeles & Salt Lake_
208,458
Wabash
682,229 Internal
-Great North_ _ _
Chesapeake & Ohio
207,911
675,83 Detroit G H & Milw__
205,080
Atlantic Coast Line
462,016 Long Island
199,271
Delaware & Hudson.443,059 Spokane Port & Seattle_
183.321
Chicago & Northwest.--
We have already stated that when the roads are
arranged in groups or geographical divisions every
division with the exception of the Southern shows
diminished gross. Contrariwise, and indicative of
the much better comparisons made by the net, we
find that all the groups with two exceptions are able
to improve on the totals of their net for the previous
year. The two exceptions are Group II, comprising
the roads in the Middle States, and Group III, comprising those in the Middle West. Our summary by
groups is as follows:
SUMMARY BY GROUPS.
Section or Group1923.
December$
(
Group 1 9roads).New England.... 21.526,252
Group 2(33roads),East Middle
155.067.747
Group 3(26 roads), Middle West
42,697,341
Groups4& 5(34 roads),Southern
73,213,091
Groups6&7(29 roads), Northwest __ 96,581,981
Groups8& 9(48 roads),Southwest
77,060,348
Group 10(12 roads),Pacific Coast _ 26,952,790
..
Total(191 roads)
Group 1
Group 2
Groins 3
Groups 4 & 5
Groups 6 & 7
Groups 8 & 9
Group 10
-Mileage1923. 1922.
7,370 7,468
34,455 34,587
15,788 15,736
39,037 39,052
66,961 66.808
54,840 55,060
16,928 18,844
Gross Earnings
1922. Inc.(+)or Dec.(-).
$
%
$
21,905,854
-379,602 ,4.73
165,642,913 -10,575.166 -6.39
43.932,023 -1,234,682 -2.81
69,335,367 +3,877,724 +5.59
103,800,249 -7,218,268 -6.96
80,308,362 -3,248,014 -4.04
27,387,586
-434,796 -1.59
493,099,550 512,312,354 -19,212,804 -3.75
Net Earnings
1923.
1922. Inc.(+)or Dec.(-)•
$
%
$
$
4,184,781 3,758,665
+426.116+11.3
4
24,768,508 29,253,507 -4,484,999-15.33
7,367,018 8,901,064 -1,534,046-17.23
19,050,979 17,215,032 +1,835,947+10.66
+909,857 +3.84
24,638,377 23,728,520
18,715,326 18,465,919
+249,407 +1.35
+158,668 +2.15
7,523,169 7,364,603
Total
235,379 235,555 106,248,158 108,687,310 -2,439,152 -2.25
-Group I includes all of the New England States.
NOTE.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey. Delaware and Maryland, and
the extreme northern portion of West Virginia.
FEB. 16 1924.]
THE CHRONICLE
Group III. includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI, and VIL combined include the northern peninsula of Michigan, all o
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas. Oklahoma, Arkansas and
Indian Territory, Miasouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole ot Texas and the bulk of Louisiana. and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso,
Group X. includes all of Washington, Oregon, Idaho, California. Nevada. Utah
and AriZOIlit, and the western part of New Mexico.
It should perhaps be added that Southern roads,
besides the advantage the South is enjoying because
of the high price of cotton, had the further advantage of an increase in the movement of cotton itself,
while on the other hand the loss in earnings which
Western roads suffered is in part expained by the
fact that the movement of grain to market was
smaller than in the previous year. For the four
weeks ending Dec. 29 1923 the grain receipts at the
Western primary markets were only 89,835,000 bushels, as compared with 106,295,000 bushels in the eorresponding four weeks of the previous year. The
shrinkage followed entirely from diminished receipts of wheat and rye; the receipts of oats and barley ran somewhat heavier than in the previous year.
Wheat receipts for the four weeks of 1923 were only
27,171,000 bushels, as against 42,611,000 bushels in
the four weeks of 1922 and the receipts of rye no
more than 2,581,000 bushels, against 5,628,000 bushels. The details of the Western grain mov ment in
our usual form are set out in the table we now present:
WESTERN FLOUR AND GRAIN RECEIPTS.
Four weeks
ending
Flour.
Wheat,
Corn.
Oats.
lege.
Bark;
Dec. 29. (bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago
1923
849.000
1,256,000 11,961,000
147,000
5,837.000
983,000
1922 ___ 1.201.000
2,748,000 20.075,000
568,000
7,871.000
88.5,000
Minneapolis
1923
9,524,000
892,000
3,706.000
3,132,000 1.592,000
1922
18,011.000
1,028,000
2.219,000 1,590.000 1.931,000
Duluth
1923 ___
2,790,000
1,232,000
1,027,000
91.000 1,013,000
1922 _ _
5,715,000
194,000
4.000
37,000 2,653,000
Milwaukee
1923 ___
147,000
213,000
2,633,000
1.671,000
864.000
163.000
1922 _-- 117,000
206,000
1.364.000
1,853,000
786.000
407,000
Toledo
1923 ___
4,020,000
346,000
178,000
3,000
324,000
1922
3,389,000
349,000
732.000
10,000
Flour.
(bbls.)
?25
IWheat.
(bush.)
Detroit
1923
147,000
1922
143,000
Omaha & Indianapolis
1923
1,746,000
1922
2,369,000
St. Louis
1923 ___
388,000
2,094,000
1922 ___
329,000
2,864.000
Peoria
1923 ___
173,000
161,000
1922 _-- 147,000
190,000
Kansas CUs
1923
4.545,000
1922
8,071,000
St. Joseph
1923 _
510,000
1922 _
905,000
Sioux City
1923 _
165,000
1922 _
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
316,000
261,000
292,000
328.000
4.551,000
4,189,000
2,105,000
1,282.000
3,989,000
2,147,000
2,722,000
2,398,000
128,000
88,000
18,000
10.000
2,733.000
2,604,000
1,101,000
1,321,000
417,000
53.000
7,000
42.000
2,418,000
1,471,000
1,120.000
902,000
993,000
1,855,000
194,000
172,000
1,239,000
515,000
4,000
2,000
Total all1923 ___ 1,557,000 27,171,000 36,117,000
1922 - _ - 1,794,000 42.611,000 35.537.000
7,000
.44
19,894.000 4.082,000 2,571.000
19.082,000 3,437,000115,628,000
The Western live stock movement seems to have
been somewhat larger than in the previous year. At
all events at Chicago the receipts comprised 29,345
carloads in December 1923, as against 26,210 in December 1922; at Kansas City 10,751 cars, against
10,717, and at Omaha 9,062 cars, against 8,9C4.
The Southern eotton movement, as already stated,
ran somewhat heavier than in the previous year.
The gross shipments overland were only 219,960
bales in December 1923, against 270,217 bales in December 1922, 167,389 bales in December 1921 and
207,399 bales in December 1920. The receipts at the
Southern outports were 982,985 bales in December
1923, against 575,902 bales in 1922 and 538,451 bales
in 1921, as will be seen from the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS INjDECEMBERIFOR
SIX YEARS 1918 TO 1923, INCLUSIVE.
Month of December.
Ports.
1923.
Galveston
bales
TexasCity, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News
Total
1922.
1921.
1920.
374,594
192,046
243,334
11,874
519
43,827
489
28,284
17,657
70.361
225,884
87,134
165,205
10,309
1,532
22,090
100
12.875
8,985
43,788
240,457
48,960
119,584
8,855
794
58,836
1,500
10.004
9,723
39,664
74
332,287
71,417
242,914
20.650
116
54.941
750
9.897
11,931
42,184
268
327,677
92,582
220,663
34,621
2,909
178.885
9,000
45,983
27,325
54,320
502
188,863
15,492
196,102
28,641
8,939
121,023
5,150
45,983
11,812
42,378
265
982,985
575,902
538,451
787,355
994,467
664,648
1919.
1918.
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, Feb. 15 1924.
It is still a case of buying on a cautious scale in many departments of American business. Textile trades, particularly cotton manufacturing, are not in favorable shape.
Curtailment of output is reported to the amount of nearly
75% among the cotton mills of Fall River and some of the
largest mills in Rhode Island have shut down permanently.
New England feels Southern competition, but on the other
hand, the South is not escaping the slack demand for cotton
goods. There is curtailment among mills of South Carolina,
North Carolina and Alabama, although in Georgia this seems
to have been for the most part avoided thus far; in fact,
some of the Georgia mills are running full time and even in
some cases operating at night. For the most part South
Carolina mills seem to be operating on quite a good scale.
Still the idea of curtailment is being seriously faced by the
cotton manufacturing industry north and south in the
United States. Across the water Lancashire reports some
closing down and there were fears expressed to-day that
there might be a lockout at Lancashire mills using American cotton. Another disturbing thing was the possibility of
a British dock workers' strike before long. It appears that
efforts to avert it have thus far been unsuccessful. Such an
event would naturally react unfavorably on the trade in
American cotton, grain and other commodities. The jobbing
trade in clothing has latterly been better with colder
weather. But from first hands business is still slack. General trade at the West has suffered more or less from unsettled weather, bad roads and the uncertain outlook for
prices. The rule is still to purchase, as it were, from hand
to mouth. Forward buying is certainly of the smallest.
On the other hand, the steel and iron trade makes I. good
exhibit. Production of steel is on a liberal scale and the
output of pig iron is increasing. Some very large sales of
pig iron have latterly been made, though they were promoted apparently by an easing of prices here and there.
Steel quotations, it would appear, are also not always
strictly maintained. As a rule, however, the tone in iron
and steel is steadier with a rising trade. The automobile
industry is on a larger scale than a year ago. Building in
January was larger than in the same month last year and
the demand for building materials is sharp. The cement
output is increasing. The production and shipments of
lumber, however, are outrunning the demand for the time
being. The South is still favored by high prices for cotton
despite a recent decline of some $20 a bale. And trade
there makes a good showing, particularly, however, in
Texas. The fertilizer industry is active, and everything
seems to point to a big business for 1924. The South will
undoubtedly make every effort to plant a big acreage in
cotton and will use fertilizer on a corresponding scale. It
is said that the canning industry has every prospect of 18
good year. Taking business for all and all, the recent In-
726
THE CHRONICLE
crease has been maintained. One indication of this is the
extraordinary freight loadings, which in the last week reported approached 1,000,000 cars, a high record for that
period. There seems no escaping the inference that whatever irregularities there may be in the demand for merchandise here and there,however cautious buyers may seem to be,
the aggregate trade of the United States is large, as well it
may be, with a population of 110,000,000 people. Wool has
been quiet but steady. The London wool sales closed at an
'advance of 5 to 15% from the previous ending. Wool is
advancing also in Australia and New Zealand and the River
Plate wool markets are in good shape. American grain
markets, after advancing early in the week, have latterly
declined, something not altogether surprising, in view of
the recent sharp advance from which some reaction was
no more than natural. There has been no great export demand, however, and a movement to increase the tariff from
the present rate of 30 cents per bushel to 45 cents as a
move against the importation of Canadian wheat has been
powerless to prevent the decline of late. The same may be
said of efforts looking to the extension of aid to farmers by
the new corporation with a capital of $10,000,000, which will
begin to function within about a week.
An active and excited market for coffee has carried prices
upward sharply, though latterly th re has been something
of a setback. Sugar, after rising, has latterly receded, but
Cuba is marketing its crop in a way that shows plainly
enough that it has profited by the experience of the past.
Cotton has declined during the week some $10 a bale, partly
owing to the dulness of cotton goods and widespread talk of
curtailment at home and abroad.
But it would be useless to blink the fact that the oil scandals at Washington have had a more or less disturbing effect on all the markets,whetherforsecurities or for commodities. To merchants the stock market and its decline of late
on enormous transactions has been the subject of painful
interest as reflecting the disturbance of business sentiment
growing out of the fact that the more the Teapot Dome oil
scandal is probed at Washington the worse it looks, until
men are beginning to ask, How far is this thing going?
Whom is it going to smirch? There is no reason at all why
even such a thing, grave as it is, should affect the commodity
markets, or as merchants think, the markets for stocks and
bonds. But it is a case of mass psychology. Men are sensitive beings. Sentiment goes a good way even among socalled hard-headed business men. When they see prominent men of the nation under suspicion of serious delinquencies in the matter of the administration of public office
they are naturally disturbed. They are more or less timid,
fearing that somehow or other such things may affect general business. Nevertheless, the condition of trade in this
country undoubtedly is in very conservative shape. Across
the water the Labor Party in England is keeping within
comparatively moderate bounds, so much so that any uneasiness that was at first felt by the mass of the British
population has been measurably allayed. London is paying little or no attention to the oil disclosures on this side
of the water. It is naturally gratified by indications that
Premier Macdonald is temporarily at least repudiating the
capital levy proposals. And it seems not too much to hope
that the sobering influence of time and responsibility will
relegate such wild projects to the limbo of forgotten follies
of the past. Russia tried something tantamount to pretty
much the same thing and came to grief, as everybody
knows.
Fall River to-day reported the sales of print cloths for the
week at 75,000 pieces at a decline of ;f to 4c. It added that
3
curtailment which was recently reported at about 50% has
Increased to nearly 75%. At Lawrence, Mass., at the Pacific
cotton mills, the full quota of help is working full time. In
the print works the full battery of 50 printing machines is
being operated on a four-day-week basis. The Everett mills
are working on three-day-week basis with a full force, a
condition which has prevailed since the first of the year.
• The Acada mills are operating approximately 50% of the
machinery three days each week, a condition which has existed practically all the time since the ending of the strike
in 1922. The Methuen Co. at present is working full time
with a full complement of help. On the whole, the mills of
Lawrence, Mass., are running on nearly full time, but the
opinion generally expressed is that the outlook is none too
bright. Providence, R. I., wired on Feb. 14 that the Nottingham and Grant mills and the Dodgeville mill of Dodgeville, Mass., had closed down for an indefinite period. The
[Vox- 118.
Valley Queen of River Point has suspended operations until
March 3. All the mills ire the property of B. B. & R.
Knight and the shutdown was caused, according to an official of the company, by unsatisfactory business. The four
mills employ normally about 1,600 persons. The Parker
mill at East Warren on a 35-hour week closed for the rest
of the week and the French Thread Co. of Warren has re-hour week. At Warren,
duced operation from a 54 to a 48
Pa., the Warren silk mill, which had been shut down, will
resume operations shortly. The company will have sufficient business in hand to warrant running the plant at full
capacity. At Charlotte, N. C., the Highland Park Manufacturing Co., one of the largest gingham mills in the South,
operating a number of plants, it is stated, will begin curtailment next week of all of their plants except their No. 3 mill.
After next week, it is understood, it will run three or four
days per week. It is rumored that the large mill at Danville, Va., has closed down 2,000 looms. This has been denied, but the reports persist that a large amount of its machinery has been stopped. Gaston Co.,N.C.,yarn mills are said
to have begun to curtail. In South Carolina cotton mill curtailment seems to be rare. Some South Carolina mills, it is
said, are running nights •to bring their overhead charges
down. They have an abundance of help. At Anderson, S. C.,
the Anderson mills are curtailing on night operations. At
Greenville, S. C., the cotton mills are running, it seems, full
time, with 25 to 75% of them working nights. There is no
curtailment, but the sale of goods is said to be unsatisfactory. At Millen, Ga., the Western Reserve cotton mills are
operating full day and night shifts. In Georgia textile
activity continues on a fairly satisfactory basis for this time
of the year. In Tennessee there is slight surplus of labor
in textile mills. In Mississippi a further seasonable decline
was noted in textile and lumber mills. At Huntsville, Ala.,
the Merrimack mills are operating on full time and contemplate addition to their plant.
The Department of Labor has issued the following reports: In Maine some cotton mills have closed entirely,
others are on short time. In New Hampshire there is a
slight improvement in the textile industry, but still a surplus of workers is unable to secure employment in any other
line. In Vermont practically all plants are working. In
Massachusetts industrial activity has slackened in the past
month. Employment decreased. Cotton and textile mills
are on overtime schedule in certain parts of the State. In
Rhode Island employment slackened in the past month and
a surplus of workers exists. In Connecticut employment
conditions improved throughout the State with very little
unemployment evident. In New York there was a seasonal
lull in manufacturing and employment during the holidays
and they have only slightly improved in the past month. In
New Jersey operations were somewhat irregular in the textile industry. Cotton mills, however, are working generally
overtime and absorbing a large amount of surplus labor. In
Pennsylvania there is a slight Improvement in clothing, silk
and textile industries.
Freight loadings neared the million mark, reaching a
total of 929,936 cars the first week in February, which is
unprecedented. Shipbuilders are considering wage reductions as a means of removing one of the handicaps to American shipping, according to the current bulletin of the Atlantic Coast Shipbuilders' Association. The first move was
made by the Pusey & Jones Co. In its Wilmington plant,
effective Jan. 1, when approximately 10% was cut in the
pay of 800 employees, mostly in the foundry and machine
shops.
Postal receipts at 50 selected offices during January increased $1,095,935, or 4.40% as compared with January 1923,
according to figures received by Postmaster-General New.
An unfavorable report was ordered on Feb. 12 by the Senate Immigration Committee on a bill proposing a five-year
*suspension of all immigration.
The weather here has been cold, with a light snowfall on
three days. The thermometer fell on Feb. 13 to 9 degrees
above zero with a Northwest wind. It was colder here then
than at the West and Northwest. At Minneapolis it was
.;
26 degrees at Chicago 30 degrees, and at Cincinnati 28 degrees. At Portland, Me., it was 10 degrees; at Albany, N. Y.,
zero. Since then it has moderated somewhat, being 16 degrees at 6 a. m. on Thursday, and reaching 31 at 9 p. m. that
night. To-day it has been clear and warmer. But at the
West on Thursday, in spite of milder temperatures, there
was some uneasiness in the grain markets over a report that
a cold wave was developing in Alaska.
FEB. 16 1924.]
THE CHRONICLE
Review of the Industrial Situation in Illinois in January-Laying Off of Factory Workers-Collapse
of Car Building. •
According to R. D.Cahn, Chief Statistician of the General
Advisory Board, Illinois Department Of Labor, Illinois
manufacturers began the year by laying off a substantial
number of their workers. Mr. Cahn, in a statement made
public Feb. 13, continues:
As reflected in the signed reports to the Illinois Department of Labor,
by 1192 employers who have more than 40% of the total factory workers of
the State, industrial operations appear to have fallen by 1.8% during the
month of January. The 1192 manufacturers had 301,054 persons on the
payrolls in January and 306,626 in December. The lay-offs by these reporting employers alone took jobs away from 5500 workers. If the change
among the reporting employers may be taken as typical of the industrial
trend elsewhere, 14,000 factory workers have lost their jobs in Illinois since
December. The decline is quite general, applying to the great majority of
Industries and characterizing the changes for the month, of firms of every
size and of the employment of both sexes.
Of the thirteen cities for which employers reports are separately analyzed,
increases in employment during the month were made only in Danville,
Moline and Springfield. The extent of the lay-offs was largest in Decatur,
East St. Louis,Peoria and Quincy. In Chicago,607 manufacturers reported
that they had 3,000 fewer employes than in December, the number discharged being about 2% of the total names on the payrolls.
Too much importance must not be attributed to an employment decline
and a glutted labor market in January. Stich a condition is in fact the rule.
The middle of winter, like the middle of summer, regularly finds industries
slowing down. For a wide range of industries January lies between the
seasons. The mid-winter decline in January 1924, practically duplicated in
extent the mid-summer lull of 1923. The difference between the two periods
consists in the fact that the mid-winter decline comes when out-door employment is at a minimum, while the July break appears at a time when outdoor employment is near the maximum.
The succeeding change following the inactivity of the between season
month is the thing of significance. Thus, the July decline was unimportant
by itself but, when it was followed by a decline in employment in the succeeding months,it was evident that a moderately declining state of Industry
had set in. A basis for appraising the prospects of the immediate future will
be found in the developments of the next few months.
Declines were recorded during January in 33 out of 55 manufacturing
Industries included in the industrial survey. Grouping the industries by
the general character of their products, declines are seen to be general in the
food and metal industries, while increases were the rule in the chemical and
wearing apparel concerns. In the leather and wood factories, decline and
expansion were about equal in extent.
Probably the most important change during the thirty-day period has
been the collapse of car building. On top of the peak in December, in this
industry, the decline in January left only about three-fourths of the workers
on the payrolls of the 14 reporting employers. 2,700 workers were affected
by the discharges during the month. Another decline of some consequence
In the metal group was in the typewriter factories, which in January were
getting along with 7% fewer employes than they had in December. In the
iron and steel class the drop was 3.4%. Elsewhere in the metal industries,
there were with two ,exceptions, minor reductions in forces. There Was
however, marked improvement in two instances. Automobile and accessory
concerns took on 7% more employes, and agricultural implement employers 2.3% more.
January planing mill operations presage a busy spring and summer.
Already these concerns have begun to add workers, and throughout the
winter the number of employes has not fallen substantially in any month.
Employment however, was down by 5% in the furniture factories, with the
busy holiday season a thing of the past.
Employment reports indicate that the present season has not been a good
one for the shoe concerns. The number of workers at the shoe factories
regularly expands in December and January. In December however,
employment fell slightly and in January, the gain in the.number of workers
was less than 1%: A similar condition exists at the tanneries, a drop of a
minor fraction of 1% following the 5% loss of December.
EMployment has held up well at the brick kilns throughout the winter.
Supported by the orders for building projects which a mild winter made
possible, the industries producing many kinds of building materials have
been steadily busy. There was a break among the brick concerns in January however, with lay-offs to 4.3%. While employment was steady at the
glass works of the state at the December level, employment declined among
the lime, cement and plaster concerns.
Employment moved upward in the chemical industries. The drug concerns added more than one-tenth to the number of their workers. In the
paint factories and the factories producing miscellaneous chemicals there
were also substantial gains. Only the oil refineries and the factories where
the product is of vegetable or animal oils, showed a reactionary movement.
The opening and closing of the year is the hectic season for printers.
In December job printers took on nearly 4% more employees, and in
January they further extended operations by adding 3%.
The apparel factories were seasonally busy. The increase at the men's
ready-made clothing factories, following the expansion of 7.6% in December, was only a minor fraction of 1%. Earnings, however, with steadier
work, increased by 12.5%. Average earnings for male employees in the
Industry amounted to 337 16 in January as compared with $33 27 in
December and 334 75 in November.
In most of the factories producing women's apparel, expansions were
the rule. Thus among the millinery concerns, there was an expansion of
4.2%. In the coat, suit and skirt industry, there was an expansion of
34.8%. The only decline was in women's underwear and furnishings,
where nine employers with 542 workers reported laying off 5.0% of their
forces.
The drop of 4.5% in the slaughtering and meat-packing industry was
but little more than the mean for all food industries. Bakeries bad 2.7%
fewer employees, and candy concerns 2.5% less. At the flour mills there
was further decline. Reductions at the cigar factories of preceding months
were continued, the 14 reporting employers losing 1-6 of their workers
in the 30
-day period.
The 1,530 reporting concerns in all industries had 420,063 during the
week of the middle of January,to whom was paid 210.797,690. This is a
reduction of 4.1% from the amount the identical employers paid in the
Week of Dec. 15 1923.
Supply of Common Labor Increasing.
Declining factory employment and sub-zero weather has had the effect
of swelling the supply of common labor in an already overstocked market.
In the offices of the Illinois Free Employment Service in 13 of the principal cities of the State, the excess labor supply in January was the largest
727
that has been reported since early in 1922. During the calendar month
of January more than 20,000 persons came to the free employment offices
requesting assistance in their search for jobs. Although 9,938 applicants
were placed in satisfactory Jobs, places could not be found for 10,000.
The chief reason for this was the lack of orders for help from employers.
There were in the State, as a whole, in January, 166 persons registered
for each 100 positions reported vacant. This was measurably worse than
at any time in 1923. A higher ratio was shown in only three months of
1922. and only in one month of 1920. In every month of 1921, there
was a larger ratio than this of unemployed persons to vacant jobs.
The drop in factory operations, still leaves industry operating at a fairly
high point, more than 6% above the average for 1922. On the downgrade in January 1924, employment was just slightly below the point it was
on the up-grade in January 1923. Throughout the winter months, employment has practically equalled the preceding year's level, and much of the
time there has also been more unemployment than in the same month of
the preceding year. The natural explanation is that tbere has been an
abnormal increase in the supply of labor. This expanded supply came as
has has been pointed out in previous summaries from four principal sources:
(1) Depressed grain prices so crippled the farmer that when be went to
the labor market he found himself outbid by industry. Throughout the
year farm labor shortages were reported in many down-state cities. Farm
hands were lost to city factories early in the year and, while the gradual
decline in industrial operations has been in progress since the middle of the
year, the ranks of unskilled labor have been joined in cities by these former
farm hands who along with others were laid off.
(2) Coal mines in Illinois and adjacent states have shut down, throwing
hundreds out of work. In the small towns where most of the mines are.
located there are no other industries to which the miners can turn. Many
miners have been driven to the extremity of seeking work in the large
cities.
(3) Negroes attracted to the North by improving industrial conditions
have sought employment especially in the large cities. Chicago, at the
terminal of Southern railroads and East St. Louis, at the terminal of the
Southwestern railroads, have been points of attraction to the migrating
hundreds from the South. The _Free Employment Office located in a district in which negro people are congregated has been swamped by the incoming Southerners.
(4) Mexican laborers have come in large numbers. Their presence is
particularly evident in Chicago and in the vicinity of the city where they are
being used to do unskilled labor in Chicago plants.
The migration during the year from these four sources has so swelled the
supply of labor that when industry contracted, the visible extent of unemployment in some of the larger cities approached the condition that exists
during a depression. Spring regularly brings an improvement, and as this is
being written in February, signs of change for the better are already at
hand in the growing volume of orders to the free employment offices.
Postal Receipts During January at Fifty Industrial
Cities.
Despite the fact that fifteen of the fifty industrial cities
reported decreases, an average gain of 6.11% was made in
postal receipts at these cities during the month of January
1924, as compared with the phenomenal receipts for January
1923, according to statistics received by Postmaster-General
New on Feb. 8. The largest gain was reported by Springfield, Ill., where an increase of 41.02% was made. Other
cities showing large percentages of increase were:
Waterbury, Conn
Oakland, Calif
Scranton. Pa
32.09% I Lexington, Ky
27.28% Birmingham, Ala
26.06% Pueblo. Colo
22.84%
20.67%
17.23%
Tabulated figures follow:
STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES FOR
THE MONTH OF JANUARY 1924.
Per Ct. Per Ct.
1924
1923
January
January
over
over
1924.
1923. 1922.
1923.
Increase.
Office
Springfield, Ohio
5150,398 19
5147,740 96
32,657 23
1.80
9.33
118,290 46
Oklahoma, Okla
114,590 99
3.89947
3.23 28.71
Albany, N.Y
114.076 35
100,979 02
13,097 33 12.97 28.78
103,85801
Scranton, Pa
82,387 53
21,470 48 26.06
5.91
124,351 37
135,499 38 *11,148 01 *8.23 62.09
Harrisburg.Pa
83,799 43
San Antonio,Texas__ 76,086 02
7,71341 10.14 13.19
84,140 90
Spokane, Wash
87,630 00
*3,489 10 .3.98 17.71
106,003 35
Oakland, Calif
83,282 29
22,721 06 27.28 13.65
Birmingham,Ala
107,295 81
88,916 42
18,379 39 20.67 16.21
110,470 41
Topeka, Kan
110,104 01
366 40
.33 20.29
Peoria, Ill
69,761 12
68.38429
1,40683
2.06 20.19
Norfolk, Va
67,361 26
65,933 88
1,427 38
2.16 13.98
Tampa, Fla
65.081 73
.57,081 90
7,999 83 14.01 21.99
Fort Wayne,Ind
85,693 04
76,934 99
12.33
8,75805 11.83
Lincoln, Nebr
69.230 97
67,173 69
3.06 21.11
2,05728
Duluth, Minn
65,180 59
57,652 45
7.98
7,528 14 13.06
Little Rock, Ark
65,640 24
70,563 25
*4,923 01 .6.98 27.65
Sioux City, Iowa
59,90368
61.557 09
*1,65341 .2.69 14.68
*50548
Bridgeport, Conn_-61,872 93
62,378 41
9.28
..81
Portland, Maine
61,509 51
58,637 03
2.87248
4.89 17.50
St. Joseph, Mo
57,01404
56,318 80
89524
1.23 27.31
Springfield, Ill
85.07605
60,329 40
24,746 65 41.02
8.11
Trenton. N.J
58.349 30
54,991 99
3,35731
6.10 10.19
Wilmington, Del
51,850 40
50,071 96
1.77844
3.55 35.14
Madison,Wis
52,028 48
52,40S 34
*379 86
*.72 11.09
South Bend, Ind
45,096 22
49,566 04
*4,469 82 *9.91 19.02
Charlotte, N.C
51,086 10
47,510 22
3.57588
7.52 16.72
47,869 87
Savannah, Ga
42.242 30
5.62757 13.32 22.46
Cedar Rapids, Iowa
41.678 74
40,733 29
945 45
2.32 16.46
Charleston, W. Va_42,812 87
39,566 07
1.67
2,946 80
7.39
Chattanooga, Tenn_
64.00694
63,434 81
572 13
.90
Schenectady, N. Y--45,450 25
42,679 53
2.770 72
-Kii
6.49
34,544 65
Lynn, Mass
*1.58493 *4.38 36.40
36,129 58
Shreveport,La
39,282 75
37,378 59
1,904 16
5.09 27.29
Columbia, S. C
34,528 65
31,19488
7.41
3,33377 10.68
Fargo, N.Dak
26,232 98
26,008 50
.86
7.24
224 48
Sioux Falls, S. Dak--26,270 85
28,20546
.1,934 61 *6.86 25.96
Waterbury. Conn-37,864 75
28,666 03
9.19872 32.09 13.04
Pueblo, Colo
28,122 56
23,988 36
5.19
4.13420 17.23
Manchester, N.II_ _ _ _
23,096 47
24,145 52
'104905 *4.34
8.04
Lexington, Ky
30,392 51
24,740 57
5,651 94 22.84 10.24
Phoenix, Ariz
26,874 13
24,048 44
2,82369 11.75 18.61
Butte, Mont
20,284 23
21,021 63
.737 40 .3.51 23.33
Jackson. Miss
24,295 02
24,303 88
..03 21.68
'880
Boise, Idaho
17,00000
19.399 29
'2,39929 .12.36 23.93
Burlington, Vt
17,694 96
6.87
17,237 00
457 96
2.65
Cumberland,Md
14,659 86
13,223 71
1.43615 10.86 27.57
Reno, Nev
11,978 40
*.49
12,517 79
*539 39 .4.31
Albuquerque, N. Meg.
15,961 97
14,114 71
1,847 26 13.09 15.65
Cheyenne, Wyo
13,733 48
14,391 95
'65847 .4.57 29.01
Total
52,859,056 83 52,694,352 24 5164,704 59
6.11 18..14
.
Decrease.
October 1923 over October 1922, 12.03%; November 1923 over November 1922,
5.09%; December 1923 over December 1922. 8.40% •
[Vol,. 118.
THE CHRONICLE
Postal Receipts During December at Fifty Selected
Cities.
Postal receipts at fifty selected offices during January
increased $1,095,935 32, or 4.40% as compared with January
1923, according to figures received by Postmaster-General
New on Feb. 7. The statement issued by the Post Office
Department says:
While the increase was not so large as January 1923 when it reached the
18.99%, it was reduced sill more by a decrease of 51.34% at Fort Worth.
'Texas. This great decrease came about as a result of Federal prosecutions
of a large number of fraudulent oil stock selling concerns who, during the
previous year, flooded the Fort Worth office with circulars and all classes
.of mail matters.
The combined percentage of gain in postal receipts, however, for the two
months over January 1921 was well over 20%. The largest percentage of
gain made in January 1924 was reported by Akron, Ohio, where the receipts
were 19.90% greater than for January 1923. Other cities showing comparatively large increases were:
12.03%
18.95%
Hartford, Conn
Los Angeles. Calif
11.39%
16.41%
Newark, N. J
Detroit, Mich
11.13%
St. Paul. Minn
14.66%
-Washington. D. C
11.04%
13.407
Portland, Ore
Dayton, Ohio
10.66%
13.324
Indianapolis, Ind
Des Moines. Iowa
Tabulated figures follow:
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH OF JANUARY 1924.
----PerCen
1924 1923 1922
January
,
Ja uary
Over Over Over
4
1924.
.
lncrease. 1923. 1922. 192
1923.
Offices-$
$
%
S
%
%
5,292,028 63 5,072,601 14 219.427 49 4.33 16.23 7.65
New York. N.Y
1.32
4,588,03033 4,548,944 58
Chicago. III
39,085 75 .86 29.28 '
1,484.335 41 1.462.51548
Philadelphia. Pa
21.819 93 1.49 18.26 .3.19
1,170,487 66 1.133,69604
Boston, Mass
36,791 02 3.25 13.87 7.99
981.739 18
St. Louis, Mo
43,296 93 4.71 13.83 14.70
918,442 25
'Kansas City. Mo
64.986 21 9.76 21.62 5.65
730,618 22
665,632 11
Cleveland. Ohio
670,237 06
661,071 80
9,165 26 1.39 28.83 *.10
.41
.16 20.14
567.303 91
San Francisco. caw
566,381 44
922 47
Brooklyn, N.Y
24.940 10 4.66 11.83 *3.83
560.675 58
535,735 48
93,214 29 16.41 19.36 8.65
661,310 51
Detroit, Mich
588,096 22
. 660,43080
Los Angeles, Calif __ _
555,215 62 105,235 18 18.95 26.28 15.17
9,25568 1.73 17.13 6.79
543.899 83
Pittsburgh, Pa
534,644 15
1,06356 .22 22.25 8.49
Minneapolis, Minn.__
486,946 61
488,010 17
40,14054 9.15 16.51 3.80
479.066 31
438,925 77
Cincinnati, Ohio
22,936 37 5.63 11.56 2.49
407,133 82
430,070 19
Baltimore, Md
49.730 92 14.66 0.42 3.11
339,285 66
389,016 58
Washington, D. C
32.839 99 9.30 19.04 1.82
378,469 33
345,629 34
Buffalo, N. Y
27,626 01 8.50 17.19 7.29
352.534 83
321,908 82
Milwaukee. WIr
32,241 21 11.13 15.52 23.57
321,818 32
St. Paul. Minn
289,577 11
279,687 43
29.823 10 10.66 16.85 6.85
Indianapolis, Ind_ - _ - 309,510 53
22.928 66 8.06 13.24 3.76
307.409 53
Atlanta, Cla
284,480 87
.64
4.120 77 1.70 17.85
246,684 77
Denver,Colo
242,564 00
13.898 03 6.04 12.80 3.78
Nob
53
244,103 56
230,205
Omaha.
27,39275 11.39 22.03 9.72
Newark, N..1
240,475 02
237.867 77
Dallas. Tex
10,079 50 4.14 16.50 9.20
253,268 58
243,189 08
17,734 57 8.45 9.50 4.41
227,604 39
Seattle, Wash
209.869 82
28,539 99 13.32 16.42 .86
Des Moines,Iowa__ _ - 242,797 85
214,257 86
22,47299 11.04 15.92 6.42
225,978 10
Portland. oregon
203,505 11
1.84 15.88 •69
202,131 16
203,853 37
*1.722 21 .
New Orleans, La
12,691 11 6.48 8.14 4.81
208,502 63
195,811 52
'Rochester, N. Y
13,648 75 6.81 15.01 20.40
214,040 00
Louisville, Ky
200,391 25
2,485 93 1.21 22.93 .38
Columbus, Ohio
205,200 71
207,686 64
160,823 37
5,301 70 3.30 30.31 *6.77
166,125 07
'Toledo. Ohio
4,226 30 2.77 9.20 17.34
152.371 29
156.597 59
Richmond. Va
8,077 01 5.66 12.66 7.81
150,763 45
142,1386 44
Providence, R.I
6.24071 *4.01 13.66 11.65
149,338 23
155.578 94 '
Memphis, Tenn
15,238 95 12.03 5.58 1.09
141.923 82
126,684 87
Hartford, Conn.
91082 .72 12.86 2.46
126,062 98
126,973 80
Nashville, Tenn
15,067 76 13.40 20.38 15.14
112,444 48
127,512 24
Dayton, Ohio
182,761 04 *93,832 24'51.34 38.17
88.928 80
Fort Worth,Tex
4,364 41 3.92 8.91 3:25
111,374 67
115,739 08
Syracuse, N.Y
8,06775 6.73 13.33 .3.06
127,925 38
119,857 63
Houston, Tex
11,080 05 9.83 14.69 2.83
112,741 83
123,821 68
New Haven, Conn
8,452 57 8.41 9.90 12.96
100,504 25
Grand Rapids, Mich- 108,956 82
'6.99177 *6.87 31.47 9.98
101,743 46
94,751 69
Jersey City. N.J
17.265 89 19.90 17.71 *5.83
Akron.Ohio
86.740 40
104,006 29
3.72353 4.22 12.01 5.11
92,023 72
Salt Lake City, Utah_
88,300 19
8.921 68 9.89 11.07 3.34
99,125 01
Springfield, Mass_ _ _ _
90.203 33
6.663 71 7.91 14.17 .4.82
Worcester, Mass
84,266 88
90,930 59
6.82506 9.22 15.11 .3.91
Jacksonville, Fla
70,880 66
77,705 72
Total
26.030,83744 24,934,902 12 1.095,935 32 4.40 18.99 4.48
• Decrease. Oct. 1923 over Oct. 1922,9.92%; NOV. 1923 over Nov. 1922. 6.93%;
Dec. 1923 over Dec. 1922, 7.55%.
The Country's Foreign Trade in January-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Feb. 13 issued the statement of the foreign
trade of the United States for January and the seven months
ending with January. The value of merchandise exported
in January this year was $394,000,000, as compared with
$335,416,506 in January last year. The imports of merchandise were $299,000,000 in January 1924, as against
$329,253,664 in January last year. This left a trade balance in favor of the United Stites on the merchandise
movement of $95,000,000 for the month in 1924, against
$6,162,842 in 1923. Imports for the seven months of 1923-24
have been $2,003,250,921, as against $2,022,592,729 for the
seven months of 1922-23. The merchandise exports for the
seven months have been $2,616,361,331, against $2,346,590,692, giving a favorable trade balance of $613,110,410,
against $323,997,963. Gold imports totaled $45,170,144 in
January this year, against $32,820,163 in the corresponding
month last year, and for the seven months they are $235,953,496, as against $184,977,253. Silver imports for the
seven months have been $51,348,913, as against $41,739,300
in 1922, and silver exports $55,328,894, against $37,567,415.
Some comments on the figures will be found in an earlier part
of this issue of our Editorial Department. Following is the
complete official report:
TOTAL VALUES OF IMPORTS AND EXPORTS OF THE UNITED STATES.
(Preliminary figures for 1924, corrected to Feb. 12 1924)
MERCHANDISE.
7 Months ending January.
January.
1924.
Imports__
Exports_ __
1923.
$
299,000,000
394,000,000
Ovnavas darn
Increase(±)
Decrease (-).
1923.
1924.
$
8
$
' $
329,253,664 2,003,250,921 2,022,592,729 -19,341,808
335,416,506 2.616,361.331 2,346,590,692 +269,770.639
nnn on, ne,
SI, / to 411,
O IRO OA,
OS flif. Mr.
IMPORTS AND EXPORTS OF MERCHANDISE, BY MONTHS.
1923-24.
Imports$
287,433,769
July
275,437,993
August _
September_
253,645.380
308,290,809
October
November. 291,333,340
December. 288,109.624
January -- - 299,000,000
February..
March ____
*
April
May
June
1922-23.
1921-22.
S
251,771,881
281.376,403
298,493.403
276,103,979
291,804,826
293,788,573
329,253,664
303,412,419
397,928,382
364,252;544
372.544,578
320,233,799
1913-14.
1920-21.
5
178,159,154
194,768,751
179,292,165
188,007,629
210,948,036
237,495,505
217,185,396
215,743,282
256,177,796
217,023,142
252,817.254
260,460,898
$
139,061,770
137,651,553
171,084,843
132.949,302
148,236,536
184,025,571
154,742,923
148,044,776
182,555,304
173,762,114
164,281,515
157,529,450
5
537,118,971
513,111,488
363,290,301
333,195,758
321,209,055
266,057,443
208,796,989
214,529,680
251,969,241
254,579,325
204,911,186
185,689,909
7 M08. end.
January. 2,003,250,921 2,022,592,729 1,405,858,636 2,542,780,005 1,067,752,498
12mos.end.
June....3,780,964,451 9.608.079.9083,654.459.346 1,893,925,657
Exports
302,186,027 301,157,335
July
August
311,262.968 301,774.517
September_ 381,433,570 313,196,557
October.,, 399,198,863 370,718,595
November_ 401,480,922 379,999,622
December. 426,798,981 344,327,560
January _ _ _ 394,000,000 335,416,506
February _ _
306,957,419
March..341,376,664
April
325,492,175
May
316,359,470
June
319,956,953
325,181,138
366,887,538
321,883,123
343,330,815
294,002,219
296,198,373
278,848,469
250,619,841
329,979,817
318,469,578
307,568.828
335,116,750
160,990,778
187,909,020
218,240,001
271,861,464
245,539,043
233,195,628
204,066.603
173,920,145
187,499,234
162,552,570
161,732,619
157.072,044
651,136,478
578,182,1191
604.686,259
751,211,370
676,528,311
720,286.774
654,271,423
488,454,090
386,680,346
340,464,106
329,709,579
336,898,606
7 mos. end.
. January. 2,616,361,331 2,346,590,692 2,229.401,675 4,636,303,306 1,521,802,536
12 mos.eud.
June_
3.956.733.373 3.771.156.489 6.516.510.033 2.364.579.148
GOLD AND SILVER.
Jan cry.
1924.
Gold
7 Nos. end. January.
1923.
1924.
Increase(+)
Decrease (-).
1923.
$
$
$
45,170.144 32,820.163 235,953,498 184,977,253 +50.976.243
176,312 8.472,198 6,528,179 35,202.623 --28,674,444
Imports
Exports
Excess of Imports_ 44,993,832 24,347,965 229,425,317 149,774.630
Silver
Imports
Exports
5,927,745
8,120.648
5.824,637 51,348,913 41.730,300 +9,609,613
6,921.802 55,328,894 37,567,415 +17,761.479
Execs; of Imparts_
Excess of exports_
2,192,903
1,090.365
4.171,885
3,979,981
IMPORTS AND EXPORTS OF GOLD AND SILVER, BY MONTHS.
Gold,
Slicer.
1923-24.
-Imports
July
August
September
October
November _
December
January
February
March
April
May
June
1922-23.
1921-22.
1923-21.
1922-23.
S
$
$
$
$
27,929,447 42,986,727 64,247,479 10,066,463 6.957,298
32,856,097 19,092,208 84.901,554 6,465.949 4,943,762
27,803.961 24,464,235 66,085.253 8,517,971 6,370,279
29,795,185 20,866,156 47,106.839 6.929,311 .3,940,349
39,757,436 18,308,087 51,298,626 5,269,173 5,855,405
32,641,226 26,439,677 31.665,827 8,172,301 7,847,570
45,170,144 32,820,163 26,571,371 5,927,745 5,824,637
8,382,730 28.738,920
3,792,387
15,951,357 33,488,256
4,626,376
9.188.470 12,243,555
4,261,869
46,156,191 8,993,957
4,461,140
19,433,539 12,976,636
6,065,947
1921-22.
$
4,513,279
7,852,849
4,488,359
7,809,838
5,912,079
5,515,904
6,495,758
4,785,957
6,953,105
4,799,873
5,511,553
6,345,744
7 mos.end.Jan 235953,496 184977,253 371876,949 51,348,913 41,739,300 42,288,066
12 mos. endini
284089.550 468318,273
June
64,947,025 70,684,298
Exports
552,826
643,714 3,734,929 0,233,163 6,268,953 5,112,842
July
2,200,981
955,853
August
671,652 7,032,221 3,861,180 3,743,133
September _ _ _ _
862,697 1,398,607 2,448,741 8,123,460 3,735.178 4,946,751
1,307,060 17,591,595 7,576,472 7,522,845 3,268,731 4,782,199
October
746,794 3,431,085
November _ _
607,437 8,775,474 6,699,171 4,803,832
711.529 2,709,591 2,161,582 9,521,083 6,913,200 7,145,047
December
176,312 8.472,198
January
862.983 8,120,648 6,921,002 3,977,118
February
1.399,089 1,731,794
2,191,059 7,091,665
March
10,392,100
963,413
4,731,708 4,302,182
655,235 1,578,887
April
4,336,338 5,108,732
824.441 3.406,658
May
3,499,358 5,676,755
548,484 1,600,754
June
3.581,081 6,004,421
7 mos.end.Jan. 6,528.179 35.202.623 18,063,790 55,328,894 37,567,415 34,510,922
12 mos. ending
49,021,975 27,345,282
June
55.906.056 62,694,677
Unparalleled Loading of Railroad Revenue Freight
Cars For the Time of Year.
Unprecedented loading of revenue freight for this period
of the year is being reported by the railroads of the country
to the Car Service Division of the American Railway Association. The total for the week which ended on Feb. 2 was
929,936 cars, the largest number ever loaded during any one
week in January or February on record. Compared with
the corresponding week last year, when freight traffic was
the heaviest in history, it was an increase of 64,522 cars,
and with the corresponding week in 1922 it was an increase
of 182,041. It also was an increase of 167,256 cars over the
corresponding week in 1920. The total for the week of
FEB. 16 1024.]
THE CHRONICLE
729
Feb. 2 also was an increase off
i38,610/carslover the preced- was also an increase of 17,588,132,000 netIton miles, or
4%,
ing week this year, with increases being reported in the load- over 1918, when
freight traffic was greatly stimulated by
ing of all commodities except live stock and coal. Further the war.
particulars are as follows:
In the Eastern District alone freight traffic amounted to
Grain loading for the week totaled 53,645 cars, an increase of 4.897 cars
over the week before and 11,950 cars in excess of the same week last year. 236,963,042,000 net ton miles, which was an increase of 4.3%
Compared with the same week in 1922, it was an increase of 5,369 cars. over 1920 and an increase of 27.1%
over 1922, when freight
In the western districts alone loading of grain and grain products amounted traffic,
particularly in the East, was reduced somewhat
to 37,122 cars, 8,709 cars above the corresponding period last year.
Live stock loading totaled 33,246 cars. While this was a decrease of due to strikes of both coal miners and railway shopmen.
2.460 cars under the week before. it was an increase of378 cars over the same Freight traffic on the railroads
in the Southern District
week in 1923 and an increase of 5,298 over the same week in 1922.
amounted to 61,232,629,000 net ton miles, an increase of
Coal loading amounted to 198,955 cars, 5,441 cars below the preceding
9.2% over 1920 and an increase of 18.9% over 1922, while in
week but 8,530 cars above last year and 14,657 cars above two years ago.
Loading of merchandise and less-than-carload lot freight totaled
235,979 the Western District it amounted to 159,394,175,000 net ton
cars, an increase of 10,355 cars over the preceding week and 19,523 cars
miles, which was a decrease of 2.7% under 1920, but an
above the same week last year. Compared with the same week
in 1922,
increase of 1534% over 1922.
it was an increase of 18,873 cars.
Loading of miscellaneous freight for the week amounted
For the month of December alone freight traffic on the
to 305.966
cars. This was not only an increase of 22,716 cars over the week before,
but it also was an increase of 16,249 cars over the corresponding week in railroads amounted to 33,418,537,000 net ton miles, or 7.9%
1923 and an increase of 97,262 cars over the corresponding week
under the same month in 1922. In the Eastern District,
in 1922.
Forest product loading totaled 80,132 cars, which was within
eight cars a decrease compared with the same month the year before
of the greatest number ever loaded during any one week
on record, estab- of more than
6% was reported, while the Southern and
lished in April last year. Compared with the corresponding week
this year.
this was an increase of 7,524 cars, while it also was an increase
of 10,335 ears Western districts both reported decreases of more than 9%.
over the corresponding period in 1923. Compared with the corresponding
A new high record was also made in 1923 in the average.
period In 1922 it was an increase of 30,415 cars.
daily movement per freight car, the average for the year
Ore loading amounted to 9,506 cars, 977 cars above
the week before, but
763 cars under the same week last year. Compared with
the same week being 27.8 miles per day. This exceeded by 1.7 miles the
in 1922, however, It was an increase of 5.558 cars.
best previous average, which was that for 1917, while it
Coke loading for the week totaled 12,507 cars, 42 cars above
the week
also exceeded by 2.7 miles the average for 1920. Combefore, but 1.680 cars below the same week last year. This was
an increase,
though, of 4,609 cars over the same week two years ago.
pared with 1922, it/was/an increase of 4.3 miles. In comCompared by districts, increases over the week before in
the total load- puting the average movement
per day, account is taken of all
ing of all commodities were reported in all except the Central Western
districts. All districts, however, reported increases over the corresponding freight cars in service, including all cars in!transit, cars
in
week last year except the Allegheny, which showed only a slight
decrease, process of being loaded and unloaded, cars undergoing or
while all reported increases over the corresponding week two years
ago.
Loading of revenue freight this year compared with the two previous years awaiting repairs, and also cars on side tracks for which no
follows:
load is immediately available.
Four weeks of January
3.362.136
3,373.965
2,785.119
The average load per freight car in 1923 amounted to 27.9
Week ended Feb. 2 _
929,936
865,414
747.895 tons, which was
an increase of one ton over the average for
4.292.072 4,239379
3,533.014 1922, but a decrease of 1.4 tons under 1920, when the
average was 29.3 tons, the largest for any year on record.
Steel Production in January Registers Large Increase
Unfilled Orders of Steel Corporation Show Further
over December's Output.
The American Iron & Steel Institute has issued a stateIncrease.
ment according to which the production of steel in January
The United States Steel Corporation on Saturday, Feb. 9,
1924 by companies, which in 1922 made 95.35% of the steel 1924, issued its regular monthly statement showing
unfilled
ingot output in that year, totaled 3,432,541 tons, consisting orders on the 'books of the subsidiary corporation
s as of
of 2,752,932 tons open hearth, 667,032 tons Bessemer, and Jan. 31 1924/to/the amount of 4,798,429
tons. This is an
12,577 tons all other grades. This indicates a total produc- increase of 353,090 tons over the unfilled tonnage
Dec. 31,
tion for the month of 3,599,938 tons, on which basis com- and follows a gain of 76,755 tons registered in these
unfilled
parison is with an indicated production of 3,822,369 tons in orders during the month of December. At this
time last
January last year. Compared with production .in more year, however (Jan. 31 1923), the unfilled tonnage
aggrerecent months, however, a very satisfactory increase is to gated no less than 6,910,776 tons, but on
Jan. 31 1922 (a
be noted. In December 1923 the indicated output amounted time of great/depression in
the industry) the amount was
to only 2,843,764 tons, in November 1923 production totaled only 4,241,678/tons. In the following
we give the figures
3,113,804 tons
-in fact, the output in January 1924 is the at the close of previous months back to the beginning of
largest since August 1923. The increase over December's 1920. Figures for earlier dates may
be found in the issue
production amounts to no less than 756,174 tons.
of the "Chronicle" for April 14 1923, page 1617:
With reference to the change inaugurated in June 1923
1922.
1920.
4,798,429
6,910,776
.
4,241,678
7,573,164
9,285,441
in the method of compiling these figures, we refer the reader January
February
7,283,989
4,141,069
8,933,887
9,502,081
March
7,403,332
to the "Chronicle" of Aug. 111923, pages 607 and 608.
4,494,148
6,284,765
9,892,075
April
7,288,509
5,096,917
5,845,224
10,359,747
MONTHLY PRODUCTION OF STEEL INGOTS.
JANUARY, 1923.
TO DECEMBER, 1923.
Reported for 1923 by companies which made 95.35% of the
Steel Ingot production
in 1922.1
Months
1923.
Openhearth.
Bessemer,
Calculated
AvvrostMonthly
Monthly No. of male daily
AU Production Production working Praha:Me
Other. companies
all
days.
all
reportim companies
companies,
gross lone.
2,908,897
Jon
2.613.584
Feb
March ._ 3,048,309
April --- 2,974,579
Mag.--- 3,136.558
2,821,239
June
July -- 2.868,449
Aug --- 2.798.370
Sept -- $2.551 490
Oct- - --- 2,724.371
Nov. -- 2,343.368
2,130,613
Dec
728,270
669,903
799,525
772,485
847.418
737,845
680,884
701,059
613,709
649,452
616,335
570,004
9.467
10,797
12.841
13.933
16.719
15.483
11,496
9,326
8,602
9.163
9.309
10,912
3,844,829 3,822,369
3,294,284 3,454,918
3.858.675 4,048.854
3.760.997 3,944.412
4,000,695 4.195.800
3,574.567 3,748.890
3.350.829 3.514.241
3,508,755 3,677,771
*3,173 801 *3,328 580
3,382.986 3.547,966
2,969,012 3,113,804
2,711,529 2.843,764
• 27
24
27
25
27
28
25
27
25
27
26
25
141,569
143,935
149.883
157,776
155,400
144,188
140.570
138,214
*133,143
131.406
119.762
113,751
*32703302 8,386,889 138,048 *41228729 *43239369
Total
1924.
January _ 2.752,932 667,032 12,577 3,432,541 3,599,938
*Revised
311
*139.033
27
133,331
An_Unsurpassed Railroad:Freight Tonnage in Calendar
Year 1923.
An unprecedentedIvolume of freight traffic was carried by
the railroads in 1923, according to complete reports for the
yeadfiled on!Feb. 13 by the carriers with the Bureau of
Railway Economics. Thesetsbowed that in 1923 the traffic
amounted to 457,589,846,000 net ton miles, exceeding by
10,311,636,000!net tone"miles, or 2.3%, the total for 1920,
which/markeditheprevious/record year. Compared with
.
1922, this was:an increase of1 81,637,920,000, or 21.7%. It
May
June
July
August
September
Pctober
November
December
6,981,351
6,386,261
5,910,763
5,414,683
5,035,750
4,672,825
4,368,584
4,445,339
5,254,228
5,482,487
5,635,531
5,117,868
5,776,161
4,830,324
5,950,105
4,531,926
0,691,607
4,560,678
6,902,287 • 4,286,829
6,840,242
4,250,542
6,745,703
4,268,414
10,940,466
10,978,817
11,118,488
10,805,038
10,374.804
9,836.852
9,021,481
8,148,122
.Steel and Iron Operations Expand.
Bookings in/the steellindustry are close to January rates,
although priceTconcessions have not entirely disappeared,
states the "Iron'Age" In its weekly market review, published
Feb. 14. The/demand for pig iron is fairly active in nearly
all centres, the market in eastern Pennsylvania being strong,
according to the summary, which follows herewith in detail:
February so far shows expanding operations: in the districts west of Chicago this is a response to increased volume of buying, but in Pittsburgh
bookings do not average up to the January rate.
Steel ingot output in January, averaging 133,331 tons per day,
is 19.580
tons per day more than the December production. It is regarded as
unlikely that of this 5,000 tons could have gone into stocks of sheet bars and
slabs for later demand, so that shipments were fully one-eig
hth better than
In December. However, steel-making operations were cut sharply in
December, but are now probably 5% above the rate of the production for all
of 1923.
Demand for soft steel bars, by far the largest item
in point of steel tonnage, is heavier than for any other rolled product.
Some mills are booked
for four to six weeks and in the Chicago district the East is finding possiit
ble to sell some sizes.
The Jones & Laughlin Steel Corp. has 11 of its
12 blast furnaces in
operation, the Youngstown Sheet & Tube Cq. has all nine
of its stacks in
blast, and the Shenango Furnace Co. is about to start its No. furnace.
3
Another Gary stack is expected to go in within a week.
Price concessions in steel have not by any means disappeared. Some are
traceable to extensions on old contracts of 1923. including structural steel.
Others are uncovered in tie plates, track spikes, light rails, and rivets.
Pittsburgh mills are not now altogether ignoring Central Western and
730
THE CFRONICLE
[VOL. 118.
Eastern plate prices in competitive territories. In bolts and nuts some near at hand. It is estimated, will call for 825,000 tons of steel. Seven car
business has been taken at the recent 5% advance, but old discounts are floats closed by Eastern railroads call for 7,000 tons. The Missouri Pacific
has distributed 13.000 tons of tie plates.
still ruling.
Automobile body sheet contracts have been made for the second quarter
consumption is keeping pace with production. Sheets
at current prices, and
Crude Oil and Gasoline Prices Continue to Rise.
are generally firmer, although 3.75c., Pittsburgh, for black, and 4.90c.
for galvanized sheets are still encountered.
Although fewerchanges in prices have been announced
Price shading in alloy steels seems inconsequential, most mill order books
during the present week, in every instance of revision
being well filled.
Buying of 30.000 tons of basic by one company and 6.000 tons by another the changellwas in an upward direction. Reports from
in the Philadelphia district, with satisfactory orders for foundry grades, has
state that on Feb. 13 the Joseph Seep
3 strengthened the pig iron market in eastern Pennsylvania, and the demand 1 M burgh,1Pa.,
is fairly active in nearly all centres. While prices are for the most part well Purchasing Agency advanced Corning crude oil 15c. to
maintained. Buffalo sellers are very aggressive and iron is being shipped $195 a barrel. Mid-Continent crude oil was advanced
from that district as far as Indianapolis and Iowa at rather low prices.
Corp. of
The possibility of importing foreign iron is having a tendency to check the from 5 to 25e. per barrel by the Waite-Phillips
1(77nulgee, Okla.
upward trend of prices in the East.
Little forward buying has developed in wire products, except among
The Vacuum Oil Co. had advanced its selling prices of
jobbers, who are looking for higher prices. Scarcity in wire rods is reported
lubricating oils due to the increased cost of light-grade
and one mill is canceling unspecified tonnages.
With 4,000 all-steel hopper cars for the Norfolk & Western RR., requir- crude oils which company uses.
ing 50,000 tons of steel, and 2,000 box cars for the Santa Fe, miscellaneous
A special dispatch concerning the payment of premiums
small orders make the week's total 6,095. In track equipment the Missouri
was published in the Feb. 15 issue of the "Journal of
Pacific has bought 16,000 tons of tie plates.
Reduced structural activity is indicated by reports of lettings and inquir- Commerce" from Tulsa, Okla., and read as follows:
ies. Contracts awarded call for about 20,000 tons of steel, and new proThe gasoline market here (Tulsa) is still very soft, but disappointments
jects for nearly as much.
await brokers who seek supplies at less than 11c. The idea prevails that
Great expectations in plates, shapes and bars for Japan are attached to the return of fair weather will start buying next week.
the floating of the loan to that country. From Manila a 1.300-ton strucRefiners are still paying premiums for crude and a survey shows them
tural steel inquiry has been received.
unwilling to allow what crude contracts they have made to lapse for fear
Active efforts are being made to import European pig iron and also steel that a revival of buying activity may catch them short. This is one
on the Atlantic Coast. A $6 50 differential in billets was not sufficient to explanation of the Waite Phillips Co. premium advance of 10c., 15e..
attract buyers.
20c. and 25c, over the Prairie price for Bristow, Slick, Beggs and OkFinished steel is unchanged in price, the "iron Age" composite price re- mulgee oil.
one year ago.
maining at 2.789c. per lb., compared with 2.596c.
The Phillips Petroleum Co. has sold 250,000 barrels of high gravity
Pig iron has advanced slightly, the "Iron Age" composite price being Creek and Okmulgee oil to the British-American Co. of Toronto for 32 85
$22 86. compared with $22 77 last week and $26 96 one year ago.
a barrel delivered. This concern has been buying royalty oil at Wewoka.
The composite price table for the week is as follows:
Composite Price, Feb. 11 1924, Finished Steel, 2.789c. per Lb.
Feb. 5 1924. 2.789c.
Based on prices of steel bars, beams,
Jan. 15 1924, 2.789c.
tank plates, plain wire, open-hearth
Feb. 13 1923. 2.596c.
rails, black pipe and black sheets. con-year pre-war average. 1.689e.
U. S. output_ ___ 10
stituting 88% of the
Pig Iron, $22 86 per Gross Ton.
Composite Price, Feb. 11 1924,
Feb. 5 1924, $22 77
Based on average of basic and foundry(
22 04
Jan. 15 1924.
irons, the basic being Valley quota-1
2696
Feb. 13 1923.
tion, the foundry an average of Chi15 72
-year pre-war average.
110
cago,Philadelphia and Birmingham__
Diversified succession of projects of major size appears to
have put a heavy demand on the mills, declares the "Iron
Trade Review" of Cleveland on Feb. 14. Foreign steel is
being offered at Atlantic ports below domestic prices, continues this journal in its resume of conditions in the markets
during the past week. Further facts concerning the trend of
this industry are quoted from the "Review" as follows:
In the gasoline trade the Magnolia Petroleum Co. on
Feb. 8 established a tank wagon price of 19c. per gallon,
a 2-cent increase over its former price. At the same time
it advanced the price of kerosene lc. per gallon.
Competing firms in Watertown, N. Y., and vicinity on
Feb. 8 announced advances of Sc. a gallon, bringing the
price up to 22c. per gallon.
On Peb. 9 the Atlantic Refining Co. inbreased its prices
lc. per gallon to 20e. at tank wagon and 23c. at service
-cent-a-gallon State tax.
station, exclusive of 2
The Standard Oil Co. of Kentucky on Feb. 11 increased
the price of gasoline lc. per gallon throughout its territory.
Crude Oil Production Decreases Slightly.
A decrease of 2,600 barrels in the estimated daily crude oil
Announcements of awards and requirements involving large tonnages of
steel have fairly crowded the market during the past week. At no time production. during the week of Feb. 9 was noted by the
since the recent upswing of business two months ago has any period brought American Petroleum Institute in its advance summary,
forth so many or so diversified a list of newly-created demands of major
average gross crude oil prosize, these testifying to the widespread character of the expanding move- issued Feb. 13 1924. The daily
ment in general business and industry.
duction in the United States for the week ended Feb. 9
Many buyers are feeling their way, new mill bookings are sustained at a
was 1,915,000 barrels, as compared with 1,917,600 barrels
heavy rate and for many producers are well in excess of shipments. As a
result the mills are piling up backlogs which place them in a comfortable for the preceding week, or a decrease of 2,600 barrels. The
position both on operations and in selling activity. The increase of 353,190 corresponding week of 1923 showed a production of 1,719,600
tons in the unfilled orders of the Steel Corp. for January in the face of large
195,400 barrels less than the current output.
production, marks the heavy volume of recent buying. Chicago mills barrels, or
especially are filling up and their deliveries are receding. This condition The daily average production east of the Rocky Mountains
Is reflected by sales of small lots of steel bars into Chicago territory by out- was 1,233,250 barrels, as compared with 1,232,950 barrels
side mills at the Pittsburgh base price. Production though already high
other hand, California production
still is moving up. The Carnegie Steel Co. has put in another blast furnace the previous week. On the
and is operating 48 out of 59 as well as 92% of ingot capacity. The Illinois was 681,750 barrels, as compared with 684,650 barrels;
Steel Co. has added one furnace, Is about to relight another and is operating Santa Fe Springs is reported at 119,000 barrels, against
at 93%. The Jones & Laughlin Steel Corp. has all steel capacity engaged.
Floating of the Japanese reconstruction loan, which is near at hand, will 125,000 barrels; Long Beach, 230,000 barrels, against 229,000
open a tremendous demand for building steel, it is believed, much of which barrels; Huntington Beach, 62,500 barrels, against 64,000
will come to American mills. The Argentine State railways are about to
barrels, and Torrance, 31,000 barrels, against 30,000 barrels.
Inquire for 20.000 tons of rails. American mills have sold 8,000 tons of
to Canada. Recovery of steel ingot production in January after The following are estimates of daily average gross production
sheets
four months of losses was at an even more rapid rate than in pig iron and for the weeks indicated:
ks. The
apparently is an accurate measure of the revival in mill businur
DAILY AVERAGE PRODUCTION,
January output, it is estimated, totaled 3,599,938 tons, a gain of 756,174
Feb. 9 '24. Feb. 2 '24. Jan. 26 '24. Feb. 10 '23.
(In Barrels.)
of pig iron production in Oklahoma
tons, or 17.3%. over December. The increase
410,050
409,250
408,450
382,650
71.500
71,050
81,080
7ite
January over December was 3.6%. In January the country was producing Kansas
65.400
53,750
63.850
62,600
steel ingots at the annual rate of 41,460.000 tons, which represents 88.4% North Texas
124,950
187,950
185,000
182,250
Central Texas
of the high record in April.
69,200
53.200
54,000
53,200
North Louisiana
continues. At Arkansas
Invasion of foreign iron and steel on the Atlantic Coast
97,460
113,050
113,200
113,650
113,500
88,550
86,600
87.250
Boston 1.000 tons of Belgian reinforcing bars ha.s been sold at 2.25c., or Gulf Coast
108,000
104,000
105,000
107,000
$8 to $10 under the American mill price. French structural shapes have Eastern
97,450
140,000
Wyoming & Montana_ _
145,350
143,100
been offered at the same figure at Boston. French billets have been sold California
565,000
681,750
684.650
691,750
to Portland, Me.. buyers. At Providence foreign foundry iron has been
1,719.600
1.915,000
Total
1,894,900
1.917.600
sold at 321 75 duty paid and other sales have been made in Philadelphia
and New York territory. It develops that the sale of 4,000 tons of French
shapes is for delivery at Norfolk and is for the electrification of the VirPrices of Automobiles Increased.
ginian Rail way.
"Iron Trade Review" composite of 14 leading iron and steel products is
The Olds Motor Works, a division of the General Motors
shade higher this week at $43 53, against 343 49 last week.
a
Shipments of pig iron by the furnaces are mounting steadily while the Corp., has increased prices on all its models. The price
market in spots shows a continuance of heavy purchases. The East has of the roadster has been increased to $785 from $750; touring
been prominent this week with sales of 125.000 to 150,000 tons at New York
$795 from $750; sport touring to $915 from $885;
and Philadelphia. including 30,000 tons of basic to the American Bridge car to
cabriolet to $985 from $955; coupe to $1,075 from $1,035,
Co.. Steel Corp. subsidiary, and 20,000 tons to pipe foundries.
Building steel awards and reques's remain heavy. At Chicago the and sedan to $1,135 from $1095.
Palmer House. 17,000 tons, is practically closed, Bids are about to be called
The Oakland Motor Car Co., also a division of the General
for 40,000 tons for the Philadelphia-Camden Bridge and for 20,000 to 25,000
tons for the second section of the Newark Bay Bridge of the New Jesrey Motors Corp., will make price advances of $50 per car on
Central RR.
the complete Oakland line, effective about Feb. 23. The
Orders for railroad cars just placed or on the verge of being closed run
factory prices will be $995 for roadster and touring
into large figures. The New York Central is credited with having virtually new
placed up to 17,000 cars and the Pennsylvania is near to distribuitng 10,000 models; $1,245 for 3-passenger coupe, $1,445 for the sedan
bodies. Orders definitely closed this week call for 4,000
touring car.
to 12,000 cars and
Western, 2,000 for the Santa Fe. Car orders closed or and $1,145 for the sport roadster and sport
for the Norfolk &
FEB. 1.6 1924.]
THE CHRONICLE
Dodge Bros. have advanced prices $15. The price of the
touring car has been increase,d $15 to $895, roadster $15 to
$865, and screen commercial car $15 to $910, all effective
Feb. 15.
731
business at its peak. Practically similar conditions exist over the southwest, a blizzard interfering with mine operations early last week.
The Ohio markets generally report activity. Smokeless coals are in good
demand and deliveries are lower, due to a cut down in car supply on one
railroad. Free coals are pretty well taken up for the time being and splint
and gas coals show more strength. Steam coals are in fair demand, but
with large consumers holding fair reserves there is no tendency to add to
them. There is a moderate active market at Pittsburgh, the 'greatest
interest being shown in what will take place at Jacksonville. In New
England, there is little encouragement in the steam coal situation and
practically no change in the market for PennsTlvania coals. The New
York, Philadelphia and Baltimore markets are quiet. There is no activity
and buyers of spot coals are taking only enough for immediate needs. Inquiries show no increase.
During January of this year 14 steamers left Baltimore carrying 70,225
tons of coal to foreign countries, and one vessel carried 3.491 tons of coke.
In January of last year the sailings were three vessels carrying 4,119 tons of
coal. Dumpings at Hampton Roads for all accounts during the week ended
Feb. 7 was 369,171 net tons of coal, as compared with 283,447 tons the
previous week.
Weather Conditions Strengthen Coal Markets in
Some Sections.
Market reactions in the bituminous trade last week split
sharply along sectional lines, declares "The Coal Trade
Journal" in its market review published Feb. 13. West of
the Buffalo-Pittsburgh zone weather conditions spurred
seasonal demand and aroused optimism over the immediate
if not the future, outlook. Along the Atlantic seaboard, on
the other hand,the pinch of winter brought no joy, continues
the "Journal." The explanation of this continuing gloom
in coal trade circles in New York, Baltimore,Philadelphia,
Bituminous Coal Production Falls Off Slightly
Buffalo, and to a lesser degree at Boston and the primary
Anthracite Production Again Increases.
markets of the central Pennsylvania field, is to be found, it is
The week ended Feb. 2 saw a falling off inIthe production
declared, in the fast vanishing hopes built upon the possibility of a strike in April or a providential increase in foreign of bituminous coal by 254,000 tons, while on the other hand
the output of anthracite was increased by 111,000 tons,
demand. The summary reads as follows:
The seaboard, of course, responds less to the weather stimulus, because according to the estimates made by the U. S. Geological
falling temperatures have a greater effect upon domestic than upon indus- Survey and published under date of Feb. 9. The report
trial consumption. In the depressed area anthracite is the first choice as
of the Survey follows in brief:
the household fuel and in that trade the extraordinary
advance ordering of
the spring and summer killed the opportunity for a winter-end spurt. The
season is so far gone that the average householder is interested only in buying
on a hand-to-mouth basis and the retail yard in unloading some of the tonnage of the less favored sizes taken in earlier in the coal year. Another
factor, which can not be measured statistically, but which is nevertheless to
be reckoned with, is the tonnage of other fuels taken in by the householders
during the frenzied buying that followed the opening of the coal year.
The slight decline in the rate of bituminous production the past four weeks
would seem to indicate that storage buying is tapering off. That movement,
which promises to bring down last week's output to a bare 11,000,000 tons
-if that much-will probably continue unless the news from Jacksonville
should take an ominous turn. A number of contracts have been entered
Into as strike insurance, but the withdrawal of pending inquiries from the
non-union regions suggests that contracting of that nature has passed its
peak and is now rapidly declining. Aside from orders of this character,
there is a disposition upon both sides to go slow in the matter of new contracts.
Speculative interests have said good bye to the baby export boom that
appeared with the British rail strike. Rumors of future labor troubles at
the mines of the United Kingdom are too unsubstantial to encourage much
business. At the same time, Hampton Roads and Baltimore are optimistic,
the former market particularly, looking for a steady and diversified foreign
trade. While American shippers are seeking overseas tonnage Britain
continues to make a bid for some of the business here. The past week saw
another cargo of Welsh anthracite unloaded at Baltimore.
Changes in spot prices on bituminous coals during the week ended Feb. 9
were less numerous than during the preceding week. Comparing the two
periods the week ended last Saturday showed changes in loss than 37% of the
figures. These changes were evenly divided between advau es and reductions, but differences in individual changes made the average advance
greater. The advances ranged from five to 50 cents and averaged 21.3
cents per ton. The reductions ranged from five to 45 cents and averaged
17.9 cents. The straight average minimum for the week, however, increased one cent to $1.90 per ton and the straight average maximum dropped
seven cents to $2 32. A year ago the averages were $3 01 and $3 85.
respectively. The principal decreases were in the prices of eastern and
southern coals, although the weather helped West Virginia quotations on
smokeless: spot coal of this grade was at a premium in the Chicago market.
The weakness which began to be noticeable in the wholesale anthracite
market 'several weeks ago continues unaffected by the weather conditions.
Some of the larger shippers are putting more pea and buckwheat into
storage and are moving egg to tidewater and line trade only by hard plugging. Independent shippers without storage facilities are making concessions on pea and buckwheat. The minimum independent quotation on
egg is now 75 cents under the minimum company figure. Rice and barley
are in better shape than No. 1 buckwheat. Minor labor disturbances still
plague the operators and production is below the weekly averages of last
year.
The weekly resume of conditions in the coal markets,
issued by the "Coal Age" of New York Feb. 21, contends
that strengthening tendencies are apparent in the soft coal
market. More seasonable weather has increased the demand for domestic bituminous coals and some industrial
concerns in Ohio and other sections are adding to their
reserve stocks at the present low prices. The Jacksonville
meeting does not appear to attract much attention from the
consumer, and there is a feeling that no serious trouble will
be encountered. Those, mines that are working in most
instances, are operating to capacity and some producers
are getting ready to open additional operations to meet the
demands, but in some cases are finding it difficult to obtain
men. Further data from the "Age" review follows:
Contract making is progressing slowly, but the range of prices appear to
be from $2 25 to $3 25, as compared with $2 75 to $4 25 last year.
Comparatively few changes in prices are reported from the various markets
with the result that "Coal Age" Index as of Feb. 11 stands at 188, an increase of one point, with an average price of $2 27, also an advance of lc.
from the previous week.
In the Midwest the domestic trade has slowed down, due in part to difficult hauling from the retail yards and a letting up in the severe cold weather
that struck that section of the country a couple of weeks ago. The lower
temperatures enabled producers to move their "no bills" but there still reins a large number in southern Illinois. The St. Louis trade in domestic
coals is active, but anthracite, smokeless coals and coke move slowly.
Eastern Kentucky coals are pretty well sold up for the present and the
market is slightly firmer. Milwaukee reports a very active market, with
Production took a sudden turn downward in the last half of the week of
Feb. 2, and instead of an increase the output for the week as a whole shows
a decrease of 2%. The total output of soft coal, including lignite and coal
coked at the mines,is estimated at 11,315,000 net tons,as against 11,569,000
in the week ended Jan. 26. The decline centred on certain railroads serving the South and the Far West, and in some other parts of the country
production increased. The cause of the decline is not yet clear.
Preliminary telegraphic returns indicate loadings of 38,856 and 36,599
cars on Monday and Tuesday of the present week (Feb. 4-9), slightly less
than on the corresponding days of the week preceding.
Estimated United States Production of Bituminous Coal (Net Tons).
(Including Coal Coked.)
1922 23
1923-24
Coal Year
Coal Year
to Date. c
Week.
to Date.
Week.
10,925,000 321,591,000
436,849,000
11,622,000
Jan. 19
a1,305.000
1,821,000
1,782,000
Daily average_ _ _ _ 1,937,000
10,985,000 332,576,000
11.569.000 448,418,000
Jan. 26a
a1,317.000
1,831.000
1,786.000
Daily average_ __ _ 1.928,000
10.686,000 343,262,000
11,315.000 459,732,000
Feb. 2b
1,328,000
1,781,000
1.788,000
Daily average_ .._ _ 1.886.000
a Revised since last report. 12 Subject to revision. c Minus one day's
_
production to equalize number of days included in the two coal years.
ANTHRACITE.
Recovering from the temporary decline of the week preceding, produc
tion of anthracite reached a total of 1,893,000 net tons during the week
ended Feb.12."fe Thoughilargerythantinranyrweek since mid-December, this
was 8 °a ess than t e outo -theacorrespoziaTrrmek last year. When
2,056,000 tons were produced.
The statistics of weekly production of anthracite published by the
Geological Survey are estimates based upon daily and weekly reports of
cars of anthracite loaded by the nine principal carriers, and include allowance for mine fuel, local sales and the output of dredges and washieries.
To facilitate comparison with the statistics of bituminous coal, the anthracite figures are expressed in net tons of 2,000 pounds, although it is the
custom of the anthracite mining industry to keep all its records in gross
tons of 2.240 pounds.
Estimated United States Production of Anthracite (Net Tons).
1922 23
.1923-24
Coal Year
Coal Year
to Date.
Week.
to Date.
Week.
nIllWeek ended36,556,000
2,010.000
74,489,000
1,884,000
Jan. 19 1924
38,675.000
2,119,000
76,271,000
1,782,000
Jan. 26
.056,000 40,449.000
2
78.164,000
1,893,000
Feb. 2
BEEHIVE COKE.
The output of beehive coke showed little change during the week ended
Feb. 2. Production for the country as a whole is estimated at 262.000 net
tons, almost exactly the same figure as that for the week preceding. An
increase in the Connellsville district was offset by decreases in other States.
The estimates of production of beehive coke published currently by the
Geological Survey are based upon reports of cars of coke loaded by all of
the principal carriers, with allowance for that part of the output that is
consumed at the ovens without shipment or that is shipped over private
railroads and inland waterways.
Cumulative production for the calendar year 1924 to date now stands at
1,290,000 tons, a decrease of 23% when compared with 1923.
Estimated Production of Beehire Coke (in Net Tons).
Week ended
1924
1923
to
Feb. 2 Jan. 26 Feb. 3
to
Date.
Date.c
1924.a 1924.1, 1923.
Pennsylvania and Ohio
209.000 210,000 278,000 999,000 1,283,000
West Virginia
13,000 17,000 20.000
70,000
99,000
Ala., Ky., Tenn. & Georgia.. 20,000 10,000 22,000
84,000 101,000
11,000
7,000 16,000
Virginia
40,000
62,000
Colorado & New Mexico....._ 5,000 5.000 7,000 27,000 32,000
Washington and Utah
4.000 • 5,000
5,000
20,000
23.000
-
United States total
Daily average
262,000 263,000 348,000 1,240,000 1,600,000
44,000 44.000 58,000
41,000
53,000
a Sublect to revision. b Revised from last report. c Less one day's
production in New Year's week to equalize the number of days covered for
the two years.
The cumulative production of beehive coke during 1924 to Feb. 2 stood
at 1.240.000 net tons. Figures for similar periods in earlier years are as
ollows:
2,115.000 net tons 1922
1920
559,000 net tons
1,269,000 net tons11923
1921
1.600,000 net tons
Bituminous Operators and Miners
-Open Wage Negotions in Jacksonville-Operators Willing to
Continue Present Scale.
The bituminous operators' and miners' representatives of
the Central Competitive A ield opened their conference
732
THE CHRONICLE
on wages and working conditions on Feb. 11 at Jacksonville,
Fla. A joint committee, composed of eight operators and
eight miners, two each from the four States included in the
Central Competitive Field, was appointed on Feb. 12 and
began consideration of a new wage scale with apparently
bright prospects of an early agreement. By the end of the
week, however, the deliberations of the miners' and operators' representatives were virtually at a standstill, while
the operators argued their differences and tried to agree on
a contract term they would sign. The miners demand
that they sign for four years. The operators, it was said,
had agreed to a renewal of the wage scale, but were united
in opposing the miners' request that "internal conditions"
be referred back to the districts for solution in district joint
conferences. Operators of steam coal mines are said to be
willing to sign for three years, but some representatives of
independent mines in western Pennsylvania declared opposition to anything longer than one year, it was reported.
[VOL. 118.
The'distributiontbejsections'orstocksT held by manufacturers was as follows: New,England, 79,578,050 pounds;
Middle Atlantic,i73,915,339;poundsPacific Coast, 1,439,271
pdiind'all other sections, 15,907,922 pounds. The
holdings of dealers according to markets were as follows.
Boston, 108,592,531 pounds; Chicago, 19,963,777 pounds;
Philadelphia, 17,714,510 pounds; St. Louis, 8,976,167
pounds; New York, 4,655,648 pounds; Portland, Ore.,
1,779,547 pounds; San Francisco, 307,888 pounds; other
cities, 13,180,719 pounds.
FOREIGN WOOL AFLOAT TO THE UNITED STATES ON DEC. 31 1923,
BY GRADE.
(All quantities in pounds.)
Grade.
Total
Fine
1i-blood
14-blood
34-blood
Lincoln
Carpet
Grade not stated
Total.
Grease.
Scoured.
Pulled.
29,076,575
11,290,924
1,552,714
2,743,690
4,321,602
2,321,477
6,846,168
28,208,704
11,237,012
1,504,882
2,641,091
4,246,855
2,303,456
6,275,378
201,252
53,882
7,500
79,800
35,000
666,619
"
25,070
40,332
22.799
39,747
18,021
545,720
Wool Stock Report for December 31 1923.
Stocks of wool in and afloat to the United States on
Boot and Shoe Production Large for Calendar Year,
Dec.31 1923,including tops and noils, amounted to 415,681,But Small in December.
316 pounds, grease equivalent, according to the quarterly
The Department of Commerce in a statement made public
joint Wool Stock Report released on Feb. 13 by the Bureau
of the Census, United States Department of Commerce, and Feb. 12 finds that the production of boots and shoes during
the Bureau of Agricultural Economics, United States Depart- the month of December 1923, based on reports received from
ment of Agriculture. This report is based on returns from 1,138 manufacturers, representing 1,256 factories, amounted
408 dealers and 616 manufacturers. The totals are exclusive to 22,676,436 pairs, as compared with 26,946,169 pairs proof stocks held by 15 dealers and 15 manufacturers, who did duced in November, 30,704,883 pairs in October and 27554,838 pairs in September. The total production for the year
not report.
The returns from dealers are secured by the Department 1923 was, however, 351,114,273 pairs, as compared with 323,of Agriculture and ef those from whom figures were not 876,458 pairs in 1922 and 286,771,101 pairs in 1921. The
received when the report was closed, 1 has a rating of $1,- December production included 6,773,217 pairs of men's
000,000; 1 has a rating of $750,000; 1 has a rating of $300,000 shoes (high and low cut, leather), 1,367,459 pairs of boys'
to $500,000; 2 have a rating of $200,000 to $300,000; 1 has shoes, 6,881,703 pairs of women's shoes, 2,666,342 pairs of
a rating of $125,000 to $300,000; 3 have ratings under misses' and children's shoes, 1,732,185 pairs of infants'
$125,000; 4 have general credit ratings only, and 2 not listed shoes. 318,109 pairs of athletic and sporting shoes (leather),
in R. G. Dun & Co.'s credit reference book, issued Jan. 1924. 432,682 pairs of shoes with canvas, satin and other fabric
Returns from manufacturers are secured by the Department uppers, 1,646,912 pairs of slippers for house wear, and 857.of Commerce, and the establishments not reporting were as 827 pairs of all other leather or part-leather footwear.
follows: American Woolen Co., Andover, Mass.; Amoskeag PRODUCTION OF BOOTS AND SHOES FOR DECEMBER AND NOVEMBER
1923 AND LAST THREE CALENDAR YEARS.
Mfg. Co., Manchester, N. H.; Carolina Cotton & Woolen
Monthly
Total of 12 Monthly Re- Bien'lCens's
Mills Co., Spray, N. C.; Columbia Woolen Mills, Columbia
Reports.
Portsfor Calendar Years fManiac's
City, Ind.; Crown Mills, Marcellus, N. Y.; Daniel Boone
Kind.
December 1 November
Woolen Mills, Chicago, Ill.; Davisville Woolen Co., Davis1923.
1923.a
1923.
1922.
1921.a
vile, R. I.; John & James Dobson, Inc., Philadelphia, Pa.; Roots and shoes, total_ _ _ 22,676,436 26,948,169351,114,273
323,876,458 286,771,101
High & low cut (leather),
Farnsworth Mills, Inc., Central Village, Conn.; Faulkner &
total
19,420,90622,818.284 99,349,338 280,368,192241,838,226
Colony Mfg. Co., Keene, N. H.; Glastonbury Knitting Co.,
Men's
6,773,217 8,063,448 100,282,892 89,984,065 69.457,535
Boys' and youths'_ _
1,367,459 1,674,466 22,238,666 21,631,905 18,462,032
Addison, Conn.; The E. E. Hilliard Co., Buckland, Conn.;
Women's
6,881,703 7.956,561 109,676,409105.367,667 101.473,985
Misses' and children's_ 2,666,342 . , , . 40.135.924 39,443,554 35,065,527
Merrill Woolen Mills Co., Merrill, Wis.; Merrimack Woolen
Infants'
1,732,185 1,985,38 27,015,445 23.939,001 17,379,147
Athletic&sport'g(leath'r) 318,109 427,774 0.433,693 8,448, 08 5,546,898
Corp., Lowell,Mass.;or Sheble & Kemp,Philadelphia, Pa.
Canvas, satin and other
The stocks, by conditions, consisted of 265,187,573 pounds
fabric_ b
432,882 331,396 8,346.705 6,739,339 8,601,582
wear_ _
c
c
c
of grease wool;33,612,600 pounds of scoured wool; 16,670,773 Slippers for houseor part- 1,648,912 2.381,6:
All other leather
leather footwear
857,827 987,030 36.1184,539 28,322,619 30,784,39
pounds of pulled wool; 19,530,555 pounds of tops, and -0,a Revised figures. b Excludes rubber-soled footwear. C Included in "all other
989,868 pounds of noils. Dealers held 168,379,418 pounds
eather or part-leather footwear."
and manufacturers 147,091,528 pounds of raw wool. The
figures "Held by dealers" represent wool in their possession
Production and Stocks of Leather in December-Stocks
in the form of stocks owned by them or lots held by them
of Hides and Skins.
awaiting delivery instructions, and wool owned by them
The Department of Commerce at Washington on Feb. 8
which is in warehouses. Stocks of wool held by wool pools
and wool-growers selling organizations are also included in gave out the following information with regard to stocks of
"Held by dealers" figures. Of the total amount of raw hides and skins, and stocks and production of leather for the
wool reported, 47.1% was domestic and 52.9% was foreign. month of December, based on reports received from 4,699
Of the raw'wool reported 26% was fine, 11.4% 54blood, manufacturers and dealers.
Stocks of Hides and Skins.
A
15.4% 3 -blood, 21% 5i-blood, 6.5% lower grades,
The total number of cattle hides
19.7% carpet. The item "Grade not stated," consisting of era and butchers, tanners, dealers,held in stock on Dec. 311923, by Pack"
and importers (or in transit to them)
29,463,657 pounds, constitutes either wool in original bags, amounted to 5,086,286, as compared with 5,228,246 on Nov.30 1923,and
or ungraded or mixed wool upon which the concerns reporting with 6,345.676 on Dec. 31, 1922. The stocks of calf and kip skins amounted
to 2,935,094 on Dec. 31 1923, as compared with 3,143,081 on Nov.30 1923.
could not accurately specify grade.
and 4.461,946 on December of last year. Goat and kid skins numbered
A summary of the holdings on Dec. 31 1923 and Sept. 30 9.926,128 on Dec. 31 1923; 9,921,371 on Nov. 30 1923; and 8,730,219 on
Dec. 31 1922. The stocks of sheep and lamb skins on Dec. 31 1923.
1923 follows:
WOOL STOCKS HELD BY DEALERS AND MANUFACTURERS ON DEC.31
1923 AND SEPT. 30 1923.
(All quantities in pounds. Wool afloat is included.)
Stocks and Produdion of Leather.
The total stocks of solo leather (cattle) reported by tanners, dealers, and
manufacturers using the leather as a material, amounted to 10.048,085
ITEM.
lx.cks, bends,and sides on Doc. 311923, the corresponding figures for Nov.
Sept. 30.
Dec. 31.
Dec. 31.
Dec. 31.
Sept. 30.
Sept. 30.
1923. being 10,046,142, and for Dec. 311922, 9,763,765. The production of sole leather during December 1923, amounted to 1,295,907 Pieces
Total,inci
tops& not 45,991.369397,260,18 175.150,787218,864.338 170,840,582 180,395,847 (backs, bends, and sides), and the stocks in process at the end of the month
RAW W001 15,470,946363.940,827 168,379,4181208,053.316 147,091,528 155,887.511
65,187.573 306,778,519 144,014,146075,843.378 121,173,427 130,935,141 to 5.483,673 nieces.
Grease
The harness leather in stock on Dec. 31, 1923 amounted to 427,016 sides,
16,947,11 15,991,756
Scoured. 33,612,6001 37,670,808 16.665,490 21,679,0
,
7,699,782 10,530,886 8,970,991 8,960,614 as compared with 397,504 sides on the corresponding date in 1922; the total
Pulled__ 16,670,773
_ 19,530.5551 20,133,907 2,987,962 3,136,20. 16,542,593 16,997,788 stocks of upholstery leather on Dec. 31 1923, comprised 391.068 hides, as
Tops- _
681 13,185,361 3,783,407 5,674,813 7,206,461 7,510,548 against
NolLs.._ _ 10,989.8
376,849 hides one year earlier; upper leather (cattle) in stock on
Tot.,greas
equivalga 15,681,316 474,747,517 201.154,240250,884,707 214,527,076 223.882,810 Dec. 31 1923, amounted to 6,970,651 sides, as compared with 7,082,693
sides on Dec. 31 1922.
-.
a In computing the grease equivalent, 1 pound of scoured wool, tope, or none Is
The stocks of horse leather on Dec. 311923, amounted to 328,718 fronts
considered equivalent to 2 pounds in the grease,and 1 pound of pulled wool equivalent
and 409.475 butts, as against 330.707 fronts and 408,933 butts in stock one
to 11-3 pounds in the grease:
Total.
•
amounted to 7,400,296; on Nov. 30 1923, to 7,836.386, and on Doc)31 of
last year, to 9,151,484.
Held by Dealers.
Held by Manufacturers.
FEB. 16 1924.]
year earlier, Calf and kip skins (finished) in stock on Dec. 311923. numbered 7,605,996: goat and kid skins, 22,629,441; and sheep and lamb skins,
10,716,180; while on Dec. 31 1922, there were in stock 8,277,852 finished
calf and kip skins, 21,247.843 goat and kid skins, and 11,866,949 sheep and
lamb skins.
Detailed Statement.
Detailed figures relative to stocks of hides and skins, and stocks and
production of leather, are given in the accompanying tables, as follows:
-STOCKS OF PRINCIPAL KINDS OF RAW
COMPARATIVE SUMMARY
HIDES AND SKINS AT THE END OF DECEMBER AND NOVEMBER.9 1923, AND DECEMBER 1922, AND STOCKS DISPOSED OF DURING DECEMBER 1923.
Stocks on Hand and in Transit.
Kind.
hides
Cattle, total
Domestic-packer
hides
Domestio-other than packer_hldes
Foreign (not Including foreign
tanned)
hides
Buffalo
hides
Cattle and kip, foreign-tanned_
hides and skins
Calf and kip
skins
Horse, colt, ass and mule
hid
Hides
Fronts
whole fronts
Butts
whole butts
Shanks
shanks
Goat and kid
skins
Cabretta
skins
Sheep and Iamb
skins
Skivers and fieshers
dozens
Kangaroo and wallaby
skins
Deer and elk
skins
Pig and hog
skins
Pig and hog strips
pounds
733
THE CHRONICLE
December
1923.
Stocks
Disposed
November December of During
1923.
1922. Dec. 1923.
5,086,286 5,228,246 6,345,676 1,716,692
3,029,726 3,134,410 3,338,017 1,100,625
1,414,572 1,348,036 1,589,414
447,687
841.988
87,704
745,800 1,418,245
91,042
108,803
188,380
6,494
3,222
19,488
74,991
20,325
2,935,094 3,143,081 4,461,946 1,027,314
111,262
95,279
35,934
127,790
101,287
75,941
5,270
115,019
188,184
143,335
32,450
155,977
95,054
13,950
17,000
134,450
9,926,128 9,921,371 8,730,219 1,376,912
736.043
706,089
929,670
64,949
7,400,296 7,836.386 9,151,484 2,607,386
117,358
178,431
132,213
42,652
485,583
452,769
243,257
308,945
288,277
157,571
188,271
71,067
74,913
6,109
95,953
949,484
575,313
89,553
318,831
-STOCKS OF PRINCIPAL KINDS
COMPARATIVE SUMMARY
LEATHER AT THE END OF DECEMBER AND NOVEMBER
1923, AND DECEMBER 1922.
OF
corroN
CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters Not Included.)
Cotton Consumed
(Bales) During
Locality.
Year
Jan.
Cotton on Hand
Jan. 31 (Bales)
Cotton
Spindles
Active
In Public
Six
In
Months Consuming Storageand During
Ending Establish- at Com- November
(Number).
Jan. 31.
menu.: pressa
United States
1924 *576,644 *3,087,580 *1,633,332 *2,986,468 33,339,806
United States
1923 610,306 3,272,975 1,988,115 3.485,952 35,238,928
Cotton-growing States_ 1924 391,038 2,072,982 1,004,743 2,667,432 16,346,206
Cotton-growing States_ 1923 383,959 2,083,976 1,234,573 3,179,552 15,983,592
All other States
1924 185,606 1,014,578
628,589
299.034 16,993,600
All other States
1923 226,347 1,188.999
753,542
308,400 19,273.336
Includes 22,657 Egyptian, 7,832 other foreign, 2.958 American-Egyptian and
548 sea-island consumed: 64,892 Egyptian, 14,649 other foreign. 14,054 AmericanEgyptian, and 3.464 sea-Island in consuming establishments, and 24,917 Egyptian.
12,739 other foreign. 17,330 Amerlcan-Egyptian and 3,149 sea-island in public
storage. Six-months' consumption, 112.060 Egyptian, 43,462 other foreign. 15,488
American-Egyptian and 2,564 sea-Island.
Linters not included above were 40,281 bales consumed during January in 1924
and 50,535 bales In 1923; 120,034 bales on hand in consuming establishments on
Jan. 31 1924 and 145,477 bales in 1923; and 82,742 bales in public storage and at
compresses in 1924 and 45,935 bales in 1923. Linters consumed during six months
ending Jan. 31 amounted to 283,955 bales in 1924 and 341.756 bales in 1923.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton During (500-1b. Bales)
Country ofProduction.
January.
1924.
Egypt
Peru
China
Mexico
British India
All other
Total
Six Months Endfn.g Jan. 31,
1924.
1923.
40.443
1,238
4,556
859
597
89,628
1.677
7,025
6.539
336
12
89,308
16.330
5,668
1,382
• 4,242
143
202,470
11,327
11,235
39.927
3,979
881
47.693
105.215
117.073
269.819
1923.
Stocks on Hand and in Transit.
Kind of Leather.
December
1923.
Exports of Domestic Cotton and Linters During
(Running Bates)
-
November December
1923.
1922.
Sole and belting leather
Cattle-sole
narks, bends and sides 10,048.085 10,046,142 9,763,765
Whole butts
39,608
35,632
24,351
Belting butts
934,969
butts and butt bends
935,515
738,179
Offal-sole and belting
pounds 62,991,356 65,256,104 66,814,213
Cut stock
Blocks
963,721
dozens
963,843 1,174,302
Cut soles
dozen Pairs 8.541,026 6,337,375 8,005,138
Taps
581,080
848,437
dozen Pairs
498,668
Harness leather
427,018
sides
397,504
438,404
Bag, case and strap leather
316,298
457,742
sides
322,968
Skirting and collar leather
226,331
136,542
217,875
sides
Lace and latigo leather
49,703
48,337
45,875
sides
Welting leather
Cattle
20,335
41,584
28,397
sides
Pigskin strips
945,987
pounds 1,278,650 1,295,561
Upholstery leather, total
376,849
352,875
391,068
hides
Whole-hide grains
77,327
94,699
74,643
hides
Buffings (russet)
(a)
21,386
hides
21,680
132,252
Machine buffed
95,085
81,368
hides
Whole-hide splits
149,898
197,270
175.184
hides
Upper leather-cattle, total
sides 8,970.651 6.835.845 7,082,693
Other than patent
sides 6,058,997 6.036,482 8,118,621
Patent
964.072
911,854
799,383
sides
Glove leather-cattle grains
26,232
29,110
31,837
rides
Cowhide (fancy and bookbinders')
95,789
83.304
77,551
sides
Buffings (fancy and bookbinders')
173,484
80,251
84,501
hides
Horse
Fronts and half frontsii
330,707
equivalent fronts
328,718
330,920
Butts_e
whole butts
399,098
409,475
408,933
Splits, other than upholstery
pieces 4,382,114 4,208,570 4,929,175
Calf and kip_d
skins 7,605,996 7,542,572 8,277,852
Goat and kid.d
skins 22,629,440 21,934,095 21,247,843
Cabretta e
skins 2,324,946 2,299,934 2,935,964
Sheep and lamb.!
skins 10,718,180 11,332,682 11,866,949
Skivers, total
dozens
84,076
89.419
101,133
Hat sweats
dozens
9,672
14,824
13,205
Other skivers
74,404
dozens
88,309
76,214
Flashers, total
73,875
dozens
68,326
59,058
Chamois
54,185
dozens
52,829
48,438
Other flashers
dozens
19.710
15.497
10,618
Kangaroo and wallaby (unper leather)
skins
684,214
620,718
614,126
Deer and elk_e
skin.
448.419
483,282
426,525
Pig and hog_ g
skins
36,135
82.808
31,945
Seal (fancy and bookbinders')
skins
49,926
47,815
43,908
Rough leather
equivalent sides
21,417
19,805
19,038
Rough splits (Including grains) equivalent sides
170,578
289,028
210,732
Country to which Exported.
January.
Six Months Ending Jan. 31-
1924.
Milted Kingdom
Nrance
Italy
Germany
Other Europe
Japan
All other
1923.
1924,
1923.
168,358
54,570
53,227
130,040
49,376
72,807
17,875
158,024
50,324
59,752
74.865
63,962
37.599
28,910
1,352,310
509,641
382,565
704,932
421,840
404.695
114.173
1,048,612
493,896
331,993
569,788
468,359
331,084
135,756
Total
*546,253
*473,436
*3,870,156
*3,379,488
• Figures include 7.263 bales of linters exported during January in 1924 and
2,817 bales in 1923 and 35.875 bales for the six months ending Jan. 31 In 1924 and
17.016 bales in 1923. The distribution for January 1924 follows: United Kingdom.
478; France, 1.718: Germany, 4,424; Belgium, 50; Netherlands, 218: Italy, 97;
Canada, 217; Mexico, 11; Java. 50.
World Statistics.
The world's production of commercial cotton, exclusive of linters, grown in 1922.
as compiled from information secured through the domestic and foreign staff of
the Department of Commerce, is 17,540,000 bales of 478 lbs. lint, while the consumption of cotton (exclusive of linters in the United States) for the year ending
July 31 1923, was approximately 20,950,000 bales of 478 lbs. lint. The total
number of spinning cotton spindles, both active and idle, is about 157,000,000. ma
Frank A. Munsey "Still Able to Take Over Another
Newspaper or Two If Pressed To Do So."
Supplementing the item in our issue of Jan. 26 (page 386)
with reference to the purchase of the New York "Evening
Mail" by Frank A. Munsey, we quote the following from an
announcement by Mr. Munsey on Jan. 28
-the date of the
consolidation of the "Evening Telegram" and the "Evening
Mail" under the title of "The Telegram and Evening Mail."
The New York evening newspaper field is now in good shape through the
elimination of an oversupply of evening newspapers. Three evening newspapers have been eliminated as individual entities from New York journalism by myself alone. Nobody else has had a hand in this clean up. They
have been eliminated at an aggregate cost of more than six millions of
dollars
-not corporation money, just my own money.
a Included In "buffings (fancy and bookbinders')."
The old "Daily News," "The Globe" and "The Evening Mail" comprise
S Includes upper, patent and glove leather.
the list. The "Daily News" alone passed on to its reward. The "Globe"
e Includes upper and glove leather.
lives in combination with "The Sun,and "The Mail" beginning to live today
d Includes upper, patent, glove and fancy or bookbinders' leather.
in combination with "The New York Telegram." In its combination with
e Includes upper, glove and fancy or bookbinders' leather.
"The Sun." "The Globe" Is doing fine work in this community and is conIncludes upper, patent, glove and fancy or bookbinders' leather, shearlings,
tent and happy.
roller leather, and miscellaneous sheepskins.
The "Evening Mail" in combination with "The New York Telegram's
p Includes glove and fancy or nookJinders' leather.
will become equally worthwhile, equally useful and it too will find contentment and happiness. A newspaper does not stand the cold worth a cent.
Census Report on Cotton Consumed and on Hand in It must be comfortably housed, warmly clothed and generously nourished._
An underfed newspaper out in the cold is a sad spectacle.
January, also Active Spindles, and Exports
Fortunately for New York there is and will be no lack of nourishment for the remaining five evening newspapers
-"The Evening World," "The
and Imports.
Evening Journal," "New York Evening Post," "The Sun," with which
Under date of Feb. 14 1924 the Census Board issued its "The Globe" Is intertwined, and "The New York Telegram," with which
regular preliminary report showing cotton consumed, cotton "The Evening Mail" is now intertwined. The owners of the three first
named papers are
on hand, active cotton spindles and imports and exports of is still able to takeall rich men-very rich-and the owner of the last two
over another newspaper or two if pressed to do so.
cotton for the month of January 1924 and 1923 and the
six months ending with January. Cotton consumed amounted Melvin J. Woodworth
Acquires Control of New York
to 576,644 bales of lint and 40,281 of linters in January
News Bureau.
1924, compared with 610,306 bales of lint and 50,535 of
The acquisition of control of the New York News Bureau
linters in January 1923 and 461,560 of lint and 40,892 of
Association by Melvin J. Woodworth, was announced as.
linters in December 1923, the Bureau announced. It will
follows in "Daily Financial America" of Feb.8:
be seen that the decrease from January 1923 in the total of
The following further announcement was made Feb. 13:
lint and linters combined was 43,916 bales, or 6.7%. The
Announcement Is made by the New York News Bureau Association that
statistics of cotton in this report are given in running bales, Melvin J. Woodworth, Chairman of the Executive Committee, has accounting round as half bales, except foreign bales, which quired all of the stock of the association with the exception of a small minority interest, having purchased the holdings of Hon.Morgan J. O'Brien.
are in equivalent 500-lb. bales.
William H. Hurst, George J.
Hurst and Edward Rasccrvar. Announce.
734
[Vol,. 118.
THE CHRONICLE
meat will be made later regarding proposed official changes in the personnel
of the organization.
The purchase of this stock carries with it control of the Central News,
Limited, of London which for several years has been held by the New York
News Bureau.
At the regular monthly meeting of the Board of the New York News
Bureau, Melvin J. Woodworth was elected President and Charles A.
Dochez, Treasurer.
Edward Rascovar resigned as President, William H. Hurst as Treasurer
and George J. Hurst as Assistant Treasurer.
At the regular monthly meeting of the Board of the Central News of
America, Melvin J. Woodworth was elected President and Charles A.
Dochez, Treasurer. Edward Tascovar resigned as President, George J.
Hurst as Treasurer and William H. Hurst as Assistant Treasurer.
Edward Rascovar also tendered his resignation as Secretary of the Chicago
News Bureau and George J. Hurst as Treasurer.
Current Events and Discussions
The Week With the Federal Reserve Banks.
Loans and discounts of member banks in New York City show an increase
increases of $24,000,000 in loans
Increases of $59,100,000 in holdings of discounted bills and of $32,000.000,and of $20,000,000 in "all other,"on United States Government securities
largely commercial, loans
of $21,800,000 in Federal Reserve note circulation, together and discounts, being offset in part by a reduction of $12,000,000 in loans
a decline of $13,500,000 in cash reserves, are shown in on corporate securities. Investments of these banks in United States
with
securities increased by
the Federal Reserve Board's weekly consolidated statement securities decreased by $24.000,000, while their investments in corporate
$9.000,000.
of condition of the Federal Reserve banks at close of busiNet demand deposits of all reporting banks show an increase of $36,000,000, of which $25,000,000 is reported by the New York City members.
ness Feb. 13 1924, and which deals with the results for the
Reserve balances of all reporting institutions show a decline of$18.000,000.
twelve Federal Reserve banks combined.
while cash in vault shows practically no change. Aggregate reductions of
An increase of $54,400,000 in holdings of discounted bills $23,000.000 in reserve balances are reported by banks in New York City.
at the
is reported by the Federal Reserve Bank of New York, of to Accommodationwhile Federal Reserve banks declined from $273,000,000
$2.55,000,000,
borrowings by the Now York City members in$19,000,000 by Cleveland, of $4,100,000 by Richmond, and creased by $7,000,000.
an aggregate increase of $1,300,000 by Kansas City and
On a subsequent page—that is, on page 769—we give the
Dallas. These increases were partly offset by aggregate• figures in full contained in this latest weekly return of the
liquidation of $19,700,000 shown for the seven remaining member banks of the Reserve System. In the following is
banks, principally San Francisco, Atlanta and Minneapolis. furnished a summary of the changes in the principal items
Of the total increase in the holdings of discounted paper, as compared with a week and a year ago:
$55,500,000 was in paper secured by Government obligaIncrease (-I-) or Decrease (—)
During
tions, which totaled $297,600,000 at the end of the report
Week.
Year.
discounts, total
week. Of this amount, $164,600,000 was secured by Lib- Loans and by U. S. Government obligations.+$48,000,000 +$493,000,000
Secured
+22.000.000 —34,000,000
Secured by stocks and bonds
erty and other United States bonds, $127,800,000 by Treas—47,000,000 +169,000,000
All other
+43,000,000 +358,000,000
ury notes and $5,200,000 by certificates of indebtedness. Investments total
+7.000,000 —317,000,000
U. S. hernia
+14,000,000 —98,000,000
After noting these facts the Federal Reserve Board proU. S. Treasury notes
+6,000.000 —129,000,000
U. S. certificates of indebtedness
—1,000,000 —76,000,000
ceeds as follows:
Other bonds, stocks and securities
—12,000.000 —14,000,000
Acceptances purchased in open market show a net reduction of $5,300,000
for the week, an increase of $6,300,000 at the New York Bank being more
than offset by reductions reported for most of the other banks. Holdings of
United States Government securities increased by $2,600,000 during the
week.
Increases in Federal Reserve note circulation of $12,200,000 and $10,400,060. respectively, are reported by the Federal Reserve banks of Cleveland and Philadelphia, and of $2,800,000 by Minneapolis. The New York
Bank shows a decrease of $3,200.000. Richmond a decrease of $1,200,000
and Dallas a decrease of $1,400,000. The remaining banks report relatively small changes in note circulation.
Gold reserves declined during the week by $11,000,000, reserves other
than gold by $2,500,000, and non-reserve cash by $5,000,000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages, namely pages 768 and 769. A summary of changes in the principal assets and liabilities of the
Reserve banks during the week and the year ending Feb. 13
1924 follows:
Reserve balances with Fed. Reserve banks..- —18,000,000 —23,000,000
Cash in vault
—12,000,000
Net demand deposits
+36,000.000 —210,000,000
Time deposits
+23,000,000 +397.000,000
Government deposits
+4,000,000
Total accommodation at Fed. Reserve banks.. —18,000,000 —102,000,00
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks under the December 1923 statement, with the return
for November 1923:
ASSETS.
Dec. 31 1923. Nov. 30 1923.
Gold and subsidiary coin—
In Canada
Elsewhere
U.S. and other foi eign currencies
44.022,493
13.045,889
9,139,061
46.176.246
19,265,524
27,262.236
86,207,443
Total
92,704,006
Dominion notes
164,352,065
156,211,055
Deposited with Minister of Finance for seIncrease (+) or Decrease (—)
10,521,126
During
curity of note circulation
6,130,425
Year.
Week.
65,602,533
Deposit of central gold reserves
63,902,533
Total reserves
—$13,500,000 +$26,500,000 Due from banks
89,201,742
77,979,045
Gold reserves
11,000,000
+49.800,000
1,405,560,601 1.408,956.981
Total earning assets
+56.300.000 —239,800,000 Loans and discounts
Bills discounted, total
+59.100,000 —107,100.000 Bonds, securities, &c
426,871,240
409,733,799
Secured by U.S.Government obligations +55,500,000 —131,200,000
115,527,321
Call and short loans in Canada
110,928,603
Other bills discounted
+3,600.000
+24,100,000 '
214,278.010
Bills bought in open market
—5.300,000
+93,600.000 Call and short loans elsewhere than in Canada 175.696,780
U. S. Government securities, total
160.883,113
+2,600,000 —226,300,000 Other assets
161,283,613
Bonds
—100,000 —11,300.000
Treasury notes
+1,900.000 —53,500,000
2,700,423,964 2.702.108,070
Total
Certificates of indebtedness
+800,000 —161,500,000
Federal Reserve notes in circulation
+21.800,000 —204,400,000
Total deposits
LIABILITIES.
+18,600.000 —58,500,000
Members' reserve deposits
+21.200,000 —49,300.000 Capital authorized
182,175,000
182,175,000
Government deposits
—1,300,000
—6,600,000
123,572,300
123,572,300
Other deposits
1,300,000
—2,600,000 Capital subscribed
123,409,130
*Capital paid up
123,409,130
123,625,000
*Reserve fund
123.625,000
Circulation
180.246,825
181,266,326
The Week With the Member Banks of the Federal Government deposits
82,095,556
77,594,642
859,620,345
Demand deposits
849,934,099
Reserve System.
1,180,037,130 1,179.914,963
Time deposits
The weekly consolidated statement of condition of Feb. 6 Due to banks
46,958,800
59.889,092
5.648,059
7,202,912
of 759 member banks in leading cities which submit weekly Bills payable
84,605,095
Other liabilities
85.641.361
reports to the Federal Reserve Board shows increases of
$43,000,000 in loans and discounts and of $36,000,000 in net
demand deposits, together with declines of $7,000,000 in
investments and of $18,000,000 in accommodation at the
Federal Reserve banks. It should be noted that the figures
for these member banks are always a week behind those for
the Reserve banks themselves. Loans secured by United
States Government obligations increased $22,000,000, and
"all other," largely commercial, loans and discounts by
$43,000,000, while loans secured by corporate stocks and
bonds decreased by $17,000,000. In the investments block
holdings of United States bonds and notes show increases
of $14,000,000 and $6,000,000, respectively, these increases
being partly offset by a nominal decline in certificates of
Indebtedness and a decline of $12,000,000 in other bonds,
stocks and securities. Further comment regarding the
changes shown by these member banks is as follows:
Total
2,686,245,940 2,688.477,525
• Beginning Oct. 31 1923 capital paid up and reserve fund included In
total.
Note.—Owing to the omission of the cents in the official reports, the
footings in the above do not exactly agree with the total given.
Stock of Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents. The figures this time
are for Feb. 1. They show that the money in circulation
at that date (including, of course, what is held in bank
vaults) was $4,681,707,784, as against $4,951,085,383 Jan. 1
1924 and $4,509,127,518 Feb. 1 1923, but comparing with
FEB. 16 1924.]
THE CHRONICLE
$5,628,427,732 on Nov. 1 1920. Just before the outbreak
of the European war, that is, on July 1 1914, the total was
only $3,402,015,427. The following is the statement:
g
i's i
, =. • .
4 ", a v
a,.
,
ffa
,
'44888
,.t , ! : 5 N
14
...
a c•
:, ,R2 c.'d SI g
1
n. „, a 4 ,,, n -
"ca
1.*.
2
,1..,
0
.A5
4
- 4 .C. ;-• - 0 ;:,;
.
c, -
gg 82848°
s - 41:,- ,- 01
2 ? 0- .
. to 00 58
z
subscribed.
The offering followed the completion on Feb.
12 of arrangements for the purchase of the bonds by the four
banking houses—these arrangements having been consummated at a meeting of the principals held in the library of
J. P. Morgan in E. 38th St. The signatories to the contract,
it is stated, were Kengo Mori, Special Finance Delegate of
the Japanese Government, H. Tsushima, R. Ichinomiya,
J. P. Morgan, Mortimer Schiff, who signed in behalf of
Kuhn, Loeb & Co., Charles E. Mitchell, President of the
National City Co., and George F. Baker Jr., Chairman of
the Executive Committee of the First National Bank.
Other participants were: Thomas W. Lamont, Dwight W.
Morrow, Thomas Cochran and Russell C. Leffingwell, all
g - gg..z
• r: ii:1!I ip;:al a
. w
Zz
"n 1.844a -son
c
"'"u
0 0 0.-. ..,
.
1 046. 991
144. 797.
8.977,466,356i.f14.005,063,279,
8,442.726,010 43,716,157.111
8,326,338,267142,406,801,772
5,312,100,272 42,942.998,527
3,738,288,871141:
843,452,323
5 00wiE m
735
12,1
6 ,0
w 8 -4 2
blaitc0
- to.:2
0
to
r,
fi
-.
-
gnszag vatc.:
In Circulation.
n n 2 n zi, ;.•i
,
I
atimln
t.isn
4.681,707,784
L'Esq-
'r. .-- tn
s
MONEY OUTSIDE OF THE TREASURY.
ittng
.
.
AU
Other
Moncy.
to :..nt
Held for
Federal
Reserve
Batas
and
Agents.
a,
MONEY HELD IN THE TREASURY.
,..
_0.,
-s-v,
v
Arne. Held in Reeve Against
Trust Against United States
Gold and Silver
Notes
Certificates (ct (and Treasury
Treas'y Notes
Notes
of 1890).
of 1890).
)-stt'st
to
la
Total.
partners in J. P. Morgan & Co. Announcement of the eonelusion of the arrangements was made as follows in a state..
Oa Gs
ment given out by Mr. Lamont:
o.
ce .
J. P. Morgan & Co., Kuhn, Loeb & Co., the National City
la 14
Co., and the
,-o
First National Bank of New York, have arranged for the
to
0
purchase from the
,
1-• 44
1-• 11•••
Imperial Japanese Government of $150,000.000,
of that Government's
4. co
o
thirty-year 6%% bonds, and a country-wide syndicate is now
o to
• V !i. CO"
-4
to
being formed
•
0
ea
to offer this issue later in the week. A simultaneous
...§ - . ,
G0 0 4
OD
0
toe,
offering of £25.000,000
too V
f VI
o-o
to
to
of Japanese Government bonds of the same tenor,
i CO
IP C4 of.
o
except that the coupon
.
-4
rate will be 6% instead of63. %,and the maturity
14 Itto
thirty-five years instead
1$
-4
i - & 88
ail
a
.4
to
of thirty years, will be made in the English market. Part
of the American
issue is to be placed in Holland and part in Switzerlan
••••
d by banking groups in
.4
o..
those countries. No formal issue of the loan upon Continenta
igi2e213r,
bac"
l markets will
le
be made except as a part of the American issue. It
10a
is stated by Mr. Kenge
V
Intn5
8
Mori, Special Finance Delegate of the Japanese
oP
Government, that this loan,
together with the existing foreign balances, will
NC
provide not only for the
38888 01
0
Pe
retirement of substantially the whole of Japan's
.t4t4
to
external debt maturing
to
prior to 1931, but also for the Japanese Governmen
14 1414
14
14
t's entire estimated
.
.
828
financial requirements in foreign markets for reconstruct
.
.
ion work.
A statement summarizing the principal
points respecting
-0
the offering has been made public as
8
.
follows:
0..
8
.
Amount of American issue, $150,000,000; maturity,
30 years; coupon
rate, 6%;price, 92%, yielding approximately 7.10%;
.
2.
adequate sinking
0
gi g H4
fund; bonds not redeemable for 15 years; paying agents,
0'
"to
a 0
Yokohama Specie
.3141.2"0 - 'm
o
ix 1 2 g "ca. le
.4
ia 140
Bank, Ltd.
4 8 a' 2:3
t
to to
The American syndicate will be headed by J. P. Morgan
4 If.
to ••••• ;to•
10
40 to 00 b 1.3
& Co., Kuhn.
to 82882
Loeb & Co.. the National City Co. and the First National
''''en
S'
3 2 ,'i'. 8 :I 33
Bank of New
to 0
York, who will be signatories to the contract with
0.0.0
0
to
the Japanese Government, and there will be a large offering and underwriti
ng syndicate group
p .4oapp.m. oom.
throughout the country.
Qo-•00 0
-.
British portion, £25.000,000 sterling; coupon rate,
8 1.000-.4.
0
C 0888 1
..0...0 .0
6%; price, 873.
: .'.,
.....4*
yielding approximately 6.96%; maturity. 35 years.
t lis "-4 - le
o
la • le;,I, 74 ta 1.:. 1.;o. "ce
qo
- 2
British offering group made up as follows:
•-• -4 8 4 8:3
8 e.. '8 4 8
Westminster Bank, Ltd.
Baring Bros. & Co., Ltd.
Hong Kong & Shanghai Banking Morgan, Grenfell
& Co
00.....
Corp.
N. H. Rothschild & Sons
00•
- -Q aa
Yokohama Specie Bank, Ltd.
0..—
12 14448 8'4
J. Henry Schroder & Co.
"5 Rt q l
F-4ce
"...lc 7-• "o.
c. *-4 ba - 'co 'o,
0.
1. o *ca "....
Hope & Co., the Nederlandsche Handel-maa
tschappii, Lippman.
8 28 4
Rosenthal & Co. and the Twentsche Bank have
to
underwritten and will
r ,,,.P,9.10,
offer in Holland part of the American bonds, and a Swiss
•••-.
0
,
V
0 14 t4
C4
0 go.
banking group
W.000
00V0
will place an additional part in their market.
4004.1e4.
VCoo40
'"
.9
e
g
'6- 0W4. '"W - ..,
1. '...Ia
'1 4
.4
This operation is designed to care for all of the extraordin
,..
,
0
a
0 t4 -4 .4 o-• C4
-4 CI go -4
ary financial
.
l0iaPeLig
of..C40V4
0
V00C4
requirements of the Japanese Government, taking up
i
! itt "..4 -4 "o. 1.1
'.4
as stated all its
;••• - '0
cls
maturities of next year, and providing sufficient funds
to enable Japan,
with her existing large gash resources here and in
London. to expend in
foreign markets approximately the $300,000,000 as
2
planned for purchases
. .... ...
.
14°
outside of Japan. The Government's reconstruction
:.., .
O o
program calls for
3:-.413
-4 ;o. lo O e4.b . .. •l
a
w.mmo. m.om
an expenditure of about $700,000,000, of which it is planned
that $400,.-•
000,000 will be raised in Japan. To repeat, then,
this loan, together
with the existing foreign balances, will provide not
only for the retirement
...-.0-4.4
of substantially the whole of Japan's external debt
maturing prior to
1931, but also for the Japanese Government's entire
g"a 4 s•
estimated financial
§
requirements in foreign markets for reconstruction
work. It is expected
that the bulk of Japan's purchases will be in the
a Includes United States paper urrency in circulation in
American market.
foreign countries and
the amount held by the Cuban agencies of the Federal Reserve
This loan is the first direct external issue made
banks.
by the Japanese Governb Does not include gold bullion or foreign coin outside of vaults
of the Treasury. ment in the American market since 1906, the year of the Russo-Japa
Federal Reserve banks and Federal Reserve agents.
nese
War. In March and July of that year part
c These amounts are not included In the total since the money held
of the 4 3. % sterling loan,
in trust against above referred to, was offered
gold and silver certificates and Treasury notes of 1890 is
to yield about 5.32%, and in November
Included under gold coin
and bullion and standard silver dollars, respectively.
part of an international 4% loan maturing in
1931 was offered to yield
d The amount of money held in trust against gold and
Treasury notes of 1890 should be deducted from this total sliver certificates and approximately 4.67%. These offerings in the United States aggregated
total money outside of the Treasury to arrive at the stockbefore combining it with about 8137.500,000 par value of bonds.
of money in the United
States.
As to the purpose of the issue, we
a This total includes 316,448,924 of notes in process of redemption,
quote as follows from the
$172,812,786
deposited for redemption of Federal Reserve
of gold
notes, $15,431,053 deposited official announcement:
for redemption of national bank notes, $12,620 deposited for retirement
of additional
circulation (Act of May 30 1908), and $6,601,936
The proceeds of this loan are to be used, in part,
deposited as a reserve against
to retire the outstanding
postal savings deposits.
balance of the Imperial Japanese Governmen
t 4 % Sterling Loan, First
f Includes money held by the Cuban agencies of the Federal
Reserve banks of and Second Series, due February 15 1925, and
Atlanta.
Boston and
July 10 1925, respectively.
and. in part, to purchase materials
Note.—Gold certificates are secured dollar for dollar by gold
and supplies for the reconstruction
held in
for their redemption: silver certificates are secured dollar for dollar by the Treasury necessitated by the earthquake and
fire of Sept. 1923.
standard silver
dollars held in the Treasury for their redemption: United States
Ofthe above-mentioned 4 % Sterling
notes are
Loan originally issued in the aggreby a gold reserve of 5152,979,025 63 held in the Treasury. This reserve secured
also be used for the redemption of Treasury notes of 1890, which are fund may gate ambunt of £60.000,000. about E25,000,000, or 40%, has
also secured retired by the Japanese
already been
dollar for dollar by standard silver dollars. held in the Treasury.
Government through purchases in the
Federal Reserve leaving
market.
notes are obligations of the United States and a first lien
outstanding such bonds of a par value
issujog Federal Reserve Bank. Federal Reserve notes are on all the assets of the of
equivalent, at the fixed rate
secured by the deposit
exchange named in the bonds, to
with Federal Reserve agents of a like amount of gold or of gold and
approximately $170,500,000. The
such discounted
or purchased paper as is eligible under the terms of the Federal Reserve Act. Federal Japanese Government is to call these outstanding bonds for redemption on
Oct. 1 1924, at par (8974 per e200 bond)
Reserve banks must maintain a gold reserve of at least 40%,including
the gold retogether with accrued interest to
demption fund which must be deposited with the United States
Treasurer, against that dato, in accordance with its right of redemption
Federal Reserve notes In actual circulation. Federal Reserve bank
expressed in the bonds.
The Government's reconstruction
notes and
tional bank notes are secured by United States Government obligations, and naprogram calls for an estimated expendifund for their redemption is required to be maintained with the Treasurer a 5% ture by the Government of about $700,000,000, of which it
of the about 8300.000,000
Is expected that
United States in gold or lawful money.
will be spent in purchases outside
of Japan. This latter
sum is to be made available from
the proceeds of this Loan and from existing
funds now at the disposal of the
Offering of Japanese Government
Japanese Government in New York and in
Bonds.
London. It is the intention of the
funds for reconstruction purposes Government that the remainder of the
Public offering was made in the United States on
shall be raised in Japan.
Feb. 14
This Loan, together with the
existing foreign balances mentioned, will,
of $150,000,000 Imperial Japanese Government external therefore, provide
not only for the retirement
of substantially the whole of
loan of 1924, thirty year, sinking fund, 63% gold bonds, the Japanese Government's
external debt maturing prior to 1931, but also
for the Japanese Governmen
t's entire estimated financial
by a eMintry-wide syndicate headed by J. P. Morgan & Co.,
foreign markets for reconstruct
requirements in
ion work.
Kuhn, Loeb & Co., the National City Company and
the
The bonds, in coupon
form, in denominations of $1,000,
National Bank of New York. Subscription
First
books, $500 and $100, are
dated Feb. 1 1924, and will mature Feb.
which opened at 10 a. m. yesterday (Feb. 15) were closed
at 1 1954. • They will be
redeemable as a whole or in part, at
yesterday, the issue, it is announced, having been
noon
over par and accrued
interest, at the option of the Government,
. t.4
0 In 10
=mom°.
..0000
- la Cc 014
o
ga2trogt
736
THE CHRONICLE
upon 90 days' notice, on or after Feb. 1 1939. Monthly
Sinking Fund payments at the following annual rates, commencing Aug. 1 1924, and continuing while any of the Dollar
Bonds are outstanding will be used to purchase such bonds in
the market at not exceeding 100% and accrued interest:
From Aug.1 1924 to July 1 1929,inclusive
From Aug.1 1929 to July 1 1934,inclusive
From Aug. 1 1934 to maturity
$5,000,000 per annum
$4,000,000 per annum
$3.000,000 per annum
It is added that:
If in any month Bonds are not obtainable at or under 100% and accrued
Interest, the unused portion of the monthly sinking fund payment at the
end of the month will revert to the Japanese Government. A separate
sinking Fund will apply to the English issue.
Interest is payable Feb. 1 and Aug. 1, and principal and
interest are payable in New York City, in United States
gold coin of the present standard of weight and fineness,
without deduction for any Japanese taxes, present or future.
Subject to allotment, the bonds were offered at 923' and
accrued interest, to yield 7.10% to maturity. Kengo Mori,
Special Finance Delegate of the Imperial Japanese Government, has the following to say regardingthe Government
debt:
Oct. 31
[Vor.. 118.
the bonds at 9235 yield 7.10% to the private investor, it is thought that
the Japanese Government sold the issue on about a 7.50% yield basis.
offering
The 6.96% return afforded the English investing public on the
to them is so low, owing to the cheaper money rates which have prevailed
In London for some time.
The prediction from Japan that private interests of that country seeking
0
foreign capital have a "dark" outlook recalled the fact that $19,900.00
by
of 6% bonds of the Oriental Development Co. were floated last March
happened
the National City Co. at 92 to yield 6.62%. The earthquake
Since and, moreover, the size of the present offering, it was said, requires
liberal terms to insure success.
that
Members of the syndicate offering the dollar bonds said yesterday
firms said
the demand for them was entirely satisfactory. One or two
in the issue and others found the
they had sold all their participations
how
demand greater than on Wednesday. Bankers declined to estimate
b; the
long a period would elapse before all the issue has been absorbed
investing public.
large
A feature of the offering was the reported subscriptions from the
buying
corporations. One estimate placed the approximate total of such
se Electric
at $50,000,000. The United States Steel Corp., Westinghou
Electric
& Manufacturing Co., General Electric Co. and the Western
Co. were mentioned as subscribers.
Odd Syndicate Feature.
feature
The limited liability of the syndicate members is an unusual
syndicate
of the flotation. Under the agreement the members of the
ons, whereas
are liable only for the amounts of bonds of their participati
still is reunder other syndicates the firm which sells its own allotment
in the
sponsible for its pro rata share of whatever bonds remain unsold
The gross debt of the Japanese Government, outstanding on
yen was whole syndicate.
1923. amounted to 4,359.578,693 yen, of which 1,320,624,848
On Feb. 14 "Daily Financial America" announced the
external debt. The Government has reduced its external debt by more
during the past ten years, and even after giving following cablegram from Central News at London, Feb. 13:
than 325.000,000 yen
here
effect to the present financing the external debt will be less than the amount
The subscription lists to the E525,000,000 Japanese loan offered
outstanding on March 31 1914.
have been closed, the loan having been heavily oversubscribed.
is self-supporting,
Over one-quarter of the Government's total debt
The paper added that private cable advices from London
and
as it has been incurred in connection with the construction, purchase
loan, approxint of the State Railway System. The State Railways, corn- says subscriptions to £25,000,000 Japanese
Improveme
railway
prising over 7,000 miles of line out of a total of some 8,500 miles of
£50,000,000 and that the issues immediately went to a
of con- mated
In Japan proper, are valued on the Government's books (at cost
accounts point premium.
struction or purchase) at over 1,915,000,000 yen. The income
budget
of the State Railways are kept entirely separate from the general
the State
Offering of Bonds of Equitable Joint Stock Land Bank
of the Government and show that, in each of the past 15 years,
expenses.
all
Railways have earned substantial profits after the payment of
of Macon, Mo.
allocated to the
as well as interest charges on the Government's debt
the improveIn our reference last week (page 607) to the offering by
Railway Department. These profits have been invested in
for the fiscal
ment or extension of the railway system. The net profits
the bond department of the Commerce Trust Co. of Kansas
120.000,000 yen.
year ending March 31 1924 are estimated at apprmdmately
Joint Stock
delivery to us City, Mo., of Farm Loan bonds of the Equitable
All subscriptions will be received subject to the issue and
by our counsel of their form Land Bank of Macon, Mo., we stated that the latter operates
of the bonds as planned and to the approval
and validity.
and Ohio; this was in error and should have
& Co.. in Missouri
Subscription books will be opened at the office of J. P. Morgan
reject any read "Missouri and Iowa."
at 10 a. m. Friday, Feb. 15 1924. The right is reserved to
amount
and all applications, and also, in any case, to award a smaller
of Bonds of First Trust Joint Stock Land
than applied for.
of J. P. Offering
The amounts due on allotments will be payable at the office
Bank of Chicago.
March 3
Morgan & Co., in New York funds to their order, on or about
temporary
The bond department of the First Trust & Savings Bank
1924, as called for, against the delivery of interim receipts or
%
bonds, pending the preparation of definitive bonds.
Chicago offered on Feb. 13 at 1003 and interest, to
the Imperial of
a
Payment for bonds allotted may be made in the bonds of
series, yield 4.70% to the optional date and 44% thereafter,
second
Japanese Government 4 A % sterling loan of 1905, first and
coupons $500,000 issue of 44% Farm Loan bonds of First-Trust
due, respectively, Feb. 15 1925 and July 10 1925, with unmatured
interest
attached, which will be accepted at prices equivalent to a 4A %
Land,Bank of Chicago. The bonds are dated
ns to Oct. 1 Joint Stock
yield basis computed from the date of payment of subscriptio
1924, will mature Feb. 1 and are redeemable at par
for redemption • Feb. 1
1924, the date as of which the 4A % bonds are to be called
and interest on Feb. 1 1934, or on any interest date thereas above stated.
t bonds quoted on the New
The par value of all Japanese Governmen
after. The bonds, in coupon form, in denominations of
York Stock Exchange is $974 per £200 bond.
registerable and interchange-
$1,000 and $10,000, are fully
As indicating the interest in Washington circles in the able. Principal and semi-annual interest are payable Feb. 1
offering we quote the following from the Capital, to the New and Aug. 1 at the First Trust & Savings Bank, Chicago, or
York "Journal of Commerce" under date of Feb. 12: in the the First National Bank, New York City. The bonds are
Treasury officials expressed themselves to-day as much interested
York and exempt from all Federal, State, municipal and local taxes,
Japanese Government loan offering as announced from New
it
London. While the views that they expressed were entirely personal,
excepting inheritance taxes. The First-Trust Joint Stock
g operation
was made clear that they were pleased that in the forthcomin
position of Land Bank is affiliated with the First Trust & Savings Bank
the American investment market is apparently to move to the
in that the and tbe First National Bank of Chicago. The directorate
senior participator in Japanese Government bond business,
offering of
American offering of $150,000,000 clearly outweighs the British
James B. Forgan, F.0. Wetmore, M.A. Traylor,
payable in consists of
£25,000,000. The fact, too, that the Dutch issue is to be
standardi- J. P. Oleson, B. C. Hardenbrook, F. M. Gordon, E. E.
American dollars excites favorable comment as showing a steady
York.
Brown and L. K. Boysen. The First Trust Joint Stock
zation of the American dollar in financial centres outside New
and just
and under
At the time of the Japanese loans issued in this market during
bonds Land Bank operates under Federal charter
subsequent to the Russian-Japanese war, the sterling feature on these
issues Government supervision.
predominated, and at one time it was believed that almost all these
During the
had crossed the water and found final lodgment in London.
the dollar
war, however, and especially since, due to the decline in sterling,
bonds are
feature has become the predominant one, and many of these
reported to have drifted back into the hands of American holders.
Movement to Modernize National Bank Laws—Representative McFadden's Bill Amending Existing Law.
Under date of Feb. 10 it was made known that a move to
Under date of Feb. 13, cablegrams from Tokio (Associated
modernize the national banking laws with the view to lifting
Press) said:
circles the handicaps under which the national banks are now laborSurprises and disappointment marked the reception in financial
reconstruction loans in
and by the press of news of the flotation of Japan's
would be made shortly in Congress by Representative
to the cost of the loan ing
New York and London. The disappointment is due
Chairman of the
t, which is considered higher than the state of Japanese Louis T. McFadden, of Pennsylvania,
to the Governmen
warrants. Japanese bankers feel that if the Government is com- House Banking and Currency Committee. Representative
credit
outlook for private
pelled to pay mere than 7% for a foreign loan, the
McFadden's announcement is made in the current number
Interests seeking funds abroad is dark.
e to the project, not only because of the of The "Journal",of the American Bankers Association, and
The press generally is unfavorabl
opposition to calling on the bill embodying the amendments has since apparently
high yield, but also on account of the widespread
and industries. The
foreign aid in the rebuilding of the devastated areas
been introduced in the House. Mr. McFadden stated that
sensitive national pride of the Japanese is involved.
in a statement announcing the terms, he would press for the early passage of an omnibus bill at the
Minister of Finance Kazuo Shoda,
of the world loan markets and present session of Congress, which would make sixteen
attributed the rate to the post-bellum state
in America of further earthquakes in Japan, pointing out
the fears prevalent
nts in the laws now governing the operations of
reflection on the nation's credit, since no collateral is amendme
that the terms cast no
more than eight thousand Federally chartered banks.
pledged.
yesterday
It is pointed out that the net effect of the McFadden bill is:
From the New York "Journal of Commerce" of
1. To limit branch banking on the part of all members to city limits.
:
following
of out(Feb. 15) we quote the yesterday reporting disappointment among
2. To definitely forbid the national banks to engage in any form
Tokio
Cable dispatches from
that city and its press over the terms of the $150,000,000
the financiers of
t bonds being offered in the United States were
Japanese Governmen
that some of
in Wall Street. One banker suggested
read with interest
from politicians not now in power. As
may have originated
the criticism
side banking beyond the city limits.
banks within
3. To definitely forbid the outside activities of the national
practiced by the
the city limits of any municipality to a greater extent than
State banks.
FEB. 16 1924.]
THE CHRONICLE
4. To allow thetational banks within the city limits the same activities
that the State:banks may have.
Solution of the long-protracted controversy over branch
banking is aimed at in the McFadden bill by amending the
existing law to permit national banks to establish branches in
states where state banks are allowed this privilege and to
prohibit, after the passage of the proposed act, the extension
of state-wide branch banking in the Federal Reserve system.
Mr. McFadden says that he regards the "teller window"
stations, which the Comptroller of Currency has announced
national banks may open when duly authorized, as branches
and thus barred under the recent decision handed down by
the Supreme Court on the branch bank issue. National
banks would be permitted to engage in buying and selling
investment bonds under another important amendment the
bill proposes. To enable them to meet the increasingly
keen competition from State banks, the one year limit which
now applies to loans on real estate would be lifted, and
national banks would be permitted to loan up to one-half of
their time deposits on these loans, instead of only one-third
as at present. This amendment is designed to enlarge the
scope of national banks' activities in this field and Mr.
McFadden declares it to be one of the most important changes
he proposes. Other changes proposed would permit national
banks to:
Declare stock dividends, as a means of increasing their capitalization.
Obtain charters to handle perpetual trusts.
Engage in the safe deposit business, either by operating safe deposit
facilities directly or by owning stock in a company, which carries on this
service.
Make the circulation of false reports about banks a Federal offense.
Rediscount notes, when secured by Government bonds, in excess
of the
present 10% limitation.
737
may extend their facilities throughout the city. The uncertain legal status of the teller's window and the hampering
regulations under which they are operated makes them, it is
felt, an unsatisfactory substitute for the wider activities of
the State banks.
It is understood that Representative McFadden's bill is
favorably regarded in Treasury Department circles. Views
of Philadelphia bankers respecting the proposed charge,
were indicated as follows in the Philadelphia "Ledger" of the
12th inst.:
Charles S. Calwell, President, Corn Exchange
National Bank and head of
the Pennsylvania Bankers' Association, said:
"Although the Corn Exchange National is
not affected by the recent
opinion of Comptroller of the Currency Dawes on
branch banks, I believe
Congressman McFadden's proposal is a good one.
It is near time national
banks knew where they stand. It is a good thing
to have the laws changed.
If they are not changed, there will be more banks
going out of the national
system and into the State system."
The changes in the national bank act were declared
to be sound by Harry
J. Haas, Vice President, First National Bank, and
who takes an active part
in the councils of the American Bankers'
Association. He considers the
perpetual trust amendment an important one,
it being his opinion that,
with such a law in effect at the time of the
big consolidation of Cleveland
banks, the present Union Trust Co. of that city
would have been a member
of the national system under the name of the
First National Bank.
Ira W. Barnes,President of the Ninth Bank and
Trust Co., which represents a merger of a trust company of that name
and the Ninth National
Bank, the most recent institution in this city to
withdraw from the national
system, said with such amendments as proposed
it would have made it
easier for the Ninth National to have retained
its charger, although he was
not prepared to say It would have continued it.
"The proposed changes."
he said, "arc in line with public policy and entirely
proper."
Reference is made in another item to the meeting of Group
2, of the Pennsylvania Bankers' Association, at which the
bankers recorded themselves in favor of some of the proposed
changes.
Other amendments contained in the bill are aimed at dispensing with unnecessary red tape in bank operations and at Group 2, Pennsylvania Bankers' Association Indorses
Certain ,of McFadden Proposals—Discontinuance
reducing expenses. In discussing the need for bringing the
of Sale of Government Savings Certificates
national bank laws up to date, Representative McFadden
Advocated.
states in the "Journal" of the American Bankers' Association:
At the annual meeting of Group 2 of the Pennsylvania
I have made a very careful study of conditions of the national banking
laws in the belief that it will be possible, by modifications of a conservati
ve Bankers' Association, in Philadelphia, on Feb. 12, certain
nature, to relieve materially the handicaps under which the national
banks of the changes in the national bank laws proposed
in the bill
are laboring. These handicaps arise partially from the fact that the
National
Bank Act was written over sixty years ago and has been frequently amended of Representative McFadden (to which reference is made in
In a desire to meet changing conditions, thereby developing
a situation in another item in this issue) were indorsed. The Philadelphia
which there are inconsistencies as between the various amending
clauses. "Ledger" says:
and very great
difficulty in their interpretation.
A bill which I expect to introduce in Congress soon is designed to correct
this situation, and further to modernize the operation of
the Act without
departing from the traditional standards and principles which
have prevailed in past years. While no radical changes are suggested,the cumulative
effect of clarification and modernization of so many items will
effect a radical improvement in the position of the nationaltanks.
On questions where the bill seems to suggest any material divergence
from
the original principles of the Act it might be well to
say in advance that this
divergence is much greater in theory than it is
in practice, and that most of
the apparent liberalizing provisions are along lines under
which the most
conservative and successful State institutions
have been operating under
State laws for years, and represent principles which the national
banks have
recognized and to a large extent practiced through the
setting up of cumbersome machinery in the way of collateral and subsidiary institution
s and, in
some cases, no doubt by more or less direct evasions
of the wording but not
necessarily of the spirit of the Act.
To solve the branch banking question, the bill would amend
the existing
law by permitting national banks to establish branches in
states where State
banks are permitted this privilege and by prohibiting, after the
approval of
the proposed act, the extension of state-wide branch banking
in the Federal
Reserve system.
Legislation to this effect would solve the branch bank
question in accordance with the recommendation in the annual report of the
Comptroller of
the Currency and with the recent resolution of the Federal
Reserve Board.
It would prohibit a national bank from engaging in branch banking
in any
form in a State which by law or regulation denies this power
to the State
banks. On the other hand, in those states where State
banks may engage
In branch banking, national banks would be permitted to meet this
form of
competition to the fullest extent. I regard this in fact
as the spirit of the
regulations promulgated by Comptroller of the Currency
Dawes, Oct. 26
1923. following the opinion of Attorney General Daughtery on
Oct. 3 1923.
It is deemed advisable that this principle be enacted into law
in order that
it may be more fully established and recognized.
This legislation would also protect the national banks
from competition
In branch banking from State institutions authorized to engage in
Statewide branch banking by making it unlawful for any member bank
to establish a branch beyond the city limits after the approval of the Act, and
by
prohibiting the Federal Reserve Board from receiving into
membership in
the Federal Reserve system any bank operating a branch which has been
established on or after July 11924. Complete data in support
of these two
recommendations are found in the annual report of the
Comptroller of the
Currency. and I need not further discuss this question.
It is claimed by its proponents that the proposed law would
finally prevent the possibility of the development of statewide and nation-wide branch banking systems on the Canadian and foreign model; that it will prevent any possibiltiy
of national banks being used as an instrumentality for the
imposition on any community of a type of banking which is
objectionable to that community; that it will permit the
national banks to meet the competition of the State banks in
cities Where outside activities are carried on by the State
banks. It is contended that in such cities as New York,
banks will not operate under a national charter if they are
confined to the one banking house when their competitor
Among the changes receiving approval of the Group,
which
bankers from six counties adjoining and adjacent to Philadelph comprises
ia, was that
granting longer time to national banks on real estate loans.
The Group,
however, is opposed to the plan to permit branch-banking
in States where
the State-chartered institutions now enjoy such a privilege. Such a
change
is proposed by Congressman McFadden.
As to the further proceedings of the Group, the "Ledger"
says:
Secretary Mellon's plan for reducing taxes also was approved,
and sentiment at the meeting was decidedly against a soldiers' bonus. The
bankers
deem it necessary to pass a national blue-sky law as a means ofdriving
sellers
of fraudulent securities out of business. The law now in effect in this
State,
speakers said, was a good one, but that many dealers, refused
licenses to do
business here, moved their offices to New Jersey and other
States and are
continuing their operations by mall. A national law, it was
pointed out.
would prevent this.
The meeting, whit was attended by about 500 officers
and employes of
national and State banks and trust companies in Berks,
Bucks, Chester,
Schuylkill, Montgomery and Delaware Counties, paid a silent
tribute to the
memory offormer President Woodrow Wilson.
Charles S. Calwell, President Corn Exchange National
Bank and head of
the Pennsylvania Bankers' Association, pointed out that
large sums are
being taken from the pockets of the public yearly through
the sale offraudulent securities. He advocated passage of a national blue-sky
law, and then
took up the question of sale of Government saving
certificates. Mr.Calwell
said that it was found by Government officials to
be good business to stop
the sale of the certificates in seventeen Western States.
This being the case," he continued, "it should
also be good business to
stop their sale in all States and allow the money to
seek the natural business
channels. I am in favor of the sale of the certificates
in an emergency, but
not in normal times."
Joseph H. Hasbrouck of the Penn. National Bank,
Reading, was elected
Group Chairman, and James A. G. Campbell,
Delaware County Trust Co..
Chester, was chosen a member of the council
of administration of the
Pennsylvania Bankers' Association,
Loans Closed by Federal and Joint Stock Land
Banks
Since Organization.
Figures showing the amount of loans closed by
Federal
Land banks and Joint Stock Land banks from
the date of
organization to Dec. 31 1923 have been made
public, this
showing a total of $1,295,101,347 of loans closed
by the two
classes of banks, of which the amount credited
to the Federal
Land banks is $876,490,303, while the
Stock Land banks amounted to $418,611 loans of the Joint
,044. The consolidated statement of the Federal Land banks
on Dec. 31 1923
shows net earnings of $18,333,168 and
dividends paid of
$7,817,929. The assets are given as $876,232
,007. The
total assets of the Joint Stock Land banks
as shown in the
consolidated statement of Dec. 31 1923 are
The following is the statemept showing loans $428,734,454.
closed, segregated by States, by Federal and Joint Stock
Land banks from
organization to Dec. 31 1923:
THE CHRONICLE
738
[VOL. 118.
Liabilities
Total Loans Closed by Capital stock paid in
833,809,520 00
Federal. and Joint
1,189,950 83
Surplus paid io
Stock Land Banks. . Reserve (from earnings)
2,164,422 45
451.729 89
Surplus (from earnings)
Amount.
No.
Amount.
No.
Amount.
No.
354.089.700 00
Farm Loan bonds outstanding
3,354,966 13
Accrued interest on Farm Loan bonds (not matured)
$
$
$
128,081 95
Other accrued intarest payable
5,100,150 Notes and accounts payable
1,833
•
____
1,833 5,100,150
28,338,945 60
Maine
886,275 Due borrowers on uncompleted loans
398
_ _ __
886,275
398
1,739,805 19
New Hampshire
2,150,200 Amorthstion installments paid In advance
786
786 2,150,200
765,750 44
Vermont
3,350,470 Matured interest on Farm Loan bonds (coupons not pre1,221
____
1,221 3,350,470
Massachusetts
296,950
99
296,950
99
i
682.637 tg
Rhode Island
sented)
3,504,450 Other liabilities
1,062
____
1,062 3,504,450
881,480 34
Connecticut
16,577,340 Undivided profits
4,105 13.336,140
492 3,241,200 4,597
1,137,463 90
New York
3,631,950
899
403,500
75
824 3,228,450
New Jersey
355 2,672,900 8,674 26,006,433
8,319 23,333,533
$428,734,453 72
Virginia
Total liabilities
3,452,100
841
480,600
67
774 2,971,500
Maryland
252,200
69
____
69
252,200
Delaware
305 1,433,800 3,913 11,193,000
3,608 9,759.200
Pennsylvania
9,257,722 National Bank Resources, Dec. 31 1923, Greater Than
2,243 4,502,550 1,335 4,755,172 3,578
West Virginia
North Carolina_ 8,002 16,142,850 3,048 11.928,600 11,050 28,069.450
At Date of Any Call Since Dec. 29 1920; Loans and
South Carolina_ _ _ _ 5,575 15.846,810 1,033 5,481,200 6.608 21,308,010
7,741 18,581,310
251 1,315,800 7,992 19,897,110
Discounts and Liabilities for Borrowed Money
Georgia
5,792,669
3,188
3.1885,792.669
Florida
Show Reductions, and Total Deposits an
7,501 19,843.500
646 2,950,500 8,147 22,704,000
Tennessee
5,702 18,999,200 1.653 10,690,300 7,355 29,689,500
Kentucky
Increase Since Sept. 14 1923.
7.843 28,503,500 4,946 29,820,134 12,789 58,323,634
Indiana
3.554 14,268,300 3,069 16,753,600 6,623 31,021.900
Ohio
Comptroller of the Currency Dawes, in a statement dated
13,883 26.186,570
197 1,708.100 14,080 27.894,670
Alabama
18.296,965 Feb. 7 announces that the aggregate resources of the national
546.000 8.407
29
8,378 17,750.965
Louisiana
256 4,246,700 19,018 37,534,520
18.762 33,287,820
Mississippi
4,742 20,766,205 4,915 42.193.995 9,657 62,960.200 banks on Dec. 31 1923 were $22,406,128,000, and are in
Illinois
7,350 23,254,860 2,446 21,000,310 9,796 44,255.170
Missouri
12,722 21.370,110
636 6.798,650 13,358 28,168,760 excess of the figures reported at the date of any call since
Arkansas
9.856 37,836,100
772 4.574,400 10,628 42,410,500 Dec. 29 1920. The Comptroller's statement follows:
North Dakota
8,287 34,467,700 3,801 34,187,250 12,088 68,654,950
Minnesota
Despite a reduction in the number of reporting banks of 55, since Sept.
916 4,544,450 6,986 26,929,050
6,070 22,384,600
Wisconsin
18,318,400 14 1923. and a reduction of 41, since Dec. 29 1922, the aggregate resources
264 1,608,600 7,062
6,798 16.709,800
Michigan
6,113 43,716,850 5,252 74.184,095 11,865 117.900,945 of reporting banks, Dec. 31 1923, amounted to $22,406,128,000, showing
Iowa
6,838 33,086,990 2,185 22,416,890 9,023 55,503,880
Nebraska
4,244 19,054,650 1.429 12,145,320 5,673 31,199,970 an increase since Sept. 14 1923, of $693,252,000, and an increase of $431,South Dakota
8,983,300 171,000 in the year.
421 3,292,400 2,464
2,043 5,690.900
Wyoming
8,055 32,736,600 3,643 24,902,790 11,698 57,639,390
Kansas
Loans and discounts, including rediscounts of $333,896,000, amounted
5,895 15,303.700 1,108 6,286,150 7,003 21,589,850 to $11,876,562,000. Dec. 31 1923, compared with $11,934,556,000, Sept.
Oklahoma
71
569,300 7,093 19,685,300
7,022 19,116,000
Colorado
9,018.000 14 1923, and $11,599,668,000. Dec. 29 1922. Of the total paper redis4,514
4,514 9,018.000
New Mexico
32,928 96,605.891 3,674 33,263,688 36,602 129,869,579 counted by national banks Dec. 31 1923. apprcodmately 73%, or $242,Texas
34,434,150 848,000 was with Federal reserve banks.
989 12,962,850 7,241
6,252 21,471,300
California
15,323,300
645.300 4,714
4,588 14,678.000
126
Utah
United States Government securities held by national banks, Dec. 31
1,000,700
205
292.700
708,000
189
16
Nevada
6,075,800 1923. amounted to $2,566,851,000, showing a reduction since Sept. 14.
1,344,500 1.354
1,169 4,731.300
185
Arizona
25,450,195 of $35,911.000, and a reduction since Dec. 29, 1922, of $89,709,000. Na320 1,675,000 7,028
6,708 23.775,195
Idaho
348 2.075,900 7,527 22,473,090 tional bank holdings of other miscellaneous bonds and securities, however,
7,179 20,397,190
Montana
617 7,492,700 6,916 28,355,680 show an increase of
6,299 20,862,980
Oregon
$79,539,000 since Sept. 14 1923, and the amount.
155 1,747,700 10,865 30,807,220
10,710 29,059,520
Washington
1,812,300 Dec. 311923, $2,477,843,000, was $130,364,000 greater than a year ago.
700
700 1,812,300
Porto Rico
The loans and discounts and investments of national banks, Dec. 311923,
202.741 878.41/0 202 52 54A 418 811 044 348.287 1.295.101.347 constituted 75.52% of their total resources, and 94.91% of total deposits.
TEAM
banks and bankers, Dec. 31 1923, including lawful
Balances
We also give herewith the consolidated statement of con- reserve withdue fromreserve banks of $1.180,838,000, amounted to $2,990,Federal
business 345,000, an increase of $103,801,000, since Sept. 14 1923, and a reduction
dition of the twelve Federal Land banks at close of
since Dec. 29 1922, of $69,080,000. Cash in vault of $386.428,000, was
Dec. 31 1923:
$24,943,000 greater than on Sept. 14, and $5,412,000 less than a year ago.
CONSOLIDATED STATEMENT OF TWELVE FEDERAL LAND
The capital stock of national banks was increased $6,569,000 between
BANKS, DEC. 31 1923.
Sept. 14 and Dec. 311923. and tho amount on the latter date, $1,325,825.Assets
*$799,596,834 78 000 was 88,815.000 in excess of the amount Dec. 29 1922. Surplus funds
Nat mortgage loans
13,036,836 30 and undivided profits aggregating, Dec. 31 1923, $1,542,338.000, were
Accrued interest on mortgage loans (not matured)
43,843,476 50 $48,992,000 less than on Sept. 14 1923, and $62,131,000 less than on Dec.
U.S. Government bonds and securities
Accrued interest on bonds and securities (not matured)
29 1922.
418:821
Other accrued interest (uncollected)
---The liability of national banks for circulating notes amounting, Dec. 31
272,063 75
Notes receivable, acceptances, Sze
10.897,518 27 1923. to $725,949,000. shows a reduction of $5,530.000 since Sept. 14. but
Cash on hand and in banks
2,826,711 35 an increase in the year of $2.130,000.
Accounts receivable
1,480,064 68
Installments matured (In process of collection)
The total deposit liabilities of national banks Dec. 31 1923. amounting
1.544,21279
Banking house
228,571 06 to $17.828.861.000. were greater than at the date of any call in the history
Furniture and fixtures
2,019,941 99 of the System, with but one exception. Dec. 311919, when the amount was
Other assets
$17,866,413.000. The Increase in total deposits since Sept. 14 1923, was
$876.232.007 48 $788,331,000, and the increase since Dec. 29 1922. was $408,380,000.
Total assets
Liabilities
Between Sept. 14 and Dec. 311923. deposit balances to the credit of other
Capital stock:
banks and bankers, including certified checks and cashiers checks outstand82,434.385 00
U.S. Government
40,d26,390 00
Loan associations
National Farm
ing, were increased $386,730,000: demand deposits, Including United
234,505 00
Borrowers through agents
States deposits, were increased $317,951,000. and time deposits, including
2,040 00
Individual subscribers
postal savings, were increased $83,650,000. The increase in total individual
$43,597,320 00 deposits, (time and demand, exclusive of United States deposits) since
Total capital stock
4.647.700 00
Reserve (from earnings)
300,000 00 Dec. 29 1922. was $686,407,000. on
Surplus (from earnings)
account of bills payable and redisLiabilities for borrowed Money
806,669,330 00
Farm Loan bonds outstanding
9,211,019 07 counts. Doc. 31 1923, to the amount of $658,062,000, show a reduction
Accrued interest on Farm Loan bonds (not matured)
500,000 00 since Sept. 14 1923, of $95,732,000, and an increase since Dec. 29 1922, of
U. S. Government deposits
2,773,875 05
Notes and accounts payable
670,759 69 $84,860.000.
Duo borrowers on uncompleted loans
The lawful reserve with Federal reserve banks, Dec. 311923, amounted
1,420,572 78
Amortization installments paid in advance
Matured interest on Farm Loan bonds (coupons not preto 81.180,838,000, and was 820,406.000. in excess of the amount required.
1,600,262 96
sented)
The percentage of loans and discounts to total deposits, Dec. 31 1923.
734.071 40
Reserved for dividends unpaid
812,428 16 was 66.62, compared with 70.04, Sept. 14 1923, and 66.59, Dec. 29 1922.
Other liabilities
3,294,667 47
Undivided profits
States.
Loans Closed by
Federal Land
Banks.
Loans Closed by
Joint Stock Land
Banks.
`Ag
Senate and House Pass Bill Extending Life of War
Finance Corporation.
The bill extending until Dec. 31 1924 the power of the War
Finance Corporation to make advances under the provisions
of the War Finance Corporation Act, was passed by the
House of Representatives on Feb. 13 by a unanimous vote.
The bill had passed the Senate on Feb. 9. It requires that
8,242,367 47 application for loans must be made prior to Nov.30, but they
Total reserve and undivided profits Dec. 31 1923
$8,892.130 00 may be acted on between that time and Dec. 31. An amendCapital stock originally subscribed by U. S. Government
6,457 745 00
Amount of Government stock retired
2,434.385 00 ment submitted in the House by Representative Williamson,
Capital stock held by U. S. Government
$17,998,152 14 Republican (South Dakota) to extend the life of the corpora* Unpledged mortgages (gross)
The following is the consolidated statement of condition of tion until March 31 1925, was defeated by a vote of 61 to 59.
the Joint Stock Land banks at the close of business Dec. 31 Proposed $10,000,000 Corporation to Assist in Financial
1923:
Relief of Northwest
-J. P. Morgan and Others
CONSOLIDATED STATEMENT OF JOINT STOCK LAND BANKS
Subscribe to Capital-Conference in
DEC. 31 1923.
Assets
Chicago.
5392,638,853 58
Net mortgage loans mortgage
6.817,449 69
loans (not matured)
Accrued Interest on
Plans for developing the $10,000,000 corporation planned
bonds and securities
15,719,785 57
U. S. Government bonds and
110,673 30 "to assist in the emergency in the agricultural Northwest"
securities (not matured)_ _ _ Accrued interest on
107.163 82
Other accrued interest (uncollected)
banks
.9,248,592 90 have been going forward this week, and at a meeting in
Cash on hand and inreceivable
842,809 19 Chicago on the 14th inst. the organization of the proposed
and accounts
Notes
778,801 60
Installments matured (in process of collection)
685.027 84 Agricultural Finance Corporation was brought under way.
flanking houses
173.022 22
fixtures
Furniture and
1.612,27401 The movement to this end had its inception at the conference
Other assets------------------------ ----President
$428,734,453 72 in Washington held last week at the instance of
assets
$876,232,007 48
Total liabilities
Memoranda
$18,333,168 46
Net earnings to Dec. 31 1923
Less:
Dividends paid to Dec. 311923
$7,817,929 19
811,113 13
Carried to suspense account Dec.31 1923
Other charges to Dec.31 1923
1.461,758 67
10,090,800 99
$300,000 00
Carried to surplus account Dec. 31 1923 _
Carried to reserve account to Dec.31 1923_ 4,647,700 00
Undivided profits Dec. 31 1923
3,294.667 47
Total
F.16 1924.)
THE CHRONICLE
Coolidge, and referred to by us a week ago, page 607. John
McHugh, President of the Mechanics & Metals National
Bank of New York, the New York banking member of the
committee appointed at last week's Washington conference,
left for Chicago on the 13th inst. to participate in the meeting
there. Before his departure Mr. McHugh indicated that he
was carrying with him in actual subscriptions half the allotment of the capital of the $10,000,000 corporation. The
response of the New York banking and industrial insittutions
has been prompt and highly encouraging. The initial subscriptions were made by J. P. Morgan & Co. and the National City Bank, and were $500,000 each, and individual
subscriptions of New York banks and industrial interests
have, it is said, been received in liberal amounts. Mr.
McHugh made it clear, however, that these subscriptions
are not in any sense designed to confine to New York the
dominating power in the relief that is contemplated. The
purpose of New York is to be helpful to the general situation,
and Mr. McHugh expects that other large cities of the East,
like Boston, Philadelphia, Pittsburgh, Buffalo, Cleveland
and Detroit, together with the cities of the West, will feel
the same way. He expects that they will want, to and will
make subscriptions that will give the new corporation a
distinctly national character. The subscriptions secured in
New York are contingent upon the success of the other sections of the country in advancing their efforts to subscribe
the full $10,000,000 capital which is required. Associated
Press advices from Chicago yesterday (Feb. 15) said:
Relief for the Stringent credit situation throughout the Northwestern
wheat belt is possible within a few days as a result of the organization here
yesterday by bankers and businessmen of the $10,000,000 Agricultural
Finance Corporation. A maximum of $100,000,000 will be available since
the corporation can borrow from the War Finance Corporation up to ten
times its capital.
The actual work will be started as soon as the necessary service corporation to administer the fund can be found, according to John McHugh.
President of the Mechanics & Metals National Bank of New York and
chairman of the organization committee appointed by President Coolidge's
conference in Washington.
Headquarters of the organization will be in Minneapolis. C. T. Jaffrey
of Minneapolis, President of the Soo Lines, is chairman of directors and
of the executive committee. A president will be chosen later.
The $10,000,000 pool pledges by the more than 100 bankers and businessmen of the East and Middle West who attended the meeting here were
subscribed by districts as follows: Now York and the East, $5.000,000:
Chicago, $2,000,000: Minneapolis and St. Paul, $1,000,000: Detroit and
Cleveland, $700,000 each, and Pittsburgh, $600,000.
739
quarters to remind the foreign Powers, owing the United States a total of
about 17.000.000.000. that the Commission awaited any funding otters
they might make.
Some of the Commission members are known to favor definite steps toward resumption of funding negotiations, but others hold that such a move
might not be wise.
Council of Federal Reserve Board to Meet
With Board Next Week.
.
It was announced this week that the Advisory Council
of the Federal Reserve Board will meet with the. Reserve
Board in Washington on Monday next, Feb. 18. In advioes
from its Washington Bureau Feb. 10 the New York "Journal
of Commerce" said:
Advisory
Present indications appear to militate against a change in the present
uniform rate of 4j4% in effect in all twelve districts. As yet no strong
,
demand upon the Reserve banks or credit has manifested itself, while the
open market operations of the System seem to have been attuned to the
conditions obtaining in the various districts. The outlook for the present
is that the System will continue its open market operations, leaving the rate
stationary despite the reserve ratio, which has risen to above 81%•
Tax Reduction Bill Reported to House.
Along with the majority report of the House Ways and
Means Committee on the tax revision bill (embodying the
Mellon proposals, except for minor changes), presented to
the House on Feb.,11 by Chairman Green of the committee
three other reports were submitted at the same time; of the
other reports, one represents the views of eleven Republican
members of the committee, another the views of Representative Frear, while the fourth, presented by the eleven
Democratic members of the committee, embodied the socalled Garner plan. General debate on the Administration
bill was begun on Thursday, the 14th. inst., and under a
unanimous consent agreement on that dal/ the general
debate is to close on Monday next (Feb. 18) at 4 p. m.
Thereafter amendments will be in order, with consideration
being devoted first to income tax section. It was stated on
the 9th inst. that assurances were given to President Coolidge
by Republican House leaders that the tax bill would be taken
up on the 14th day and pushed to a conclusion, but that the
25% maximum surtax, advocated by both the President and
Secretary Mellon, will not pass the House and would be
altered to a higher figure, probably 35%. A New York
"Times" dispatch from Washington, from which this is
learned, also said:
The tax bill will be paramount in the contemplated legislative program
but the President was informed that, in addition to the Mellon measure
President Coolidge Indorses Co-Operative Marketing and the regular appropriation bills, the leaders consider the Immigration
bill, the disposition of Muscle Shoals. and the bonus as matters that come
Movement.
in the "must" class. No matter what else is handled, these subjects must
co-operative marketing movement was indorsed by be dealt with, Representatives Longworth and Snell told Mr. Coolidge at
The
President Coolidge in a message to the National Council the White House, at the same time notifying him that Congress wanted
adjourn
of Farmers' Co-Operative Marketing Associations, read toChairmanby June 1. Ways and Means Committee stated this afternoon
Green of the
session brought under he believed the tax bill could be got out of the House and on its way to the
at the opening session of a three-day
of
way in Washington on Feb. 7. In his message President Senate by about March 1. There seems little disposition on the partthe
either Republicans or Democrats to delay the bill unduly, and once
Coolidge said:
vexatious question of the surtaxes is disposed of the chance are that the
I have many times declared my conviction that the development of a course of the bill will run comparatively smoothly. Mr. Longworth, in a
powerful co-operative movement in this country is one of the needs of conference to-day with Democratic Leader Garrett, appeared to have
this period of economic readjustment. Much has been accomplished reached some sort of an understanding that the fight would not be comalong this line in many American communities, but it cannot be said
plicated by desultory and purely partisan tactics.
that the co-operative idea has found a very firm lodgment in the actual
Sentiment in the House is against the 25% maximum, was the message
practice of the great majority of the American people.
Mr. Longworth and Mr. Snell carried to Mr. Coolidge, but they told him
Yet the example of its advantages, which have been set before us in
also that the figure arrived at would be considerably below the 44% maxithis and other countries, are so numerous and impressive that one cannot
of the Garner bill.
wish that every encouragement may be extended to such organizations mum
but
This Was based on a survey of the House by Representative Begg. of
as your own, which are seeking to establish a national co-operative purpose
Ohio, a Longworth lieutenant, who has ascertained the highest and lowest
and spirit.
would be agreed to by each State group of Republicans..
Especially In regard to agricultural statements, when we consider how maximum that
Begg, the Rouse Republicans will consent to a rate
the consumer pays in proportion to the price the producer According to Mr.
high a price
and 40% and probably to 35.
receives, we cannot but feel that here is a great opportunity for service between 32
At a party caucus on the 13th inst. Democratic members
to both the consuming and producing groups of the public. We are all
included in one or the other of these groups, and most of us in both of of the House bound themse:ves to stand as a unit for the
them. In the long run we will all be bettered if we can lessen the burGarner tax revision program. The Associated Press advices
densome costs of conveying our necessaries from the producer to the
from Washington that day said:
consumer.
The action of the Democrats means that if the 435 members of the House
There is need for co-operative organizations among agricultural producers to help them both In selling their products for a better price and vote on the income tax rates section of the bill at least 206, twelve less than
buying their requirements more cheaply. There is likewise need for a majority, will be cast for the Garner plan, providing for a 50% cut in
organization of the urban consumers to give like benefits. The estab- normal taxes and a maximum surtax rate of 44% applying to incomes of
lishment of a close working relationship between these two groups ought $92,000 and over.
Of 168 Democrats at the caucus, 164 approved the action to bind the memto be the ideal to which the larger co-operative movement of the country
should aim. My understanding is that the program of your own organiza- bers. Rules of the membership provide that if two-thirds of the party
tion contemplates something like this, and I am glad to extend the assur- membership approves of such an action it will be binding on the entire
ance of my hearty sympathy and my wish to render any assistance possible party unless a member shows that he has made a pledge to his constituents
prior to election which would be violated by carrying out the party edict.
along such practical lines.
Representative Deal of Virginia was the only member excused on this
ground. Seven others were granted permission to vote for any amendments
Funding Commission to Meet in
• World War Debt
to the revenue bill which would provide for higher surtax rates than the Garner plan, but if these were not accepted they were bound then to accept the
Washington Next Week.
Democratic program.
• A meeting in Washington on Monday next (Feb. 18) of
Chairman Green, in the majority report of the Ways and
the World War Foreign Debt Commission has been called by Means Committee, said:
Mellon. It is stated that at the
Secretary of the Treasury
The bill provides for two'forms of tax reduction:
(1) Temporary and immediate relief to taxpayers by a 25% reduction of
meeting the whole question of policy with respect to future
income. The estithe income tax payable in the year 1924 on 1923
dealings with the foreign debtors will be considered. From mated reduction resulting from this provision istaxable
as follows:
inst. we take the Fiscal year 1924
$128,010,000
the New York "Evening Post" of the 14th
104.740,000
Fiscal year 1925
following:
the
Commission,
to be taken up by
While declining to discuss the subjects
was being exerted in mane
secretary Mellon said that strong pressure
Total reduction
---1232.750 000
740
TIM CHRONICLE
(2) Permanent relief by the revision of the Revenue Act of 1921 through
the reduction of certain taxes and the repeal of others. The estimated reduction after the bill is in full operation, as compared with the estimated
income that will be returned for 1923, is as follows:
Reduction in Estimated Revenue after Bill Is in Full Operation, as Compared
With Estimated Income That Will Be Returned for 1923.
Normal tax
$91,600,000
Surtax
101,800,000
Earned income
89,500,000
Miscellaneous taxes
108,040,000
$390,940,000
Increase in estimated revenue:
Capital loss provision
$25,000.000
Certain deductions limited to tax-free income
24,500,000
49,500,000
Net loss
$341,440.000
The following table was also submitted:
Estimated Loss in Revenue Due to the Repeal of Certain Special Taxes, and the
Change in Taxation in Certain Others, as Reported by the Committee.
Section 500 (a): Repeal of tax on telegraph, telephone and
radio messages
$31,000,000
Title VI.: Repeal of Sections 602 and 603, taxing beverages,
&c
10,320,000
Section 800: Repeal of all tax on admissions under 50 cents each 33,000,000
Section 900:
Repeal of (6) tax on candy
11,000,000
Repeal of (8) and (9) tax on knives, dirks, &c
25,000
Repeal of(12) and (13) tax on liveries, hunting garments,&c.
300.000
Repeal of (14) tax on sale of yachts, &c
250,000
Section 904: Repeal of entire section taxing carpets, rugs,
trunks, furs, &c
1,350,000
Section 905:Changing tax on jewelry so as to yield $7,500,000.. 13.250,000
Section 1001 (5), (6) and (7):
Repeal of tax on proprietors of theatres. circuses, 8,:c
1,865,000
(8) Tax on proprietors of bowling alleys and billiard rooms
cut in half
2,180,000
Section 1107, Schedule A, Subdivision 4: Tax on sales of produce on exchange cut in half
3,500,000
Total loss in revenue
$108.040,000
The normal tax on the first $4,000 of taxable income is
reduced from 4% to 3%, and upon the remainder of the
taxable income from 8% to 6%. The surtax rates apply at
$10,000, instead of $6,000. The initial surtax rate is 1%
on the first $2,000. It is increased by 1% for each $2,000
of net income up to $36,000, then by 1% additional for the
next $4,000 of net income up to $40,000 and finally by 1%
additional for each $6,000 of net income up to a total of
25% at $100,000 and over. The report says:
[vol.. 118.
revenue on income taxes under the Garner plan, based on 1921 returns,
would amount to $347,981,491, as against $287,814,251 under the Mellon
plan.
He stated that he had followed the same procedure in making the estimates on the Garner plan as he had on the Mellon plan, and denied that
he had worked under directions from the Secretary of the Treasury other
than with respect to the form of the reports of the estimates. Mr. Mellon
had not sought to influence him in the making of the estimates.
Estimates Are Explained.
In response to questioning by Representative Rainey as to reasons for
the variance In estimates, Secretary Mellon last session having reported
a probable deficit of $273,000,000, whereas in truth there was a surplus,
Mr. McCoy stated that in 1922 the income tax division of the Treasury
Department had Insisted that it should furnish the reports on estimated
revenues so far as such'revenues came within its purview, and he presumed the statement of the Secretary was based on its figures. Previous
reports of the Department had carried his figures and they had come
within a fraction of a point of being correct.
Representative Frear asked Mr. McCoy if it was not true that if the
maximum surtax was reduced to 35% it would free money for new
enterprises, stimulate business and bring back increased tax
returns, just as
much as would the 25% maximum. He replied that these
results would
be obtained for a couple of years, but they would not be
permanent. Mr.
Frear inquired why not make the rate 5%. Mr. McCoy
pointed out
that there is a point beyond which It is not advisable to
go, and this was
considered in the drafting of the pending bill.
Regarding the debate on the bill on the 14th inst., we quote
the following from Washington advices to the "Journal of
Commerce":
The principal argument for the bill was made by
Representative Ogden
L. Mills, Republican of New York, who gave the first
intimation that
all hope of the adoption of the 25% maximum had passed.
He declared
that the regular Republicans expect that next week,
when the critical
features of the bill are reached, about 20 or 30 men elected
as Republicans
will walk over to the Democratic side and make the minority
the majority.
Mills Warns of Responsibility.
Mr. Mills remarked that the minority may be the
majority next Tuesday
and that it should consider its responsibilities. The
Garner plan, he
remarked, could have but one of two objectives—to reduce
taxes so greatly
as to cause a deficit and disorganize the Treasury, or to
load the tax reduction bill so that President Coolidge would be compelled
to veto it.
Representative Garner, Texas, ranking Democratic member of the
Ways
and Means Committee, made his usual political speech, during which he
gave vent to a tirade against the Republican bill and the Republican Administration.
"Conditions in the Treasury are such that they don't want the
millionaires to pay taxes," he declared. "If we had a Secretary of the
Treasury
who wanted to enforce the surtaxes of the present law,there
would not have
been this great decrease in the number of returns under the 50% rate. I
for one believe that there should be an investigation."
"Is the gentleman from Texas aware that from 1914 to 1921
under the
two Democratic Administrations of the Treasury the number of returns for
incomes of a million dollars and more fell off from 206 to 33?" inquired Mr.
Mills.
Other speakers included Representatives Young, Republican, of North
Dakota, and Oldfield. Democrat, of Arkansas. The former declared that
the only interest of the small wage earners, the clerks and the farmers was
in the indirect and not in the direct taxes, because they only paid the former.
He said that investments would be continued in tax-free securities, or where
money was used in industry the taxes would be passed on to the consumer.
He said both the Garner and the Frear plans are unscientific. Mr. Oldfield derided the Republican claims supporting the 25% rate.
It will be observed that the bill gives material relief to all income taxpayers, and the amount of the reductions and consequent loss to the
Treasury is larger In the lower brackets than in the higher. The percentage of reduction, of course, is much larger in the higher brackets
than in the lower.
In making his recommendations, the purpose of the Secretary was
obviously to fix the maximum surtax rates at the point at which he considered they could be effectively applied, or in other words at the point
of maximum productivity. It is, of course, impossible to accurately
to determine at what rate of tax this point is reached, but it seems to be
From the Associated Press accounts from Washington
generally conceded that a 50% surtax has a constantly increasing effect
in creating evasions, and that it is inadvisable for other reasons. The Feb. 14 we quote the following:
The solid Democratic opposition to the income rates section of the
arguments in favor of the reduction from 50% to 25% are well stated
bill,
brought about by a party caucus vote, was joined to-day by
In the quotations from the letter of the Secretary of the Treasury.
some of the
members of the Republican insurgent group, leaders of which announced
The bill proposes a reduction of 25% in the tax on earned income not
after a meeting that they would support the proposal of Representative
in excess of $20,000.
Frear, Republican, Wisconsin, and if this bill fails, vote for the Democratic
From the New York "Herald" of Feb. 12 we take the plan.
Mr. Freer will submit an amendment to cut the normal income
following:
taxes 50%
The committee report and the report of the 11 Republicans are differ- and leave the surtax maximum at 50%. Democrats want the maximum
ently worded in their recommendations for differentiation between earned surtax cut to 44%, whereas the Mellon plan provides for a maximum rate
and unearned incomes. Each finds that it is eminently fair to put a of 25%.
The insurgent organization cast 17 votes against Speaker
lighter tax burden upon the income which a man must get through his
Gillett in the
personal efforts and that which he receives from investments. It is held House organisation fight, and this number of votes, combined with the
that in the one case the man who has unearned income can spend it all Democratic unit, would give a majority for the Democratic plan, if all of
and have his capital unimpaired, while the man who must earn his income the 435 members of the House wero voting.
Despite the stand of the Democrats, Representative Begg,
must, if he is prudent, set aside a portion of his earnings to build capital
Republican,
Ohio. who has conducted a poll of the Republican delegation, predicted
to support his old age.
-day that Republicans would agree upon a surtax rate
Practically all of the reports agreed upon the wisdom and justice of to
lower than that
proposed by the minority.
tax reduction in the face of the Treasury surplus.
Representative Longworth. Republican floor leader,
The committee and Republican reports join in explanation and recompredicted the measmendation of all of the other changes embodied in the bill, including creation ure would be passed within two weeks if the proposed course of procedure
of the Board of Tax Appeals, and repeal or deduction in the excise taxes was followed. The majority leader also stated that a poll of the Republi
on telephones and telegraphs, on all beverages, on candy, on hunting gan delegations had shown that 208 members would approve of a surtax
garments, on iipeatre and other admissions, upon carpets, rugs and trunks rate of 35%. or 10 less than a majority if the 435 members of the House
and certain articles which had been classified as jewelry and upon jewelry voted. . .
Chairman Green refused to take up the
priced at moderate figures.
controversial income rates section for questioning by members from the floor,
declaring that as Chairman
Simplification of the Law.
of the committee he was interested to-day in presenting the complete plan,
The other changes were largely to simplify the law and to check tax calling attention particularly to his
'
,
provision In the bill providing for a 25%
avoidance.
reduction in 1923 taxes payable this year.
Mr. Garner argued that any tax revision bill approved should be made
The report of the eleven Republicans was signed by
retroactive to include the 1923 taxes.
Representatives Hawley (Ore.),
(Mass.), Young
Treadway
Regarding yesterday's (the 15th) debate the New York
(N. D.), Tilson (Conn.) Bacharach (N. J.), Hadley (Wash.),
Watson (Pa.), Mills (N. Y.), Kearns (Ohio), Chindblom "Evening Post" in its advices from Washington said:
Representative Garner, Texas, leader of the minority fight on the bill,
(Ill.) and Crowther (N. Y.).
took time to-day to reply to estimates presented yesterday by Representative Mills. Republican, New York, showing the Democratic plan
The Garner plan has been referred to in these columns
would cost
was in full
Jan. 12, page 148; Feb. 2, page 513, and Feb. 9, page 617. prospective $620,000,000 in revenue after it $320,000,000.effect, against
surplus in
Mr. Garner
Frear proposals was made in our issue of said the estimates had revenue this year of
Reference to the
been withheld from him by the Treaury, but he
Jan. 26, page 391. Referring to the final disposition of the asserted that Joseph McCoy. Treasury Actuary, had assured him the
Democratic plan would raise more revenue in 1924 than would the Mellon
bill by the House Ways and Means Committee on the 13th program.
Representative Watson, Republican, Pennsylvania, spoke for the
inst. the New'York "Journal of Commerce" said:
Joseph S. McCoy, Treasury Actuary, appearing before the committee Mellon schedules, particularly the proposed 25% surtax, saying the nation
to.day, denied that there had been any juggling of figures to produce estimates on the Mellon and Garner plans. He reiterated that the loss in
had "enjoyed its greatest prosperity" from 1865 to 1913, and that during
that period there were no surtaxes. . . .
FEB. 16 1924.]
THE CHRONICLE
741
The debate to-day, under the agreement reached yesterday, was equally
divided between the majority and minority, with Chairman Green of the
Ways and Means Committee in charge of the allotments of time for the
Republican speakers and Representative Garner, Texas, ranking Democrat on the committee, directing the Democrats.
But agriculture has only partially revived. Its position has been improved, and the returns for the year are nearly 30% in excess of two years
ago. But the great food staples do not sell on a parity with the products
of industry. Their average price Is little above the pre-war level, while
manufactures are about 50% higher.
In the Senate on Feb. 13 Senator Ralston, of Indiana, in
his maiden speech, declared for exempting from the income
tax all persons having incomes of less than 85,000—a step
further than proposed in the Garner plan. Senator Harris,
of Georgia, upheld the Garner plan, citing its advantages
for the small income taxpayer through the increased exemptions allowed.
In another item in this issue we refer to the rejection by
the House on Feb. 8 of a resolutior proposing a constitutional amendment to prevent the further issuance of tax
exempt securities.
Reciting what had been done to remedy the situation, the
President said:
I have already encouraged organization and co-operative marketing that
organized agriculture may cope with organized industry. I have promoted
tariff investigations for increased rates on wheat. I have extended relief
through the War Finance Corporation and the Federal Reserve bank sys-
The President also referred to the fact that he had made
specific recommendations in his message to Congress, and
that there are bills pending for carrying his suggestions into
effect. "What I am most anxious to impress upon the
prosperous part of our country," said the President, "is the
utmost necessity -that they should be willing to make sacrifices for the assistance of the unsuccessful part. I do not
Speech of President Coolidge Before National Republi- mean by that any unsound device like price-fixing, which I
can Club—Agricultural Situation, Taxation,
oppose, because it would not make prices higher but would
Purchase of Arms by Mexico, Oil Leasing
in the end make them lower; it would not be successful and
Revelations, &c.
would not prove a remedy, but I do mean that the resources
Especial prominence to the Agricultural situation was given of the country ought to come to the support of agriculture."
by President Coolidge in a speech which he delivered in The following is the President's speech in full:
Mr. Chairman —One hundred and fifteen years ago to-day Abraham
New York at the Waldorf-Astoria before the National
Republican Club on Lincoln's Birthday, Feb. 12. The Lincoln was born. How great he became cannot yet be accurately measured
although nearly sixty years have passed since his death. Probably there
speech, broadcasted through every important radio station, has been no one justly entitled to be termed "the greatest man in the
his message countless num- world." As there are many different talents, so there are many different
brought in intimate touch with
kinds of greatness. This
somewhat barren of results.
bers in various sections of the country. Besides the agri- But measured by ability,makes comparisonscharacter. America has long
achievement, and
cultural problm, the President took up also the question of placed Washington and Lincoln as the two men in our history pre-eminently
tax reduction, indicating his support of the Mellon pro- entitled to be termed "truly great." In this opinion we have the general
concurrence of
them, they are not outposals, and his opposition to the Garner plan. Mr. Coolidge ranked by any mankind. While others approachcivilization has produced
of the other figures which all of
likewise indicated anew his stand on a soldier bonus, the throughout its record of thousands of years.
In a way all men are great. It is on that conception that American insticost of which he said "would more than destroy all the
tutions have been founded. Perhaps the differences are not so inuch as
great labor which the country has gone through for the pur- many suppose. Yet there are differences which set off some men above
pose of reducing its debt." The participation abroad of their fellows. What those differences are in a particular case is a matter
American experts in the proceedings looking to the solution somewhat of personal opinion. To me the greatness of Lincoln consisted
very largely of a vision by which he saw more clearly than the men of his
of the Germap reparations issue, was also among the matters time the moral relationship of things. His great achievement lay in bringof which the President made mention; he declared that ing the different elements of his country into a more truly moral relationwas
of
greatest armies the world
nothing has occurred to change the foreign policy of the ship. Heseen. the Commander-in-ChiefYetthe do not look upon him as a
had then
They were victorious.
we
Government since its outline by him in his message to Con- conqueror. He directed the raising and expenditure of vast sums of money.
gress in December, but he pointed out that "without doubt Yet we do not think of him as a financier. The course which he followed
desolated
of him not as
any settlement would call for a European funding and finan- cost many lives and the nationmuch territory. Yet we thinkas a destroyer
placing a burden on
but removing one from it, not
ding which would be of doubtful success without American but a restorer. He was a liberator. He struck the fetters not only from
the bodies but from the minds of men. He was a great moral force.
participation." He added:
When Lincoln had finished his course, he had made the foundation of
The export of such capital as is not required for domestic business, and
which the American people feel can be profitably done, having in view the freedom stronger and firmer on which to build national unity. Strengthfinancial returns, enlargement of our trade, and the discharge of the moral ening that principle was the chief accomplishment of his life. He pointed
obligation of bearing our share of the burdens of the world, entirely in out that the nation could not endure half slave and half free. The mighty
accordance with the choice of our own independent judgment, ought to work which he did finally left it to endure all free. He restored national
unity by restoring moral unity.
be encouraged.
need have no hesitation
Alluding to Mexico and the disorders which arose there, in The questions which he considered in his day weThere is no difference of
concluding were finally and definitely settled.
prompting the action of the Obregon Government in seeking opinion, no argument about them now. The conclusions which he drew
the purchase from the United States Government of arms and have long since been the settled policy of our country.
The conflicts of his time have passed away. New developments have
ammunitions, President Coolidge stated that "to refuse taken place, new problems have been met. The industrial struggle which
would have appeared to be equivalent to deciding that a came,lasting up to the days of the World War,for incressPd compensation
friendly Government which we had recognized ought not to to wage earners, for the betterment of their condition, while it has never
been fully settled, does not appear at present to be acute. The rewards
be permitted to protect itself." "We did," he said, "what of labor engaged in commerce, transportation and industry are now such as
I believed was right to do under the circumstances. It to afford the most liberal participation in all the essentials of life. What
was done, not for the purpose of protecting any particular this tremendous opportunity now held by the wage earner, if wisely and
mean to the well-being
is almost
individuals or interests, but to exercise a legal right, while justly administered, will It opens up the prospectof the nation in human
of a new era
beyond comprehension.
at the same time throwing our influence in favor of orderiy existence. It justifies the assertion that while America has problems, it is
procedure and evidencing our friendship toward the friendly not lacking in the ability or courage to comprehend and solve them. It is a
for confidence
Government of Mexico. Any other course would appear to warrantnational unity in the future.
That
for which Lincoln laid the foundation requires perme to be unworthy of our country."
petual adjustment for its maintenance. How great our country really is,
The revelations concerning the leasing of Government how diversified are its interests, is almost beyond the comprehension of
any one man. Yet groat and diversified as it is, any pretense of sound
oil lands were also referred to in the President's speech; morals or sound economics requires that each part, each section and each
declaring it to be "my duty to extend to every individual interest should be looked upon by the Government with like solicitude, all
common welfare. There
the constitutional right to the presumption of innocence sharing the common burdens, all partaking of theor limited. Every sound
is no sound policy which is narrow or sectional
until proven guilty," the President further said, "but I policy must be national in its scope. It is always necessary to determine
have another duty equally constitutional, and even more im- what will be good for the whole country.
portant, of securing the enforcement of the law. In that
duty I do not intend to fail." He also said:
Agricultural Situation.
The necessary observance of these principles requires, at the present time.
that a large amount of attention should be given to agriculture. This is an
There will be Immediate, adequate, unshrinking, prosecution, criminal
interest on which it is estimated that more than forty millions of our people
and civil, to punish the guilty and to protect every national interest. In are directly or indirectly dependent. It represents an
investment several
this effort there will be no politics, no partisanship. It will be speedy, times as large as that of all the railroads of the country.
It has an aggreit will be just. I am a Republican, but I can not on that account shield gate production of over $8,000,000,000 each year.
Yet with all these vast
anyone because he is a Republican. I am a Republican, but I can not resources of production and consumption, and
the vast purchasing power
on that account prosecute anyone because he is a Democrat.
for the products of the farm, which is represented by the prosperity of our
As stated above, the President featured in his speech industry and commerce, with here and there an exception, agriculture as a
the agricultural situation; this problem he said,"is not merely whole languishes. outrun the power of distribution and consumption. The
Production has
the problem of the agricultural sections of our country; it farm population is not increasing, but the improved methods of tillage and
problem likewise of industry, of transportation, of inventions in farm machinery have all contributed to increase the Per
is the
and
the
commerce, and of banking." He pictured thus the situation capita output. It is in this direction thatTheiragricultural schools subcolleges have placed their major emphasis.
education has been
confronting the farmer:
stantially all on the side of improved methods of production and none on
Disregarding the abnormal war-time condition, for every important the side of distribution, consumption and marketing.
When there is a difficulty which affects so large a population, so large
enterprise save agriculture the year 1923 undoubtedly holds the record.
Earnings have been very greatly increased, and except here and there an area and so important an interest as that of agriculture it is distinctly
railroads must be looked upon with a great deal of a national question. It scarcely needs to be pointed out that agriculture is
as in the case of some
of vital importance to our country: It is the primary source of sustenance.
satisfaction.
742
THE CHRONICLE
enterprise, industry and wealth. Every one ought to'mow that it is basic
and fundamental. Without a healthy, productive and propserous agriculture there can be no real national prosperity. It is perfectly obvious
that there is something radically wrong when agriculture is fund in its
present state of depression at a time when manufacturing, transportation
and commerce are on the whole in a remarkable state of prosperity.
No one would deny. I suppose, that industrially we are very flourishing.
Every standard by which prosperity is measured: whether it be production.
movement of freight, corporate earnings, employment of labor or bank
clearings, all point to the same conclusion. Disregarding the abnormal
war-time condition, for every important enterprise save agriculture the
year 1923 undoubtedly holds the record. Earnings have been very greatly
increased, and except here and there, as in the case of some railroads, must
be looked upon with a great deal of satisfaction.
But agriculture has only partially revived. Its position has been improved. and the returns for the year are nearly 30% in excess of two years
ago. But the great food staples do not sell on a parity with the products of
industry. Their average price is little above the pre-war level, while manufactures are about 50% higher. The farmer is not receiving his share.
The result has been a decrease in the value of farm lands, the choking
of the avenues of credit with obligations which are worthless or doubtful,
the foreclosure of mortgages and the suspension of a large number of banks.
To this depression there have been other contributing causes, but the main
difficulty has been the price of farm produce.
Very likely you are wondering why agriculture should be discussed here
in this metropolis. One reason is that I want to emphasize as forcibly as
possible your very intimate dependence upon agricultural welfare. That
great interest cannot be affected without the necessity of your being affected. The farm is one of the chief markets for the industries of the nation.
You have a direct economic and financial interest. You cannot long prosper
with that great population and great area in distress. You have a political interest. The people of those numerous States cast an enormous
Influence upon the making of the laws by which you are governed. Unsound economic conditions are not conducive to sound legislation. The
farm has a social value which cannot be over-estimated. It is the natural
home of liberty and the support of courage and character. In all the nation
It is the chief abiding place of the spirit of independence. I do not need to
dwell upon the moral requirement for the equitable distribution of prosperity
and the relief of distress by the application of every possible and sound
remedy.
This problem is not merely the problem of the agricultural sections of our
country; it is the problem likewise of industry, of transportation, of commerce and of banking., I bring it to you because I know that in part it is
your problem. I have already encouraged organization and cooperative
marketing that organized agriculture may cope with organized industry. I
have promoted tariff investigations for increased rates on wheat. I have
extended relief.through the War Finance Corporation and the Federal
Reserve Bank System.
I shall not now discuss the details of legislation or enter upon a presentation of peculiarly agricultural remedies. I made specific recommendations
in my message to Congress, and there are bills pending for carrying my suggestions into effect. What I am most anxious to impress upon the prosperous part of our country is the utmost necessity that they should be willing to make sacrifices for the assistance of the unsuccessful part. I do not
mean by that any unsound device like price-fixing, which I oppose, because
it would not make prices higher but would in the end make them lower;
it'would not be successful and would not prove a remedy. But I do mean
that the resources of the country ought to come to the support of agriculture. The organization recently perfected to supply money and management for the larger aspects of agriculture ought to have your sympathetic
and active support. I am glad finanical America is moving in that direction. It will be less work and less expense for you to meet this situation in
that way,for you will meet it; you will be affected by its economic, political
and moral results.
Taxation.
• When an examination Is made to ascertain some of the causes of these
conditions, among the first which suggest themselves is the amount and the
method of national taxation. Out of an income of about $50,000.000.000.
the people of this country pay nearly $7,500,000,000 in taxes, which is more
than $68 for every inhabitant of the land. Of this amount the national
Government collects about $3,200,000,000 and the State and local governments about $4,300,000,000.
As a direct burden this is a stupendous sum, but when it is realized that
in the course of our economic life it is greatly augmented when it reaches the
consumer in the form of the high cost of living, its real significance begins to
be appreciated. The national and local governments ought to be unremitting in their efforts to reduce expenditures and pay their debts. This
the national Government is earnestly seeking to do. The war cost of more
than $40,000,000,000 is already nearly half paid. Amid the disordered
currencies of the warring nations our money is and has been maintained at
the gold standard. Our budget has long since been balanced and our debt
paying program is at the rate of $500,000,000 each year. In spite of all
these expenditures, the next fiscal year has an estimated surplus revenue of
over $300,000,000.
This represents a great financial achievement in the past three years.
In the first place, It was necessary to provide for more than $7,000,000,000
of s'iort-time maturities. Those have all either been paid or refunded, so
t.they will become due in the future at orderly intervals, when they can
b ,,..tired or further extended. When it is realized that such large loans
were made in a way that not only left business undisturbed but was scarcely
perceptible to the public, the skill with which Secretary Mellon managed
them can well be appreciated.
Coincident with this was the even greater task of reducing national
expenditures. Through legislative enactment and Executive efforts this
has gone steadily forward and is now proceeding from day to day. Under
the watchful care of the Budget Bureau every department is constantly
striving to eliminate all waste and discard every unnecessary expense.
Every reasonable effort has been made to secure the liquidation of our
international debts. * The largest, which was that of Great Britain, and
which amounted with accumulated interest to $4,600,000,000, has been
settled on terms that provide for its payment over a period of sixty-two
years. Interest runs at 3% until 1933, and after that 334%. This calls
for payments in the immediate future of over $160,000,000 a year. They
have the option to pay us in our own bonds, and In Its practical working
this agreement does not Involve cash payments to this country, but simply
a mutual cancellation of debts. The funding of the British debt was one of
the greatest of international financial transactions. It had its effect on
business confidence, which was worldwide. It demonstrated the determination of a great empire faithfully to discharge its international obligations.
In this respect it was much more than a financial transaction: it was an
exhibition of the highest type of international honor. It showed that the
moral standards of the world were going to be maintained.
All of this has laid the foundation for national tax reduction and reform.
finances, like all else, must yield to national defense and
in time of war,
[VOL. 118.
preservation. In time of peace, finances, like all else, should minister to
the general welfare. Immediately uppn my taking office it was determined.
after conference with Secretary Mellon. that the Treasury Department
should study the possibility of tax reduction for the purpose of securing
relief to all taxpayers of the country and ematicipating business from unreasonable and hampering exactions. The result was the proposed bill
which is now pending before the Congress. It is doubtful if any measure
ever received more generous testimony of approval. Opposition has appeared to some of its details, but to the policy of immediate and drastic
reduction of taxes,so arranged as to benefit all classes and all kinds of business, there has been the most general approbation.
These recommendations have been made by the Treasury as the expert
adviser of the Government. They follow, in their main principle of a decrease in high surtaxes, which is only another name for war taxes, the views
of the two preceding Secretaries of the Treasury, both of them Democrats
of pronounced ability. They are nonpartisan, well thought out and sound.
They carry omit the policy of reducing the taxes of everybody, especially
people of moderate income. They give to the country almost a million dollars every working day.
The proposed bill maintains the fixed policy of rates graduated in proportion to the
to pay. That policy has received almost universal sanction. It is sustained by sound arguments based on economic, social and
moral grounds. But in taxation,like everything else, it is necessary to test a
theory by practical results. The first object of taxation is to secure revenue. When the taxation of large incomes is approached with this in view
the problem is to find a rate which will produce the largest returns. Experience does not show that the higher rate produces the larger revenue.
Experience is all the other way. When the surtax rate on incomes of
$300,000 and over was but 10% the revenue was about the same as it was
at 65%.
There is no escaping the fact that when the taxation of large incomes is
excessive they tend to disappear. In 1916 there were 206 incomes of $1,000.000 or more. Then the high tax rate went into effect. The next year there
were only 141, and in 1918 but 67. In 1919 the number declined to 65. In
1920 it fell to 33, and in 1921 it was further reduced to 21. I am not making any argument with the man who believes that 55% ought to be taken
away from the $1,000.000 income, or 68% from a $5,000.000 income;
but when it is considered that in the effort to get these amounts we are
rapidly approaching the point of getting nothing at all it is necessary to
look for a more practical method. That can be doneeonly by a reduction
of the high surtaxes, when viewed solely as a revenue proposition, to about
25%.
I agree perfectly with those who wish to relieve the small taxpayer by
getting the largest possible contribution from the people with large incomes.
But if the rates on large incomes are so high that they disappear, the small
taxpayer will be left to bear the entire burden. If, on the other hand,
the rates are placed where they will produce the most revenue from large
incomes, then the small taxpayer will be relieved. The experience of the
Treasury Department and the opinion of the best experts place the rate
which will collect most from the people of great Wealth,'thus giving the
largest rellef.to people of moderate wealth, at not over 25%.
A very important social and economic question is also Involved in high
rates. That is the result taxation has upon national development. Our
progress in that direction depends upon two factors—personal ability and
surplus income. An expanding prosperity requires that the largest possible
amount of surplus income should be invested in productive enterprise under
the direction of the best personal ability. This will not be done if the,
rewards of such action are very largely taken away by taxation.
If we had a•tax whereby on the first working day the Government took
5% of' your wages, on the second day 10%, on the third day 20%, on the
fourth day 30%, on the fifth day 50%, and on the sixth day 60%, how
many of you would continue to work on the last two days of the week? It
is the same with capital. Surplus income will go into tax-exempt securities. It will refuse to take the risk incidental to embarking in business.
This Will raise the rate which established business will have to pay for
new capital, and result in a marked increase in the cost of living. If nevi
Capital will not flow into competing enterprise the present concerns tend
toward monopoly,increasing again the prices which the people must pay.
Evil of Excessive Taxes.
The high prices paid and low prices received on the farm are directly due
to our unsound method of taxation. I shall illustrate by a simple example:
A farmer ships a steer to Chicago. His tax, the tax on the railroad transporting the animal, and of the yards where the animal is sold, go into the
price of the animal to the packer. The packer's tax goes into the price of
the hide to the New England shoe manufacturer. The manufacturer's tax
goes into the price to the wholesaler, and the wholesaler's tax goes into the
price to the retailer, who in turn adds his tax in his price to his purchaser.
So it may be said that if the farmer ultimately wears the shoes he pays
everybody's taxes from the farm to his feet.
It is for this reason that high taxes mean a high price level, and a high
price level in its turn means difficulty In meeting world competition. Most
of all, the farmer suffers from the effect of this high price level. In what
he buys he meets domestic costs of high taxes and tiro high price level. In
what he sells he meets world competition with a low price level. It is
essential, therefore, for the good of the people as a whole that we pay not
so much attention to the tax paid directly by a certain number of the taxpayers. but we must devote our efforts to relieving the tax paid Indirectly by
the whole people.
Taken altogether, I think it is easy enough to see that I wish to include
in the program a reduction in the high surtax rates, not that small incomes
may be required to pay more and large incomes be required to pay less,
but that more revenue may be secured from large incomes and taxes on
small incomes may be reduced; not because I wish to relieve the wealthy.
but because I wish to relieve the country.
The practical working out of the proposed schedules is best summarized
by the Treasury experts, who find that $92,000,000 a year will be saved to
those who have incomes under $6,000; $52,000,060 to those who have incomes between $6,000 and $10,000; and that less than 3% of the proposed
reduction would accrue to those who have incomes of over $100.000. A
married man with two children, having an income of $4,000, would have his
tax reduced from $28 to $15.75; having $5,000, from $88 to $38.25: having
$8,000. from $128 to $72; having $8.00d, from $276 to $144, and having
$10,000. from $458 to $234.
in order to secure these results the Administration bill proposes to reduce
the tax on earned Income 25%,and the normal tax on unearned income also
25%. This would apply to all incomes alike, great and small, and would
provide general and extensive relief. Further reductions would be secured
by increasing the amount of income, exempt from surtaxes, from $6,000
to $10,000. Such surtaxes Increase progressively until on incomes of $100.000 or more they reach the maximum of 25%. svhich, with the normal tax
of 6%, make large incomes pay in all 31%. It is also proposed to repeal
many troublesome and annoying rates, such as admission taxes and sales
taxes, the existence of which Is reflected in the Increased cost of doing
business and the higher prices required from the people.
FEB. 16 1924.]
THE CHRONTCLE
743
or our citizens within their territory. We do not, harbor the slightest desire
to dictate to them in the smallest degree. We have every wish to be friendly
and helpful. After a long period of shifting and what appeared to us to be
unsubstantial governments in that country, we recently reached the opinion
that President Obregon has established a government which is stable and
effective, and disposed to observe international obligations. We therefore
recognized it.
When disorder arose there, President Obregon sought the purchase of a
small amount of arms and munitions of our Government for the purpose of
insuring his own domestic tranquility. We had either to refuse or to comply.
To refuse would have appeared to be equivalent to deciding that a friendly'
government, which we had recognized, ought not to be permitted to protect
itself. Stated in another way, it would mean that we had decided that it
ought to be overthrown, and that the very agency which we had held out as
able to protect the interests of our citizens within its borders ought not
to be permitted to have the means to make such protection effective. My
decision ran in a counter direction.
It was not a situation of our making, but one which came and had to
be met. In meeting it, I did what I thought was neces.saty to discharge
'the moral obligation of one friendly government to another. The supremacy of the Obregon government now appears to be hopeful. Whatever may
be the outcome, we are not responsible for it. We did what I believed
was right to do under the circumstances, It was done, not for the purpose of protecting any particular individuals or interests, but to exercise
a legal right, while at the same time throwing our influence in favor of
orderly procedure and evidencing our friendship toward the friendly government of Mexico. Any other course would appear to me to be unworthy of
our country.
I propose to continue whatever course of action is customary between
Opposition to Soldier Bonus Bill.
friendly governments. While I trust no further action may be neceesary. I
Since Aug. 1919, the public debt has been decreasing. About $4,500,- shall continue to afford protection in accordance with the requirements of
rights.
000,000 has been paid off. This means a reduction in interest of almost international law. I propose to protect American lives and American
Oil Leasing Revelation.
.$200,000,000. It is of the utmost importance, in order to be able to meet a
fast approaching foreign competition, that to keep business good and preLately there have been most startling revelations concerning the leasing of
vent depression we reduce our debt and keep our expenditures as low as Government oil lands. It is my duty to extend to every individual the congranting of a bonus stitutional right to the presumption of innocence until proven guilty. But.
possible. These are the economic reasons why the
would jeopardize the welfare of the whole country. It was estimated that I have another duty equally constitutional, and even more important.
• under the bonus bill which was vetoed, if all the beneficiaries had taken the of securing the enforcement of the law. In that duty I do not intend to
certificates which it was proposed to issue, the plan would have cost $225.- fail.
000,000 annually for the first four years, and a total of $5,400,000.000.
Character is the only secure foundation of the State. We know well that
This would more than destroy all the great labor which the country has all plans for improving the machinery of government and all measures for
gone through for the purpose of reducing its debt. It would mean the in- social betterment miserably fail, and the hopes of progress wither, when
definite postponement of any tax reduction, another increase in the cost corruption touches administration. At the revelation of greed making its
of living, more drying up of the sources of credit, and a probable raising subtle approaches to public officers, of the prostitution of high place to priof the rates of interest; all of which would result in inflation and higher vate profit, we are filled with scorn and indignation. We have a deep
prices, with the grave danger of ultimate disaster to our financial system. sense of humiliation at such gross betrayal of trust, adn we lament the
We have been through one period of deflation. Nearly all the men on the undermining of public confidence in official integrity. But we can not rest
farms and many of the men in business have not yet recovered from it, with righteous wrath; still less can we permit ourselves to give way to
and the country certainly does not want to take the risk of another like cynicism. The heart of the American people is sound. Their officers with
experience. A few months of good times are worth more to the service rare exception are faithful and high-minded. For us, we propose to follow
men themselves than anything they could receive in the way of a bonus.
the clear, open path of Justice. There will be immediate, adequate, unBut this question goes deeper than that. I am aware that some men shrinking prosecution, criminal and civil, to punish the guilty, and to pronot
made money out of the war. Many of them lost what they made, but
tect every national interest. In this effort there will be no politics, no
all. No doubt there are some such who are justly to be criticized for greed partisanship. It will be speedy, it will be just. I am a Republican, but I
they would not pay the bonus. It would cannot on that account shield any one because he is a Republican. I ant a
and selfishness. Unfortunately
have to be paid by the country. I have already undertaken to demon- Republican, but I cannot on that account prosecute any one because he is a
strate that taxes are paid by the great mass of the people. It is necessary to Democrat.
consider whether there be any moral justification for placing all the people
I want no hue and cry, no mingling of innocent and guilty in unthinking
under this great burden, in order to pay some money to a part of the people condemnation, no confusion of mere questions of law with questions of
many of whom do not want it and are offering pronounced objection to fraud and corruption. It is at such a time that the quality of our citizenry
it. A very large body of service men do not want the bonus, and object is tested—unrelenting toward evil, fair-minded and intent upon the requireto being taxed in order that it may be paid. Their request is entitled to ments of due process, the shield of the innocent and the safeguard of society
just as much consideration as the request of those who do want it. They itself. I ask the support of our people, as Chief Magistrate, intent on the
are just as eager now to save their country from financial disaster as they enforcement of our laws without fear or favor, no matter who is hurt or
were formerly to save it from military disaster. They are entitled to be what the consequences.
heard. This question ought to be decided in accordance with the welfare
Distressing as this situation has been, it has its reassuring side. The
of the whole country.
high moral standards of the people were revealed by their instant reaction
No one doubts the patriotism of those who advocate the bonus. No against wrong-doing. The officers of the Government, without respect to
one denies that the country owes a debt which it never can pay to those party, have demonstrated a common purpose to protect Government propwho were in the service. Their disabilities must be recompensed, their erty and to bring guilt to justice. We have the trials and perplexities of our
health restored, their dependents supported; all at public expense. They day, but they seem insignificant compared with those which taxed the
are entitled to the highest honor. But the service they rendered was of such genius of Lincoln. The Government maintained itself then: the Governa nature that it cannot be recompensed to them by the payment of money. ment will maintain itself now. The forces of evil do not long triumph.
America was not waging war for the purpose of Securing spoils. The The power of Justice can not long be delayed. The moral force of Lincoln
American soldier did not enter the service for the purpose of securing Is with us still. "lie that keepeth Israel shall neither slumber nor sleep."
personal gain.
I have lately undertaken to define the outline of the foreign policy of the
present Government. Nothing has occurred since my message to the Con- House Rejects Constitutional Amendment to Prevent
gress that requires any change in that policy. The prospect of a European
Further Issues of Tax Exempt Securities—Advices
settlement, however, has arisen, which holds some promise. Three AmeriFrom A. W. Gregg of Treasury Department to
of outstanding and well-seasoned ability have been called to give tneir
cans
Representative Green.
expert a.ssistace and advice. They do not represent our Government.
Their only official standing comes from their being agents of the Reparation
The resolution presented by Representative Green proposCommission.
the further
Yet they cannot help being Americans, and will bring to their problem ing a constitutional amendment to prevent
not the point of view of the American Government but, what may be more issuance of tax exempt securities was defeated of adoption
effective, the point of view of the American mind. Without doubt any in the House of Representatives on Feb. 8; the vote on the
settlement would call for a European funding and financing, which would
247 were
be of doubtful success without American participation. The export of such resolution was taken after two days' debate;
capital as is not required for domestic business, and which the American recorded in favor of the amendment and 133 in opposition—
people feel can be profitably done, having in view the financial returns.
thus lacking seven votes of the required two-thirds necessary
enlargement of our trade, and the discharge of the moral obligation of
bearing our share of the burdens of the world, entirely in accordance with for the adoption of an amendment to the Constitution.
.
,
the chef of our own independent Judgment,ought to be encouraged.
Regarding the House proceedings on the 8th inst. we quote
That is the tax measure which has been proposed, and which has my support. Because I wish to give to all the people all the relief which it conas
tains, I am opposed to material alteration and compromise. It is about
far removed as anything could be from any kind of partisanship. At
least, I do not charge that there is any party or any responsible party leaderkeeping
ship that admits it is opposed to making taxes low and in favor of
just
taxes high. But the actions and proposals of some are liable to have
the simple proposition that the country is entitled
that result. I stand on
give.
to all the relief from the burden of taxation which it is possible to
been
The proposed measures give such relief. Other measures which have
brought forward do not meet this requirement.
of an indirect attempt to defeat a good measThey have the appearance
ure with a bad measure. You have heard much of the Garner plan. Brought
forward to have something different, it purported to relieve the greatest
number of taxpayers. It gave not the slightest heed to the indirect effect
of high taxes, or to the approaching drying up of the source of revenue and
consequent failure of the progressive income tax, or to the destruction of
business initiative. It is political in theory. When the effect of its provisions was estimated, it meant a loss of revenue beyond any expected
surplus. It is impossible in practice. The people will not be misled by such
proposals. It is entirely possible to have a first-class bill. I want the
country to have the best there is. I am for it because it will reduce taxes
on all classes of income. I am for it because it will encourage business. I
am for it because it will decrease the cost of living. I am for it because it
is economically, socially and morally sound.
But the people must understand this is their fight. They alone can win it.
Unless they make their wishes known to the Congress without regard to
party this bill will not pass. I urge them to renewed efforts.
Mexico and Purchase of Arms.
Our Government does not want war anywhere. It wants peace everywhere. It does not look with sympathy upon the manufacture or sale of
arms and munitions by which one country might make war upon another
country. It recognizes, however, that every Government must necessarily
maintain some military establishment for national defense and the policing
little
of its own domain. For such incidental purposes there could be
criticism of our Government or private interests, hating the necessary
equipment,should furnish it. But it is a traffic which we wish to discourage,
Especially
rather than encourage. We do not believe in great armaments.
the present
are we opposed to anything like competitive armaments. While
should a
time does not appear propitious for a further effort at limitation,
for in
European settlement be accomplished, something might be hoped
otbor great
ready to join with the
that direction. The United States stands
agreement, in
powers, whenever there appears to be reasonable prospect of
armaments.
a further limitation of competitive
which has caused some soliciA situation has recently arisen in Mexico
perfect right to
tude. We recognize that the people of that country have a
without any interference from us, so
set up and pull down governments
the lawful rights of our Government
long as there is no interference with
the following from the Associated Press accounts:
Republicans. with 17 exceptions, voted for the resolution, as did 69
Democrats. Before the final vote the House rejected, 208 to 167. a motion
by Representative Steagall, Democrat, Alabama, to recommit the measure
for an amendment which would have deprived States of the right to tax
bonds issued by the Federal Farm Loan Board.
The only amendment adopted was one by Representative Moore. Democrat, Virginia, to require ratification by States within seven years.
Although the amendment was asked by President Coolidge and Secretary
Mellon, It was not taken into consideration in the tax re sision program
recommended by the Treasury and its defeat will have no effect on the
tax bill already reported by the Ways and Means Committee. Mr. Mellon
had estimated there was approximately 811,000,000,000 outstanding in
tax exempt securities.
The measure was attacked in debate by many Republican leaders and
supported by some Democrats. Representative 13acharach, of New Jersey.
a member of the Ways and Moans Committee, and Representatives Begg•
of Ohio, and Graham, Pennsylvania, were among the Republicans who
spoke against the amendment. Representative Crisp, of Georgia. led ti
Democratic support for the resolution.
744
THE CHRONICLE
Representative Longworth, of Ohio, Republican floor leader, charged in
the debate, however, that opposition to the amendment was political,
pointing out it had passed the House last year by a substantial majority.
"Next week you Democrats will be voting for a prohibitive surtax rate,"
Mr. Longworth declared, "but to-day you will vote to maintain a situation
which offers escape to those who would have to pay those high rates."
Representative Garrett, of Tennessee, and Oldfield, of Arkansas, Democratic floor leader and whip, respectively, denounced the resolution as an
invasion of States' rights and unfair to States and cities planning public
improvements,in that their bonds would be taxed, whereas similar improvements in the past had been made on tax free securities.
The vote to-day, in the opinion ofleaders, effectually kills the amendment
so far as this session is concerned.
The following is the resolution offered by Representative
Green:
[Vor.. 118.
Rockefeller, how much would have been saved to them? About $1,600,000
a year, and did the State of Texas get any part of that $1.600,000 a year
saved to them? It did not, nor did it save any considerable sum in any
way by issuing these bonds tax free. The people who sold those bonds,
the people of the State of Texas, the people in States similarly situated,
simply made a present of over $1,000,000 a year to men who were in the
situation of Mr. William Rockefeller. That is all there was to it. If
Mr. Rockefeller had paid the price he ought to have paid in order to compensate for the benefits that he received on a similar amount of tax exempt
bonds, he would have reduced the interest rate on his securities to about
3 or 3)%. Instead of that he got bonds that were worth to him 9 or
10% at the very lowest.
Some people have claimed that this amendment will raise the rates on
the loans made by the Federal Land banks and the Joint Stock Land
banks. Let me explain in the outset just what the situation is with reference
to these banks. The exemption which is granted
to their bonds from
taxation was granted by the Congress, and it can be taken away at any
time. The amendment has nothing to do with It directly,
but I want to
be very frank with everyone in the House and say that the ultimate effect
of this amendment, of course, will be to take away the exemption which is
now granted to Farm Loan bonds.
HOUSE JOINT RESOLUTION 136.
Resolved by the Senate and House of Representatives of the United States
of America in Congress assembled (two-thirds of each House concurring therein),
That the following article is proposed as an amendment to the Constitution
of the United States, which shall be valid to all intents and purposes as
part of the Constitution when ratified by the legislatures of three-fourths
A. W. Gregg, one of the special experts of the Treasury
of the several States:
Department, prepared for the Ways and Means Committee
ARTICLE —.
Section 1. The United States shall have power to levy and collect taxes a digest of decisions and arguments bearing
on the power
on income derived from securities issued after the ratification of this article of Congress
to levy a tax upon the income from securities
by or under the authority of any State. but without discrimination against
income derived from such securities and in favor of income derived from issued by States or political subdivisions thereof and Mr.
securities issued after the ratification of this article by or under the authority Gregg's advices to Chairman
Green in the matter were
of the United States or any other State.
made public on Jan. 8 at the time of the introduction by
Section 2. Bach State shall have power to lay and collect taxes on income
derived by its residents from securities issued after the ratification of this Representative Green of his resolution proposing the constituarticle by or under the authority of the United States, but without dis- tional amendment. We
give herewith Mr. Gregg's letter:
crimination against income derived from such securities and in favor of
Treasury Department, Jan. 4 1924.
income derived from securities issued after the ratification of this article
Hon. W. I?. Green, Chairman Ways and Means Committee House of Repreby or under the authority of such State.
sentatives.
Representative Green, Chairman of the House Ways and
My Dear Mr. Chairman —Prior to its adjournment
before the holidays.
Means Committee,in presenting the resolution for considera- the Committee requested that I prepare for the assistance ofthe Committee
a digest of the decisions and arguments affecting the question of whether
tion on Feb. 7 said:
Congress has the power to levy a tax upon the income
from securities Issued
Mr. Green of Iowa—Mr.Chairman,the question before us is not sectional by States or political
subdivisions thereof. In accordance with that
and not a political one, but it is one that is vital to the interests of this request the following is
submitted:
country. The amendment which I have proposed to the Constitution of
Two questions will be considered: (1) Whether the Federal Government
the United States strikes at an evil which is certain, if not checked, to has the general power to lay
a tax upon income derived from securities issued
eventually undermine the foundations upon which our institutions rest by States or political
subdivisions thereof; (2) in the event that Congress
and bring the whole mighty edifice down in utter ruin.
may not lay a tax upon income from all such securities, whether the income
In considering this amendment to the Constitution, intended to prevent from obligation issued by
States or political subdivision thereof may be
the further issuance of tax exempt securities. It becomes necessary for me taxed by the Federal
Government.
to briefly review conditions in this country with reference to taxes upon
The earliest decision of the Supreme Court upon the question
of the
incomes. The first income tax ever levied in this country, as gentlemen power of the United
States to tax State instrumentalities is the Collector vs.
are aware, was levied during the Civil War. It was a very light tax and Day (1870). 11
Wall 113. Under the Civil War Income Tax Acts, a tax
was repealed shortly after the close of the war. In President Cleveland's was assessed on the
salary of Hay, a Probate Judge in Massachusetts.
time another income tax was levied which was afterwards declared un- He paid the tax under protest
and brought action to recover it. It was
constitutional by the Supreme Court. Since that time until the present held by the Supreme
Court that Congress had no power to impose a tax
there has been no effort made to levy any tax upon the incomes from the upon the salary of a State
judicial officer.
great and growing volume of State and municipal securities. The volume
The Court cited Dobbins vs. Commissioners (1842). 16 Peters 435;
of tax exempt securities has been increasing until it has reached the enormous McCullough vs. Maryland (1819),
Wheat 316. and Weston vs. Charlessum of $13.000,000,000.
ton (1829). 2d Peters 449. as establishing the proposition "that the State
Mr. Chairman, how times do change. We find this amendment opposed governments cannot lay a tax upon
the Constitutional means employed
principally by Membersfrom the South, but when what is commonly known by the Government of the Union
to execute its constitutional powers,"
as the income tax amendment—the Sixteenth Amendment—to the Constitu- and concluded that on the same
principle, the United States cannot tax the
tion was proposed it was first offered by a gentleman from South Carolina means and instrumentalities employed
by the States for carrying on their
by the name of Butler. It was supported almost unanimously in the governmental operations.
South; its strongest opponents were in the North. And yet that amendThe Court's reasoning is indicated in the following passage (pp. 125. 187):
ment was universally believed to confer powers with reference to taxation
"It is admitted that there is no express provision in the Constitution that
of State and municipal securities far beyond anything that is proposed in prohibits the General Government from taxing the means and instruthe present amendment. At that time it was almost universally conceded mentalities of the States, nor is there any prohibiting the States from
taxing the means and instrumentalities
that the Sixteenth Amendment, if adopted, would give the United States cases the exemption rests upon necessary of that Government. In both
Implication and is upheld by
complete power to tax the bonds and securities of the several States at any great law of self preservation: as any Government whose means the
emrate it pleased, even to destruction, had it seen fit to take such a foolish ployed in conducting its operations, if subject to the control of another and
distinct Government, can exist only at the mercy of that Government.
and ridiculous course, and yet scarcely a voice in the South was raised
"The means and instrumentalities employed for carrying on the operations
against it.
of their governments, for preserving their existence, and fulfilling the high
Why all this clamor at the present time? Why all this strange union and responsible duties assigned to them in the Constitution
should be left
and clasping of hands between the multi-millionaires of the North and the free and unimpaired,should not be liable to be crippled, much less defeated.
farmers of the South by gentlemen who claim here to represent them? by the taxing power of another Government."
The simple and plain reason is that these gentlemen are misled and the
This decision was followed in the cases of a Judge of the Superior Court
people whom they represent are deceived. They think that they are of New York City (Freedman vs. Sigel, 1875, Federal
Case 5989) and of
getting some benefit out of the present conditions. They believe they a State's Attorney in Maryland (United States vs.
Ritchie, 1872 Federal
would, if this amendment was adopted, have to pay 1 or 2% more on the Cage 16168)•
amount which local municipalities now pay. And yet lot me say to gentleIn the case of Pollock vs. Farmer's Loan & Trust Co.
(1885, 157 U. S.
men who entertain that belief that you have only to look on the stock 429), a bill by a shareholder to enjoin the
defendant corporation from
market quotations to undeceive yourselves.
paying an income tax under the Act of Aug. 15 1894 (28 Stat. 309), it was
The city of Galveston to-day has its bonds quoted on the New York urged that the Act was unconstitutional on
the grounds: (1) That in
stock market at a rate yielding 5%. They are tax free. Canadian city imposing a tax on the income or rents of real
and personal property it
bonds, such as those of Montreal and Winnipeg, are offered on the market imposed a direct tax upon the property itself,
which was void, because not
at the same time at a rate which will yield 5.21%. The bonds of the apportioned among the States;(2) that in imposing
indirect taxes it violated
Union Station in the city of Chicago are offered on the market to yield the constitutional requirements of uniformity;
(3) that in imposing a tax
only 5.13. The Canadian bonds are taxable, the bonds of the city depot upon income received from State and
municipal bonds it exceeded the
are taxable, and there is only a fraction of a point difference between the constitutional powers of the Federal
Government.
interest rates which they yield and the return from the bonds of the Texas
With reference to this third point Chief Justice Fuller
said (p. 585);
city, yet Galveston bonds are high-grade bonds. Texas has many large
"It is contended that although
cities, but I doubt whether any of them borrow at as low a rate, and its their instrumentalities cannot bethe property or revenues of the States or
taxed, nevertheless the income derived
small towns pay much higher.
from State, county and municipal securities can be taxed, but we think
What is the cause of this? It is perfectly plain. The price of wheat is the same want of power to tax the property or revenues of the States or
their instrumentalities exists in relation to a tax on the income from their
determined by the surplus. The price of corn is determined by the surplus, securities, and for
the same reason, and that
and every farmer knows that. The price of municipal bonds. State bonds. Marshall in Weston vs. Charleston. 2 Pet. reason is given by Chief Justice
449.
"
'The right to tax the contract to any extent,468. where he said:
of tax exempt securities generally is determined by the surplus of such which
When
must operate
upon the power to borrow 'before it is exercised, and made,a sensible inthe people of great wealth can not absorb.
have
fluence upon the contract.
you gentlemen mean to tell me that this enormous amount of of a distinct Government. The extent of this influence depends on the will
Do any of
To any extent, however inconsiderable, it is a
$13,000,000.000 can be all absorbed by the great investors? On the burden on the operations of government.
It may be carried to an extent
contrary, one gentleman who is opposed to the amendment has in ,his which shall arrest them entirely. * • • The tax on Government stock
thought by this Court to be a tax on the contract, a tax on the power to
debate asserted very correctly that a large proportion of these bonds are is
borrow money on the credit of
taken by parties having small means. The fact is that the great investors repugnant to the Constitution.'the United States, and consequently to be
''Applying this language to these municipal securities, it is obvious that
could not carry half of this stupendous amount. The consequence is that
the interest therefrom would operate on the power to borrow
the price is fixed by the price which the smaller investor can and will pay, taxation onexercised,
before it is
and 'would
a
and not by the price which the big investor might pay, because he does not and that the tax in question is a haveon sensible influence on the contract,
tax
the power of the States and their
have to pay it, and he will not pay I. The result is that men of great instrumentalities to borrow money, and consequently repugnant to the
Constitution.
wealth get these bonds for a little more than they would pay for taxable
"It is clear, therefore, that prior to the adoption of the Sixteenth Amendbonds.
ment Congress had no power to levy a tax, directly or
The State of Texas issued last year, if f remember right, about $55.000,000 securities issued by States or a political subdivision thereof.indirectly, upon
There remains
of bonds. When Mr. William Rockefeller died he had 344.000,000 worth to be considered the effect of the Sixteenth Amendment.
"The Sixteenth Amendment provides that 'the Congress shall have
of tax exempt bonds as a part of.his estate. He held no bonds of the power to lay and collect
taxes on incomes, from whatever source derived.
State of Texas, but a man of his wealth could have taken the whole issue. without apportionment amongthe several States, and without regard to
If they were all taken care of by men of about the same wealth as William any census or enumeration.'
FEB. 16 1924.]
745
THE CHRONICLE
At the time the Sixteenth Amendment was being considered by the
Legislatures of the several States it was urged by various writers and public
men that the proposed amendment gave Congress the power to tax the
salaries of officers and employees of the States and the income from State
municipal securities. See Foster, income tax, Page 78 Et seq. Minor, the
proposed income tax amendment, 15 Va. L. Reg. 737,753; Hubbard, the
Sixteenth Amendment, 33 Harvard Law Review, 794. The contrary view
was urged with equal strength. See "Congressional Record," Volume 45,
pages 1694-1699. 2245-2247, 2539-2540, and Ritchie. Power of Congress
to Tax State Securities, 5 American Bar Association Journal. 602.
In the first case which arose under the Sixteenth Amendment, the case of
Brushabor vs. Union Pacific RR. Co., 240 U. S., the Supreme Court
committed itself on the question of whether or not the Sixteenth Amendment gave to Congress any new power of taxation: This case was a suit
by a stockholder to restrain the defendant corporation from paying an
income tax imposed by the Tariff Act of 1913, on the ground that it was
unconstitutional. Chief Justice White, in the course of upholding the
validity of the Act, said (pp.17, 18. 19):
"It is clear on the face of this text that it (the amendment) does not
purport to confer power to levy income taxes in a general sense—an authority
already possessed and never questioned—or to limit and distinguish between
one kind of income taxes and another, but that the whole purpose of the
amendment was to relieve all income taxes when imposed from apportionment from a consideration of the source whence the income was derived."
What are these "means and instrumentalities" which cannot be burdened
with a tax? Are all activities in which a State or municipality may choose
to engage ipso facto removed from the sphere of Federal taxation?
Consistent Policy Follows.
The Supreme Court has followed a consistent policy in the series of cases
Involving this question, which will be indicated by extracts from the
decisions. In Bank of United States vs. Planters'Bank of Georgia (1824)
(9 Wheat 904-Chief Justice Marshall said (p. 907):
"It is, we think, a sound principle that when a Government becomes a
partner in any trading company it divests itself, so far as concerns the
transactions of that company, of its sovereign character and takes that of a
private citizen. Instead of communicating to a company its privileges and
prerogation, it descends to a level with those with whom it associates itself,
and takes the character which belongs to its associates, and to the business
which is to be transacted."
This distinction between the so-called proprietary functions of a municipality or State and its governmental functions has been further brought
out in a series of cases involving Federal taxation. In Salt Lake City vs.
Hollister (1865). (118 U. S., 296) action was brought by the city to recover
taxes paid the Federal Collector of Internal Revenue on spirits distilled
by the city.
It was held that a municipal corporation engaged in a business of distilling
spirits was subject to internal revenue taxation under the laws of the
United States. In the leading case upon the subject—South Carolina vs.
Indeed,in the light of the history which we have given and of the decision United States (1905) (199 U. S. 437)—Justice Brewer brings out clearly
in the Pollock case and the ground upon which the ruling in that case was the distinction noted in the earlier cases between proprietary and governbased, there is no escape from the conclusion that the amendment was mental functions of a State. The facts were these:
drawn for the purpose of doing away for the future with the principle upon
The State of South Carolina established dispensaries for the wholesale
which the Pollock case was decided, that is, of determining whether a tax and retail sale ofliquor, and prohibited sales by others. The United States
on income was direct not by a consideration of the burden placed on the demanded license taxes from the dealers, which the State paid. The
taxed income upon which it directly operated, but by taking into view the dispensers had no interest in the sales and received no profits thereon.
burden which resulted on the property from which the income was derived. Later the State protested against the payment of the Federal license taxes
since in express terms the amendment provides that income taxes, from and sued to recover amounts already paid.
whatever source the income may be derived, shall not be subject to the
In upholding the power of the United States to levy the license tax,
regulation ofapportionment.
Justice Brewer. after citing Collector vs. Hay supra, and McCulloch vs.
of view, the amendment demonstrates that
Indeed, from another point
Maryland (1819) (4 Wheaton 316) said (pp. 456, 457. 459):
no such purpose was intended and, on the contrary, shows that it was
There is something of a conflict between the full power of the nation
drawn with the object of maintaining the limitations of the Constitution with respect to taxation and the exemption of the State from Federal
and harmonizing their operation. * * * The purpose was not to taxation in respect to its property and a discharge of all its functions. The
functions from Federal taxation
change the existing interpretation except to the extent necessary to accom- exemption of the State's property and itsFederal system and the necessity
is implied from the dual character of our
plish the result intended, that is the prevention of the resort to the sources of preserving the State in all its efficiency.
'
from which a taxed income was derived in order to cause a direct tax on
In order to determine to what extent that implication will go we must
the income to be a direct tax on the source itself and thereby to take the turn to the condition of things at the time the Constitution was framed.
Looking, therefore, at the Constitution in the light of the conditions surincome tax out of the class of excises, duties and imposts and place it in rounding at the time of its adoption, it is obvious that the framers, in
the class of direct taxes.
granting full power over license taxes to the National Government, meant
Again in Stanton vs. Baltic Mining Co.(1916). 240 U. S. 103. an action that that power should be complete, and never thought that the States by
in form similar to the Brushabor case, Chief Justice White said in upholding extending their functions could practically destroy it. the invalidity of a
"It is also worthy of remark that the cases in which
the constitutionality of the same note (p. 122):
Federal tax has been affirmed were those in which the tax was attempted
"But aside from these obvious errors of the proposition intrinsically to be levied upon property belonging to the State or one of its municipalities.
considered it manifestly disregards the fact that by the previous ruling it or was a charge upon the means and instrumentalities employed by the
was settled that the provisions of the Sixteenth Amendment conferred no State in the discharge of its ordinary functions as a Government."
new power of taxation but simply prohibited the previous complete and
The Court then cites Veazie Bank vs. Fenno (8 Wall 533). Collector vs.
plenary power of income taxation possessed by Congress from the beginning
Wall 113), U. S. vs. R. R. Co. (17 Wall 322) to the same effect
from being taken out of the category of indirect taxation to which it in- Hay (11
herently belonged and being placed in the category of direct taxation and continues (p. 461):
the
In Ambrosini vs. United States (187 U. S. 1), in which the Federal War
subject to apportionment by a consideration of the courses from which
incomes were derived; that is, bv testing the tax not by what it was, a tax Revenue Tax Act providing for stamp taxes on bonds, was held inapplicable
origin or source of
on income, but by a mistaken theory deduced from the
to bonds required from licenses under the Dram Shop Act of Illinois, the
the income taxed.
"But, of course, in saying this we are not here considering a tax not Court declared:
which the
within the provisions of the Sixteenth Amendment,that is one in
"The question is whether the bonds were taken in the exercise of a function
regulation of apportionment or the rule of uniformity is wholly negligible, strictly belonging to the State and city in their ordinary governmental
because the tax is one entirely beyond the scope or the taxing power of capacity, and we are of the opinion that they were, and that they were
Congress and where consequently no authority to impose a burden either exempted as no more taxable than the licenses."
direct or indirect exists."
"These decisions, while not controlling the question before us, indicate
that the thought has been that the exemption of State agencies and instruSimilar dicta occur in Eisner vs. Macomber (1920). 252 United States mentalities from national taxation is limited to those which are of a strictly
governmental character, and does not extend to those which are used by the
189, 204. and in Pack & Co. vs. Lowe (1915). 247 United States 165.
private business."
Although it appears that in none of these cases was it necessary to pass State in the carrying on of an ordinary
upon the issue, it is significant that the Court saw fit to announce in each of
The Court then refers to the distinction in the law of torts between suits
them that the amendment did not extend the taxing power of Congress to against a city for acts done in its public capacity and for acts in its private
cover any new subjects.
character and goes on (p. 463):
The opinion in Evans vs. Gore (1920). 233 U. S. 245. throws a more
"It is reasonable to hold that while the former may do nothing by taxation
direct light upon the views of the Supreme Court regarding the scope of in any form to prevent the full discharge by the latter of its governmental
the Sixteenth Amendment. The action therein was brought by a United functions, yet whenever a State engages in a business which is of a private
States District Judge, appointed in 1899. to recover a tax paid upon his nature that business is not withdrawn from the taxing power of the nation.
salary under the Revenue Act of 1918(40 Stat. 1062). His chief contention
Another Case in Point.
was that the effect of the Act, in imposing a tax on his salary, was to
diminish his compensation, and that to this extent it was repugnant to the
In the case of Flint vs. Stone-Tracy Co. (1911). (220 U. S.. 107). the
Third Article of the Constitution, providing that his salary should not be Court quoted South Carolina vs. United States with approval, and added
diminished during his continuance in office.
(p. 157):
Tho Court came to the conclusion that the prohibition prevented diminu"The cases unite in exempting from Federal taxation the means and
tion by taxation, and the Court, after reciting the history of the adoption of instrumentalities employed in carrying on the governmental operations of
the State. The exercise of such rights as the establishment of a judiciary.
the Sixteenth Amendment, concluded:
the employment of officers to administer and execute the laws. and similar
"True. Governor Hughes of New York, in a message laying the amend- governmental functions cannot be taxed by the Federal Government.
ment before the Legislature of that State for ratification or rejection, (Collector vs. Hay, 11 Wall. 113; United States vs. Railroad, 17 Wall.
expressed some apprehension lost it might be construed as extending the 322: Ambrosini vs. United States, 187 U. S. 1.)
taxing power to income not taxable before; but his message promptly
"But this limitation has never been extended to the exclusion of the
brought forth from statesmen who participated in proposing the amendment activities of a merely private business from the Federal taxing power,
such convincing expositions of its purpose, as here stated,that the apprehen- although the power t? exercise them is derived from an Act of incorporation
sion was effectively dispelled and ratification followed.
See also Vilas vs. Manila (220 U. S.. 345); Lynch vs.
by one of the States.
"Thus the genesis and words of the amendment unite in showing that it City of Springfield (1899), (174 Mass.. 430, 54 N. E.. 871): Bulinaaster
.
does not extend the taxing power to new or excepted subjects, but merely vs. City (1897), (70 Mo. App., 60): City vs. Babbitt (1794), (8 Tex. Civ.
removes all occasion otherwise existing for an apportionment among the App., 432. 28 S. W.,702); City vs. Kelly (1882).(36 Ohio St., 50); Western
States of taxes laid on income, whether derived from one source or another. Saving.Fund Society vs. City (1858), (31 Pa. St., 175); City. vs. Corey
And we have so held in other cases."
(1861),(9 Mich.. 165); see also Mayer vs. Birmingham Water Works Co.
So., 614); State vs. Barker (1902). (116 Iowa 96,
In conclusion, then, it is evident that, since the ratification of the Six- (1903),(139 Ala., 531.36
89 N. W. 204).
teenth Amendment, the Supreme Court of the United States, in dicta and
In view of these decisions it must be regarded as established that there
decision, has consistently adhered to the view that the amendment does
is a consistently recognized distinction between the strictly governmental
not extend the taxing power of Congress to now or excepted subjects.
Prior to the adoption of the Sixteenth Amendment it was established that, functions of a State or municipality on the one hand and its proprietary
in general, income from State and municipal bonds was exempt from or private activities on the other; and further, that the implied exemption
taxation by the Federal Government. In view of these two lines of decisions from Federal taxation applies only to the former and does not apply to
it appears evident to me that,in the absence of a constitutional amendment. the latter.
It should be noted, however, that the line between the governmental
a tax upon the income derived from State and municipal securities would
be held by the Supreme Court to be beyond the constitutional powers of activities and the private activities of the States and the political subdivisions thereof has not been definitely drawn. In view of the gradual
Congress.
There remains for further consideration the question of whether this extension of States and municipalities into many fields formerly regarded
State and municipal securities applies to all as private or proprietary, it would be most difficult, if not impossible. prior
exemption of the income from
such securities or only those issued in the course of the governmental opera- to a decision on each point by the Supreme Court, to segregate the governmental activities of a State or municipality from its private or proprietary
tions of the State or municipality.
As was stated by the Court in the leading case of Collector vs. Hay, activities.
A provision in the statute taxing State or municipal securities issued to
the Federal
supra, there is no express prohibition against taxation by
Government of the activities of the States, accordingly, any exemption carry on the private or proprietary activities would accomplish little toward
difficult to
from Federal taxation must be grounded on the necessary implications from abolishing the evil of tax exempt securities, would be most
from administer, and would be the subject of immediate and repeated attacks in
the Constitution. The Court in that case granted this exemption
would be settled
taxation to the "means and instrumentalities employed for carrying on the courts. The application of such a section to each case
preserving their existence, and only after the consideration and decision of the case by the courts.
the operations of their Governments, for
ConstiThe conclusions reached herein represent only my own personal views
fulfilling the high and responsible duties assigned to them in the
and do not in any way commit the Treasury Department to any position.
tution."
746
THE CHRONICLE
In accordance with the further request of the Committee I am transmitting herewith eight copies of the opinion of the Attorney-General, holding
that the salaries and wages of State officials and employees are not subject
to the income tax imposed by the Revenue Act of 1918.
Respectfully,
(Signed) A. W. GREGG.
President Coolidge's Statement in Reply to Senate
Resolution Requesting Resignation of
Secretary Denby.
One of the notable developments growing out of the Congressional investigation of the leasing of Naval Reserve oil
lands was the decision of President Coolidge on Feb. 11 in
declining to act upon the resolution passed earlier on the
same day by the Senate requesting the President to call for
the resignation of Edwin Denby, Secretary of the Navy.
By a vote of 47 to 34 the Senate on Feb. 11 adopted the resolution which informed the President that."it is the sense of
the United States Senate that the President of the United
States immediately request the resignation of Edwin Denby
as Secretary of the Navy." The President's decision, declining to act on the Senate's request, did not come wholly
unexpectedly. President Coolidge's statement, replying to
the demand of the Senate for the dismissal of Secretary
Denby, was as follows:
No official recognition can be given to the passage of the Senate resolution
relative to their opinion concerning members of the Cabinet or other officers
under executive control.
As soon as special counsel can advise me as to the legality of these leases
and assemble for me the pertinent facts in the various transactions I shall
take such action as seems essential for the full protection of the public interests. I shall not hesitate to call for the resignation of any official whose
conduct in this matter in any way warrants such action upon my part.
The dismissal of an officer of the Government, such as is involved in this
case, other than by Impeachment, is exclusively an executive function. I
regard this as a vital principle of our Government.
In discussing this principle Mr. Madison has well said. "It is laid down in
most of the constitutions or bills of rights in the Republics of America; it is
to be found in the political writings of the most celebrated civilians, is everywhere held as 139FentlaI to the preservation of liberty, that the three great
departments of Government be kept separate and distinct."
President Cleveland likewise stated the correct principle in discussing
requests and demands made by the Senate upon him and upon different
departments of the Government, in which he said: "They assume the
right
of the Senate to sit in Judgment upon the exercise of my exclusive discretion
and executive function, for which I am solely responsible to the
people from
whom I have se liberally received their trust and office.
"My oath to support and defend the Constitution. my duty to the people
who have chosen me to execute the powers of their great office
and not to
relinquish them, and my duty to the Chief Magistracy, which I must
preserve unimpaired in all Its dignity and vigor,compel me to refuse compliance
with these demands."
The President is responsible to the people for his conduct relative to the
retention or dismissal of public officials. I assume that responsibility, and
the people may be assured that as soon as I can be advised so that I may act
with entire justice to all parties concerned and fully protect the pulbic
• interest I shall act.
I do not propose to sacrifice any innocent man for my own welfare, nor
do I propose to retain in office any unfit man for my welfare. I shall try to
maintain the functions of the Government unimpaired, to act upon the
evidence and the law as I find it. and to deal thoroughly and summarily
with every kind of wrongdoing.
In the meantime such steps have been and are being taken as fully
to
protect the public interests.
[VoL. 118.
cision to get to the bottom of the story. They promptly
summoned from Palm Beach, Fla., Edward B. McLean,
publisher of the Washington "Post," for questioning by the
(ommittee as to the "slush fund" report. These developments were coincidental with the circulation in Washington
of various stories said to be of the most sensational character.
In the Capitol and Senate office building many veiled reports
were said to have been heard that disclosures of a startling
nature are soon to be made before the Senate Committee
investigating the Naval Oil Reserve leases. Committee
members said Otto H. Kahn, of Kuhn, Loeb & Co., and
Benjamin F. Yoakum, retired President of a Western railroad, would be called later. Information reaching the
committee was that the story had been a subject of discussion among New York financiers and that some of its
details had been brought to Washington by Mr. Yoakum
after he had talked to Mr. Kahn.
Mr. Kahn notified the Senate Committee on Feb. 15 that
he would come to Washington at any time the committee
desired to question him regarding the story of a milliondollar oil "slush fund." In a telegram to the committee
from Palm Beach, Fla., Mr. Kahn said he was "amazed and
scandalized at my name being used in connection with any
such rumor." His telegram said:
Without having any details before me other than the newspaper
reports.
I am not in a position at present to do more than send a word of
unqualified,
absolute and comprehensive denial of any allegation connecting
me directly
or indirectly with any such fund or incident or attributing to
me any
knowledge thereof whatever.
I have never contributed directly or indirectly to any fund for
distribution among men in high places or for influencing the actions of any ome
in
public life, or otherwise, nor has my firm.
Other than subscribing from time to time moderato amounts for legitimate
campaign expenses of ties Republican Party or of individual Republican
candidates or for open political movements, I have never made any
contribution, incidentally or indirectly, to any party fund or to any to
influence general or administration or executive discretion or politics or political personages.
I am,of course, willingly at the disposal of your committee to give testimony under oath as to this or any other subject concerning which you
may
desire to inquire. Meanwhile, may I ask the courtesy of your embodying
this telegram in the records of your committee.
Sensational Statements by Frank A. Vanderlip Urging
President to Investigate Oil Land Scandal and
Stories About Sale of the Marion "Star."
One of the sensational events of the week was a speech
delivered by Frank A. Vanderlip touching on the Senate's
investigation into the leasing of the Naval Reserve oil lands
and urging President Coolidge to make inquiry into certain
rumors, which he said had commonly been heard in Washington recently about the sale of the Marion "Star," the
newspaper owned and sold by the late President Harding.
Mr. Vanderlip's speech was delivered on Feb. 12 at Ossining,
N. Y., before the Rotary Club of that city, but his remarks,
with the exception of one newspaper, were not published in
The Walsh resolution providing for cancellation of the the daily press until Feb.
14. Referring to the sale of the
Naval Reserve oil land leases, which was adopted last week, Marion "Star," which the
speaker declared had been disreceived the President's approval on Feb. 8. The Presi- posed of at a price worth
twice its value, Mr. Vanderlip
dent, however, sent a message to the Senate taking excep- added: "The last Administrat
ion stands challenged. We
tion to the phraseology in the preamble, which declared that cannot wait for Congress or
the Courts, especially when we
the oil leases were "executed under circumstances indicating remember that Mr. Daugherty
is Attorney-General. The
fraud and corruption." The nominations of Silas W.Strawn newspapers do not keep
us fully informed because they do
of Chicago and Atlee Pomerene of Akron, Ohio, as special not dare to print all they
know. Washington may well
counsel to investigate the oil leases, as authorized by the beware of the
resentment of the country.."
Walsh resolution, were also sent to the Senate on Feb. 8.
Mr. Vanderlip, testifying on Feb. 15 before the Senate
President Coolidge's message in approving the Walsh reso- Investigating Committee,
said that he had no facts relating
lution reads:
to the sale of the late President Harding's newspaper, the
I have approved Joint Resolution S. J. Res. 54, in order that a prompt
and thorough investigation may be made and appropriate action taken. Marion (0.) "Star," when he brought Mr. Harding's name
I express no opinion with reference to the facts which purport to be found into the oil lease inquiry. He said he
had merely repeated
In the preamble of the resolution, and with reference to those parts of
in his Ossining Rotary Club address at Briarcliff Lodge
the resolution which, under the Constitution, do not require concurrence
of the Senate and House of Representatives and which are unnecessary to "rumors coming from Washington." Chairman Lenroot at
be presented to the President of the United States to make them effective. once went into Mr. Vanderlip's
charge that the Harding
As I said in my public statement issued under date of Jan. 26, it is for newspaper
had been purchased for twice its value by "two
the courts to determine the legal effect of the circumstances incident
to the execution of the leases and contracts mentioned, and whether they young men of no financial standing." "I said, most emwere executed with or without authority on the part of the officers pur- phatically," said Mr.
Vanderlip, "that rumors were current
porting to act for the United States and in good faith. I reiterate that
in New York and (Washington. You heard them on the
it is the function of the courts to determine criminal guilt and to render
train—everywhere. And I believed that out of respect to
judgment in civil cases, and that I propose to have done.
In view of the importance of the subject-matter and of the limited President Harding's family
the scandal, as I believe it is,
legal force now available to care for the vast amount of litigation in which
should be denied. It was talked about by prominent men.
the Government is continuously engaged, I regard the authority to appoint
I thought it a patriotic duty to discuss it publicly. I
special counsel as appropriate legislation.
thought it ought to be brought to the surface and investiSenate Committee to Investigate Rumors of $1,000,000 gated." "Then you cannot give this Committee any inSlush Fund in Washington—Otto H.
formation?" asked Chairman Lenroot. "I have no legal
Kahn Ready to Testify.
information," replied Mr. Vanderlip. "I don't even know
Rumors that oil men had deposited a $1,000,000 "slush the amount paid for the newspaper. I have heard it was
fund" in Washington were recognized by the Senate Com- $550,000 and included $10,000 a year to be paid to Mr.
naitte investigating the oil land leases on Feb. 14 by a de- Harding as a contributing editor."
FEB. 1.6 1924.]
THE CHRONICLE
The Senate Investigation of the Naval Oil Land Leases
—W. G. McAdoo's Statement.
Inquiry into the leasing of Teapot Dome and other Naval
reserve oil lands by the Senate Committee on Public Lands,
held in abeyance for a time last week by the death of former
President Woodrow Wilson, again became the centre of
interest this week, many developments in the situation
diverting attention from other matters. An important
incident in connection with the inquiry was the statement
issued by President Coolidge following the adoption of a
resolution by the Senate requesting the resignation of
Secretary of the Navy Denby. Mr. Coolidge, in a statement, published elsewhere in these columns to-day, made it
plain that "no official recognition can be given to the passage
of the Senate resolution relative to their opinion concerning
members of the Cabinet or other officers under Executive
control." When the facts in the case have been presented
by special counsel, the President added,"I shall not hesitate
to call for the resignation of any official whose conduct in
this matter in any way warrants such action on my part."
But there have been other important developments in the
Senate Committee's investigation over last week-end and
during the current week Among these was a statement
made by William Gibbs McAdoo, who appeared before the
committee at his own request on Monday Feb. 11 to explain
his connection with the oil interests as legal counsel. Mr.
McAdoo declared that he had been made the victim of
"gross misrepresentations" and "hideous libels" published
in the newspapers,, and that his name had been put before
the country as involved in the oil lease scandal, although he
had "no more to do with it than the planet Mars." Mr.
McAdoo was sworn and then read the following prepared
statement:
Gentletnen of the Committee —I am informed by your Chairman that
already there has been inserted in the record the letter I addressed to
him on Feb. 7 1924, setting forth in detail the facts concerning the professional services rendered by my former law firm in New York, Messrs.
McAdoo, Cotton & Franklin, and subsequently by myself in Los Angeles,
In connection with the Mexican properties of Mr. Doheny's companies.
It is clearly shown in my letter and in the testimony before the committee
that neither they nor I have had any relation whatever to the leases made
of the Teapot Dome and naval reserves. There is, therefore, nothing
more to be said on that score.
Rut I have sought the privilege of appearing before you in person for the
purpose of contributing in any way in my power as a private citizen to the
object of this inquiry.
It has been assumed that an honorably conducted law practice of a
citizen holding no public office is not ordinarily a subject of Congressional
Inquiry. I think it may fairly be presumed that if my name was not
prominently mentioned in connection with high office my private practice
as a lawyer would be of no interest to this committee or to the public.
Whether or not it has been drawn into this inquiry to serve a partisan
political purpose the country will judge.
It would be a crime against the public if the dragging of innocent people
into this affair should divert attention from the guilty, or prevent the discovery of those who have betrayed the public interest.
The whole country is shocked and appalled by what has been revealed in
this investigation. The fact that a former Cabinet officer of this Administration is already gravely involved has raised a strong suspicion in the
public mind that others may be guilty. The faith of the people in their
own Government is shaken, and the damaging effects upon public morale
are SO grave that the security of democratic institutions is seriously imperiled.
The first duty, the imperative duty of the hour, is mercilessly to uncover
and to bring to public view, and scorn, and punishment, every one who has
betrayed the public trust or who has been guilty of wrongdoing in this
humiliating and dangerous affair.
This question transcends political parties and partisan consideration.
Olean and incorruptible government is vital, not alone to Republicans and
Democrats, but to every citizen. For my part, jam eager to see partisanship stilled in the face of so grave a danger to our common country. It
would be an inspiration to see men and women in private life and partisans
of all parties in public life united as they were in the great war in the common effort to destroy corruption and bring the Government back to honesty.
Tells of His Work for Doheny.
I should like to supplement my letter of February with some of the reasons
that prevailed upon me to represent Mr. Dohney's companies professionally
in his Mexican difficulties.
Article 27 of the Mexican Constitution of May 1 1917 was an attempt to
assert ownership by the Mexican Government in the mineral deposits of the
sub-surface land in Mexico. If this article should be given retroactive
effect, it would result in the confiscation of properties of American citizens
lawfully acquired prior to the adoption of that Constitution. This presented a grave situation for American property rights in Mexico, so grave,
in fact, that the Wilson Administration on April 2 1918, through Ambassador Fletcher at Mexico City, filed a protest against it.
I desire to introduce the protest filed by Ambassador Fletcher on April 2
1918. The protest of Mr. Fletcher is as follows:
April 2 1918.
"Excellency:
"The decree of the 19th of February, 1918, which was published in the
'Mario Official' of the 27th of February last, establishing a tax on oil
lands and on oil contracts executed prior to the first of May, 1917, &c.,
lias been brought to the attention of my Government, and I am under instructions to state to your Excellency that my Government has given most
Careful consideration to the effect which this decree, if carried into operation will have upon American interests and property rights in Mexico.
"The said decree provides for the imposition of certain taxes on the stirof oil lands, as well as on the rents, royalties and production derived
It is
that among the
from the exploitation thereof. is onenoted also that payment in provisions
requiring
sand thall
for the collection of such taxesGovernment at the storage stations of the
Mexican
be delivered to the IV., XIII. and XIV. of the said decree seem to indiperators Articles
surface from that of
t%te an intention to separate the ownership of thethe owners of the sin'
to allow
the mineral deposite of the sub-surface and
747
face a mere preference in so far as concerns the right to work the subsoil
deposits upon compliance with certain conditions which are specified.
"While the United States Government is not disposed to request for its
citizens exemption from the payment of their ordinary and just share of the
burdens of taxation, so long as the tax is uniform and not discriminatory
in its operation, and can fairly be considered a tax and not a confiscation
or unfair imposition, and while the United States Government is not inclined to interpose in behalf of its citizens in case of expropriation of
private property for sound reasons of public welfare, and imp just compensation and by legal proceedings before tribunals, allowing fair and
equal opportunity to be heard and giving due consideration to American
rights, nevertheless the United States cannot acquiesce in any procedure ostensibly or nominally in the form of taxation or the exercise of eminent
domain, but really resulting in confiscation of private property and arbitrary deprivation of vested rights.
"Your Excellency will understand that this is not an assertion of any new
principle of international law, but merely a reiteration of these recognized principles which my Government is convinced form the basis of international respect and good neighborhood. The seizure of spoilation of
property at the mere will of the sovereign and without duo legal process
fairly and equitably administered has always been regarded as a denial of
justice, and as affording internationally a basis of interposition.
"My Government is not in a position to state definitely that the operation
of the aforementioned decree will, in effect, amount to confiscation of American interests. Nevertheless. It is deemed important that the Government
of the United States should state at this time the real apprehension which
it entertains as to the possible effect of this decree upon the vested rights
of American citizens in oil properties in Mexico.
"The amount of taxes to be levied by this decree are hi themselves a
very great burden on the oil industry, and if they are not confiscatory
In effect—and as to this ray Government reserves opinion—they at least
Indicate a trend in that direction. It is represented to the State Depart,
meut that the taxation borne by the oild fields of Mexico very greatly
exceeds that imposed on the industry anyvraere else in the world.
"Moreover, it would be possible under the terms of the decree, in view
of the fact that the Mexican Government has not storage facilities for
the taxes or royalties required to be paid in kind, by storing the same in
the tanks of tne operators to monopolize such storage facilities to the
point of the practical confiscation thereof until emptied by order of the
Mexican Government or by the forced sale of the stored petroleum to
the operators at extravagant rates.
"It is, however, to the principle involved In the apparent attempt
at separation of surface and sub-surface rights under this decree, that
my Government desires to direct special attention. It would appear that
the decree in question is an effort to put into effect as to petroleum lands
paragraph 4 of Article 27 of the Constitution of May 1 1917 by severing
at one stroke the ownership of the petroleum deposits from the ownership
of the surface. Notwithstanding that the Constitution provided that
'private property shall not be expropriated except by reason of public
utility and by means-i3f indemnification.'
"So far as my Government is aware, no provision has been made by
your Excellency's Government for such arbitrary divestment of rights
nor for the establishment of any tribunal invested with the functions
of determining justly and fairly what indemnification is due to American
interests
"Moreover, there appears not the slightest indication that the separation of mineral rights from surface rights is a matter of public utility upon
which the right of expropriation depends, according to the terms of the
Constitution itself.
"In the absence of the establishment of any procedure looking to the
prevention of spoliation of American citizens, and in the absence of any
assurance, were such procedure established, that it would not uphold
in defiance of international law and justice the arbitrary confiscations
of Mexican authorities, it becomes the function of the GovernmRit of
the United States most earnestly and respectfully to call the attention
of the Mexican Government to the necessity which may arise to impel
It to protect the property of its citizens in Mexico divested or injuriously
affected by the decree above cited.
"The investments of American citizens in the oil properties in Mexico
have been made in reliance upon the good faith and justice of the Mexican
Government and Mexican laws, and my Government cannot believe
that the enlightened Government of a neighboring republic, at peace and
at a stage in its progress when the development of its resources so greatly
depends on its maintaining good faith with investors and operators, whom
it has virtually invited to spend their wealth and energy within its border,
will disregard its clear and just obligations toward them.
"Acting under instructions. I have the honor to riquest your Excellency
to be good enough to lay before his Excellency, the President of Mexico,
this formal and solemn protest of the Government of the United States
against the violation or infringement of legitimately acquired American
private property rights involved in the enforcement of the said decree.
"Accept, Excellency, the renewed assurance of' my highest consideration
"HENRY P. FLISTOLOta.*:
Mr. McAdoo's statement then continued as follows:
This attitude was consistently maintained by the Wilson Administration
throughout its life. When the Harding Administration came in, Secretary
Hughes adopted the same policy. This policy was insisted upon by the
American Commissioners to Mexico, Messrs. Warren and Payne, and, as
understand it, was practically made a condition of recognition of Mexico by
the United States.
During the year 19181 was Director General of the Railroads of the United
States. The fuel problem was one of the most serious with which we had to
deal. I was then made to realize keenly the tremendous importance of fuel
oil from Mexico.
A great number of American industries along the Atlantic Seaboard were
dependent upon Mexico fuel oil. The preservation of this fuel oil supply was
then and is now essential to Our internal economy. Not alone is this true.
but the question of an adequate oil supply and of an adequate oil reserve is
one of the most important for any nation under conditions of modern warfare.
In fact, the crucial test in the next war, if one should come, is going to be
not alone war machinery and appliances, but control of an adequate supply
of petroleum to meet the needs of national defense and offense. It is no
exaggeration to say that the strongest nation in petroleum resources will be
the most likely victor in such a contest. For all of these reasons, therefore.
the American Government and the American people were interested in preserving the Mexican oil supply which was lawfully owned or controlled by
American citizens.
Interested in Latin America.
In 1915 1 called the first Pan-American Financial Conference in Washington. It was attended by all the South and Central American republics
except Mexico. which was then in a state of revolution.
The following year, 1916, I attended the first session of the International
High Commission of all the South and Central American republics at Buenos
Aires in Argentina. At this session were discussed economic,financial and
other problems of great consequence to the whole of Latin America and I
gained a familiarity with conditions prevailing throughout South and Central
America which could not have been secured in any other way.
I was deeply interested not alone in these economic and financial problems,
but in promoting closer and better relations between the United States and
all of these republics.
Mr. Doheny's companies, as well as Mr. Doheny, enjoyed an enviable
reputation when he called on me in 1919. His companies were the outstanding independent oil companies furnishing the required supply of
Mexican fuel oil to our industries along the Altantic seaboard. They were
also the only strong companies offering competition with the so-called
"oil trust" in the United States.
For the purpose of preserving competition and securing the essential
supplies of fuel oil for our industries along the Atlantic seaboard, it Wag
highly desirable to protect, by every legitimate and proper means, the oilbearing properties of American citizens in Me3dco.
748
THE CHRONICLE
Served and Paid in Good Faith.
When Mr. Doheny,therefore, asked my firm to act for him professionally
In trying to prevent the confiscation of his valuable petroleum properties
In Mexico, representing several hundred millions of dollars. it appealed to
me because of my general knowledge of the oil industry and of Mexican
and Latin American relations gained in the manner I have described and
because it was in line with the declared policy of the Administration to protect American properties against confiscation in Mexico.
I believed that an opportunity was presented to render a genuine service,
outside of ray professional work, in promoting Latin American commerce,
and more particularly in contributing to the protection of all American
rights in Mexico, if the retroactive and confiscatory effect to Article 27 of
the Mexican Constitution could be prevented.
This, with any letter of Feb. 7 1924, gives the history of my professional
connection with the Doheny companies. The service I have rendered to
them was in good faith and in full satisfaction for the fees that have been
paid. I owe them nothing and they owe me nothing.
I conceive that this matter is wholly irrelevant to the subject
-matter of
your inquiry. but I have been willing to come here and give these facts
for such use and for such value as they may have in the pursuit of your
Investigation.
Mr. McAdoo announced on Feb. 12 that he would leave
to the leaders of his movement in each State the question of
whether his employment as counsel by the E. L. Doheny
oil companies had made him unavailable as a candidate for
the Democratic Presidential nomination. "If they think I
am unavailable," he added, "I shall gladly withdraw and
fight as a private in the ranks; if they think I should lead, I
will do so with all the power that is in me. I will do anything
that they think is right and best for the service of the party
and the country." The former Secretary also, asked that
there be invited to the conference "representatives of
progressives outside of the Democratic Party,representatives
of labor, representatives of the farmers and any others you
think advisable in order that we may get as far as possible
a true index of public opinion." A request that a conference
of such leaders—men and women—be called in Chicago as
soon as possible, was made by Mr. McAdoo in a letter to
David L. Rockwell, of Ohio, his campaign manager in
charge of national headquarters at Chicago.
Among other important witnesses in the Senate Committee's inquiry was Frederick G.Bonfils, publisher and part
owner of the Denver "Post," a prominent Western daily
newspaper. Mr. Bonfils appeared before the Committee
on Feb. 8 and 9. The publisher asserted that, with H. H.
Tammens, his partner, and H. H.Schwartz, their attorney,
he had entered into an agreement to assist John Leo Stack,
Denver oil man, in efforts to enforce a contract with certain
companies which had asserted claims in theWyoming fiela,
and that Harry F.Sinclair, holder of the Teapot Dome lease,
had signed a contract involving payment amounting to
$1,000,000 in settlement of the claims. The alleged rights
involved in the transaction, Senator Walsh, Democrat,
Montana, told the Senate, had been denied by the Government.
With regard further to salient points in the publisher's
testimony, the Washington correspondent of the New York
"Herald" had the following to say:
[Void. 118.
Many additional details in regard to the negotiations, private and open,
which were carried on by representatives of the Sinclair, Doheny and Standare 011 interests prior to the leasing of the Teapot Dome naval reserve to
Harry F. Sinclair were told to the Senate Oil Investigating Committee
to-day by J. Leo Stack, a Colorado oil operator. Among other statement
je made was one that he had been told confidentially by officials of the
Pioneer 011 Co. a week before the lease of Teapot Dome that Secretary
Fall was going to turn it over to Mr. Sinclair.
Under cross-examination Mr. Stack went at great length into his own
efforts to obtain benefits out of the leasing of the reserve and the agreement
he finally reached with Mr. Sinclair. He told of his relations with Edward
L. Doheny, Secretary Daniels, Secretary Denby, George Creel and other
who have been drawn into the controversy by the rcent testimony.
Mr.
Daniels, he said, had been adamant in his determination to retain the reserves and would not even enter into an argument about the matter.
Mr. Stack took issue with the testimony of George Creel and asserted
that he was certain Mr. Creel must have known, when he entered Stack's
employ in an effort to bring the proposals before Secretary Daniels, that he
was being paid with money put up by Mr. Doheny.
Correspondence Offered to Committee.
While Mr. Stack was the only witness to-day, there were other incidents
of importance before the committee. Karl C. Schuyler, a Denver attorney, who was at one time counsel for Mr. Stack, sent a telegram to Senator
Walsh, asserting that he had certain correspondence which ought to be
brought out. His message said:
"I acted as personal counsel to John Lee Stack in connection with his
contract with the Poineer 011 Co. and his claim arising therefrom. Charges
have been made in the local newspapers which, by implication, involve me
In wrongdoing in connection with the subject-matter. I have in
my Posses
sion also certain correspondence which I believe your committee should
see, and hereby request opportunity to appear before you at the earliest
convenient time."
Senator Walsh also received a telegram from D. F. Stackelback of the
Denver "Post," saying he believed the correspondence in Mr. Schuyler's
possession was "sensational." This telegram read:
"Have good reason to believe that Karl C. Schuyler, Denver attorney,
has sensational correspondence in his possession regarding Teapot matter.
I believe he should be subpoenaed and asked to bring any correspondence
had by him with newspaper publishers."
Senator Walsh said the committee would subpoena Mr. Schuyler.
Mr. Stack declared that he was not a party with Bonfils, to force payments by Sinclair through threats of exposure in the Denver "Post." He
had wanted Mr. Bonfils to assist him "in any honorable way," he said. but
that was all. The upshot of the whole affair, however, according to the
testimony, was that Mr. Sinclair paid $250,000 and agreed to pay $750,000
In settlement with Messrs. Stack and Bonfils.
'
Mr. Stack said he had made no effort to lease the entire Teapot Dome
reserve, but had tried to reach an agreement for the driving of offset wells.
There were several important developments in the inquiry
on Feb. 14 before the Senate Committee. These included
the following:
John C. Shaffer. publisher of newspapers in Denver, Chicago and other
cities, testified that Secretary Fall had said in March 1921 the month
he entered the Cabinet, that he was going to lease Teapot Dome to Harry
Sinclair. At that time Teapot was not yet under Mr. Palls' jurisdiction.
Oscar Sutro, counsel for the Standard Oil Co. of California, said E. C.
Finney, Assistant Secretary of the Interior, stated that Mr. Fall. then
Secretary, had considered it unnecessary to call for the opinion of the
Attorney-General on the California oil lease.
Finney later took the stand and declared that Fall instructed him to
deny formlly that leases had been signed a week after the Teapot Dome
actually had been leased to Sinclair; that the reason was that the Secretary
wanted no publicity until the Doheny California lease had been consummated.
In March 1921, the first month of the Harding Administration, Albert B. Fall, then the Secretary of the Interior,
stated himself that H. F. Sinclair was'to get the Teapot
Dome Naval oil reserve, John C. Shaffer, publisher of the
Chicago "Post," the Indianapolis "Star" and other Western
newspapers, testified on Feb. 14 under the fire of cross
examination by Senator Walsh of Montana before the
Committee. Mr. Shaffer admitted that he personally had
been paid $92,500 as a part of his share of the "Pioneer
Million Dollar Fund," and that Pinclair, at the instance of
Mr. Fall, had agreed to give him a half interest in the profits
on 420 acres of the Teapot Dome oil reserve. Mr. Shaffer
denied that the consideration was the sil nce of his newspapers. With regard to other developments on the 14th,
the New York "Times" said:
The Senate Public Lands Committee, which is investigating the oil
scandals, heard an amazing story to-day from a Denver newspaper editor,
who admitted financial interest in the Teapot Dome lease given to the
Sinclair interests by former Secretary Fall. Frederick G. Bonfils, one of
the owners of the Denver Post" and author of the narrative, furnished
an illuminating background for the disclosures regarding the Teapot Dome
scandal. The newspaper,partly owned by Mr.Bonfils,started an investigation of the Teapot Dome lease two years ago. Mr. Bonfils wrote an
editorial denouncing it and mailed it to every member of Congress. It
was this editorial which directed Congressional attention to the subject.
After writing the editorial Mr. Bonfils, according to his own testimony,
co-operated with his newspaper partner, their attorney and Leo Stack, a
Colorado Democratic politician, and entered into an arrangement with the
Sinclair oil organization. Under this arrangement, Mr. Bonilla testified.
Harry F. Sinclair gave him and his three associates $250,000 and a promise
Another sensation sprung to-day by Senator Walsh was a letter to Mr.
of $750,000 more for relinquishing Stack's claim on the Teapot Dome Fall from Dr. H. Foster Bain, Director of the Bureau of Minos in the Dereserve.
partment of the Interior, in which Bain made reference to what he said he
Before Mr. Bonfils was heard Chairman Lenroot read a telegram from understood was Attorney-General Daugherty's "informal and verbal exAttorney-General Daugherty dated Miami in which Mr. Daugherty said pression of opinion" favorable to the Fall naval lease transactions. Mr.
he was never consulted as to the Merits or advisability of the leasing of Bain suggested that Daugherty put his opinion in writing, although Mr.
Teapot Dome, nor was the Department of Justice consulted." Mr. Bain added he realized "the objections to asking such an opinion."
Daugherty said the Department could render opinions only when requested
"None of us," Mr. Bain wrote."want Mr. Doheny to get into trouble and
to do so, and that no such opinion had been requested in the case of the I take it we will want to do anything we can to make it easy for him."
lease of the Teapot Dome.
The letter was written to Mr. Fall in May. 1922, soon after the consumThe Committee's work was extended on Feb. 8 by the mation of the Teapot deal. Mr. Fall at the time was at his home in Three
Rivers, N. M., while Mr. Bain was in San Francisco, obviously representSenate's adoption of a resolution by Senator La Follette, ing the Secretary in the matter of the Elk
Hills, Cal.; reserve lease to the
Republican, Wis., directing it to investigate the Honolulu Doheny interests. Mr. Bain's troubles in San Francisco were due in large
Consolidated Oil Co.'s claims to oil lands in Naval Reserve part to the fact that Oscar Stare, attorney for the Standard 011 Company of
California, had written an opinion
questioned the legality
No. 2, in California, denial of which by John Barton Payne some of the propositions involved inin which he the Elk Hills reserve. of
the lease of
Mr. Sutro himself filed the opinion he gave on the Elk Hills proposition
as Secretary of the Interior was reversed by his successor,
with the committee to-day, and his opinion, coming as it does from one of
.
Albert B. Fall.
the most eminent lawyers in the West, is
very important
Among other witnesses appearing before the Senate Com- part in the court action the Governmentexpected to play athe cancellation
will institute for
mittee this week giving testimony about negotiations leading of the Doheny and Sinclair leases.
up to the leasing of the Naval reserve oil lands was J. Leo
Stack, a Colorado oil operator. Mr. Stack was the only
witness at the Committee's hearing on Feb. 13. With
regard to his testimony on that date, Washington dispatches
to the New York "Times" had the following to say:
Without a dissenting vote, the Senate on Feb. 14 adopted
a resolution offered by Senator Dill, D mocrat, of Washington, calling upon the State Department to furnish all diplomatic correspondence relating to the Colombian Treaty, in
the ratification of which oil interests and Albert B. Fall
FEB. 16 1924.]
THE CHRONICLE
749
played a leading part. The Senate also adopted another believe I may say that never have I seen such vicious, cruel vituperation as
was heaped upon him at home and in Paris
resolution by Mr. Dill asking the State Department to ference. Such abuse never was leveled at asyat the time of the Peace Conman in like position in history
transmit all diplomatic correspondence relating to the and it hurt him terribly.
"Criticism cut him like a knife. Had he been a lifelong politician he could
concessions for American corporations in
securing of oil
have overlooked
years or so of political life makes one
Russia, Mexico, Mesopotamia, Palestine, Burma, Persia, invulnerable. I these attacks. Thirty character was such, he was of such
know. But Wilson's
other foreign countries. The inquiry seeks to find the fine stuff, that he was immensely sensitive to this public abuse and he sufand
part public officials may or may not have played in behalf fered more than others would have done. I have no doubt that this helped
to bring on his illness.
of the oil interests.
"Besides, he was a tireless worker. I remember when we were in Paris I
15 President Coolidge selected Owen J. Roberts, would see lights in his room at all hours of the night as he worked at his
On Feb.
League idea. The rest of us found time for golf and we took our Sundays
of Philadelphia, member of the Philadelphia law firm of
off,
Roberts, Montgomery & McKeehan, as special counsel for and but Wilson,in his zeal, worked incessantly. Only those who were there
witnessed it can realize the efforts he expended.
the Government's prosecution of oil lease cases. Mr.
His Personality Grew Upon One.
Roberts, a Republican, will succeed Silas H.Strawn, Chicago
"He was a man whose personality grew upon one. When I first met him
attorney, originally named as counsel with Atlee Pomerene, here in England I did not understand him,nor did Clemenceau in Paris; but
former Senator from Ohio. Mr. Strawn's nomination was when you spend every day for five months with a man you have opportunity
become well acquainted with
withdrawn from the Senate late yesterday when the President to appreciate his great gifts andhim, and when it was over I had learned
to
to like him very much personally, and I
had been informed that the Senate Public Lands Committee, remember Clemenceau at the time telling me his feelings were similar.
"Yes, Woodrow Wilson was a very good fellow, and I shall mourn his
investigating the oil lease scandals, had decided .to report
when I
pleasure of spending a pleasant
unfavorably upon his selection. The objection to Mr. passing. I had therecently, and though his physicalhour with him a shock
was in Washington
condition was
Strawn resulted from testimony before the Committee to me his wit was just as keen and his remarks were as brilliant as they ever
identifying him as director of the First National Bank of were. He had a wonderful mind and, according to Admiral Grayson, whom
the
his illness with
Chicago, referred to at the Committee hearing as"a Standard I knew,he met can terrible agony ofsuch bravery ina stoic courage that was
remarkable. I
well understand
such a man.
Oil bank." Mr. Coolidge withdrew Mr. Strawn to save
"I join with the American people in their sorrow over the loss of one of
him from further embarrassment but permitted the name of their greatest citizens."
Mr. Pomerene, a Democrat, to remain when the former
A memorial service for Woodrow Wilson was held in St.
Senator, confident of his confirmation, told the President he Margaret's, Westminster, on Feb. 7, and was attended by a
was willing to take his chance in a fight in the Senate.
large assemblage of British and American notables, including the entire staffs of the American Embassy and Consul-
Lloyd George on Death of Former President Wilson— ate and three members of the British Cabinet, J. H. Thomas,
Memorial Service in London.
Lord Haldane, Lord Parnioor, and Mr. and Mrs. Asquith.
Voicing his sympathy at the death of the former President Mr. Macdonald, as Premier, was represented by Colonel Sir
Wilson, David Lloyd George, former Prime Minister of Ronald Waterhouse and as Minister of Foreign Affairs by
Great Britain, expressed himself on Feb. 3 as joining "with W. Selby Short.
the American people in their sorrow over the loss of one of
their greatest citizens." The Associated Press advices from
Churt, Surrey, England, Feb. 3 (published in the New York French Tributes to Memory of Former President
"Herald"), reported Mr. Lloyd George as saying:
Woodrow Wilson—Action of French Senate and
"If President Wilson had been willing to sacrifice personal prejudices to
obtain the general support of his people at home he could have realized his
League of Nations ideals by this means, it is certain, in view of the concescesions whin the European Powers would have made to theAmerican
desires for chanees in the League plans."
The same advices also said :
"The tragedy of it all," the war-time Prime Minister continued, "is that
Woodrow Wilson's failure was his inability to subdue personalities—his
refusal to give up personal animosity. This weakness caused his failure to
realize his ideals during his lifetime, and in the end it was this weakness
which doubtless contributed to his death."
"Mr. Wilson could not overcome his failing. Last year when I visited him
in Washington he still was as bitter as ever against his opponents. Mr.
Wilson walked on his weaker opponents—a dangerous policy for a great
man. One can trample on great men, but not little men—there are too
many of them.
"But after all Mr. Wilson was a tenderfoot in politics. You know how
mosquitoes in some places in the world plague the tenderfoot. If the newcomer does not get used to the pests they will eat him up. Some politicians,
after being attacked for years, become inoculated to personal criticisms.
But Mr. Wilson never seemed to withstand political pin pricks. They hurt
his proud, sensitive nature. Yes, it was the mosquito bites, it was those
wounds inflicted by politicians, that broke him and hastened his end.
"It was impossible," said Mr. Lloyd George," to place President Wilson
comparatively with other American Presidents. He was so unlike Roosevelt
that a comparison could not be drawn. His prototype undoubtedly was
Lincoln,but without the Emancipator's humanity." He added: "Woodrow
Wilson will become one of the great figures of history. But he was a man
and therefore had his weaknesses. But he was the first to embody the ideal
of fraternity of nations into a concrete plan.
"Like the founder of Christianity, the central figure in history, and like
Lincoln after Him, he prosecuted his ideal to his death. These circumstances, if nothing more, would make his memory last in the minds of men."
From the New York "Times" we quote the following special advices from London, Feb. 3:
Chamber—Expressions of Sympathy from
Messrs. Poincare and Clemenceau.
A resolution expressing its "deep homage and recognition
to the memory" of former President Wilson of the United
States, was unanimously approved by the French Senate on
Feb. 12. The French Chamber of Deputies had the week
before (Feb. 6) recorded its tribute upon the occasion of
the death of Mr. Wilson, the New York "Times" in a copyright cablegram from Paris stating:
The Chamber of Deputies this evening interrupted its session to vote an
address ofsympathy to the American House of Representatives on the death
of former President Wilson. The question of how the Chamber could best
mark its respect for the war leader has been under discussion two days, and
It was found that to move the address from one house to the other was most
conformable, since Mr. Wilson at the time of his death was a private citizen.
The ceremony took place in the middle of noisy and troubled debates.
but of itself was one of notable solemnity. The President of the Chamber
announced that M. Francois de 'Wendel, in the name of the Commission
on Foreign Affairs, had a statement to make from the tribune. M. de
Wendel then read to the house, with all the Deputies standing, the
following message:
"The Chamber of Deputies is profoundly moved by the news of the death
of President Wilson.
"Having a grateful memory of this great citizen, under whose Presidency
the United States brought to France and to her allies, engaged in the cruelest
of all wars, an Inestimable aid, and whose every effort was for the creation
of a definite peace by the organization of an international entente. this
Chamber addresses to the House of Representatives of the United States
the homage of its sentiment of profound regret."
The statement was heard in silence and by raising their right hands the
Deputies signified their assent. Premier Poincare, from his place on the
front bench, then added his personal tribute. He said:
"The words pronounced from this tribune some years ago by President
Wilson have left in our memories an echo which will never die. We cannot
forget that, at the moment the United States entered the war, President
Wilson declared that the right was even more precious than peace. We
have not forgotten, and we will not forget, that later he described the Rhine
as the frontier of liberty. He concentrated his life to the ideals of Justice.
His name will remain forever in the memory of humanity."
Then the Chamber adjourned for several minutes.
In common with most of the allied statesmen of Europe and other personalities whom destiny summoned to fill leading roles in the World War.
former Premier Lloyd George sees in Woodrow Wilson an idealist who stood
out as perhaps the most remarkable figure of that tremendous cataclysm.
In an interview which The New York "Times" correspondent had with
him today at his new home at Churt. Surrey, concerning the passing of Mr.
Wilson, Mr. Lloyd George said:
"Woodrow Wilson was a very great man, and, like all great men, had his
defects, but these will be quickly forgotten in the magnitude of his life work.
With the death of the former President, Premier Poincare
True he was a failure, but a glorious failure. He failed as Jesus Christ
failed, and, like Christ, sacrificed his life in pursuance of his noble ideal.
on the 3d inst. issued a statement saying:
"He was just as much a victim of the great war as any soldier who died in
"France can never forget that it was under the Presidency of Woodrow
the trenches. He ruined his health in the endeavor to create a better and
happier existence for the people of the whole world, and I am sure that the Wilson that the United States accomplished the prodigious task of saving
the liberty of the world and the future of civilization in bringing to the defailure of his altruistic inspirations hastened his tragic end.
"It will perhaps be a generation before the greatness of Woodrow Wilson fenders of justice her immeasurable assistance. The French people well
will be appreciated at its real value by his countrymen and the tragedy know what high and generous motives inspired this man, so passionately
which closed his life will bring before the world the unselfishness of his am- idealistic, and with what notable language he always spoke of their country
bitions as nothing else could. Like the tragedy which made for your great before stricken down with his fatal illness.
"His characteristic features,as they appeared to us on Dec. 15 1918, will
martyred Lincoln a permanent place in the hearts of the American people—
even of those who disagreed with him as was made very apparent to me in also remain engraved on the minds of the French people. I well remember
my recent visit to the Southern States—the sad death of this great States- the acclamations of the Parisian population when he arrived at the station
man, this great American, will indelibly stamp his name among those at In the Place Dauphine, and when I accompanied him through the Avenue
du Boise de Boulogne and the Aivenue des Champs Elysees amid enthusithe very top of your history.
astic throngs.
Had Violent Likes and Dislikes.
eIt wasindeed an image of liberty-loving America and a victorious peace.
"Like Theodore Roosevelt, Mr. Wilson had violent likes and dislikes, and Whoever lived those hours of patriotic exaltation will always retain it in
for this as always is the penalty of greatness, he was violently criticized. I imperishable memory."
750
118.
THE CHRONICLE'(VOL.
The "Times" reports as follows (in a copyright Paris
cablegram Feb. 12) adoption of the resolution by the French
Senate in memory of former President Wilson on Feb. 12:
With the Government participating, the French Senate this afternoon
paid to the memory of President Wilson a homage no less impressive than
that rendered last week by the Chamber of Deputies.
The resolution introduced by Senator Bienvenue Martin received nearly
unanimous approval, only two dissenting. It reads:
'The Senate addresses its deep homage and recognition to the memory of
the illustrious citizen which the United States has just lost. By the part
which he took in the war,in sending American armies to defend at the side
of'others, the cause of right and the liberties of the people; by the care with
which he sought in international understanding to guarantee definite peace
for the world, President Wilson has well served France and humanity.
"Faithfully interpreting the sentiments of the entire country, the French
Senate,associates itself in the mourning of its friend, the United States, and
sends to it an expression of its fraternal sympathy."
In the name of the Government Minister Colrat read the following declaration:
"The Government of the Republic, which already has expressed sympathy
to the American Government and people, joins to-day its homage to that
of the Senate. It was at the voice of President Wilson that the United
States entered the war that was imposed on us; that they fought with us
and made prevail the right, which is more precious than peace; a right which
is basically necessary to international accord.
"France will keep always the memory of this solemn voice, and we, who
have lived through those tragic hours, will teach our children to honor the
great memory of President Wilson."
When the resolution had been passed the President of the Senate said:
"I will be a faithful interpreter of the Senate in adding that the homage
• which the Senate has rendered to President Wilson expresset its recognition
of the preponderating part which he played in America's entry into the war
and in the creation of the League of Nations. We unite in the same sentiment a recognition of the attitude of President Wilson and that of the great
people whose response to his call to arms created an admirable enthusiams
which we shall never forget."
' Following long applause, the session suspended as symbol of mourning
for the late American war President.
Further Paris advices of the 12th inst. published in the
"Times" said:
The resolution moved in the Senate to-day, expressing grateful homage
to the memory of Woodrow Wilson, was sent to the Foreign Affairs Committee in the usual way, where it was immediately examined and the Senate reporter then read the committee's unanimous adoption of the motion.
There were only two votes against its adoption by the Senate, those of
Dominique de In Kayo and Count de Blois, both Royalists. .
Speaker Doumergue expressed astonishment that any member of the
French Senate should protest against honoring the memory of a man who
as Chief of State sent thousands.of soldiers to defend the integrity, honor
and liberty of France.
"We unite in the same feeling of gratitude at the attitude of Mr. Wilson
and the attitude of a great people which responded to his call to arms with
admirable enthusiasm," he said.
Count de Blois,in explaining this evening his attitude in voting against the
adoption of the resolution to the memory of former President Wilson,said:
"As one who fought alongside the Americans, and who is well acquainted
with the heroism of their troops, I feel the deepest gratitude toward the
United States for the unanimous ardor with which that country fought in
the war, and to former President Wilson also. But I consider that at the
moment of the signing of the peace treaty President Wilson's attitude was
detrimental to France, which, with Europe, now is suffering from his too
highly idealistic theories.
"I have often visited America,and always found the warmest welcome. I
have no fear that my action will not be properly understood as a protest
against the over-idealban of Mr. Wilson, but in no way against his country.
I think I also am expressing the viewpoint of Senator De la Haye."
According to a copyright cablegram to the New York
"Times" from Paris Feb. 3, on hearing of the death of Woodrow Wilson. former Premier Clemenceau expressed deep
sorrow. The cablegram.continued:'
He said he felt the American war President was a man who had left a
deep impression on the world and whose works would live long after him.
From continued and close association with Mr. Wilson at the Peace
Conference, M. Clemenceau carries in his memory all ineffaceable impression of sincerity and honesty of purpose on the part of the chief American representative. During his trip to America he, was impressed by the
hold Mr. Wilson still had on a large number of his fellow-citizens.
In a cablegram to Mrs. Wilson, M. Clemenr:au said:
Please accept my most heartfelt regrets for the President's unexpected
death. All through the States when I recalled his name I found nothing
but the highest respect and gratitude for his noble part in the war.
He will remain one of the greatest figures of American democracy. France
will not forget him.
We also quote the following further copyright advices to
the New York "Times' from Paris, Feb. 3:
By order of the President of the republic all flags on public buildings in
French territory will be flown at half-staff tomorrow in mourning for the
death of ex-President Wilson.
Although many officials and deputies were in favor of it. there will not be
a tribute paid to Mr. Wilson in the Chamber tomorrow. The proposal was
made and found many supporters, but in the end it was vetoed by the
President of the Chamber. The movement was opposed only on the
ground that Mr. Wilson was a private citizen at the time of his death. In
view of this, it was felt a precedent of public homage should not be established.
Premier Mussolini and Ex-Premier Orlando of Italy
Decline to Comment on Former President Wilson.
Among those who, it is reported, declined to comment on
the death of former President Wilson are Premier Mussolini
of Italy and former Premier Orlando. On the 3d inst. Associated Press cablegrams from Rome said:
Professor Vittorio Orlando, the former Premier of Italy, who was chief
representative of that country at the Versailles conference, has declined to
snake a public statement on the passing of Woodrow Wilson.
Professor Orlando resented the attitude of President Wilson with respect
to Italy's claims in the peace conference, and for several days has been
besieged by correspondents, seeking a message on the former President.
In consequence of these importunities Orlando left Rome and retired to his
villa in the country.
Orlando added the t he preferred to keep quiet rather than emphasize the
tragedy closed by death.
Advices to the effect that comment had been declined by
Premier Mussolini was contained from Paris Feb. 5, which
we take from the New York "Evening Post" and which is
copyrighted by that publication:
Various statesmen who labored with Woodrow Wilson in revamping the
map of Europe agree in according him lofty esteem as a man, though they
Show widely differing views of his political achievements:
M. Vonizelos said:
"A great figure has passed away. If President Wilson has not achieved
all the great things for which he so earnestly fought, he will still remain in
'history as a man who gave his life as an expression of the noblest desires of
mankind and who has taught the world to thirst after the highest ideals with
restless, unquenchable zeal, the satisfaction of which alone will bring peace
and prosperity to the world."
Premier Mussolini of Italy declined to comment.
Cultured, Eloquent Man.
Signor Tittitoni, President of the Italian Senate, and another co-signer of
the treaty from Italy, who was a member of the Italian delegation that
threatened to leave the Peace Conference on account of Fiume, said:
"I have great admiration for Mr. Wilson's learning and esteem his publications, but cannot discuss his internal policy, as it is an American affair.
His foreign policy was his work at the Peace Conference on which my comment could only be unfavorable. Mr. Wilson was a cultured, eloquent.
well-intentioned man, but he could not mould reality to his ideals. It was a
dangerous illusion on his part to think he could be arbiter of the destinies
of the world.
"With regard to his action toward Italy, events have shown that his pretensions to settle the questions between Italy and Jugoslavia by insisting on
a territorial settlement harmful to Italian rights only had the effect of rendering for a long time impossible the direct accord happily concluded."
Among the Belgian treaty collaborators, Paul Hymens said:
.
"I knew Wilson chiefly through having worked with him on the treaty
and the League of Nations. The impression I retain is that of a man very
gifted and very wise but full of theories and at the same time a man animated by the highest ideals. His program was never conceived in committee rooms,for he had a conscience about politics which was not concerned
with the complicated difficulties of Europe and Its old traditions. His mistakes were due to that. I believe that some day, however, the United
States will grant him the high place he deserves in the world."
Erred in European Views.
Count de Brocqueville, War Premier of Belgium, said:
"During the war Wilson certainly was admired by all Europe. The error
of Wilson was that he thought he could make a geographic chart of Europe.
already settled and accustomed to an ancient, almost medieval tradition.
His implacable philosophy made history look to him like a conspiracy of
centuries against modern realities. Above all, he committed the unpardonable sin of going to Versailles himself as the respected chief of a great
nation."
Under the head,"Italy Now Regrets Her Old Resentment."
a copyright cablegram from Rome Feb. 3 to the New York
"Times" stated:
The news of former President Wilson's death did not reach Rome till late
to-night, and owing to the fact that no newspapers are published on Sunday,
It is not yet known by the general public. The news agencies, however.
Promptly conununicated it to the King, Premier Mussolini and the American Embassy, whence it spread to all political circles.
The Pope, who had displayed special solicitude on behalf of Mr. Wilson.
was informed by his Secretary of State and was much grieved by the news.
While. since the first announcement of Mr. Wilson's desperate condition,
his death had been awaited hourly, it nevertheless created a profound impression. The feeling was widespread that Wilson was a man who, whatever his faults may have been, was a true idealist, who was perhaps the most
outstanding figure of the war and whom history will justify.
If is recalled that Italy was propelled toward war by two chief factors,
the nationalists who wished and the idealists who believed that out of the
wreckage of war would evolve a finer and nobler organization of society.
The latter saw an apostle in Wilson. and his creed still has many adherents
in Italy. Nor can Italy forget that it was Wilson who led America into the
war at the time when all seemed lost for the Allies, and that his idealism
contributed mightily to the downfall of the Central Empires.
These and the trend of events since the war have contributed to rehabilitate Wilson in the eyes of Italians, who at one time saw in him nothing but
Italy's greatest enemy. Leaders of thought herd say that the paroxysms
of national fervor which convulsed Italy after the world conflict, having
died down. Wilson is being seen more and more in his true light as one who
worked and suffered for his fellow-men.
The same paper in a wireless message from Rome. Feb. 4
(copyright), said:
Every newspaper In Italy to-day devotes several columns to former
President Wilson, printing extensive biographies and appreciations and large
portraits. Though several of them show that they cannot forget his stand
against Italy's aspiration in Fiume, they all, without distinction of party,
pay tribute to his superior qualities as an idealist and a philosopher and to
his undoubted love of his fellow-men which inspired all his actions.
The "Epocha" says:
"Without doubt, Wilson was pure at heart, without doubt he sincerely
loved mankind, but he did not understand that to enunciate abstract principles is useless and dangerous. Every one thought they were being betrayed by him I.ecause to defend peace he could not but harm everybody's
interests.
"Wilson, apostle, preacher and martyr of a gospel which was found nothing but heretic, has died in tragic solitude. We sincerely mourn this man
who honestly strove to better our race. We Italians, who have a reputation
for being Machiavellian intriguers, can, better than any one else, understand the infinite pathos of the end of him who was the real antithesis of
Machiavelli.
"His fourteen points were excellent, but he did not make sufficient allowances for the clash of individual interests. Ile thought that the consent of
Governments gathered around a conference table was sufficient for the success of his plans. And, in fact, they all presented, as a pure formality, a
door for every kilid of egotism."
"Giornale D'Italia" considers Wilson's chief fault consisted in not realizing that he was being used as a tool for the anti-Italian schemes of England
and France, and adds:
"Now, however, that our difficulties are all over, we may well forgot and
forgive Wilson's weakness and remember, rather, with grateful spirit, the
decisive influence which America's participation in the war at the side of the
Allies had on the outcome of the struggle."
Expression of Sympathy by New York Chamber of
Commerce on Death of Former President
Wilson.
At its regular monthly meeting on Feb. 7 the Chamber of
Commerce of the State of New York adopted a minute on the
death of ex-President Woodrow Wilson in which he was
FHB. 16 1924.]
THE CHRONICLE
751
an inrendered so many of his ideals." Some one of the party asked for
stance, and Mr. Lloyd George replied:
"Well, there was the 15 years' military occupation of the Rhine frontier
by the-Allies. I was opposed to it. I seemed to foresee that if the Preach
has
once' occupied the frontier they would not leave it—and my forecast
already been borne out by events.
"But I was called away to London at the critical moment in that negotiaby Lord
tion by the famous attack in the House of Commons organized
Northcliffe's telegram. When I returned, I found that Wilson had surrenrecognition of dered to Clemenceau and thus the French gained that right to occupy the
The Chamber of Commerce of the State of New York In
to be inscribed Rhine country which was finally included in the treaty."
the public services of Woodrow Wilson directs this Minute
Then very slowly and carefully Mr. Lloyd George went on:
upon its records:
London,
which no
"I have only quite recently discovered that during my absence in
Woodrow 'Wilson brought to the Presidency qualities all of
He was a student, Clemenceau and Wilson signed a secret compact on this question. Yet I have
one of his predecessors posses.sed to the same degree.
crusader who always been attacked by many people in England as the villain of that
a scholar, an idealist, a thinker who dreamed dreams, a
fought with unflinching courage to make his dreams realities.
all piece."
Neither amongst his predecessors in Washington nor perhaps in
He broke off here with a laugh, but then resumed:
The
"Yes, I have just received the documents from the Foreign Office.
history can his analogue be found.
a sister State to a position where he filled French now wish to publish the agreement between Wilson and Clemenceau
From the Executive chair of
I have
the eye
desire me to agree. It is a little late to ask for my consent
the eye of the world he went almost over-night; he not only filled
masses, and
of the world but he reached the heart ofthe world. For the voiceless
never seen the documents before."
Hope, a Hope
of all creeds and races and countries, he re-created a great
Failed in Dealing With Men,
Hope
and
that had almost vanished, and he so phressed the expression of that
But as soon as he had said this his mood changed, the shadow passed
him and hailed him as a Great Deliverer.
that they understood
That Hope was first born long ago, born of the spirit that sent the May- he added:
Where
which
"After all, he was a great man, great in ideas and great in airn.
flower to New Plymouth, born of the vision that saw a world in wore
said of
he failed was dealing with men, but now, at any rate, as Stanton
. . the war drums throbb'd no longer and the battle flags
Abraham Lincoln, he belongs to the ages."
furled."
lies
than
The house which Mr. Lloyd George has built for himself in Surrey
That he did not and could not permanently hold the almost more
part of,the primeval heathland which covers the southwest
Kingly place he briefly occupied in the hearts and hopes of men is not in the wildest
vast, unduthat country. Although near London, it stands amid
strange. But we shall fall into dangerous error if we forget and the govern- corner of
covered with heather and brushwood, interspersed with occaHope
ments of the world will be fools and blind not to remember that the still lating moors
sional plantations, fire and pines.
in the hearts of the masses of humanity by Woodrow Wilson
aroused
Minis.
In this little house I keyed the other day with the former Prime
lives; it has neither been realized nor satisfied. Woe to your governments
finally ter and a few other political friends and for two days we walked and talked,
Woe to your society. Woe to your civilization It that Hope is not
They were days
discussing from end to end the whole situation of England.
realized.
ful of glorious sunshine, unshadowed except'by the sad news which reached us
He was a prophet who died fighting. He did not see the complete
of the death of the great world statesman to whom
fillment of his prophesies; but he threw a flaming light across the blackness from across the Atlantic
and Europe owes its need of gratitude.
that covers all frontiers: he lighted a torch that will be kindled again
From morning to evening the telephone bell rang with frequent requests
again until in some form at some time his dreams will come true.
plan. for appreciations of Mr. Wilson from his collaborator in the Versailles
We may differ as to the wisdom and practicability of his great
establish Treaty. Lloyd George in the intervals of his intimate talk poured out the
We may quarrel over the soundness or unsoundness of his effort to
of
been published to the world. He was untiringly acthat plan. But without reservation of any sort and with no differences as messages which have
cessible.
opinion we uncover In the presence of the Leader who offered himself
' * Gulled by "Mosonitore."
a sacrifice on the altar of his faith.
Minute
American
The Secretary of the Chamber is directed to send a copy of this
On Sunday morning the courtyard was invaded by a convoy of
gave up
duly engrossed and attested to the widow of the deceased ex-President.
pressmen who had organized a corporate visit. Mr.'Lloyd George
back
time to talk to them about the dead former President Then he came Wilwith Woodrow
to us and talked more generally. about his experiences
Between son during the making of the treaty.
Allegations and Denials of Secret Compact
There Was one thing which seems to have taken Mr. Lloyd George very
Premier ClemenFormer President Wilson and
much back about Woodrow Wilson, and that was his sensitiveness to criticism. Case hardened himself by 40 years of violent political warfare, the
ceau—Statement by Lloyd George.
susceptibility of
President British statesmen found it difficult to understand the fine to Europe.
Allegations of a secret compact between former
one who had been in politics only a few years when he came
illuminatBut, as he was talking on this point,,his mind struck upon an
Woodrow Wilson of the United States and Premier Clemenceau of France during the Paris Peace Conference, dealing ing comparison.
"where if a
"There is a corner of the Northwest in Canada," he began,
with the Allied occupation of the Rhineland, figured in tenderfoot goes he is destroyed by mosquito bites. Woodrow Wilson was a
week, following the tenderfoot among mosquitoes of the Paris press. Where others, especiallsnewspaper adviees from London last
and myself, had been inoculated by long and bitter experience.
death of Mr. Wilson. Harold Spender, in a wireless message Clemenceau galled to extreme suffering:
Wilson was
from
from London on the 5th inst., in7
to the New York "World"
"It soon came to this, that he would do almost anything to escape
he surrendered go
dieated that belief in the existence of such a secret compact these attacks. That is the real explanation why at Parisbut he only sharphoped to disarm the mosquitoes,
had been expressed in an interview with former Prime•Min- many of his ideals. He
appetite."
Mr. Spender Is ened their told the incident of the secret compact, and afterward we started"
ister Lloyd George of Great Britain, but
Then he
rejoices.
later Said to have stated that Mr. Lloyd George "did not on one of those long rambles in which the fdrrner Premier's spiritin England
of revolution being produced
an interview," and that "if there is any careless-, One of us spoke of the possibility
authorize
by the access of Labor to power. Lloyd George was certainly not alarmed
ness in the matter it is entirely mine." Mr. Lloyd George such ,forecasts.
revels,
In disclaiming the interview on the 7th inst., says: •"I can-' "It is a tradition of this country," he said gravely, "to carry out
in our changes,
'interview' as. tions peaceably. We do not love the operation of violence
not accept the views attributed to me in the
but even there do not he overconfident. M our foreign trade were to get
accurately setting out the facts of what happened at:a crit- even worse and our domestic troubles increased, if we were to be forced to
ical moment in the peace conference." As to an agreement bear even a larger number of unemployed, then Heaven alone knows what
situation could not last. ,Still, I do not think I
between President Wilson and Premier Clemenceau, Mr. might befall us. Such a
,
shall see a British revolution in my day."
setLloyd George says "to describe this agreement as a 'secret
"What will Liberalism do?" asked another- "If Labor succeeds in
compact' between the late President Wilson and M. Clemen- tling all these questions will not the Liberal Party be undone by the very
ceau is ridiculous." He also says "the fact that the late' success of Labor?"
W"No," was the reply. "We should gain. Labor would help us by pros
President and M. Clemenceau had come to an agreement ing for us a new and simpler situation. England will be readier for Liberof healtS
during my absence was communicated to me on my return, alism once she is relieved of her acute disorders; for. in a state stands f,
England is essentially Liberal. It is Liberalism that England
and the agreement as to occupation of the Rhineland was, in the world."
resdescribed "as a prophet who died fighting." "Without
sort, and with no differences of opinion,"
ervation of any
Leader
said the minute, "we uncover in the presence of the
himself as a saerrifice on the Altar of his
who offered
Faith." The minute presented by Darwin P. Kingsley, and
•
adopted by a rising vote, follows in full:
after some modification, ultimately incorporated in the
Peace Treaty." At the same time Mr. Lloyd George says
that the official statement of the French Foreign Office as
to the facts is substantially correct. The French :Foreign.
Office in disposing of'the allegations states that "there was
concluded no secret compact between M. Clemenceau and
Mr. Wilson, and if there were conversations between: them
during the absence of Mr. Lloyd George,'the latter knew •Of
the result as soon as he retUrned, and he gave his approval
on the morning of April 22 1919." We take from the
"World" of the 6th inst. as follows the .rrtiele (copyright)
;
relative to,the allegations:
•
George was in
On Feb. 8 the New York "World- also printed the following by •Herbert Bayard Swope:
I was chief correspondent of the New York "World" in Paris during the
entire session• of. the Peace Conference them and in daily touch with the
ponunissioners. for America, Great Britain and France. Therefore, it MST
not be amiss to contribute my personal recollection-on the subject that Mr.
Lloyd George has raised and which is bound to produce a wide and bitter
discussion, all of which is calculated to help the Welshman in his home
Lloyd George's astuteness and cunning were-never better illustrated than
in the method lie employed in his charge against Mr, Wilson ir, the "World"
'yesterday.
It is to be noted he says that, as regards the occupation of the left bank
of the 'Rhine, he had no choice but to yield because of the secret compact
that Clemenceau and Wilson had made, yet there is no record that the BritLondon during, the Versailles Peace lob Prime Minister opposed the
While David Lloyd
occupation of the left bank of the Rhine. In
fighting his political enemies, President Wilson and Premier fact, almost all.the plenipotentiaries
Conference,
--and toward the end Germany herself
Clemenceau were signing a secret compact dealing with Allied occupation of —accepted this as having been precedented tlitotigh the action of Prussia in
the Rhineland.
sithen.she held French territory pending the, payment of reparations.
1871,
This MB revealed by Mr. Lloyd George himself during a talk I had with
Foch. for Annexation.
•
him Sunday. at his Surrey home. He told also how the arrangement for
occupation was made over-his opposition and that the first he learned of the , Lloyd George, under the leadership of Wilson, bitterly fought the annexaof
compact was just recently, when the French asked him for permission to. Oon of the left bank..• the Rhine, which Foch,'supported by Poincare, de,
,•.
publish it.
.Again, inswing the Americans, he protested:against the annexation of
News of the American war President's death had „just been retsived,and
'
his opinions of Mr,'Wilson's personality., the Sattr;and, largely through the Americane,thirdemand was modified into
the former Premier V(02 explaining
to criticism and,'therefore,."sans.
occaFation, with a.rocapture prcutision ianowed the Germans.
Be had said the President was be sensitiee
752
THE CHRONICLE
[Vol,. 118.
The holding of the left bank of the Rhine and the bridgeheads by France,
Belgium, Britain and America was never made an issue, and certainly not George's consent to such publication, if it was a secret treaty between
by Lloyd George. In fact, the proposition was viewed not only from the Clemenceau and Wilson and one to which Lloyd George was not a party?"
standpoint of a pledge guaranteeing reparational payments but as a definite
Mr. Spender's statement that Mr. Lloyd George "did not
safeguard to French security, which all military experts agreed would have
authorize an interview," was contained in aia announcement
been threatened had Germany been freed from this preventive measure.
In the course of an interview with the American press held at the Majestic by the British Foreign Office at London on Feb. 6, as to
Hotel, the British leader pointed out that the temporary presence of the which we quote as follows
from a cablegram that day to the
occupational forces in Rhenish Germany might be a blessing in disguise
to New York "Times";
the Reich, for they were then engaged in seeing that the German children
The following statement was issued by the Foreign Office to-night:
were fed. He illustrated this point by showing how General Plumer
had
"An interview is stated to have been given by Lloyd
been insistent on food rations being granted the civilian population in his
George to an Ameridistrict, which centred about Cologne.
can newspaper in the course of which he is made to express himself
with
indignation regarding his discovery in certain official
In seeking to avoid responsibility for the occupation of the left bank
documents recently
of
the Rhine, Lloyd George must not be understood as including the French forwarded to him of evidence that during his absence in London President
Wilson and H. Clemenceau had signed at the Peace Conference
advance into the Ruhr; .that was an adventure entirely French
in its
in Paris a
'secret compact' regarding military occupation of the
origin, against which he and America protested, although the British
Rhineland.
Prime
"'I have always been attacked by many people in
Minister joined France in twice threatening it.
England as the villain
of that piece. I have just received the document from
But while he may seek to evade responsibility for the qualified
the Foreign Office.
retention
of the Rhinelands, it will be difficult for him to escape responsibility for The French now wish to publish the agreement between President Wilson
the imposition of the reparations' clauses of the treaty, the severity of which and H. Clemenceau and desire me to agree. It is a little late to ask
for my
he, together with the French, insisted upon over the protests of the Ameri- consent. I have never seen the documents before.'
"These assertions should be read in conjunction
cans.
with the following facts
supplied by the Foreign Office in answer to inquiries.
Feared Defeat in Commons.
The Foreign Office
The very journey that he mentions as making to London was in reality for has been notified that the French Government intends to prepare a Yellow
the purpose of reassuring his people, who had returned to power in the Book containing certain documents connected with the drafting of Articles
Khaki Election, that he purposed insisting upon this measure of repayment. 428 to 431 of the Treaty of Versailles. The consent of His Majesty's GovHe had tried to straddle in Paris and tried to be all things to all men, but ernment to the publication of these documents is necessary in view of the
when he was threatened by the loss of his power in Commons (300 and more agreement reached by the Peace Conference under which the official record
of whom had organized against him) he abandoned his position, with seem- of the proceedings of the conference was not to be published.
"On Jan. 22 the Foreign Office decided that before replying
ing reluctance and became a zealot in his accusations against the Germans.
to the French
No one who knew Wilson can believe he signed such a compact as Lloyd Government it would be only courteous to acquaint Mr. Lloyd George vvith
the proposal, since in conjunction with President Wilson and
George charges, unless, of course, he means in the agreement (to which
H. Clemenosau
Lloyd George was already a party) between America and France that there he had been concerned in the discussion of the matter.
"A letter was written on Jan. 25 by an official
should be a temporary holding of the left bank of the Rhine. If that be the
of the Foreign Office to
case, Lloyd George is attributing to a wholly innocent and proper action a Mr. Lloyd George's secretary asking him to ascertain whether Mr. Lloyd
George had any objectilon to publication of the
meaning it does not possess.
documents and enclosing
proof sheets.
It may be that, in some confused maner, the Welshman is referring
to
Purpose of the Foreign Office.
the tri-partite agreement which France, England and America signed, guar"There could be no doubt of the purpose of the
anteeing France against undue aggression from Germany, and which was to
Foreign Office, nor of the
be effective only in the event of both nations ratifying it. This, it will be nature of the communication, as the following sentences from it show:
"'We feel that before replying to the French
remembered, was rejected by the Senate and therefore became non-operative.
we ought to consult Mr.
Why should Lloyd George wait until the man he accuses is unable to defend Lloyd George, who was one of the parties to discussion at the Peace Conferhimself? Any impropriety contained in publication during Wilson's life- ence from which these documents took shape. I have consequently been
time would have been far less than the offense he commits in making the. directed to ascertain through you as soon as possible whether he sees any
objection from a personal point of view to their
accusation when Death has prevented a reply.
inclusion in the Yellow
Book, provided, presumably, that the other Governments
interested likewise
A Paris copyright cablegram to the New York "Times" raise no objection. . . . Please return proof
sheets with your answer.'
"No answer has been received, the proof sheets have
Feb.6 as to comment made by M. Tardieu of the French Fornot been returned,
and the first indication of the latter having reached
Mr. Lloyd George's
eign Office with reference to the allegations attributed to hands comer; from
the alleged interview.
Mr. Lloyd George, said:
"It will be seen from the above that in one or two
respects the interview
Former Premier Lloyd George's statement in an interview published in as reported is not correct."
New York and London yesterday that a secret compact was made between
Interview Astonished London.
the late President Wilson and former Premier Clemenceau for the mainteThe interview, which was written by Harold Spender, caused as much
surnance of French troops in the Rhineland for 15 years, and that he was kept prise in London
official circles as it did in Paris. It was at once brought
in ignorance of this agreement, is denied formally at the Foreign Office by
to the notice of the Prime Minister, who asked for an immediate report on
Andre Tardieu, one of the treaty makers, and tacitly by M. Clemenceau.
the whole circumstance. The Foreign Office issued its statement at a late
"There never was any secret compact of any kind either on this or
any hour to-night and it is thought possible that when and if Mr. Lloyd George
other matter," said M. Tardieu when asked for a statement. "We argued replies to
it and to the
the question for six weeks before a decision was taken. Whether Mr. Lloyd pact" another statement French official denial of the alleged "secret comwill be made by the British Government on the
George was in Paris or London at that time I don't remember.
subject.
"Whether he was present or not at the final conversations, there was nothAs regards the inference that has been drawn by one London paper to
the
ing secret about them. Ile was told what had happened, and what did hap- effect that the
French Goveriunent waited until Mr. Wilson's death before
pen was included in the Peace Treaty, to which he gave full consent. What deciding to make disclosures
which could not be made during his lifetime.
he means about the French Foreign Ministry now wishing to publish the
the dates mentioned in the French official denial show that the French
documents in the case I do not understand. There was no secret agreement Government took steps to
obtain the British Government's agreement to
between Mr. Wilson and M. Clemenceau, so how can it be published?
publication of the Yellow Book long before Mr. Wilson's
last and fatal illness and the French Government's repudiation of the suggestion
Tardieu Gives Dates.
that it
"Mr. Wilson," M. Tardieu continued after consulting his memoranda, waited for Mr. Wilson's death is supported by the dates given in the British
"gave his consent to French occupation of the Rhineland at o'clock, April Foreign Office statement.
6
When Lloyd George was asked if he had anything to
20 1919. Be then accepted the text which Mr. Lloyd George knew about 15
say he replied that
days previously. It was on the morning of April 22 that Mr. Lloyd George he had not seen or read the interview with him, and was therefore unable
to express an opinion until he had the text of it.
gave his assent after a final struggle. From this
it appears that President
Wilson was the first to consent, and it is possible that his 'surrender'
Harold Spender's Explanation.
made
continued opposition by the British Premier difficult."
Harold Spender, interviewed by the "Daily Sketch,"
M. Clemenceau, when seen at his home, was not so direct. In his usual
is quoted as sayquizzing style, he pretended to question the accuracy of the reports brought ing:
"What I wrote for the American paper was a description
to him.
of Mr. Lloyd
George's house and grounds and of his life there, with
"I have got to see the full text of Mr. Lloyd George's statement
few obsdervations
first," he thrown in—which they appear to have cut—after
spending
said.
The observation which has attracted so much attention a week-end there.
was only a few lines
"But may one suppose— ?" the questioner began.
out of the whole article, but still I thought it was
desirable that it should
The old statesman cut his interrogator short. "One may suppose any- be known.
"I must say on behalf of Mr. Lloyd George that he did
thing he likes," he said, "but I will say this, that I have no memory
of any Interview. I should like to corroborate his statement. not authorize an
If there is any
secret agreement"
carelessness in the matter it is entirely mine. I take
all the blame. I did
his permission to use
The Associated Press cablegrams from Paris Feb. 6 re- not askshould have repeated Ianything he said, and if I have gone beyond
what I
am extremely sorry.
"I was asked to write a description of Mr. Lloyd
ported as follows the statement issued by the Prench ForIn a few observations here and there. He talked offGeorge's life, and I snit
and
hours on every subject and I reproduced one or two on for twenty-four
eign Office:
observations which
occurred to me."
Declaring that no secret compact between M. Clemenceau and
Woodrow
Wilson had been concluded, as alleged by Mr. Lloyd George,
The statement of Mr. Lloyd George with reference
the former
to the
British Prime Minister, the French Foreign Office issued
a brief statement alleged interview is taken as follows from
a copyright cableto-night setting forth that the French Government reserved its reply to the
gram to the New York "Times" from London
allegations of Mr. Llody George until it was in possesssion
Feb. 7:
of the exact text
Through the "Daily Chronicle," Mr. Lloyd George
of the former Premier's utterances.
has issued the following statement in regard to the Harold Spender
The communique was as follows:
interview in the New
r "The French Government reserves Its reply to the allegations of Mr. Yetis "World" in which he was credited with having charged that a secret
Lloyd George until It Is in possession of the exact text. For the moment compact on Rhineland occupation was made by President Wilson and PreIt contents Itself with the declaration that it did not wait for the death of mier Clemenceau during the Paris Peace Conference.
former President Wilson to ask consent of the British Government to the
"I did not give the interview referred to and I was
more than surprised
publication of a blue book containing documents relative to the
delibera- whoa my attention was called to it by telephone
tions on the conditions of the treaty concerning security of France as
messages from London
well newspapers on Wednesday.
guarantees.
,
as treats
"On Dec. 24 instructions to Count St. Aulaire (French Arnbassador to
"I cannot accept the views attributed to me in the
'interview' as accurately
Great Britain) were signed to this effect, and be made the necessary demand setting out the facts of what
happened at a critical moment in the peace conon Jan. ft 1424. The French Goverament,moreover,knows of no document ference. As to those
facts the official statement issued by the French
to which the Insinuation of Mr. Lloyd George might apply. There was
Forconcluded no secret compact between M.Olemenceau and bfr. Wilson,and eign Office is substantially correct.
"I was called away from Paris to London in April
If there were conversations between them during the absence of Mr. Lloyd
1919 to take part in
latter knew of the result as soon as he returned, and he gave important discussions
George. the
raised in the British Parliament on the question of
his approval on the morning of April 22 1919."
reparations. I found on my return to Paris
that during my absence an
Indignation was expressed by the Deputies in the lobbies of the Chamber agreement had been arrived
at between President Wilson and Premier Clemat the apparent insinuation that, the French had waited until after the death enceau on two very important issues. One was the
military occupation of
of Mr. Wilson before asking Mr. Lloyd George's permission to publish the the Rhineland and the other a guarantee by the United
States of the French
documents. The general query was: "What was the reason for Lloyd frontier against acts of aggression
by Germany.
FEB. 16 1924.]
THE CHRONICLE
753
"It was the same text that Mr. Lloyd George, absent from Paris on the
Secret Compact "Ridiculous."
20th, accepted on the morning of the 22d after a last resistance. The
"To describe this agreement as a 'secret compact' between the late Presi- clauses in question became Articles 428 to 432 of the Treaty of Versailles."
dent Wilson and M. Clemenceau is ridiculous. President Wilson, I need
M. Tardieu added: "If Mr. Wilson were still living his denial would be
hardly say, acted with perfect loyalty, and it cannot be imputed as a blame added to that which I regret being obliged to inflict upon the former Briteither to the late President or to M. Clemenceau that I was called back to ish Prime Minister.
England at the time when these grave matters were under discussion.
"The vital guarantees we obtained for France on the Rhine were acquired
"The fact that the late President and M. Clemenceau had come to an only after months of terrible struggle, but it is our pride that we obtained
agreement during my absence was communicated to me on my return, and them with the loyalty of all our Allies."
the agreement as to occupation of the Rhineland was, after some modifica"Abasolute Palsehoed," Says Tardieu.
tion, ultimated incorporated in the peace treaty.
Andrew Tardieu, Clemenceau's closest collaborator at the Peace Confer"As regards the communication to use from the British Foreign Office,
regret that any public reference should have been made to it. The facts ence, also said:
"It is an absolute falsehood. There was never any secret agreement beare in effeot set out in the Foreign Office communique issued to the press on
Wednesday night.
tween Wilson and Clemenceau. Nothing was ever concealed from Lloyd
25 last my secretary received a letter written on Foreign Office George. To pretend the contrary is the work of a fool or a practical joker.
On Jan.
note paper, but unsigned, stating the intention of the French Government to Lloyd George is lying, and lying unintelligently.
publish some documents relating to the Treaty of Versailles and asking if I
"He waited until Mr. Wilson died in order to escape the former Prodsaw any objection to that being done. Owing to the fact that the letter was dent's refutation. It is colossal."
was delay in replying to it and as the Foreign Office has
unsigned there
M. Tardieu publishes a reply to Lloyd George on the pront page of "L'Echo
apparently felt a sense of grievance on this point I hasten to express my National," under the headline, "The Latest Folly of Monsieur Lloyd George,"
regret.
in which he says: "The document is the production of a delirious imagina"The letter; as the Foreign Office has already informed the public, con- tion.
of certain documents proposed to be distributed by the
tained proof sheets
"To apply terms, 'secret pact' to the proposal which had been for two
French Government. One of these is headed 'Articles Concerning Guarantees weeks in the hands of the British delegation as well as in the hands of the
of Execution of the Treaty as Approved by President Wilson and M. Clem- American delegation and which the absence of Lloyd George caused to be
enceau on April 20.' Another is headed 'Treaty Between France and the signed by Wilson 36 hours before Lloyd George is either inept or malicious—
'
United States as Approved by President Wilson and IL Clemenceau on April possibly both."
documents must, I imagine, now be published. They will tell
20.' These
We also quote from the New York "Times" the following
their own story.
"Before I had heard anything of the alleged interview I had already sent dispatch from Washington Feb. 6:
a message in reply to the Foreign Office letter addressed to my secretary
Robert Lansing, former Secretary of State and a member of the Amerito say that I saw no harm in publication of the documents. Mr. Ramsay can peace delegation to the Versailles conference, when asked to-night for
Macdonald will probably find that most, if not all, of these documents al- confirmation or denial of the alleged secret compact which David Lloyd
ready have been published by M. Tardieu in France or by Mr. Baker in George is quoted as having said was made between former President WoodAmerica. Both of these gentlemen have between them published most of row Wilson and M. Clemenceau, by which the former President agreed to
the secret documents of the Paris Conference."
the occupation of the Rhineland by the French, replied: "I don't know
Government Deplores the Incident.
anything about it."
Major-General Tasker Bliss, also a member of the American delegation at
Premier Macdonald has requested Lord Crewe, the British Ambassador in
agreement between
Paris, to explain to Premier Poincare the circumstances surrounding the Paris, likewise said he had no recollection of any such
Mr. Wilson and Clemenceau.
Incident.
Bernard M. Baruch, close friend and Financial Commission adviser to
It can he stated definitely that the present Foreign Secretary had no
knowledge whatever of the circumstances until a summary of the interview President Wilson at the Versailles Peace Conference said:
sent by cable was shown to him.
"President Wilson never made any secret compact with anybody about
so contary to his
That
It seems the French Ambassador called at the Foreign Office on Jan. 8 anything at the Paris Peace Conference.at" thatwas
I can deny it categorBritish Government had any objection policy of 'open agreements openly arrived
to raise the question of whether the
ically and defy the world to prove it."
to publication of the documents as proposed in the French Yellow Book.
Mr. Baruch then referred to his own book on the Peace Conference and
He left one proof of the documents in question and they were under consaid:
sideration by the Foreign Office officials for a fortnight.
"The Treaty provided for certain definite occupations by the Allies.
On Jan. 22, when Lord Curzon had left the Foreign Office and Mr. Macprovided for a five-year occupation of the Northern area, a tendonald had not yet been appointed, the proofs were sent to Mr. Lloyd The terms
year occupation of the central districts, and a fifteen-year occupation of
as a mere matter of office routine to ask if he had any objection to the Southern territory of the Rhineland opposite Alsace-Lorraine. The
George
the Allied dominion. And,
the Foreign Office consenting to publication. As there was only one copy plan was for a gradual withdrawal ofCoblentz for a long time. as we all
occupied
the
of the proofs the present Foreign Secretary does not even know what they know,was American troops Treaty, signed by everybody concerned, and
all a part of the
"It
contained, as apparently no duplicate copy was made while the documents nothing secret whatever about it. The Rhineland Commission, a civilian
body, is authorized by the Treaty to regulate all military occupation.
were at the Foreign Office.
"I don't know just what Mr. Lloyd George refers to. Let him produce
There is no doubt that the Prime Minister and the Cabinet generally are
the documents, if he believes there was a 'secret compact.' But I do not
deeply distressed at the publication of the alleged interview at this juncture. hesitate to make explicit denial, because I know Mr. Wilson never was a
So far as Mr. Macdonald and M. Poincare are concerned personally things party to and never had any secret compacts whatever over there."
have been going very smoothly. Indeed, it is learned from official sources
In its issue of Feb. 7 the New York 'Times," in stating
that the relations between the two Governments are better to-day than they
that the records of the Peace Conference at Versailles indibeen for a long time past.
have
The exchange of cordial notes between the Premiers of France and Great cate that Lloyd George was fully informed of and consented
Britain has tended to establish the basis of a common understanding, which,
on French occupation of the Rhineland,
it is believed, is bound to do much toward the establishment of bonds of to all compromises
'and it is stated that sooner or later a meeting between the according to David Hunter Miller, 61 Broadway, who was
mutual interest,
two leaders will take place.
legal adviser to the American Commission to Negotiate
The incident is dismissed by most of the British press as much ado about
time Peace, gave as follows Mr. Miller's statement in full:
nothing. The London "Times" observes that most people know by this
lb a statement published this morning Mr. Lloyd George asserts that
what happened in Paris in 1919, and adds:
"Mr. Lloyd George has nothing of significance to add to that troubled there was a secret paper signed by Mr. Wilson and M. Clemenceau regarding
story. Some one has bungled, that is all. We cannot see that it need have the occupation of the Rhineland. Mr. Lloyd George is quoted as follows:
"I have only quite recently discovered that during my absence in Lonany effect on policy."
The "Westminster Gazette" finds it difficult to know how the interview don Clemenceau and Wilson signed a secret compact on this question. Yet
I have always been attacked by many people in England as the villain of
has been magnified into an international incident.
"Every one knew Wilson had agreed to the Rhineland clauses while Lloyd that piece."
Now that Mr. Wilson has passed away, perhaps only M. Clemenceau could
George was not in Paris," it says, "and every one conversant with ordinary
procedure imagined the agreement would be the subject of a minute signed make a final comment on this statement. Certainly if such a paper exists
recital of it should be published immediately.
by both the negotiating parties. It is ridiculous to construe the
There is, however, a good deal which can be said on the matter in the
these commonplaces as an attack on Mr. Wilson or upon France, and only
malice or madness can excuse the suggestion that such an attack was de- light of what has already been published. The period of absence in London
to which Mr. Lloyd George alludes was from April 14 1919, when he left
liberately staged for the death of the ex-President."
The "Morning Poet," which is bitterly hostile to Lloyd George, heads its Paris to go to London (this was a Monday), until April 17 1919 (the folNo Importance," and observes: "Nobody now takes lowing Thursday), when he returned to Paris.
editorial "A Person of
While in London during that visit Mr. Lloyd George made a speech to the
Lloyd George very seriously either in this country or abroad, with the exHouse of Commons which is reported in the New York "Times" of April
ception, perhaps, of Mr. Hearst and Mr. Harold Spender."
From the Associated Press advices from Paris Feb. 7 17, the speech having been made on the 16th. In that speech Mr. Lloyd
George said as follows:
published in the New York "Evening Post" we quote the fol"I should say something about the general terms of peace. After a long
lowing:
discussion, not an hour of which was wasted, we have arrived at a complete
Prime Minister Macdonald of Great Britain has written to Premier Poin- understanding of the great fundamental questions affecting peace with Gercare, expressing regret for the incident caused by the Lloyd George inter- many. We hope that by next week they will be presented to the German
view asserting discovery of a secret agreement at the Paris Peace Conference delegates."
It seems incredible that Mr. Lloyd George should have made the statebetween Woodrow Wilson and Premier Clemenceau regarding the occupation
April
of the Rhineland, says a dispatch to the semi-official Havas Agency from ments above quoted to the House of Commons unless he supposed'on
16 that substantially, at least, some kind of agreement had been arrived at
London this afternoon.
regarding the Rhineland, which was one of the notable points at issue in
The letter points out that the fault is not Mr. Macdonald's.
[Lloyd George was quoted to-day in a London interview as asserting he the negotiations.
Statement by Council of Four.
seen the Rhine proposals.]
never said he had not
On Monday, April 14, the Council of Four, in an official communique,
Ex-Premier Clemenceau, after reading the text of the statements ascribed
Woodrow stated among other things that "the questions which much be settled in the
to Lloyd George concerning a secret pact between Clemenceau and
Wilson in regard to the occupation of the Rhineland, together with the com- peace with Germany have been brought so near complete solution that hey
ment published in the Paris newspapers, today asked to be excused from can now quickly be put through the final process of drafting." This commaking a declaration, declaring it would be "ridiculous" for him to do so. munique is published in full in Ray Stannard Baker's book, "Woodrow
The Tiger did say, however, that he approved the denial made by Andre Wilson and World Settlement," Vol. II, Page 77. Mr. Baker Bays, page 76,
Tardieu, and added: "If Lloyd George will produce a secret agreement be- that the decision to issue the statement was taken on Sunday, April 13. At
the same time he says, page 76, "the questions concerning the left bank of
tween Wilson and me, I will pay the reparations."
Tardieu's Denial.
the Rhine had not yet, indeed, been settled in detail (and were not until
in prindenial, which was given during the session of the Chamber April 16)," thus apparently intimating that they had been settled
M. Tardieu's
Clemenceau, ciple.
Deputies yesterday, as amplified later and approved by
of
The statement of Mr. Baker that the questions about the Rhineland were
says:
on April 20 at 6 p. m. in conversa- settled in detail on April 16 appears again on page 79 of the work men"The text that Mr. Wilson accepted
of the
myself had been in the hands of Mr. Lloyd tioned, where he says that the agreement regarding the left bank Lloyd
tion with M. Clemenceau and
Rhine was completed on April 16 "by the consent of Wilson and
those of Mr. Wilson for 15 days.
George as well as
754
THE CHRONICLE
rirou 118.
George to an occupation for 15 years." This date, however, appears to be
questionable, according to other authority.
It appears to be based on a phrase in a letter to Colonel House, dated
April 16, addressed to President Wilson, which letter is reproduced in full
on page 80 of Mr. Baker's book. All that Colonel House says on this point
is this: "He (Clemenceau) was perfectly delighted with what I was able
to tell him concerning the . . . period of occupation." Presumably,
"the period of occupation" refers to the left bank of the Rhine.
a unit that the period of occupation should extend over a period
of only
two years, with a possibility of extending it further in case the
Germans
refused to carry out the terms of the treaty, or in any deliberate way
failed
to carry out the terms. That creates a very serious impasse between the
British and French opinion.
"If I may just say a word of explanation the French military opinion, as
It has been interpreted to me, does not believe that the 15-year occupation
is in any way satisfying. As I understand it, Marshal Foch wanted to
occupy •
the Rhenish provinces for 30 years, the probable period of payment of repTestimony of Tardieu.
arations'and it was a compromise, I infer, which reduced it to 15 years. And
No one was more intesested or more active in this question at the time of they have made an arrangement
under which this interesting comment had
the Paris conference than M. Tardieu. In his work, "The Truth About the been made, that the
areas
Treaty," he sets forth at length the objections made by President Wilson for 15 years—all abutting of occupation, one for five, one for ten and one
on the Rhine, of course, extend in a line northwest
and Mr. Lloyd George regarding the Rhineland occupation See pages 171, and southeast, not east
and west, and the reason given me for that was that
et seq. However, Tardieu is very precise in fixing the time of agreement. extending that way
they would always protect the direct route from GerHe says that President Wilson approved the provisions of Chapter 14 [the many to Paris. But the
direct route is not the route that is at all likely to
Rhineland occupation] at 6 o'clock in the evening of April 20 and that be taken.
Mr. Lloyd George approved on the morning of April 22. Tardieu also says
The route that has usually been taken and that was taken this time,
is
[page 186] that two French notes in the matter were written on April 16 the northern
rcute across which lies the area which is to be first evacuated.
and 19. Tardieu also mentions that as late as April 12 Mr. Wilson wrote a and the territory
next most likely to be used, from a military point of view,
note in support of his original views [page 183].
is to be evacuated in ten years, and the territory which would certainly
not
It is to be remembered that the French proposal was for an occupation be used Is ts be
evacuated in fifteen years. And the intimation was that the
of 30 years. [See Tardieu, pages 181-182.] The British and Americans real object was the
control of navigation of the Rhine. That is the last area,
were against any occupation at all. The compromise in the Treaty is occu- and all this
occupation touches, of course, Lorraine and the commercial interpation of one zone for 15 years, one zone for 10 years and one zone for five ests of France
that centres on the Rhine.
years—in other words, evacuation at five-year intervals.
"So that the question of occupation has this drawback
to it: It is not,
Taking together everything that has been published in the matter, it would 'strictly speaking, a
miliary question, apparently. It Is a means of quieting
seem that by April 13, or at the latest by April 14, there had been some gen- public opinion during
the period that Germany is certainly not going to be
eral agreement reached to the effect that there would be some kind of a com- able to do anything
in a military line, and withdrawing their forces just at
promise between the French request for a 30-year occupation and the Ameri- about the time when
she is likely to recuperate, which is not, if I am statcon and British proposals of no occupation at all.
ing it correctly, a military proposition at all.
This general idea of some compromise must then have been reached before
"And another very serious drawback to it—at least
from the point of
Lloyd George left Paris on the 14th, and this is strongly confirmed by his view
of several Powers on reparations—is that Germany is
to pay for this
speech on the 16th above mentioned. It would further appear from Colonel army of
occupation, and it would cost several hundred millions to maintain
House's letter that further verbal discussions of the matter were going on it, and those
millions would come out of the reparations; and if you have a
and that some compromise accord in principle had been reached. I may fixed sum,
not otherwise, it would be that much in addition
to the French
mention that this is confirmed by the remark in Tardieu's book on page 187 portion
of the reparations, because every one contends that the army
of ocas to the action of Fools on April 17.
cupation will be French. They would not expect
Great Britain and ourBy April 20 it would appear that the text of the provisions in draft form selves to
furnish
at least must have been submitted to President Wilson, because Tardieu keep the colors more than some small number that would be sufficient to
afloat and justify the name of an inter-Allied force."
says that he approved the provisions of Chapter 14 at six o'clock in the
evening of that day, and that this was followed by the approval of Lloyd
George on the morning of April 22.
Certainly no clearer case fer the publication of a secret paper, if there Statement By
Former Premier Orlando of Italy on
is one, could exist.
Alleged Secret Compact
Between President
•
A "Deadly Parallel."
Wilson and Premier Clemenceau.
There is one other observation of Mr. Lloyd George which requires notice.
Former Premier Vittorio E. Orlando, who represented
I do not comment on it, in 90 far as it recites the position of Mr. Lloyd
George at the Peace Conference to the Rhineland occupation. There is no Italy at the formulation
of the Versailles Peace Treaty, gave
doubt that he opposed those conditions of the treaty during the negotiations,
both before he argeed to them and after he agreed to them. But, since he a statement to the Associated Press on Feb. 8 in connection
chooses to throw a stone at Woodrow Wilson for surrendering "so many of with the alleged revelations of David Lloyd George concernhis ideals," I put in parallel columns Mr. Lloyd George on last Sunday and ing an agreement
between President Wilson and M.ClemenMr. Lloyd George in his speech to the House of Commons on June 30 1919:
ceau, then French Premier, the Associated Press 'accounts
"Well, there was the fifteen years' "But I am perfectly certain of
this: from Rome, indicating as follows what
military occupation of the Rhine frontier That
Signor Orlando had
to keep
by the Allies. I was opposed to it. I army France does not wish beyond an
there for a single day
seemed to foresee that if the French absolute necessity of the case." the to say:
once occupied the frontier, they would
Signor Orlando said President Wilson gave up his opposition to M.Clemnot leave it—and my forecast has already
enceaua plan with regard to the Rhineland in order to buy Clemenceaua
been borne out by events."
support for Wilson's schemes against Italy's aspirations. He added that the
The "Times" also states:
fact that an agreement was reached between President Wilson and M.
Mr. Miller, again referring to Baker's "Woodrow Wilson and World Set- Ciemenceau on the Rhine was common knowledge at the Paris Conference,
tlement," cites the signatures of Wilson, Clemenceau and Lloyd George ap- but that he took no part in it and knew of its existence "only to the same
pearing of a facsimile of the declaration concerning the occupation of the extent as Mr. Lloyd George knew of it."
President Wilson, according to Signor Orlando, energetically
Rhine provinces by their respective Governments. The declaration follows:
opposed
French occupation of the Rhineland until April 12 1919, when a meeting of
DECLARATION BY THE GOVERNMENTS OF THE UNITED STATES OF the "Big Four" (Wilson, Lloyd George, Clemenceau and
Orlando) was
AMERICA, GREAT BRITAIN AND FRANCE IN REGARD TO THE held in order to fix the date for calling the German delegates, April 22
having been proposed.
OCCUPATION OF THE RHINE PROVINCES.
"It was a most stormy sitting," Signor Orlando continued, "because I
The Allied and Associated Powers did not insist on making the period
of energetically declared that the sleeting with the Germans could
not occur
occupation last until the reparations clauses were completely executed
be- until the essential problems of Fiume and Dalmatia had been solved. It
cause they assumed that Germany would be obliged to give every proof
of was therefore decided to postpone calling tho Gorman delegates until April
her good-will and every necessary guarantee before the end of
the 15 years' 25,President Wilson binding himself to dedicate the whole of the intervening
time.
time to a discussion of the Italian problems. Mr. Lloyd George left for
As the cost of occupation involves an equivalent reduction of
the amount England immediately after this sitting and did not return until
April 18."
available for reparations, the Allied and Associated Powers stipulated
by
Signor Orlando then recalled his "struggle against Wilson" to obtain the
Article 431 of the treaty that if before the end of the 15 years'
period Ger- annexation of Flume for Italy.
many had fulfilled all of her obligations under the treaty, the troops of
occu"Nothing could shake President Wilson," Orlando continued, "but I was
pation should be immediately withdrawn.
no less firm; and so the situation became most strained. Our Allies, France
If Germany at an earlier date has given proofs of her good-will
and sat- and England, declared themselves ready to observe the Pact of London,
isfactory guarantees to assure the fulfillment of her obligations,
the Allied but pointed out that the pact did not assign Fiume to Italy. I, therefore.
and Associated Powers concerned will be ready to come to an agreement
was placed in the dilemma of having to choose between Fiume and the Pact
between themselves for the earlier termination of the period
of occupation.
of London."
Now, and henceforward, in order to alleviate the burden of the Reparations
Finally, Signor Orlando continued, he chose the Pact of London, hoping
bill, they agree that as soon as the Allied and Associated Powers concerned
to be able to obtain Fiume by later negotiations.
are convinced that the conditions of disarmament by Germany are being
"This decision," he said, "I communicated to the Council of Four on
satisfactorily fulfilled, the annual amount of the sum
to be paid by
April 19. I remember the deep impression it created, because it loft the
many to cover the cost of occupation shall not exceed 240,000,000 Germarks Allles no choice but integrally to apply the Pact of London, despite all
gold. This provision can be modified if the Allied and Associated Powers opposition. This happened,
I repeat, on April 19.
agree as to the necessity of such modifications.
"On April 20 President Wilson granted Clemencoau what previously he
(Signed)
strenuously had denied him, namely, consent to the occupation of the
Rhineland. On April 23 he hurled at mo his famous message which
WOODROW WILSON.
virtually
G. CLEMENCEAU.
placed Italy outside the conference."
D. LLOYD GEORGE.
Signor Orlando's reference was to President Wilson's declaration that he
6t11 June 1919. Cmd. 240.
would not yield to Italy's claims on the Adriatic, after which the Italian
That Mr. Wilson's position on the matter of the occupation of the Rhine- delegation left Paris.
land was disclosed to his American associates is shown, as Mr. Miller pointed
"If these dates are considered together," Orlando went on, "the deducout, by Ray Stannard Baker when he includes in his book, Document 68, tions are too obvious to need explanation. My opinion of Mr. Lloyd
"Stenographic report of meeting between the President, the Commissioners George's intelligence is too great to believe the naive statement attributed
to
and the Technical Advisers of the American Commission to Negotiate Peace, him that President Wilson yielded on the matter of the Rhineland, which
Hotel Crillon, Paris, June 3 1919, at 11 o'clock a. m." There were present, , was the gravest of all the Problems discussed at Paris, on condition that M.
in addition to President Wilson, Robert Looting, Henry White, Colonel Clemenceau caused the campaign in the French press against the American
House, General Tasker H. Bliss and a score of other members of the delega- President to cease. He was playing for higher stakes. He did it to induce
Clemenceau to support him in the pitiless war he was waging against Italy
tion staff.
and isolate me even from my allies.
,Vr. Wilson's Statement.
"This was the most critical moment of the great historical tragedy of the
The stenographic report shows that the following statement was made by Peace Conference. Italy suffered severely and unjustly from
its more imPresident Wilson:
mediate consequences, but even more severe and more permanent is the
"The President: The other most prominent subject is the subject of the danger in which the peace of the world stands by reason of it.
occupation of the Rhenish provinces for five, ten and fifteen years. And I
"Italy now has her boundaries on Mount Nevaso, and Flume at last is
fty in the same confidential way that I indicated a moment ago that Mr. Italian. But other questions connected with the Versailles Treaty still are a
rai,yd George represented his military advisers and his Cabinet as altogether festering sore in the very heart of Europe."
FEB. 16 1924.]
THE CHRONICLE
Why President Wilson Called His Ship to Brest—Real
Story Told of the Ordering of the George Washington, a Peace Conference Sensation.
An article by Richard V. Oulahan, special correspondent
of the New York "Times" at the Paris Peace Conference,
appeared as follows in last Sunday's issue of the New York
"Times" (Feb. 10) under the above head.
It must not be supposed that Woodrow Wilson, as President of the
United States, was lacking either in publicity acumen or in inclination to
utilize the press when he regarded it as necessary to serve his purposes.
As a matter of fact he had a keen appreciation of the power of publicity
which sometimes savored of Rooseveltian technique in methods of accomplishment. His supreme confidence in rightful motives among the people,
coupled with the sense of the dramatic his historical imagination gave
him, led him into assays in publicity which had the true Rooseveltian
boldness.
The most notable instances of this use of the press are connected with
his participation in the Paris Peace Conference. Prior to that time he had
issued public statements designed to accomplish certain purposes or inculcate certain ideas, one of the most striking of which was his denunciation
through the newspapers, on the night of his second inaugural, a month before we entered the World War,of those Senators who, through a filibuster.
had prevented action on his recommendation that Congress give the President the authority to arm merchant vessels against German submarine attack. "Willful men" he scathingly called them,and they came to be known
throughout the country as "the willful twelve," a term of reproach.
Mr. Wilson also resorted to publicity to defeat the Gore and McLemore
resolutions in Congress, these resolutions warning Ameriacn citizens not
to take passage in armed merchant vessels. In connection with that case.
he declined to receive Senator William J. Stone of Missouri, Chairman of
the Committee on Foreign Relations, who was friendly to the resolutions,
and gave to the press a letter addressed to Senator Stone denouncing the
pending proposal. The purpose of that piece of publicity'was achieved.
The letter aroused public sentiment to such an extent that the resolutions
were defeated.
Uses of Publicity at Paris.
While President Wilson was in Europe he resorted to publicity methods
on three occasions. In each case with characteristic boldness. It is no exaggeration to say that his action in each case created an international sensation, no lass by the importance of the questions affected than by the audacity of his course.
All three instances had to do with the Peace Conference and all were
aimed to overcome obstacles to the principles he advocated in the framing
of the Peace Treaty. In one case he had a hint dropped to the correspondents of American newspapers that he contemplated insisting that the
Peace Conference should hold its sessions outside of French territory.
Another inspired "leak" was that President Wilson had cabled instructions to the Navy Department in Washington to send the steamship George
Washington to Brest. so that she might be ready to take him away if unsatisfactory conditions in the Peace Conference continued.
The third occasion was his public appeal to the people of Italy to sustain
his course with respect to Fiume. That appeal Was a direct slap at Signor
Orlando, the Italian Premier,for his effort to have Fiume transferred to the
control of Italy.
Rear Admiral Cary T. Grayson, President Wilson's physician and
military aide, was the medium through which the first two sensational
pieces of Lows were communicated to the representatives of the American
press at Paris. In having Admiral Grayson make known that the President
might seek the transfer of the Peace Conference from France, Mr. Wilson
was ac,nated by the attitude of the major portion of the Paris newspapers,
which was indulging in severe criticism of the President for his opposition
to French proposals with respect to Germany. There is no doubt in my
mind that Mr. Wilson suspected that this campaign was sanctioned by the
French Government. Ile conceived its object to be the crystallization of
sentiment in she conference generally against the Wilsonian ideals in the
hope that the President would find it impossible to stand out against this
sentiment.
The effect of this strategy on the fresident s part was immediate. It
was not required that the dispatches of the American correspondents should
be cabled to America and thence back to France In order to accomplish the
purpose Mr. Wilson had in inspiring them. Filed at
the central telegraph
office at the Bourse, they passed through the hands of
the French official
censors, and copies of them were soon at the disposal of
the Foreign Office
and the Matson de la Presse. The attacks on President Wilson faded
into
silence, or at most mild criticism. Of more consequence from
the President's viewpoint, however, there was a marked moderation
of the stubborn
French attitude in the Peace Conference.
Council of 1..n Reduced to Fire.
.
Out of this incident grew an important change in Peace
Conference procedure which has some historical interest and was responsible
for much
of the disapprobation ..43 which the treaty makers were subjected. The
Paris
press had not spared Mr. Lloyd George, the British Prime
Minister, and
he took occasion to show his resentment at a meeting of the body variously
called the Supreme Council and the Council of Ten, consisting of
the two
principal represtntatives of each of the five Allied and
Associated Powers.
:gr. Lloyd George's Celtic fire and eloquence were at their zenith when he
told his associates that information was going out of the Council Chamber
to the Paris newspapers with the evident intention of having it used to the
disparagement of the British position with reference to peace
terms. At
the insistence of Mr. Lloyd George the Council of Ten was reduced to a
Council of Five through the elimination of the Foreign Ministers of
each
of the principal powers. All secretaries and technical experts wore likewise
eliminated. After that the Council of Five carried on its business
behind
closed doors without secretarial assistance, and with interpreters present
only when they were urgently needed. As the Japanese representative
attended the sessions only when questions affecting the Far East were
under consideration. the Supreme Council became the "Big Four." During
the frequent absences of Signor Orlando. the Italian Premier, the remaining
three members, President Wilson, M. Clemenceau and Mr. Lloyd George
conducted their arrangement of the world's affairs
without the aid even of
an interpreter.
Chance frequently plays a part in the getting of important news, and it
was chance that made me the original medium of the information that
President Wilson contemplated withdrawing from the Peace Conference.
"Send for the George Washington" became a cant expression in reference
to Mr. Wilson's action when he and the other treaty makers reached
what appeared to be an impasse. The publication of the President's intention to withdraw had a marked effect on the attitude of France which, if it
merely resulted in compromises,at least brought a more amicable disposition
into the conference and made ultimate agreement possible.
755
It was in the closing days of March 1919, and the early days of April,
that Mr. Wilson came into deadlock with M. Clemenceau. German
reparations, French control of the Sarre Basin, the separation of the Rhineland from Germany, the famous Fourteen Points, all had their share in
the supreme crisis. Neither Mr. Wilson nor M. Clemenceau would give
way. Then Mr. Wilson became ill. On April 10 Admiral Grayson wrote
to Mr. Tumuity, the Secretary to the President, in Washington: "The
President was taken violently sick last Thursday (April 3). . . . He is
now back at work—he went out for the first time yesterday." Admiral
Grayson "was at first suspicious that his food had been tampered with.
but It turned out to be the beginning of an attack of influenza." It was on
the night of Saturday, April 5, that the President gave Instructions that
the George Washington should be summoned to carry him home if the
French position did not change.
On that Saturday night Admiral Grayson had joined a party of us at
dinner. There were six in all, including the Admiral. One of the others
was Frank H. Hitchcock, who had been the Chairman of the Republican
National Committee,and subsequently Postmaster-General under President
Taft. We went on from dinner to a theatre where Admiral Grayson was
obliged to leave us, saying that the President's illness required him to be
in attendance, but that if the President were better, he might join us before
the performance was over. We were just leaving the theatre when Admiral
Grayson returned there in one of the big limousines which bad been placed
at the disposal of President Wilson. As we drove away, he and I sat in
two small collapsible seats while the others crowded into the broad rear
seat. On that ride he told me of a conversation with the President whirl,
was the inception of the George Washington sensation.
Grayson Tells of George Washington Order.
When he had gone to President Wilson's residence, after leaving us at the
theatre, Admiral Grayson found the President so improved that he did not
feel it necessary to remain with him through the night. It came out in their
conversation that Grayson had left our party and he mentioned me as one o
his companions. The President told Grayson of the situation in the Council
of Four and of his fear that it would be impossible for him to remain as a member of the Peace Conference. Then he directed Grayson to have Admiral
William S. Benson,the principal naval adviser of the American Peace Commission, send instructions to the Navy Department that the George Washington, which was undergoing some repairs at the Brooklyn
Navy Yard,
should proceed at once to Brest to be held in readiness for taking the President and the personnel of the American peace contingent back to America.
When Admiral%Grayson, sitting beside me in the Presidential limousine,
outlined his conversation with President Wilson I was thrilled over the news,
the importance of which was obvious. I supposed that what he told me was
in strict confidence and said so. My personal surprise and my professional
gratification were very great when he informed me that I could send the information to my newspaper,the New York "Times." It came to light in
the rest of the narrative that Admiral Grayson, realizing the possible favorable effect the publication of this news might have on the situation in the
Council of Four, had suggested that he should communicate it to me.
President Wilson assented, but with the injunction that I should not file
my dispatch for cabling until the following day, as Admiral Grayson would
be unable to give the President's instructions to Admiral Benson until the
morning and it was desirable that the orders for the George Washington
to return should reach the Navy Department before my dispatch was
published.
It is needless to say that I was up betimes on the following morning, Sunday, April 6. I hurried with my dispatch to the Bourse telegraph office,
where, under the arrangements of the French Government, all press messages had to be filed. Time was a great essential, for while there was a
five-hour difference in favor of Now York,the cables to America,unrepaired
during the war period and staggering under the increased burden of Peace
Conference and military communications, were tremendously congested,
so much so that dispatches filed at the ordinary press rate seldom reached
the United States under two days. I marked mine "urgent." which meant
a rate of about 7 cents a word, and guaranteed priority in transmission
over messages at lower rates. The dispatch was published in the "Times"
on the following morning.
The George Washington sensation became generally known in Paris
on the day of its publication in the "Times." Under date of April 7
1919, Charles T. Thompson, in his illuminating volume, "The Peace
Conference Day by Day," records the incident as follows:
"The President has preciplated an acute crisis by cabling orders to the
Navy Department at Washington to have the steamer George Washington
now at the Brooklyn Navy Yard, return at once to Brest. This announcement was made from the White House by Admiral Grayson. It is a
clear Intimation that the President has lost patience over the delays of
the Conference in reaching results, and Is now preparing to leave. A
sensation was created throughout Conference circles when the President's
orders for his ship were made known."
Aggreements Suddenly Recorded.
Two days later Mr. Thompson made this record:
"April 9. A series of agreements reached to-day by the Council of Four
has suddently dispelled the gloom of recent days and the fear that the
Peace Conference was dangerously near a collapse."
Mr. Wilson's motive and judgment in sending for the George Washington
have been variously appraised. Many were of the opinion that his act
was one of shoe: bluff. The publicity given to his instructions would
seem to bear out this contention.
On April 4 Admiral Grayson had cabled from Paris to
Secretary Tumulty
in Washington that the President was "encountering
difficulties: situation
serious" and had asked: "Have you any suggestions as
to publicity or
otherwise?"
On the following day Secretary Ttunulty had cabled
Admiral Grayson
that in his opinion "the President must in some
dramatic way clear the
air of doubts and misunderstanding and despair." .
• . "He has tried
to settle the issue in secret: only publicity of a
dramatic kind can now
save the situation. This occasion calls for that
audacity 'which has helped
him win in every fight."
I doubt if that cable transmitted from
Washington on the very day
that the President decided to send for the George
Washington had been
received by Admiral Grayson prior to his conversation
with the President
between the acts, as it were, of our theatre
party, but it Is significant
that the necessity for an audacious stroke appeared
to be in the Presidential
atmosphere, with newspaper publicity as
the obvious medium.
It is also difficult to believe that Mr.
Wilson contemplated withdrawing
from the Peace Conference when to have
done so might have meant the
end of the League of Nations, or, at the
very least, have left the United
States outside the League. In the face
of these considerations, I hesitate to advance a contrary view. But a
lively memory of the conditions
that prevailed in Paris at that critical
period, with the President disgusted over the revival of the old methods of
diplomacy,the evidence before him that an effort was being made to
throw the Fourteen Points into,
the discard, and national Cupidity and selfishness rampant,
as the scene
756
THE CHRONICLE
to my original conviction
unfolded itself to his eyes, make me go back
that his course was not all bluff.
changed his mind as to the wisdom ofthe course
It is quite probable that he
Certainly he appears
which sending for the George Washington implied.
to make notable sacrifices in treaty stiputo have been willing subsequently
be preserved. But grantlations in order that the League Covenant might
that in resorting to publicity
ing that he was bluffing, the fact stands out
interest of a principle. Those
to gain his end he utilized this weapon in the
principles rather
who knew him best noted that always his concern was with
ion. He was willing
than in the details for their application or consummat
to go far where principle was concerned.
Seymour,
"When he thinks that a principle is at stake," says Professor
how disastrous to his
"he prefers to accept any consequences, no matter
of
policy; witness his refusal to accept the Lodge reservation on Article X
the League Covenant."
of the League. Bearing in mind his course
That refusal kept America out
force in the arguat that time, it is not so difficult to concede that there is
Conferment that he seriously contemplated withdrawing from the Peace
of the League by
ence even if its consequence was to be the abandonnient
America.
Appeal to the Italian People.
to the Italian
For sheer audacity in the use of publicity, Wilson's appeal
claims to
people over the head of their Premier in connection with Italy's
made to Italy
Fiume stands out boldly. Disregarding the secret pledges
position that the
by the other allies, when Italy entered the war, he took the
claim was
Peace Conference had adopted principles with which the Italian press in
inconsistent. His appeal to the Italian people was given to the
Orlando and Foreign
Paris on April 23 1919, at the moment when Premier
George for
Minister Sonnino were pressing Wilson, Clemenceau and Lloyd
conference
an answer to their demand, under a threat to withdraw from the
if it were denied.
e to Mr. WilThe reaction of the Italian people was distinctly unfavorabl
them; this was
son's contentions. He had enjoyed great popularity among
of Amerisuddenly turned to a bitter hatred, not of the United States and
revulsion of feelcans but of Wilson personally. How pronounced was the
accompanied
ing was appreciated by those of us who, as Journalists, had
his reception
Mr. Wilson to Italy in January 1919. Cordial as had been
week, it was
In England during his visit there in the previous Christmas
as nothing to the warmth of his Italian welcome.
the hope of the
In Rome, Genoa, Milan and Turin Wilson was greeted as
to him for salworld. A war-worn people which had suffered much looked
they had burned
vation from future bloody conflict. We were told that
passed through the
candles before his picture as an act of adoration. As he
There was no
streets of Italian cities, he was hailed as "God of Peace."
ions toward the
doubting the sincerity of the Italians in these manifestat
people. . . •
American President. He was enshrined in the hearts ofthe
VII in
I remember the scene in the winter garden of the Hotel Edouard people
to the
Paris, on the night of the day when Mr. Wilson sent his appeal
had been taken
of Italy over the heads of their peace envoys. This hotel
peace mission
over by the Italian Government for the accommodation of its
recreation
and members of their families. The winter garden was a great
after dinner.
hall to which the Italians would adjourn for coffee and liqueurs
Few remained
On that night the excitement among them was apparent.
Baron
seated. All eyes were on the door of a room where Signor Orlando, and
Suddenly the door opened
Sonnino and other notables were dining.
decorous
Orlando and Sonnino appeared. The crowd was enthusiastic but
congregation of
In its greeting. The two statesmen passed through that
side.
men and women, hearing cries of "Long live Italy" on every
in Italian.
Sonnino waved his hand dramatically and called out something
It was obvious that those who made up
The enthusiasm was intensified.
that gathering were in a high state of excitement.
e the next day
Orlando and Sonnino withdrew from the Peace Conferenc
under the
and returned to Rome. They came back to Paris soon, however,
Austria would be ignored.
stress of the danger that their claims against
causing Wilson to
But all their protest and argument never succeeded in
people over the
recant on his sensational innovation of appealing to a foreign
heads of their Government.
[VOL. 118.
By direction of the Berlin government the German Embassy has refrained
from making any display of mourning for Woodrow Wilson.
No flag has been flown over the embassy at any time since Mr. Wilson's
death, although other embassies and legations have had their colors at half
staff since the official notification reached them before noon on Sunday.
Baron Leopold Plessen, Third Secretary at the embassy; made this
explanation:
a
"The German government considers the late Mr. Woodrow Wilson
private citizen, and therefore has instructed the German Embassy to refrain
from any official display of mourning."
When Mr. Wilson died, the State Department, following the diplomatic
Jusserand,
custom in such events, notified the French Ambassador, Jules
notified
who is dean of the diplomatic corps. The Ambassador promptly
at once
all of his colleagues, and flags on the diplomatic missions were
its colors
displayed at half staff. Failure of the German Embassy to show
lack of a flag was observed
in mourning was not at first noted. When the
made
and an inquiry as to the reason made at the embassy, Baron Plessen
his statement.
Announcement was made that the flag would be displayed
at half mast in the afternoon of the 6th, the day of the funeral, the Associated Press accounts from Washington on the
5th stating in part:
public expresThe German Embassy, which so far has given no official
will fly its flag at half
sion of mourning on the death of Woodrow Wilson,
executive departstaff beginning at 12:30 tomorrow afternoon, when the
honor the memory of
ments of the American Government will be closed to
the former President.
embassy said: "It
In response to a question late today officials of the
will be general
having been officially announced this afternoon that there
the German
mourning for the late President Wilson after 12:30 o'clock
by flying its flag
Embassy will join the expression of the nation's mourning
at half staff."
incident, but
State Department officials made no comment upon the
announced that
District of Columbia officials of the American Legion
r and to the
they were calling it to the attention of the national commande
within the power of
attention of Secretary Hughes "for such action as lies
this Government."
legion offi"When diplomacy fails of action in propriety and courtesy,"
l on the
cials added, "there should be emphatic expression of disapprova
part of the Government of the United States."
Before the lowering of the flag by the Embassy, some incensed Americans undertook action on their own account,
the Associated Press reports of this from Washington on the
6th inst. stating:
to
An irate band of Americans early today nailed the Stars and Stripes
had failed to
the German Embassy, which, on instructions from Berlin,
half-staff its colors for Woodrow Wilson.
at 3 o'clock
Two dozen taxicab drivers who had checked out from work
picked up at the
this morning started to perform the job with a worn flag
the embassy, on
home of one of the group. By the time they had reached
fashionable Massachusetts Avenue, the crowd included fifty.
the leaders proceeded with their business.
Quietly, but determinedly,
tall center column of the portico
One of the group was picked to "shinny" the
feet by seven in size, and atat the main entrance. The flag, about four
was tossed up and wound
tached to a strip of wood staff and bearing string,
tacked.
about the column and then securely
above the street ataacted
The band of workers gathered on the terrace
the wide thoroughfare was
attention and before the job was completed
spectators, including late travelers
clogged with interested and bare-headed
news boys whose business brought
home, as well as milk wagon drivers and
them around at that hour.
building occupied by the
Not a sign appeared from within the large brick
envoys here when Woodrow
embassy staff and the home of Germany's
war.
Wilson signed the declaration of a state of
as quietly in various direcThe flag tacked in place, the band dispersed
two policemen, summoned by an unknown caller, artions. At 8 o'clock
e small groups had gathered at
rived and removed the banner. Meanwhil
tion was made.
various times in front of the place, but no demonstra
his flag could not be half
Announcement of the German Ambassador that
a private citizen by his governstaffed because Mr. Wilson was considered
city and had brought a proment had aroused considerable feeling in the
test from American Legion officials.
the German colors would be
It was announced early today, however, that
of a small crowd and
lowered, and shortly before noon. in the presence
half-staff.
some policemen, the German flag was placed at
Belated Lowering of Flag By German Embassy In Tribute to Former President Wilson—Comment By
German Press.
The belated move of the German Embassy at Washington,
in paying tribute to the memory of former President Wilson,
was the one outstanding exception to the universal honors
accorded the late leader; a message relative to the incident
The New York "Times," in a Berlin (copyright) cablewas received on Feb. 11 from President Ebert of Germany
which it was indicated that the blame in
n of the American gram, Feb. 6, in
by Major Gen. Henry T. Allen, Chairma
the matter was being placed upon Ambassador Wiedfeldt,
Committee for the Relief of German Children, this message
had the following to say:
saying:
Foreign Office and political circles were agitated today by a scandal
General Henry T. Allen, American Committee for Relief of German Children,
New York:
in
As your telegram, to my utmost regret, confirms to me there has been
United States a deplorable misinterpretation of the fact that the flag
the
upon
halfmast
on the German Embassy in Washington was not put at
the day
receipt of the news of former President Wilson's death, but only on
wish to assure you that the German people deeply
of his funeral, I sincerely
sympathize with the national mourning of the American people, whose
generous charity for the relief of distress in Germany will never be forgotten
EBERT.
here.
It was intimated on Feb. 6 that the incident might serve
to block plans for a German loan; however, in indicating
that it would not be made an issue at Washington, "Daily
Financial America" of Feb. 8 published the following from
Washington:
the German
The refusal of German Ambassador Wiedfeldt to half staff
will not be made
flag in honor of the memory of former President Wilson,
nt and Germany, it was said at the State
an issue between this Governme
Department today. The action of the German Ambassador has gone
the tactlessunnoticed officially by Secretary of State Hughes. However,
or is much regretted by many, particularly Major
ness of the Ambassad
r-in-Chief of the American forces on
General T. Allen, former Commande
making efforts in the United States to raise food supplies
the Rhine, who is
for starving Germans.
Reports that the German Embassy at Washington would
tribute to Mr. Wilson, came in Assonot lower its flag in
Press dvices from Washington, Feb. 5, which said:
ciated
The
on by the German Embassy
of the first magnitude over the non-participati
The
in Washington in the national mourning for ex-President Wilson.
r Wiedfirst reaction in Berlin was to put the entire blame on Ambassado
asse quarters that Dr. Wiedfeldt
feldt and it is assumed in some Wllhelmstr
will accept the logical consequences and quickly and cheerfully resign.
Wireless, cables and telegrams flooding in from Washington, New York,
London and Paris caused it to dawn slowly on the German Government,
particularly the Foreign Office, that once more, running true to form,
Germany had overlooked no possible chance to do the wrong thing, and that
damaga colossal blunder had been committed, with potentialities highly
on the
ing to Germany's interests, particularly with American experts
ground and the General Allen Fund drive for feeding German children going
forward in America.
Whilhelmstrasse found it hard to save its face today. While across Wilhelmplatz the Stars and Stripes floated at half-roast in a stiff winter breeze
for
over the American Embassy as the solitary official sign of mourning
in
Wilson here, high Foreign Office officials were eager and anxious to get
alibis and trytouch with American correspondents, tendering unsolicited
ing to explain away the blunder. The official version, which was dissemitonight
nated for German public opinion through the entire German press
Office
is that "the German Ambassador at Washington cabled the Foreign
and of officially
whether he should give an official expression of condolences
participating in the national mourning, to which the German Government
s and
replying minutely laid down its standpoing, that official condolence
participation by the German Government should be omitted since Mr.
the rest the
Wilson was a private citizen at the time of his death, but for
he perGerman Ambassador could do anything he deemed best so far as
ceresonally might participate in the national mourning and the funeral
monies."
FEB. 16 1924.]
T H li
CHRONICLE
What actually happened was that Ambassador Wiedfeldt, who knew what
was the right thing to do, cabled to Berlin that he would transmi official
t
condolences and send a wreath on behalf of the German Government,
whereupon the Foreign Office cabled to Dr. Wiedfeldt specific
ally not to do
so. Dr. Wiedfeldt interpreted the Government's orders naturally
as meaning not even to half-mast hisflag as being undoubtedly official participation.
American Ambassador Houghton called at the Foreign Office today for an
official explanation of the incident.
In response to a communication from Major Gen. Allen,
Chairman of the American Committee for the Relief of German Children, Mrs. Wilson, widow of the former President,
expresses the hope that the flag episode may not affect the
support of the fund in aid of helpless German children.
Major Gen. Allen's letter to Mrs. Wilson said:
New York, Feb. 10 1924.
Dear Mrs. Wilson While deeply regretting the
most inexcusable flag incident, for which it seems to me there can be no
apology, I beg to tell you
that it has alienated numbers of workers and
donors, some of whom have
ceased operations and others of whom have canceled
their gifts, thus threatening the success of the campaign. All these
were deeply interested in preserving the lives of the large number of
starving children in Germany.
I feel strongly that an expression from you
alone, in accordance with the
magnanimous spirit shown by your
illustrious husband only a few days
since, could be effective in saving the lives of
many children for whom otherwise the necessary food will not be fortheo
ming. Therefore, even in your
great trial I am reluctantly sending this
communication.
Very faithfully yours.
HENRY ALLEN.
Mrs. Wilson's reply follows:
Washington, D. C.. Feb. 12 1924.
Dear General Allen The information contain
ed in your letter of Feb. 10
with respect to the starving children of German
y causes me genuine distress.,
As a private citizen I will not venture to
comment on the official aspect of
the recent flag episode; but I am so convinc
ed the feeling of my husband on
the phase of the matter presented by you
would so entirely accord with my
own that I do not hesitate to express the hope
that your fund in aid of helpless German children may continue to find
generous support.
am sure Mr. Wilson would not have the
devotion and loyalty of the
American people whom he so loved take on the
guise of a resentment which
might cause suffering if not death among
innocent children.
Faithfully and sincerely yours,
EDITH BOLLING WILSON.
(Mrs. WOODROW WILSON
.)
Germa
757
I am keenly aware of and keenly sensitive to the implicat
ions which will
be drawn out of the fact that lam not sending Gen.
Wood to the other side,
and I want personal friends like yourself upon whose
approval I depend for
my encouragement to know why I am not sending
him.
In the first place, I am not sending him because
Gen. Pershing has said
that he does not want him, and, in the second
place. Gen. Pershing's disinclination to have Gen. Wood sent over is only
too well founded. Wherever Gen. Wood goes there is controversy and conflict
of judgment. On
this side of the water we can take care of things
of that sort, because the
fighting is not being done here, but it would
be fatal to let it go on at or anywhere near the front.
I have had a great deal of experience with Gen.
Wood. He is a man of
unusual ability, but apparently absolutely unable
to submit his judgment
to those who are superior to him in command. I
am sorry that his great
ability cannot be made use of in France, but, at the same
time, am glad
to say that it is being made very much use of in the training
of soldiers on
this side of the water, a task for which he is eminent
ly well fitted and which
he is performing with diligence and success.
With sincere regard,
Faithfully yours,
WOODROW WILSON.
Government Purchase of Cape Cod Canal Urged
By
New York Chamber of Commerce.
A resolution advocating the purchase by the U.S. Govern
ment of the Cape Cod Canal, as well as that proper
provision be made for its improvement and maintenance
as a
public waterway for the general welfare of the nation
, was
adopted by the Chamber of Commerce of the State of
New
Yfrk at its Monthly Meeting on Feb. 7. The resolut
ion
was contained in a report, also unanimously adopted,
presented by the Chamber's Committee on the Harbo
r and
Shipping; as adopted, they read as follows:
GOVERNMENT PURCHASE OF CAPE
COD'CANAL FAVORED.
To the Chamber of Commerce:
Your Committee on the Harbor and Shipping has
had under consideration
the proposal now before the Federal Government looking
to the purchase
of the Cape Cod Canal from the private company
which now owns it,
known as the Boston Cape Cod & Now York
Canal Co.
The actual work of construction was begun on
June 19 1909; the canal
was opened for traffic for vessels drawing not over
twelve feet on July 30
1914, and at various dates thereafter for vessels of greater
n press comments on the late President
Wilson, May 1916 the full depth of twenty-five feet was attained. draft, until in
were reported as follows in Associated Press
Negotiations for the purchase by the Federal
cablegrams from
Government of this waterBerlin, Feb. 4:
way have been going on for a number of years, and it
appears that Congress
in 1917 authorized the Secretary of War, the Secretar
In the popular German mind Mr. Wilson
y of the Navy and
will live as a man who betrayed the Secretary of Commer
ce to examine and appraise the value of
Germany. "Was he a hypocrite or weak-mi
the works
nded?" asks the "Welt am and franchise of the Cape Cod
Montag," which says the opinion of many
Canal with reference to the advisability of
Germans will continue to swing its purchase by the United
States, and the construction over the route
between these two extremes.
of
said canal of a free waterway with or without a guard
The newspaper adds that Mr. Wilson
lock and having a
nevertheless will be credited with depth and capacity sufficie
nt to accommodate the navigation interests that
the achievement of being the first
statesman to incorporate "an eternal are affected thereby.
value" into a peace treaty, in that he forced
active recognition of a League
Under the foregoing authority the necessary investig
of Nations.
ation was made,
and the then Secretaries of War, Navy and Commerce
Ph The "Zeitung am Mittag" sees the height
were all in favor of
of Irony in the French Premier the acquisition of said canal,
and negotiations were entered into with the
Poincare's laudation of Wilson's idealism
,"In view of the circumstance that canal officials looking to the
acquisition of this property by the Government,
France was the very country which
succeeded in 'manoeuvring' Wilson into and in the meantime a
complete audit of the books of the canal compan
abandonment of his program."
y
and the Cape Cod Construction Co., which latter compan
"The fact that not one of his Fourtee
y had done the
n Points obtained recognition in the actual work of construc
tion, was made at the request of the Government
Versailles treaty," this newspaper
adds, "must forever suffice to annihilate by Messrs. Price.
Waterhouse & Co. of New York. This audit was
the public reputation of this man,
comwhose only glory appears to have been pleted in January
1918, and the negotiations for the purchase of the
that he ranked as the best-dressed
propman at the Versailles conference"
:
erty by the Government resulted in an offer by the then
The "Boersen Zeitung" remarks:
Secretary of
"One of our taskmasters has gone to his War,Hon. Newton
D.Baker,of$8,250,000 for the purchase of the
grave."
property.
This offer was refused by the officials of the canal
The "Deutsche Allgemeine Zeitung
company, and a
" says that in Paris Mr. Wilson "be- counter proposit
ion made of $13,000,000. In January 1919 Secretar
trayed his trust and degraded himself
to become the tool of the most
y of
gi- War Baker notified the canal company that his previous offer
gantic swindle over perpetrated on a
of $8,250,000
conquer
would not be increased and that he was referring the
The monarchist "Iireuz Zeitung" accused ed people."
entire matter to the
Wilson of perfidy and duplicity, Attorney-General
with a view that condemnation proceedings
and declares that in the eyes of the German
be started.
people he contributed more than These condemn
anybody else to Germany's misfortu
ation prciceedings were commenced in
ne.
April 1919, and in
November of the same year a Jury trial was had
The "Deutsche Zeitung" says that
and a verdict rendered by
"behind his coffin oppressed peopled
the jury of $16,801,201 11, less a deduction of $150,00
will march with angrily upraised fists,
and the German people will endeavor
0 alleged by the jury
to be due the United States for "deferred maintenance,"
to cleanse tho besmirched and misused words
so called,consisting
of freedom and self-determinalargely of dredging, &c., done by the United
tion from the greatest fraud for which those
States while the canal was
words ever have been made to under
Federal control.
The Circuit Court of Appeals in February 1921
The "Tages Zeitung" compares Mr. Wilson's
set aside the judgment
Nicolai Lenin, saying:"Much has been destroy achievements with those of of the District Court and granted a new trial for
ed in Europe by the hands of
errors in the admission
of testimony and in the Court's instructions.
these two idealists, the great difference
between whom was that. while
Thereupon the Secretaries of War, Nary and
Wilson conferred on other nations the blessings
Commerce again opened
of his disastrous experiments. negotiat
ions for a compromise, which resulted
Lenin only made his own people victims."
in an agreement between
them and the canal company m July 1921,
"Vorwarts," the Socialist organ, says
whereby the price agreed upon
it regards Mr. Wilson as having
for the purchase of the canal company's
been one of the most tragical figures of world history,
property, including 932 acres of
who over-estimated land outside the canal
his strength and did not dare fight to the end against
location, not included in Secretary Baker's
first offer.
the power of evil."
was $11.500.000.
The measure which is now before Congres
s is for the carrying of this
contract into effect by the payment in cash
of $5,500.000 and assuming
Mr. Wilson and Gen. Wood—Why the General Was
the principal sum
Not on these bonds on of $6,000,000 in bonds, together with interest falling due
and after Dec. 311921.
Sent to France—Letter From the PresiYour committee is naturally not in a position
to pass upon the question
dent Explaining His Action.
as to whether the value of the canal propert
y is correctly stated in
The following is taken from the Springfield (Mass. the various sale prices quoted above, but it appears that Messrs.any of
Price,
) Waterhouse & Co. reported to the army engineer
"Republican" of Feb. 4:
s that up to Aug. 31 1917
the combined expenditures of both the canal
company and the construction
In the spring of 1918 there was much criticism of Preside
company amounted to a total investment
nt Wilson for
of
not sending Maj.-Gen. Leonard Wood to France. His friends
sented, however, not only cash expenditures $13.763.605 35, which reprefor direct and overhead costs,
maintained
that he was the victim of political prejudice, Civilians
who returned from but payments with securities for engineering services, franchise rights, cost
France after intimate connections at American headqua
rters reported that of providing capital. contingencies, &c.
Gen. Wood's brief tour of inspection on the other side, on
This canal is an important link in our
which he had been
Intracoastal waterway system which
wounded by the bursting of a gun, had threatened dissensi
has been advocated for many years by
on between him
eminent authorities in military,
naval and economic affairs. It not only
and Gen. Pershing. In an editorial "The Republican" called attentio
provides a short and safe inland
n to passage
Gen. Wood's abilities and popular following, and observe
between New York and Boston,
d, in substance,
but can also housed to advantage
that if it was not the administration's purpose to send Gen. Wood,it should by a considerable volume of other traffic,
principally along the coast, while
make that decision only on adequate grounds. A few days later the editor In the event of war it might prove of inestima
ble value for the movement of
of "The Republican" received from President Wilson the following personal military supplies and naval vessels.
The total traffic passing through the
letter, which is now printed for the first time:
canal during 1923 was as follows:
Number of vessels
•
6.771 Grosstonnage ofthese ves'Is4,051
The White House, Washington, June 5
,869
Passengers carried thr. canal.116,319
1918.
Cargo carried (tons)
the Editor of The Republican:—1 hope you will not be surprised to know
To
1.389,457
It will he seen from the tonnage of
the vessels using the canal that most
that I subscribed almost in its entirety to the inclosed editorial from "The If them are small.
This is accounted for by the
Republican."
fact that the canal is not
capable of handling large vessels, and
it is questioned to-day whether it is
758
THE CHRONICLE
if anything over eighteen feet draft, brought
a safe channel for vessels more
tidal causes. &c.
about by filling in from the banks,
1922, made by the committee on Inter
In report No. 1.016, May 18
of the House of Representatives upon the
State and Foreign Commerce
, the following estimate of traffic
purchase of the Cape Cod Canal property
was made:
Cape Cod either going around
—The probable increase of traffic passing decade oetween 1920 and 1930
canal for the
the Cape or going through the for the succeeding decade 18%. Applying
will be approximately 21% and
passing Cape Cod in 1930 will be
these percentages the probable traffic gross tons, and in 1940 between
ve million
between thirty and thirty-figross tons. These estimates are based upon
thirty-five and forty million
on in New England
statistics covering growth of population and producti the years between
ly for
back
over a period as far ive. as 1890. but principal
1897 and 1916 inclusl 920:
ring the year
the estimated
1,913.196 tons of cargo passed through canal,
$303,421,328
value of this cargo is
of the 4,707,735 tons of vessels which
The estimated value
616,132,575
passed through is
$919.553,903
Total
During the year 1921:
of cargo on board
The estimated value of the 1,372,875 tons
$307,128,688
vessels passing through the canal was
478,748.840
estimated value of 4,215,696 gross tons of vessels was
The
$785,877.528
Making a total of
through the canal during
"The number of passengers on vessels carried1921 112,731."
the year
the year 1920 was 119,088 and during
committee that a canal at this
There is no doubt in the minds of your
cuts off about sixty-five miles
point is desirable and economically sound; it
and those sixty-five miles saved
in the trip between New York and Boston,
ships have been wrecked.
contain very dangerous waters, in which many
result in cutting down loss
A more general use of the canal therefore would
t advantage of the shorter disof life and property at sea, and one importan
be shipped in either
tance is that by *slag the canal route goods may
ly delivered to their
direction between Boston and New York, and frequent
without using
customers the following day, which would seldom be possible
the canal route.
England
Practically every commercial and industrial organization in New
have urged the acquias well as many in Atlantic Coast States to the south
operation
this canal, and its
sition and improvement by the Government of
at the hearings which
is a public waterway, and it Is worthy of note that
appropriate Congressional committees no oppohave been held before the
the commercial and indussition appears to have been evidenced. While
d themselves with
trial organizations, above mentioned, have contente
ent, your comrecommending the acquirement of the canal by the Governm
without the proviso that the
mittee feels that the Chamber should not do so
that large vessels could make
canal should be widened and deepened so
thirty-five feet deep and two
use of the waterway. To provide a channel
s has estimated the cost as
hundred feet wide the board of army engineer
about $10,000,000.
d report from a mass of
In view of the foregoing, which is only a condense
resolution:
documents submitted to it, your committee offers the following New York
of
Resolved. That the Chamber of Commerce of the State
ent of the Cape Cod Canal
advocates the purchase by the U. S. Governm
ment and maintenance
and that proper provision be made for its Improve
and, belt further
as a public waterway for the general welfare of the Nation;
authorities
Resolved, That copies of this report be sent to the Federal
it further
and others concerned with this matter; and, be
and Shipping be and it is
Resolved, That the Committee on the Harbor
before the proper authorities,
hereby authorized to advocate such action
as in their discretion may further
attend hearings and take such other steps
this project.
ully submitted,
Respectf
DAVID T. WARDEN, Chairman;
CLIFFORD D. MALLORY,
LOWELL L. RICHARDS,
WILLIAM E. HALM,
HERBERT B. WALKER.
Of the Committee on the Harbor and Shipping.
[vol.. 118.
large tracts
non-resident owners. The farms sold average 50 acres, with no
the
included. The lands are located in the west and northwest part of
the
county and the roads for which they are taxed run from Morrilton to
and
Pope and Van Buren County lines. All of these roads have been built,
year, with the
it is said that the tax runs from 60 cents to $2 an acre per
higher tax on lands assessed for more than one road.
The receivership action followed the refusal of the owners of 1,600 tracts
took the
of land to pay their 1921 road assessment. The bondholders then
total
case into Federal court and threw the district into a receivership. The
sold for the
bond issue of the district was $670,000 and the bonds were
The
Commissioners of the district by the Mercantile Trust Co. of St. Louis.
There
bond issue is the largest sold by any Conway County road district. taxes
are several other districts in the county, but all have collected the
without a contest
as
• Although there were 1,600 tracts comprising 80,000 acres reported
redelinquent, owners of approximately 1,100 tracts paid the taxes and
deemed their land.
The land owners of the district paid their State and county taxes, but declared they would pay no more road. tax.
In our issue of Dec.29 (page 2840) reference was made to,
the fact that President Coolidge had directed that Federal
aid highway building in Arkansas be suspended pending an
investigation into the Arkansas road tax law to determine
whether the carrying out of the project would work a hardship upon property owners along the highway. Later (Jan.
12, page 159) we indicated that Federal aid had been resumed following a letter to President Coolidge from Governor McRae of Arkansas in which the latter stated that in
view of certain provisions in the Harrelson Act enacted by
the State Legislature in September, it was believed possible
to resume Federal aid on certain highway road projects
where it would be helpful.
Conference of Trust Companies of United
States.
Emphasis on the human service side of trust company
business and the effectiveness of advertising and the radio in
increasing public understanding and confidence in respect to
this class of banking, dominated the meetings of the trust
companies of the United States held at the Hotel Commodore
on Feb. 13 and 14 under the auspices of the Trust Company
Division, American Bankers Association. Francis H. Sisson,
Vice President, Guaranty Trust Co., New York, and Chairman of the Committee on Publicity of the Trust Company
Division, told of the committee's national advertising campaign to popularize the trust company idea. The subject was
further discussed by F. W. Ellsworth, Vice President, Hid
bernia Bank and Trust Co., New Orleans, La. He stresse
t that fiduciary work was a form of real public
the though
service. The development by means of radio lectures of the
practice of leaving life insurance in trust to be applied for the
that
benefit of dependents was taken up. It was pointed out
this means gave opportunity to bring the thought home to the
family circle that an estate could be created by the head ofl
on
the family and devoted to completing his children's educati
providing a competence for hisfamily. Co-operation rather
or
00 Small than competition with the insurance companies and the legal
Farms in Arkansas Sold for Road Tax-5
er for
profession was urged. Thomas P. Hennings, Vice President,
Tracts Are Auctioned by Federal Receiv
Bondholders.
Mercantile Trust Co., St. Louis, and Chairman of the comthe
mittee on insurance trusts, said such activities by trust cornadviees from Morrilton, Ark.,
The following special
be made supplemental in nature to the work of
31, appeared in the New York "Times" of the 1st inst.: County jianies should
in Conway
farm land located
the insurance companies.
Twenty thousand acres of Arkansas
here to-day to satisfy tax assessments
Topics of discussion were policies to be pursued in acceptwere sold at a Federal receiver's sale
ion of highways. The land was bid
levied against the land for the construct
ance of new business; fundamentals of correct trust charges;
due on it in taxes and penalties.
in at a total of $14,736 49, the amount
by George II. Arm- investing trust funds; auditing practice in connection with
bulk of the land is believed to have been bought
The
the holders of the bonds issued.
strong of St. Louis, who is said to represent
trusts; co-operation between trust companies, insurance
District No. 4 in which the delinby Conway County Road Improvement
s extension. The conference committee
of small tracts were made to farmers who bid trusts, and busines
quent lands are located. Sales
the 20,000 consists of Frank W. Blair, President, Union Trust Co.,
adjacent to their own property and the balance of
for acreage
there were no other bids offered.
, Mich., Chairman, Thomas C. Hennings, Vice Presiacres was bought by the receiver when
, Little Rock attorney, and Detroit
The sale was conducted by Gordon H. Campbell
ny, St. Louis, Mo., William
d by Judge Jambe Trieber in the Federal dent, Mercantile Trust Compa
receiver for the di.trict appointe
Arkansas at Little Rock, who also ordered the S. Miller, Vice President, The Northern Trust Co., Chicago,
District Court for Eastern
was held at the entrance of the Con.
Francis H. Sisson, Vice President, Guaranty Trust:
sale of the delinquent land. The sale
500 tracts of land was called and Ill.,
way County Court House, and each of the
Co. of New York, New York; William P. Gest, President,
sold separately.
Farmers Watch the Sale.
Fidelity Trust Co., Philadelphia, Pa.; L. H. Roseberry,
about 75 of the farmers and Vice President, Security Trust & Savings Bank, Los Angeles,
The sale attracted considerable attention and
but only two made bids. Several of
A. Mershon, Secretary, who is in charge of,
land owners affected were present,
their property before the sale Calif., and Leroy
those who came to attend the sale redeemed
arrangements.
paying the delinquent tax and the penalty.
opened by
most of the farmers standing
The annual banquet was held on the evening of the 14th.
There was no sign of a demonstration, the
gs. The seriousand showing only casual interest in the proceedin seem to weigh The toastmaster was Evans Woollen, President of the Trust
idly by
of the farms did not
involving the loss
The
ness of the situation
general impression that practically all Company Division, American Bankers Association.
heavily upon their minds. It is the
their
later will avail themselves of the privilege of redeeming
John W. Roper, Editor, The Cleveland
speakers were
of the owners
expiration of the two-year period allowed them.
Divinity School,
lost lands before the
the receiver an- "Press," and Dr. Charles R. Brown, Dean,
sale was entirely devoid of competition. When Armstrong repreThe
University. Others at the speakers table were:
asked for bids, the supposed
Yale
nounced a certain tract and
Midwinter
Association.
for exactly the amount of the taxes and penJames S. Alexander, President, New York Clearing House
sentative usually made his bid
not bid, the receiver took it. It was explained later New York; John W. Prentiss. President. Investment Bankers Association
alty due. If he did
Railroad
pieces of
g's supposed representative took only those
of America, New York; Frederick D. Underwood. President, Erie
that Mr. Armstron
which would not later be
International Mercantile
which were positively described and
• Co., Now York; P. A. S. Franklin, President.
property
Bankers Trust
tangles.
Marine, New York; Seward Prosser, Chairman of Board,
involved in the boundary
New Jersey, Trenton.
Co., New York; George S. Sneer, Governor, State of
Land Was Owned bp Residents.
Association and
J.; Walter W. Head, President, American Bankers Fosbroke, D.D..
95% of whom
Nebr.; If. E.
sold to-day was owned by resident farmers,
All of the land hare been paid on all land in the district belonging to President, Omaha National Bank, Omaha,
Taxes
are white.
Frml.161.921.]
THE CHRONICLE
759
Dean, The General Theological Seminary, New York; William E. Knox, munity Trust movement didn't exist. Mr. Hayes said in
First Vice President, American Bankers Association and President, Bowery part:
Savings Bank, New York; Benjamin Strong, Governor, Federal Reserve
Today, it is established in more than fifty cities. It has resources of
Bank of New York; Seymour L. Cromwell, President, New York Stock perhaps $15,000.000. it is distributing annually upwards of a half million
Exchange, New York; Delos W.Cooke, Associate Director, Cunard Steam- dollars. And it has funds
assigned to it in 'wills and otherwise, running, no
ship Co. Ltd., New York; Charles H. Sabin, Chairman of Board, Guaranty one knows how far into the hundreds of millions. The idea has swept over
Trust Co.of New York, New York;George V. McLaughlin, Superintendent, the country with such speed as to put the emphasis now, not upon spreadBanking Department, State of New York, Albany, N. Y.: Frederick M.P. ing it further but rather upon discouraging its too rapid and indiscriminate
Pearse, Secretary to Governor Silzer, Trenton, N..1.; and F. N. Shepherd, expansion. Some projects that have
seized the fancy of men have had
Executive Manager, American Bankers Association, New York.
behind them the impulse of a great disaster. The floods that rolled over
Galveston and Dayton gave impetus to the commission and the commissionmanager form of municipal government .
Others have had a popular
Personnel of Committees of Investment Bankers' and violent uprising to urge them on, as in . .
the French Revolution and the
Association of America to Serve During 1924.
Russian rebellion. . .. But still others, like England's recent political
natural catasupheaval,
John W. Prentiss, President of the Investment Bankers trophe nor have been occasioned or accompanied neither by is one of these
violent revolt. The Community Trust movement
Association of America. made public on Feb. 6 the personnel last. Its propagation had no artificial stimulus. Much of its ten short years
of the various committees of the organization to serve dur- has been war time. But Topsy-like, it has grown—grown from Boston and
Providence to Spokane and Seattle;from Detroit and Minneapolis to Housing 1924. The new committee on Foreign Securities consists ton and New Orleans.
of:
These half a hundred scattered organizations, however far from identical.
do follow a common pattern. In the main it may be said that they exist to
Charles H. Sabin. Guaranty Co. of New York, Chairman.
furnish an arrangement for directing philanthropic funds, great or small,
Albert H. Wiggin, Chase National Bank.
into the safe-keeping of competent, corporate custodians; for preserving
Mortimer L. Schiff, Kuhn, Loeb & Co.
the name and identity of any fund while enabling it. nevertheless, to be
Moreau Delano, Brown Bros. & Co.
associated with other funds when desirable; for centering fiscal administraHoward F. Beebe, Harris, Forbes & Co.
tion in the hands of permanent, expert trusttes; for concentrating superAlvin W. Kreck, Equitable Trust Co.
vision over the employment of income in a common committee, appointed
Charles B. Mitchell. National City Co.
for the most part by public agencies; and finally and most important, for
G. S. Sargent Ir., Kidder. Peabody & Co
giving that common committee authority and instructions to prevent any
Seward Prosser, Bankers Trust Co.
gift ever becoming moribund through changing social and economic conClarence Dillon, Dillon, Read & Co.
ditions.
Thomas W. Lamont, J. P. Morgan & Co.
But despite the rapid growth of these foundations—or perhaps because of
Elisha Walker, Blair & Co., Inc.
it—the Community Trust has not been wholly immune from criticism, nor
IL L. Stuart. Halsey, Stuart & Co., Inc.
hear some few people say it is too conservative—they point
should it be.
II. C. MeEldowney, Union Trust Co. of Pittsburgh.
to the members of the Distribution Committee subject to the control of
Herbert Fleischhacker, Anglo-London-Paris Co. of San Francisco.
banking houses. And I hear some other few people say it is too liberal:
Alvin P. Howard, Hibernia Security Co., Inc.. of New Orleans.
they point to the members of the Distribution Committee recruited from the
The new committee on railroads is composed of the fol- public at large. That these two criticisms pretty much balance each other
in number is dependable evidence that the Community Trust is neither
lowing:
revolutionary nor reactionary.
Ray Morris, Brown Bros. & Co., Chairman.
• Samuel L. Fuller, Kissell, Kinnicutt & Co.
F. M. Weld, White, Weld & Co.
Prospective Addition of Trust Fund to New York
Francis M. Brooke, Brooke, Stokes & Co., Philadelphia.
Community Trust.
B. Howell Griswold, Alexander Brown & Sons. Baltimore.
Thomas Newhall, Drexel & Co.. Philadelphia.
Another Trust fund will eventually be added to The New
J. J. Hanauer, Kuhn, Loeb & Co.
York Community Trust, according to an announcement
George Whitney, J. P. Morgan & Co.
made last week, at the offices of The Trust, 120 Broadway.
J. R. Swan, Guaranty Co. of New York.
Provisions for the fund are contained in a will drawn by Lewis
W. L. McKee, National City Co. of New York.
The chairmen of the other 1924 committees are:
Business Practice, John A. Prescott, Prescott & Snider, Kansas City.
Constitution, Fred S. Borton of Borten & Berton, Cleveland.
Education, Lawrence Chamberlain, Lawrence Chamberlain & Co.
Federal Taxation, Eugene E. Thompson, Crane, Parris dr Co., Wash.
Finance, Joseph A. Rushton, Babcock, Rushton & Co., Chicago.
Fraudulent Advertising, George A. Colston. Colston, Heald & Trail,
Baltimore.
Government, B. A. Tompkins. Bankers Trust Co.. New York.
Industrial, Frank W. Remick, Kidder, Peabody & Co., Boston.
Irrigation, Joel E. Ferris, Ferris & Hardgrove, Spokane.
Legislation, Barrett Wendell Jr., Lee, Iligginson & Co., Chicago.
Marine, McPherson Browning, Detroit Trust Co., Detroit.
Membership, J. Clark Moore Jr., Barclay. Moore & Co., Philadelphia.
Municipal, Tom K. Smith, Kauffman, Smith & Co., St. Louis.
Publicity, John W.MacGregor, Glover Jr MacGregor, Pittsburgh.
Public Service, Henry R. Hayes, Stone & Webster, Inc., New York.
Real Estate, Morris F. Fox, Morris F. Fox & Co., Milwaukee.
State Taxation, Thomas N. Dysart, William R. Compton Co., St. Louis.
Pacific Northwest Group of Investment Bankers'
Association Favors Prompt Adoption of Mellon
Tax Revision Plan.
The Pacific Northwest Group of the Investment Bankers
'Association of America has adopted resolutions favoring the
prompt adoption by Congress of the so-called Mellon. tax
revision program and opposing any program of taxation reduction limited merely to the smaller incomes. The resolution also opposes the enactment of any new forms of taxation or the re-enactment of the excess profits tax. The
group has also gone on record as favoring the prompt submission by Congress to the States of a constitutional amendment to abolish the right to issue any tax-exempt securities.
The group says in this connection:
The existing system of issuing tax-exempt securities permits a part
of the wealth of the nation to escape its just burden and such issuance of
tax-exempt securities further acts as a continual stimulant to municipal
and governmental extravagance.
Development of Community Trust Movement Established in 50 Cities—Resources $15,000,000.
Representatives of a score of the fifty Community Trusts
and Foundations now established in America conferred at
the Commodore Hotel, New York, on Wednesday the
14th inst. Frank J. Parsons, Chairman of the associated
Trust Companies' Committee on Community Trusts, presided. The meeting was followed by a luncheon.
Ralph Hayes, Director of The New York Community
*Trust. speaking on "The Rise of the Community Trust"
sketched their growth since the founding of the first of them
at Cleveland in 1914, stating that ten years ago the Corn-
M. Scheuer, 469 Fifth Avenue. "The donor prefers," Mr.
Scheuer said yesterday, "that her name should not now be
announced. Various other provisions of the will must be
carried out prior to the realization of the resources which, in
certain contingencies, will be set aside for public uses through
the Community Trust." John W. Platten, President of the
U. S. Mortgage and Trust Company, one of the Trustees of
The Community Trust, stated he had been advised that that
company was named in the will as Trustees.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The Bank of the Manhattan Co. of this city announces the
opening of an additional office at the southeast corner of
Madison Avenue and 43d Street.
The stockholders of the Commercial Trust Co. of this city
(capital $1,000,000) at a meeting yesterday (Feb. 15) approved plans for the conversion of the institution into a national bank. It is reported that this step is preparatory to
the merger of the institution with the East River National
Bank of this city; in our issue of Jan. 12 (page 168) we
referred to the increase in the capital of the latter from
$1,000,000 to $1,500,000. The East River National is controlled by interests in the Bank of Italy at San Francisco.
The Equitable Trust Co. of New York announces that on
Monday next, Feb. 18, its Colonial office at 222 Broadway
will be consolidated with the Importers and Traders Office
at 247 Broadway. The trust company says:
The business of the combined offices will be conducted at 247 Broadway
(corner of Murray Street), under the name of the Importers and Traders
Office of The Equitable.
The consolidation is in accordance with plans made at the time of the
merger of the Importers and Traders National Bank into the Equitable on
June 29 1923 as a result of which the complete service of the Equitable was
made conveniently available to merchants and manufacturers of lower New
York.
Reference to the merger of the institutions appeared in
these columns Feb. 24 1923, page 777; March Bit, page 1014;
April 21, page 1725; June 2, page 2482; June 23, page 2847
and July 7, page 50.
•
Francis A. Fullam was elected Cashier of the Peoples Commercial Bank of New York at a meeting of the directors on
Jan. 31. Mr. Fullam resigns as Assistant Cashier a the
Federation Bank of New York to assume the Cashiership of
the Peoples Commercial Bank. He was formerly in the employ of the State Bank for 1554 years and was Assistant Sec-
THE CHRONICLE
760
[Volk 118,
The officers and directors of the Standard Trust & Savretary of the Guaranty Trust Co. of New York and Assistant
ings Bank of Chicago announce the removal of their banking
Manager of their Grand Street b anch.
quarters on Feb. 11 from 105 West Monroe Street to the
William J. Roome, well known in New York real estate Standard Trust Building, 112 West Adams Street. The new
circles, and since 1900 President of the Excelsior Savings quarters are completely equipped with safe deposit vaults.
Bank in this city, died on Feb. it He was in his 67th year.
The First National Bank of Warroad, Minn., with capital
He was a member of the Central Presbyterian Church, of
the Pilgrims Society, and of the following clubs, University, of $25,000, was reported closed on Feb. 4 in a press dispatch
Lotos, Psi Upsilon, Oakland Golf, Garden City Golf and Re- of that date from Minneapolis, printed in the New York
publican Club, and a director of the First Mortgage Guaran- "Times" of Feb. 5.
tee Co., Long Island City, and Midtown Hospital, New York.
The Mississippi Valley Trust Co. of St. Louis held its anResolutions expressing the sense of their loss were adopted
by the trustees of the Excelsior Savings Bank at a meeting nual stockholders' meeting on Feb. 4, at which two new
directors were elected to serve three years. These were
held Feb. 11.
Frank R. Henry, President of the Majstic Range Co. of St.
A reorganization of the Cosmopolitan Trust Co. of Provi- Louis and F. J. Lewis, President of the F. J. Lewis Manudence has been effected and on Feb. 12 the institution will facturing Co. of Chicago. The directors who were re-elected
be re-opened for business under the title of the Lincoln at the meeting were Shelby H. Curlee, John Duncan, BreckTrust Co. The new bank occupies the former banking enridge Jones, William G. Lackey, Henry W. Peters and
rooms of the Cosmopolitan Trust Co. at 61 Weybosset Street, George S. Tiffany.
which have undergone many changes and improvements, inThe directors of the Standard Bank of South Africa have
cluding redecoration. A new investment of $150,000 has
declared an interim dividend of seven shillings a share (14%
been made in the institution, it is said, $75,000 of which will
per annum), subject to income tax, out of the profits for the
be issued as capital stock and $75,000 added to surplus fund.
half year ended Sept. 30 1923. The bank's statement as of
Under the terms of the reorganization agreement, on checkthat date shows total assets of 161,227,225. The institution's
ing accounts having a balance of $200 or over 20% is imdeposit, current and other accounts stood on that date at
mediately available. Savings accounts cannot, however,
£47,097,001. The subscribed capital is £8,916,660 and rebe withdrawn until •the expiration of ninety days.
serve fund £2,893,335.
Frank D. McKendall, President of the old bank, is
Chairman of the Board of the Lincoln Trust Co., while
Archibald Silverman, a former stockholder of the Cosmo- THE WEEK ON THE NEW YORK STOCK EXCHANGE.
politan Co., will head the institution as President. Other
Under the influence of the developments connected with
officers chosen for the new company are: Philip C. Joslin, the oil investigation at Washington and reports that
the
George E. Smith and Guestino De Benedictis, Vice-Presi- Mellon tax bill might be materially altered in its passage
dents; Arthur W. Pierce, Secretary; George W. Holt, Jr., through the House of Representatives, the stock market
Treasurer; Arthur F. De Blasio, Assistant Treasurer, and suffered a bad break yesterday after having been firm
J. Willard Beck, Auditor. Harold B. Bassett, here- at the beginning of the week. The weakness was very
tofore Treasurer of the Cosmopolitan Trust Co., is pronounced, notwithstanding the oversubscription of the
identified with the new bank as an executive in the new big Japanese loan. On Saturday the market recovered
business department. The board of directors has been sharply from the unsettled condition of the previous day,
increased from seven to twenty-two members. The new advances of from one to more than seven points being reboard includes all the old directors and is composed of rep- corded in many of the more active leaders during the day's
resentative Providence men. The Cosmoplitan Trust Co. trading. The feature of the day was the spectacular adwas closed by the State Bank Commissioner on Nov. 28 last, vance of more than seven points in Fisher Body, which
as reported in these columns in our issue of Dec. 8.
touched 180 in the final hour. Near the close of the session
Hambleton & Co., one of the oldest banking houses in
Baltimore, became a corporation on Feb. 1. T. Edward
Hambleton heads the incorporated company as President,
while the Vice-Presidents, all of whom, it is understood,
were members of the firm, are Iredell W. Iglehart, John A.
Hambleton, W. H. Baldwin Goodwin, George G. Shriver,
Francis E. Storer, Josiah Macy and former United States
Senator of West Virginia, Howard Sutherland. Other officers are Henry H. Jenkins, Treasurer; John H. Stewart,
Secretary, and Roy W. Shaffer and Alexander McKay, Assistant Treasurers. Vice-Presidents Storer and Macy are
in charge of the New York office of the firm at 43 Exchange
Place, while Vice-President Sutherland heads the Washington office. Donald Symington and Henry Jenkins, of
Symington, Hoffman & Co., Baltimore, will take an active
part in the management of the new corporation.
John J. Barium,for the last several years a Vice-President
and a director of the American State Bank of Detroit, was
made President of the Institution to succeed State Senator
Walter J. Hayes, whose death occurred on Jan. 21. With
regard to Mr. Barium's election to the presidency of the
American State Bank, the Detroit "Free Press" of Jan. 26
had the following to say:
During his connection with the bank, Mr. Barium has been closely associated with its activities and has become known as a hard and efficient
worker, always ready to give his associates the benefit of his long and extensive experience in business affairs. For some time past he has been a
member of the bank's executive committee, serving also as Chairman of the
Board's building committee, in which capacity he has been in charge of
arrangements for remodeling the American State Bank building, formerly
the Peter Smith building on Griswold and State streets, which the bank will
occupy as its new main office in December this year.
Mr. Barium is widely known as a capitalist, vesselman and real estate investor and is an extensive owner of centrally located busines properties in
Detroit. He is head of the Barium Steamship Co., operating bulk freight
carriers on the Great Lakes and only a few weeks ago was elected a director
and President of the White Star Line of Detroit. He is a director also of
the Ashley & Dustin Steamer Line of Detroit.
Mr. Barium is a member of the Detroit Municipal Street Railway Corn.
mission, Vice-President of the Postal Hotel Co., and a member of the firm
provision dealers.
of Thomas Barium & Son,
-4---
United States Steel common, following the publication of
unfilled orders, advanced to 1083/2, a gain of about 1,%
points for the day. On Monday the market was unusually quiet, indicating that a goodly number of professional traders were availing of the opportunity to add an
extra day to the Lincoln holiday. Low-priced rails were
especially prominent in the day's trading, interest centring
largely in New Haven, Erie and St. Louis Southwestern, all
of which registered substantial advances in the afternoon
session. Fisher Body again advanced,rising five points to
185. The New York Stock Exchange and all other exchanges were closed on Tuesday in observance of Lincoln's
birthday. Weakness and a general downward trend characterized the stock market on Wednesday. Many of the
more prominent issues that scored substantial gains on
Monday were the centre of the heaviest selling and closed
the day at somewhat lower levels. Fisher Body made a
further advance of 17 p9ints to 202. Following the decline
in the oil stocks the market developed a heavy tone, most
of the securities in the general list closing the day with
fractional losses. On Thursday the market was unsettled
in the early part of the session, due to the further heavy
selling of the oil shares. A moderate rally in the oil shares
stimulated the general list and many of the leading issues
regained their losses of the early part of the day. Low-priced
rails were prominent in the afternoon trading, particularly
Seaboard Air Line, which was in strong demand. Fisher
Body advanced three points more to 205. American
Woolen was one of the strong features of the last hour, advancing three points to 743 On Friday the market dropped
.
/
2
precipitately, due to uneasiness aroused by Washington
developments. Severe breaks occurred in practically all of
the active issues. New York Central dropped below par,
Substantial declines also occurred in United States Stee
common, and recessions of from one to five points were
recorded in other active leaders in the recent advance.
In the late afternoon the market developed a somewhat
steadier tone, but new lows for the present movement were
reached by numerous prominent issues.
FEB. 16 1924.]
THE CHRONICLE
Public Debt of United States-Completed Return
Showing Net Debt as of Nov. 30 1923.
The statement of the public debt and Treasury cash
holdings of the United States, as officially issued Nov. 30
1923, delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1922. •
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Nov. 30 1923. Nov.30 1922.
Balance end month by daily statement.,ke
5155,773,847 $338,910,281
-Excess or deficiency of receipts over
Add or Deduct
disbursements on belated items
or under
+907,357
+871,571
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Total
Balance, deficit(-)or surplus(+)
5154,902,276
$339,817,637
$1,408,547
64,604,086
50,773,486
37,706,803
$2,781,800
75,596,833
66,524,504
140,794,367
$154,492,922
5285,697.505
+5409,354 +5154,120,132
INTEREST-BEARING DEBT OUTSTANDING.
Interest Nov. 30 1923. Nov.301922.
Title of LoanPayable,
2s, Consols of 1930
Q.
-J. 599,724,050
599,724,050
48, Loan of 1925
Q.
-F. 118,489,900
118,489,900
2s of 1916-1936
Q.
-F.
48,954,180
48.954,180
2s of 1918-1938
Q.
-F,
25,947,400
25,947,400
3s of 1961
Q.
-M.
49,800,000
50,000,000
3s. Conversion bonds of 1946-1947
Q -J
28.894,5008
28,894,500
Certificates of Indebtedness
J -J. 940,843,500
982,858,500
Certificates of indebtedness under Pittman Act_.J.
-J.
23,500,000
3348, First Liberty Loan, 1932-1947
J -J 1.409,999,000 1,410,000,050
4s, First Liberty Loan, converted
J -D.
8,063,000
11,328,400
434s, First Liberty Loan, converted
J -D. 530,088,200
527,009,750
43(8, First Liberty Loan, second converted_ - J.-D.
3,492.150
3,492,150
48,Second Liberty Loan,1927-1942
M.
-N.
33,734,550
49,046,650
4348, Second Liberty Loan, converted
3,165,192,400 3,220,384,850
434s, Third Liberty Loan of 1928
M.43. 3,304.246,800 3,455,648,050
43(1), Fourth Liberty Loan of 1933-1933
A.-0. 6,326,243,950 6,337,410,800
43je, Treasury bonds of 1947-1952
763,952,300
763,661,300
43(5, Victory Liberty Loan of 1922-1923
J -D.
1,595,924,450
4s, War Savings and Thrift Stamps
Matured 360,214,354
726,215,842
234o, Postal Savings bonds
J -J.
11,877,900
11,851,000
534s to 5)(s, Treasury notes
J -D. 4,050,432.000 2,718,341,000
Aggregate of interest-bearing debt
Bearing no interest
Matured,interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
21,779,190,134 22,708,682,822
239,876,058
244,697,048
35,622.770
c10,642,990
a22,054,688,962 22,964,022,860
+409.354 +54,120,132
Net debt
1)22,054,279,608 22,909,902,728
a The total gross debt Nov.30 1923 on the basis of daily Treasury statements was
$22,055,461,220 87, and the net amount of public debt redemption and receipts in
transit, ace., was $772,258.
b No deduction Is made on account of obligations of foreign Governments
or
other investments.
c Includes 54,833,000 Victory 3
notes.
THE CURB MARKET.
Due to the holiday, business on the Curb Market for the
most part of the week was light and price movements erratic.
To-day trading, however, was heavy, with sharp breaks in
prices. Standard Oil shares came in for the major share of
the attention. Borne Scrymser & Co. sold up from 175 to
187 and down to 180. Chesebrough Mfg. was up ten points
to 370, the close to-day being at 369. Continental Oil
weakened from 51 to 48%. Galena-Signal Oil corn, lost
three points to 65. Magnolia Petroleum declined from 151
to 142. New York Transit was off from 91 to 82, with the
final transaction to-day at 84. Ohio Oil lost about six points
to 67. Prairie Oil & Gas dropped from 251 to 230 and
Prairie Pipe Line from 107% to 104%. Solar Refining was
conspicuous for a loss of twenty points to 192, though it
recovered a good part of the loss, the close to-day being at
200. South Penn 'Oil declined from 164 to 154, resting
finally at 156. Standard Oil (Indiana) sold down from 65 to
59 and end3 the week at 59%. Standard Oil (Kansas)
fell from 47 to 4354. Standard Oil (Kentucky), after an
early advance of two points to 113, weakened to 1074
3.
Standard Oil of New York was off from 45% to 42. Swan
3
& Finch was erratic and from 57 sold as high as 81 and down
to 51, closing to-day at 53. Vacuum Oil sank from 63% to
5934 and finished to-day at 5932. Gulf Oil of Pa. lost over
three points to 58%, the final transaction to-day 'oeing at
59. Industrials were unsettled, but few changes of importance occurred. F. & W. Grand Store advanced from 37%
to 43, reacted to 38 and sold finally at 41. Continental
%
Tobacco sold down from 24% to 233 and closed to-day at
24. Durant Motors, after fluctuating between 28 and 303è
/
5
during the week, broke to-day to 26%.
A complete record of Curb Market transactions for the
wAek will be found on page 782.
761
FOREIGN EXCHANGE.
The sterling exchange market has been dull and irregularly weak, although changes have not been important.
In the Continental exchanges dulness prevailed with a
fresh outburst of weakness in French and Belgian currency
as the main feature.
To-day's (Friday's) actual rates for sterling exchange were 4 2634
.@)
427 15-16 for sixty days, 4 283(©4 303-16 for checks and 4 283(@
4 30 7-16 for cables. Commercial on banks, sight, 4 283(@4 30 1-16.
edsty days 4 25%@4 279-16, ninety days 4 24%@4 265-16. and documents for payment (sixty days) 4 263(@4 27 13-16. Cotton for payment.
4 283(@4 30 1-16, and grain for payment, 4 283((g14 30 1-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 4.33@
4.393j for long and 4.383(@4.45 for short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
36.90@36.95 for long and 37.26@37.31 for short.
Exchanges at Paris on London,96.55; week's range. 94.90 high and 97.15
low.
The range for foreign exchange for the week follows:
Sterling, ActualDays.
Checks,
High for the week
Low for the week
60
428 13-16 431 1-16
4 263(
4 283(
Paris Bankers' Francs
High for the week
Low for the week
4 31 5-16
4 2831
4.533(
4.33
4.6034
4.403(
Germany Bankers' Marks
High for the week
Low for the week
Amsterdam Bankers' Guilders
High for the week
Low for the week
37.03
36.90
4.5931
4.39%
Cables.
0.000000000023 0.000000000023
0.000000000022 0.000000000022
37.45
37.32
37.49
37.36
Domestic Exchange.
-Chicago, par; St. Louis, 15(425c. per $1,000 discount; Boston, par; San Francisco, par; Montreal, $29.6875 per $1,000
discount; Cincinnati,
par.
COURSE OF BANK CLEARINGS.
Returns of bank clearings the present week point to a
small loss compared with a year ago for the country as a
whole. 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, Feb. 16),
aggregate bank clearings for all the cities of the United
States from which it is possible to obtain weekly returns
will show a decrease of 2.7% as compared with the corresponding week last year. The total stands at $7,140,774,259, against $7,342,360,832 for the same week in 1923.
At this centre there is a loss of 8.1%. Our comparative
summary for the week is as follows:
-Returns by Telegraph.
Clearings
Week ending Feb. 16.
1924.
1923.
Per
Cent.
New York
chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Us Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
53,032,000,000
477,810,968
347,000,000
307,000,000
97,105,544
a
139,400,000
123,899,000
116,181,963
103,259,117
81,250,244
78,908,405
58,207,378
53,298,039,930
471,273.978
355.000,000
322,000,000
106,862,981
a
123,000,000
96,153,000
114,472.225
87.851,580
77,668,998
71,070,174
43,154,900
.-.-5.1
+1.4
-2.3
-4.7
-9.1
a
+13.8
+28.8
+1.5
+17.5
+4.6
+11.0
+34.9
Twelve cities,4 days
Other cities, 4 days
$4,962,022,619
750,596,788
55,166,547,766
707,340,900
-4.0
+6.1
Total all cities,4 days
All cities, 1 day
$5,712,619,407
1,428,154,852
$5,783,888,666
1,468,472,166
-2.7
-2.7
07 lall 774 950
07 149 'WI 559
-2.7
Mint n11 oltlan tnr mescal.
a Will not report clearings.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Feb. 9. For
that week there is an increase of 11.6%, the 1924 aggregate
of the clearings being $7,964,802,401 and the 1923
aggregate $7,134,124,001. Outside of New York City, however,
the increase is only 6.8%. At this centre the bank exchanges
show an increase of 15.5%. 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 21.2%, in the New York Reserve District (including this city) of 15.4%, and in the
Philadelphia Reserve District of 5.1%.AIn the Cleveland
Reserve District the totals are larger by 4.2%, in the
Richmond Reserve District by 18.2%, and in the Atlanta
Reserie District by 10.4%. The Chicago Reserve District
however, has a decrease of 1.6%, the St. Louis Reserve
District of 0.3% and the Minneapolis Reserve District of
2.5%. In the Kansas City Reserve District there is also a
falling off, the loss being 10.0%, but the Dallas Reserve
District shows a gain of 14.7%, and the San Francisco
Reserve District of 20.5%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending Feb. 9 1924.
1923.
1924.
Federal Reserve Districts.
11 cities 440,233,603 363,171,186
(1st) Boston
10 " 4,630,087,312 4,011,393,893
(2nd) New York
9 " 486,708,295 463,109,831
(3rd) Philadelphia
357,524,665 343,001,936
8 .•
(4th) Cleveland
191,726,830 162,186,428
6 .•
lUchmond
(5th)
190,453,265 172,529,981
12
(Sib) Atlanta
.•
760,509,467 772,534,879
29
(7th) Chicago
68,293,577 68,511,020
7 •.
(8th) St. Louis
104,084,265 106,900,428
(9th) Minneapolis __
••
206,981,663 229,932,329
11 .•
(10th) Kansas CIty
65,175,473 56,828,891
6
(11th) Dallas
463,023,995 384,122,219
10
(12th)San Franclsco
Inc or
Dec.
1922.
1921.
+21.3 .281,505,993 289,638,086
+15.4 3,741,953,091 2,816,079,076
+5.1 393,457,674 325,677,159
+4.2 277,235,097 272,850,932
+18.2 130,118,048 142,895,735
+10.4 134,086,582 133,668,077
-1.6 629,891,646 543,211,548
-0.3 61,813,214 51,388,830
-2.5 94,735,110 78,559,463
-10.0 212,982,644 230,882,221
+14.7 48,991,098 46,626,205
+20.5 308,728,249 256,362,180
121 cities 7,964,502,401 7,134,124,001 +11.5 6,303,496,446 ,187,839,512
Grand total
3,407,144,343 3,189,317,696 +6.8 2,613,901,633 2,423,047,210
Outside New York CitY
Canada
[Vol.. 118.
THE CHRONICLE
762
29 cities 419,800,152 276,578,171 +51.8 287,979,794 310,626,819
We now add our detailed statement, showing
for each city separately, for the four years:
the figures
Week ending Feb. 9.
Clearings at
Week outing Feb. 9.
Clearings at
1924.
1923.
Inc. or
Dec.
1922.
1921.
$
$
S
Seventh Feder al Reserve D 'strict-Chi cago-162,478
161,880
196.863 +15.1
226,553
-Adrian __
Mich.
503,320
585,480
809,085 +29.7
790,191
Ann Arbor.-68.000,000
73,940.000
116,252,450 107.368,803 +8.3
Detroit
3,839,876
5,459.915
5,809.443 +9.5
6,360,487
Grand Rapids_
1,400,000
1,612,729
1,803,017 +30.9
2,359,923
Lansing
1,645,708
1,701,418
1,879.478 +38.7
2,607.057
-Ft. Wayne
Ind.
12,606,600
15,434,000
+1.4
18,199,000
Indianapolis_ _ _
18,449,000
1.250.000
1,587.391
2,232,273 +7.4
2,396,507
South /lend
'
5.591,014 Not included In total
Terre Haute_ -30,146,256
29,113,179
36,355,812 -6.7
33.906,406
Wis.-Milwaukee
1,731,460
1,682,151
2.218,170 +2.0
2,261,685
/a.-Ced. Rapids
7,031,599
8,136,512
9,941,560 +11.5
11,089.953
Des Moines-.-.-.
4,584,875
5,501,139
6,113,194 +20.9
7,391,160
Sioux City_
1,476.830
1,245,049
1,308,571 -3.9
1,258,017
Waterloo
1,184,127 . 1,058,643
1.159,222 +1.9
1,181,716
-Bloomington
Ill.
399,814,817
543,912,970 567,847.450 -4.2 473,651,897
Chicago
a
a
a
a
a
Danville
976,731
1,071.752
1,160,847 -0.2
1,158,538
Decatur
3,226,923
3,890,997
4,082,500 +3.7
4,233,266
Peoria
1,647,844
1,876.707
2,093,068 +14.7
2,399,796
Rockford
2,107,588
2,055,325
2,158,725 +5.4
2,273,792
Springfield_
629,891.646 543,211.548
Total(19 cities) 760,509.467 772,534,879
Eighth Federa I Reserve DM trict-St.Lo uls4,140,141 +0.2
4,147,179
-Evansville_
Ind.
a
a
Mo.-St. Louis__
28,809,855 +3.3
29,758.477
Ky.-Louisville
776,978 --37.5
485,971
Owensboro _
21,780,160 -4.4
20,817,941
-Memphis
Tenn.
11,210,587 +1.3
11,361,084
Ark.-LittleRock
326,044 +4.0
338,999
-Jacksonville
III.
1.467,275
1.383,926
Quincy
68,511,020 -0.3
68,293.577
Total(7 cities).
Ninth Federal Reserve DIs trim-Minn eapolis
5,389,372 +17.0
46,306.530
-Duluth__
Minn.
60,967,442 64,210,915 -5.1
Minneapolis_ 30,947,049 -0.3
30,869,584
St. Paul__ 1,768,289 -10.7
1,578,733
No. Dak.-Farg
1,122,859 +0.1
1,123.426
So.Dak.-Abercrn
469,013 +14.9
538,794
Mont.-Dillings _
2,895,931 -6.8
2,699,756
Helena
3,784,109
a
22,749,569
644,928
14,960,941
8.223,510
261,034
1,189,123
3,126,544
a
23,705,376
585,695
13.032,239
9,380,004
258,972
1,300,000
51,813,214
51,388.830
4,167.253
57,161,401
27,160,809
1.724,164
1,020.482
571,992
2,929,009
4,933,075
42,349,255
090
25,536.
1,509.467
989,683
738,424
2,474.874
78,559,463
94,735.110
Total(7 cities)_ 104,084,265 106,803,428 --2.5
Tenth Federal Reserve DIs trict- Kens as City
461,617
363,797
--39.9
670,702
4403,386
Neb.-Fremont
448,601
$el
$
$
,0
3
554,433
505,350 +4.6
528,733
Hastings
2.728,443
First Federal Reserve Dist der-Boston3,246,410
4,035.478 --3.4
3.898.684
Lincoln
880,849
29,721,293
718,075
770,883 -8.9
702,627
----Bangor..Me.
32,940,188
38.937,426 ---12.6
34,047,807
Omaha
3,309,466
2.700,000
2.601,326
3,108,382 +1.4
3,153,159
3,065,214
Portland
-11.4
3.973,973 43,522,553
-Topeka _
10.775,605
-Boston_ _ 391,000,000 318,000,000 +23.0 254.000.000 261,999,266 Kan.
Mass.
11,241,921
-16.4
9,852,517 48,235,677
Wichita
1,582.643
144,153,721
1,459,542
2,204,123 -0.6
River,..2,190.719
Fall
113.958,252 128,478.894 --11.3 121,847,855
Mo.-Kan. City
a
a
a
a
a
a
Holyoke
a
a
a
St. Joseph__ _
1,085,427
1,037,356
1,136,000 -1.4
1,119,695
a
Lowell
a
a
-Muskogee
Okla.
a
23,531,217
a
a
a
a
Lynn
19,922,742
20,919,869 i-5.9
Oklahoma City 422,161,696
1,311,038
1,492,608
a
1,796,929 -25.9
1,330,114
New Bedford
a
a
a
a
Tulsa
3,810.495
825,254
3,546,343
4,545,570 +15.8
5.263,051
Springfield.._
939,014
1.045.322 +3.5
1.081,704
-Colo. Spas
3,449,224 Colo.
14,071,855
3,006,400
3,303,000 +2.6
3,388,000
18.142,289
'Worcester
20,656.307 --11.7
18.233,982
Denver
855,149
7,319,344
8.318,602
-Hartford
718,781
10,735,692 +21.3
13,022,759
Conn.
856,491 +6.2
e909,189
Pueblo
5,500,000
5,325,741
.
6,154,979
6,118,807 +0.6
New Haven__
11,452,800 +12.7
12,908,500
R.L.-Providence
229,932,329 -10.0 212,982,844 230,882,221
Total(11 cities) 206,981,683
-Da Has
Eleventh Fede ral Reserve District
1,300,000
1.579,606
Total(11 cities) 440,233,603 363,171,188 +21.2 281,505,993 289,638,086
2.066,276 +21.0
2.499.436
-Austin __
Texas
21,810,225
23,991.183
31,011,788 +18.7
36,814,099
Dallas
York12.539.010
12,876.309
Second Feder al Reserve D Istrict-New
10.919.920 +20.0
413,099,331
Fort Worth_
6.335,740
4,277.653
4,374,358
6,335.741
-Albany5,546,507 +0.3
N. Y.
e5,505.862
8,443,298 -5.7
7,963,348
Galveston
838,266
a
1,014.000
a
1,321,300 -10.9
1.177.700
13inghamton
a
a
Houston
4,641,024
32,657,073
31,491,508
4,208,279
39.967,545 +2.4
Buffalo
440,934,599
4,385,611
4,799,259
-Shreveport
La.
590,276 +38.6
Elmira
818.399
46,626,205
910,298
881,026
48,991,098
c1,172.411
1,126,118 +4.1
Jamestown-- 56.826.891 +14.7
65.175.473
Total(5 cities) _
New York -.- _ 4,557,658.058 3,944,806,305 +15.5 3.689,594,813 2,764,792,302
Twelfth Feder al Reserve D Istrict--San Franci sco-20,567,943
7.000.598
7,118.308
+29.0
28,100,901
9,692,322
Rochester
30,476,968 +19.2
12,503,037
36.322.706
-Seattle _ _
3.303,029 Wash.
4,967,915
5,171,029 +23.5
Syracuse
8,388.500
9,039,000 +9.3
9,878,000
Spokane
1.952,021
a
2,180,699
a
a
2,753,785 +23.6
a
Oonn.-Stanalord
c3,403,797
a
Tacoma
929.184
347.846
350,464
1,495,097
N. J.
418,706 +11.0
-Montclair
1,276,984 -7.2
464,949
1,184,940
Yakima
22,632.886
28,212,991
28,653,895 +19.5
434,246,000
-Portland_
11,000.000
9,861,810
Total(10 cities) 4,630.087,312 4,011.393,893 +15.4 3,741,953,091 2.816,079,078 Ore.
12,537.643 +0.7
12,625,878
Utah-S.L.City.
a
a
a
a
a
Nev.-Reno _ _ _ _
a
Third Federal Reserve Dist riet-Philad elphia a
a
a
a
3,875,910
837.598 Aria.-Phoenix _
888.764
Pa.
3,778,250
-Altoona--1,257,677 -1.2
3,914,042 +1.4
1,242,902
3,906,919
.-Fresno_ _
Calif
2,732,297
b
b
b
Bethlehem _
b
3,730,949
b
7,417,162 +18.0
8,753,227
Long Beach_
62,400,000
936,742
*796,623
Chester
81,583,000
1,157,770 +0.5
1,163,102
Los Angeles-- - 152,799,000 110,696.000 +38.0
7,502,974
1,991,354
2,302,927
Lancaster
11,869,846
2,813,245 +6.4
2,994.191
14,702,251 +12.8
16,578,795
Oakland
2,715,042
Philadelphia
462,000,000 441,000,000 +4.8 376,000 000 309,567,171
3,408,886
+46.4
4,479,847
6,550,310
6,071,649
1,907,134 - Pasadena
Reading
2,372,412
5,744,310
3,394,586
2,844.888 +19.3
6,409,262 +31.8
48,447,270
Sacramento _ _ _
2,402,426
4,585,621
Scranton
4,517,768
2,923,314
5,336,441
5,848,375 -8.5
*4,000,000 +8.1
4,324,675
San Diego__ _
106,800.000
2,293,273
2,398,661
Wilkes-Barre3,555,705 +30.4
44,636,281
San Francisco_ 101,500,000 144,800,000 +11.5 120,800,000
1,321,259
952,824
York
1,039.808
2,076,446
1,275,159 +17.0
1.492,400
2,028,691 +11.9
2,269,660
San Jose
776,610
2,605,442
3,140,711
S.J.-Trenton
954,149
3,357,014 +32.5
4,448,412
1,264,974 --6.6
1,181,106
Santa Barbara-.
4,634,000
t'n
a
Del.-Wllming
a
a
a
a
2,186,300
2,425,500 --1.5
c2,389,500
Stockton
256,362.180
Total(9 cities)- 486,708,295 463,109,831 +5.1 393,457,674 325,677,159
Total(16 cities) 463.023,986 384,122,219 +20.6 306,726,249
Grand total (121
Fourth Feder al Reserve D IstrIct-Clev eland6,303,496,446 5,187,839,512
7.964,802,401 7,134,124,001 +11.6
cities)
2.423,047.210
6,580,000
5,260,000
Milo-Akron-- 46,629,000
7,387,000 -10.3
3.407,144,343 3.189.317.696 +6.8 2.613,901.833
2,552,885 Outside N.Y.
Canton
2,511.020
4,400,313
4,187,240 +5.1
42,642.189
Cincinnati_
51,525,443
61,318,635
59,307,961 +3.4
89,706,243
Week ending February 7.
Cleveland
81,755.138
91.812,354 +18.9
4106,456,000
10,593,500
Columbus
26,303,100
14,369,000
15,560.600 -7.7
......_ _ ..
a
Inc. or
a
a
a
Dayton
a
1921.
1922.
a
Dec.
a
1923.
a
a
1924.
Lima
a
1,111,050
Mansfield
1,167.915
41,647,525
1,570.922 +4.9
s
5
$
%
a
a
$
a
Springfield-. .
a
a
Canada89,758,513 109,027,316
91,422,194 +44.5
a
a
a
a
132,117,927
Toledo
a
Montreal
89,304,871 105,128,124
86.160,589 +95.3
3,477,918 Toronto
3,012,481
168,293,788
Youngstown
3,993,526 +47.3
45,884,296
44,089,161
43,465,157
36.677,114 +24.6
a
45,702,309
a
-Erie
a
a
.a.
a
Winnipeg
13,753,325
13,183,426
12,614,801 +25.1
15,782.748
Pittsburgh- 156,819,896 159,182,333 -1.5 105,700.000 116,187,167 Vancouver
7,639,090
6,721,709
+16.1
5,925,619
6,882,117
Ottawa
5,425,147
.4,200,000
3.940,133 +43.0
5,634,214
rota'(8 cities)-. 357,524,665 343,001.936 +4.2 277,235,097 272,850,932 Quebec
3,635,517
3,118,124
2,597,653 +11.1
2,885,298
Halifax
5,323,531
4,943,345
4,915,875 +4.9
5,157,291
Fifth Federal Reserve Dist rict-Richrn ondHamilton
6,153,658
4,882,447
4.395.077 +74.1
2,396,476 Calgary
1.334.242
V.Va.-Hunt'ton
7,652,470
2,043,544
2,110,068 -3.2
2,638,911
2,566,542
+30.7
2,539,277
7,147,316
3.319,210
6,998,866
ra.-Norfolk
8,528.458 +2.1
,....
48,704,616
John
2,411,580
2,015,744
1,890,015 +1.8
42,769,768 St.
36,753,089
1,923,606
Richmond -. . 63,863,000
46,571,612 +37.1
-.
Victoria
3,183,577
2,803,800
2,839,623 -1.0
2,000,000 London
2.272,741
2,810,103
2.401,993 +5.0
I. C.-Charles500 42,520,840
4,613,393
4,810.919
72,189.187 Edmonton
4.173,549 +8.1
4,510,116
64,440,732
dd.-Baltimore81.760,074 +11.2
90.897,830
3,500,247
2,715,610
2,782,822 +19.2
16,392,988 Regina
18,318,378
3,315,868
+13.9
20,814,223
).C.-Washinien 423,697.000
628,286
557,616
528,952 -8.0
486,438
Brandon
570,576
457,181
595.889 -16.6
497,005
rota!(6 cities)- 191,726,830 162,186.428 +18.2 130,118,048 142,895,735 Lethbridge
1,751,482
1,576,032
1,936.681 -10.8
1,726,630
Saskatoon
1,273,906
1,040.007
957,424 +23.9
1,185,837
Sixth Federal Reserve Dist rIct-Atfant aJEW
M0080
1,106,928
1,028,095
4,983,423 Brantford
895,572 +4.8
5.547,020
938.430
5,351.739 +8.7
'enn.-ChatVga. 45,817,675
990,299
725,462
2,392,810
789,582 +24.7
2,761,621
984,372
2,695,579 +13.6
3,060,860
Knoxville
William
547,238
517,743
14,905,228 Fort Westmlnster
588,347 +0.9
15,662,677
17,148,152 +8.
18,679,597
593,437
Nashville
440,872
295,143
40,372,709 New
35,754,947
346,067 +12.8
52,813,188
390.426
47,872,003 +10.3
15.-Auanta
Medicine Hat_-.-.
792,422
621,831
1.936,940 Peterborough_ __ _
637,763 +17.2
1,373.361
1,935,988 +32.9
2,573.473
747.703
At0P1Sts
949,545
805,040
1,289,789 Sherbrooke
799,687 +9.4
1,004,860
1,582,111
1,435,350 +10.2
874,837
Macon
797,136
960,778
a
a
.a
958,001 +15.1
aa
1.100.486
Savannah
Kitchener
40
2.818,3
10,997,753 Windsor
2,929,261
9,985,221
12,939,327 +4.6
13,536,611
2,776,466 -9.2
e
2,519,836
la-Jacksonvill
308.782
307,960
14,615,958 Prince Albert__ _ _
16,223,831
27,433.232 +1.7
27,886,179
334,592 4-6.9
357,693
AJa.__Dirming'm.
1,148,454
971,702
1,722.909 Moncton
2,025,538
1,959,953 -4.6
1,870.237
977.907 -24.7
736,167
Mobile
690,130
703,692 Kingston
1,297,164
1,083,007 +31.7
1,419,526
582,900 +15.8
873,790
fiss.-Jackson
363,428
402.605
561,147
315.195 +78.0
Vicksburg
A10 QM 155 9711 575 171 151 5 967 070 704 R:01 (128.8119
39.403.438
42,047.737
52,360,436 +15.8
rr,•.1 Onnot15
60,652,761
.
I a.-NewOrleans
to requests for figures. c Week
a No longer report clearings. b Do not respond
Estimated.
Feb. 8. .
Total(12 dam) 190,453,265 172.529,961 +10.4 134,088.582 133.668,077
ending Feb. 6. 4 Week ending Feb. 7. e Week ending
1924.
1923. •
Inc. or
Dec.
1922.
1921.
FEB. 16 1924.]
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 23 1924:
GOLD.
The Bank of England gold reserve against its note issue on the 16th
amounted to £126,250,895, as compared with £126.234.595 on the
Inst.
previous Wednesday. The railway strike, delayed the arrival of this
week's supply of gold, which happened to be substantial. The high
price deterred purchases for the East, but a very moderate amount was
acquired by the Continent. The Dominion Bureau of Statistics in their
preliminary report on the mineral production of Canada during 1923
estimate the Canadian gold production for that year as 1,179.500 fine
ounces valued at $24,382,000, as compared with 1.263.364 fine ounces
valued at $26,116,050 for the year 1922. The Canadian Deputy Minister
of Mines, in a report for the fiscal year ended March 31 1923, makes the
following allusion to the mining industry of that country:
"The mineral resources of Canada are among its greatest natural assets.
and, owing to our natural climatic conditions and the relatively limited
area of the country capable of agricultural development, the mining industry must necessarily occupy a relatively larger place in our economic
development than in those countries of tho world more fortunately endowed
with respect to climate. Mining is not affected by climate and can be
carried on irrespective of it. The importance of this industry is indicated
by the growing increase in the annual production of minerals per capita,
which has risen during 35 years from $2 23 to $26 40 per head of population. This curve of production is increasing from year to year
until it
should ultimately exceed that of any country in the world."
The preliminary estimate of the refinery production of gold
in the
United States during the calendar year 1923, according to the
Bureau of
the U. S. Mint. is 2,485,445 ounces, value $51.378,700. This estimate
indicates an increase of $2,529,600 over the production for 142,
and is
the largest domestic output since 1919. The U. S. Senate gold and
silver
commission has issued a report on foreign exchange quotations, in
which
it states that the gold standard, to which practically the e_itire world
had
turned before the war, had won its position through a long period
of evolution and experimentation, and that only when financial systems are
again
predicated upon gold as a basis, can normal conditions be mitered.
The
Commission further states that "In view of the intimate
economic and
financial relations existing between the United States and Europe.
Americans
ara vitally interested in the restoration of the gold standard in Europe.
Not until European countries return to a gold basis and provide sufficient
means of maintaining it, can trade function to the greatest
advantags
and realize its fullest possiblities."
SILVER.
During the early part of the week under review the market
was overshadowed by the political situation, and business was much
restricted.
Indian operators have, on the whole, been disposed rather
to sell than
to buy, whilst the appreciation ofthe dollar has hindered sales
from America.
Support came from China by way of orders for forward
delivery, and
there has been some bear covering. As a result, the decided
though by
no means heavy inquiry on a poorly supplied market
tended to bring about
higher prices. Now that the political situation is clearer,
the dollar exchange has moved in favor of this country. This caused to-day
a setback in the quotations. We understand that 49.800.000
ounces were
purchased under the provisions of the Pittman Act by the United
States
Government during 1923. The Bureau of the U. 8. Mint, with
the cooperation of the 17. S. Geological Survey, has made a preliminary
estimate
of the refinery production of silver in the
United States during the calendar
year 1923 as 72,611.200 ounces valued
at $59.541,184, an increase over
1922 of 16,371,200 ounces-over 29%. This output
has been exceeded
only in the years 1915 and 1916; that during the
former year, 74,961,075
ounces, being the record for the United States.
Utah's sliver output of
over twenty million ounces, nearly 28%
of the whole, is the record Production of any single State for any year.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
Dec. 31. Jan. 7. Jan. 15.
Notes in circulation
18341
'18697
18516
Silver coin and bullion in India
8661
8517
8336
Silver coin and bullion out of India
____
Gold coin and bullion in India
2232
2232
2232
Gold coin and bullion out of India
-Securities (Indian Government)
5748
5748
5748
Securities (British Government)
900
1400
1400
Bills of exchange
800
800
800
No silver coinage was reported during the week
ending 15th Inst. The
stock in Shanghai on the 19th inst. consisted of
about 25,900,000 ounces
in sycoo, 34.000,000 dollars, and 470 silver bars, as
compared with about
23,400,000 ounces in Ryes°, 33,000,000 dollars. and
1,870 silver bars on
the 12th inst.
-liar Silver per Oz. Std.Bar Gold per
QuotationsCash.
2 Mos.
Oz. Fine.
January 17
33%cl.
3234d.
96s. lid.
January 18
3314d.
32i5
-16d.
978. 5d.
January 19
3314d.
33d.
January 21
33l1-16d.
333d.
98s. Od.
January 22
3330.
33.4d.
97s. Ild,
January 23
3314d.
3314d.
978. 6d.
Average
33.635d.
33.114d.
978. 6.8d
The silver quotations to-day for cash and forward delivery are
respectively
7-16d. and 340. above those fixed a week ago.
763
belonging to the Verhne-Amursky bo. These enterprises played an important role and resulted in the establishment of such cities as Blagovyeshschensk, Zeya, and the increased growth of Khabarovsk and Nikolayevsk (on the Amur). Statistical data, covering the period from the
beginning of the work in the Vassilievsky mine to 1909, were compiled from
geological examinations and prospecting work and published by the ABZemstvo Organization. Tho gold reserves in the Amur and Maritime
provinces,according to these data, were approximately estimated at 275,000
Poods(144,800,000 oz.). Compared with the yearly gold production of the
Russian Empire from 1904 to 1913, of 2.120 poods (116,527 oz.), the gold
production of the Amur and Maritime provinces at the same rate of annual
production, and on the basis of the foregoing gold reserves, would last for
about 130 years. . . . The estimate of gold reserves does not include
the gold in quartz veins, which formerly received scant attention. During
the last decade several gold-quartz deposits of importance were discovered.
Some proved to be exceptionally rich, as, for example, the Golden Mountain, where the gold content in the quartz veins reached 49 oz. per ton."
The Soviet Government has renounced the communistic policy which had
caused the practical abandonment of these enterprises, and the Siberian
output can again be expected to figure not inconsiderably in the gold production of the world.
SILVER.
The market has been uncertain in tendency. Owing to the lesser appreciation of the U. S. dollar, silver has been more easily obtained from America. There has not been much business transacted, however, Indian buying for the settlement steamer this week having been practically completed some weeks in advance. China has not shown any activity and no
Continental sales of consequence have been made.
The "Times" Shanghai correspondent thus alludes to the disappearance
of silver from that monetary centre:
. . . A shortage is not unusual towards the close of the business
year, but one of the reasons for it this year is extraordinary-namely, a
demand for dollars in Siberia, net to finance exports, but for use as currency. For a long time past one of the principal features of Siberian trade
has been the absence of a reliable medium of exchange. A good deal of
trade has,in fact, been done on the basis of barter. Now there is a demand
for Chinese dollars, notably the Yuan Shih-k'al dollar, which during recent
years has been steadily gaining ground in China itself. China is republican and Siberia Bolshevist, yet a coin faced with a Monarchist's head and
shoulders (which republican China longed to sever) is the coin that goes
farthest in the republic to-day and is being used to bring some sort of order
into the monetary affairs of the Chita Soviet."
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Jan. 7. Jan. 15. Jan. 22.
Notes in circulation
18471
18697
18.516
Silver coin and bullion in India
8288
8336
8517
Silver coin and bullion out of India
Gold coin and bullion in India
2232
i212
2232
Gold coin and bullion out of India
Se
Securities (Indian Government)
6751
61;ig
5748
.
Securities (British Government)
1400
1400
1400
Bills of exchange
800
800
800
No silver coinage was reported during the week ending 22d inst.
The stock in Shanghai on the 26th inst. consisted of about 26,100.000
ounces in sycee and 35,000,000 dollars (no holding of silver bars reported).
OS compared with about 25,900,000 ounces in sycee. 34,000.000 dollars and
470 silver bars on the 19th inst.
Bar Gold
-Bar Silver per Oz. Std.
Quotations
Cash.
January 24
9i. 134
7
z
1
23:
335-16d
3M sed.. per 97 10(17.
33 13-16d.
January 25
33%d.
January 26
3314cl.
33 9-16d.
97s. 4d.
January 28
33 9-16d.
3314d.
January 29
96s. 9d.
33d.
33%cl.
January 30
32 15-16d. '96s. 11d.
3314d.
97s.3.6d.
Average
33.135d.
33.510d.
The silver quotations to-day for cash and forward delivery are respectively
A d.and 5-16d. below those fixed a week ago.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &o.,at London,
as reported by cable, have been as follows the past week:
Fri.
London,
Sat.
Mon. Tues,
Wed. Thurs,
Week ending Feb. 15.
Feb. 9. Feb.11. Feb. 12. Feb. 13. Feb.14. Feb. 15.
Silver, per os
d 33 1-16 33 15-16 33 15-1634 1-16 34 1-16 33%
Gold. per fine ounce
956.6d. 958.10d. 966.1d. 958.13d. 968.2d. 96s
Consols, 234 per cents
as% um 56K
56%
---- 5614
British 5 per cents
9934
10(1
100
100
9934
British, 444 per cents
9614
9614
9614
9614
9614
French Relates (In Parbi)__tr. __.- 54.20
54.12
54
53.85
54.5
French War Loan(in Paris)fr. ____ 69.85
69.90 69.55 68.40
68.35
The price of silver in New York on the same day has been:
Silver In N.Y.,Per oz.(eW):
Foreign
64%
6434
6434
8534
653.4
65
Uommercial ancUlltscellancousgaza.
New York City Banks and Trust Companies.
All prices dollars per share
Banks-N.Y. Bid Ad
Banks
too
AIR Trust Co.'s DU Ask
&merles s____ 209 215 Harriman_ _.] 310 350
New York
Amer Exch
300 310 Manhattan •_ 164
Bowery*
440
Mecb & Met_ 385 390 Bank of N Y..
Broadway Cen 180
_320
& Trust CO 490 510
We have also received this week the circular written under Bronx Homo_ 140 -- Mutual*
Nat American 143
,Bankers'rrust 362
Bronx Nat.__ 115
date of Jan. 30 1924:
-- National City, 357 362 Central Union 526 //68
Bryant Park* 155
- New Neth•_. 140 150 ;Commercial__ 110 533
GOLD.
120
Butch & Dro 135
BOO
'Empire
The Dank of England gold reserve against its noto issue on the 23d inst. Cent Merean- 215 150 Pacific •
305 315
__ Park
425 435 Equitable 'Cr.. 205 208
amounted to £126,252,000, as compared with £126,250,895 on the previ- Chase
345 333 Port Morris__ 173
Farm L & Tr_ 625 835
Chat & Plum- 248 252 Public
ous Wednesday.
375 365 Fidelity Inter 200
Chelsea Exch• 125
413 423 Fulton
A fair amount of gold came on offer of which a moderate proportion was Chemical _ _ _ 560 135 Seaboard
•55
567 Seventh Ave., 90 106
uaranty 'Cr. 254 2i46
taken, mostly for India.
Coal & Iron.. 220 230 Standard'..... 225 240
Hudson
230
figures relating to Indian trade (private account) for the Colonial•_ _ 350
We give below
._ States
341) 350 trying BankCommerce
318 321 Trade'
month of December last:
145
OolumblaTr 223 226
Coro'nwealth• 250
Tradesmen's• 200
._ Law Tit &it_ 215 220
Exports.
Imports. Net Exports. Net Imports. Continental_ 145 260 23d
(/n Lacs of Rupees.)
Ward'..
_ Metropolitan_ 320 330
Merchandise
3094
1542
1552
Corn Each.... 430 4740 United States. 276
170
1
Gold
100§6
Coemop'tan•- 115 125 Wash' Mae_ 200 1815 Mutual (West
cheater)
150
120 130
Silver
101
46
East ver_ 195 205 Yorkville
-800
N Y Trust
365 375
Total net exports
1502
Fifth Avenue* 1250 1300
-tie Cu & Tr 393 398
Fifth
230 240
An article by A. P. Svirldoff upon the present status of gold mining in First
S Mtg & Tr 305 310
1415
Brooklyn
eastern Siberia has been published in the "Engineering & Mining Journal- Garfield
275
Coney Island. 160 170 United States 1350 380
Weetches Tr_ 210
following details are given:
Press" of America. in which the
Gotham
187 177 First
385 400
Brooklyn
"Geld mining in eastern Siberia, and particularly in the Amur and Greenwich •__ 320
Mechancis' •- 130 135 Brooklyn Tr_ 500 510
790 810 Montauk'_
170
Maritime provinces, had always been of interest to the local Russians and Hanover
Kings County 850
Neaten
250
__ Manufacturer 275 2/5
the Russian Government since the region was occupied by Russians. MiPeople's
250 275 People's
385 SOO
ng was started in 1868 on the ground of the Vassillevsky (Basil mine),
• Banks marked with (') are State banks. (s) Ex-olvitiand.
[VOL. 118.
THE CHRONICLE
764
New York City Realty and Surety Companies.
Alliance R'lt,I
Amer Surety_I
Bond & M 0_I
City Irmo,
Preferred __
Lawyers Mtg
Bid
105
94
295
77
90
165
Ask
__
98
305
80
100
170
AU Prices dollars per share.
Bid Ask
Mtge Bond__ 113 119 Realty Assoo 168
(Bklyn)coot
NatSurety-. 161 166
1st pref___. 85
NY Title &
_ 74
26 Pref
Mortgage__ 216 220
U 8 Casualty_ 170 180 Westchester
Title & Tr- 226
U 8Title GUM 150 153
Ask.
175
88
78
235
-CHANGES IN TOTALS OF, AND IN
BANK NOTES
-We give below tables which
DEPOSITED BONDS, &e.
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
National Bank Circulation
Afloat on
Amt. Bds. on Deposit to
Secure Circulation for
Fed. Res.
National
Bank Notes. Bank Notes.
Jan. 31 1924._
Dec. 31 1923-Nov.30 1923__
Oct. 31 1923._
Sept.29 1923__
Aug. 31 1923..
July31 1923__
June30 1923_ _
May 31 1923._
April 30 1923..
Mar.31 1923...
Feb. 28 1923._
Jan. 31 1923_
Dec. 30 1922..
Nov.30 1922._
Oct. 31 1922_
Sent.30 1922._
Aug. 311922..
July 31 1922._
June 30 1922._
May 31 1922_
747,256,230
746,577.780
746.778.030
746,562,330
746.780.830
745.585.080
744.848,940
744,654,990
744,034,190
742,823.590
742.879,540
741,077,590
739.329,840
738.257,440
739.018.690
737.660.690
737,501.940
735.460,690
735.160.690
734,546,300
733.876.590
545.900
545,900
545.900
545,900
545,900
4,543,700
4,793,700
4,993,700
5,593,700
6,148.700
6,368.700
6,878.700
7,868.700
7.968,700
31.468.700
48.468,700
56,768,700
67.518.700
80.518,700
84,218,700
87,218.700
Legal
Tenders.
Bonds.
742,670,537
740,521,752
743,984,275
743,806,385
742,184,915
740,323,568
740,986.663
719,103,625
742,178,351
740,099.541
739,984,523
738,423,517
734.541,173
735,281,275
786.065,365
734,520,475
734,465,283
733,623,525
732,467.585
732,585,640
730,203,870
30,126,232
31,045,227
29,450,769
28,799,884
28,137.092
28,621.244
28,823,714
28,336,094
27,829,641
27,868,731
27,197,981
28,620.187
29.209.789
26.846.812
25,433,762
26.158,712
28,285,914
26,082,024
25,603,977
25,618,387
25,696,832
Total.
772,796,769
771,566,979
773,435.044
772,606,269
770.322,007
768.944,812
769,810,377
747.439,719
770,007,992
767,968,272
767,182.504
767,043,704
783,750,962
762,128,087
761,499,127
760.679,187
760.751,197
759,705,549
758,071,562
758,202,027
755,900.702
5435,000
813,414,170 Federal Reserve bank notes outstanding Jan. 31 (of which
against 838,secured by United States bonds and $12,979,170 by lawful money),
348,000 Jan. 31 1923.
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 Jan. 31:
U. S. Bonds Held Jan. 31:0 Secure
Bonds on Deposit
Jan. 31 1924.
On Deposit to.On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
2s. U.S. Consols of 1930
4s, U.S. Loan of 1925
Es, U.S. Panama of 1938
2s, U.S. Panama of 1938
Totals
Total
Held.
545,900
587,081,000
86,306,150
48,305,320
25,563.760
$
587.626,900
86,306,150
48,305,320
25,563,760
545.900
747.256.230
747,802,130
The following shows the amount of national bank notes
1 and
afloat and the amount of legal tender deposits Jan. month
Feb. 1, and their increase or decrease during the
of January:
-Total Afloat
National Bank Notes
Amount afloat Jan. 31 1924
Net increase during January
2771,566,979
1,229,790
Amount of bank notes afloat Feb. 1 1924
Legal Tender Notes
Amount on deposit to redeem national bank notes Jan. 1 1924
Net amount of bank notes retired in January
Amount on deposit to redeem national bank notes Feb. 1 1924
$772,796,769
$31,045,227
918,995
-530.126,232
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
$ per sh.
Shares. Stocks.
1,683 Ranger Refining & Pipe Line
$3 lot
Co., par $1
131 Copley Cement Mfg.6% pf. 1
438 Copley Cement Mfg.com_ $20,000
lot
$3,144 Copley Cement Mfg. 1st
Mtge.6% bonds
1 Hollywood Golf Club, par 350..210 lot
18 Hollywood Golf Club, class "A,"
$5 lot
Par $50
100 Di Giorgio Fruit Corp., pref _126,000
300 do do common, no par J lot
Per Cent.
Bonds.
81,250 North Shore Country Club
5100 lot
50
-year income, 1964
Per Cent
Bonds.
$3,000 The Criterion Club of the
Metropolis of the City of N. Y.
6214%
26 4s, 1954
$1.000 The Harmonic Club of the
-year 2d 5s,1955- 52%
City of N.Y.50
$3,250 Hollywood Golf Club 3032%
year 1st 45, 1944
8500 Inwood Country Club 50
43%
1965
year bond, due
$500 N. Y. Bridge Whist Club
34%
2d 5s, 1939
$1,000 Cities Service Co deb. 78,
0314%
series C, 1966
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
190
1 Chic. Burl. & Quincy RR
2 Blackstone Valley Gas & Electric
75
Co., common,par $50
80 Springfield Gas Lt.Co., par $25. 4814
3934
American Glue Co., corn
10
10614
7 Plymouth Cordage Co
5 Gardner Gas Fuel & Light Co_ _ _ _ 2
8934
10 Union Twist Drill Co.. pref
12834
50 Walter Baker Co.. Ltd
$ per sh.
Shares. Stocks.
7414
1 State Theatre Co.. pref
514
5-10 Sullivan Machinery Co
16914
15 Draper Corporation
55
10 Pond & Co.,Inc., pref
5 Merrimac Chemical Co., par $50.. 94
Per Cent.
Bonds.
$1,000 New Bcollay BuUding Trust
90
414s, March 1934
By Messrs. R. L. Day & Co., Boston:
$ per as.
Shares. Stocks.
33334
5 Second National Bank
,-31751
National Bank
5 First
292
18 Merchants National Bank
275
10 Beacon Trust Co
150
1 Lyman Mills
4434
25 Hamilton Mfg. Co
80
Mfg.Co.. pref
5 American
132
3 West Point Mfg. Co
Co.....195
5 Naumkeag Steam Cotton
zd81
2 Merrimack Mfg.Co., Prof Me.)-116
Lockwood Co.(Waterville,
8
Mfg. Co., corn__ _zd102%
1 Merrimack
110
48 Nashua & Lowell RR
Real Estate
5 St. Paul Business
8714 & div
Associates
126 & div.
4 Business Property Assoc
Trust_128 & div.
5 Western Real Estate
& div.
West. & South. Associates.. 100
4
$ per sh.
Shares. Stocks.
434
25 American 13rick Co., corn
4 North Boston Lighting Prop., pf_ 8634
10114
Co., pref
16 Hood Rubber
1 Springfield Gas Light Co
4734
105
2 American Glue Co., pref
4834
50 Springfield Gas Light Co
2 Heywood Wakefield Co., com _ _ _119K
1 Parker Holmes & Co., Inc., pref. 1
5 George E. Keith Co., 1st pf-97 & div.
3934
10 American Glue Co.. corn
2 Montpelier & Barre Light &
5414
Power Co., pref
60
5 Emerson Shoe Co., 1st pref
An interest amounting to 52,843 70
in two overdue notes aggregating
$10,806 40 signed by Potter &
250
Wilson Trading Co
By Messrs. Barnes & Lofland, Philadelphia:
$ ver sh.
Shares. Stocks.
450 Fairmount Park Transp., corn_ 5
90 Fairmount Park Transp., pref._ 10
10 Perfection Tire & Rubber Co.,
$1
Dar $10
1 Lehigh Valley RR., pref., par $50 9834
1 West Jersey & Seashore RR. Co. 58
3 Freehold & Jamesburg Agricul26
tural RR
20 Phila. & Camden Fy., par $50_12334
10 Corn Exchange National Bank....40634
225
5 Union National Bank
225
20 Union National Bank
5 Corn Exchange National Bank_ _40634
25 Producers & Consumers Bank,
1034
par $10
5 Chase Nat. Bank of New York_..352
20 Metropolitan Trust Co., par $50. 63
10 Real Estate Title Ins.& Tr.Co _550
520
10 Northern Trust Co
2 Pennsylvania Co. for Ins. on
Lives & Granting Annuities... _621
2 Pennsylvania Co. for Ins. on
Lives & Granting Annultiee. ..620
90534
5 Girard Trust Co
2 Central Trust Co. of Camden,
106
par $25
30 Pennsylvania Cold Storage &
3114
Market Co
8 Chicago Great Western RR.,pref. 123.4
426 Camden Fire Ins. Assn., par $5 1114
185 Fairmount Park Trepan., corn.. 2
30 Fairmount Park Transp., pref._ 534
75
2 Hotel Traymore,7% pref
24
60 Philadelphia Bourse, corn
$ per sh
Shares. Stocks.
2 American Theatre Realty Co.,
834
par $10
9534
4 Victory Ins. Co., par $50
14 Edward G.Budd Mfg. Co., pref. 94
57
21 East Pennsylvania RR.Co
90
5 Hare & Chase, Inc., pref
Freihofer Baking Co.,pref. 9534
10 Wm.
10 Reliance Insur. Co., par $50----100
166
1326 & 3d Streets Pass. fly
75
15 Germantown Pass. Ry. Co
13 Ilestonville Mantua & Fair40
fly., pref
mount Pass.
35 Frank!. & Southwark Pass. Ry_226
Per Cent.
Bonds.
$5,000 Arkansas River Oil & Gas
30
Co. sinking fund 75, 1929
$2,000 Elder Steamship Co., Inc.,
let serial E 7s, 1925 (Jan. 1922
and all subs, coupons attached). $4
$1,000 Johnstown Traction Co. 1st
68
& ref. 5s, 1943
$700 Union Passenger fly. Co. 1st
7134
ext. Mtge. 4s, 1960
3300 City of Philadelphia 4s, 1943.100
$500 City of Phila. S. D.55, 1933_ _108
$200 City of Phila. S. D.55, 1935...l08
$4,000 Atlantic City Gas Co. 1st
75
55, 1960
$9,000 Indiana Columbus & East834
1926
ern Tree. gen. ref. 5s,
$1,300 County Gas Co. 1st serial
94
A 7s, 1951
61,000 Red Jacket Consol. Coal &
55
Coke Co. con. 5s, 1944
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED,
Capital.
$100.000
-The People's National Bank of Bakersfield, Calif
Feb. 8
Bakersfield, Calif.
Correspondent, John Sutherland,
100,000
-The Brown National Bank of Kenosha, Wisc
Feb. 8
Correspondent: Charles C. Brown, care of First National
Bank. Kenosha, Wisc,
-The Alexander National Bank of St. Petersburg, Fla_ _ _ _ $200.000
Feb. 9
Correspondent, W. T. Baynard. 644 Central Ave., St. Petersburg, Fla,
APPLICATION TO ORGANIZE APPROVED.
$100,000
-The First National Bank of Endicott, N.Y
Feb. 9
Correspondent: Alphonsus L. Bowes, Endicott, N. Y.
APPLICATIONS TO CONVERT RECEIVED.
$25,000
-The Honaker National Bank, Honaker, Va
Feb. 6
Conversion of the Farmers & Miners Bank. Honaker, Va. _1,000,000
-The Commercial National Bank of New York, N. Y__
Feb. 9
Conversion of Commercial Trust Co., New York, N. Y.
CHARTERS ISSUED,
$200,000
--City National Bank of Atlanta, Gs
-12,492
Feb. 5
Conversion of City Bank of Atlanta, with a main office and
all located within the City of Atlanta, Ga.
two branches,
President, It. F. Maddox; Cashier, Jas. S. Floyd. Chicago,
-The Stock Yards National Bank of
-12,493
Feb. 5
1,350,000
Ill
President, S. T. Kiddoo; Cashier, D. R. Kendall.
-The First National Bank of Macedon, N.Y.- 25,000
-12,494
Feb. 9
Graves.
President, George J. Porter; Cashier, Earle B.
CHANGE OF TITLES.
-The Atlanta National Bank,Atlanta, Ga.,to "The Atlanta
-1,559
Feb. 5
and Lowry National Bank."
Calif., to
-11,961-The Roseville National Bank, Roseville,
Feb. 8
"The First National Bank of Roseville."Bank of Hammon, Okla., to
-The Farmers National
-10,521
Feb. 9
"The First National Bank of Hammon."
VOLUNTARY LIQUIDATIONS.
550,000
-The First National Bank of Seneca, Kan
-2,952
Feb. 4
Effective Feb. 4 1924. Lig. Agent, L. D. Allen. Seneca, Kan.
Seneca First State Savings Bank, Seneca,
Absorbed by The
Kan.
70,000
-The First National Bank ofEureka, Han
-3,148
Feb. 5
Effective Jan. 8 1924. Liq. Committee, Board of Directors.
Succeeded by First National Bank in Eureka, Kans., No.
12,457. Liability for clrcuiationwlll not be assumed under
Sec. 5223, U. S. R. S.
50,000
-The National Bank of Pawnee, Ill
-7,440
Feb. 7
Effective Jan. 311924. Lici. Agent, I. P. Davenport,Pawnee,
Ill. Absorbed by the State Bank of Pawnee. Ill.
-The Liberty National Bank of Bowling Green,
-11,589
Feb. 9
125,000
Ky
.
Jan. 311924. Lie Agent, Nixon Pickard, Bowling
Effective
Bank of BowlGreen. Absorbed by the American National
ing Green. Ky., No. 9363. Liability for circulation will not
be assumed under Sec. 5223, U. S. R. S.
CONSOLIDATIONS.
-The Chapin National Bank of Springfield, Mass_ - $500,000
-2,435
Feb.5
and 12.481-The Atlas National Bank of Springfield, Mass.....300,000
Consolidated Fob. 5 1924 under Act of Nov.7 1918 under the
charter and corporate title of "The Chapin National Bank
of Springfield," No. 2,435, with capital stock of $500,000.
Consolidated bank has two branches, located in Springfield. $50,000 of the capital being assigned to each branch.
-The Atlanta and Lowry National Bank of
-1,559
Feb. 7
00
3,800,0
Atlanta, Ga
200,000
-City National Bank of Atlanta, Ga
and 12,492
d Feb.7 1924 under Act of Nov.7 1918 under the
Consolidate
charter and corporate title of "The Atlanta and Lowry
National Bank" (1,559), with capital stock of $4,000,000.
Consolidated bank has two branches located in Atlanta,
$50,000 of the capital being assigned to each branch.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
*2 Mar.31 *Holders of rec. Feb. 29
Boston As Albany (quay.)
2% Apr. 1 Holders of rec. Feb. 29
Canadian Pacific, common (guar.)
Preferred
*2 Apr. 1 *Holders of rec. Feb. 29
•1% Mar.
Chestnut Hill RR.(quer.)
Mar. 1 *Holders of rec. Feb. 23
*3
Cincinnati Ncrthern
*2
Feb. 20 *Holders of roe. Feb. 19
Delaware & Bound Brook (Qar.)
*1K Mar. 1 *Holders of rec. Feb. 21
New Orleans Texas & Mexico (quer.)
Feb. 25 Holders of roe. Feb. 18
$1
North Pennsylvania (quer.)
Phila. Germantown & Norristown (qu.)- •$1.50 Mar. 4 *Feb. 21 to Mar. 3
Apr. 1 Holders of rec. Feb. 29
Pacific Co. (quay.)
Southern
194
FEB. 16 1924.]
THE CHRONICLE
Per
When
Cent. Payable
Name of Company.
Railroads (Steam) (Concluded).
Union Pacific, common (quar.)
Preferred
Books Closed.
Days Inclusive.
234 Apr. 1 Holders of rec. Mar. 1
2
Apr. 1 Holders of rec. Mar. 1
Public Utilities.
Associated Gas & Electric, pref.(quar.) _
Preferred (extra)
Preferred (quar.)
preferred (extra)
Central Indiana Power.7% Pref.(quar.)
Cent. Miss. Val. Elec. Prop.,Pref.(qu.)
Cons. Gas, E. L.& P., Balt.. COM.(qu.)
Eight per cent Preferred (quar.)
Seven per cent preferred (quar.)
El Paso Electric Co., common (quar.) _
Keystone Telephone, pref. (quar.)
Laclede Gas Light, corn. (quar.)
Nebraska Power, pref.(quar.)
Newport News & Hampton Ky., Gas &
Electric, pref. (quar.)
Philadelphia Electric, corn. & pref.(qu.)
Rochester Gas & Elec., 5% pref.(quar.)
Seven per cent pref., Series B (quar.)_
Six per cent Prof., Series C (quar.)_ _
Standard Gas & Electric, pref. (quar.)_ _
Wilmington Gas Co., preferred
87ig c. Apr. 1 Holders of rec. Mar. 15
25c. Apr. I Holders of rec. Mar. 15
8734c. July 1 Holders of rec. June 15
25c. July 1 Holders of rec. June 15
*lig Mar. I *Holders of rec. Feb. 20
134 Mar. 1 Holders of rec. Feb. 1542
*2
Apr. 1 *Holders of rec. Mar.15
*2 Apr. 1 *Holders of rec. Mar.15
Apr. 1 *Holders of rec. Mar.15
234 Mar. 15 Holders of rec. Mar. 1
Mar. I *Holders of rec. Feb. 20
°134 Mar.15 *Holders of rec. Mar. 1
Mar. 1 Holders of rec. Feb. 14
*134
*$1
134
lig
50c.
134
134
134
$1
3
Apr. 1
Mar.15
Mar. I
Mar. 1
Mar. 1
Mar. 15
Mar. 1
Holders of rec. Mar.15a
Holders of rec. Feb. 18
Holders of rec. Feb. 16
Holders of rec. Feb. 16
Holders of rec. Feb. 16
Holders of rec. Feb. 29
Feb. 17 to Feb. 29
Miscellaneous.
American Bakery, pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 16
Amer. Laundry Machinery (quar.)'50c. Mar. 1 'Holders of rec. Feb. 20
Amer. Rolling Mill, common (quar.)... "50c. Apr. 15 'Holders of rec. Mar.31
Preferred (quar.)
•134 Apr. 1 *Holders of rec. Mar. 15
Atlas Powder, common (quar.)
$1
Mar.10 Holders of rec. Feb. 29a
Brill (J. G.) Co., common (qmar.)
134 Mar. 1 Feb. 24 to Feb. 29
Cabot Manufacturing(quar.)
134 Feb. 15 Holders of rec. Feb. 76
California Petroleum Corp., corn. (qu.)_ 1
.4334c Mar. 1 *Holders of rec. Feb. 20
Preferred (quar.)
"lig Apr. 1 *Holders of rec. Mar.19
Carter (William) Co., pref. (quar.)
lig Mar.15 Holders of rec. Mar. 5
Crows Nest Pass Coal Co.(quar.)
134 Mar. 1 Holders of rec. Feb. 12
Dominion Stores, common
50e. Apr. 1 Holders of rec. Mar. 15
Common
50c. Oct. 1 Holders of rec. Sept.15
Dominion Textile,common (quar.)
81 AM'. 1 Holders of rec. Mar.15
Preferred (quar.)
134 Apr.
Famous-Players Lasky Corp., com.(qu.) $2 Apr. 15 Holders of rec. Mar.31
1 Holders of rec. Mar. 15a
Fay (J. A.) Egan,common
1
Feb. 20 Feb. 14 to Feb. 20
Preferred (quar.)
Feb. 20 Feb. 14 to Feb. 20
Federal Acceptance Corp.,common (qu.)
Mar. I
of
Federal Mining & Smelting, pref.(qu.)_ •134 Mar. 15 'Holders of rec. Feb. 15
*Holders
rec. Feb. 25
Foundation Co., common (quar.)
50c. Mar.15 Holders of rec. Mar. 1
Preferred (quar.)
Mar. 15 Holders of rec. Mar. 1
Galena-Signal Oil, common (quar.)___ _ '1
Mar. 31 *Holders of rec. Feb. 29
Old and new pref. (guar.)
*2
Mar. 31 *Holders of rec. Feb. 29
General Motors, common (quar.)
30c. Mar. 12 Holders of rec. Feb. 25
7% debenture stock (quar.)
1% May 1 Holders of rec. Apr. 7
8% debenture stock (quar.)
134 May 1 Holders of rec. Apr. 7
6% debenture stock (quar.)
134 May 1 Holders of rec. Apr. 7
Holt Mfg., 1st pref. (quar.)
134 Feb. 1 Holders of res. Jan. 20
Original preferred
3
Feb. I Holders of rec. Jan. 20
Independent Oil & Gas
250. Mar.31 Holders of rec. Mar. 14
International Milling, 1st pref. (qu.)_ _
134' Mar. 1 Holders of rec. Feb. 21
Keeley Silver Mines
8
Mar. 15 Mar. 1 to Mar. 15
Bonus
4
Mar.15 Mar. I to Mar. 15
Kuppenheimer(B.)& Co.,Inc., p1.(qu.) 1
Mar. 1 *Holders of rec. Feb. 23
Libbey Owens Sheet Glass, corn. (quar.) *50c. Mar. 1
*Holders of rec. Feb. 20
Preferred (quar.)
•134 Mar. 1 *Holders of rec. Feb. 20
McCrory Stores,common A & B
40a Mar. 1 Holders of rec. Feb. 200
Common A & B (pay,in common stk.) 15
Mar. I Holders of rec. Feb. 2042
National Candy,common
Mar.
*3
First and second preferred
*3% Mar.
National Sugar Refining (quar.)
New England & Southern Mills, pf.(qu.) 134 Apr. 2 Holders of rec. Mar.10
134 Mar. 1 Holders of rec. Feb. 19
Prior preference (guar.)
Mar. 15 Holders of rec. Mar. 5
Newmarket Mfg. (quar.)
2
Feb. 15 Holders of rec. Feb. 8
Extra
ig Mar. 1 Holders of rec. Feb. 23
Nyanza Mills (quar.)
1
Feb. 15 Holders of rec. Feb. 76
Penman's, Ltd. corn.(bonus.)
Feb. 28 Holders of rec. Feb. 21
Remington Typewriter, 1st pref.(qu.).- 2
134 Apr. 1 Holders of rec. Mar.22
1st prof. Series A (quar.)
134 Apr. I Holders of rec. Mar.22
2d pref.(guar.)
2
Mar.28 Holders of rec. Mar. 18
Saco-Lowell Shops, 2d pref. (guar.).
Mar. 1
South Porto Rico Sugar. corn.
(quar.)-- 134 Apr. 1 Holders of rec. Mar. 10
Preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 10
Standard Oil of N.J., common (quar.)
25e. Mar. 15 'Holders of rec. Feb. 25
Preferred (quar.)
•134 Mar. 15 *Holders of rec. Feb. 25
Standard 011 (Ohio), com.(quar.)
nig Apr. 1 *Holders of rec. Feb. 29
Union Mills, common (quar.)
*1
Mar. 1 *Holders of rec. Feb. 15
Preferred (quar.)
1
.134 Mar. 1 *Holders of rec. Feb. 15
S. Envelope, common
U.
"4
Mar. 1 *Holders of rec. Feb. 16,
Preferred
*334 Mar. 1 *Holders of rec. Feb. 16
11. S. Gypsum, common (guar.)
•1
Mar.31 *Holders of rec. Mar. 15
Preferred (qaar.)
Mar. 31 *Holders of rec. Mar. 15
U.S.Stores Corp., prior pref.(guar.)Mar. 1 *Holders of rec. Feb. 25
Waltham Bleachery & Dye Works
3
Mar. 1 Holders of rec. Feb. 12
Wamsutta Mills(guar.)
134 Mar. 15 Holders of rec. Feb. 12
Wrigley (William) Jr., & Co.
Monthly
250. May 1 Holders of rec. Apr. 200
Monthly
250. June 2 Holders of rec. May 200
Monthly
25e. July 1 Holders of rec. June 200
134
*El
134
.134
134
'134
*134
'134
Below we give the dividends announced in
and not yet paid. This list does not includeprevious weeks
nounced this week, these being given in the dividends anpreceding table.
Name of Company.
Per
Whets
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch.Topeka & Santa Fe, corn.(qu.)
Baltimore & Ohio,common (guar.)
Preferred (quar.)
Chicago St. Paul Minn. & Om.,pref.__
Gina. New On.& Tex.Pac., prof.(qu.)_
Pzeferred (quar.)
Preferred (guar.)
Cleveland & Pittsburgh. reg. guar.(q1.)Special guaranteed (quar.)
Cripple Creek Central, preferred
Delaware & Hudson Co.(quar.)
Illinois Central, corn.(mum)
Preferred
New York Chicago & St. L.,corn.(qu.)
Preferred (quar.)
Norfolk & Western,common (quar.).
Adl. pref. (quar.)
Oswego & Syracuse
Pennsylvania (quar.)
Pittsburgh & West Virginia, pref.(qu.).
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (guar.)
Pitts. Youngstown di Asht., pref.(auar.)
Reading Company. 1st pref.(quar.)----
lig Mar. 1
134 Mar. 1
1
Mar. 1
334 Feb. 20
134 Mar. 1
lig June 2
134 Sept. 2
8734c Mar. 1
50o. Mar. 1
1
Mar. 1
234 Mar.20
134 Mar. 1
3
Mar, 1
134 Apr. 1
134 Apr. 1
lig Mar.19
1
Feb. 19
$2.25 Feb. 20
134 Feb. 29
lig Feb. 29
lig May 31
134 Aug. 30
134 Nov. 29
(w)
134
134 Mar. 1
50c. Mar. 13
Holders of rec. Jan. 25a
Holders of rec. Jan. 12a
Holders of rec. Jan. 12a
Holders of rec. Feb. la
Holders of rec. Feb. 15a
Holders of rec. May 17a
Holders of rec. Aug. Ha
Holders of rec. Feb. 9a
Holders of rec. Feb. 96
Holders of rec. Feb. 15
Holders of rec. Feb. 266
Holders of rec. Feb. 8a
Holders of rec. Feb. 8a
Holders of rec. Feb. 15a
Holders of rec. Feb. 15a
Holders of rec. Feb. 296
Holders of rec. Jan. 310
Holders of rec. Feb. Set
Holders of rec. Feb. la
Holders of rec. Feb. la
Apr. 18 to May 4
Holders of rec. Aug. la
Holders of rec. Nov. la
Holders of rec. Feb.2•25a
Holders of rec. Feb. 20a
Holders of rec. Feb. 21a
Public Utilities.
*134 Mar. 1 *Holders of rec. Feb. 29
American Telegraph & Cable (quar.)
BrazIlian Trac.. Light & Pow.,ord. WO 1
Mar. 1 Holders of rec. Jan. 31
25e. Mar. 1 Holders of rec. Feb. 154
Brooklyn City RR.((Mar.)
2
Brooklyn Edison CO. (guar.)
Mar. 1 Holders of rec. Feb. 190
Name of Company.
765
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Central Arkansas Ky.& Lt.. pt.(qu.)
134 Mar. 1 Holders of rec. Feb. 15a
City Gas of Norfolk, pref.(quar.)
2
April 1 Holders of rec. Mar.15
Preferred (quar.)
2
July 1 Holders of rec. June 15
(quar.)
Preferred
2
Oct. 1 Holders of rec. Sept.15
Preferred (guar.)
2
Jan2'25 Holders of rec. Dec. 15
Commonwealth Pow.Corp.,corn.(No.1) $1
May I Holders of rec. Apr. 18
Six per cent preferred (guar.)
I% May 1 Holders of rec. Apr. 18
Consolidated Gas(N. Y.) (quar.)
$1.25 Mar. 15 Holders of rec. Feb. 7a
Consumers Power(Mich.).6% Pr.(MI.)- lig Apr. 1 Holders of rec. Mar.15
Seven per cent preferred (quar.)
134 Apr. 1 Holders of rec. Mar.15
Detroit United Ky.(quar.)
134 Mar. 1 Holders of rec. Feb. la
Duquesne Light, 1st pref. Series A (qu.) lig Mar. 15 Holders of rec. Feb. 15
Eastern Shore Gas Co.. pref.(guar.)_
50c. Mar. 1 Holders of rec. Feb. 156
Eastern Wisconsin Elec. Co.,pref.(au.)- 134 Mar. 1 Holders of rec. Feb. 20s
Federal Light & Traction,corn.(quar.)_ _ SI
Apr. 1 Holders of rec. Mar. 150
Common (Payable in 6% pref. stock)_ m75c. Apr. 1 Holders of rec. Mar. 154
Preferred (quar.)
'lig Mar. 1 'Holders of rec. Feb. 15
Georgia Railway & Power, corn
1
Mar. 1 Feb. 21 to Mar. 2
Second preferred
1
Mar. 1 Feb. 21 to Mar 2
Philadelphia Co.,5% preferred
234 Mar. 1 Holders of rec. Feb. 96
United Gas Impt.. preferred (quar.)_ _ _ 8734e. Mar. 15 Holders of rec. Feb. 290
West Penn Co.. common (quar.)
El
Mar.31 Holders of rec. Mar. 15a
Wisconsin River Power. pref.(quar.).. 81.75 Feb. 20 Holders of rec. Jan. 31a
Banks.
Public(payableIn stock)
(0)
Feb. 28 Holders of rec. Feb. 210
Trust Companies.
Title Guarantee & Trust (extra)
4
Mar.31 Holders of rec. Mar.22a
Miscellaneous.
American Beet St Sugar, pref.(quar.)
134 Apr. 1 Holders of rec. Mar. 8
American Felt, preferred
134 Mar. I Holders of rec. Feb. 15
American Metals, common (quar.)
750. Mar. 1 Holders of rec. Feb. 186
Preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 20a
American Radiator. common (quar.)
$1
Mar.31 Holders of rec. Mar. 15a
Amer. Shipbuilding,common (quar.) _ 2
May 1 Holders of rec. Apr. 15a
Common (quar.)
2
Aug. 1 Holders
Amer. Smelt. & Rote., pref. (friar.) _ _ 1 ig Mar. 1 Holders of rec. July
of rec. Feb. 8a
Amer. Sugar Refining, pref. (quar.)
1% April 2 Holders of rec. Mar. la
Amer.Tobacco,corn.& corn.B (quar.)
3
Mar. 1 Holders of rec. Feb.
Amer. Window Glass Company. pref
*3y6 Mar. 1 *Holders of rec. Feb. 9a
20
Associated Dry Goods,1st pref.(quar.). 134 Mar. 1 Holders of rec.
Feb. 90
Second preferred (quar.)
Mar. 1 Holders of rec. Feb. tia
Atlantic Refining,common (quar.)
Mar.15 Holders of rec. Feb. 210
Bait. Gas Appliance & Mfg.,com.(qu.)_ "2
Mar. 1 'Holders of rec. Feb. 13
Common (extra)
4.6
Mar. 1 'Holders of rec. Feb. 13
Common (payable in common stock)_ .f161 Mar. 1 *Holders of rec. Feb. 13
Preferred
'3% Mar. 1 'Holders of rec. Feb. 13
Bethlehem Steel. corn.(quar.)
134 Apr. 1 Holders of rec. Mar. la
Seven per cent preferred (quar.)
134 Apr. 1 Holders of rec. Mar. la
8% preferred (War.)
2
AM. 1 Holders of rec. Mar. la
Borden Co., preferred (quar.)
134 Mar. 15 Holders of rec. Mar. la
Preferred (guar.)
lig June 15 Holders of rec. June la
Bridgeport Machine,corn.(quar.)
25c. Apr. 2 Holders of rec. Mar.20a
grown Shoe,common (quar.)
1
Mar, 1 Holders of rec. Feb. 206
Buckeye Pipe Line (quar.)
$1
Mar. 15 Holders of roe. Feb. 18
California Packing Corp.(quar.)
$1.50 Mar.15 Holders of rec. Feb. 296
Campbell Soup, preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 15
Canadian Car & Foundry. pref. (quar.)_
134 Apr. 10 Holders of rec. Mar.296
Preferred (acct. swum. dividends).
- hi 34 Apr. 10 Holders of rec. mar.29a
•1% Mar.
Canfield Oil, common (quar.)
Preferred (quar.)
'131 Mar.
Century Ribbon Mills, pref.(quar.)_ _ _
134 Mar, 1 Holders of rec. Feb. 150
Chicago Flexible Shaft, pref.(quar.)___ _
134 Mar. 1 Holders of rec. Feb. 19
Chicago Ry.Equip.,common (quar.)_
750. Mar.31 Holders of rec. Mar.20
Preferred (quar.)
134 Mar.31 Holders of rec. Mar.20
Chicago Yellow Cab, Inc.(mthly.)___. 33 1-3c Mar. 1 Holders of rec. Feb. 200
Chill Copper (quar.)
132%0 Mar. 29 Holders of rec. Mar. la
Cities Service
Common(menthly, pay.In cash scrip) Oil Mar. 1 Holders of rec. Feb. 15
Common(payable in corn,stock scrip) p134 Mar, 1 Holders of rec. Feb. 15
Preferred and preferred B(monthly)
34 Mar. 1 Holders of rec. Feb. 15
City Ice de Fuel, Cleve.(guar.)
Mar. 1 Holders of rec. Feb. 200
Quarterly
2
June 1 Holders of rec. May 200
Quarterly
2
Sept. 1 Holders of rec. Aug. 200
Quarterly
2
Dec. 1 Holders of rec. Nov.200
Cleveland Stone (extra)
Mar, 1 *Holders of rec. Feb. 15
Colorado Fuel & Iron, pref. (quar.)_.. 2
Feb. 25 Holders of rec. Feb. Ila
Consolidated Cigar Corp.. pref. (guar.). 134 Mar. 1 Holders of rec. Feb. 156
Consumers Company, preferred
394 Feb. 20 Holders of rec. Feb. 9a
Cosden SL Co., pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 15a
Cuba Company, common (quar.)
$1
Mar. 1 Holders of rec. Feb. 156
Cumberland Pipe Line
3
Mar. 15 Holders
s3H Mar. 8 'Holders of rec. Feb. 29
Curtiss Aeroplane & Motor, new pref
of rec. Mar. 8
Davis Mills(quar.)
lig Mar.22 Holders
rec.
80
Decker (Alfred) & Cohn, prof.(quar.)„ 1% Mar. 1 Holders of rec. Mar.20a
of
Feb.
Deere Ai Co., preferred (quar.)
75c. Mar. 1 Holders of rec. Feb. 150
Detroit Brass Et Malleable Wks.(mthly.)
Mar. 1 *Holders of rec. Feb. 26
Diamond Match (quar.)
2
Mar, 15 Holders of rec. Feb. 290
Dictophone Corporation, prof. (quar.)
'2
Mar. 1 'Holders of rec. Feb. 18
Eastman Kodak,common (uuar.)
$1.25 April 1 Holders of rec. Feb. 290
Common (extra)
75e. Apr. 1 Holders of rec. Feb. 290
Preferred (quar.)
134 Apr. 1 Holders ot rec. Feb. 290
Electric Auto-Lite, corn. (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 150
Famous Pl. Canadian Corp., 1st pt.(qu.) 2
Feb. 29 Holders of rec. Jan. 31
Flelahmann Co.. common ((plan)
75e. Apr. 1 Holders of rec. Mar. 150
Common(quar.)
750, July 1 Holders ef rec. June 150
Common (quar.)
75e. Oct. 1 Holders of rec. Sept. 150
Common (guar.)
75e. Jan 1'25 Holders of rec. Dec. 150
General Asphalt, pref. (guar.)
134 Mar. 1 Holders of rec. Feb. 150
General Cigar, pref.(quar.)
134 Mar. 1 Holders of rec. Feb. 230
Debenture preferred (quar.)
134 Apr. 1 Holders of rec. Mar.240
General Development(quar.)
250. Feb. 20 Holders of rec. Feb. Ila
Gillette Safety Razor (quar.)
33 Mar. 1 Holders of rec. Jan. 31
Stock dividend
e5
June 2 Holders of rec. May 1
Goodrich (B. F.) Co.. pref.(quar.)
154
Gossard (H. W.) Co.. corn.(monthly) 25c. Apr. 1 Holders of rec. Mar 21a
Mar. 1 Holders of roe. Feb. 18
Great Western Sugar,common (quarj_ $2
Apr. 2 Holders of rec. Mar.150
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar.15a
Greenfield Tap & Dle. prof.(guar-)
*2
Apr. 1 'Holders of rec. Mar. 15
Guantanamo Sugar. Pref. (Qum.)
2
Harbison-Walker Refract.,corn.(quar.)- 1% Apr. 1 Holders of rec. Mar. 150
Mar. 1 Holders of rec. Feb. 200
Preferred (quar.)
134 Apr.
Hart, Schaffner & Marx, corn. (quar.)-- .13 Feb. 19 Holders of rec. Apr. 9a
4
29 *Holders of rec. Feb. 18
Hartman Corporation (quar.)
$1
Mar. 1 Holders of rec. Feb. 18a
Hayes Wheel (guar.)
*75c. Mar. 15 *Holders of rec. Feb. 29
Hibbard, Spencer, Bartlett Co.(mthly.)•35c. Feb.
29 *Holders of rec. Feb. 20
• Monthly
"35c. Mar. 28 *Holders of rec. Mar.20
Extra
•15c. Mar. 28 *Holders of rec. Mar.28
Hollinger Consol. Gold Mines
•1
Feb. 25 "Holders of rec. Feb. 7
Homestake Mining (monthly)
50e. Feb. 25 Holders of rec. Feb. 200
Hood Rubber, common (quar.)
Mar.
Hood Rubber Products, pref.(guar.). 'Si
•
1% Mar. 31 *Holders of rec. Mar.20
1 *Holders of rec. Feb. 20
Household Products (quar.)
75e. Mar, 1 Holders of rec. Feb. 146
Hudson Motor Car (quar.)
75c. Apr, 1 Holders of rec. Mar. 206
Hydrox Corporation, pref. (quar.)
•1,4 Mar.
1 *Holders of rec. Feb. 19
Imperial Oil, Ltd.(quar.)
n75c Mar, 1 Holders of coup. No.191'
Ingersoll-Rand Co., corn. (guar.)
'2
Mar. 1 Holders of rec. Feb. 140
Inland Steel, common (quar.)
"82%c Mar. 1 'Holders of rec. Feb. 15
Preferred (quar.)
International Harvester. pref. (quay.),, '134 Apr. 1 *Holders of rec. Mar. 15
International Shoe, pref. (monthly)_ _ _ 134 Mar. 1 Holders of rec. Feb. 90
50c. Mar. 1 Holders of rec. Feb. 15a
Kinney(G.R)
Co.,preferred (guar.)._ 2
Mar. 1 Holders of rec. Feb. 190
Lake of the Woods Milling.corn.(qu.)
3
Mar. 1 Holders of rec. Feb. 16
Preferred (quar.)
lig Mar, I Holders of rec. Feb. 18
Lake Shore Mines (quar.)
*2
Feb. 24 *Holders of rec. Feb. 1
Langton MonotYPe Machine
((Mar.) -' 134 Feb. 29 Holders of rec. Feb. 196
Lehigh Coal & Navigation (guar.)
$1 Feb. 29 Holders of rec. Jan. 310
Liggettdi MyersTob.,com.&com.B
(qu.) 3
Mar. 1 Holders of rec. Feb. 150
180
THE CIIRON1CLE
766
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
(VOL. 118.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Feb. 9. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded).
Mar. 1 Holders of rec. Feb. 150
$1
Lima Locomotive Works (quar.)
500. Feb. 20 Jan. 30 to Feb. 19
Lit Brothers Corp
Mar. 1 Holders of rec. Feb. 6
$2
Ludlow Mfg. Associates(quar.)
51.50 Mar. 1 Holders of rec. Feb. 23
Mahoning Investment (gnat.)
51.25 Mar. 1 Holders of rec. Feb. 154
Manatl Sugar (quar.)
$1.25 June 1 Holders of rec. May 154
Quarterly
$1.25 Sep 1 Holders of rec. Aug. 150
Quarterly
750. Mar. 1 Holders of rec. Feb. 1la
Manhattan Shirt, common (quar.)
750. Mar. 1 Holders of rec. Feb. 150
Corporation (quar.)
Martin Parry
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
15a
May Department Stores,cam.(quar.)__ $1.25 Mar. 1 Holders of rec. Feb. 15a
-that is, three ciphers (0001 orn1tte4.1
(Stated in thousands of dollars
Apr. 1 Holders of rec. Mar.
Preferred (quar.)
1N Mar, I Holders of rec. Feb. 21
Mayer(Oscar), Inc., 1st prof.(quar.)_.._
21
Mar. 1 Holders of rec. Feb.
2
Second preferred (quar.)
New
IN Mar. 1 Holders of rec. Feb. 1
Merrimack Mtg.. common (quar.)
Reser,
Capital. Profits. Loans,
234 Mar. 1 Holders of rec. Feb. 1
Time Bank
with
Preferred
Net
--- Discount, Cash
Week Ending
Apr. la
De- CircaMichigan Sugar. pref.(acct.accum.div.) h134 Apr. 10 Holders of rec. July la
to
1.4gal Demand
Feb.9 1924. Nat'l, Dec. 31 Investh134 July 10 Holders of rec.
dividends)_
Preferred (account accum.
State, Nov. 15 MOUS, Vault. Derpost Deposits. Posits. laOct. la
hl Oct. 10 Holders of rec.
Hon.
Preferred (account accum.dividends)tortes.
cee.
Nov.15
(000 omitted.) Tr.Cos.
134 Mar. 15 Holders of rec. Feb. 29
Montreal Cottons. Ltd., corn. (quar.)
I 34 Mar, 15 Holders of rec. Feb. 29
A v'ge
Preferred (quar.)
190 Members of Fed. Res. Bank. Average Average Averag Average Average 3
75e. Mar. 1 Holders of rec. Feb.
Munsingwear. Inc.(guar.)
75e. Apr. 15 Holders of rec. Mar. 310 Bank of N Y & 4,000 12,271
47,681 7,335
810 6,57
National Biscuit, common (quar.)
65,822
Trust
1H Feb. 29 Holders of rec. Feb. I40
107,896 19,512 _Preferred (quar.)
10,000 13.676 130,791 2.243 14,76
Bk of Manhs
1,1 Mar, 1 Holders of rec. Feb. 23
147.132 4,195 550•
National Cloak & Suit, pref. (quar.)
157,540 4,411 19,2
I
Mar. 1 Holders of rec. Feb. 154 Mech.& Met Na 10.000 16.510
81,632 2,931
Nat. Dept. Stores,2d pref.(quar.)
79.518 1.376 10,56
Bank of America 6,500 5.604
1
May 15 Holders of rec. May 1
National Fireproofing. Pref. (quar.)____
51,902 510,936 4.506 59,166 *573,854 36,963 2,137
• 13( Mar. 15 Holders of rec. Feb. 210 Nat City Bank_ 40,000 16,671 116,850 1,094 13.72
348
100.611 9.127
National Lead. preferred (quar.)
rec. Mar. 70 Chem Nat Bank 4,500
$1 Apr. 1 Holders of
7 297
3,613
46
55'
New York Air Brake, Class A (quar.)
4,255
47
500
70 Nat Butch & D11
-Pond Co, prof. (quar.)-. 114 Feb. 20 Holders of rec. Feb. 180 Amer Exch Na
-Bement
81,144 6,144 4,950
944' 11,23
Niles
93,342
5,000 7.848
134 Mar. 1 Holders of rec. Feb. 200
Onyx Hosiery, pref. (quar.)
248,126 20,01
915 32,741
Nat Bk of Corn. 25.00 38,624 295.227
Feb.
2,371.
Orpheum Circuit, common (monthly).. 12340 Mar. 1 Holders of rec. Mar. 200 Paelite Bank... 1,00?1 1,713 26.177
24,75
828 3,6
1234c Apr. 1 Holders of rec.
(monthly)
Common
120,29 27,574 6:642
4,4971 17.41
of rec. Mar. I50 Cha t&Phen Na 10,500 9,114 152.437
Apr. 1 Holders
2
100
Preferred (quar.)
664 14,20
Nat Bk 5,000 22,151 119,465
Mar. 1 Holders of rec. Feb. 200 Hanover
$4
8 3
68 0
Package Machinery,common
2 09
15 : 7 25,F30:1
106,983Corn Exchange. 9,07 I2.924 179.816 5,636 22,07
Mar.20
7,82613
Paige-Detroit Motor,common (quar.) •30o. Apr. I *Holders ot rec. Feb. sa
886 16,701
23,646 160,268
National Park _ 10.0
$1
Feb. 11 Holders of rec.
60.
357, 1,628
11,743 2,939
Pennsylvania Coal & Coke (guar.)
15,479
13( Mar. 1 Holders of rec. Feb.d160 East River Nat_ 1,600 1,304 297,257
,
Phoenix Hosiers. Pref.(quar.)
163,094 21,195 7.448
433 21,83
10,000 59,319
Apr. 1 Holders of rec. Mar. 170 First National
Pittsburgh Plate Glass, common (qu.)_ _ 2
259,475 15,11
Bk-CoITr 17,500 11,419 260,879 3,433 34,2
July 1 Holders of res. June 1.64 Irving
2
Common (qual.)
951
145,
8,033
980
1,000
Continental Bk
13( Mar. 1 Holders of rec. Feb. 15
Pittsburgh Steel, preferred (quar.)
61991
299 2 0
368
7
319,558 3.9711 40,59
134 Feb. 20 Holders of rec. Feb. 70 Chase National_ 20,000 23,706
Pratt & Whitney Co., pref. (guar.)
22,489 19,795 1-'6"
695: 332
21,974
500 2.549
Mar. 18 Holders of rec. Feb. 260 Fifth Avenue__
$1
Car, common (quar.)
Pressed Steel
314' 1,15
8,603 1,457
10.119
600 1,0
reo. Feb. 190 Commonwealth_
131 Mar. 11 Holders of
Preferred (quar.)
93 396
15,213
(1
43 I1 207
15,768
1,625
3734 Mar. 1 Holders of rec. Feb. 150 Garfield Nat... 1.000 1,115
247
Pure 011,common (quar.)
16.382 1,272
218 2,09
16.473
1,200
134 Feb. 29 Holders of rec. Feb. la Fifth Na Bonet_ 4.
68
Quaker Oats, preferred (quar.)
81,866 1,886
783 10,74
7.315 83,864
Seaboard Nat..
Apr.
$2.50 Apr. 15 Holders of roe.
Realty Associates,common
968 412
14,053
278 2,06
1.344
16,180
Coal & Iron Nat 1,500
254 Apr. 15 Holders of rec. Apr.
Second preferred
991 29,769 *230,122 31,357
Bankers Trust_ 20.000 24.019 269.971
Mar. 11 to Apr.
134 Apr. 1
Republic Iron dz. Steel, pref. (quar.).,_
45,600 2,459
635 5,971
50,374
4,431
U S Mtge & Tr_ 3.
Apr. 1 Mar. 11 to Apr.
Preferred (account accum.dividends)_ hl
18.406 363.587 1,422 39,269 *382,069 44,797
Guaranty Trust 25.
260. Mar. 20 Mar. 9 to Mar.2
St. Joseph Lead Co.(quar.)
17,752 1,727
376 2,35
FldeI-lotorTruet 2, ii 1,943 20.281
Mar.2
25c. Mar. 20 Mar. 9 to
Extra
128,298' 13,999
559 17.3
Jan. 1 a N Y Trust Co_ 10,000 18,342 149,532
Salt Creek Producers Association (quer.) 25e. Feb. 21 Holders of reo. Jan. 1 a Metropolitan T
581 4,427
33,521 2.022
37,490
2,000 4,032
of rec.
20c. Feb. 21 Holders
Extra
461 13,776 *100,468 21,547
128,767
5.000
Mar. 1 Holders of rec. Feb. 1 a Farm Loan & Tr 23,000 16,354 240,936 1.635 29,169 *255,332 23,693
Schulte Retail Stores, corn.(In Met stk.) eiS2
,
9,986
Equitable Trust4
Feb. 20 Feb. 12 to Feb. 2
3
Scotteo-Dillon Co. (quar.)
Feb. 20 Feb. 12 to Feb. 2
2
31,962
Extra
2 a Total of averages 289,•75 441,958 4,418.966 46,588505,142c3,764.415374,397
154 Mar.31 Holders of roe. Mar.2 a
Sbawmut Mills,corn.(quer.)
134 Mar.31 Holders of rec. Mar.
31,952
Preferred (quar.)
1 a Totals,actual co nclitIon Feb. 94,379,339 47,491 537.613c3,729,197 375,994 32,066
Feb.
Sherwin-Williams Co., pref. (quar.).... U' Mar. 1 Holders of rec. Feb. a Totals, actual co odition Feb. 24.4:10.229 44,101 508,978 c3,807,605 371,789
31.907
Sinclair Consol. MCorp.. cons.(quar.). 500. Feb. 29 Holders of rec. Feb. I
Totals,actual c ndltion Jan. 264,356,257 47,691 473,556 c3,679,482 407,218
of rec.
Mar. 1 Holders
2
Southern Pipe Line (quar.)
State Banks Not M mbers I of F ' Res ve Bank.
134 Mar. 1 Holders of rec. Feb. 1 a
6
Spalding(A.G.)& Bros., 1st pref.(qu.)_
19,963
19,286 1,666 1,907
Greenwich Bank 1,0001 2,386
Mar. 1 Holders of rec. Feb. 1
2
Second preferred (qual.)
2.834 2,125
374
332
5,641
250j
8641
Jan. 310 Bowery Bank_
Feb. 29 Holders of rec.
2
Standard Clay Products, common
32,421 56,791
92.579 3,742 2,226
2.509 5,04
134 Feb. 29 Holders of rec. Feb. lba State Bank____
Standard Milling, corn. (quar.)
134 Feb. 29 Holders of rec. Feb. 180
Preferred (quar.)
55.218 58,922
8,299 117,506 5,740 4,507
50c. Mar.15 Holders of rec. Feb. 20a Total of averages 3,7601
Standard Oil(Calif.)(quar.)
.6234c Mar. 15 Holders of rec. Feb. 16
4,404
Standard 011 (Indiana) (quar.)
55,427 58.917
Feb. 290 Totals,actual co ndition Feb. 9 117,859 5.681
500 Mar.15 Holders ot rec.
54,795 68,857
Standard 011 (Kansas)(quar.)
Totals,actual co nditlon Feb. 2 116,951 5,856 4,433
•35c. Mar. 15 *Holders of rec. Feb. 21
Standard Oil of New York (quar.)
55,537 58.918
Totals.actual oo ndition Jan. 26 117.442 5.825 4,431
of roe. Jan. 25
Mar. 1 Holders
Standard Oil(Ohio), pref.(quar.)
Companies Not Membe rs of Fed 'I Res've flank.
Trust
Mar.15
37,047 1,496
4,142
Standard Textile Prod.. pret. A & B(qu) 15( Apr. 1 Holders of rec. Feb. 150 Title Guar & T 10,0001 13.9611 56,916
Mar. I Holders of rec.
2
836
17,128
974 1,659
Stern Brothers,8% pref. (guar.)
27.045
5,71
Feb. 90 LawyersTit T 6,00
Studebaker Corp., common (quer.)- _ -- 234 Mar. 1 Holders of rec. Feb. 90
134 Mar. 1 Holders of rec.
54,175 2,332
Preferred (quar.)
19,6801 83,961 2,418 5,801
of roe. Feb. 230 Total Of averag
Thompson(John R.) Co..com.(mthly.)_ 25o. Mar. 1 Holders
4
Apr. 1 Holders of rec. Mar.20
52,874 2,378
Thompson-Starrett Co., preferred
co ndltion Feb. 91 82,626 2,495 5,672
75c. Mar. 5 Holders of rec. Feb. 180 Totals,actual co odition Feb. 2, 85,8201 2,282 6,164
Timken Roller Bearing (quar.)
56,644 2,321
250. Mar. 5 Holders of rec. Feb. 180 Totals,actual
Extra
53,832 2,118
ndition Jan. 261 83,025 2,225 6,059
Totals,actual co
ss
Mar. 15 *Holders of rec. Mar. 5
Truscon Steel, common (quar.)
of rec. Feb. 20
*13( Mar. 1 *Holders
Preferred (quer.)
80 Gr'd aggr., aver 309,625469.9384,1320,433i 54,746 515,450 3,873,808435,651 31.962
334 May 15 Holders of rec May
Union Buffalo Mills, first preferred
+56 +1.046 +23,175 -3,665 +63
with pray. week -.1 +35,855
254 May 15 Holders of reo. May Sa Comparison
-Second preferred
Holders of rec. Feb. 50
dl 34 Mar.
Union Tank Car,common (quar.)
ond'n Feb. 04,579.824 55.667547.689 3.837,498417,289 31,952
Holders of rec. Feb. 50 Gr'd aggr., act'l
134 Mar.
Preferred (qua,)
week _ -1-53,176 +3,428 +28114 -81.546 -1L4,322 -114
Holders of rec. Feb. 290 Comparison with prey.
134 Mar. 1
United Cigar Stores, pref.(quer.)
Holders of rec. Feb. 15a
134 Mar.
United Drug,common (guar.)
ond'n Feb. 24.633.000 52.239519,575 3,919,044432,987 32,066
Or'd aggr,
isH Mar.
*Holders of rec. Feb. 15
Second preferred (quar.)
31,907
Ged Mgr,aa' ond'n Jan 264,556,724 55,741484.046 3,788,851468,254 31,845
Holders of roe. Mar. 6
234 Apr.
United Fruit (quar.)
54.266520,94 3.806,823465,573
or'd aggr., ace ond'n Jan. 194,579.423 60.269601,075 3,835,858 463,919 32,076
Holders of rec. June 6
234 July
Quarterly
9
Gr'd agar.. arri ond'n Jan. 124.579,571
Holders of rec. &nit. 8
254 Oct.
31,789
Quarterly
'd
Or aggr.. ad ond'n Ian. 54.508.426 03.468622,128 3,828,961 466,674
234 Jan2'25 Holders of rec. Deo. 8
Quarterly
32.250
(lied agar., act' road's Dec.294.681.862 66,302 494,546 3,819,631 483,156
Apr. 1 Holders of rec. Mar. 4
United Profit Sharing, corn.(quar.)___ 15
rec. Mar. 4
Apr. 1 Holders of
Common (Payable In pref. stock)____ m25
-U. S. deposits deducted from net demand deposits in the genera totals
Note.
la
134 Mar. 15 Holders of rec. Mar. 20 above were as follows: Average total Feb. 9. $32,435,000; actual totals Feb. 9.
0.5. Cast Iron Moe & Fdy.. pf.(qu.)
134 June IS Holders of rec. June
Preferred (quar.)
20 532,434.000; Feb. 2, 532,433,000; Jan. 26, 532,433,000; Jan. 19, $32,433,0001 Jan134 Sept.15 Holders of rec. Sept.
Preferred (quar.)
Bills payable, rediscounts, acceptances and other liabilities, aver
134 Dec. 15 Holders of reo. Dee. la 12. 532,433.000.
Preferred (quar.)
age for week, Feb. 9, 5166.598.000; Feb. 2. $451,172,000; Jan. 26, $449,547,000:
•154 Apr. 1 *Holders of rec. Mar. 21
U.S.Playing Card (qeer.)
19. 8446,188,000; Jan. 12, $446,782,000. Actual totals Feb. 9, 5496,953.000;
2
Mar.15 Holders of rec. Feb. 28a Jan.
15.5. Realty is Impt.,common
Jan,26, 5421,823,000; Jan. 19, 5157,914,000; Jan. 12, $425.May 1 Holders of rec. Feb. 280 Feb. 2. 5441,684,000;
Preferred ((Mar.)
522,000.
134 Mar.29 Feb. 28 to Feb. 29
U.S. Steel Corp., common (qum.)
follows:
• Includes deposits In foreign branches not included in total footings as
H Mar. 29 Feb. 28 to Feb. 29
Common (extra)
Trust Co., $9,717,000; Guaranty
Feb.
134 Feb. 28 Feb. 3 to dMar.6 National City Bank. $125,056,000: Bankers Co.,$264,000; Equitable Trust CO..
Preferred (quar.)
la Trust Co.. $86.208,000; Farmers' Loan & Trust
V. Vivaudou. Inc., common (guar.).- In 500. Mar. 15 Holders of rec,
335,350.000. Balances carried in banks In foreign countries as reserve for such
50c. Mar. 20 Holders of rec. Mar. 5
Vacuum 011 (quer.)
deposits were: National City Bank, 520,896,000; Bankers Trust Co., 8906,000;
250. Mar. 20 Holders of rec. Mar. 5
Extra
Mar. 1 Holders of rec. Feb. 150 Guaranty Trust Co., 59,900.000; Farmers' Loan & Trust Co., $264,000; Equitable
Raalte Co., Inc., 1st pref.(quar.)
/
Van
of rec. Mar. 24
Trust Co., 53,332,000. c Deposits in foreign branches not Included.
$I Apr. 1 Holders
Wahl Company. common (quar.)
1
Apr. 1 Holders of rec. Mar. 24
Preferred (quar.)
The reserve position of the different groups of institutions
Mar. 1 Holders of rec. Feb. 200
Weber & Helibroner. pref. (quar.)
I fa Feb. 29 Feb. 21 to Feb. 29
Welch Grape Juice. prof.(quar.)
on the basis of both the averages for the week and the actual
15
White (J. G.) Co.,Inc., pref.(guar.)... 1 34 Mar. 1 Holders of rec. Feb. 15
condition at the end of the week is shown in the following
134 Mac. 1 Holders of rec. Feb.
White (J. G.) Eng. Corp.. pref.(qu.)
IN Mar. 1 Holders of rec. Feb. 15
two tables:
White (J. G )Mg't Corp., prof.(qu.)
31 Holders of ree. Mar 210
Mar.
$I
White Motor (guar.)
HOUSE BtINKS
2
Mar. 1 Holders of rec. Feb. 100 STATEMENT OF RESERV14 POSITION OF CLEARING
Woolworth (F. W.) Co..(quar.)
AND TRUST COMPANIES.
a Wrigley (William) Jr. ,t Co.
of fee. Feb. 20a
New no par value stock (monthly).- 250. Mar, 1 Holders
25e. April I Holders of roe. Mar.200
New no par value stock (monthly)
Averages.
25c. Feb. 29 Holders of rec. Feb. 180
Wright Aeronautical Corp.(quar.)
of rec. Feb. 200
Yellow Cab Mfg.,class B (monthly)_-__ 41 2-3r Mar 1 Holders of roe. Mar. 150
a
Cash
Reserve
Sheet & Tube. corn.((ILO-- $1.25 Mar. 31 Holders
Youngstown
Referee
(a
Total
Reserve
111 Mar. 31 *Holders of rec. Mar. 15
•
• u.
Preferred (quar.)
esillre
lu's
Reautryd
in Vault. Depositaries Reserve.
ruled that stock
•From unofficial sources. t The New York Stock Exchange has notice. 3 The
$
$
$
$
g
Members Federal
quoted ex-dividend on this date and not until further
will not be
. _ _ . 503,142,000 505.142,000 500.605.860 4,536,140
will not be quoted exReserve banks _ __
New York Curb Market A&90elliti011 has ruled that stock
307,780
5.740,000 4,507,000 10,247,000 9,939,240
State banks*
dividend on this date and not until further notice.
92,750
companies_ __ _ 2,418,000 5,801,000 8.219,000 8.126.250
for this dividend. d Correction. e Payable in stock. Trust
a Transfer books not closed
in scrip. h On account of accumulated
Payable
.1 Payable In common stock. 0
8,158,000 515,450,000 523,608,060 518,671,350 4,0311,650
Total Feb. 9
0
515,775,700 6,746,30
dividends. m Payable In preferred stock. n Payable in Canadian funds.
8.118.000 514,404,000 522,522,000
Total Feb. 2
8,124,000 509,382,000 517,506,000 509,429.340 8,076,660
Total Jan.26
of coupon No. 30.
0 Also to holders
521,157,000 514,227,790 6,929,210
Jan. 19
8,099,000 513,058,000
Total
stock issued in December 1923 In place of the old 525 par stock,
is New no par value
dividends of 50 cents a share and 25 cents a share extra on the old stock
•Not members of Federal Reserve Bank.
the monthly payment In 1924 belog all rescinded.
in
a This is the reserve resuired on net demand depositsthe the case of State banks
declared for
Federal Reserve Bank
of
Feb. 15.
• and trust companies, but In the case of members deposits, which was as follows:
Payable to Waders of record
Includes also amount in reserve required on net time
or 142-7%.
capital of $3,500.000,
512.228.180; Jan. 19. 612.094.470.
Dividend is $590.000 on
o
Feb.9.511.231.910: Feb. 2.111.347,640; Jan.26,
1125.
w Payable Feb. 26
134
H
3.1
134
I
FEB. 16 1924.1
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
In
in Vault. Depositaries
Members Federal
Reserve banks_ _
State banks.
Trust companies__ _
Total Feb. 9
Total Feb. 2
Total Jan.26
Total Jan. 19
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
767
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMOERS
$
537,613.000 537,613,000 496,075,430 41,537,570
5,681,000 4.404.000 10,085.000 9,976.860
108,140
2,495,000 5,672.000 8,167,000 7,931,100
235,900
8,176.000 547.689,000 555,865.000 513,983,390 41.881.610
8.138,000 519,575.000 527.713,000 524.502.020 3,210.080
8,050.000 484,046.000 492.096,000 508.620,000 x16.524,660
8,168,000 520,945.000 529.113,000 510,815.760 18,297,240
• Not members of Federal Reserve banks.
b This Is the reserve required on net demand deposits in the case of State banks
Jand trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Feb.9,611.279.820; Feb.2,$11,153,670; Jan. 26,$12,216,540; Jan. 19, $12,129,240.
a Deficit.
Feb. 13
1924.
Changes from
Pvevants week.
Jan. 30
1924.
Feb. 6
1924.
$
Capital
57,300,000 Unchanged
57,300.000 57,100,000
Surplus and profits
79,968,000Unchanged
79.968.000 79,4)5.000
Loans. insets & Investments. 340,086,000 Dee.
290,000 810.376,000 832,730,000
Individual deposits.incl.U.S. 613,984,000 Dec. 1,494,000 615,478.000 604.167,000
Due to banks
121.377,000 Dec. 4,911,000 126.288,000 117,456,000
Time deposits
130,574,000 Inc.
860,000 129,714,000 127,946,000
United States deposits
13,376,000,Dec.
176,000 13.552.000 13,543,000
Exchanges for Clearing House 27,060,000 Dec. 7,315,000 34,375.000 26.200.000
Due from other banks
69,453,000 Inc. 1,517,000 67.036,000 62.723.000
Reserve in Fed. Res. Rank... 70,138,000 Dec.
893,000 71,011.000 69,546.000
Cash in bank and F. R. Bank 8,757,0001Ine.
67,000
,
.
Reserve excess In bank and
Federal Reserve Bank _ _ _
198,000 Dec.
599,000
797.000
348.000
State Banks and Trust Companies Not in Clearing
Philadelphia Banks.
-The State Banking Department reports weekly
House.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending Feb.9, with comparative figures
panies in Now York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by Slate Banking Department.)
Differences from is not a part of legal reserve. For trust companies not memFebruary 9.
previous week
bers of the Federal Reserve System the reserve required is
Loans and investments
$831,923,600 Inc. $729,300
Gold
3.364,200 Dec.
58,500 10% on demand deposits and includes "Reserve with legal
Currency and bank notes
21,347,400 Inc.
105,100 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
70.739,800 Dec.
720.000
Total deposits
868,841,400 Inc. 5,146,800
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 816,724.700 Inc. 2.118,700
Reserve on deposits
130,334.000 Inc.
821,900
Percentage of reserve, 20.8%•
RESERVE.
State Banks
-Trust Companies
Cash In vault
•$29,378.400 15.85%
566,113,000 15.02%
Deposits in banks and trust eon...,..10,240.900
5.52%
24.601.700
5.59%
Total
$39,619,300 21.37%
590:714,700 20.61%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Feb. 9 was $70,739,800.
Banks and Trust Companies in New York City.
-The
averages of the Now York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
• COMBINED RESULTS OF BANKS AND TRUST 'COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
$
5,355,546.100
5,360,666.100
5,373,050.300
5,337,904,700
5.336,645.600
5,313.324,400
5.342,550,200
5,335,770.100
5.323,809,000
5,375,564.900
5.390.060.400
5,486,657,900
5.414.724.400
5,413,393,500
5,393,304,400
5,415,772,300
5 542 am: nnn
$
4.503,826,700
4,495.610,900
4.533.531,000
4,522,471.900
4.5(11,107.300
4.553.358.100
4,562,572.400
4,558.091,100
4,555,017.660
4.5417.845.800
4,539,321,800
4,687.252.400
4.647.636.700
4.651.352,800
4,608.974.700
4,6(15.239.000
•Total Cash
in Vaults.
88gg888
.-Acb
00000000G
CCO=CCOOC
clqe,
4 WM c 19 7110
.
wwwwoommoomaowwwcor.n
Week endedOct. 20
051. 27
Nev. 3
Nov 10
Nov 17
Nov. 24
Des. 1
Dec 8
Dec 15
Dee. 22
Dec. 29
Jan. 5
Ian. 12
Ian 19
Jan. 26
Feb. 2
Web. 0
Demand
Deposits.
Reserve in
DeposUartes.
$
600.034.000
599,275,700
608.669,300
612,693.900
616.672.200
608,185.800
612.246,900
609,403,800
609.685,200
607,561,200
612.227.600
643.539.300
628.171.600
623.035.300
615.261,500
619.211.100
051 Wig 4All
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORE
CLEARING
HOUSE.
(Stated is thousands of dollara-thal Is. three ciphrrs (0001 omitted.)
I Net
Loans
I
CLEARING
Capital. Profile DieR
Net
Net
Nat'l
NON MEMBERS----- counts. Cash
with Demand Time
Bank
Nat.bka. Sep.14 Invest- in
Legal
DeDeCircaWeek Ending Statebks.Nv.15 meals, Vault. Deposi- posits. 1 posits lotion.
Feb. 9 1924. Tr.cos. Nov.15 rtc.
tortes.
-Mensbers of
Average Aterage Average Average Average Average
$ 1 $
red'i Res've Bank
$ 1 $
$
i
a
$
$
500 1,626 8,616
25
.R. Grace &Co_
528
2.664 4,273
Total
State Banks
Not Members of
Fed'IRes've Bank
Bank of Waal.Eta
Colonial Bank._
Total
Trust Company
Not Member of
Fedi Reeve Bank
Moch.Tr.,Bayonn
500117
126
-
200
8001
1,000
8,616
25
528
2.664
694
2,5881
320
1,665
5,022
21.408
3,282
1,985
26,430
3,775
268
1
1713
2,839
5,818
500
407
4,906
500
407
8,906
I
268
170:
2,839 5,818
'
3,575 2,683 a31.933 13.866
+211 +439i
+113 +2,46:
2,000 4.724 46,072
2,000 4,724 46.405
2,000, 4,580 44,542
9 nod
4540 46.606
3,554 2,2441 a31.820 11,398
3.558 2,3521 a32,556 11,183
3,5571 2,512; a32,013 11,216
2.7681 2.775l nal 000 11 95(5
Gr'd aggr., Feb. 2
Gr'd aggr.,Jan. 2
Gr'd aggr., Jan. 19
Gr'd agar.,Jan. 1
•United States deposits deducted. 860.000.
Buis payable. redisoounts. acceptances and other 11.011Itles, 8131.01.)
&Mee reserve. $422,780 ineresse.
1924.
Total.
Feb. 2
1924.
45,000,0
15,800.0
42,311.0
697,0
12,0
911.0
25,269.0
1,060.0
27.240,0
Jan.26
1924.
544.875.0 544.875,0
123.877,0 123.877,0
733.840.0 728,544.0
30,856,0 32.205.0
91.977.0 92.901.0
122,102.0 120.454.0
543,919,0 535.681,0
62,404.0 62.786.0
728.425,0 718.925.0
9.609,0
9.610.0
3,477.0
3.477,0
3.236.0
55,451.0 54.743.0
1.086,0
9.911,0
9,995.0
4,563,0 68,839.0 67,974,0
3.873.0 59,708.0 58,459,0
693.0
9.131,0
9.515.0
for Federal Reserve members.
$44.875.0
123.877,0
727.919.0
30,285.0
94.154.0
121,414.0
537.458,0
61,219,0
720,085.0
9,528.0
3.228.0
54.643.0
10.333,0
(18,204.0
59,111.0
9,093,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business F b. 13 1923 in
comparison with the previous week and the corresponding
date last year:
Feb. 13 1924. Feb. 6 1924. Feb. 14 1923.
Resources
,
Gold with Federal Reserve agent
603.209.000 603,253,000 635,023,000
Gold redemp. fund with U.S. Treasury_
9.927.000
6.284,000
7,069,000
Gold held exclusively asst. F.R. notes 613,138,000
Gold settlement fund with F.R. Board
52,863,000
Gold and gold certificates held ay bank
187,456.000
609.537.000
114.014.000
193.994.000
642,092,000
194,542,000
141,130.000
Total gold reserves
Reserves other than gold
917,575.000
31,440,000
977,764,000
25,000,000
853.455.000
31,512,000
Total reserves
884,967,000
Non reserve cash
11,025,000
Bills discounted
Secured by U.S. Govt. obligations_ _ _ 143,078,000
Other bills discounted
19,540.000
919.015.000 1,002,764,000
12.945,000
9,484,000
Total bills discounted
Bills bought In open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
108,234.000 294,250,000
71,802,000 . 29,793,000
Total U.S.Government securities
162,618.000
78,136.000
96.262.000
11.972.000
1,202.000
8,879.000
7.210.000
1.202,000
7,111.000
6,807.000
259,758.000
31,492,000
1,149.000
.22,898,000
29,188.000
Total resources
17,300.000
15,12(1.000
53,235.000
258,054,000
112.917.000
13.653.000
2,089.000
Total earning assets
Uncollected Items
Bank premises
All other resources
195.156.000
105.769.000
13.653.000
1.979,000
377,278.000
153,979,000
10,515,000
1,929,000
1 282,755,000 1,278,517.000 1,555,949,000
Liabilities
Fed. Res. notes In actual circulation
Deposits
-Member bank,reserve acc't
Government
Other deposits
377,886,000
692.621.000
4,954,000
10,423,000
381,050.000
700.298.000
5.077.000
11.371.000
560,01.0,000
755,686,000
12,678,000
10,129.000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
707,998,000
105,319,000
29,545,000
59,929,000
2,078.000
716.746.000
89,448.000
29,446.000
59.929.000
1,898.000
778,493.000
126,131,000
28,983,000
59,800,000
2,532,000
1,282,755.000 1,278,517.000 1,555,949,000
81.5%
86.4%
74.9%
4,361,000
4,372,000
8,660,000
CURRENT NOTICES.
()rand aggregate_ _ 2,000 4,724 47,002
Comparison with revious week_ _ +930
Total
Capital
539,875,0
Surplus and profits
104,077,0
Loans, disets & Investnets 694,529.0
Exchanges for Clear.House 30,159.0
Due from banks
01.965,0
Bank deposits
121,191.0
Individual deposits
514.650.0
Time deposits
61,344.0
Total deposits
701,185,0
U.S deposits (not In el.)_
.
Res've with legal deposit's
Reserve with F R. Bank
55.451,0
Cash in vault •
8,825,0
Total reserve and cash held 64,276,0
Reserve required
55.835,0
Excess res. & cash In vault
8.441.0
•Cash in vault not coon ed as reserve
Ratio of total reserves to deposit and
Fed. Res, note liabilities combined_ _ _
Contingent !lability on bills purchased
for foreign correspondents
*Includes Victory notes.
1,661
2.114
2,691 29,480
Members01
Trust
,F.R.System Companies
Total liabilities
4,273
389 6,293
2.302 23.187
Week ending Feb. 9 1924.
Two Ciphers (00)
omitted.
_
_-_-
----
-Wright, Slade & Co., members of the New
York Stock Exchange.
announce the opening of a branch office at
51 East 42d Street, under the
management or Augustus W. Kelley Jr.
-M. J. Meehan & Co., members of the
New York Stock Exchange,
announce the removal of their offices to the
Trinity Building, Ill Broadway.
The New York Trust Co. has been
appointed registrar of Telautograph
Corporation Preferred and Common stocks.
-Do 'Udder, Mason & Minton announce
that Charles J. Martin has
joined the bond department of their firm.
The Bankers Trust Co. of this city has been
appointed registrar of the
capital stock of Pacific Mills.
[VOL. 118.
THE CHRONICLE
768
Weekly Return of the Federal Reserve Board.
condition
The following is the return issued 137 the Federal Reserve Board Thursday afternoon, Feb. 14, and showing the system
for the
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the resultsweek last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the correspondingReserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the
the latest
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for
week appears on page 734, being the first item in our department of "Current Events and Discussions."
THE CLOSE OF BUSINESS FEB. 13 1924.
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
COMBINED
19231Feb. 14 1923.
Feb. 13 1924. Feb. 6 1924. Jan. 30 1924. Jan. 23 1924. Jan. 16 1924. Jan.9 1924. Jan. 2 1924. Dec. 26
1
$
8
RESOURCES.
0
2,144,036,00
2,139,913,000 2,097,830.000 2,127,175,000 2,103,477,000 2,130,879,000 2,106.705,000 2,109,715,000 2,109,814,000
Gold with Federal Reserve agents
60,120,000
66.108,000
46,800,000
57,327.000
51,448,000
50,931,0001 52,632,000
50,315.000
57.815,000
Gold redemption fund with U. S. Trees_
2,156,109,000 2,177,679,000 2,158,153.000 2,167,042,000 2,175,922.000 2,204,156,000
Gold held exclusively sgst. F.R.netes 2,197,728,000 2.148,145,000 2,178,100.0001 587,327,000 573,038.000 582,522,000 568.954,000 553,604,000 572,152,000
Gold settlement fund with F. R. Board_ 553,784,000 810,033,000 573,226,000 408,228,000 406,402.000 389,867,000 347.890,000 341,401,000 302,189,000
certificates held by banks 376.750,000 381,115,000 391,385,000
Gold and gold
3,078,497,000
3,128,282,000 3,139,293,000 3,142,717,000 3,151,662,000 3357,119,000 3330.542.000 3.083,886.000 3.070,927.000 140,464,000
Total gold reserves
66,589,000
87,984,000
117,224,000 119,646,000 120,194,000 119.923,000 113,285,000 106,965,000
Reserves other than gold
3,218,961,000
3,245,486.000 3,258.039,0003,262,911.000 3,271,585,000 3,270,404,000 3,237.507,000 3,171,870,000 3,137,516.000
Total reserves
67,789,000
69.661.000
67.573.000
67,756,000
63,331,000 . 68,926,000
59.661.000
56,240,000
51,160,000
Non-reserve cash
Bills discounted:
428,724,000
297,581,000 242,085,000 259,280.000 272.927,000 259,774,000 306,373.000 422,764.000 441,842,000 224,715,000
Govt. obligations
Secured by U. S.
248,785,000 245.211,000 263,027.000 267,851,000 274,411,000 300.548,000 375.119,000 415,309,000
Other bills discounted
797.883,000
347.185,000
653,439,000
184,476,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
546,346,000
278.079,000
487.296,000
283,399,000
522,307.000
271.792,000
540,778,000
275,997.000
534,185,000
292,744,000
606,921.000
319.166,000
18,234,000
80,261,000
28,760,000
18,353,000
78,401,000
27,904,000
18.584,000
77,355,000
24,833,000
20,014,000
76.455,000
24,457.000
20,026,000
72,084,000
24,502.000
19,903.000
62.089,000
18,386,000
Total U. S. Govt. securities
Municipal warrants
127,255.000
124.658,000
10,000
120,772.000
10,000
120,926.000
10,000
116,612.000
20,000
100,358.000
51,000
Total earning assets
5% redemp.fund agst F. R. bank notes
Uncollected items
Bank premises
All other resources
951,680,000
28,000
562,725,000
54,732,000
20,088,000
805,363,000
28,000
500,207,000
54,614,000
19,237,000
914,881.000
28.000
531,163.000
54,594,000
19,027,000
937,711,000
28,000
591,438,000
54,578,000
17,120,000
943,561.000 1,026,496.000 1,271,762,000 1,297,775,000 1,191,438,000
311,000
28,000
28,000
28.000
28,000
670.437,000 606.178.000 679.216,000 591,608.000 676,813,000
46,777,000
53.998,000
54,000,000
54,209,000
57.105,000
16,045,000
15,835,000
15,576.000
15,684,000
16,185,000
Total resources
LIABILITIES.
F. It. notes In actual circulation
F. R. bank notes in circulatIon-net
Deposits
-reserve account__
Member banks
Government
Other deposits
857,151,000
330,415.000
29,532,000
29,429,000 } 88.835.000
•133,708,000
79,859,000
17,355.000
15,323,000 190,283,000
126,643,000
31,000
104.158.000
51.000
353,523,000
4,885,899,000 4,784,628,000 4,842,265,000 4,935,789,000 5,023,750,000 5,007,547,000 5.280,282,000 5,169,377,000
5,218,134,000
2,039,203,000 2,017,424.000 2.022,514,000 2,049.834,000 2,084,320.000 2,147.064.000 2,245,230.000 2,340375,000
458,000
470.000
470.000
444,0001
439.000
434,000
418,000
427,000
2,243,603,000
3,074,000
1,964,561,000
1,915,232,000 1,893,988,000 1,927,714,000 1,934,949,000 1,936,307.000 1,941,006.000 1,963,874,000 1.874.486,000
43,492,000
19,343,000
39,436.0001
56,695,000
42,811.000
61,184.000
40,941,000
311,960,000
38,250,000
22,639,000
30,229.000
20,572.000
23,895,0001 23,406.000
22.163,000
22,430,000
21,365,000
20,017,000
1,983.755,000 2.050,798,000 1,937,869.000 2,030,692,000
1 972,209,000 1,953,603,000 1,991,085,000 2,018.296,000 1,999.638.000
Total deposits
602,878,000
529,687,000 469,438,000 484,338,000 523,511,000 595.671,000' 532,205,000 620,215,000 535,490,000 108,373,000
Deferred availability Items
110,357,000 110,005,000 110,043.000: 110,035,000 110,302.000 110,508,000 110,483,000 110,103,000 218,369,000
Capital paid in
220,915,000 220,915,000 220.9I5.000j 220,015,000 220,915,000 220.915,000 220,015,000 218,369,000
Surplus
11,145,000
12,171.000
12.640,000
20.701,000
12.460,000
12,759.000
12.936,0001
12.816,000
13,110,000
All other liabilities
5,218,134,000
4,885,899,000 4,784,828,000 4.842,265,000 4,935.789,000 5,023,750,000 5,007,547,000 5,280.282.000 5,169,377.000
Total liabilities
Ratio of gold reserves to deposit and
72.0%
71.8%
71.8%
75.8%
77.3%
77.5%
78.3%
78.0%
79.1%
F. R. note liabilities combined
Ratio of total res. ryes to deposit and
75.3%
73.3%
73.8%
78.4%
80.1%
80.4%
81.3%
80.9%
82.1%
F. R. note liabilities combined
Contingent liability on bills purchased
31,888,000
19,010.000
17,808,000
18,175,000
17,315.000
17,010.000
16,843,000
16,294,000
16,305,000
for foreign correspondents
Distribution by 2Waturtttes1-15 days bills bought In open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
18-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U.S. certif. of Indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days TJ. S. certif. of Indebtedness.
31-80 days municipal warrants
81-90 days bills bought in open market_
81-90 days bills discounted
81-90 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
133,892.000
487,376.000
4,510,000
31.000
67,873,000
57.915,000
117,289,000
612,680,000
5,123.000
31,000
65,124,000
64,310,000
70,346,000
524,616,000
13,286,000
56,348.000
41.702.000
72,304,000
67,922,000
10,844,000
10,000
83,416,000
72.735,000
10,426,000
10.000
86,520,000
69.510,000
9,909.000
10.000
88,168,000
74,461,000
10.000
90,550,000
76.892.000
10.000
94.220,000
84,069,000
30.186,000
39,647.000
31,278,000
40,764,000
120.000
36.755.000
40,892.000
5,000
42,085.000
45,249,000
286.000
49,620,000
54,984.000
9,569,000
10.000
49,711,000
67,280.000
5,734,000
10.000
55,119,000
66,514.000
783.000
26,498,000
32,284,000
1.906,000
24,989,000
16,663,000
2.652,000
27.959,000
13.949.000
4,443.000
27.955.000
14,025.000
4,137.000
28,664.000
14,300,000
5,140,000
28,260,000
8,396,000
5,160,000
28,420,000
7,111,000
4.663,000
29,598,000
9,417,000
10,570,000
22,132,000
119,564,000
103,186,000
341,181,000
120,000
10,000
62,372,000
44,481,000
58,069,000
60.882,000
11,315,000
62,144,000
63,459,000
11,166.000
25,615,000
36,328,000
145,000
1,622,000
24.423,000
16,887,000
56,904,000
47,027.000
1,000
$
107,011.000
399,948,000
401,000
41,000
69.227,000
49,268.000
100,361.000
345,482.000
1,000
10,000
59,861.000
45,280,000
126,833,000
315,376.000
75,000
10,000
62,350.000
43,825,000
137,869,000
377,886,000
412,000
95.035,000
357,494,000
1,000
33,080,000
28,607,000
38,933,000
43,800,000
45,800,000
18,500,000
-Federal Reserve Notes
Outstanding
Held by banks
2,633,175,000
2.805,972,000
2,570,377,000 2,589.519,000 2.605,244.000 2,646,876.000 2,710,213,000 2,756,251,000 580,742,000 2,838,398.000 389,572,000
609,187.000
498,023,000
531,174,000 572,095.000 582,730,000 597,0-12,000 025,893,000
2,147.064,000 2,245,230,000 2,340,375,050 2,243,603,000
2.039,203,000 2,017,424,000 2.022,514,000 2,049,834,000 2,084,320,000
In actual circulation
3,548.646,000 3,572,170,000 3,593,087,000 3,620,140,000 3,633.8.51,000 3,648,647,000 3,528,348,000
Amount chargeable to Fed.Res. Agent 3,527,154,000 3.542,276,000 943,402,000 925.294,000 882.874,000 863.889.000 827,879,000 808,249,000 895,173,000
956,777,000 952,757,000
In hands of Federal Reserve Agent
2,633,175,000
2,570,377,000 2,589,519,000 2.605,244,000 2,646.876,000 2,710,213,000 2,756,251,000 2,805,972,000 2,838,398,000
Issued to Federal Reserve Banks
How Secured
327,584,000 327,584,000 327.584,000 328,584,000 326,584,000 326,584,000 326,584,000 330,809,000
327,584,000
By gold and gold certificates
489,139,000
430,464,000 491,689,000 478,069,000 543,399,000 579,334,000 649,546.000 696,257,000 728,584,000
By eligible paper
128,130,000
117,215,000 124,096,000 114,542,000 119,072,000 120,474,000 115,533,000 125,237,000 114,480,000 1,685,097,000
Gold redemption fund
1,685.049,000 1,656.821,000 1,683,821,000 1,664.588,000 1,657,894,000 1,668,750.000
1,695,114,000 1,646,150,000
With Federal Reserve Board
2,633,175,000
2,570,377,000 2,589,5i9.000,2,805,244.000 2.646.876,000 2,710,213.000 2,756,251,000 2,805,972,000 2,838,398.000
800,422,000
795.238,000 745.891.000l 764.932,000 784,485,000 798,483,000 885.309.000 1,082,313,000 1,136,708.000
delivered to F. R.. Agent
Eligible paper
4
•Includes Victory notes.
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 13 192
EACH OF THE
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Total
Two ciphers (00) omitted.
Federal Reserve Bank PI--
Boston. New York.
Phtla.
Cleveland. Richmond Atlanta. Chicago. St. Louts.Iftnneap. Hats. City Dallas. San Fran.
Total.
$
$
$
$ •
$
$
3
5
$
$
$
$
$
RESOURCES.
204.364,0 63,210,0 105,239,0 384,135,0 68,359,0 58,511,0 54.261,0 20.258.0 224,748,0 2,139.913,0
. .
;old with Federal Reserve agents 170 181 0 603.209.0 183.438.0 2,710,0 2,168,0 2,719,0 5.952,0 2,598,0 2,588,0 2.454,0 1,962,0 4,376,0
57,815,0
9,927,0 9,395,0
3old red'n fund with U.S.Tress_ 10,966,0
207,074.0 65,378,0 107,958.0 390,087,0 70,957,0 61,099.0 58,715,0 22,220.0 229.124,0 2,197,728,0
Gold held excl. agst.F.R. notes 181,147,0 613,136.0 192,833,0 88,287.0 36,546,0 13.527,0 115,271,0 20.627,0 17,371,0 38,724,0 12,776,0 46,643,0 553,784,0
52,803,0 30,743,0
lold settle't fund with F. R,. B'rd 74,428,0
37,669,0 12.645,0 6,722,0 7.418.0 53,516,0 4,722,0 9.130,0 3,245,0 12330,0 22.988,0 376,750.0
/0ld & gold certifs. held by banks 18,929,0 187,456,0
274,502.0 853,455,0 261,245,0 307,986,0 108,646,0 128,903,0 558,874,0 102.306,0 87,600,0 98,884,0 47,326,0 298,735,0 3,128,262,0
Total gold reserves
31,512,0 4,287,0 10,785.0 4,540,0 11,053,0 14,471.0 14,320,0 1.259.0 5,310,0 6.544,0 4,742,0 117,224,0
8,421,0
teserves other than gold
'282,923,0
Total reserves
3,875,0
fon-reserve cash
11115 discounted:
Sec. by U.S. Govt. obligations 14,917,0
11,264,0
Other bills discounted
Total bills discounted
ails bought in open market
Government securities:
f. S.
Bonds
Treasury notes
certificates of indebtedness_mantwitiPA
20.181,0
24,939,0
884,957,0 285,512.0 318,771,0 113,186,0 139,956,0 573,345,0 116,620.0 88,859,0 103,994,0 53,870,0 303,477,0 3,245,488,0
51,160,0
627,0 3,057,0 2,617.0 3,516,0
11,024,0 2,134,0 3,161,0 3,104,0 6,107,0 7,274,0 4,664,0
912,0 8,106.0 1,310,0 8,252.0 297,581,0
32,957,0 18,984,0 7,926,0 21.500,0 10,653,0
143,078,0 28,986,0
19,540.0 7,733,0 20,893,0 25.494,0 28.156,0 34,074,0 23,063,0 13,059,0 25,330,0 7,720,0 32,459,0 248,783,0
162,618,0 36,699,0 53,850,0 44,478,0 36,082.0 55,574,0 33,716,0 13,971,0 33,436,0 9,030,0 40,711,0
78,136,0 21,503,0 36.708,0 2,776.0 9,704,0 31,308,0 1,630,0 3,059,0 3.279,0 41,080,0 23,957,0
546,346,0
278,079,0
544.0
5,244,0
2,117,0
918,0
549,0
1,202,0
8,879,0 18,951,0 11,624,0
7,219,0 2,042,0 3,792,0
1,191,0
1,230.0
1,033,0
170,0
1,270,0
1,232,0
4,426,0
7,192,0
5,052,0
922,0
882,0
7323,0
1,065,0
682,0
332.0
7,038.0
1,384,0
1,779,0
5,264,0 11,582,0
1,030,0 2,295.0
18,234,0
80,261,0
28,760,0
7.905.0
17.300.0 21.542.0 16.334.0
3.454.0
2.872.0 16.670.0
1.804.0
8.870.0
8.752.0
8.073.0 13.877.0
127.255.0
FEB. 16 1924.]
THE CHRONICLE
RESOURCES (Concluded)
Two ciphers(00) omitted.
Boston. New York.
$
$
Municipal warrants
Total earning assets
59,025,0
5% redemption fund-F.R.bank
notes
Uncollected items
55.949,0
Bank premises
4,312,0
148,0
All other resources
Phila.
$
769
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
s
S
$
$
S
$
s
$
Total.
$
258,054,0 79,744,0 106,892,0 50,708,0 48,458,0 103,552.0 37,150,0 25,900,0 45,469,0 58,183,0
78,545,0
28.0
112,967,0 53,918,0 53.252,0 51,043,0 28,945,0 61,709,0 33,754,0 12,033,0 34,427,0 25,438,0 39,290,0
13,653,0 1,111,0 9,109,0 2,528.0 2,683,0 8,264,0 1,414,0 2,367,0 4,595.0 1,911,0
2.785.0
2,089,0
323,0
706,0
462.0
312,0
339,0
172.0 5,304,0
746,0 5,309,0 4,178,0
405,232,0 1,282,754,0 402,742,0 491,497,0 221,275.0 226,611,0 754,483,0 193,780,0 135,090,0 192,288,0
147.356.0 431,791.0
951,680,0
28,0
562.725.0
54.732,0
20,088.0
Total resources
LIABILITIES.
4.885,899,0
F.R.notes in actual circulation 200,614,0 977,886,0 200,742.0 226,741.0 88,593.0 130,937,0 362,097,0 70,059,0 65,989,0 64,626.0
44.926,0 205,993,0 2.039,203,0
F.R. Bank notes In circulation
net liability
418,0
418,0
Deposits:
Member bank-reserve met 130,313.0 692.621,0 119.782,0 169,662,0 64.728,0 57,939.0 277,951,0 72,431.0 45,585,0
75,878,0
Government
3.050,0
4,954,0 3,043.0 3.732,0 3,179.0 3,287.0 4,171,0 2,774,0 1,029,0 2.161,0 55,821.0 152,521,0 1,915.232,0
1,736,0 3,844.0
36,960,0
Other deposits
136,0
10,423,0
142.0
372,0 1,088,0
163,0 1,219,0
440,0
433,0
544.0
376,0 4,681,0
20.017,0
Total deposits
133,499,0 707,998,0 123.197,0 174,482.0 68,049,0 61,389,0 283,341,0 75,645,0 47,047,0 78.583,0
Deferred availability Items
47,504,0 105,319,0 48,273,0 53.299,0 46.435,0 19,699,0 62,119,0 32.430,0 9,930,0 34,396,0 57,933.0 161,046,0 1,972,209,0
30,342.0 39,941,0 529,687,0
Capital paid In
7,919,0
29,545.0 10,127,0 12.246,0 5,798.0 4,452,0 15,107,0 5,018,0 3,491,0 4,552,0
Surplus
16,390,0
59,929,0 19,927.0 23,691,0 11.672,0 8,950,0 30,426,0 10,072,0 7,484,0 9,496,0 4,212.0 7,890,0 110,357,0
7,577,0 15.301,0 220,915.0
All other liabilities
306.0
2.077,0
476,0 1,038,0
728.0 1,184.0 1.393,0
556,0 1,149,0
635,0 1,948,0
1,620,0 13,110,0
Total liabilities
406,232,0 1,282.754,0 402,742,0 491.497,0 221,275,0 226,611,0 754,453,0 193,780,0 135,090,0
192,288,0 147,358,0 431,791,0 4,885,899,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
84.7
81.5
82.0
79.4
72.8
72.3
88.8
80.0
78.6
72.6
52.4
Contingent liability on bills pur82.7
80.9
classed for foreign correspond'ts
4.361.0 1.633.0
1.969.0
959.0
741.0 2,508.0
825.0
605.0
774.0
640.0 1.279.0
16.294.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF
BUSINESS FEB. 13 1924.
Federal Reserve Agent at
Boston. New York Phila. Cleve. Richns'd Atlanta Chicago. St. L. Minn. K.
City. Dallas. San Fr. Total.
Resources
(In Thousands of Dollars)
$
$
$
$
$
$
$
$
$
Federal Reserve notes on hand
$
$
$
93,900 282,060 58,170 58,890 37,745 76,262 168,520 27,300 7,415
Federal Reserve notes outstanding
,
219,168 696,484 232,436 246,287 98,324 145.596 391,915 85,434 73,127 30.653 31,542 84,320 958,777
Collateral security for Federal Reserve notes outstanding
76,584 49,570 256,172 2,570.377
Gold and gold certificates
35,300 235,531 14,000 8,780
2,400
11,130 13,052
7,391
Gold redemption fund
327,584
11,881
31,678 12,549 13,584 2.915 8,839
7,491 4,229 1,459
Gold Fund-Federal Reserve Board
123,000 336,000 156,889 182,000 60,295 94,000 376,644 53,000 44,000 2,901 3,367 16,322 117,215
51,360 9,500 208,426 1,695,114
Eligible paperiAmount required
48,987
93,275 48,998 41,923 35,114 40,357
7,060 17,075 14,616 22,323 29,312 31,424 430,464
Excess amount held
2,133 131,453
785 48,121 11,732 5,088
79,648 17,824 1,125 14,155 20.105 32,605 364,774
Total
534,369 1,806,481 523,827 599,585246,125 372,542 1,030,558 215,992 154,794
197,976 150,787 629,269 6,462,305
Liabilities
Net amount of Federal Reserve notes received from
Comptroller of the Currency
313,068 978,544 290,606 305,177 136.969221,858 559,715 112,734 80,542 107,237
81,112 340,492 3,527,154
Collateral received fromf Gold
170,181 603,209 183,438 204,364 83,210 105,239 384,135 68,359 58,511
54,261 20,258 224,748
Federal Reserve Bank(E11811)le paper
51,120 224,728 49,783 90,044 46,846 45,445
86,708 34,899 15,741 36,478 49.417 64,029 2,139,913
795,238
Total
534,369 1,806,481 523,827 599,585 246,125 372,542 1,030,558 215,992 154,794 197,976
150,787 629,269 6,462,305
Federal Reserve notes outstanding
219,168 696.484 232,436 246,287 98,324 145,596 391,195 85,434 73.127 76,584
Federal Reserve notes held by banks
49,570255.172
18,554 318,598 31,694 19,546 9,731 14,659
29,098 15.375 7,138 11,958 4,644 50.179 2.570.377
531,174
Federal Reserve notes in actual circulation
900 1114 277 11511 000 749 99(1 7.11 88.593 130.937 3112.0117 70,050 115 0110 Ad 11911
eld (174 onc no00 nws on.2
8
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
the liabilities of the 759 member banks from which weekly returns are obtained. These figures
those for the Reserve Banks themselves. Definitions of the different items in the statement are always a week behind
were given in the statement
of Oct. 18 1917, published in the "Chronicle" of 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 734.
1. Data for all reporting member banks in each Federal Reserve District
at close of business Feb 6 1924. Three ciphers (1100) omitted.
Federal Reserve District.
Boston New York
Number of reporting banks
43
110
Loans and discounts, gross:
$
$
Secured by U.S. Gov't obligations
12,686
97,109
Secured by stocks and bonds
231,155 1,633,578
All other loans and discounts„
620,444 2,529.334
Total loans and discounts__
864,285 4,260,021
U.S. pre-war bonds
12,936
49,129
U.S. Liberty bonds
79,510 471,202
U.S. Treasury bonds
4,699
23,349
U.S. Treasury notes
20,949 458,479
U.S. Certificates of Indebtedness
6,243
25,357
Other bonds.stocks and securities
168,813 759,208
Total loans & disets & investrn'ts 1.157.4356,046.745
Reserve balance with F. R. bank
82,771 629,028
Cash In vault
18,787
78.776
Net demand deposits
813,874 4,851,004
deposits
Time
275,460 881,293
Government deposits
13,538
41,011
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt. obliga'ns.
4,350
80.650
All other
A AR0
421111
PhCa,
Clem!.
Richm'd
Atlanta
Chicago
St,Louis
Mnpls. Kan. City
Dallas San Fran.
TOM
55
79
76
$
13,135
268,485
348.988
$
24,901
407,307
681,688
$
8,970
126,402
328,336
$
$
8,972
36,116
62,537 597,235
359,411 1,116,450
9,929
149.091
312,897
3,671
43,420
186,236
6.141
78.122
335,323
3,262
64,265
218,459
830,608 1,113,898
10,684
48,269
43,456 108,577
2,957
4,389
41.316
56.046
4,866
5,957
179,617 304,561
463,708
29.000
26,464
2,468
13,587
1,480
51,284
430,920 1,749,801
14,631
24,799
12,812
96,688
1,721
11,733
5,962 121,168
3,331
21,133
40,344 332,421
471,917
14,991
23,872
6,280
16,886
7,263
86,401
233,327
9,076
14,125
680
29,874
1,542
25,702
419,586
11,455
42.344
3,425
14,601
2,470
56,807
285,986 1.008,173 11,932,228
19,980
24.585
269,535
12,476
98.164 1,029,690
2,087
12,250
76,038
14,593
35,070
828,311
6,520
17,633
103,795
14.356 159,626 2.179,140
913,504 1.641.695
73,858 107,136
14,311
29,093
673.751 887,925
128,206 616,027
11,015
18,931
587.991
36,382
13,304
342,395
157,417
4,571
509,721 2.357.743
35,020 196,074
10,560
50,845
281.888 1,491,014
176,144 801.862
7,723
14.203
627,590
43.886
7,670
356,834
201.050
4,625
314,126
23,525
5,998
199,366
84,319
1.471
550,688
44,756
12,051
396,793
130.819
1,622
355,998 1,355,50116,418,737
26,481 108,315 1,407,232
9,884
21.242
272,521
247.185 732.869 11,274,898
89.109 578,217 4,119,923
5,907
14,076
138.693
9.855 . 11,386
1 1191
7 7n4
7,061
IA 002
3,587
im one
1.765
4,530
38
5,489
IA Ran
105
7,980
,
,o,
s
35
s
26
$
72
$
52
700
$
68
$
759
11,203
236,095
184,711 3,846,308
812,259 7,849,825
7,222
144,575
-..
2. Data of reporting member banks in Federal
Reserve Bank and branch cities and all other
reportingbanks.
New York City.
City of Chicago. AR F. R. Bank Cities.F. R. Branch
Cities Other Selected Cities.
Total.
Feb. 6.
Jan. 30. Feb. 6. Jan. 30. Feb. 6.
Jan. 3 Feb. 6 '24 Jan.30'24 Feb. 7 23.
0.
Number of reporting banks
671
67
48
48
255
255
202
202
Loans and discounts, gross:
3021
$
1
303
8
759
i
$
760
780
3
S
S
$
Secured by U.S. Govt.obligati°..' 89,753, 65,80028,319
28,319
162,902
162,902
38,885 39,849 34,308 34,924 236,095
Secured by stocks and bonds
1,441,991 1,453,883 443,94: 449.35 2.703,396 3,715,708
625,150 629,058 517.7621 518,099 3,846,308 214,289 270.225
All other loans and discounts_ _ _ _ 2,218,1522,198.19 641,60 640,206 4,852,884
4,818,4391.637,090 1,622,3781,359,87111,365,618 7,849,825 3.862.865 3,677,189
7,806,435 7.491,963
Total loans and discounts
3 749,8963,717.8781.113,8721,117.880 7,719,162 7
. . 632,301,1252,291.2851,911,94111,918,641
673 6
pre-war bonds
U.8.
38,101
38.101
11,932,228 11,883,58911,439,377
4,211
4,211
88,248
88,498 74.31j74,258 106,973
U. S. Liberty bonds
410,872 395,197 43,111
107.088
269,535
289.849
42,787 635,145 621,931 228.30
281,103
224.568 166,236 166,149 1,029,690
U. S. Treasury bonds
15,694
16,050
5,086
5,090
1,012,648 1,067,363
38,542
39.370
17,062
18,452 20,434
U. Eh Treasury notes
429.866 422,742 81,012 80,454 624.681 617,522
21.286
76,038
79,108
124,526
135,25 138,109 68,372 68.982
22,525 21,165
17. S. Certificates of indebtedness
13,534
828,311
14,105
822,613 a956.979
64.484
Other bonds, stocks and securities
64.898 28.112 28,380
11,199 11,524
545,733 554.379 155,723 157,659 1.141.053
103,795
104,802
180,335
1,155,490 599,811 596,242 438,276 439,169
2,179,140 2,190,901 2.192,888
Total loans & lilsels & invest
.ts- 5•212
.6875 165.512 1.416.54 1,422,186 10,311,31510,261,372 3,383,991
.
Reserve balance with F. R. Bank
578,41
600,902 136,407 145,433 986,823 1,016,575 253,800 3,389,299 ,723,431 2,732.83916,418.73716,363.50516,242,771
243.193 166,609
Cash In vault
63.728 64,447 26,338 27,600 133.800
137.616 59,912 56,379 78,809 165,553 1,407,232 1.425,331 1,429,953
Net demand deposits
4.361,7754,337.217 1,008,331 1.011,381 7,705,812
78,971
272,521
272,966
284,237
Time deposits
586,221 583,428 373.211 371,815 1.985,215 7,674,4781,924.5771.916,8531.644:509 1,647,766 11,274,898 11,239,097 1,485.233
1.974,1251,246,47 1,239,485 888,233
Government deposits
37,746 37,746
.883,697 4,119.923.4.097,307 3.722,762
6,881
6,881
89,031
89,055 38.851
38,852
10.811
Bills Payable and rediscounts with
10,812
138.693
138.719
134,371
F. R. Bank:
57,5 $
65.0.1
Secured by U.S. Govt.obligati°
643
3,307
87,343
97,175 37,24
31,442
19,992
191
All other
1,021
24,076
24.
144.575
643
152,693 257,239
39,212
44,407
34,839 '39,112
36,193 36,902
Ratio of bills payable & redlacoun
110.244 .120.421
99,574
with F. R. Bank to total loans
1.1
1.3
and Investments, per cent
0.1
0.3
1.2
1.4
2.1
2.0
2.1
2.2
1.8
1.7
2.2
a Includes Victory notes.
• Revised figures.
Three ciphers (000) omitted.
Feb. 6. 1 Jan. 30. Feb. 8. Jan. 30.
[Vol.. 118.
THE CHRONICLE
770
STOCKS.
Week ending Feb. 15.
Sales
for
Week.
Range for Week.
Lowest.
I
Highest.
Lowest.
$ Per share.
7354 Feb 11
14 Feb 15
69 Feb 9
75 Feb 15
61 Feb 11
38 Feb 15
Highest.
$ per share. 5 Per share.$ per share.
Jan 737-4 Jae
7354 Feb 11 72
54 Jan 114 Jan
74 Feb 13
Feb 7234 Jan
71 Feb 13 65
Feb
Jan 75
75 Feb 15 70
62 Feb 1* 5854 Jan 6531 Feb
Jan
Feb 40
3834 Feb 11 38
• No par value.
TRANSACTIONS AT THE NEW YORK STOCK EXCIIANGE
DAILY, WEEKLY AND YEARLY.
Range Since Jan. 1.
Highest.
Par.Shares $ per share. S per share. 3 per share.$ per share.
Jan
Jan 90
100 90 Feb,14 90 Feb 14 86
Bangor & Aroos pref 190
Jan 4% Jan
1
100 234 Feb 11 234 Feb 11
Terminal.100
Brunstvick
Feb 15 4956 Jan 5576 Jan
21) 5134 Feb 15 5154
Buffalo Roch &Pitts_100
Feb 5454 Jan
53
10 53 Feb 9 53 Feb
Canada Southern_ _ _ _100
Jan
Jan 114
100 10934 Feb 1110934 Feb 11 106
&
c c c st Louls____100
Jan
10020834 Feb 1420834 Feb 14 207% Jan 212
Central RR of .1.4 J_ _ _100
Feb
Jan 37
500 3531 Feb 9 3611 Feb 13 29
ChlcSt1'M&Om_iOU
Feb
Jan 53
200 53 Feb 9 53 Feb 9 50
Colo & South lat pref 100
Feb
Feb 73
100 73 Feb 13 73 Feb 13 73
Cuba Railroad pref .J00
Feb
Feb 14 106 Feb 9 0351 Jan 106
full pd_
20010334
Illinois Cent pref
Jan 6511 Feb
60 6434 Feb 14 6511 Feb 14 64
Rit See Series A_ _ _100
Jan 28% Jan
Feb 15 22
Int & Gt No RY(w 1) 100 900 26 Feb 13 2834 Feb 13 42
Jan 4656 Feb
13 4634
300 4534 Feb
Manhattan Elev gtd_100
Jan
Feb 46
500 43 Feb 15 43 Feb 15 43
100
MIRP&SSM
100 300 6434 Feb 14 6456 Feb 14 6454 Feb 6734 Jan
Preferred
Feb 63 Feb
12 63 Feb 13 63 Feb 13 63
Mobile & Birm pref-100
10012234 Feb 1512234 Feb 15 122% Jan 122% Feb
Nash Chatt & St L_ _100
100 411 Feb 9 451 Feb 9 4% Feb 534 Feb
100
Nat Rys Mex 1st pref rts 17,000
234 Feb 13 3 Feb 11 211 Feb 354 Jan
Central Reading
NY
Feb 9651 Feb
11 9674 Feb 14 9634 Feb 14 96
Western _100
N Y Lack &
Feb
Jan 40
100 1,300 3334 Feb 9 40 Feb 11 16
Pacific Coast
Jan 5356 Feb
200 52 Feb 13 5334 Feb 14 43
preferred__ _ _100
First
Feb
Feb 9 4014 Feb 14 20% Jan 40
Second preferred- _100 600 35
Jan
Jan 38
6137 Feb 9 137 Feb 9 137
Pitts Ft W & Chl pf_100
12,000 1611 Feb 15 18 Feb 11 1651 Feb 22% Jan
Reading rights
Industrial & Misc.
Jan
Feb 76
100 75 Feb 13 75 Feb 13 75
Am Beet Sugar pref. _ 100
Jan
11 5154 Feb 66
American Chicle pref iool 400 5134 Feb 15 57 Feb 11 96
Jan 96% Jan
For Power 25% paidj 800 9634 Feb 9 9611 Feb
Am
Jan 96% Jan
300 96 Feb 9 9651 Feb 13 96
Preferred full paid --.I
Jan 14431 Jan
1001 60013834 Feb 1413931 Feb 14 136
American Snuff
Jan
Jan 43
200 41
Feb 13 42 Feb 9 25
American Republics...*
Jan 99% Feb
13 9934 Feb 13 92
100 9951 Feb
Am WholesaleCorp pf 1
Jan 1634 Jan
16
ArtMct1llConstruc'n-iOI 100 16 Feb 9 16 Feb 9
• 400 5234 Feb 14 5336 Feb 9 5234 Feb 543.1 Feb
Atlas Powder
14 113si Feb 14110834 Jan 11354 Feb
Am Metal tern etf pf.IOOI 30011234 Feb 11 104 Feb 11 98
Feb
Jan 104
Amer otollingMillpt.100j 200 104 Feb
34 Jan
% Jan
54 Feb 11
34 Feb 11
.
Assets Realliation _ _ _10 1.500
Jan 231 Feb
Feb 31
Fruit Col T Co ctf dep 4,300 134 Feb 11 274 Feb 15 134 Jan 13% Feb
Atl
1134
100 1334 Feb 15 1338
50
Auto Sales pref
100 8534 Feb 11 8534 Feb ut 8234 Feb 8554 Feb
Atlas Pow 6% cum pf 100
Jan
Jan 93
100 93 Feb 11 93 Feb 11 93
pref. _ _ _100
Blumenthal
Feb
Jan 92
100 92 Feb 14 92 Feb 14 91
Brown Shoe Inc pref.100
1300 1731 Feb 14 18 F3b 15 1754 Feb 19% Jan
25
Calumet & Bede
Jan 2754 Jan
Feb 15 24
Case(2 I) Thr Mach _•2,800 25 Feb le 26 Feb iSi 28
Jan 3351 Jan
• 200 29 Feb 9 2934
Century Rib Mills
Jan 36% Jan
-Teed Prod__100 300 3034 Feb 15 3134 Feb 14 31)
Certain
Feb
9234 Feb 13 9234 Feb 141 91;6 Jan 93
100
2001
Coca-Cola pref
Jan 1214 Feb
2
11 Feb 13 11 Feb 13 II
*
Conley Tin Foil
Feb
Solventa, A* 2,71)01 50 Feb 14 57 Feb 111 4354 Jan 57
Commercial
Feb
Jan 56
* 2,2001 4351 Feb 11 56 Feb 13. 33
B
Jan 9751 Jan
100 95 Feb 9 95 Feb 9' 92
Continental Insurance.2.5
1.25 31.000 3434 Feb 25 3614 Feb 15 3134 Jan 3734 Jan
Corn Prod Ref new w
Feb
9134 Jan 95
2001 94 Feb 14 95 Feb 13
Cosden & Co, pref-100
Feb 25% Feb
300 22 Feb 13 2534 Feb 13 21.
100
Crex Carpet
Feb
Feb 94
94 Feb 14 94 Feb 14 94
200
Devoe & Rayn,lst pf 100
Jan II% Jan
• 1,600 1154 Feb 9 1134 Feb 9: 11
Douglas Pectin
Jan
200 86 Feb 13 87 Feb 9, 8534 Jan 87
100
Durant Deb 8%
Jan 10611 Jan
14 103
10010531 Feb 1410534 Feb
Duquesne Lt, lot pf _100
Jan
15012034 Feb 1512034 Feb 1511831 Jan 127
I of N Y_25
Fidel Phen F
Jan
Feb 65
Feb 111 60
Feb
Fisk Rubber, 1st pf _100300 (30 Feb 13 6034 Feb 9 6
Jan
Jan 7
.
9 6
• 101 6
Motor
Gardner
Jun
Jan 110
100 101 Feb 15 101 Feb 15 93
General Baking Co
Feb
Feb 115
10 115 Feb 9 115 Feb 9,115
. Preferred
Jan
Refractories ' 700 5151 Feb 15 5234 Feb 9 5134 Feb 55
General
Jan
Jan 101
20010034 Feb 910034 Feb 14 99
Gimbel Bros, pref. _ _100
Feb 96% Feb
900 96 Feb 14 9634 Feb 14' 96
Great Western Sugar...
Jan 108% Jan
Feb 9 108 Feb 14,107
100
10010734
Preferred
Feb
001 9334 Feb 11 95 Feb 14 8934 Jan 95
Hanna, 1st pf, CI A_ _10
Feb
25 200 58 Feb 13 59 Feb 15 5734 Jan 59
Helme(G W)
Jan
Jan 176
64 170 Feb 9 174 Feb 13 159
100
Ingersoll Rand
• 3,90 3534 Feb 15 38 Feb 9 3574 Feb 3851 Jan
Inland Steel w 1
400 102 Feb 1 10334 Feb 11 10134 Jan 103% Feb
100
w1
Preferred
11 434 Feb 9% Jan
Internet Agricul, new_ _• 000 434 Feb 14 474 Feb
Jan 78% Jan
International Shoe _nt 100 7756 Feb 15 7754 Feb 15 76
Feb 70% Jan
100 4,600 6754 Feb 9 7034 Feb 13 66
Interest Tel & Tel
Jan 110% Feb
iOOi 20010934 Feb 911034 Feb 14 109
Jones&LStcel.Pf
Jan
74 Jan 1
56 Feb 11
51 Feb 9
101 2,500
Kansas & Gulf
Jan
63
'I 200 5834 Feb 15 59 Feb 13 5834 Feb 2954 Feb
Kinney Co
Feb
5.200 27 Feb 15 2934 Feb 13 25
Ligg & Myers rights_ _. _
Feb
Feb 240
1001 600212 Feb 14 218 Feb 14 212
Series B
Jan 10254 Feb
McCroryStoree.Pref.100l 200 102 Feb 1110234 Feb 11 10131 Jan 92
Jan
Mallinson & Co, pf i00J 100 91 Feb 14 91 Feb 14 89
Feb
Feb 114
100 114 Feb 13 114 Feb 13 114
Macy (R II), prcf.100I
Jan 6836 Feb
100 6854 Feb II 6854 Feb 11 65
10
Mackay, pref .
Jan
Jan 118
MayDCPtStOres.L1fi0OI 100 118 Feb 9 118 Feb 911334 Jan 9351 Jan
I 100 92 Feb 9 92 Feb 9 9111
Met Edison, pref
Jan
Power,pf10OI 100110434 Feb 1110434 Feb 11 10431 Feb 10511 Jan
Montana
Jan 97
NatCloak&SUlt.Pf 100l 1001 9614 Feb 15 9654 Feb 15 95
Feb
15 3474 Feb 37
Nat Dairy Prod tern ctfslli.l00I 347.4 Feb 15 37 Feb 15 3934
Jan
43
'11.9001 3954 Feb 13 4034 Feb
Nat Dept Stores
Feb
lOOj 4001 9554 Feb l• 96 Feb 15 9331 Jan 96
Preferred
50 5,600 66 Feb IS 7034 Feb 11 6434 Jan 72% Feb
National Supply
• 300 2434 Feb 15 25 Feb 14 2234 Jan 2554 Jan
N Y Canners
Feb
Feb 89
1001 89 Feb 9 89 Feb 9 89
First preferred____100
Feb 1411 Jan
• 1001 12 Feb 14 12 Feb 14 12
Shipbuilding
N Y
Jan
Jan 33
Feb 11 32
2r
2001 3254 Feb 11 3234
Ohio Fuel suppiy
Jan
Jan 30
300 2854 Feb 11 2854 Feb 11 25
Onyx Hosiery
Jan 1053; Feb
200 100 Feb 15100 Feb 15 96
pref__100
Otis Elevator,
Jan 67%
100 1,100 65 Feb 9 6711 Feb 15 57
Otis Steel, pref
Jan 4074 Jan
100 40 Feb 9 40 Feb 91 35
Panhandle P & R,pf_10
14 Si) Feb 14 8434 Feb 8954 Jan
200 8434 Feb
Phillips Jones. pref...il
Feb 4934 Jan
38
Ar Read Ceilwi• 6.600 38 Feb If 4031 Feb 11
Phila
100 3834 Feb 1 3831 Feb 151 3834 Feb 4134 Feb
Certificates w I
11 Jan 356 Feb
1
234 Feb ill
Philip Petroleum rights_ 73,850 134 Feb 13 30 Feb 131 29
Jan 3234 Jan
Hosiery100 30 Feb
Phoenix
100 43 Feb 1 43 Feb 16 4234 Jan 4354 Feb
Phila Co.6% Pre__.50
Jan 7231 Jan
300 6934 Feb 13 71 Feb 11 64
-Arrow,prior pt.*
Pierce
Feb 11 974 Jan 1134 Feb
Pittsburgh Mil, pref____ 3,000 1134 Feb 9 1154
Feb
Feb 70
200 70 Feb 1 70 Feb 13 70
Porto Rican-Am Tob.1Ol
Jan 4754 Jan
100 46% Feb 1 4674 Feb 16 46
Corp, pf _ _
Prod & Ref
Jan
Feb 11 101 Feb 11 10034 Jan 102
100101
r s corp NJ,pf,8%.100
100 11311 Feb 1311334 Feb 13 11334 Jan 11431 Feb
Ry Steel Spring, pf._iQi
Jan 1654 Jan
• 100 15 Feb 13 15 Feb 13 15
gels (Robt) & Co
Jan
100 8631 Feb 11 8654 Feb 11 8631 Feb 90
25
ROssia Insurance
Feb
Feb 85
200 8a Feb 1 85 Feb 15 85
Standard Milting, pf _100
100 103 Feb 1 103 Feb 14 10234 Jan 10334 Jan
The Fair, preferred
• 200 3351 Feb 14 3351 Feb 14 3334 Feb 3534 Jan
Transtle Is Willims SPI.
Jan 11356 Feb
20011334 Feb 1311374 Feb 9 113
tin Cig Stores, pref__100 2.400 10534 Feb 9 109 Feb 13 10334 Jan 109
Feb
SRealtY,t, imp. pref._
Jan
If
311 Feb 7
314 Feb 11 371 Feb 11
10
11_ _ •
Va-Caro Chemical
600 2656 Feb 13 27 Feb 11 263-4 Feti 3354 Jan
100
9% Feb
Van Raalte
1 700 931 Feb 11 974 Feb 11 931 Fe
Detinning_ _100
Vulcan
Jan
200 114 Feb 1. 114% Feb 15111331 Jan 115
100
West Elec 7% cum pfrts_ 1,400
34 Feb
31. Febl
54 Feb 13
Its Feb
Jan
Weber & Hellbroner 100
300 9034 Feb 11 9054 Feb 144. 8934 &oil 91
7%
pref.
Vir Penn Co,.
Indus. & Miscell. Par. Shares
100
West'se E & M.1st pf _ 50
• 700
White Oil certifs
500
100
Wilson Co, pref
10
Worthington, pre( A_100
300
100
Preferred B
• 2,400
Wrigley (Wm, Jr)
Lowest.
Highest.
Lowest.
,
•••• ....,WW••••••
Wall Street, Friday Night, Feb. 15 1924.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 760.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Range since Jan. 1.
Range for Week.
Sales
for
IVeek
STOCKS.
(Concluded)
Week ending Feb. 15.
1.0aitittrs' Oazzite,
Stocks,
Shares.
Week ending Feb. 15.
452,815
669,588
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
893,022
1066,981
1,885,600
A
nxonnn
United
States
Bonds.
Stale.
Municipal &
Foreign Bds.
Railroad
&c.
Bonds.
5778,000
1,781,000
53,313.000 $1,188,000
1,699,000
5,363.000
HOLI DAY
2,286,000
6,522,000
1,977,000
5,614,000
1,109,000
7,762,000
2,455,000
3,702,000
1,972,000
deo nen nnn
mln nmnr,,,,,
.2q0 MTAnnn
•
Jan. 1 to Feb. 15.
Week ending Feb. 15.
Sales at
New York Stock
Exchange.
1924.
1923.
1924.
1923.
6,341,619
4,968,006
-No. shares__
Stocks
Bonds.
Government bonds__ 510,688,000 511,740,000
8.259,000 11,120.000
State & foreign bonds_
28.574,000 37.421.000
RR.& mlicell. bonds._
38,816,576
34,316,090
3126,973,000
52,291,000
230,219,000
5115,322,000
79,178,000
240,435,000
647,521,000 660.281,000
5409,483,000
5434,935,000
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
1Veek ending
Feb.15 1024.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares, Bond Sales.
.14,429 620,050
436,350
*27,450
HOLI DAY
125,100
*26,363
42,000
*20,478
66.000
35,255
3,916 5144,000
34,200
6,957
HOU DAY
7,449
258,700
6,098
412,500
33,000
6.528
525,000
1,076
9,000
856
BOLT DAY
30,600
1,837
19,000
1,306
15,000
860
3882,400
5,935
goo
s can
123.975
5689.500
30,048
108.298
5822.200
47.01.1 At
FM
598,600
s,.14
,nn
• In addition, gales of rights were: Saturday, 774; Monday, 1,014; Wednesday,
611;Thursday,739
Daily Record of U. S. Bond Prices. Feb. 9.IFeb. 11. Feb. 12. Feb. 13. Feb.14.1 Feb.15.
,
90 32
99.31
99'33
99'n
)
High 994
First Liberty Loan
992,
,
99 32
09.33
99.32
99'32
.
356% bonds of 7032-47 _ I Low.
,
99"
99 32
,
99.32
99•it
Close 99121
(First 331s)
320
85
227
69
33
__
Total sales in 61,000 units.
99 32
,
Converted 4% bonds of {High
;
993l
99.32
1932-47 (First 43)_ _ _ _ Low_
99wo; 99.32
Close
1
1,050
Total sales in 61.000 units.. _
99.012 61110,,
Converted 474% bonds {High
0011,, 99 n
,
,
99 n
of 1932-47 (First 474s) Low. 99nst 99110
(191111 99032
99.3,
Close 9911:11 99,1it
42
26
49
51
19
_
Total sales in 51.000 units_.
Second Converted 4%/High
Low
)_
1932-47 (First
bonds of451s
Close
Second
Total sales in $1,000 units._ _
- 1.>;3
99 {High
Second Liberty Loan
99'.32 HOLTLow.
4% bonds of 1927-42
99. 33 DAY
,
Close
(Second 4s)
6
Total sales in $1,000 units. _ _
99.332
,
99 n
% bonds {High
Converted 43.,
99.132
9943,
993o
Low_
99.s1
of 1927-42 (Second
994n
990
Close 99"n 99.2:3
. 99.33
4%s)
364
359
313
164
299
Total sales in 51.000 units _ _ _
Iligh 100.00 100.00
100.00 100.00 100.00
Third Liberty Loan
,
99...3 99,03, 99.133
of 1928_1 Low. 99 ./1 99.12
474% bonds
Close 993.22 99.133
99'13, 90.132 99.33.
(Third 44s)
478
164
255
848 1,369
Total sales in 51,000 units._.
,32
{High 99..32 99..32
991,33 99.°13 99.
Fourth Liberty Loan
90.32
99..31 99.23,
90.32
99.32
474% bonds of 1933-38._ Low_
99'n
,
99 12
Close 99.'n 99..33
99.3,
451s)
(Fourth
942
444
303
591
657
Total sales in $1,000 antis...
,
IClosellIgh 100.13 100.32
100'n 100.32 100 32
Treasury
,
Low. 100 32 100.33
100.3t 100.3,
100.33
4315, 1947-52
100.32 100.:3
100.32 100.32 100.32
88
87
386
221
91
Total sales in 51.000 units. __
---The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
8 1st 3548
65
10 1St 43
52 2d 451s
,
09.00 to 99.00 33 3rd 434s
993132 to 99 ..2
99.32 to 993211
_ 991.31 to 991.12 159 4th 434s
99.af to 99.o 20 U.S.Treasury 4518.10010 to 101.00
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
-See page 783.
-See page 762.
Foreign Exchange.
-The review of the Curb Market is
The Curb Market.
given this week on page 762.
A complete record of Curb Market transactions for the
week will be found on page 782.
DAILY TRANSACT ONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).
week ending Feb. 15.
Saturday
Monday
38,800
53,865
Wednesday
Thursday
Friday
72,915
54,475
54,985
Total
275,040
BONDS (Par Value).
Domestic. Yor'n Cost.
Ind.& Alis.
$334,000
479,000
$82,000
138,000
521,000
466.000
619,000
120,000
112,000
53,000
797,500 1,845,795 $2,419,000
1505.000
164,700
38,600
412,925
134,020
1101.1 DAY
393,700
181,950
497,300
191,990
377,170
200,960
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
771
OCCUPYING FOUR PAGES
For sales during the week of stocks usually Inactive, see preceding page
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICE
Saturday,
Feb.9.
Monday,
Feb.11.
Tuesday,
Feb.12.
Wednesday. Thursday.
Feb.13.
Feb.14.
Friday,
Feb. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SH AltE
Range for Previous
Year 1923.
PER SHARE
Range Since Jan. 1 1924.
-share lots
On basis of 100
Lowest
Highest
Lowest •
Highest
Railroads.
Par $ Per share $ per share $ per share $ per share
$ per share 3 per share $ per share $ per share $ per share $ per share Shares.
21 Sept 45 Feb
100 2912 Feb 15 34 Jan 8
100 Ann Arbor preferred
2912 2912
*29
30
30
*29
30
.29
•11
16
94
Oct 1054 Mar
9912 10014 993* 993* 98% 993
8
8 8.200 Atcb Topeka & Santa Fe100 971s Jan 2 10214 Jan 29
9912 10014 997 10014
8
Do pref
100 8612 Jan 2 8912 Jan 19
85 8 Dee 901 Max
5
88
873 8812 8734 878 8734 8818 1,000
*88
8812 88
23 Jan 11
14 Aug
34 Feb
1,400 Atlanta firm & Atlantio 100
17 Jan 5
8
2
2
2
2
2
2
*112 2
2
2
7
8
1,100 Atlantic Coast Line RR....100 112 Jan 23 1167 Feb 4 109 8 July 127 Feb
11212 113
11414 11414 11334 114
4
1143 1153 11412 11514
4
404 Jan 60 4 Dec
3
100 56 Feb 15 6012 Jan 9
58
56
5814
5712 11,500 Baltimore & Oblo
5738 5814 573 577
8
577 58
8
553 May 607 Mar
4
8
100 5814 Jan 12 5912 Jan .5
Do pre
100
5912
59
*5918 5912 *59
5912 59
•594 5912 *59
9
/ Oct 1412 Dee
1
4
8
1512
1412 153
8 1412 143
8 1438 14% 6.100 Bklyn ktanh Tr v t c_ _No par 1312 Jan 4 173 Jan 25
14% 15% 15
344 Oct 497 Dec
Prof vol tr etfs
No par 4834 Jan 3 5614 Jan 25
5212 52% 53
3,200
5212 534 52
52
5312 5312 5312
4
Apr
8
2,200 Canadian Pacific,
100 1454 Jan 5 1507 Jan 9 1393 Sept 160
14814 14814
148 14812 14734 1474 146 147
147 147
:
67 June 763 Jan
100 71 Jan 2 7712 Feb 5
734 7418 73
8 7414 7438
7312 71
74% ,747
7312 8.500 Chesapeake & Ohio
96 June 1047 Feb
8
Do prof
100 9912 Jan 3 103 Feb 14
300
8
10212 10212
*10214 103
103 *1017 103
103 103
*1017
8
49 Dec
38 Jan 4
54 Jan 10
2 May
418 438 *4
100
4
418
44 412 5,100 Chicago & Alton
418 418
414
8
3 8 Jan 12,Dee
3
100
8 1114 1114
Do pref
1138 113
938 Jan 3 1234 Jan 10
4
4 2,400
4
1114 113 *1118 1112 103 113
19 Aug 8844 Feb
Chic & Earn In RR •
Feb 14 27 Jan 10
24
24
1,800
100 2212
23
23
2212 2318 2212 23
.2314 24
464 Aug 624 Mar
Do pref
100
100 47 Feb 14 5112 Jan 8
*47
48
48
*47
48
*47
473
4 47
47 •47
514
Oct
1,200 Chicago Great Western-100
5 ;an
18
3
5
5
514 53
514 514 *5
8
518 518
Feb
2
:374s C
P
100
1212 1212 1234 1234
an 4 1r1 RV5
Co Pre
1214 2.200
123 1234 1214 1234 12
4
1114 Oct 265s Ma,
100 1358 Jan 8 184 Jan 10
15
1518 16181 15
10
1512 16
16
1512 8,500 Chicago Milw & St Paul
1614
Do pre
20 8 Dec 454 Mar
5
100 2318 Jan 3 28 Jan 10
2512 26
241g 2578 10,700
• 2538 263
2514 26
8 2514 '253
535 5338 535 537
474 Dec 88 Ma,
8 527, 5314 5112 5314 6.700 Chicago & North Western-100 494 Jan 3 5412 Feb 7
534 537
8
8
9718 Dec 11818 mar
200, Do pre
100 100 Jan 8 1034 Jan 19
10212 10212 10212 10212 *1024 105
*10212 105 *10212 105
8
1918 Oct 3778 Ma
12,900 Chicago Rock isl & Pacifio.100 2112 Feb 15 273 Jan 10
2518 2538 2512 258
2438 26
2434 26
2111 24%
77 preferred
100 77 Jan 2 83 Jan 10
72 Aug 95 Feb
400
7884
*79
8034 *7914 80
*79
794 78
80
80
607 Aug 85 Mar
8
6% preferred
100 653 Jan 2 69% Jan 10
694 6918
*68
69
69
6918 684 6812 6714 67 4 1,100
3
17
Oct
451 Feb
&
:
100 20 Jan 2 2912 Feb 7
28
28
2814 2814
28
28
2834 3,200 Colorado. Southern
28
2814 28
93 July 1244 Feb
/
1
4
100 1074 Jan 4 112 Feb 13
•109 110
110 11134
111 111
110 11012 2,000
11114 112
4
*11218 113 *113 11312
7
1,600 Delaware Lack & Western- 50 1103 Feb 15 114 Feb 5 109 * Oct 1304 Feb
112 113 *112 1124 11034 112
101$ May 225k Dec
100 203 Jan 3 2818 Feb 4
4
2612 268 263 2718
2814 2612 2534 2612 18,600 Erie
263 27
8
4
47
100 29 Jan 3 31 8 Feb 4
15 Jan 314 Dee
Do 1st preferred
7.700
33
3312 3318 338
33
33 3314 313 33
333
2
100 2518 Jan 3 304 Feb 4
10 4May 275 Dec
3
Do 2d preferred
2912 2912
*29
30
s
2914 2912 29
2912 291
2912 4,600
173 1
9
100 5438 Jan 3 5934 Feb 4
5038 Oct 80 Mar
573 58
4
58
5718 573
4 563 578 7.800 Great Northern pref
4
5712 587
584
Iron Ore Properties_No pa
, 28 Jan 15 3112 Feb 4
25 July 36 Mar
3.500
2934 293
2934 30
29% 3018 30
/ 3012
1
4
4 29
30
100 14 Jan
Mar
400 Gulf Mob & Nor tr ctfa
15
15
15
15 •15
1512
Aug
*1412 15
*15
1512
100 50 Jan
583 Feb 5
4
Do pre
4471 Jan 6
9
:
1,100
2
0 Feb
r
*57
574 58
5712 571 *5712 58
573
4 564 57
100 10112 Jan 3 1013 Feb 6
4
8
99% Dec 11712 Feb
10258 10238 1,225 Illinois Central
1024 1021 1025 103
1028 1027 10318 10314
8
100
1714 Jan 24
Mara
June 222471 Mr
1512 153
1512 1594 153 158g
8 153, 1512 15
4
153
8 3,400 Interboro Rap Tran
100 18 8 j e 2
213 Jan
4
21% Feb 4
1918 July
52
5
1,750 Kansas City Southern
1934 193
*1912 20
1938 1938 1912 20
4 1812 20
100 52 Jan 2 53 8 Feb 5
5
*53
48 s July 573 Mar
5
200
Do prof
*53
531 *53
533
4 5314 534
533 *53
533
4
4
:50 61 Jan 2 7238 Jan 25
54 June 713 Feb
8
711
70
71
7018 703
70
693 70
4
4 694 703 14,900 Lehigh valley
4
100 87 8 Jan 16 903 Feb 4
5
4
900 Louisville & Nmhville
89% 897
8438 Oct 155 Feu
897 897
8
893 897
4
894 8912 8918 8918
34
34
2712 Dec 4518 Apr
12 3434 3418 341
3414 3514
3418 3418
1,400 Manh Elevated, mod guar_100 3012 Jan 2 357 Jan 19
*0
100
*914 10
9 Feb 14 1312 Jan 4
71: Oct22 Mar
10
300 Market Street P.Y
9
9
10
10
'9¼ 10
100 30 Feb 14 4018 Jan 5
23
Oct6812 Mar
Do pref
31
100
*30
32 •30
30
30
35
*30
.30
32
100 583, Feb Id 7112 Jan 4
561 Oct87 Mar
:
Do prior pref
6212 6212 62
63
3,100
6112 6112 603 6112 5838 611
8
Ion 22 Jan 16 30 Jan 4 14538
Do 2d pre
24
22
2412 *217 25
8
7
200
*22
27 1 22
•
22
•
22
?) 8
13 Jan 3
8
4 .Jan 28
Aug 5 14
100
234 27
2.400 MinneaP & St L (nsu)..
8
3
2% 3
3
3
3
34 34
8
/
1
4
934 Oct 17 Feb
12
1212 117 1214 1112 1218 4,000 Mo-Kan-Texas RR___ _No par 113 Jan 2 13 Feb 4
*1214 1212! 1214 1218
8
100 3014 Jan 3 3412 Feb 4
3212
247 Oct4512 Feb
8
Do prat
3212 3112 3214 3012 32
32
32 I 32
4,200
31%
934 Jan 3 1318 Feb 11
814 Oct 193, Feb
100
1212 13
125 127 , 1238 1318
8
1212 1234 1188 12% 11,400 Missouri Pacific corn
100 29 Jan 3 37 Feb 14
2214 Oct49 Feb
Do pref
3434 3558 3312 3512 11,600
354 3612' 3618 367
8
357 37
8
4% Feb
14 Nov
15 Jan 4
8
214 Feb 6
17
900 Nat RYS of Mex 2d pref_ ,.i00
21
s 17
8I *2
*172 21
2
2
2
214
9312 Feb 15 978 Jan 10
8212 Aug 105 Mar
9514 9514- 96
95
96% 963
96
9514 9312 967
8 4,000 New On Tex & Mex
100 994 Feb 15 10618 Feb 4
9013 May 107 Deo
14
10138 10178 102 10238
8
101 10238 1007 10138 9918 10118 34,300 New York Central
100 7312 Feb 15 7912 Jan 9
6712 Aug801: Dec
768 77 I 77
7718 78
7818
7714 7714 734 754 3,400 NYC&StLnewco
100 85 4 Feb 15 87% Jan 22
86 Nov 954 July
3
Preferred
1.100
8714 8714, 8714 873
8714 8714 8714 8714 8514 3
Stock
2
6
100 1418 Jan 2 21 Feb 13
9 8 July 22 :an
5
1834 193
4
14
8 1914 208
19% 21
193 2018 184 2014 76,500 N Y N H & Hartford
4
.
1414 Jun
21% Feb
600 N Y Ontario & Western-100 17 Jan 2 197 Jan 9
*1812 19
1714 18
18
183 1838 Exchange
8
*1712 19
18
100 14 Jan 5 1512 Feb 7
9 SeptDA Feb
400 Norfolk Southern
*1412 1512 *1412 1512
1438 1512 *1412 1512
•1412 151
100 10212 Jan 3 106% Jan 28 100 July 117% Feb
1,500 Norfolk & Western
106 106 ,*106 10614 Closed
106 1061 106 10618 1054 106
100 77 Jan 11 77 Jan 11
72 Sept 7812 Aug
Do pre
*72
*72
77
*72
77
*72
77 I *72
77
77
100 50% Jan 3 555 Feb 4
7 5412 5418 5412 Lincoln's
4934 Oct 8118 Mar
4 9,100 Northern Pacific
8
5234 838
53
533 54% 534 54
4
60 4214 Jan 3 46% Jan 28
40% Nov 4772 Apr
44
441
44
444 44
4414
43 8 44
7
434 437
8 5,300 Pennsylvania
8
8 Oct 17 Mar
100 1034 Jan 8 125 Jan 10
300 Peoria & Eastern
1114 1112 *11
1114 1114
13
Birthday •113 13
*1112 13
4
100 41 Jan 2 4538 Feb 5
34 Jan 47 June
14
6,100 Pere Marquette
431
4314 44
4314 4312 4312 43%
43
4318 42
100 7134 Jan 9 75 Feb 2
674 Oct 763 Mar
Do prior pref
4
300
*7312 75
74
74
74
•7334 75
7334 733
4 74
100 60 Jan 4 623 Feb 5
8
5712 Oct 704 Jan
Do pref
300
62
.
61
*61
62
603 603
4
6114 61
61
6114
3
83 8 Jan 5058May
7
4212 4212 42%
*42
8 413 4214 4112 4238 4,800 Pittsburgh & West Va____100 38 Jan 4 45 Jan 18
8
4214 423
Jan
85 Dec 93
100 8514 Jan 5 88 Feb 4
Do pre
'
200
88
88.
874 871
*88
8812 *87
88
8812 88
6812 June 8118 Feb
60 55 Feb 19 79 Jan 12
8.200 Reading
5614 5514 507 5714
561
8
5618 564 564 5612 55
44 June 5612 Fob
60 5354 Jan 15 5612 Jan 14
Do 1st preferred
2,100
3612 3612 *36
3612
36
37
*36
361
45 June 5638 Jan
50 53318 Jan 16 56 Jan 14
Do 26 preferred
3412 3412 *3438 3412
300
4 344 3438 3412 341
*343 341
8
2212 Oct 39 Dec
100 32 Jan 3 4018 Feb 5
*37
200 Rutland RR pref
39
3812 *35
354 351
38
.
33
38
36
100 194 Jan 4 2418 Feb 4
1638 Oct 27 Mar
2258 23
7,300 St Louls-San Fran
23
2312
221
2212 2314 2218 224 21
321: Jan 50 Mar
100 4258 Jan 3 48 Feb 4
Do prat A
4514 4514 4514 46
2,100
433 45
8
4434 451
4512 46
100 33 Jan 2 428 Feb 2
40
2512 Aug 36% Feb
40
13,200 St Louts Southwestern
39
403
4
3514 39
383 403
4
8 384 391
8
543 June 634 Mar
100 574 Jan 3 6314 Feb 2
Do prat
4
615 613 *6114 6134
8
2,200
5812 601
6112 6112 607 607
8
918 Feb 14
454 Aug
7 Feb
12
100
614 Jan 2
4
7 4 73
3
24,200 Seaboard Air Line
7 4 84
3
818 9
91
8
84
8
8
814 Aug 15 4 Dec
100 1414 Jan 2 197 Feb 14
• 1714 1712 1714 18
Do prof
1778 197 33,600
8
174 183
4 1818 197
844 Aug9514 Feb
100 8638 Jan 3 9018 Feb 6
88 8 8912 89
7
Southern Pacific Co
8914
8914 88% 887
11,700
8812
873 89
8
8
2444 Jan 394 flea
' 100 3812 Jan 3 485 Feb 4
455 4714 4632 4732
s
4514 4 8 4514 46% 4418 4612 103.30 Southern Railway
67
71
71
71
63 July 707a Mar
4
100 663 Jan 3 72 Feb 5
7114
Do pref
71
7112 703 71
7012 7114 3.400
4
2414 2418 2518
24
14 Aug 2912 Mar
100 19 Jan 3 26 Feb 5
2518 24
24
24% 2212 2312 5,000 Texas & Paella
*1012 11
*103 11
8
812 Dec 1914 Feb
100
Ai Jan 3 1212 Jan 23
*1012 11
700 Third Avenue
1012 101
104 1012
66
624 6212 *63
5814 Jan 771: June
*62
64
400 Twin City Rapid Transit 100 6114 Jan 30 68 Jan 12
64
64
*62
*62
4
4
131% 13214 1313 1323
7
1313 13212 1313 132
4
4
100 128 Jan 2 1323 Feb 8 12412 Aug 144 8 Feb
8
1304 13218 7.100 Union Pacific
73
*7212 73
7314
100 71% Jan 4 74 Feb 13
704 Dec 764 Jan
7314 74
Do pre
73
7312 7312 73% 1,500
93 Feb 15 1114 Jan 5
97
8 98
7
77g Oct 217 Mar
10
*33 10
4
30 United Railways Invert-100
9 4 934
3
9% 9%
*912
37
*3512 3612
*35
3514 351
26
Do pref
100 3414 Feb 15 404 Jan 4
Oct 62 Mar
500
35
35
3414 35
134 1438
144 147
135 14
8
8
7 Mar 12 Dec
100 108 Jan 4 147 Feb 13
144 1434 13% 14% 49,80 Wabash
43 8
3
4112 42% 42
434 4438 4234 43
234 Jan 364 Dee
Do pref A
100 34 Jan 3 4438 Feb 13
41% 444 91,300
29
*285 29
8
*28
29
297
1612 Jan 2338 Dec
Do pref B
100 2212 Jan 3 298 Feb 13
*28 8 2912
5
80
10
10
1018
10 .
10
10
8 Sept 15 Feb
100
1.100 Western Maryland
9% 10
94 Jan 2 1158 Jan 9
19
19
19
*18
•183 19
8
4
Do 26 preferred
100 17 Jan 2 204 Jan 10
183
8 174 1814
14 Sept 263 Mar
600
4 15% 1614
17
17
17
7
•1614 163
17 4 1612 1612 7.500 Western Pacific
12 Sept 2014 Mar
3
4
100 143 Jan 2 18 Feb 4
63 •60
63
*61
*61
62
61
5
*60
Do pre
*60
62
53 May 63 s Mar
100 58 Jan 7 6212 Feb 4
9
91
8% 83
4 9
812 8%
83
814 83
94 Feb 4
6 Oct 104 Feb
4 4,300 Wheeling & Lake Erie Ry-100
712 Jan 2
1912 20
1912 19% 18
• 18% 1914 18% 193
Do pre
Oct 19 Feb
100 144 Jan 2 20% Feb 5
1912 3,300
10
3618 361
37
371
363 363 *3612 3712 3612 3612 1,100 Wisconsin Central
4
4
23 Aug 387 Dee
s
100 34 Jan 16 ,3712 Jan 29
13
11ff,
4
*2982 2912
10 10
1982
821
811 '82
81
•1012 111 •1012 11
*3512 38
*364 38
78
80
784 781
814 87
812 81
*18
1
•18
1
1
*7
8 1
1
71
703
8
7012 71
11414 1144 •114 1141
4
484 494 483 483
94% 94% *9434 96
14
1314 1312 14
394 3912 *3912 40
*102 105 *102 105
49
47
484 48
3714 374 3718
37
813
4
4
813 *80
*79
•108 110 *108 110
11718 1183 118 120%
4
•112 112% 112 11212
17014 171
169 170
•121 124 *121 124
23
4 23
4
223 223
1812
•1714 1812 18
•1012 111 *1114 12
*3412 36
*3412 36
512 53
4
5% 53
99 101%
*99 100
32
13
1318 1318 131
65
62
5934 62
.
231 211
- • Bid and asked prices
Industrial & Miscellaneous
8112 8212 81
8112 783 783
4
2.100 Adams Express
100
•1012 11
100 Advance Rumely
1012 101r *1012 114
100
.
3512 373 '3512 38
Do pref
8
*3512 38
100
7812 803
4 79
807
8 7712 8
014 15,200 Air Reduction. Ino____No per
812 88
814 814
7 4 814 3,900 Ajax Rubber, Inc
3
50
*18
14
18
is
14
14
800 Alaska Gold Mines
10
113
•1
14
1
1
1
2,800 Alaska Juneau Gold Min
10
,
70
7112 693 7038 681 701 12,500 Allied Chemical & Dye_No Par
4
114 114
1134 11312 *113% 1141
300
Do Prof
100
481
481
48
4712 4734 46
7,100 Allis-Chalmers Mfg
100
9434 9434 *9312 95
9378 94
400
Do prof
100
136 133
8
8 1338 1312 13
131
2,000 Amer Agricultural Chem_..100
3814 3912 38
384 384 3838 2,200
Do pref
100
*102 105 .•102 105 '
5102 105
American Bank Note
ao
*54
55
*54
55
*54
55
Do pref
ae
4614 474 4518 4614 42
5,70_ American Beet Sugar
451
100
354 3718 35
3,1 0 Amer Bosch Magneto__No par
36
100 Am Brake &hoe & F
79
79
-No Dar
82
9
813 *79
4
*7
Do prof
*108 110 *108 110 *108 110
100
11678 1193 11012 1181 11212 1161 151,300 American Can
4
100
1,100
Do pref
11212 11212 11212 1121 112 1121
100
2,700 American Car & Foundry-100
16934 17034 1684 169
165 167
Do pre
*121 124 ,51.21 124 *121 124
100
225 225 *2212 23
8
8
2218 224 1,700 American Chain, el A........25
1812 1812 *1814 181
2,300 American Chicle
No pas
1718 173
113s 113 •1114 1134 II
8
900 Amer Cot On ctfs of dep_ _100
11
400
Do pre ctts of de p..100
34
34
53412 36 I *34
36
53
8 53
8
512 51
53
8 5 8 1,600 Amer Druggists Syndicate. 10
3
5,100 Amer can Exprees
100 10212. *99 101
100
9714 99
1314 1338 1312 131
1138 13
5,200, American Hide & Leather-100
63
8436 8112 63s 60
621 20,800. Do Prof
100
4 2138 23
8,200' Amer International Corp 100
223 2414 2234 238
4
3212 341
x Ex div 'end
b Ex-rights
734 Jan 2
10 Jan 14
364 Jan 10
6714 Jan 2
64 Jan 3
18 Jan 3
78 Jan 30
683 Feb 15
8
11018 Jan 19
4514 Jan 3
927 Jan 9
8
13 Feb 15
3718 Jan 29
98 Jan 8
5312 Jan 26
404 Jan 15
3212 Feb 15
77 Jan 3
108 Jan 7
10318 Jan 3
109 Jan 8
161 Jan 3
119 Jan 18
2218 Feb 2
16 Jan 2
11 Jan 2
3314 Jan 2
514 Jan 2
954 Jan 16
94 Jan 2
5012 Jan 3
2158 Feb 15
8212 Feb 11
121: Jan 2
411e Jan 4
8112 Jan 29
1012 Jan 11
14 Feb 2
118 Jan 3
743 Jan 8
8
11414 Feb 8
504 Jan 22
963 Jan 17
4
17 Jan 2
4938 Jan 9
108 4 Jan 14
3
544 Jan 31
4912 Feb 6
3834 Jan 7
82 Feb 8
108 Jan 7
12238 Feb 1
1125, Feb 8
178 Jan 26
1224 Feb 5
2318 Jan 12
2012 Jan 7
123* Jan 11
373 Jan 11
4
614 Jan 30
10312 Jan 7
1338 Feb 13
65 Feb lii.
2512 Jan311
67 Sept 82 Mar
613 Oct194 Mar
24 Nov 5438 Jan
56 July 72 1 Mae
1
44 (bit 14% Mar
la Aug
ss Mar
594 Aug 80 °
34 c71 J1:1
g
10514 Aug 112 Mar
87 4 June 5114 Feb
8
89 Nov974 Jan
101 July 36% Feb
8
2814 Oct687 Feb
a
77
Jan 100 Nov
504 Juno 5514 Aug
:
25 Aug491 Feb
2238 Oct60 Mar
694 Sept834 Feb
102 July 110 Jan
7312 Jan 10780 Dee
106 Sept115 Feb
14814 July 189 Mar
117 Sept 125 4 Jan
7
2031JUlle 254 Mar
5 4 Jan • 17% Nov
3
3114 July 204 Jan
14 May 3338 Jan
738 Feb
415 Sept
87 Nov 1434 Mar
64 Aug 138k Mar
29 4 Aug 7484 Mar
3
12
16 Sent 33 Mar
772
New York Stock Record-Continued--Page 2
For sales during the week of sto%ks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Feb.9.
Monday,
Feb.11.
Tuesday,
Feb. 12.
Wednesday. Thursday,
Feb. 13.
Feb.14.
Friday.
Feb. 15.
Sales
for
the
IVeat.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924
on basis of 100
-share lots
PER SH.4RE
Rowefor Preoicau
Year 1923.
Lowest
Lowest
Highest
Highest
$ per share
per share
per share $ per share
per share $ per share Shares. Indus. 8c Miscell.(Con.) Par $ Per share
Per share
Per share syr share
9258 9318 92
*91
943
4 93
93
9312 9014 94
1,300 Amerloan Ice
100 86 Jan 14 98 Feb 7
78
Oct 11112 Apr
*82
85
*8252 8452
*825a 84
*83
84
*8258 8458
Do pref
100 81 Jan 3 83 Feb 5
77% Oct 89 Feb
1114 113
11
2
11
1114 1138 11
11
11
11
10 1012 Jan 31 1214 Jan 9
1.400 American La France F It
1018 July 18 Mar
3
2 2012 2014
20 a 205
20
20
193 197
8
8 1878 197
8 4,400 American Linseed
100 1812 Jan 2 223 Jan 14
8
13 Oct 38 Mar
*4112 43 .41
4312
*41
43
*40
42
Do pref
40
100 36 Jan 4 45 Jan 14
40
100
2812 Oct 59 Feb
7512 75
7512
75
74
7512 7312 7412 7112 735 14,200 American Locom, new .No par 714 Feb 15 763 Feb 7
8
548 July
4
a
7614 Der
4
1183 1183 119 119
4
119 119 *119 120 .
511812 120
Do pref
230
100 1173 Jan 8 11912 Jan 20 1144 Sept 122 Feb
4
*43
433a 433a 4312
4334 4512 4414 45 8 4312 457
7
No par 423 Jan 3 457 Feb 14
2 5.300 American Metals
8
8
8
4014 June 557 Mar
*10212 10312 10312 10312
102 1037 10214 10318 101 10234 1,700 American Radiator
2
25 9412 Jan 16 105 Feb 4
76
'an 97 Dec
7
7
67
a 7
6
/ 67
1
4
8
7
7
67
2 7
3,100 American Safety Rasor
25
618 Jan 31
7 Feb 9
4 -one
/
1
4
918 Feb
15
15
15
153
8
1418 15
1414 144 13
1414 3,100 Amer Ship & Comm.
..No par 115 Jan 2 1538 Feb 11
8
10% July 21% Jan
615
603 613
8
4
4 61
624 60
61
634 60
6314 33,700 Amer Smelting & Refining-100 5712 Jan 14 634 Feb 14
511 Oct 604 Mar
/
4
9912
*99 100
*99
9912 9912 9912 9912 9812 99
Do Pref
100 98 Jan 2 10014 Jan 24
93 June 102% Mat
•
395 397
a
2 397 40
2
394 397
2 3834 387
8 3712 3812 7,400 Am Steel Foundries. _33 1-3 37 Jan 3 40 Feb 7
31% July 407 Mar
8
*102 104 *103 10312
10312 10312 1027 104 *103 104
8
100
Do preferred
100 102 Jan 3 10412 Jan 28
977 Aug 101 Feb
8
4
5952 6012 60
5812 6012 5712 583 • 557 5812 12,000 American Sugar Reflning 100 5414 Jan 3 613 Feb 7
60 2
7
4
2
4
49
Oct 85 Feb
•99 100
*99
997
8
99
9934 997 997 *9912 100
100 9812 Jan 7 997 Feb 14
600
Do Met
2
2
2
92 Dec 108% Jan
*2234 2312 *2252 2312
23
23
2214 2212 21
1,900 Amer Sum-tra Tobacco
100 203 Jan 2 2812 Jan 9
23
4
16 July
Ms Feb
*54
65 *54
85
*60
65
*54
65
*60
Do pref
100 5918 Jan 4 69 Jan 16
65
321 July 6544 Feb
1
1287g 128 2 12852 12873
7
12834 129 I 12834 12918 1283 129
8.700 Amer TeleP & TOM
4
100 12518 Jan 2 12912 Jan 14 11918 June 12844 Dec
160 150
15012 15112
150 1514 1494 1503 146 14914 3.700 American Tobacco
4
100 146 Feb 15 157 Jan 28 140 July 161% Feb
/
1
4
10312 106
*10312 106
10334 1034 *10312 106 ,•10312 108
4
100; Do pref
100 1013 Jan 2 1033 Feb 13 10018 Nov 105% Mar
4
4
14812 14912 148 148
14678 1475* 146 1461 1434 145
/
4
Do common Clam B-100 14318 Feb 15 153 Jan 28 140 May 15914 Feb
3,300
*43
44
4234 4312
*434 44 , 4312 4312 42
4312 1,500, Am Wat Wks & El v t o-100 4012 Jan 3 4412 Feb 6
27
12 Jan 4444 Apr
*89 8 91
3
*89
91
91
91 i .89
91 1 *89
100; Do 1st pref(7%) v t 0.400 90 Feb 5 9112 Jan 21
91
8514 July 93
Jan
•68
6814 88
6814
68
6001 Do Partici Pf(8%) t 0.100 6612 Jan 3 687 Jan 7
*68 6 4 68
•
6814 6814
8
8
484 Jan 674 Dec
7238
707 717
2
4 72
714 72 1 714 743* 7112 735* 29,500, American Woolen
100 6914 Jan 30 787 Jan 11
8
65 Oct 109% Mar
*100 102
100 10112
100 10112 10112 10112' 100 100
300' Do pref
100 100 Jan 4 1025* Jan 19
96% Oct 11134 Jan
*112 3
*212 3
24 24 *24 3 I *212 3
1001 Amer Writing Paper pref 100
212 Feb 13
4 Jan 7
1% Dec 84 Mar
*9
938
9
9
*812 9
84 1038
212 103
8 4,300 Amer Zino, Lead & Smelt
-25
8 Jan 5 103 Feb 14
8
618 Oct 1914 Feb
•31
32
30
3058
30 30
32
34
/ 33
1
4
345
2,000
25 29 Jan 4 34 Jan 14
Do prof
/
1
4
24% Dee 5814 Feb
1
3812
37 8 3812 38
38s 394 387 4014 383 41
Anaconda Colmar Mining- 50 3852 Jan 15 41 Feb 15
42,200
2
4
323 Oct 534 Mar
8
93 93
93
93
93
93
93
93
9244 9234 1,500 Armour & Co (Del) pref
100 9214 Jan 2 934 Jan 24
883 Oct 944 Dee
4
1118 12
*114 113
114 1112 10
4
12
1112 1,900 ArnoldConstle&CovteNopar 10 Feb 14 15 Jan 9
11
104 Nov 184 Oct
863 8812 *87
8
88
8812 88
8812 8612 8412 8618 3.600 Associated Dry Goods
100 79 Jan 15 91 Jan 31
624 Jan 89 Mar
1
*84
89
*87
89
*8412 89
*84
Do 1st preferred
89 •84
89
100 85 Jan 15 88 4 Jan 31
3
82 Nov 89 Feb
• *91
94
*93
95
•93
95
Do 2d preferred
*93
95
*93
95
100 89 Jan 2 95 Feb 7
84 Oct 9311 Fob
3112 324 3112 32 4
3
15,100 Associated 011, new
31
313
8 293 307
31
4
2 29
25 2812 Jan 10 34% Feb 5
24% Oct 294 Dec
*112 13
4
13
4 13
15* 24
4
2
2
2
2
2,900 Atlantic Fruit
No pot
1% Jan 15
4 Nov
2 Feb 13
/
1
4
34 Feb
*16
1614 16
163
8
155 1614 1512 1634 15
s
163
8 4.100 All Gulf & WI SS Line_-100 13% Jan 2 174 Feb 1
9 4 July 34 Mar
1
1512 1512 155 1552
2
1512 1512 1514 168
Do pre
1614 1612 1,400
100 1212 Jan 4 1612 Feb 15
3
6 4 July 27 Mar
127 129
13112 132
130 131 *128 130
Atlant o Refining
1,700
12634 128
100 1263 Feb 15 14018 Jan 31
4
09% Sept 1534 Jan
•117 118 *117 118
•117 118 *117 119 *117 118
Do prof
100 117 Jan 23 118 Feb 7 115 May 120
Jan
2612 2612 2612 2612
25
/ 26
1
4
24
*2534 26
254 1.700 Austin, Nichols & Co__No par 24 Feb 15 30 Jan 9
17 July 354 Jan
3312
8812 *87
*87
Do pref
85
8812 85
88
*85
88
100 88 Jan 4 88% Jan 24
78% June 894 Jan
* 3
04 6
5 4 54
3
414 Feb 8
53
4 53
4
512 54
512 512 1,400 Auto Knitter Hosiery-No Par
84 Jan 2
65 Dec 2814 Apr
2
1274 129 8
12612 128
3
/
4
12534 1291 1253* 1273* 12012 1265* 114,900 Baldwin Locomotive Wks-100 12012 Feb15 131 Feb 7 11012 Aug 14414 Mar
*112 116 *112 116
•112 116 *111 116 *111 116
Do pref
100 111 Jan 4 12112 Jan 12 111
Apr 11634 Jan
35
35
*35
40
•35
40
200 Barnet Leather
35
35
*35
No par 26 Jan 9 35 Feb 7
40
2012 Dee 55
Feb
*1612 17
1714 174
157 17
2
1512 16
1434 1512 3,000 Barnedall Corp, Class A___ 25 143 Feb 15 187 Feb 1
4
2
94 Aug 35 Mar
•1334 14
137 137
2
2
Do Class B
2,800
135* 134
4 135* 135* 13
13
25 10 Jan 7 145* Feb 7
6
Oct 22 Jan
18
41
*4
*4
14
*18
4
*18
14
200 Batoplias Mining
18 Jan 2
20
14 Jan 17
Is July
5 Aug
8
*53
52 5452 *53
Bayuk Cigars, Inc ____No par 5314 Jan 30 59 Jan 5
*5352 5452 *53
6452
54
*53 8 5452
5
50 June 6214 Apr
5434 54 4 54 4 5412'
3
,
5412 52
54
3,300 Beech Nut Packing
535
8 5158 54
20 5152 Feb 15 5812 Jan 31
4818 Dec 8414 Mar
5912 614 603 613
4
5954 61
5818 593
4
4
4 5612 593 35,800 Bethlehem Steel Corn
100 53 Jan 3 6212 Feb 5
4144 June 70 Mar
*11012 112 *11012 112
*11012 1121 11012 1105* 1104 11014
Do cum cony 8% pre1-100 1057 Feb 4 1105 Feb 14 1004 June 11114 Mar
/
4
300
/
1
2
2
9612 9652 9612 97
Stock
Preferred new
100 91)12 Jan 9 97 Feb 11
9614 1,600
4 96
4 964 963
9613 96
87 July 974 Mar
•513 6
6
*54 6
*5
*512 6
200 Booth Fisberles
53
5 8 Feb 15
3
No par
2 512
74 Jan 6
3 4 Oct
4
74 Jan
5 Exchange
5
5
*4
.41
5
100
*4
44 Jan 31
51
*4
54
100 British Empire Steel
5 Feb 9
3 Dec
9% Mar
__
*52
Do let preferred
100
53
53 *____ 5112 *__ _ _ 51
100 53 Feb 13 53 Feb 13
524 Dec 694 Mar
/
1
__ 1512 *14
1512 Closed
2d preferred
1534 1534 *1434 1534 *1434 153
Do
100 1314 Jan 31 157 Jan 11
100
4
8
1218 Dee 2612 Feb
113 11312 11352 1144
1138 114
11334 114
112 11414 4,600 Brooklyn Edison, Ino
100 111 Jan 2 116 Feb 6 10414 may 12112 Jan
*123 124
123 12312 Lincoln's 122 1221 12212 12212 12114 122
/
4
1,100 Brooklyn Union Gas
100 1194 Jan 3 1225 Jan 23 10313 May 128 Feb
8
3 485* 48
*4712 494 *4712 50
400 Brown Shoe Inc
47
100 4734 Feb 13 534 Jan 9
48
*4712 494
41% Oct 65% Apr
10114 10114 *10114 103
Birthday *11014 103
100 10114 Feb 5 1073 Jan 18 100 Sept 14444 Mar
200 Burna Brothers
1023 1023 *10114 103
4
4
4
*2312 2334 233 231
23% 234 234 234 2234 2318 1,100
Do new Class B oom
2234 Feb 15 2514 Jan 28
4
4
2112 Sept 43
Jan
*5
52 6
55
8 552
*534 6
55
8 812
5 Jan 3
6
63
64 Feb 14
5
4 3,000 Butte Capper & Zinc
414 Oct 1144 Feb
2112
*2034 2112 21
800 Butterick Co
*203 2112 203 21
4
100 19 Jan 3 233 Jan 23
8
4
2012 204
13 June 22 Aug
/
1
4
•18
184 173 18
10 1518 Jan 2 2038 Feb 15
4
1778 193
1814 2014 173* 203 13,700 Butte & Superior Mining
1278 Oct 87% Mar
2
25* 25*
238 3
•258 272
272 274
2 Jan 2
258
258 1,300 Caddo Cent 011 & Ref..No par
414 Jan 19
1% Nov
918 Feb
834 84
84 84
2,400 California Packing._ _No par 82 Jan 2 8714 Feb 1
*83
54 84
8312 84
8314 84
77 Aug 87 Feb
2634 274 267 2752
8
8
2738 2558 263
26
8 2352 284 58,600 California Petroleum, new, 25 235 Feb 15 2914 Feb 5
174 Sept 29 8 May
3
*102 10414 1033 1033
Do pref
100 9912 Jan 4 107 Jan 31
1,800
10114 10314 10118 10112 100 102
4
4
9012 Sept 11012 May
10
5
452 Jan 2
5
5
5
518 514
5 8 Jan 9
7
5
512
5
5 12 6,800 Callahan Zino-Lead
3 4 Oct 12% Feb
3
•44
47
10 437 Jan 7 4912 Jan 24
*44
a
800 Calumet Arizona Mining
45
45
*45
4614 4612 4812
474
42
Oct 66 Mar
33 Jan 22
212
*2
2
1
2
2 Feb 9
100 Carson Hil 1 Gold
212 *2
*2
212 *2
212
14 Dec
9% Feb
*7
8 14
*7
8
jla
*7
3
*7
11
7a
78
No par
44 Jan 8
100, Case (J I) Plow
112 Jan 11
14 Oct
44 Feb
*73
81
•73
73
I Case (J 1) Thresh M pref__100 75 Jan 9 77 Jan 11
78 •73
•73
78 .73
78
65
Oct 85
Apr
1612 1738 173 173
100 135* Jan 2 17 2 Feb 13
2
4
1714 177
1732 16
2 17
1714 11,600 Central Leather
7
9 8 Nov 4011 Mar
3
8
Do pref
100 3712 Jan 29 444 Feb 13
437 4434
4052 43
43
447
8 42
43
40
4312 14,200
284 Nov 79% Mar
/
1
4612 4812 4838 484
4
4812 25.700 Cerro de Pasco CoPPer-No Par 443 Jan 21
46
4812 Feb 15
4812 4712 4612 48
3
64 Oct 504 Mar
6312
62 2 8318 83
7
613 8258 5838 6234 11.000 Chandler Motor Car_ __No pas 59% Jan 21 6612 Jan 2
4
6212 63
43 Oct 76 Mar
•83
84
*83
84
100 Chicago Pneumatic ToOl 100 8212 Feb 8 84 Jan 8
84
8212 8212 •83
*83
84
4
75 June 90% Mar
2714 2732 274 2752
25 27 Jan 12 28 4 Feb 15
2714 283 26,600 Chile Conner
8
2714 2752 273 28
5
2
24% June 80% Mar
4 1772 1818
173 173
4
5 174 Jan 21 20 Jan 5
/
1
177 1814 173 1852 183 193 10,700 Chino CoDP3r
8
8
2
4
1434 Aug 317 Mar
s
*735 7412
2
73
73
2,100 Cluett, Peabody & Cei--.100 704 Jan 14 754 Jan 30
/
1
7312 74'4 7312 7312 72
73
60 July 7614 Mar
733 7312 7312 7334
2
•
7352 7514 74
7434 73
NO Par 7212 Jan 21 774 Jan 2
737
4 4,400 Coca Cola Co to
654 Oct 83% June
2712 28
2712 28
100 24 Feb 15 2912 Feb 1
/
1
4
2612 2712 2712 2712 247 273
8
4 4.500 Colorado Fuel & Iron
20 Oct 35% Ma,
524 5214 5232 5238
2,800 Columbian Carbon•t c No par 493 Jan 2 55% Jan 18
8
514 52
514 5112 50 4 52
3
41
Oct Site Dec
2
3614 3678 387 37
3614 363
/
4
4 355 3618 351 3614 8,000 Col Goo & Elec. new--No yar 34 4 Jan 14 38 Feb 5
3
3014 June 374 Apr
Columbia Graphophone No per
OctIi
2% Feb
100
Do prof
4
Oct 124 Jan
955 975* -$7154 971.
Computing-Tab-ReoordNo par 9014 Feb 15 104 Feb
94i 968
934 1/1- -553* 1F1
57 June 974 Dec
59 4
3
No par 45 Jan 12 65 Feb 15 84412 Dee
573 573
4
49,900 Congoleum Co
4 58
65
6114 62
59
9% 60
5
1843* Nov
1712 1712 174 1712
.No par 16 Feb 15 2218 Jan 14
1618 1718 17
1714 2,400 Consolidated Cigar..
174 16
145* Dec 395* Jan
75
*66
Do pref
75
100 66 Feb 1 84 Jan 15
300
*66
691 *66
6614 6614 66
/
4
75
60 Dec 83 Feb
643 6514
4
6412 6214 64
25,900 Consolideted Gas(N T)....100 607 Jan 2 673 Jan 23
64 2 65
5
/ 54
1
4
8
6414 64
4
56 4 July 693 Feb
3
8
652 614
6 Jan 2
61 612
/
4
64 614
614 65*
64 63 20,400 Consolidated Textile-No par
8 Jan S
6 Oct 144 Feb
5314 5438 5314 5412
100 50 Feb 15 60 Jan 8
543* 514 52
53
/ 50
1
4
527
8 5.700 Continental Can, Inc
4
42 May 57% Dee
74 712
7 2 712
3
3
4
73* 71 ' 7 s 712
74 7 4 8.200 Continental Motors-No par
74 Jan 2
8 Jan 16
6 Oct 124 Jan
179 180
147 8 180
7
176 1775 174 180
174 1814 8.200 Corn Products Reflning_100 152% Jan 4 187 Jan 28 1145* July 1604 Dec
/
1
4
118 120
100 117 Jan 28 12012 Jan 3 1154 Nov
118 118
Do prof
200
118 120 *118 120 .118 120
1223* Feb
5 3614 32
3812 3912
1k 38
Cosden & Co
No par 32 Feb 15 401 Feb 5
3
78.6C0
37 s 387
5
36
a
34
33
/
4
223 Sept 6214 Mar
4
2 6932 7012
703
24,900 Crucible Steel of Amsrica__100 6214 Feb 15 71% Feb 7
684 70
69
67
683
8 624 88
/
1
574 Sept 844 Mar
92 92
Do pref
91
300
100 89 Jan 9 92 Feb 11
*91
91
*91
92
92
*9012 92
/
1
4
85 Aug 9412 Mar
3
163 17% 174 18
4
16
/ 17
1
4
/ 168 174 157 17
1
4
20.600 Cuba Cane Sugar
No Dar 1412 Jan 15 18 .Feb 6
84 Aug 20 Feb
2
100 60 8 Jan 4 711 Feb 11
693 71
4
Do pref
664 6912 38,100
8852 70
7
6914 7114 7012 717
/
4
834 Aug 654 Dee
387
8
Cuban-American Sugar_ 10 33 Jan 4 38% Feb 11
3712 3812 38
3
374 3812 364 374 35 8 375* 27,600
23 Aug 373 Feb
2
*084 9912 *99
9912
100 96 Jan 4 991 Feb 14
Do pref
300
*9914 994 991 9914 99
9912
/
4
/
4
92 July 106
AIN
838
8 8 812
3
83
8 2 2,400 Cuban Dominion Sugar No par
2 *8
3
814
*8
8
83*
612 Jan 22
812 Feb 5
3 July 124 Mar
4912
Preferred
4912 504 51
100 47 Jan 3 52 Feb 5
900
4912 *48
514 5114 5114
*49
30 Aug 584 Mar
7
7214 6,400 Cuyamel Fruit
No par 69 Feb 15 744 Jan 3
7314
714 714 72
711 73 1 71
/
4
69
73
544 July 724 Dec
5234 5414
524 464 5014 38.100 Davison Chemical v t O-NO per 48 Feb 4 6912 Jan 8
/
1
5312 55
5 12 524 50
0
208May 814 Dec
4
2014 2014 *2014 2058 2052 21 I
2018 *1912 21
400 De Beers Cons Mines--No par 1814 Jan 21 21 Feb 15
.20
185* Dec 28 Mar
*10512 10852 *1055 1085 *10512 10852
2
100 10114 Jan 30 10814 Jan 10 1004 June
2
200 Detroit Edison
8
8
4
10512 1053 *1053 1063
111 Mat
1734 18
18
184 18
18 I *1712 1814/ 5.200 Dome Mines. Ltd.... No par 17 Jan 30 2014 Jan 7
1712 173
4
808g May 444 Jan
1104 11058: 11012 11012' 10834 110
--No par 10818 Jan 14 11212 Jan 8
11012 11012
1,500 Eastman Kodak Co.
*110 111
895* Jan 1158 Apr
3
23
23141 2212 224 22
3
2212. 1,000 Eaton Axle cc Spring. _No par 22 Feb 15 2418 Jan 8
233 2312 23 2 23 8
2
20
Oct 27
13314 137 I 133 134
Co--100 12813 Jan 14 1417 Feb 1 1064 Jan 14812 July
52
8
52 1267 13312 22,800 E I du Pont de Nem &134 13512 13514 136
8
/
1
Apr
6234 63 8, 8158 6212 81
3
6252 4,800 Eleo Storage Batterl--NO per 594 Jan 15 64 Feb 7
8234 8312 634 8334
52 Jelly 674 Mar
50 12 Feb 8 123 Jan 8
12
12
12
12
12
800 Elk Horn Coal Corp
12
124.
*12
*12 . 1212
4
124 Dec 20% Jan
2
212
..,
2
*2
212
214 214
300 Emerson-Brantingham Co-100
14 Jan 3
212
*2
3 Jan 9
/
1
4
3 Dec
2
74 Feb
6514 654 *64
654 6512
65
8312 644 1.900 Endlcott-Johnson Corp..__50 634 Jan 30 674 Jan 16
65
65
6137
*113 114 *113 114 .113 114
100 113 Jan 3 115 Jan 17 110 s Oct 2414 Jan
Do preferred
11312 11312
200
114 114
Oct 118
Jan
*211 23
21l3 23
*2114 23
2288 2238
100 Exchange Buffet Corp-No par 22 Jan 11 22% Jan 12
23
*21
197 Dec 81
Jan
663 683
4
2
4 664 6712 64
67
24,600 Famous Players-Lasky-No par 61 Jan 29 724 Jan 17
52 Oct 93 Jan
67 2 6813 6734 685
7
90 '90 I 90
90
89 8918
Do preferred (8%).-100 878 Jan 28 917 Jan 14
600
89
89
7
8
90
82 Oct 995* Feb
*88
*9
11
107 1114 11
8
11
*9
11
800 Federal Mining & SmelVg_100
94 Jan 10 1114 Feb 14
11
*9
5 June 13 Nov
43 433
4 4312 4638 4312 4834 4.200
100 414 Jan 2 474 Jan 24
Do Pref
424 43 4
3
344 June 6012 Feb
4312 44
1134 12
115 1178 1012 1178 17.000 Fifth Avenue Bus
8
No yar
2
94 Jan 3 133 Jan 26
8
7 Sept 10 8
14
4 114 117
113
3
11
202 205
189 202
No par 163. Jan 23 205 Feb 14 140 July 2125* Jan
189 191
9,800 Fisher Body Corp
1864
181
174 180
Jan
100 100
*983 10012 *99
4
____
300 Fisher Body 0610 Dred , =.100 98 Jan 29 100 Feb 13
=
-94 July WA Julia
99 *99
4
993
2
834 8 8
7
812 834
84 018
814 812 4,400 Fisk Rubber
No par
84 Jan 3 10 4 Jan 16
3
5 8 Oct 164 Feb
7
84 9
3
5. VIrl Fleischman CO
4412 4412 4414 44i? 453i 451e
No ear 441 Jan 2 504 Jan 29
.
5012
378 Feb 4714 May
2 49
4912 493
this day. o Ex 300% In stack. x Ex-dividend.
•Bid and asked prices; no sales en
New York Stock Record-Continued-Page 3
773
For sales during the week of stocks usually inactive. see third page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday,
Feb.9.
Monday,
Feb.11.
Tuesday,
Feb.12.
Wednesdat Thursday,
Feb.13.
Feb.14.
Friday,
Fe). 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
per share
per share $ per share $ Per share $ per share $ per share Shares. Indus. & Miscall.(Con.) Par $ per share $737s Feb 9 $ per share $ per share
$ per share
No par 6618 Jan 21
584 Oct 7834 July
6918 2,500 Foundation Co
8
71
71% 715 7158 *69
735s
7234 734 72
94 July 22 Jan
94 Feb 4 134 Jan 7
No par
1014 1034 101 104 1014 107
8 6,700 Freeport Texas Co
/
4
/
1
94 1014
1038 1033
384 Oct 717 Feb
4
300 Gen Amer Tank Car-No par 43 Feb 15 4814 Jan 2
43
*44
444 *44
/
1
45
434
4512
*44 46 *44
23 Aug 54 Mar
/
1
100 38 Feb 15 464 Feb 5
42
/ 38
1
4
17.100 General Asphalt
42
/ 44
1
4
/ 4112 42
1
4
44
4514 4434 45
60 Sept 83 Mar
100 7434 Jan 3 81 Feb 8
Do prof
600
7434 7518
*74 80
78
78
*74 80
7934 793
4
100. 91 Jan 30 9734 Jan 10
804 June 974 Dec
9114 1,000 General Cigar.Ina
*92
91
93
/ *9112 93
1
4
4
9312 9312 9214 923
100 106 Jan 3 107 Jan 11 10414 Nov 110 Apt
Debenture preferred
1,000
108 100'i'106 1064 108 106
106 106 *106 107
/
1
4
._100 19312 Jan 3 223 Jan 28 1675s Sept 20214 Dec
23,500 General Electric
21312 21814 21312 21612 208 216
21812
4
21412 2183 216
1014 Oct 12 Jan
10 1034 Jan 2 1114 Feb 7
Special
2,400
11
11
11
107 1118 11
8
104 1114
/
1
11
11
1234 June 1713 Apr
1513 1578 1538 1558 1434 1514 87.700 General Motors DorIL_No par 1458 Jan 28 1614 Feb 1
4
/
1
4
4 153 15
154 153
79 July 89 Apr
100 8112 Jan 4 8318 Feb 14
Do pref
100
85
8318 8318 *83
*83
85
85
*83 85 *83
78 4 July 90 Apr
,
Do Deb stock (0%) 100 81 Jan 14 8314 Jan 11
82)
400
/
4
*8214 823
4 831 8318 *82
8212 8212 8212
•82
933 Oct 105 Apr
4
Do Deb stock (7%)_100 98 Jan 7 9934 Feb 2
9912 *99
991
9912
9912 *99
*9
9
*99
9912 *99
394 June 5118 Apr
7
5914 5C01
No par 47 8 Jan 30 5114 Jan 10
2,703 Gimbel Bros
50
5114 *4912 50
4812 4912
*4812 49
123 Feb
4
6 Sep
/
1
8 Jan 9 194 Jan 11
/
1
4
No par
3,260 Glidden Co
1178 117
12
12
12
13
/
4
/
1
4
4 121 13
1234 123
No par 3434 Fab 15 3512 Feb 8
*3412 35
/ 3434 35
1
4
1,300 Gold Dust Corp
35 36
35 35 *34 3512
Nov
3inie
818 Feb 15 12 Jan 9
1,000 Goldwyn Pictures, new_No Par
812 8
/
1
4
812 81
*812 911
83
4 9
912 912
1734 Oct 41% Mar
No par 224 Feb 15 2634 Jan 10
1,900 Goodrich Co (B F)
2218 23
231
*23
2414 23
24 2414 2334 2414
6734 Oct 924 Mar
100 75 Jan 8 80 Jan 17
7713 7713
Do pref
600
784 77
/
1
771 771 *7718 80
/
4
/
4
*774 80
35 Oct 6213 Apr
43 43
/
1
4
/ 4334 4334 42
1
4
4338 4334
/ 44121 1.509 Goadyear T & Rub pf v t c _100 39 Jan 4 49 Jan 8
1
4
*43 44
600
prior preferred
93 Jan 12
/
1
88 Oct 99 Feb
100 884 Jan
9214 923s
92 92
93 93
93 93
•92 93
/
1
4
1612 18
12 Oct 33 Mar
Granny Cons M,Sm & Pow 100 13 Jan 15 1714 Feb 15
/
1
4
14
/
1
4
15
1434
1714 5,003
1514 14
14
14
4 *718 734 1,403 Gray & Davis. Inc__ _No par
8 *712 73
918 Jan 11
71e Feb
•74 75
712
712
63 Dec 1558 Mar
4
74 74
1358 Dec 3414 Mar
•143 1513 15
4
15
16
1614 3.000 Greene Cananea Copper--100 1418 Jan 21 1614 Jan 8
1512 1512 1534 16
1018 Feb 8
6 Jan
/
1
4
5 Sept 144 Feb
918 914
/
1
4
912 934
94 9
3,900 Guantanamo Sugar__ __No par
812 9
9% 978
834 Feb 7
/
1
66 June 10458 Mar
8411 8738 84
/
4
8512 7912 8444 23,800 Gulf States Steel tr 063_100 794 Feb 1
8834 8778 871 881s
11 Jan 8
218 Jan
14 Aug
/
4
/ Jan
1
4
*34 1
3
4
3
4 3,800 Hablrshaw Elec Cable_No par
5
4
54
3
4
3
4
3
4
3
4
8
4434 Feb 4
1130 par 41 Jan
79 Nov 947 Feb
/
1
4
4278 4314 4234 4314 4158 43
/ 4334
1
4
5,800 Hartman Coro
4278 4314 43
100 40 Jan . 527 Feb 4
31 July 44 Apr
4
/
1
47h 43
48
49
4938 4814 494
4412 4814 17,000 Hayes Wheel
49
54 Dec 7974 Jan
100 544 Jan 31 564 Jan 3
543 55
4
*5434 55
400 Homestake Mining
*5413 55
5434 55
/ 56
1
4
*53
/
1
4
2858 July 39 Mar
*3314 335
3312 331
384 3313 3234 3234 3214 3234 2,100 Hausehold Products Inc No par 3214 Feb 15 3413 Jan 2
40 4 Aug 78 Feb
3
744 18,200 Houston Oil of Texas__._.100 66 Feb 15 8213 Feb 5
/
1
77
/ 784 7734 79
1
4
/
1
4 7214 7413 66
7312 773
/
1
4
4
20 June 32 4 mar
2738 2518 2714 6,900 Hudson Motor Car____No par 2518 Feb 15 23 Jan 7
2738 2758 27
2738 2738
273 271
s
2
/
1
4
10 15i2 Feb 15 18 Jan 2
154 Dec ma Apr
1634 17
/ 167 16,700 Hupp Motor Car Corn
1
4
8
/
1
164 1634 1613 1634 15
1834 183
14 Jan 10
Jan
618 Jan
No pa
1
11
1,800 Hydraulic Steel
1
1
1
1
1
4 Oct
1
1
Vs Sept nia Mar
914 Jan 18
8
814
*77
8 81
814 814
712 77
712 74 2,100 Independent Oil & Gas_No Par, 612 Jan 3
1
Oct 19 Mar
3 Feb 5
4
5
2 8 Jan 17
7
/
4
114 11 *114 11
/
4
138
138 1,300 Indiahoma Refining114 13
8
114 11
18 Dec 1934 Dec
22
24 24
2413 241 *2378 247
2314 2113 2334 2,500 Indian Motorcycle. _ _ _No pan 194 Jan 2 254 Feb 4
578 Jan 17
418 Feb 13
10
/
4
ala Dec 813 Apr
4h 434 *41 5
*434 5
*44 4
/ 2,500 Indian Refining
1
4
*412 48
20 25 Jan 15 274 Jan 24
8
/
1
4
234 Oct 43 Mar
/
1
/
4
2812 261 2614 2732 2614 27
/
4
2638 261 281
/ 13,900 Inspiration Cons Copper
1
4
26
214 Feb 7
1 Jan 3
100
134 134
4 Oct 11 Feb
112
112 •134 2
*134 2
300 Internat Agrioul Corp
•14 2
/
1
100
634 613
418 Oct 3978 Feb
614 Jan 28 1014 Jan 8
Do pref
7
/
1
4
503
73*
832 83
4
*8114 714
7
31 June 44 Mar
/
1
/ 4312 4214 4312 3,500 International Cement__No par 4214 Jan 24 444 Feb 11
1
4
4312 4412 43
4
4314 4314 431/4 443
2738 Jan 12
/
1
1958 June 274 Apr
244 24
/
1
244 25
/
1
/ 2334 2434 9,800 Inter Combas Engine__No par 234 Feb 1
1
4
8
24
/ 2434 245 25
1
4
8713 Feb 4
100 78 Jan
663 Oct984 Feb
4
*8513 86351 8414 8512 • 8314 8412 3,800 Internat Harvester
8
363 *8512 8838
•854
4
100 1063 Jan 25 108 Feb 2 106 Oct11614 Jan
Do pref
*107 110 •10712 110 *107 110
*10612 110 *10634 110
914 Feb 1
634 Jan
47a Aug 115 Feb
100
8
8
/ 812
1
4
7
/ 812 2,300 Int Mercantile Marine
1
4
/
1
4
832 872
812 8
*812 834
1618 Aug 47 Jan
34 Feb 1
/
1
4
100 294 Feb 1
Do pref
32
/
1
4
333
4 3134 3314 2912 3234 13,100
3134 3212 3212 33
15 Jan 28
1038 Oct164 Feb
141
/
4
1334 1418 13
14
13
144 12,100 International Nickel (The) 25 13 Jan 1
/ 14
1
4
13
/ 14
1
4
82 Jan 30
69 Jan 83 June
/
1
4
100 7834 Jan
8012 8012 •78
81
81
Do pref
*79
81
100
*79 82 *79
4212 Feb 8
2778 Oct5858 Mar
100 3514 Feb 1
4134
39
391
40 40
/
4
3514 37
41
411 41
5.000 International Paper
6634 Feb 7
60 Oct7514 Jan
Do stamped preferred 100 64 Jan
8512 653
8 65 851s
66 68
600
/
1
4
*66 67 *6513 67
164 Jan 2
74 Nov1914 Mar
141 143
/
4
8
1514 144 153
1318 141 26,860 Invincible Oil Corp__ __No par 1318 Feb 1
/
4
4 1334 14
15
3218 Aug 584 Mar
5234 Jan 10
47
/ 4834 1,900 Iron Producte Corp- __No par 4734 Feb 1
1
4
49
4912 50
491
50
5114
*4912 50
/ Feb
1
4
.03 Nov
Island Oil & Tramp v t c__ 10
100 2011 Feb 13 2314 Jan 2
1532 Oct24 Mar
2212 4,000 Jewel Tea. inc
/ 21
1
4
161
8
2012 2114 2012 22
-. 154
2
/
4
100 87 Jan 5 911 Jan 16 82 June 8813 Dee
Do pref
90
*87
91) *87
*87
90
Stock
*137
90
*87 90
100 2234 Feb 8 274 Jan 3 20 Dec 6338 Mar
/
1
4
23
234 231
/
1
2234 24
•23 24
2314 1,800 Jones Bros Tea, Ins
2313 2312
/
1
4
28 July 4574 Feb
/ 33
1
4
3,200 Kayser (J) Co. v t o ___No par 32 Feb 15 38 Jan 18
32
33
334 3432 32
/
1
/ 3378 Exchange
1
4
33 8 334 33
7
No par 9) Jan 30 10218 Feb 11
98 July 104 Mar
/
4
Do lst pref
10212 1021
600
.10112 10212 102 102 *10214 105
010212 106
/
4
25 261 Feb 11 35 Jan 10
2013 Oct 6218 Mar
261 2812 14,300 Kelly-Springfield Tire
/
4
287
28
/ 293
1
4
/
4
/
1
29 291 291 294 Closed
/
4
4 28
100 7934 Feb 11 88 Jan 10
78 Nov 108 Jan
8% pre!
841 *78
200
83
83 *78
*78
*79
7934 7934 80
75 Oct 11714 Mar
100 97 Jan 4 101 Jan 10
Kelsey Wheel, Inc
*97 100
100
97
97
•97 100 *97 100 Lincoln's *97 100
/
1
3
36 . 3714 3655 38
36513 385s 30,400 Kennecott Copper__ ___No Par 3418 Jan 21 384 Feb 15, 29 4 Oct 45 Mar
/
1
4
/
1
35
/ 3612 364 36
1
4
/
1
4
3 Feb 1
14 Oct 114 Mar
/
1
43 Jan 9
8
10
31 1,200 Keystone Tire & Rubber
/
4
3
3
31
3
3
3
/ 34 Birthday
1
4
•3
/ 3
1
4
/
1
4
100 2874 Jan 17 31018 Feb 8 177 Mar 800 Dee
230 Kresge(SS) Co
305 305
•312 325 *31012 325
*310 375 *310 325
75 July 41944 June
500 Laclede Gas L (St Louis)_ _100 79 Jan 2 8812 Feb 1
*8613 8712 8612 87
88 88
87
/ 88
1
4
•87 88
1138 Oct 81 Mar
/
4
/
1
4
600 Lee Rubber & Tlre____No par 13 Jan 30 171 Jan 11
1314 13
/ 1338 1338
1
4
•13
/ 141
1
4
•1313 141 *1334 1414
4May 240 Dec
1.300 Liggett & Myere Tobacco__100 212 Fab 14 245 Feb 9 1903
212 21814 *215 221
2424 245 220 220
•216 220
/
1
100 118 Jan 2 1174 Jan 24 1114 Apr 1184 Jan
Do prat
100
*116 118 *116 118
117 117 *116 118 *116 118
5814 June 7474 Mar
/
4
6734 6858
67 4 677
7
67
6718 6414 861 10,200 Lima Loc Wks temp ott.No par 6414 Feb 15 6854 Feb 7
67 68
4
14 June 211 Feb
16
/ 17
1
4
164 1634 3,500 Loew's IncorPorated___No par 1612 Jan 30 18 Jan 10
/
1
167 167
8
164 17
/
1
164 171
/
1
6 Sept 114 Jan
/
1
634 Feb 15
83 Jan 11
4
No Par
738 71
*738 75
8
73
8 73
4
63
4 718 1,200 Lott Incorporated
74 71
/
1
364 July 664 Dec
100 55 Feb 15 6218 Jan 26
5614 5612 571
1,200 Loose-Wiles Biscuit
55 .55
554 56
55
5612 581
/
1
4
100 149 Feb 15 175 Jan 5 146 June 18234 Dec
163 163 163 16434
149 15413 7,300 Lorillard (P)
15412 160
161 163
100 107 Jan 2 117 Jan 30 103 May 121 Feb
Mackay Companies
•113 117 *113 117 *113 117
•114 117 *114 117
5818 Jan 9313 Apr
No par 8314 Jan 23 904 Jan 7
9038
8812 8938 89
/ 8814 23,700 Mack Trucks. Inc
1
4
871 884 84
8838 901
/
4
100 9513 Jan 16 98 Feb 7
87 July 9914 Mar
98
Do let preferred
98
1,000
98
98 *97
97 98
97
/ 98
1
4
/ 98
1
4
100 874 Jan 15 90 Jan 8
72 June 92 Mar
90
Do 24 preferred
200
89
*8913 90
89 89
*8914 90 *89
89
57 July 7113 Jan
6414
500 Macy(R II)& Co Inc__No par 83 Feb 15 684 Jan 2
.6414 65 *6414 65
•6414 85 *8414 65
63
32
2714 Oct 3814 Mar
4
No par 3018 Jan 2 337 Feb 15
3212 32
3212 32
32
/ 3378 2,200 Magma Copper
1
4
32
*31
333
4
2738
/
1
4
8
Jan
21 June 40
2678 2738 27
4,650 Mallituion (11 R)& Co-No par 253 Feb 14 31 Jan 18
254 2613 2534 26
/
1
2612 27
70
Manatl Sugar
100 62 Jan 5 68 Feb 4
42 July 7514 Mar
*68
6918 *67
1167 70 *68
69
69 *67
85
Do pref
100 82 Jan 14 81 Jan 18
85 *82
72 Oct 90 Feb
*82
85 *82
•82
85
85 *82
/
1
4
35 Oct 66 Mar
3338 383 *3834 39 *3812 383
391 *3813 3834
200 Manhattan Elea SuPPlyNO Pox 384 Feb 14 42 Jan 9
4
*39
4
25 383 Feb 15 44 Jan 10
4013 4912 391 4018 38
4
40 Oct 4774 Jan
/
4
403 4034 403 403
4
2,000 Manhattan Shirt
/ 391
1
4
33
/ 3434 33 34
1
4
16 Sept 2838 Dec
/
1
4
/
4
/
4
32h 3314 311 321 29
19.900 Maracaibo Oil Expl-No par 254 Jan 3 3712 Jan 26
32
3914 407
No Par 3518 Jan 8 42 Feb 5
/
1
38
397
8 384 3832 364 384 65.500 Marland Oil
1718 Oct 5954 Apr
/
1
/ 40
1
4
/
1
38
12 *104 1214
1012 1018 •1014 1212 101 1014
*11
8 Jan 8 1378 Jan 18
400 Marlin-Rockwell_ .....No Par
/
4
814 Nov 16 Feb
34
/ 35
1
4
35
35
3412 35
/ 33
1
4
35
No par 33 Feb 15 37 Jan 17
/
1
4
1,900 Martin-Parry Corp_
35
34
26 July 8734 Apr
39
384 3612 3812 3812
/
1
/
4
37
37
•37
38 *37
300 Mathieeon Alkali Works._ - 50 3812 Feb 14 411 Jan 8
314 Oct 6344 Mar
8
5552 527
• 5213 53
8 525 5312
/
1
4
511 52
/
4
/ 4778 52
1
4
15,200 Maxwell Motor Class A__100 47 Feb 15 5534 Jan 9
36
Oct 6314 mar
1434 1478 1413 1434 14
1414 1412 1413 1434
lora Oct 21 Apr
1413 8,200 Maxwell Motor Class B No par 1334 Jan 2 16 Jan 9
9253 92
9238
914 92
92
93
92
87
6758 Jan 93 Dec
9014 4.700 May Department Stores_ _ -100 87 Feb 15 95 Jan 25
1714 1714
McIntyre Porcupine Mines__
174 1718 *17
1718 1618 17
/
1
1612 Feb 15 184 Jan 7
1,200
•1714 174
15 Sept 2013 May
2058 22
.No Par 141 Jan 3 241 Feb
2014 21
/ 2112 2112 22
1
4
/
4
/
4
18
204 23,500 Mexican Seaboard 011.
/
1
20
5 Aug 2334 May
/
1
4
1914 203
2118 191 193
Voting trust certificates._ _ _
20
/
4
4 2018 21
1278 Jan 3 23 Feb 6
1978 9,200
4 17
6 Aug 2314 may
/ 231s
1
4
2234 23 .23
2312 23
4
5 22 Jan 2 24 Jan 28
23 8 1,800 Miami Conner
5
227 2274 22
Pols Oct 304 Feb
5
/ 6
1
4
5 Feb 15
/
1
4
6
6
/
1
4
10
534 5
5
/ 6
1
4
8 Jan 2
/
1
4
34 Nov 1214 Jan
4
52 53 22.500 Middle States 011 Corp
/
4
3212 *3212 3318
324 321 *32
/
1
/
1
300 Midvale Steel & Ordnance_ 50 2834 Jan 4 344 Feb 7
*323 33Iz *321 3312
4
2118 June 3348 Apr
624 8212
/
1
26214 63
•63
85
54l June 75 Mar
100 6112 Jan 10 6312 Jan 26
6314 6314 6212 624
500 Montana Power
/
1
251 2534 2478 2534 19,200 Mont Ward & Co lii Corp_ 10 244 Jan 2 2714 Jan 28
25
/ 257
1
4
/
4
/
1
254 2532 254 2534
/
1
1814 May 2614 Nov
2812 27
/
4
2614 284 25
/
1
No par 25 Feb 15 2713 Feb 7
2614 7,100 Moon Motors
284 271 2714 2714
/
1
174 Jan 2938 Mar
4
8
/ 8
1
4
/
1
4
83a 854
778 Jan 2
813 914 9,800 Mother Lode Coalition_No Par
813 9
8
/ 812
1
4
914 Feb 15
718 June 14 Feb
1412 144 1412
•144 15
/
1
MUIIII1E Body Corp___ _No par 1258 Jan 2 1478 Jan 9
*144 1412 1378 14
300
•14
104 Aug 2978 Mar
*35
/ 36
1
4
357 3612
8
4
No par 3534 Feb 15 3914 Jan 16
36
36
800 Munsingwear Inc
3534 353
3118 Oct384 Nov
*363 37
4
1111 113
/
4
1123 1143 113 11444
108 11018 110 11014 5,200 Nash Motors Co
4
No par 100 Jan 4 11434 Feb 9
4
754 Jan 1144 Jan
*99 100 •99 100
, Do preferred A
100 10014 Jan 14 10038 Jan 16
*99 100
*99 10014 *99 100
/
4
964 Dec 1011 Jan
•g12 9
*834 9
50
500 National Acme
834 834
84 Feb 6 1018 Jan 28
813 8
/
1
4
9
9
7 Nov 1818 Feb
5338
52
/ 53
1
4
53
25 504 Jan 14 5438 Jan 2i3
5234 5314 5112 53
4,500 National Biscuit
53
53
88 Jan 5274 Nov
*123 124 •122 124 *122 124
100 12018 Jan 8 123 Feb 9 1184 July 125 Feb
Do pref
/
1
4
100
1234 1231 *123 124
*62 63
30
38
145 14612
113 113
1234 13
42
42
49
49
*204 23
/
1
46
.41
2438 2413
*444 45
•1412 19
4 914
*83
*3
3
/
1
4
4 13
4
13
27
8
/
1
4
*1812 18
153 15414
10
/ 1114
1
4
4
*443 45
*3
8
3
4
95
*94
9
/ 918
1
4
*62 63
324 383
1464 1461
113 1133
/ 13
1
4
12
4134 413
50
*49
2414 241
471
*41
/
1
244 24i
45
45
*1412 19
834 91
/
4
*3
3
/
1
4
/
4
•134 11
27
8
/
4
187s 181
15514 157
1114 111
/
4
4
443 45
3
8
5
8
95
95
101s 1014
*62 63
33
34
14434 146
•113 114
124 13
4134 4134
.49
50
2213 2212
414 4518
2414 2412
*45
4512
*1413 10
*812 912
*3
3
/
1
4
134 134
•7
8
•1812 183
4
15614 1594
/
1
104 1114
/
1
45
4514
*1
/
4
3
4
94 941
/
4
104 104
/
1
/
1
62
62
33
34
144 148
113 113
1278 1314
4114 411
/
4
49
49
*203 23
4
*4218 47t
2414 2438
4514 4514
*1434 19
'812 91
314
11 11
/
4
/
4
•7
8
1812 183
15612 1591
1034 11
4438 444
/
1
5
8
3
94
94
•934 1014
•Bid and asked priced; BO sales this day. z Ex-dividend.
100 60 Jan 21 64 Feb 1
200 National Cloak & Sult
60
60
SO June 674 Feb
..100 324 Feb 11 4478 Jan 17
10,200 Nat Enam's & Stamping.
334 34
/
1
35 Oct 73 Mar
100 13713 Jan 15 15538 Jan 28 108 July 148 Dec
6.400 National Lead
138 1463
100 11234 Jan 19 114 Feb 1 1074 June 114 Jan
114 114
Do Prof
500
13
918 Oct 1844 mar
/ 11,300 Nevada Coneol Copper._._ 5 1178 Jan 2 1358 Feb 15
1
4
2,300 NY Air Brake temp at('No par 391s Feb 15 4354 Jan 19
3918 411
2658 Jan 4278 Nov
Class A
No Par 4714 Jan 7 50 Jan 19
400
49
49
4514 Aug 514 Feb
100 19 Jan 9 2454 Jan 18
200 New York Doak
*2034 23
1514 June 27 Apr
100 4113 Feb 13 494 Jan 18
Do pref
200
•42
471
37 Aug 514 Mar
/
1
4
10 22 Jan 2 25 Jan 10
2334 24
/ 23,200 North American Co
1
4
1713 May 2414 Apr
50 43 Jan 2 45 Feb 15
/
1
4
Do pref
400
45
/ 4532
1
4
/
1
4
4218 July 4814 Feb
Nova Scotia Steel & Coal. 100 1412 Jan 18 1412 Jan 18
*1412 19
8
135 Dec 2974 Mar
8 Feb 2
300 Nunnally Co (The)____No par
•1312 91
9 Feb 5
/
1
4
778 Oct 104 Feb
2 Jan 5
/
1
4
300 Ohio Body & Blower_ .No Par
3
3
432 Jan 14
14 Dec 1014 Jan
/
1
113 Jan 2
2,200 Okla Prod & Ref of Amex__ 5
11 17
/
4
34 Feb
214 Jan 22
/ Nov
1
4
Ontario Silver Mlning_100
678 Jan 15
*7
8
9 Dec
/
1
4
8 July
8 Jan 7
1 1814 Jan 29 2014 Jan 2
700 Orpheum Circuit. Inc
1812 183
/
4
1614 June 211 Apr
100 1394 Jan 14 1594 Feb 13 1144 July 153 Feb
8,500 Otis Elevator
153 159
/
1
No pa
8,300 Otis Steel
1014 11
/
1
04 Jan 3 1178 Jan 26
7 June 144 Mar
25 434 Jan 3 47 Jan 10
4314 4412 4,400 Owens Bottle
/
1
4
/
1
365 Jan 52 Apr
8
800 Pacific Development
214 Mar
38 Nov
/
1
4
3 Jan 2
4
3
s
114 Jan 11
/
4
100 9018 Jan 4 95 Jan 28
93
/ 94
1
4
/ 1,600 Pacific Gas & Electric
1
4
73 July 941 Dec
/
1
4
5
400 Pacific Mall Steamahlo
/
1
4
7 July 12 Mar
94 Feb 5 1034 Jan 9
*912 1014
774
New York Stock Record-Concluded-Page 4
For sales during the week of stocks usually inactive. see fourth page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Feb.9.
Monday,
Feb.11,
Tuesday, , IVednesday, Thursday.
Feb. 12,
Feb. 13.
Feb. 14.
Friday,
Fe5. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE •
PER 511.485
Range Since Jan. 1 1924.
On basis of 100-share lost
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
Lowest
Highest
per share 3 per share 5 per share S per share 3 per share Shares. Indus. & SltisceIl. (Con.) Par 5 Per share
$ per share
$ per share $ per share $ per share
5314 5414 5312 544
51
537
8 514 527
8 49
5314 121,400 Pacific 011
4814 Jan 4 5814 Feb 5
3114 Sept 5214 Dec
1214
1218 1214 12
1218 123
8 1218 121 1 113 1214 4,400 Packard Motor Car
4
10 113 Jan 30 127 Jan 7
8
1512 Mar
8
94 Oct
*94
9518 9518 9518
.913 954 *9438 9518 943 9438
8
Preferred
8
200
100 92 Jan 3 9518 Feb 11
9018 June 99 Feb
8
48
5014 4812 495
46
48
4414 46
4414 453 56,800 Pan-Amer Petr & Trans- 50 4114 Feb 14 6114 Jan 2
4
53 Sept 9312 Feb
4512 47
455 47
3
4313 4512 4114 433
8 4158 424 140,800
Do Class B
50 4114 Feb 14 5912 Jan 2
5012 Oct 88 Feb
34 313
313 3t2 *314 33
4 *3 8 33
,
4
*314 33
4
400 Panhandle Prod & Ref_No par
214 Jan 3
614 Apr
114 Oct
418 Jan 23
4 1434 15
143 143
4
1458 143
8 1438 1412 14
1414 1,800 Parish Bingham
No par 1318 Jan 2 15 Feb 5
8 May 154 Mar
34 312
318 312
3
314
27
8 34
24 318 21,600 Penn-Seaboard Eng v t oNo par
24 Feb 14
6 Apr
44 Jan 17
112 Oct
*964 97
964 963
8
9612 9612 9512 96
954 9518
800 People's 0 L & C(Chic)
100 944 Jan 22 9812 Jan 2
Apr 9812 Dee
86
*4814 463
8 4614 4638
454 4614 453 4614 453 46
4
4
2,100 Philadelphia Co (Pitteb)
50 43 Jan 2 47 Jan 30
41 July 5014 Mar
*55
57
*55
553
4
*55
60
*55
5512 *55
57
Phillips-Jones Corp_ .._ No par 55 Feb 7 60 Feb 5
Apr
55 Aug 80
2012 2114 21
2138
1934 2114 193 203
4
2 173 203
4
8 8.300 Phillip Morrig & Co Ltd ._ _ _10 173 Feb 15 233 Jan 31
4
4
1112 July 244 Den
4
3814 4012 393 41
3818 4018 3714 387
8 3512 383 86,100 Phillips Petroleum -No par 334 Jan 21 42(4 Jan 30
2
194 Sept 694 Apr
1114 113 117
11
8
8
1034 1138 1014 11
97 1012 7,200 Pierce-Arrow Mot Car-No par
3
04 Jan 2 1218 Jan 17
64 July
1514 Jan
28
2818 281* 295
8
*2612 29
*2712 28
Do pref
26
3,600
26
100 26 Feb 15 305 Jan 17
8
1313 July 354 Jan
314 314
314 314
3
318 3 4
318 3,300 Pierce 011 Corporation
,
313 314
25
214 Jan 11
4 2 Jan 22
,
14 July
6 Feb
27
27
27
27
2714
273
8 2458 2613 2438 25
prof.
Do
1,800
100 233 Jan 2 36 Jan 21
4
16
Oct 45
Jan
*604 6213 6112 6112
*61
6212 *8112 6212 61
700 Pittsburgh Coal of Pa ' 100 61 Jan It) 6312 Jan 2
62
58
Jan 674 Mar
*9914 100
*9913 100
9912 994 *99 100
Do pref
400
994 9914
100 98 Jan 14 994 Feb 8
96
Oct 100 Apr
*6314 6312 5313 5414
54
5412 5312 53 4 5234 5312 3,600 Postum Cereal Co Inc_ No par 523 Feb 15 5312 Jan 8
3
4
47 July 131 Feb
110 110
110 110
*110 113 *110 11318 *110 1134
100
Do 3% preferred
100 110 Feb 7 11312 Jan 7 10812June 11414 Jan
56 .5612 6712
56
.
5612 5612 56
700 Pressed Steel Car
0618 54
55
100 5212 Jan 2 62 Jan 26. 424 Oct 8112 Jan
90
*86
90
*86
*86
90
8978 897
Do pref
8 90
20)
90
100 83 Jan 3 93 Feb 6
80
Oct 994 Jan
8
383 3912 393 3958
4
3814 35
373 3912 36
4
3818 26,50) Producers & Refiners Corp_ 50 3414 Jan 8 4312 Jan 22
17 Nov 5818 Mar
4414
44
44
44
44
44
4334 44
4318 44
2,303 Pa bServCor p of NI.1.new No par 42 Jan 4 4112 Jan 7
4113 Dec 5113 Apr
1221* 123 2 1233 12414
8
,
122 1244 12114 12213 1187 122
11,500 Pullman Company
8
100 1187 Feb 15 128 Jan 28 11012 July 134 Mar
8
633 6518 6412 6612
4
6314 6518 6214 633
50 58 Jan 4 6512 Feb 11
4 5912 633 31,400 Punta Alegre Sugar
414 July 6914 Apr
4
254 254 2512 254
2518 2578 2412 254 2338 2478 37,100 Pure 011 (The)
25 233 Jan 4 263 Feb 6
8
4
1614 Sept 32 Feb
98 •94
*94
98
•9412 97
*95
I
98
Do 8% preferred.
*94
98
100 92 Jan 10 954 Feb 7
8212 Aug 100 Mar
*110 114 *112 114
112 112
112 112
110 113
1,100 Railway Steel-Spring
100 106 Jan 3 11512 Jan 25
9912 Oct 123 Mar
•324 34 •324 34
*3314 34
*3312 31
200 Rand Mines, Ltd
No par 30 Jan 17 3318 Feb 15
334 3318
2914 July 344 Feb
1034 104 104 11
107 114 107 1114 II
8
8
113 11,200 Ray Consolidated Copper_ 10 103 Jan 18 12 Jan 2
4
4
97 Sept 174 Mar
8
45
47
4612 47
44
4412 3,800 Remington Typewriter_ _ _ _100 3214 Jan 4 495 Feb 5
443
3 444 45
43
8
24 June 484 Mar
*93
95
*93
95
*93
95
*93
I
95
1st preferred
*93
95
89 Dec 104 Feb
4
100 91 Jan 4 943 Feb 5
*99 102
*9914 102
*9914 102
*99 102
*99 102
i 2d preferred
100 9512 Jan 9 102 Feb 1
80
Jan
99 Nov
1258 123
4 1213 124
1214 1212 12
1218 1113 1214 7,200 Replogle Steel
No par
1114 Jan 2 1553 Jan 28
8
0^r 315 Feb
4
8
8
5914 603
4 603 617
587 614 5712 5912 5414 533 42,300 Republic Iron & Steel
8
100 5014 Jan 3 614 Feb 11
4
404 June 663 Mar
4
*93
937
8 94
94
9318 934 933 933
500, Do Pref.
4
4 933 933
100 89 Jan 7 91 Feb 7
2
843 Oct 967 Mar
4
8
8
17
17
165 17
8
1678 1714 *164 17
1614 164 2,200 Reynolds Spring
14 June 294 Apr
4
No par
1614 Feb 15 223 Jan 7
7114 7134 713 713
4
4
71
715
8 71
71
70
7013 4,500 Reynolds(It J)'Cob Class B 25 70 Feb 15 747 Jan 2
47
Jan 75 Dec
8
*11712 118
11712 1173
1173 1173 117 1173 *117 1172
4
8
4
2517:
Do 7% Preferred
4
100 11614 Jan 4 1144 Jan 8 114 July 118 Feb
4
56
563
4 564 564
5512 56
5512 5612 5412 554 6.300' Royal Dutch Co(N Y shares). 48 Jan 2 5912 Feb 6
404 Aug 554 Feb
23
23
2318 2314
2314 2434 24 4 263
3
4 24
267 12.700 St Joseph Lead
8'
8
10 22 Jan 7 267 Feb 15
17 June 2318 Dec
24 27
8
234 23
23
4 3
4
24 23
4
212 23
212 Jan II
14 Oct
4 1,200 San a Cecilia Sugar_ _ _ _No par
5 Feb
35 Jan 24
8
49
494 50
51
4858 50
44
49
4734 473
4 6,600 Savage Arms Corporation_ 100 323 Jan 2 514 Feb 4
1812 Jan
3
3512 Dec
106 1063 10512 10718
4
10512 10612 10.512 107
101 10412 4,900 Schulte Retail Stores_No par 101 Feb 15 10934 Jan 4
88 May 1163 Dee
4
94
94
914 9518
9312 95
9178 9312 374 9112 8,100 Sears, Roebuck & Co
100 87 Jan 2 9712 Feb 1
653 June 924 Feb
4
•114 115
114 118
Do pref
114 118 *114 118 *114 118
100 11478 .n 2 114 Jan 16 10612 June 115 Nov
3 Jan
ia
14
54 54
54 5 8
,
8
513 532 2,2001 Seneca Cornier
514 5
No par
514 53
30
614 Jan 11
478 Oct 1212 Mar
6
6
6
6
•6
614 *6
614
618 64
300 Shattuck Arizona Conner__ 10
678 Jan 10
6 Feb 4
5
Oct 104 Mar
4
8
393 393 *383 3912
8
393 393
8
8 385 3834 3834 3834
8
700 Shell Transp & Trading__ £2 33 Jan 5 4113 Feb 4
2913 Oct 414 Mar
1814 194 1834 1938
1814 19
173 1812 1758 1834 77.700 Shell Union Oil
4
163 Jan 7 2018 Feb 6
8
No par
123 Jan
8
194 May
934 9314 *935 94
8
937 937
8
8 935 935 *94
300
8
Preferred
8
944
100 9112 Jan 4 95 Jan 25
8012 Nov 95 May
127 1278 123 13
8
4
124 123
4 12
1238 1113 1213 6,600 SImma Petroleum
10 104 Jan 4 144 Jan 17
612 July 16 Feb
2334 2334 233 24
4
2334 233
4 224 2358 2214 223
No par 2214 Jan 11 254 Feb 5
4 3.400 Simmons Co
224 Dec 344 Mar
225 23
8
223 2318
8
20
22
2118 73,800 Sinclair Cons 011 Corp_No par 20 Feb 15 2718 Jan 2
2278 2014 22
16 Sept 3938 Mar
'3318 835 *83
19
8
84
Stock
•83
81
300
83 83
8212 8212
Preferred
100 8212 Feb 15 90 Jan 21
8014 Aug 9918 Feb
2712 275
8 2714 275
8
26
274 25
20,400 Skelly 011 Co
2534
2434 26
25 213 Jan 4 29 Feb 4
3
95 Jan 35 Mar
8
6512 66
66
6714 Exchange
644 6612 645 6518 59
8
543 11,800 Sloss-Sheffield Steel & Iron.100 58 Jan 14 673 Feb 7
4
4
3914 July 63 Dee
*86
87
*8612 87
87
87
8713 8712 *86
300
Do pref
8713
100 8512 Jan 30 8712 Feb 14
88
Jan 90 Mar
7918 7918 78
793
4
Closed
8218 8034 8218 10,500 South Porto Rico Sugar._ 100 67 Jan 3 •1327 Feb 1
7712 7914 73
11
3814 Aug
70 Dee
1614 1614 164 17
1414 1512 4,800 Spicer Mfg Co
16
163 *1512 16
8
No par 1414 Feb 15 18 Jan 12
114 June 2714 Feb
*88
8913 *88
8912 Lincoln's *81
8912
3
8912 88
83
•88
100
Do prof.
90 Jan 2
100 88 Jan 31
88
Oct 9778 Feb
62
62
6214 62141
*60
63
*60
64
60 60
400 Standard Milling
100 55 Jan 10 6212 Feb 7
6014 Dec 904 Jan
8 6418 645 Birthday
8
6414 653
623 6414 603 624 597 623 55,200 Standard 011 of Californ13. 25 597 Feb 15 6812 Jan 26
8
4
2
8
4
4718 July 1234 Jan
40
404 4018 403
39
8
3712 3914 58,000 Standard 011 of New Jersey 25 3712 Feb 15 4214 Jan 26
4018 375 39
4
304 July 4414 Mar
•1171* 118
1177 11778 11734 1177 11713 11712
8
8
11712 1173
900
Do prat non-voting
100 117 Jan 2 11852 Feb I 1144 Aug 11814 July
4
603 6034 603.1 61
4
603 603
4
5012 1,000 Sterling Products
4 6012 6012 60
No par 60 Feb 15 6:34 Jan 2
51 June 675 Mar
8
945 954 95
8
883 9314 16,300 Stewart-Warn Sp Corp_No par 83 4 Feb 15 1007 Jan 12
4
954
9312 953
4 9213 94
3
8
74 July 12412 Apr
824
8 774 807
803 8212 807 813
8
8 5,300' Stromberg Carburetor-No Par 777 Feb 15 847 Jan 11
8
803 8112 81
4
8
8
5913 July 9414 Mar
1013 1033 1023 1033
4
4
1017 1033 10138 10312 997 103 119,500 Studebaker Corp (The)___100 9918 Jan 22 10814 Jan 8
8
4
8
8
4
934 Oct 12614 Mar
•110 115 *110 115
Do prof
•110 115 *110 115 *110 -115
100 115 Jan 17 115 Jan 17 112
Jan 117 Nov
1118 1114 107 11,
8
8
1012 103
4
97 1034 4,700 Submarine Boat
105s 11
4
No par
97 Feb 15 124 Jan 2
8
7
Jan 15
Apr
3
34 33
8
8 6.200 Superior 011
338 33
8
23 Jan 2
8
314 33
No par
34 35
33
8 312
414 Jan 21
2 Sept
034 Feb
200 Superior Steel
*3312 3412 *3314 343
34
*31
3418 3418 34
3312
8
4
100 315 Jan 2 347 Jan 9
8
2313 Oct 34 Mar
212 213 3,600 Sweets Cool America
212 212
24 23
4
4
*212 23
10
23
4 254
212 Jan 13
3 Jan 2
1 June
4
Oct
9
913
3,500 '1 enn Copp & C
84 9
84 9
87
8 9
87
8 918
Vo par
87 Jan 14
8
9 4 Jan 5
3
8 June 123 Feb
4
4412 4478
4438 447
8
4358 444 4212 435
8 4112 4314 42,700 TOMS Company (The).___ 25 4112 Feb 15 454 Jan 30
344 Nov 5278 Mar
6412
64 64
64
8 7,800 Texas Gulf Sulphur
8 6238 645
6312 6412 6312 645
10 61 Jan 2 6514 Jan 11
534 July 65
Jan
1314 14
12
1314 145
1334 9,800 Texas Pacific Coal &011_ 10 1012 Jan 10 1514 Feb 6
141* 1234 131
8
13
512 Nov 2414 Feb
145 145
145 145
1.100 Tidewater Oil
135 140
*14212 14412 141 141
100 120 Jan 5 151 Feb 7
94 July 144 Mar
397 4014 397 4
8
395
8 012
8 7.100 Timken Roller Bearing_No par 3812 Jan 21 41 Jan 7 , 334 Jan 45 Mar
394 4014 393 4014 39
8
68
693
8 683 6938
8
6758 6878 665 675
4
8
8 623 6718 50,900 Tobacco Products Corp
100 623 Feb 15 70 4 Feb 5
4
3
463 Aug
4
783 Dec
4
9012 9112 91
9178
Do Class A
4
8 8912 903 10,900
4
100 8814 Feb 4 918 Feb 11
914 903 913
91
7612 July 9278 Dec
*113 115 *11314 11514
Preferred
*113 115 *11318 11412 *113 115
100 11314 Feb 7 117 Jan 1 1043 Feb 11512 Oct
4
43
8 431
43
8 47
8
412
418 414 48,600 Transcontinental 011. No Par
418
43
8 45
8
4 Jan 7
614 Jan 21
114 Oct 144 Jan
411,1 4112 417 414
8
42
4214 4213 4213 4134 4214 2,300 Underwood TypewrIter____25 40 Jan 3 43 Jan 9
3578 Aug 42 Dec
634 645
8 6412 6412
1.100 Union Bag & Paper Corp.-100 5914 Feb 5 644 Feb 9
62
64
62
*6214 64
*62
50
Oct 774 Mar
*96
98
*96
98
400 Union Tank Car
93
96
97 97
97
*96
100 94 Jan 7 10212 Jan 31
81 Feb 9934 Mar
8
*107 109 .1075 108
200, Do Pref
8
103 108
*1073 108 *1075 108
4
100 10712 Jan 7 1(147 Feb 2 106 Sept 112
8
Jan
3512 37
343 36
4
3512 3238 33
36
4,800 United Alloy Steel
3.5
35
No oar 32 Jan 3 37 Feb 11
29 July 3912 Mar
*84
85
84 84
900 United Drug
*84
344 84 84
100 80 Jan 5 86 Feb 4
803 82
3
7414 Oct 8534 Feb
•48
4814 *48
4814
400! Do let preferred
4814 4814 48
50 473 Feb 15 43 8 Jan 11
48
4734 474
4
7
4614 Feb 49 July
*193 195 195 19712
1,3110 United Fruit
19712 19712 *194 196
100 182 Jan 4 20114 Jan 26 15212 Jan 18712 Dec
192 194
Unites' Retail Stores.. _No par
210 Jan 7
4 Jan 19
0218 Dec 844 Apr
7 2
4
-7514 - - -1- -724 - - 2
7
Fdy-100 653 Jan 2 845 Jan 9
71
73
:317014 73
4
72
8
-68- - - - 16,100 U S Cast Iron Pipe &20 July
6912 Deo
86
8614 *8512 864
800' Do pref
100 8 72 Jail 15 873 Jan 21
863 863
4
86
1 18 .J,
;
8512 8534
i
4 86
8
64 June 87 Nov
1
113
1
1
14
1
118
14
14 22,600 US Food Products Corp_100
1 18
1 Feb 4
1
4 18 Jan 3
218 June
612 Mar
4
•1814 183 *1814 1878
*1814 1812; 1814 183
800 US Hoff'n Mach Corp_No par
8 1814 1812
21 1914 Jan 11
Jan
133 Oct 25
4
8118
807
8 SO
80
78
803
8 7714 794 7314 793 108,900 U S Industrial Alcohol
100 673 Jan 14 83 8 Jan 31
4
5
40 June 7314 Mar
8
•103 105 *103 104
100 98 Jan 3 1033 Feb 7
Do pref
10318 1034 *103 105 *103 10.5
100
4
9514 June 101 Mar
104
104 1064
10314
106 10734' 1055 10634 10012 1064 20,300 US Realty A Improvement100 9918 Jan 14 1074 Feb 13
8
8818 July 106 Mar
385
8
4 38
100 36 Feb 15 427 Jan 12
3814 383
377 38121 373 3814 36
8
13,300, United States Rubber
8
8
305 Oct 644 Mar
8
38
100 854 Feb 15 9154 Jan 10
874 8718 8718 88
87
87141 863 863
763 Oct 105
4
Jan
4
4 354 863
4 3,300, Do 1st preferred
21
4 21
21
2238 22
203 203
4
8
2312 2134 237 10,000 U S Smelting, Ref & Min_ 50 2018 Jan 18 237 Feb 15
183 Oct 433 Mar
8
8
8
.4014 4118 *3912 41
50 3912 Jan 8 41 Jan 7
*40
Do pref
383 Dee 4818 Jan
3
4141 *394 4114 •40
I
4114
10678 10812 1075 1087
8
10658 108
8
10614 107
8512 July 10938 Mar
10314 1064 215,300 United States Steel Corp 100 9818 Jan 3 109 Feb 7
8
8
8
1195 1193 11912 1193
100 1183 Feb 1 12012 Jan 11 11618 Aug 12312 Jan
8
1193 1193 11914 11914 11914 11912
8
8
Do Prof
900
6514
10 64 Jan 18 63 Feb 15
6618 67181 6618 6734 6612 68
6518 6512 65
5512 Oct 7612 Mar
6,400 Utah Conner
4
2112 22
100 163 Jan 4 2412 Jan 16
2212 2212 2213 223
3
21
2112 2014 22
14
7,400 Utah Securities
Oct 213 Feb
8
4 3214 3312
3114 323
243 July
8
No par 295 Jan 22 334 Feb 11
3114 327
4
8 3114 314 30
3112 26,600 Vanadium Corp
4458 Mar
81
*79
.77
Van Raalte Co Inc lot prof _100 79 Feb 6 80 Jan 9
85
7934 Dec 98 Jan
81 I *75
*80
81
81
10)*7
612 Jan 28 103 Jan 11
712 75
8
3
8
8
014 June 27 Feb
75
8 73
4
73
8 712
714 7381 2,300 Virginia-Carolina Chem__.
8
100 2112 Jan 28 343 Jan 2
8 233 24
2312 2418 .23
4
Do prof
4
17 June 69 Mar
1,900
223 235
233
8
2523
5 14
3
*4813 53 1 *4812 53
Virginia Iron, C &0 ____100 49 Jan 25 53 Jan 11
*2484
*4813 50
52 July 68 Mar
.484 53
83
100 7912 Jan 8 7913 Jan 8
*78
Do pref
83
.78
83 I *78
83
7713 June 85 Apr
83
*78
*78
par 125 Feb 2 1618 Jan 26
8
4
1358 1352 134 133
133 137
1314 13121 1.500 Vivaudou(V)
4
8 133 137
4
12
8
Oct 23 Mar
8
No pa4 15 Jan 4 153 Jan 22
1512 1512 *153 1512 151 153
4 155 153
4
4
900 Waldorf System
8
4
8!
153 153
1.158 June 20 May
8
4
153 157
8
2 1518 153
8 153 1512 15
1614 Jan 2
8
154 153
124 Jan
1'1 ' 4,100 Weber & Hellbroner_.No liar 143 Jan 31
163 Dec
8
3712 3954
*3614 38
50 3514 Jan 19 3934 Feb 11
3853 39 1 *3614 3314 4 354 38141 1,200 Wells Fargo Express
33 Dec 105 Mar
'
•110 11078 110 110
4
4
10912 11014
600 Western Union Telegraph_100 107 Jan 3 113 Jan 30 10118 July 11912 Feb
*110 1104 1103 1102
95
9512 937 94
8
931. 1,500 Westinghouse Air Brake_ - 50 84 Jan 2 964 Jan 28
2,
9412 9412 9112 9412
92
76 July 120 Feb
6214 633
8 62
7
5314 614 63 1 9,900 Westinghouse Elee & Mfg_ 50 594 Jan 4 65 Jan 22
633
4 6314 63 8
63
5212 June 6718 Feb
4
NO par 26 Jan 4 29:4 Feb 6
263 273
4
4; 263 2712 2614 27
4
3,800 White Eagle 011
4
20
• 273 2814 283 29
Oct 304 Mar
338 5514 5814 19,200 White Motor
58
14 5 4
5914 58
50 53 Jan 21 593 Feb 11
9
5812
3
4
45 June 607 Mar
573 5314 58
8
vs
8
8
1
13
8 1,000 White 011 Corporation_No par
13 1
12 Jan 14
*14 441 *11414
17 Jan 22
8
14 *112 13
54 Feb
*114
4 Oct
418
3 Jan 3
4
312 358 5,500 Wickwire Spencer Steel__ _ 5
4
5 Jan II
4
2 Dee 14 Feb
3'2 12121
1178
1158 1214
25 10 Jan 10 1414 Jan 16
1212 1214 124
1053 1214 108,400 Willys-Overland (Thel
1114 Dec
5 June
12
4 84
835 8514. 8454 85'
8
85
100 8052 Jan 2 88 Jan 15
8514 11,100
Do pref
4212 Jan 83 Deo
8438 8412 85
2012 207
2112
21
8' 2014 2013 20
Vo par 194 Feb 4 28 Jan 9
2012 1,800 Minn & Co Inc
19 June 4234 Mar
2012 21
' 295 298 I 29614 29614 291 2973
'
1
2973t 2973
4
100 280 Jan 4 30013 Feb 7 19918 Jan 290 Dec
4• 1,000 Woolworth Co (F W)
*296 298
28
2818 23
28
2712 2712 1,100 Worthinzton P & 1%1
2818 28 8
100 257 Jan 4 314 Jan 9
,
8
28
1978 Oct 4018 Feb.
28
113 117 *113 12
4
8
4
*1114 12 I 1,100 Wright Aeronautical...No par 1112 Feb 1
114 12
1312 Jan 3
12
84 Jan
1313 Nov
12
*6914 7013 *6014 7014 6918 6913
200 Youngstown Sheet & T_No par 68 Jan 4 7014 Jan 7
*691 1 704
Jan
62
Oct 80
7014 7011
•Bid and asked prices. no sales on this day. x Ex-dividend.
After,distribution of dividend In shares of United Cigar Stores at the rate of 33.3 share 3 for 100 sharei of United Rata!! Stores
a
New York Stock Exchange—Bond Record, Friday,.Weekly and Yearly
775
Jan.1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"—except for income and defaulted bonds
:
133,
BONDS.
i4
N.Y STOCK EXCHANGE
.
...,4
Week ending Feb. 16.
Price
Friday
Feb. 15.
Week's
Range or
Last Saia
41
caI
g
.
Range
Since
Jan. 1
BONDS.
N.Y.STOCK EXCHANGE
Week ending Feb. 15.
Y,
.1.kt
44
Price
Friday
Feb. 15.
Wed',.Range
Range or
n,. Since
.
Last Sale
al0
Jan- 1
Low
High
High
High
Bid
Ask Low
Bid
Ask Low
High No. Low
U. S. Government.
7412
70
AU& Birm 30-yr lst g 4s_ _.e1933 M S 7312 Sale 73%
7412 13
First Liberty Loan—
8414 85%
::
5
8414
J D 994: Sale 993
8414
:: 997 734 992; 9911 At! Knoxv & Cin Div 4s_ _1955 MN 8312 85
335% of 1932-1947
::
_ 9912 Nov'23 -----------:: _- 994: 9935:: 1051 9844 9930 ALI Knoxv az Nor let g 50._1946 J 0 9914
J 13 993
Cony 4% of 1932-1947
J D 9914: Sale 993
66 9214 Dec'23 ---, -;,:- ..7
_.-,4 9914n 187 984, 99"4: At!& Chart AL 1st A 4418 1944 J J 9134 Cony 441% of 1932-1947
-year 5s Series B_ _1944 J J
9814 99 9814
W° -WV
9814 • b
2d. cony 451% of 19324947_ 1 13 9834:9910n 99,1n Jan'24 ---- 9814:9914: 1st 30
87
88
At! Coast Line let con 4s 51952 M S 8634 8718 863,4
8714 40
Second Liberty Loan—
1930 M N 10634 107 10634 107
12
6 106% 107
MN 993s:
-year secured 78
6 9841 9911::
10
9914 99144
4% of 1927-1942
General unified 4445
1984 J D 868 Sale 868
M N 994: Sale 994: 9914: 1499 984: 9914:
86
% 8978
6
885
8
Cony 41% of 1927-1942
4
82 833
L & N toll gold 48
a1952 M S 82 Sale 82
5
82
Loan—
Third Liberty
19483 J 7634 78
M S 99342Sare 99342 100 3114 994: 100. Ati & Danv 1st g 48
777
777
5
75
77
%
431% of 1928
2d 4s
1948-i J 654 675 75 Aug'23 ----------8
Fourth Liberty Loan—
..:
::
1949 A 0 7814 81
::
A 0 997 Sale 994: 99141 2937 9878: 9913 Atl & Yad 1st g guar 4s
we 64 8
4
5
7814
8018
OM of 1933-1938
,
1941 J J 96 ____ 9612 Dec'23 --- - ---- ---A 0 1004: Sale 100344 1004: 873 99 81100"8: A & NW 1st gu g 5s
Treasury 4418 1947-1952
41930 Q -I --------10413 July'23 ---- ---- ---consol registered
28
19253 J 973 Sale 9714
103 July'23 ------------Bait & Ohio prior 340
961 97 8
4
5
41930 Q J
9712 47
8
2$ consol coupon
/1925 Q .1 --------9614 Jan'24 __
104 May'23 ------------Registered
964 9614
1925 Q F
48 regLstered
k1948 A 0 824 Sale 8214
-year geld 4s
811 84 8
,
1st 50
1925 Q F
10314 Aug'23
53
83
48 coupon
Registered
k1948 Q J ____ ____ 8012 Jan'24 ____
80 8012
Panama Canal 10-30-yr 2s.R1936 Q F --------100 Aug'23 ---- ---- ---1933 RI S 8614 Sale 8614
10
-year cony 444s
93 9412 Apr'23 _
1961 QM
8214 8812
86
87
Panama Canal 35 gold
83 88
Refund & gen 55 Series A_1995 J D 8614 Sale 86
Securities.
92
8678
State and Cite
3
19293 .1 1014 Sale 10114 1013
93 s 997g
10-year 63
1
4
4 75 1001 102
NY City-441s Corp stock_1960 M S 993 993 991
998
991 100
P Jet & M Div 1st g 3348_1925 M N 9614 97
1964 m 8 9912 10014 993
1
954 97_
993
4
9614 Feb'24 ____
4
4518 Corporate stock
997
99% 997
8
P L E az W Va Sys ref 48_1941 MN 8018 Sale 8018
5
1966 A 0 997 Sale 997
7
9 811
8078 40
441s Corporate stock
1
1971 j 0 10338 10412 10312 Oct'23 ---- --,- -Southw Div 15t gold 3%s-1925 J .1 974 Sale 97
9813 97 2
30
4448 Corporate stock
973
- 4
Tol& Cin Div 1st ref 45 A_1959 J J 6734 Sale 674
19673 • 3 1033, 103% 1033 Feb'24 -__- 10312 1033
664 69
%
9
6834
4445Corporatestock_JulY
4
1965 J 13 103% 103% 1035 Dec'23 ------ --- Battle Cr & Slur 1st gu 35_ _1989 J D 5414 63 5818 Apr'23 ____ ---- ---8
4418 Corporate stock
a 1038, 1033 Beech Creek 1st gu g 48
- 4
9012 9012
19363 J 893 9018 9012 Jan'24 ____
1963 M S 103 8 103% 1033
,
8 1038,
4%s Corporate stock
9,58, 9614
1936 J .1 ---- ---- 86 Feb'23 _- -- ---- ---Registered
2
1959 M N 953 968, 953
9534
4
4% Corporatestock
4
19363 J 91%
2d guar gold 58
96
96 8
,
1
1958 MN 9534 963, 96
104 May'12 _--- ---- ---4% Corporatestock
96
9614 964 Beech Cr Ext 1st g 33421_51951 A 0
1957 M N 9534 96% 9614 Jan'24 -___
_ 60 July'23 -------2
4% Corporatestock
95 4 9514 Big Sandy 1st 4s
,
1944 J 13 7514- - 808
0
8012 843
8212 11 8 4 8212
4
953 9514 Feb'24 -___
4
4% Corporate stock reg 1956 M N 95
61 62
4
10314 104 B & NY Air Line 1st 4s__ —1955 F A 6318 67 62 jeg•24 ____
434% Corrooratestook
1957 MN 10314 1033 10312 Feb'24 ___
i 10314 1037 Bruns & w 1st gu gold 4s._1938 J J 88%
89
89
1957 M N 10314 1033 10338 10318
89 Jan'24 ____
434% Corporatestock
4
100 100
1954 MN 8538 ---- 857
85 2 86 Buffalo R & P gen gold 5s_ _1937 M S 9978 ____ 100
,
Jan'24 ___
1
344% Corporate stock
858
90
1957 M N 883 Sale 8834
Consol 434s
89
1961 M S --------10212 June'23 ---- ---- ---4
New York Stato-45
1934 A 0 968, 9914 9612 Jan'24 ____
Canal Improvement 4s-1961 1 3 --------10212 June'23 _ __ ---- ---- Burl C R & Nor let 55
95% 9634
Highway Improv't 4348_1963 M 5 ____ ____ 11214 July'23 ---- ---- -8
5
8 975 98 8
9812
Highway ImProv't 4345
------10412 Apr'22 -___ ____ ____ Canada Sou cons gu A 5s_ _1962 A 0 9812 99 9812
-1966 M 8
1991 J J
__ ____ 7.14 Oct'20 -___ ---- ---- Canadian North deb a f 7s 1940 j D 114 Sale 1134 11418 71 112 1141a
Virginia 2-38
19463 J 112 Sale 11134 11238 43 1111 1125
8
25
-years f deb 640
793 823
8
.1
87
80
Canadian Sac Ry deb 4s stock_ J J 79% Sale 791
Forel',n Go•ernment.
101 Sale 101
10114 92 101
81
2
10214 cub a, Shaw 1st gold 4s_ _ _ _1932 M S 91
90 913
s
1927 F A 81 Sale 91
___ 9138 Jan'24 ____
Argentine(Govt) 75
81
1949.2 J 7212 724 7212
8_4_ Caro Cent 1st con g 4s
7412 9212 Jan'24 ____
1909 M S 86% Sale 8612
Argentine Treasury 58
87 145
1943.2 13 100 Sale 9914 100
9312 941
4
9334 19
9312 9312
8514 1,7 Caro Clinch &0let 3-yr 55_ _1938 J D 93
1
Austrian(Govt) 75 tar I
169
68
97 100
1952 J D 97 8 Sale 9718
96 9 4
89
98
93
,
Belgium 25-yr ext 8 f 7%s 5_1945 J D 984 Sale 9818
98% 87
81
81
1981 J 0 82
96% 99 Cart & Ad 1st gu g 4
s
84 81 Feb'24 __ _
Jan 1925 J J 10012 Sale 9913 10112 54
5
-year 6% notes
97 10112 Cent Branch U P 1st g 48_ 1948 J 13 6834 69 69 Feb'24 _
67
71
1941 F A 108% Sale 108% 108% 22
-year s f Ss
20
3 504 60
60
1945 M N 11012 Sale 11014 11012 35 10838 109 Cent New 'Eng 1st gu 48__1961 ./ J 58
5978 597
Bergen (Norway)s f 88
73 10812 11012 Central Ohio 4418 1930
88
1930 M 5 9312
,
9334 Dec'23 ____ --Berne (City of) s f 8s_ __e 1945 M N 8712 sale 87 2
9334 161
- 85 885 Central of Ga 1st gold 58__p1945 F A 99% 10012 9934
5
8
99%
7 NT
0-•
Bolivia (Republic of) i3s_ -_ 1-/ M ••• 7512 Sale 7512
7614 62
1945 MN 9614 9634 965
7113 7712
,
8
97
954 97
10
Consol gold 5s
Bordeaux (City of) 15-yr 65_1934 MN 9372 Sale 931
e
-4
89
94'
9312 '
June 1929 J D 10034 Sale 10038 101
47 100 10112
10-yearsecur6s
1941 J 13 7914
Brazil, U S external 8s
7914 26
7713 7912
74
Oct'23 ____ ---- ---Chatt Div pur money g 48.1951 J 13 7712
1952 1 D 974 Sale 784
78 (Central Ry)
96129712 25
94 9712
3
5 96 4 97
9713
Mac & Nor Div 1st g 5s_ _1946 J J 9534 foci 9712
, Sal
1952 A 0 9 2 Sale 99% 10
7418(Coffee Security)
0
71
k e
9958 1014
mid Gs j Au Env 88
r
19473 J 921
94 July'23 ____ ---- ---Canada(Dominion of) g bs-1926 A 0 100 4 Sale 99% 100
23
9912 100
18463 J 957
96 Feb'24 ____
Mobile Divislon 53
9
6
97
1931 A 0
55
101 Sale 101
10114 104 10034 102 4 Cent RR & B of Ga coll g 58-1937 M N 92 123 9244 • 9234
9178 96
3
,
4
10
-year 55-45
1929 F A
4
Central of NJ gen gold 58_1987 .1 .1 106 Sale 106
10614 24 1044 1061
1952 M N 2978 Sale 2913 104) 150
991 100
58
10312
Registered
104
,
1 10313 105
/1987 Q J 10412 ____ 10312 10312
Chile (Republic) ext s f 8s1941 F A 10234 Sale 10312 13 2 112 102 10412
27 1022 103, Cent Pao 1st ref gu g 4s
Sale 1023
1
4
0
85 8712
1949 F A 8514 Sale 85
4
8534 37
External 5-years f 88.._ _1926 A 0
94 100
9438 44
9258
k1929 J I) 92 Sale 92
5 92
Mtge guar gold 3548
92
1942 M N 9412 Sale 9414
75
70 102 104%
82 8 83 1
3
7
1
Through St L 1st gu 48 A954 A 0 8214 83 823,
823
8
1946 /4 N 10358 Sale 10338 104
25
-years f 88
41% 4238 Charleston & Savannah 7s_ _1936 J .1 11538 1174 11514 Jan'24 --__ 1154 115
424 68
14
Chinese (Hukuang Ry) 55_1951 J D 4112 Sale 4118
8 10714 109 Ches & Ohio fund az inapt 58_1929 J J 9755 Sale 973
5 97 98
9734
1945 A 0 107% Sale 10712 107%
Christiania (City) s I 8s
951
5 1004
96
943 98
85
1939 M N 100 10038 993
4
8 99
9934
4
1st consol gold 58
Colombia (Republic) 634s_1927 A 0 954 Sale
8812 Sale 8814
88
89
41
9112
1939 MN -------- 99 Dee'23 --__ -,-- - -Registered
Copenhagen 25-year 8f 3448-1944 J J
4
933 95 4
4
4
87%
8414 1992 M S 8558 Sale 8512
3
8618 28
General gold 440
Cuba 55
1944 M S 9334 Sale 933 • 9334
1
91
9214
91
1992 M S --------832, Jan'24 --__
83% 83%
Registered
Exter debt 5s 1914 Ser A_ -1949 F A - --- 90 91
8114 83
____ 83 82 Feb'24 ____
8814 9212
129
91
20-year convertible 4448_1930 F A 9014 Sale 8912
1949 F A
External loan 444,
912 93
4
9214 414
7 92 4
3
88
-year cony secured 58_ _ _1946 A 0 9214 Sale 9218
9234 87
30
5418
1953 J J 9178 Sale 913
87
95
94
9538
9234 9238
1940 J J 93 ____ 923, Jan'24 ____
Craig Valley 18t g 58
Czechoslovak (RePlib Of) 88-1951 A 0 9412 Sale 9412
24 107 108
107
4
1063 10714 107
—
Potts Creek Branch 1st 48_1946 J J 75_ . 784 May'23 --__
Danish Con Municip 88"A"_1946 F A
4 107 108
1074
79 4 8112
3
2 ----81%
It & A Div 1st con g 4s......1989 J J 803 - - 8112
4 8112
Series B
1946 F A 107 Sale 107
76
76
1989 J J 751 777 76
Jan 24 --__
2d consul gold 48
Denmark external 8 f 8s
_1945 A 0 1075g Sale 10712 1078 104 10714 10914
9318 953
4
9412 107
4
warm Springs V let g 58_1941 M S 9184 95 93 Dec'23 --__ -•,2- _,_
20-year 68
1942 J J 9412 Sale 933
5 10014 10214 Chle & Alton RR ref g 3s_ _ _1949 A 0 57
50
2
4
574
58 57%
—
Dominican Rep Con Adm s f 58'58 F A 99 101 10118 10112
8812
9
8554 wu
,
-New York Trust Co
____
_ _ 53 July'23 --__
5455
1942 m s 8713 Sale 8712
192
9412 9558
95
534 53 2
Stamped Oct 1922 interest__ 5334 554 5312 Jan'24 --_
ctfs- Dutch East Indies ext 68..„1947 .1 j 9312 Sale 935
954 265
9418 9
54
6
m
i
Stamped April 1923 Interest__ _--- 50% 58
54
40
-year 68
1962 M £3 9318 Sale 9318
54
8918 9038
894 127
30 4 373
3
1950 J J 3712 Sale 3514
1253 as 5 88 Sale 88
4
3734 381
Railway first lien 3448
,
5348 trust recta
96
187
9212 96'4 Chic Burl & Q—II1 Div 3%5_1949 J J 7914 798, 791g
79 814
7938 24
French RePub 25-Yr ert 13s 1945 m s 9534 Sale 9512
90 937
4
86
s
6
8838
19493 J 87
895
Illinois Division 48
885 8714
20-yr external loan 7343.-1941 J D 9238 Sale 9214 ' 923 212
99 1014
'8
4 10112 428
9613 97
8
1927 MN 9612 967 9614
9678 20
Nebraska Extension 4s
Gt Brit az Irel(UK of) 53-48_1937 F A 101 Sale 1003
77 10612 11014
108
1927 MN 9534
96 Nov'23 _Registered
- -year cony 540
1929 F A 1074 10734 107
10
823
4 89
7612 83 3
_
1958 M S 8614 Sale 86
iti Wiz
General 45
1952 M N 8212 Sale 82
8634 li
Greater Prague 7%s
9112 59
5812 92
9712 994
1971 F A 99 Sale 984
1952 A 43 9012 Sale 90
_
61
99
1st & ref 5s
Haiti (Republic) 68
997 125
9812 997 Chic City & Conn Rys 5s__ _1927 A 0 ____ 5414 55
8
5512
(Kingd of) Ser A 6348_1925 F A 997 Sale 9958
53
554 10
Italy
9718 388
925 97 Chicago & East Ill 1st 6s_ 1934 A 0 10314 106 10414 Jan'24 ____ 10414 1044
8
1
-8 loan 4535-1925 F A 9718 Sale 96%
Japanese Govt'
4
913 9718 C & E III RR(new co) gen 55_1951 MN 767 Sale 7818
974 412
771
Second series 4418
7614 7812
96
1925 J J 9718 Sale 9612
793 813 Chic & Erie 1st gold 58_
4
8112 1609
4
. 1982 MN 9334 94 933
sterling loan 4s
4
1
4
9334
1931 J J 8012'Sale 8014
9238 343
8614 129 8512 9
Oriental Development 68_1953 M 5 85% Sale 8512
es
50
_
. _0 Chicago Great Wt 1st 45-1959 M 5 5258 Sale 525
.
537s
8
5334 73
33
76
4 All 51
4818 53 4
(City of) 15-year 6s..1934 M N 7512 781 76
5318 10
With Sept 1924 coupon on__ __ ____ 52% 5318 534
Lyons
3
724 7712 Chic Ind & Louisv—Ref68._1947 J J 108 108% 108 Feb'24 ____ 1053, 108
7614 59
4
Marseilles (City of) 15-yr 68_1934 M N 753 Sale 7512
30 Dec'23 ____ ---- ____
19473 J 96
9538 9538
Mexican Irrigation 444s
1943 MN 2714 31
Refunding gold 55
98 9538 Jan'24 ____
4913 10
43 4912
1945 Q j 4812 Sale 4812
Refunding 45 Series C.... 1947 J J 82
-58 of 1899
8212 Jan'24— _ I 8212 824
Mexico
85
26 29
29 Feb'24 ____
29
1966 M N 804828i 823
Gold debt 4s of 1904
19543 D 27
General 5 A
8
,
814 84
1
4
823
4
88% 2
86
_
8 .1
8
Montevideo 78
c1966 3 J 9634 9712 97
1952 J 13 8612 Sale 8614
General 6s B
9512 97
14
9714 19
115
Netherlands(is (flat prices) 1972 M 5 9512 Sale 95
104311 9 1
6
5
- 70
74 82 Dec'23 ___
Ind & Louisville 1st gu 45_1956
1940 A 0 110% Sale 11014 11112 81 1104 112.78 Chic Ind & Sou 50-year 48-1956 J J 83 Sale 83
Norway external 8 f 88
ili 64);
i
83
9213 Sale 92
56
9_,4 9413 Chic L S & East let 4%s
_2
93
1952 A 0
1969 J 13 8814 8914 88% Feb'24 ____
874 8818
68
934 174
545
1 8 94 CM & Puget Sd 1st gu 48_ 1949 J J 5434 Sale 5414
__
4984 554
19
"..
68(interim certificates)_1943 F A 93 Sale 9214
18
l'O'S 9711 Ch M & St p gen g 4s Ser A.e1989 J .1 714 Sale 704
97
Panama (Rep) 5548 tr rects_1953 J D --------9638
7014 714
7158 47
1
92 97%
97
62 63
General gold 3548 Ser B e1989 J J 6112 6312 6218 Feb'24 ____
Porto Alegre (City of) 88_ —1961 J D 9612 9712 97
24 1041 107
Queensland (State) ext a I7131941 A 0 1064 Sale 10512 107
78 81
General 4448 Series C
e1989 J J 79 Sale 79
29
79
992 101.18
1947 F A 10014 Sale 10018 10012 37
-year 65
Gen az ref Series A 444s_a2014 A 0 5134 Sale 5112
25
521
49 4 53
5
12
63
9712 20
1946 A 0 9613 Sale 964
9
n.2. 97
_1
Gen ref cony Ser B 5s_ _a2014 F A 56 Sale 56
_a2014
55
5838
27
567
Rio Grande do Sul 85
9312 50
..',4.1 W.,412
1932 .1 13 5512 Sale 5512
Convertible 444s
5412 594
93
57
Rio de Janeiro 25-yr s f 88_1946 A 0 9012 Sale 9012
4
93
18
1947 A 0 903 Sale 9034
oi
93
48
1925 J 13 7612 Sale 765
6818 7812
7734 233
85
25-year debenture 48
494 66
1934 J J 513 Sale 513
El Salvador(Rep) temp 88._1948 J 1 10014 Sale 10014 .12212 87 100 10012
4
523
4 31
4
9512 983
9834 16
1952 M 8 9713 9812 98
4
Chic & MO Mr Div 58._1926 J .1 975, Sale 9718
96 971
1
97% 16
San Paulo (City) s f 8.1
994 69
9814 9911 Cbic & N'west Ext 4,s_ _1886-1926 F A 9714
_
96% 97
14
San Paulo(State) ext s f 88..1936 J J 0914 Sale 99
9714 11
_- 9714
8214
19
8155 78
1942 J J 8012 Sale 80
Registered
1886-1926 F A 9634 1712 97 Feb'24 ____
Seine (France) ext 78
96
963
4
Slovenes 88_1962 M N 7312 Sale 72
74
357
6_4 75
_3
General gold 3555
7018
7018
1987 141 N 704 71
Serbs, Croats az
694 723
1
S
1936 MN 7612 Sale 764
7612
2
fu
81 4
,
Registered
0053sOnS(City)68
91987 Q F ____ ____ 6838 Jan'24
_
684 6838
3
28 103 4 10514
1939.2 D 1033 Sale 10334 1041
4
68
-year
General 48
1987 M N 8014 Sale 8014
Sweden 20
80
815
8
8158 19
11512 50 1111 118
795 81 8
Stumped 4s
,
807 Feb'24 ____
1987 M N ___ 81
Swiss Confeder'n 20-yr s f 88 19403 J 1154 Sale 115
1912 M 3 6212 Sale 6214
62% 25
6
_2 03
%
General 55 stamped
1987 M N 100 Sale 9934 100
Tokyo City 58
15
9912 1003
8
Sinking fund 68
1879-1929 A 0 10134 104 100
Uruguay (Republic) ext 8s 1946 F A 103 Sale 10212 10312 11 102 104
99 100
Jan'24 ____
2 110 112
1945 A 0 11112 112 11112 1117
1879-1929 A 0 100
10212 10212
Registered
2 101 10212
Zurich (City of) s f 8s
Sinking fund 55
1870-1929 A 0 9714 9758 Jan'24 ____
99
97 8 9738
5
Railroad.
1879-1929 A 0 9655
Registered
96 96
96
Jan'24 ____
953 9614
4
J D 9614 -- _ 9614 Feb'24 __
Sinking fund deb 58
1933 NI N 9812 - 8 9914
9712 994
2
9914
987Ala Gt Sou 1st cons A 58.. _
..-1943- 995 Jan'24 ____
—1928 MN 9912 101
983 995
4
Ala mid 18t guar gold 5s
Registered
1933 MN -___ ____ 97 Dec'23 ____ --- --79 8012
7858 8078 8055
1946 A
10-year secured 7112
19303 13 1054 Sale 10514 105% 20 1041 1
4 064
Alb & Busy cony 3441gu__1998 A 0 80 _ _. 81% Feb'24 ____ --- ---_
0
15-year secured 644s g
Dec'23
1936 M S
1077
Atte);& West 1st g 48
10734 11 10638 1084
887 8934 Chic R f 021 —Railway gen 481988 J J 1074 Sale 10714
Jan'24 _ _ _
,
8
80
1942 M S 885 9012 894
7912
7814 80
12
8018 20
piles Val gen guar g 48
571s 60
i
k1995 Q J 594 591 59%
5958
J J --------767, Jan'24 _ _ _ _
Registered
7
767 76 s
Ann Arbor 181 g 45
8
875
8 go
Sale 865
861s 883
4
Refunding gold 48
735 7812
1934 A 0 77 Sale 7634
7712 106
Atcb Top & El Fe—Gen g 48_1995 A 0 86%
79
8614 Chic St L & NO gold 58_ _ _1951 1 D 10018 102 10012 Jan'24 ____
1995 A 0 -a:- ---- 864 Feb'24
99 1004
Registered
793 813
4
Feb'24
k1995 Nov ails _ _ _ 81
8
J D ____ ____ 9558 May'23 ____ ---- ---Registered
Adjustment gold 45
7913 8112
k1995 Nov 8034 Sale 7934
8
803
4
Gold 3148
1951 J I) 77 ____ 775 May'23 ____
Stamped
--- -_2
83%
834 83 4
,
1955 J 13 81% 8314 8314
Joint 1st ref Ss Series A_ 1963 J D 9412 Sale 9412
9616 -94% - 2
9412
Cony gold 48 1909
82 8412
8
1955 1 D 815 82% 82
8212 12
Memphis Div 1st g 45_ __ _1951 J 0 80
83 80% Feb'24 ____
80% 8038
Cony 48 1905
1960 J D 81% ____ 79% Dec'23 ____ ----- C St L & P Ist eons g 55_._1932 A 0 100 ___ 100 Feb'24 ____
993, 997
Cony 4s issue of 1910
4
9512 963, Chic St PM &0 cons 6s_ _ _1930 J 13 103 ____ 103
96
1928 M 13 96 ____ 98
4
2 1013 1031
10314
East Ohio Div 1st g 4,
81
8012 8112
80
81 18
1
Cons 6s reduced to 334a_1930 J 138918 ___ 895 Jan'24 ____
8
891 8 %
9
Rocky Mtn Div 1st 48_ _ 1965 J J 834 854 81
8414 8212
844
845
8 24
Debenture 58
193051 S 934 9518 Jan'24 __-95
9313 96
-Con Short L 1st 48.19183 J
Trans
S 927 ____ 9234 Feb'24 ____
9038 924 Chic T H & So East let 58_ _1960 J D 787 Sale 7878
7712 7954
7938 35
Cal-All'1st & ref 4348"A"1962 M
•
price Friday;latest bid and asked. 35=2. a Due Jan. dDue April. e Due May. gDueJune. hDueJuly. k Due Aug. oDue Oct. pnue NOY. • Due Dee. ,Option sale.
la 871.
776
BONDS.
N.Y.STOCK EXCHANGE
Week ending Feb. 15.
New York Bond Record-Continued-Page 2
44:
Price
Friday
Feb. 15.
Week's
Range or
Last Sale
EL'
Bki
Ask Low
High No.
Chielln Sta'n lot gu 439s A.1963 J J 9018 Sale 90
9012 19
SOB
1963 ii 984 Sale 983
21
4 100
1963 3.3 1143 Sale 1143
4
1st Series C 6395
4 11538
9
Chic & West Ind gen g 63_81932 QM 105 ___ 105 Dec'23 _ _
-year 4s
1952 33 7414 Sale 733
Consol 50
25
4
75
1935 MS 103 Sale 1023
15
-year
735s
4 103
8
Choc Okla 42 Gulf cons 513._ _1952 MN 945 96
8
9514 Jan'24
C Find & Ft W Ist gu 49 g__ _1923 MN
---_ 88 Mar'17
Cin H & D 2d gold 43943_ _ _ _1937 J J
_ _ 88 Dec'23
CIStL&Clstg4s
k1.936 Q F 8912 91
871s- - 8978 Jan'24
Registered
k1936 Q F 8818
87 Dec'23
1942 MN 86%
Cin Leb & Nor gu 4s g
8614 Feb'24
Cin S& CI cons lst g 5s
1928 .1 3 9838 Sale 9838
1
98713
Clearf & Mah 1st gu g 59_ _ _1943 3.1
_ 93 Mar'23
Cleve On Ch & St L gen 49_1993 JD 95_- 797
797 8 81
3
8018 12
-year deb 4395
1931 33 9214 927 9312
20
933
4 16
8
General 5$ Series B
1993 3D 99 10012 99
Jan'24
Ref & impt 65 Series A_ _ _1929 3.3 102 Sale 10113 102
49
'3 10234-6s C
1941
0234 1023
6
4
Cairo Div 1st gold 49
1939 J J 86
2
871
/
4
/ 917t; 87
1
4
-Cin W & M Div 1st g 49_1991 3.3 77
783 7814 Feb'24
8
St L Div 1st coil tr g g 48_1990 MN 79
9
/
4
79
/
1
4
/ 8014 791
1
4
Spr & Col Div 1st g 4s___ _1940 MS 85
1
8512
/ 87
1
4
/ 8512
1
4
W WVal Div 1st g 4s---1940 Si
/
1
4
_ 92 Sept'23 _ _ _ _
1934 ii 1044 10614 103
C:C C & I gen cons g 6s
/ Jan'24
1
4
8334-- /
1
Clev Lor & W con 1st g 5s_ _1933 A0 973 9912 984 Jan'24
/
1
4
N 9414
1935
CI & Mar 1st gu g 439s
843 Jan'24
8
'3 9314
Cleve & Mahon Vail g 5s__ -1938
95 Nov'23
1942 J J 944
CI& P gen gu 4398 Ser A
91 Mar'21
/
1
Series B
1942 A0 9412 ____ 10412 Dec'15
_
Int reduced to 3398___ _1942 A0 7912 ____ 7812 Feb'12
_
Series C 3398
1948 MN
-- 7018 Dec'12 _ _
Series D 3395
Jan'21 _
1950 FA 7967
84
Cleve Shot Line 1st gu 4399_1961 *0 91
_
9112 Feb'24
92
Cleve Union Term 53413_ _1972*0 103 Sale 103
10312 14
1973 AO 9614 Sale 96
53(w I)
24
97
Coal River Ry 1st gu 4s__ _ A945
81
8212 8218 Jan'24
Colorado & South 1st g 48_ _ _1929 FA 9312 Sale 93
/
1
4
934 25
/
1
Refunding & exten 43913_ _1935 MN 84 Sale 84
841 21
/
4
Col & H V 1st ext g 4s
1948 AO 811
/
4
8118 Jan'24 _
Col & Tol 1st ext 45
1955 FA 80
8
/ 83 793 Nov'23 _
1
4
-year 59 g__.1952 .3
Cuba RR 1st 50
8313
843
9 28
82112 84
1st ref 73913
1936 3D 10114 1017 10112 Feb'24 _
8
Day & Mich 1st cons 4349._ _1931
9212 Jan'24
J 9212 97
Del& Hudson 1st& ref 48...1943 MN 86 Sale 8618
8612 64
20
-year cony 59
1935 AO 9412 Sale 941
/
4
943
4 16
1937
1001 39
/
4
15
N 10018 Sale 100
-year 5359
3
1081
/
4
10
1930
D 10612 1.0814 10814
-year secured 7s
D RR & Bdge 1st gu 49 g_ _1936 FA 903 ____ 89 May'22 _ _ _ _
4
15
69
69 Sale 6812
Den & R Gr-1st cons g 48.1936 3
/
1
4
1936
/
1
Consol gold 4395
7312 744 73 Jan'24
8212 38
Improvement gold 58_ _.1928 3D 8214 Sale 8214
65
39
1955 FA 3818 Sale 3818
lot & refunding 59
4913 Oct'20
do Registered
39 Feo'24 _ _
37
39
_
Farmers L&Tr rcts Aug '55_
1
381
/
4
/
4
393 381
4
Bankers Tr Ws of dep
37
/
4
44
/ 371 Jan'24
1
4
do Stamped ,
35
Jan'24 _ _ _ _
4
Am Ex Nat Bk Feb '22 ctfs_ _
3614 393 40
do Aug 1922 ctfs
3812 Jan'24
42
35
22
47
Des M & Ft D 1st gu 4s- ---1935 .3 J 4512 Sale 4512
Des Plaines Val 1st gu 4399_ _1947 MS
_ _ 9314 Sept'23 _ _ _ _
Jan'24 _ _ -Det & Mack-1st lien g 48_ _1995 3D 85%- - 60
68
71
1995 3D 62
Jan'24 _ _ _
697 60
8
Gold 48
1961 MN 8812 Sale 87%
,
Det Rh Tun 4395
8812 18
Oct'23
___ 99
991
Dul Missabe & Nor gen 5/3_ _1941
8
9914 983 Jan'24
Dul & Iron Range 1st 59___ _1937 A0 99 38
_ 957 July'23
1937 AO
Registered
80
Dul Sou Shore & Atl g 58_ _1937 J J 80 -- ti 80
3
/
1
4
8
07-
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week ending Feb. 15.
Week's
Range or
Last Sale
c4
Range
Since
Jan. 1.
Low
High Illinois Central (Concluded)
High
High NO. Low
Bid
Ask Low
91 2
,
Purchased lines 3399
7612 7812
1952 Si 77
90
7812 7714 Feb'24
Collateral trust gold U...1953 MN 813 Sale 80
79% 8112
977 100
3
803
4 15
1143g 1153
78
78
Registered
1953 MN 781
4
Jan'24
_ 78
9 10014 102
Refunding 55
1955 MN 10012 11
102
101
44
15
-year secured 5395
- -34
i5
31 10019 1013
1934 J J 100% Sale 10034 101
15
-year secured 6395 g--1936
10112 10318
J 10912 Sale 10913 109% 15 10819 110
85
85
Cairo Bridge gold 48
9514 95
1950 SD 85
14
Jan'24
85
88
69% 70
Litchfield Div 1st gold 38.1951 J J 6912 7012 69% Feb'24 75
75
Loulev Div & Term g 3398 1953 5' 75
Jan'24
8214 75
4
Omaha Div 1st gold 33_.1951 FA 69% 6914 691
89
7
683 69%
89
6
6918
/
4
7012 74
St Louis Div & Term g 35_1951 J J 693
74 Feb'24
4
7714 7714
Gold 3398
86 161951 J J 77 4 - -- 771 Feb'24
/
4
,
Springfield Div 1st g 3399.1951
98% 99
753 75 3
3
3
J 7618
75
/ Jan'24
1
4
,
Western Lines 1st g 49...1951 FA 84 2
843 Dec'23
4
,
11 3
Registered
7838 - 1
1951 FA
92 Mar'16
924 9412 Ind B & W 1st pref 4s
/
1
1940 *0 90's 100
86 Mar'16
99 Ind Ill & Iowa 1st g 46
3
98
1950 3, 84 Sale 843
1 -5:44 14:9
/
1
4
4
84%
10012 102 Ind Union Ry 58 A
9714 97%
'5 961 971 97 Feb'24
1965
_
/
1
4
/
4
/
4
4012 5312
102 10234 lot & Great Nor adlust 69..1952 5, 5212 Sale 483
4
5312 756
1st mortgage(39 certificates1952 5, 92 Sale 924
8618 8714
90% 94
14
/
1
/
1
4
93
773 80 Iowa Central 1st gold 5s_...1938 3D 64
4
66
70
87 67
68
/ 17
1
4
79 8 81
3
Refunding gold 443
1674 1913
1951 M
1912 Sale 1918
1912 22
8519 8614
James Frank & Clear ist 45.19593 D 82 4 84% 84
83
/ 841s
1
4
2
84
3
jails 1- 338
6-
9814 Ka A 42 G R lst gu g 5s___ _1938
.1
__
4
-75- 791
1990 A 0 95%-- -7933 Fe13 2
43
8 8 Kan & M 1st gu g 48
7318 7918
-1 .4
984
95
211 20
-year 58
---1927 S J 97% 98% 98
98
logs
---- K C Ft S & M cons g 6s___ -1928 M N 102 10212 102
2 10012
102
7312 7714
K C Ft S & M Ry ref g 43_ _1936 A 0 765 Sale 763
8
8
77
50
97
96
Kc&mIt&Rlstgu5s_.1929 A 0 95 • 97
96
4
96
____ ---- Kansas City Sou 1st gold 38_1950 A 0 67% 68
677 69%
8
67
/
1
4
684 35
/
1
86
89
Ref & Impt 58
Apr 19503 J 87% Sale 8712
8814 37
3
813 83 4
4
9012 921 Kansas City Term 1st 4s__ _1960 J J 82 Sale 82
/
4
82
/ 25
1
4
1027 104 Kentucky Central gold 48_1987 J J 82
8
8214 83
/ 831 82
1
4
/
1
4
823
2
8
/
4
62% 6318
9512 9754 Keok & Des Moines 1st 5s_ _1923 A 0 63 Sale 63
63
5
80
3
824 Know & Ohlo 1st g 68
/
1
1925 J J 1003 1003 10012 1003
4
8
9 100% 100 4
4
92% 937
5
8012 8512 Lake Erie & West 1st g .513_1937 J J
8
93 8 965
5
9412 95 4 95
3
95
1
89
8118 81%
87
211 ,
m1d 5s
1941 J .1 89 Sale 89
89
2
7515 80
Lake Signe gold 3355
1997 J D 764 781 76
/
1
4
77
/
1
18
/
4
813 84
75
75
4
/
1
4
Registered
1997 J D 75
Jan'24
7612 75
101 102
94% 95 4
3
Debenture gold 48
1928 M S 95 Sale 95
9
9518
9221
12
-ye gold 48
9214 93
1931 M N
9318 32
93 Sale 93
9211
4
913 913
4
25-yeard
914 Dec'23
/
1
1931 MN
913 93
4
83
/ 8714 Leh Val NY 1st gu g 4348..l940 J J 9338 - - 93
1
4
923 94
8
3
/
1
4
93 8
3
925 943
8
4
Registered
9212 903 Oct'23
1940 J .1 ____ 8
9712 10018 Lehigh Val (Pa) cons g 49-2003 M N 77 Sale 771
79
77
/
4
7714
/
1
4
10611 10812
861s 89
General cons 4398
2003 M N ____ 873 87
4
87
8
1013 103
4
Leh V Term Ry 1st gu g 58-1941 A 0 997
013 Feb'24
4
9912 9912
67L 70
Registered
1941 A 0 9918 -- 9912 Jan'24
7212 7412 Leh Val RR 10-yr coil 68 n1928 M 6 10218 Sale 02
10214 12 101 103
7912 8312 Leh & N Y 1st guar gold 45_ _1945 M 5 8214 8714 83 Feb'24
8214 83
99 101
38
413 Lex & East 1st 50-yr 58 gu.
4
.1965 A 0 997 Sale 93
/
1
4
99
8
/ 10
1
4
Little Miami 4s
1962 M N 8018 _ __ _ 813 Nov'23
8
Long Dock consol g 68
38
41
1062 1- 64
6
1935 A 0 1064 -- _ 063
/
1
8 1065
8
374 3814 Long Isld 1st con gold 58._h1931 Q .1 9712 97 8 98
,
/
1
4
97
2
/
1
4
98% 97
1st consol gold 4s
51931 Q .1
37
/ 3714
1
4
_ _ 90 Dec'23
40
40
844 86
General gold 45
1938 .1 D 843 85% 843 Feb'24
4
4
9018- 381 3812
83% 83%
Gold 48
1932 J D 8614 --- 8318 Jan'24
79
1949 M S 7912
8014
Unified gold 4s
423 47
4
-- 8014
3
8014
913 913
8
4
1934 J D 9138 1412 9138 Jan'24
Debenture gold 59
-io- - ii
85
8515
deb
1937 M N 843 8512 85 Feb'24
4
g
60
79 4 807
3
52
60
80% Feb'24
7 yr ar 9 m dggo1d 48_ _ _1949 M El 8014 81
eutte refundin
95
95
87 4 9012
3
95 - 95
Nor 51113 1st con g gu 58-01932 Q .1
5
957 971e
8
97
Louisiana & Ark 1st g 533-.1927 M 5 96%
7
_- 97
791: 8119
-55- I84 Lou &Jeff Ittlge Co gu g 443._1945 M S 81 13 8012 Feb'24
3
102 10212
102 Feb'24
Louisville & Nashville 58._..1937 MN 10114
89
/ 91
1
4
-75- -11-39
'
1940 J .3 893 Sale 8933
9018 16
4
Unified gold 49
1040 .1 J
9014 May'23
Registered
- 55- 99
Jan'24
7 6952
.
1
Collateral trust gold 561931 MM -iii.2 --- 99
9834 834
-55- - -1-2 0-year sdcug 5 7e
9;3
1930 M N 10614 Sale 10614 106%
8 10814 10814
st retueeie redms
4
2503 A 0 10518 Sale 105% 106
30 1043 10618
97 2 10013
,
2003 A 0 998 Sale 99%
98
14 99
993
4 38
5511 (when issued)
4
97% 100
8
_ 1035 Nov'23
19303 J 104
NO 4 DI 1st gold 65
1045 10512
8
04 1O11 Feb'23
10303 J 10114 12d gold 68
87
87&
87% Jan'24
613 65%
4
Paducah & Mem Div 45_ _1946 F A 8538 87
6012 6112
St Lou% Div 211 gold 38 1980 M S 6012 Sale Ms
6012 21
-85; 5614 L&N&M&MIstg43481945 M 6 95
94
95 4
3
95 Jan'24
8114
79
80% 16
81-12 80
L & N South Joint M 43_ _1952 J J 8018 77
77
8812 9212
51952 Q J 7218
77
Registered
Jan'24
96 96
543 5614 Loulav Cin & Lex gold 4395-1931 M N. 95 ---- 96 Feb'24
4
/
1
4
541 5618
/
4
993 99 4
4
5934 65 Mahon Coal RR 1st 58
3
1934 J J 98
/ -- 9934 Jan'24
1
4
60
8912 951 Manila RR(Southern Lines) 1939 MN 59 59
5912 59 Feb'24
9578 973
83
/ 8314 Manitoba Colonization 55...1934 J D 97% Sale 97%
1
4
4
9718
83
83 Man G B & N W lst 3398-1941 .1 J 8112 ---- 82 Sept'23
---- ---- Mex Internat'l 1st cons g4s.1977 M 6 __ __,. 77 Mar'13
-5/1
98 Feb'24
---- ---- Michigan Central 58
98
11111
9 1
98
Registered
98 Jan'24
---- ---8834 863
3
45
1940 3 J 864 -- 863 Jan'24
/
1
4
14-59
194( J J___
_ _ 85
Registered
85 85
85
1
7
9 80 Feb'23 _
1stgold 33.48
3„Ae
1951 M 6 -7614 -65
8712 6 / 5LAll
84
81
1952 M N 80
1st
801 80%
/
4
8018
2
823 831
3
1929 A 0 9312 Bale 9314
9214 93 4
3
20
-year debenture 48
9312 31
1003 10114 Mid of NJ 1st ext 59
4
1940 A 0 88
92 87 Apr'23
8418 893 Milw L S & West imp g 58.-1929 F A 994 -- 9914 Dec'23
4
10514 10812
Ashland Div 1st g (is
1925 M S
00 Dec'23
_
97% 9812
Mich Div 1st gold 68
2
1012 16011924 J J 10014
10012 Jan'24
8914 8914
Milw & Nor 1st ext 4399
1934 J D 874 If 89 Jan'24
/
1
891s 91 - Cons extended 434s
19343 D 87
3
87% 875
/ 89
1
4
/ 87%
1
4
875
8
89
96 MU Spar & N W let gu 49.-1947 M S 84
,
833 85 2
8
85
85
Jan'24
8
847 86 Milw & S L 1st gll 3359---1941 J .3
66% Aug'23
Minn & St Louis 1st 78
1927.3 D 10014 --- 100
Ho- Car
Jan'24
6; 1st corm'gold 58
603 1
4 8312 68
1934 M N 643 Sale 64%
4
673
4
2312
1st & refunding gold 4s
1949 M S 2212 2312 2319
9812 991
/
4
18
2312
5
98
98
Ref & ext 5()-yr 5s Ser A 99,32 f) F1 7 87
17
1968j j 8 8 2 34 17 Feb'24
16
0
8
6
191% M1s3 eona 3 M con g 48 int
134
/
1
0
StP&SS
863 881
8
/
4
87
8712
6
1912"
99 103
1938 J J 99 Sale 99
99
4
1033 10438
s
4
10-year eoll trust 13528_ ....193l M S 103 !al:3_ 103
.
1946,J J 0„2
1031s 27 10112 1033
lis A
10114
10114
1 100 10114
106 1- 2
41- 1st Chicago Terms f 49_ -1941 NI N
__
9212 Dec'23
977
8538 88 2 M SS M & A 1st g -feint gu__ 1026 J J 92- 7 977
,
96
9712 97 8
977
8 10
Mississippi Central 1st 55._ _1949
8814
88
.1
Jan'24
-5112 9i9i2 m K & Okla 1st guar &L._ -.1942 J N 8814 90 88 May'23 M
91%
59
/ 6018 Mo Kan & Tex-lst gold 4s 1990 3 D
1
4
se3 A:1982 .1 J
76
12 7712 7612
7714 13
712 1012 Mo-K-T RR-Pr 158
7854 8313
813 Sale 8112
4
8212 85
6811
40-year 49 Series B
65
1962 J .1 673 68 67%
4
6812 89
81
84
10
-year 6s Series C
94% 9814
1932 .1 J 9758 Sale 97
97% 13
7312 77
Cum adjust 55 Series A__ -1967 .1 J 5454 Sale
5154 567
3
116
543
4
56
837 86 4 Missouri Pacific (reorg Co)
3
1st & refunding 5s Ser A_ _1965 F A
3
7513 78 4
7718 Sale 7718
783
4 58
-57- 1i3-4
1st & refunding 55 Set C.-1926 F A _
1
4
9511 95% 951 11 0414 95/
/
4
1st de refunding 138 Ser D.-1949 F A 9114 Sale 91
/
1
4
50 '8718 92
92
99
614 97 2
1114
55
/
1
4
General 48
51
19M M S 541 Sale 5414
547 178
8
/
4
Miss
-541 ii54
803 8213
4
2 3 99ria2 at 4%....l938 MN 8312 8412 8213 Feb'24
7 extendeda
9 P1928034 8412 Mob dr Sir prior lien g 59._ _1945 J J 93_ _ 9234 Jan'24
923 943
4
4
__
5814 6212
68
714
Mortgage gold 48
1945 J .3 723 - 8 7312 68
Jan'24 8512 92 Mobile & Ohio new gold 69.. _1927 J D 10214 Sale 10214
3 10214 103
1023
8
4
1st extended gold 69._ _h1927 Q .1 1003 Sale 1003
2 1003 101%
4
4 10114
-iiii 16- Genntge gery D
74
771s
m e eralm old 4s
1938 M 5 7612 773 7612
2
7713
4
iv 1st g 58_1947 F A 9413 973 9414
92
95
4
95
4
-773 7714
9614 96
St LOUIS Div 59
4
1927 J D 9514 96
1
9514
9514
78
76
Mob & Ohio coil erg 4s....1938 M 5 7714 78
7
77%
78
Mob & Mal 1st gu g 45
1991 M S 824 81
Oct'23 - _ _
/
1
83 85
3
/ Mont C 1st gu g 68
1
4
108¼ 10811
1937
J 10812 10912 10813 Jan'24 - - _ _
J 100
1937
__
99l 99l
85 8 883
,
8
Re1Stgglistred
3 gold 56
1937
J 100 10014 -554 Feb'24
984
/
1
84
/
1
4
---____
1948
/ 8412 July'23
1
4
E Minn Nor Div 1st g 4s.. _1948 AO 8512 89
93 Feb'24
1938 MS 93
E Tenn reorg lien g 58
9834 Jan'24
/ 99
1
4
ETVa&GaDivg5s
19305, 98
9814
9812
1956 MN 9812 99
8
Cons 1st gold 55
Elgin Joliet & East 1st g 58.._1941 MN 9812 9954 100 Feb'24
9
Fzie 1st consol gold 75 ext_ _1930 MS 10412 Sale 10412 105
65313 20
4
1996 J J 643 Sale 6414
1st cons g 49 prior
57 Mar'23
J
1996
Registered
8
5458 Sale 545
5514 III
1st consol gen lien g 4s._1996 .1
Oct'23
48
1996 .3 J
Registered
9312 92
1
92
Penn coil trust gold 4B_ _1951 FA 92
/
4
5614 124
8
-year cony 4s Ser A_ _1953 *0 557 561 5512
50
55
/ 26
1
4
1953 *0 55 Sale 55
do Series B
3
64
/ 89
1
4
Oen cony 48 Series D__ _1953 A0 64 Sale 63 4
943
4 24
94 Sale 9412
1955 5
Erie & Jersey 1st s f 65
s
Erie & Pitts gu g 3399
_ _1940 J J 817 ---- 8314 Jan'24
Series C
1940 5' 8178 ____ 83 Jan'24
Evans & T H 1st gen g 543_ _ _1942 AO 102 ____ 88 Apr'23
6912 Apr'21
Sul Co Branch 1st g 5s_ _1930 *0
991 Oct'23 _
/
4
1924
5
Fargo & Sou fls
Fla Cent & Pen 1st ext g 59_1930
J 951
2- 9412 Dec'23 _
2
94
le
'S 94 di- 94
Consol gold 58
1943
5
/
4
871
/
4
4
Florida E Coast 1st 43-98_ _ _1959 .1 D 8714 883 871
/
1
4
/ 6812 67 Feb'23
1
4
Fonda J & Glov 439s
1952 MN 67
_
8312 Jan'24
Fort St U D Co let g 439s_ _1941 J J 84
/
4
2
/
4
/
4
Ft W & Den C 1st g 539s_ _ _1961 J D 1011 Sale 1011 1011
3
871
8718
88
Ft Worth & Rio Grist g 443.-1928 J
87
10612 Jan'24 _ _ _ _
Frem Elk & Mo V Ist 6s_ _ _1933 A 0 106
9817 2
9
812 9812
GH&SAM&PIst 5s
1931 MN 97 -__
1931 J .1 9512 9738 98 July'23
2d exten 58 guar
5
91
4
Galv Hone & Rend 1st 58_ _ _1933 A 0 9018 903 90
26
94
Genesee River 1st 5 1 6s_ _ _ _1957 J J 9312 Sale 9312
_
8
Ga & Ala Ry 1st con 5.34._..o1945 J J 83 ---- 847 Feb'24
/
1
4
__
___ 0138 Dec'23
Ga Car & No Ist gu g 59.-1929 J .1 921
21946 A 0 6112 63 6112 Feb'24 _
Oa Midland 1st 39
4
/
1
Gila V G & N 1st gu g 58_ _ _ _1924 M N 994 ___ 993 Jan'24
Jan'24 _ _
98
99
Gou & Oswegatch 55
1942 .1 D 9818 2
911
/
4
/
4
Or R & ex let gu g 439s_ _ _1941 J J 911 Sale 9111
8 42
/
1
4
Grand Trunk of Can deb 79_1940 A 0 113 Sale 11312 1135
34
4 104
1035 1033 1033
8
4
1936 M
15
-years f6s
10113 Apr'07
19473 D 8538
Grays Point Ter 5s
1073 108
8
Great Nor gen 76 Series A..I936 J J 10718 Sale 107
3
87
1st & ref 4398 Series A__ _1961 J J 87 Sale 87
90 June'23
1961 J J
Registered
63
99
9878 Sale 9838
19523
530 Series 13
3
6018
65 6018
Green Bay & W deb ctfs "A"____ Feb 58
25
712
8
712 Sale
Feb
Debentures ctfs "B"
__
__ 8412 Oct'23
Greenbrier Ry 1st gu g 423_ _.1940 M N 853
__
/
1
833Gulf & S I lat ref & t g 59_ _D1952 J J 83 4- 4 834 Feb'24
4
Harlem R & Pt dies 1st 49_ _1954 M N 753 7712 77 Feb'24 _ _ _ _
/
1
864 20
Hocking Vol 1st cons g 4398_1999 J J 8618 Sale 8618
1999 J J 8012 85 8112 July'23 _ _ _ _
Registered
9712 Jan'24
1937 J
9712
H & T C let g 55 int gu
1
9112
9112
907 92
8
Houston Belt & Term 1st 59_1937 5
1933 MN 953
9618 Jan'24
3
Hens E & W T 1st g 58
__
1933 MN 951 9 4 93% July'23
1st guar 58 red
/ 63
4
_
8414 Jan'24
8
Housatonic Ry cons g 59_ _ 1937 MN 813 89
71
83
Hud 42 Manhat 59 Series A _ _1957 F A 83 Sale 8212
1957 A0 614 Sale 6114
613
4 75
Adjust income 5s
92
4
Illinois Central 1st gold 48..1951 J J 92 Sale 02
1951 33
8313 Sept'22 - _ _
Registered
1951 .1
78
8112 80 Feb'24
1st gold 3348
1951
'S
Oct'22
80
Registered
4
.1
Extended 1st gold 3399_1951 *0 -77 8 16- 773 Jan'24
1951 *0
4
- - --- 763 Sept'23 _ _
Registered
1951 MS 5913 72 8314 Mar'22
1st gold 35 sterling
4
83 4
3
833 Sale 8314
4
Collateral trust gold 4s__ _1952 M
1952 A0
93 Sept'19
/
1
4
Registered
1955 MN 8514 8512 8518
2
854
8
refunding 45
1st
•NO price Friday: Intern bid and asked this week. a Due Jan. 5 Due Feb. C Due June. h Due July. n Due Sept
Price
Friday
Feb.15.
-iiis
"4 4 ju_s14 1°-°
1 _ _ -:
0 Due Oct. a Option sale.
New York Bond Record-Continued-Page 3
BONDS.
N.Y STOCK EXCHANGE
.
Week ending Feb. 15.
: •
14
n
zt
.... a.
Price
Friday
Feb. 15.
Week's
Range or
Last Sale.
•,7 ...:
E.2
.
iZA
Range
Since
Jan. 1.
BONDS.
N. Y STOCK EXCHANGE
.
Week ending Feb. 15.
-dei
t',S
uh
,r, a;
777
Price
Friday
Feb. 15.
Week's
.4 .
Range orgi
Last Sale. to
Range
Since
Jan. 1,
Bid
High No. Low
High
Ask Low
Ask Low
Bid
High No. Log
MO
M & E 1st gu 3168
2000 J O 77
7812 7812 Peoria & East 1st cons 48._ _1940 A 0 7014 71
771 76 Feb'24 __ -70%
67
70 4 11
7414
3
Nashv Chatt & St List 55_ _1928 A 0 9934 100 100% 100%
Income 48
1990 Apr. 2214 24
23
23
20
1 100 10012
21
2414
N Fla & S 1st gag Ss
1937 F A 9714 100 9614 Oct'23 --_ _-- ____ Pere Marquette 1st Ser A Ss 1956 J .1 9258 Sale 9212
93% 115
9112 9334
Mex pr lien 4As_ _1957 J J _
1st Series B 4s
78% 702,
Nat Ry of
19563 J 7814
30 som•23 _
___, _ _ _ _
7814 11
_ 7884
__
July coupon on
1943 SIN 9058 iii 9014
23% 37 Phila Balt & W 1st g 45
9014
5 9012 9012
aii4 ____ 2265
::::
_ _ _ ____ PhelippLne Ry 1st 30-yr s f 45 1937 J J 39
do off
3912
40
5
39
39
43 s
__
7
Nov'23
5 93114
1977 A 0 --- - -- _ _ 26% July'23 --__
P C C & St L gu 4545 A
General 4a (Oct on)
1940 A 0 94 ____ 9314 Jan'24 ____
93
_
April coupon on
Series B 4348 guar
1942 A 0 9334 __-- 93 8 Jan'24 ____
7
93 3 9414
7
18
26
21 July'23 -- -off
Series C 434s guar
do
1942 M N 9312 -- _
9314 Jan'24 ____
9314 941
24 Dec'23 - - - Series D 45 guar
___
Nat RR Mex prior lien 4348.1926 J J -------- 3884 j
____
uo&25. __
1945 MN 87
897 87
;
87
3
87 87
Series E 3As guar gold_ _ _1949 F A 8612
July coupon on
_ 8612
8612
1
8812 8612
5 __ _
-i- - ---: 36
Jan'24 -- -- -_
36 -36
off
Series F guar 4s gold
do
1953
D
1- 9112 June'23 ____ ____ ____
912
34
Oct'23 --- 1st consol 45 (Oct on)_ _ _ _1951 A 0 --------28
Series G 48 guar
1957 MN 8512 88 4 93 Sept'23 ____ 3
Apr'23----:" -4°z-April coupon on
Series I cons guar 4548_1963 F A 9012 ___ 90 8 Jan'24 ____
5
36
Ws 913;
3
6
---22
Jan' ---i
,
,
24
off
do
Series J 451s
1964 M N
22
_ • 9058 Jan'24 ____
10
90% 911
Naugatuck RR 1st 45
General 58 Series A
1954 M N "WY -_-_-__ 6618 May'23
1970
D 9014- ; 9612
9614 967
9612 10
96% 9712
New England cons 58
19453 J 8314 ____ 75 Aug 23 --__ -- Pitts & L Erie 2d g 58
a1928 A 0 9654 __-- 968 Feb'24 ____ ____ ____
. ____
Consol 48
75
83 Pitts McK & Y 1st gu 6s_ __1932 3 .1 1023 --- 105 Dec'22 ____ __-_ ____
19453 J
4
____ 83 Jan'24 --_
.
N J June RR guar 1st 4s_1986 F A 75
2d guaranteed 13s
5018
1934
__
J _ __
_ 9514 June'22 ____ __-_
__
89 Dee S3 -- ii -558s , i1- Pitts Sh & L E lat g 56
.
N O& NE lstref &imp4548A'52 J J
.
7
•
:: I 2
1940 A 0 983 4 99% 99 Jan'24 ____
98% 99
924
8214 Sale 8181
New Orleans Term let 4s.._ _1953 J J
1st
1943
J--------100 Feb'22 ____
97
97
78
5
76% 79 Pitts Y & Ash let cons 55._ _1927 M
6616661 gold 66
NO Texas & Mexico 1st 68_1925 J D 77% 7712 7714
N 9914 ____ 98 June•22 ____ ..___ ____
5
4 101
00 4 Sale 1001
3
10 100 4 10112 Providence &cur
Non-cum income Sa
1935 A 0 1
85% 8912
deb 4s_ _ _ _1957 M N
3418 __ 3314 Dec'23 ____ ____ ____
Sale 885
8
89
107
N & C Bdge gen gu 4548
1945 J J 885s n278
1956 M S 7414 ____ 7114 Dec'23 ____ -_-- ____
_- ____ Providence Term 1st 45
on.
N Y B & M B 1st con g Ss1935 A 0 . - ..- . 90 D22••23 --_ - --.
-3
Reading Co gen gold 4s
1997
J 90 Sale 90
90 8 83
3
87 4 915
1
4
.0 2 uo•2
,
-. 1E154 10514
N Y Cent RR cony deb 135_ _1935 M N
Certificates of deposit
90%
8
8714 91%
90 Sale 90
Sale 10414 1047 -8 121
Consol 48 Series A
1998 F A 10414 Sale
Jersey Central colt g 48_ _ _1951 A 0 8434 Sale 843
8384
81
83
14 88
8514 23
4
14
8118
811s
817
8
5
Ref &'rapt 4545 "A"
2013 A 0
Gen &ref 416s Ser A
19973 J 89 Sale 8812
8918
8914 181 ---- --Sale
87
Ref & !rapt 5s
16 "1 97% Ren.ss & Saratoga 20-yr68_..1941 M N 109
952
18
2013 A 0 86% Sale 8615
9618
963
8
965 214
8
N Y Central & Hudson RiverRich & Dan 58
1927 A 0 9814 ...- 981 June'24 __
91384 9884
Mortgage 3548
1997J .11
7612 Rich & Meek lst g 58
1948 M N 6978 __ 72 Mar'23 ____ __-_-..
74
7514 46
Registered
1997 J j 7412 Sale 7412
961k
19523 J 98 10018 9612 Jan'24 __
727 7414 Rich Ter Ss
8
96
Debenture gold 4s
--;: 8114 7414 Jan'24 --.
.
1934 MN go
Rio Grande June 1st gu 58-1939 JD 8414 863 87
....,2
; 8914 91
87
Jan'24 ____
87
4
4
VU
so
30
-year debenture 48
87
1942 J J - .4 Sale 893
8912 Rio Grande Sou 1st gold 48_ _1940 J J
51
5%
35, 7
518 Jan'24 ____
st7
89 87
8714
7
Lake Shore coil gold 350.1998 F A Guaranteed
... 4 .
1940 J J
7114 7414
418
__ 7 Dec'23 ___-„- _„.r h8
.58
__
Registered
•;
1998 F A 72 4 Sale 7214
7114 7212 Rio Grande West 1st gold 48-1939 J 1 7318 -7
5
10
7314
73 4 - 12
1 75
75
7212 ril4 Jan'24 -__
Mich Cent colt gold 3As_ _1998 F A 70 a
7314 75
Mtge dr coil trust 4s A_ _ _ _1949 A 0 6314 gale 7318
60 65
6314 19
1
7314
__
Registered
1998 F A 7315 -- -- 7315
7214 7214 RI Ark & Louis 1st 4 As_ _ _ _1934 M 13 7738 Sale 7612
4 23
7412 7714
773
i214 Jan'24
N Y Chic & St L let g 4s_ _ _ _1937 A 0 73 ..,_ 20
,;a,_ 74
8
, vos_ -1- -;
-Canada 1st gu g 4s
8958 907 Rut
19493 J 6938 75 68 Jan'24 ___
68
70
Registered
-11
1937 A 0 P' """` ""'-'
'' ' 8818 8812 Rutland 1st con g 4545
-5
1941 .1 .1 81 Sale 81
81 18
i
sol, 8118
1931 MN 8818 Sale 88%
8818
5
Debenture 48
89% St Jos & Grand Isl g 45
19473 J 72A 73 7112
88
7112
3
7112 7212
8914 8
89
891
6
2d6sABC
1931 MN
1013 St Lawr & Adir lst g 58
4
1996 J J 9158 93 9114 Feb'24 ____
9112 9688
10114 35 10018
N Y Connect 1st gu 4545 A _ _1953 F A 10114 Sale 101
2d gold 68
8812
1996 A 0 975,
87
_ 98 Nov'23 ____ __ _ - -612 8714 87
87
14
N Y & Erie let ext g 4s
1947 M N 8
St L dr Cairo guar g 45
89 1931 J J 8914 --- 8934 Feb'24 ____
90
91
1933 m s 84% _ ___ 80 Sept•23 _ ___
3d ext gold 454s
L Ir M dr gen con g 56_1931 A 0 96
96
98
97
12
9614
9614
95 k a 2
__ .._ -- ___- StUnified & S
m
3
4th ext gold Is
1930 A o _8624 _ _ 96 1 Isy; 2 : __:
1939 J J 857 Sale 855,
ref gold 45
8
8614 47
83% 87
5th ext gold 4s
1928 J D ,,e2 --- Rio & G Div let g 48
1933 M N
77
7718 78
72
7614 77
77
12
923 Dec'23
.
NY dr Green I. gu 558
1946 M N a
` --- - -- -8412 85 4 St L M Bridge Ter gag 58_ _1930 A 0 9734 9912 9914 Jan'24 ___
3
99
9914
843 Jan'24 ____ ____ ____ St L & San Fran (reorg co)4411950 3
4
4
N Y dr Harlem g 354s
2000 M N 8 4 86
3 6812 Sale 8812
6912 132
657 70%
8
/5 ____ 74 Sept.'23 ____
N Y Lack &Western 5s_ _ _ _1923 F A
Prior lien Ser B 58
1950 J J 8318 Sale 83
-_-8414 18
18
8012 85
52
1973 14 N --------998 June'23 --__
4
let & ref Ss
Prior lien Ser C 133
1928 J J 997 Sale 995, 10018 87
985, 100%
1st & ref 434s
--1
1973 M N -------- ----- 97.
1942 J J 92 Sale 92
5348
9784
92
37
8712 9384
____ 19.
24 ____ _
_
_
NY L E & W 1st 75 ext
1930 M S oo
adjust Ser A 88.-311955 A 0 755 Sale 753
Cum
4
77
63
72% 7714
.„..
s
Dock dr Imp 5s
;I•• r
•,•;
19433 J .. . ___ 03 June'23 __
Income Series A 65
51960 Oct. 63 Sale 63
ots
oo
6414 207
58% BS%
98
2
NY St Jersey 1st Is
- 98
1
1r5
1932 F A ,..
9812 9712 St Louis & San Fran gen 68_ _1931 J J 10314 _ 10338
5 1033 103 4
1035,
1
712
963
4
2 ____ ____
NY & Long Br gen g 4s_ _ _ _1941 M 15 au2 i-- - 9852
General gold 55
1
1931 J J 9818 - 1 99
-Jan'24 --99 4
9712 9
9
_
864 _ _ 91 July'22
NY N H & HartfordSt L dr 8 F RR cons g 48_ _ _1998 J J 8934__ 8212 July•23 ____ __-_ --4512
Non-cony deben 354s-1954 A 0 4512 Sale 4512
1
Southw Div 1st g Ss_ _ _ _1947 A 0 97 19
3984 4512
91 June'23 ____ __-_ -_
5
517
8
8
Non-cony deben 45
1947 M 8 5012 51% 517
4412 517 St L Peo & NW 1st gu Ss_ _ _1948 3 .1 98% 9914 98 Feb'24 ____
98 99%
43 Jan'24 --__
55
Non-cony deben 354s-- _ _1947 M 8 45
35
43 gt Louls Sou 1st gu g 48
1931 MS 8934 __ __ 8888 Dec'23 ____ -- -- --1955 J 2 50
52
50
5012 15
Non-cony deben 45
4418 59 St L SW let g 45 bond &fa_ _1989 MN 763 Sale 765k
8
79
76
767
8 10
s
8 Sale 507
52
11
Non-cons' deben 4s
1956 M N 507
2d g 45 income bond ctfs_p1989 J J 70% 73
4312 52
7212 Jan'23 ____
69% 7212
45
5
Cony debenture 3As
1956 .1 J 45 Sale 45
19323 D 815 Sale 80
Consol gold 48
395, 45
8114 70
77% 82
687 198
8
67 Sale 6614
Cony debenture 6a
59 68 8
1948 J J
1st terminal & unifying 58_1952 J J 8078 Sale 80
8112
7
78
8112 83
403
51
4% debentures
36
1957 MN 4014 Sale 3934
4412 St Paul dr K C Sh L 1st 4548_1941 F A 7412 75
76
747k
12
73
7484
8014 214
78 European Loan
7018 8014 St Paul E Gr Trunk 4 As_ 1947 J 3 89% 92
1925 A 0 7914 Sale 7712
9012 Nov'23 ____ ___
768 247
Sale 75%
Francs
1925 A 0 7612
78 St Paul Milli] & Man 45
1933 J J 9188 9214 92
69
92
92 • 92
1
Cons Ry non-cony 45
_
1930 F A 3714 __
1st consol g 68
19333 J 106% 10812 1061 Jan 24 ____ 105 10614
53 40
Oct'23 --- - ---- ---Non-cony 48
19543 J 44
68 reduced to gold 4540_1933 J .1 9618 Sale 9618
9812
4
9512 97
8% Oct'23 ____
_ 3
Non-conv deben 45.. _ _1955 J J 44
_ _
1937 J D 894 9012 89 Feb'24 ____
___
Mont ext let gold 48
8812 9014
e6 4212 Jan'24 --- Non-cony deben 4s
1958 J J 44 Pacific ext guar 4s
:12 .12 4212
19403 3
Oct'23 ____ _ __ _ _ 8 A & A Pass 1st gu g 4s_ _ _ _1943 J J iii4 iii;le "74
99 ,.___ 99
NYdi Northern 1st g 5s._ _ _1927 A 0
-- -1
7;
4
9
-1 i
1 12
64
NY 0& W ref 1st g 4s_ 41992 M 5 64 Sale 63%
18
43018 6 - Santa Fe Pres.4 Phen 5.s. _ _ _1942 M S 98
-4
6
99% 97 May'23 ____ ____ -General 45
5
585 61 San Fran Terml let 45
8
5975
1955 J D 5914 597 697
1950 A 0 811 Sale 813
8
4
4
82
52 14
8012 - 12
83
NY Prov & Boston 41
Sac Fla & West 65
1942 A 0 73% ___ 73 Aug'23 _ - _ _
1934 A 0 108
_ 1075, Jan'24 ____ 107% 107%
Feb'24 - -- 83 81
N Y & Pu Ist cons gu g 4s_ _ _1998 A 0 81 81
81
58
1934 A 0 9914101'! 9918 Dec'23 ____ ___
--NY &R13 Ist gold 5a
_ Scioto v & N E 1st gu g 48..1989 M N 853 863 853 Feb'24 --__
1927 M S 97 = __ 981s Dec'23 _-__ _
4
4
4
11412 TIM;
NY Susq & W 1st ref 5s__ _1937 J J 6012 Mae 6012
61
31
I. iff Seaboard Air Line g 45 .
.
1950 A 0 645, 66
6412
6412
61
6412
1
4
481
2d gold 4548
4
9
43
4878
Gold 4s stamped
1950 A 0 63% Sale 6314
1937 F A 49 ._____ 483
6414 31
5812 65
General gold 55
52% .
17
01949 F A 49 Sale 4714
Adiustment Ss
4014 Ws
1940 F A 82% Sale 5113
51
425
43 8 51
7
__ 8614 Jan'24 -_ _
Terminal 1st gold .55
8614 8614
1959 A 0 4934 Sale 4914
Refunding 48
1943 MN 8614
51
174
47% 51
NY W•ches & B let Ser I 434s.'46 J J 46 Sale 4512
467 131
8
1st & cons fis Series A._ _ _1945 M S 73 Sale 72%
391 47
67% 741
7414 275
67
Norfolk Sou 1st & ref A 58-1961 F A 643 MA 6412
16
63 67 Seaboard & Roan 1st Ss_...i926 I J 9818 99
1 9714
9714 Jan'24 --__
97
. ____ 92 Feb'24 __
Norfolk dr Sou let gold 513... _1941 M N 421
92 Sher Si,& So 1st gu g 58_ _ _ _1943 J D 9878 ____ 3612 June'23 ____
89
____ ___
Norf dr West gen gold Oa__ _ _1931 MN 11)54 ____ 10612 Jan'24 --__ 10612 10612 $& N Ala cons gu g 5s
1936 F A 903
4.... 987 Aug'23 ____
8
___ _ _
Jan'24 -__ 106 106
Improvement dr extg
1934 F A 10814 __ __ 106
Gen eons guar 50-yr Ss_ _1963 A 0 10014 102 10112 102
12
99 102
106 Dec'22 _-__ _ _ _
New River 1st gold
___ So Pac Col 4s(Cent Pee col)k1949 J D 827 83 4 831
1932 A 0 10512
8
,
4
83
83% 11
85
861?
-11N & W Ry 1st cowls 45_1998 A 0 88% 16 4 8618
3
kis 8812
29
-year cony 45
01929 M 8 9312 Sale 9312
93 4 79
3
9212 94 4
1
87% 858 Oct'23 ____
Registered
20-year cony 5a
1996 A 0
1
992
19343 D 9818 9914 993
8
9714 99 k
1
mpg 877 88 Feb'24 - -__
8
Div'l 1st lien dr gen g 48_1944 J J
88 So Pao of Cal
-43u g 58
87
1927 MN 101 103 103
Oct'23
10-25 year cony 4548...1938 M 5 8912 ____ 82 Dec'23 --__
_ . __ So Pac Coast 1st gu 48 g
1937 J J 92 Sale 92
92
i
iii: If
8
10
-year cony 65
1085
8 16 iii112 101912 So Par RR let ref 4s
1929 M 5........ 10
1955 J J 883 Sale 8614
8
8612 50
8614 8712
Pocah C & C joint 48_ _ _1941 J D 87
76%
87
4
784 8884 Southern-1st cons g 55_ _ _ _1994 J J 97 Sale 968
971
73
951 97%
North Ohio let guar g 58- - - _1945 A 0 821 82 Dec'23 - -_ _
86
Develop & gen 4s Ser A _ _ _1956 A 0 6984 Sale 6914
7014 167
6918 7114
Nor Pacific prior lien 48_...1907...19078214 82
8214 47
al Q J 8134
8314
1956 A 0 9712 Sale 9714
68 (w I)
973 338
4
9612 98 4
1
81
Registered
1997 Q .1 - :T --- - 81
1
654e
793 8214
4
1958 A 0 103 Sale 10234
10312 122 10114 104
General lien gold 38
583
s 36
a2047 Q F 57% Sale 5714
5718 597
Mem Div 1st g 4As-5s._1996 J J 9414 954 935, Jan'24 __
8
9
RegisteredReglater
,---- 56% Dec'23 -- _
_
a2047 Q F
St Louis Div let g 48
1951 J J 8112 Sale 8112
8112
d
79 4 82
3
Ref & impt 4348 ser A__ _ _2047 J J 8188 Sale 8182
,
815 20
793 83 So Car dr Ga 1st ext 550_ _ _ _1929 MN 9912 99 4 9912
1
9912
3
987 100
8
68 ser B
4
51 10214 104 4 Spokane Internet 1st g Ss- 1955 J J 827 86
2047 .1 II 1031 Sale 10312 104
1
8
82
Oct'23 ____
____ _ _ -55 C
9212
4
2047 J J 918 9214 92%
90% 93 Sunbury & Lew 4s
1936 J J 858 ____ 91
Oct'23 ____ ____ ---5047 J J 914 Sale 9118
55 D
9212 22
89 4 9312 Superior Short List Ss g._e1930 M 8 9414 ---- 95 May'18 __ _
3
---- - -8t Paul-Duluth Dlv g 45_ 1996 J D 84
___ 89 Feb•23 - -.._ _ -- ____ Term Assn of St List g 4545_1939 A 0
935, Sale 938
95
3 5
-2
92 4 9
St Paul & Duluth 1st 55._1931 Q F 9814 100
9818 June'23 ___ _ ____
__
1st cons gold 58
1944 F A 9712- - 9712
9712
1
97 9
14 9
1st consol gold 4s
1968 J D 80% ___ 844 Jan'24 __ __
Gen refund s f g 45
1953 J J 81
- -14 81
81
81
4
78 4 8
3
2
Nor Pao Term Co 1st g68.-1933 .1 J 1094 Sale 10914 1093
4
1
93
3 Tex & NO con gold 58
1943 J 1 92 ___ 903 May'23 ____
4
___
__No of Cal guar g 58
1938 A 0 9912 _ _ . 99 Dec'23 ---------- - Texas & Poe 1st gold 58
2000 J D 9312 Sale 9312
94
4
92- 9412
North Wisconsin 1st 6a
_ 100 June'23 ____
19303 J 1011
2d gold income 51
42000 Mar 51
85
58 Aug'23 ____ ____ -Og & L Chem 1st gu 45 8...1948 J J 71 2- _7112
7 2. 7
La Div B L 1st g Ss
69
73
1931 J J 92 02 8 9218
5
92 8
3
3
915 - 12
8 92
Ohio Conn Ry 45
8
1943 M S 893 ____ 89% Oct'23 -. _ _
Tol & Ohio Cent let gu Ss_ _ _1935 J J 975
_ 975
8
973
4
7
97% 98
12
Ohio River RR 1st g Ss
97%
1936 J D 9714 Sale 974
1
§7 - 14
14 9i
Western Div 1st g 5s
95 Nov'23
1935 A 0
General gold Is
____ 941 Dec'23 --__
1937 A 0 96
General gold Ss
95
9312 Feb'24 ____
9112 93
12
J. 4 Z:
99 2
5 :; - 4 Toledo Peoria & West 4s___ 1935 J D 92
Ore & Cal let guar g 5s
9912 Sale 9918
1927 J .1
oa. oa3_1917 J J
21
26
3014 Jan'24 .....3014 384
Ore RR dr Nay on g 4s...1946 J D 8512 8614 88 Feb'24 --__
86% 88 Tol St LA W pr lien g 3548..1925 J J 974 Sale 97
9718 14
9612 974
8
Ore Short Line-lst cones 58-'46 J .1 102 1025 10214 Feb'24 - - - - 102 103
50
-year gold 48
1950 A 0 7612 Sale 761?
7712 14
76
7912
Guar cons 5s
19463 J 102 10214 102
102
3 102 10234 Tol W Y &0gu 4 As A
19313 .1 9514__
95 Dec'23
7
Guar refund 48
8
19293 0 935 Sale 93%
93
20
9214 94
Series B 4345
1933.3 .1 9514 - 8 952 Feb'24 _ _. _ -951k - 11;
95795
Oregon-Wash 1st & ref 4s_ Mil J J 80 Sale 80
8014 52
7914 813
4
Series C 48
1942 MS 8718
_
cific Coast 001st g 5s_ _ 1946 J D
75% 8082 Tor Ham & Buff 1st g 45_ _ _81946 J D 811 - ___ 8612 Nov'23 _ _ _
Pa iii8314 82
82
i
iiii2
Pact RR of Mo let ext g 4s... _1938 F A 78% 8212 8012 Jan'24 -. _ _
867 871s Ulster & Del 18t cons g 55_..l928 .1 D 95% _ _ 96
s
Feb'24 ___ 95
96
1938 J J 87
2d extended gold 55
8712 8718
8718
3
9614 48
let refunding g 45
1952 A 0 6118 - -12 63 Dec'23 -----------67
Paducah & Ills 1st s f 4 As_ _1955 J J 97 Sale 97
98
2
9112 9112 Union Pacific 1st g 4s
1947
.1 9038 Sale 895
8
895 9212
s
9014 48
Paris-Lyons-Med RR 68_ _ _ _1958 F A 9114
_ _ 9112 Feb'24 - -__
65
7112
20-year cony 45
1927
J 9612 Sale 9534
9612 48
9514 9812
1942 M 8 70% Sale 6912
Paulista Ry 75
_71
117
95
9612
1st & ref temp Ss
92008 M 8 1015, Sale 1011
1011
33 1004 103
Pennsylvania RIV-cons g 4s 1943 MN 9512 9612 96
9612
2
89% 8912
1st & refunding 4s
0200888 8 834 Sale 83
8114 85
83
14 32
Consol gold 45
1948 M N 885
_ 8912 Jan'24 - -__
10
8712 8914
-year perm secured 6s_ _1928 J .1 103 8 Sale 10312 1037
7
4
8
7
May 11908 MN 88 28812 88
48 stamped
88%
2
NJ RR & Can gen 45._ _ _1944 M 8 897 9214 88 4 Feb'24 19 1021 103 s
8714 89
3
_ __
88 4 8814
3
1960 F A -- -- 88
Consol 454s
88
88
2
944 95 4 Utah & Nor gold Ss
8
1926 J J 8
7/14 9812 94% Dec'23 ____ ---- ---4
19653 D 943 95
General 4 As
943
4
95
13
let extended 48
4
904 913
1933 J ..1 9214
-_ 9014 Dec'23 -----------8
91
19683 D 903 Sale 9014
__
194
General 55
99 1007 Vandalla cons g 4e Ser A_ _ _ _1955 F A
8
85
__ 85
85
n
Jan'24 ____
1930 A 0 993 Sale 993
-year secured 78
4 100
10
153 1065 1084
Consol 4s Series B
4
1957 MN 85% 86
89
85 Feb'24 ____
e45
1936 F A 10714 Sale 10712 10818 39 1075 1091 Vera Cruz& Plat gu 4145_ _ _1934 J
15
-year secured 634s
8
4
J . __
_
36 June'23 _- -- ---- -10812 Sale 10812 1093
Pennsylvania Co63
July coupon on
2514 29
29 June'23 ___- ---- ---Guar 354a colt trust reg A.1937 M 5 _ _ _ _ 86% 84% Dec'23 --__ -_ ....__ Verdi V I & W let g 58
1926 M 13 96
9712 984 Mar'23
4
3518 coil trust Ser IL1941 A A 813 83 82% Dec'23 ____
____ ____ Virginia Mid Series E 58_ _ _ _1926 M
- Guar
8 9914 ____ 97
97
Jan'24 ____
2
11
85
Guar 3As trust etts C__ _ _1942 J D 81
8114 Dec'23 -- _ _ __
. General 58
1936 MN 97% -___ 97% Dec'23 -----------Guar 3As trust etre D._ _1944 I D 8I% ____ 8114 Jan'24 - -__
8114 - - Va dr Southw'n 1st gu 5s--.2003 J J 7218_
81%
9114 Dec'23
9112 91
-year gold 45-1931 A 0 91
-25
93
Guar 15
6
905s 93
let cons 50
-year 55
1958 A 0 81
81;
6
8
7614 80
M
7
4
1952 51 N 833 85
441 Feb'24 -- -.
4
Guar 4s Set IC
8414 8512 Virginian 1st 58 Series A._1962 M N 9352 - -3 807
41
321 92114 9
7
94
Sale 93 2
•No price FlidaY;lateet bld and asked. a Due Jan. Due March. d Due Aprtl. eDue May. g Due June. Is Due July k Due Aug. o
Due Oct. p Due Deo. s Option sale
--
His
94,,, -ig,..,
New York Bond Record-Continued-Page 4
778
BONDS.
N. Y.STOCK EXCHANGE
Week ending Feb 15.
t-4.2
Price
Friday
Feb. 15.
Week's
Range or
Last Sale.
;•
Range
Since
Jan. 1.
BONDS.
N. Y. STOCK EXCHANGE
Week ending Feb. 15.
Price
Friday
Feb. 15.
Week's
Range or
Lai Sale.
.44 •
High No.
Bid
High
Ask Low
Bid
Ask Low
High No Low
'S 8512 853 85
8
8
885
9612 987 Del United 1st cons 64348,,_1932
4
1939 M N 9814 Sale 98
8
Wabash 1st gold 5s
9812 12
8718 9012 Distill Sec Corp cony 1st g 581927 A0 53 Sale 52
1939 F A 89
9012 89
2d gold 55
8912 12
5312 16
83
Trust certificates of deposit_ _ _
53 Sale 52
53
68
7114
lot lien 50-yr g term 4s_ _ _1954 J .J 7014 7212 71
Jan'24
15
97 Dominion Iron & Steel Ss__ A943 Si 764 78
97
78
4
773
Det & Ch ext 1st 5s_ _ _ _1941 J J 97 100
9512 Nov'23
1942 J J 9112 Sale 90
49
78 Donner Steel 7s
_
92
78
Des Moines Div lot g 4s_ _1939 .1 J 7414 79
Jan'24
78
1
4
1
/
2
91
4
673 69 du Pont(E I) Powder 4358_1936 JD 91 Sale 91
Om DIv 1st g 33523
1
/
1941 A 0 685s 6914 694
4
1
/
69
duPont de Nemours & Co 7340'31 MN 10718 Sale 10718
1071 124
:
1941 M S 754 773 7234 Oct'23
Tol & Ch Div g 4s
1
/
4
4
1
/
Duquesne Lt 1st & coil 6s_ _ _1949 Si 103 Sale 1034 10412 86
1
/
2000 F A
7818 Jan'24
Warren lot ref gu g 3Ms_
7818 7825 East Cuba Sug I5-yr s f g 7348'37 MS 10812 Sale 10812 1105 257
8
9938 Jan'24
Wash Cent lot gold 45
7812 81
1948 Q M
s
4
1
/ Jan'24
9918 993 Ed El Ill Bkn lot con g 48 1939 J J 89
9014 89
W 0 W Ist cy gu 4s
8012 Jan'24
1924 F A
801., 8012 Ed Flee III lot cons 6 So.... _1995 Si 100 Sale 100
3
100
Wash Term 1st gu 3355
7912 8012 8512 June'23
1945 F A
1925 Jo 96
Elk Horn Coal cony 6s
98
9618 Feb'24
1945 F A 853
8
1st 40
86 Aug'23
-year guar 45
9112 Sale 9112
i_ Empire Gas & Fuel 734s_ _1937 M
1
/
W Min W & N W 1st gu 5s_ _1930 F A
924 99
63 Feb'24
4
1
/ 89
78
1932 MS 9518
1
6 Eqult Gas Light 50
96
58 - 06
West Maryland lot g 45_ _ _ _1952 A 0 62 Sale 62
4 28
623
1
9412
9812 99 Federal Light & Trac 65_ _1942 MS 9412 Sale 94
4
1
/ 993 9812 Feb'24
4
WestNY&Palstg5s.,,,..1937J J 97
1953 MS 1004 _ _
7s
1
/
1071 10712
4
/
6
7612 7814
Gen gold 4s
1943 A 0 7712 7812 78 Feb'24
1941 SI S 10412 Sale 10312 1043
4 23
8312 17
7912 8312 Fisk Rubber 1st s f 8s
Western Pac 1st Ser A 5s
1946 M S 8314 Sale 823
4
80
78 Dec'23
1
1
/
924 97 Ft Smith Lt & Tr 1st g 55_ _ _1936 MS 79
B 68
97
1946M
1
/
964 97
97
9212 36
4
/
781 8414 Framerlc Ind & Dev 20-yr 7358'42 is 88 Sale 8714
8
West Shore 1st 48 guar
4
1
/
2361 .1 J 803 Sale 80
4 12
803
1942 MN 10234 103 102
Francisco Sugar 7345
10212 15
7714 81
1
7834 Sale 7834
2361 J J
Registered
4
783
94
Jan'24
1
/
8
983 984 Gas & El of Berg Co cons g 561949 JD
4
8
4
Wheeling & L E lot g 5s_ _ _ _1926 A 0 983 993 983 Jan'24
4
1
/
General Baking lot 25-yr 68_1936 JD 102
102
Jan'24
•
Wheeling Div 1st gold 58_1928 J J 98
Oct'23
4
1
/ 96
98
1942 FA 7918 8313 81
Gen Electric deb g 3355_
81
8
9112 Oct'23
Eaten & impt gold 5s__ _1930 F A
1952 MS 1003 Sale 10014
Debenture 55
4
6334 23
1003
1
/
Refunding 4358 Series A_ _1966 NI S 584 Sale 5814
8 14 -5522 - 4
583
10014 41
6414 Gen Refs 151 s f g 68 Ser A 1952 FA 100 Sale 100
60
6
RR 1st consol 48
633
1949 M S 6212 64
4
4
633
1947 J J 9918 Sale 983
54 Goodrich Co 6345
9914 36
4
49
1942.0 D 53
Wilk & East 1st gu g .5s
5314 53
8 15
533
99 Goodyear Tire A Rub 1st88841 MN 11612 Sale 1153
4
11612 34
99
Will & S F 1st gold 5s
99
1938 J D
Jan'24
A 10312 Sale 102
e1931
-year f deb g Ss
10
103 8 13
82
,
81
Winston-Salem S B 1st 45__ _1060 .1 J 8112 ____ 81
Feb'24
89 Dec'23
s
4
/
761 805 Granby Cons MS & Peon 68 A'2S MN 904 _ _
Wis Cent 50-yr 1st gen 4s _ _ _1949 J J
794 795 7928
8
3
8012
1928 MN 9018 9412 92 June'23
Stamped
83
803 803
77
4
19
Sup & Dui div & term 1st 4836 M N 80
81
4
1925 MN 93
Cony debenture 88
9312 9212
3
93
INDUSTRIALS
1932 FA 93
9434 94
94%
4
803 Gray & Davis 78
80
5
4
Adams Express coil tr g 4s_ _1948 M S 803 Sale 8034
5
4
803
4
4
1936 J D 9312 Sale 9312
Ajax Rubber 88
98 8
4
1
/ 95 Great Falls Power lots 158.1940 MN 983 Sale 983
87
5
,
9
94
1952 J J 794
614
612 Hackensack Water 4s
614
614
4
Alaska Gold M deb 68 A__ 1925 M S
4 7
53
7914
7911
4
1
/ 612 53 Feb'24
5
4
1926 M
Cony deb 6s series B
8314
4 6 Havana El Ry L & P gen 53A 1954 MS 8314 Sale 8314
53
9314
9618 98 Havana Elec consol g 53__1952 FA 9314 9313 9314
Am Aerie Chem 1st 58
9712 97 2 97
1928
,
97
M N 101% Sale 1017
Hershey Choc 1st 5 I g 68._ .1942
F
1941 - A 100 Sale 100
1st ref a f 7358 g
10214 29
97 101
10014 53
N 8318 Sale 8318
9618 Holland-Amer Line 68 Ulan _1947
1933 A 0 95 Sale 95
8318
94
4
American Chain 68
4
1
/ 44
95
9014 Hudson Co Gas 1st g 58__ .A949 MN 9412 Sale 0.124
Am Cot Oil debenture 58_ _ _1931 M N 87
9412
82
2
13
8711 87
87
10612 10612 Humble Oil& Refining 5358_1932 Si 9814 Sale 9812
Am Dock & Impt gu 6s
19363 J 10612 ____ 10612 Feb'24
9812 76
9414 102
8
873 92 Illinois Bell Telephone Is. _1956 ID 94 Sale 9378
1937 A 0 9112 Sale 9113
Amer Republics 65
9112 12
A0 9212 Sale 913
1940
4
9314 Illinois Steel deb 435s
92
Am Sm & R lat 30-yr 5s ser A1947 A 0 923 Sale 9234
87
9212 35
93
4
1936 MN 79
4
1
/ __
4
7
1947 A 0 10212 Sale 1021. 10312 49 1013 10312 Ind Nat G dr 0 58
July'23 _ _ _
4
1952 MN 1004 Sale 10012
4 79 101 1023 Indiana Steel 1st .58
1
/
4
/
4
Amer Sugar Refining 68_ _ _ _1937 .1 J 1013 Sale 1011 1023
10034 28
61935 J J
8
937 123
96 Nov'23 _ _
9212 9415 Ingersoll-Rand 1st 58
Am Telcp & Teleg coil tr 48_1929 3 .1 9312 Sale 93i2
89 Interboro Sletrop coil 4348.. _1956 AO 1012 1712 1012 Feb'23
4
1
/ 90
87
89
1936 M S 88
1
Convertible 48
89
5
4
/
10518 1083 Interboro Rap Tran 1st 55_ _1966 J J 61% Sale 611
6212 121
1933 M S 10713 108 1073 Feb'24
20
8
-year cony 435s
Stamped
6114 Sale 60
974 9914
6212 110
4
1
/
1940 J D 971 Sale 973
30
4
/
-year coil tr 58
4
9812 146
1932 AO 5912 Sale 5912
99%
10-year Gs
08
6012 56
1943 M N 9958 Sale 9912
-years I 5353
20
99% 498
1932 MS 8612 Sale 87
78
12112 85 11214 12212
1925 F A 12138 Sale 12114
-year convertible 6s
1
/
7
874 76
5
7012
7012
4
1
/ 70
8418 88 Int Agric Corp 1st 20-yr 55.1932 MN 67
Am Wet Wks & Elec 53__ 1934 A 0 8738 Sale 8714
18
88
5
483 Inter Mercan Marine 51 68..1941 A0 813 Sale 8134
4
8274 56
45
48
48
Am Writ Paper 5 f 7-6s__ _ _1939 J J 47
4814
4
1947 is 84 Sale 843
4
1
/
8
4
4 10
843
987 International Paper 55
96
1953 F A 9714 Sale 97
Anaconda Copper 68
4
973 380
4
/
9818 1011
1947 .1 J 8413 Sale 8418
1st dr ref 59 B
8 .52
847
1938 F A 1004 Sale 993
7s
4
1003 429
4
1
/
83
80
4
1
/ 87 Jurgens Works 65(fiat price) _1947 Si 80 Sale 784
13
Armour & Co lst real est 435E11939 J D 85 Sale 85
8512 64
91
114
9014 9214 Kansas City Pow & Lt 50._ _1952 M S 90% Sale 9078
Armour & Co of Del 5358_ _1943 1 J 9012 Sale 9012
913 109
4
_1952 MS 9514 Sale 9514
96
4
963 9814 Kansas Gas & Electric
36
1935 M S 98 Sale 977
Associated 011 temp 65
8
9814 150
1942 FA 105 Sale 105
34 Kayser & Co 7s
105
13
29
Atlantic Fruit cony deb 7s A _1934 .1 D 3318 Sale 2978
23
34
4
1037
283 34 Kelly-Springfield Tire 8s_ ...193l MN 103 Sale 103
8 36
32
Trust certificates of deposit_ __ _ _ _ .3318 Sale 31
34
734 Jan'24
3614 Keystone Telep Co lot 522_ _1935 J J 7614 80
29
3318 Sale 334
do
stamped
12
361 2
1937 A0 97 100 100 Feb'24
4
1
/
3
967 9812 Kings Co El & g 55
1937 J J 9734 Sale 9712
Atlantic Refg deb 5s
8 12
977
1997 A0 112 113 112
Purchase money 65
112
1
10012 10158
4
Baldw Loco Works 1st 50..1940 M N 10014 1003 101
Feb'24
Convertible debenture 65_1925 MS
8
077 Sept'23
4
1
/
9514 100
Barnsdall Corp f cony 8% A1931 J J 9912 Sale 9911
1004 28
1
/
1
/
7412 734 Feb'24
9712 99 Kings County El 1st g 48_ _ _1949 FA 73
1948
Bell Telephone of Pa 55
J 97% Sale 9712
70
98
1949 PA 73 Sale 73
5
73
Stamped guar 40
99 100
Beth Steel 1st ext s f 5s___ _1926 J J 99% Sale 99%
28
100
7334 Jan'24
80
9434 9612 Kings County Lighting 5s 1954 Si 79
1942 M N 9518 953 95
lat & ref 5s guar A
4
1
/
4
4
s
953
1954 Si 9912 Sale 9912
4
/
991 13
J J 90 Sale 901
4
913 634s
89
4
1
/
20-yr p m & imp s f 5s__ _ _1936
911 1 20
4
/
1936 SD 103 104 104
104
1
97 100 Kinney Co 7348
1948F A 9914 Sale 9918
9912 69
6s A
1950 MS 91% Sale 911g
8 13
917
8.928 92 Lackawanna Steel 50 A
1953 F A 91 Sale 91
80
92
5Sis
4
1
/
4
1
/ 93
93% 15
Lac Gas L of St L ref & ext 581934 AO 9212 93
4
833
80
90
4
833
Booth Fisheries deb s f (18_ _ _1926 A 0 84
8334 52
Jan'24
91
Braden Cop M coil tr sf 6s_ _1931 F A 101 Sale 101
10112
3 10012 10112 Lehigh C & Nov of 4348 A 1954 J J
1933 J J 98 Sale 9858
4
1
/
98341
4
96 Lehigh Valley Coal 55
93
Brier Hill Steel 1st 534s_ _ _ _1942 A 0 9512 Sale 9512
34
96
_ 8312 Oct 21 ____
1933 is 89
4
1
/
4s
6012 69
6818 Sale 65
27
B'way & 7th Av 1st c g 5s_ _1943
69
3412 Feb'24 _
1
/
8818 Lox Av & P F Ist gu g 5s_ _1993 83 S 324 36
87
1941 J J 8712 88
87 Feb'24
Brooklyn City RR So
11612 20
8
9712 987 Liggett A Myers Tobac 78._1944 A0 11613 Sale 11618
Bklyn Edison Inc gen 58 A_ _1949 .1 J 9812 Sale 98
9812 21
9712 29
1951 FA 974 Sale 97
5s
104 10414 10334 10412
9 10212 10412
1930 1
General 68 Series B
1944 A0 11538 Sale 1154 115
1
/
4
1
/
2
Lorillard Co (P) 75
106 109
106 109 108
9
109
1930 J
General 78 Series C
4
/
1951 FA 9612 Sale 961
4
/
971 26
8
5s
1940 J D 1095 Sale 109
5
4
1
/ 23 108 1095
109
General 75 Series D
8912 45
4
723 7612 Louisville Gas & Electric 58_1952 NI N 8913 Sale 89
1
/
Bklyn Man R Tr Sec(tern)(3s 1968 J J 734 Sale 7338
7412 685
11714 56
80 Magma Cop 10-yr cony e 7s-1932 J I) 11612 Sale 116
80
Bklyn Qu Co & Sub con gtd 5s'41 MN 8014 ____ SO
Jan'24
4 49
1003
1942 AO 10012 Sale 10014
Manati Sugar 7 Sis
1941 3 .1
lot 55
64 Dec'23
6012 52
7814 83 Manhat Ry(NY)cons g 43_1990 A0 5912 Sale 5912
83
Brooklyn Rapid Trans g Is.. _1945 A 0
Jan'24
Jan'24 _ _ _ _
52
2013 JD 4514 53
2645
83 _
7334 Nov'23
Trust certificates
4
99
4
1
/
1942 MN 98
98% 98
64% 64% Manila Electric 78
1st refund cony gold 43_2002 J J
744 Jan'24
8312
8312 10
4
1
/ 85
9712 10414 Manila Elec Ry & Lt s f 5s_ _1953 MS 83
3-yr 71 4 secured notes,,,.1921 J J 10118 10212 10213 Feb'24
/
35
100
9612 1043 Market St Ry 1st cons 55...._1924 MS 99% Sale 99%
8
10114 _ _ _ _ 10114
19
Certificates of deposit
102
100
1924 AO 100 'Sale 100
39
-year 6% notes
5
4
923 100
Ctfs of deposit stamped_ __ _
9
8
965 97
9714
9712
8012 84
4
1
/ Marland Oils f 85 with war'nts'31 AO 12218 134 140 Feb'24
Bklyn Un El lot g 4-5s
4
8412 843 8412
4
4
1950
843
A0 10412 Sale 10412 105
16
Without warrant attached__
8412
81
8412 13
1950 F A 8412 Sale 8412
Stamped guar 4-58
136
1931 PA 12018 132 1313
1
734s Series 13
6712
4
/
961 99
9712
Bklyn Un Gas 1st cons g 5s_1945 M N 9712 98
8
100 10112 101
10112
5
do without warrants
7s
1932 M N 11712 Sale 117
35 1154 121
118
1047 Nov'23 -- _ _
10312 10412 Merchants & Mfrs Exch 7s__1942 J D 104% _ _
lot lien & ref 6e Series A 1947 M N 104 105 10.114
10414
FA 9814 Sale 98
99
11
1929 M N 115 11713 117% 118
75
9 115 12012 Metr Ed 1st & ref g 6s Ser II_1952
D 9614 Sale 9618
1953
1
/
964 12
Mar Power Co
1932 J D 8718
Buff & Susq Irons 155
91 Dec'23 _
_
4
/
10312 11
82 Mexican Petroleum sf 8s_ _ _1936 MN 1011 Sale 10138
81
A 0 83
4
1
/ ___ 82
Bush Terminal 1st 45
_
1952
Jan'24 _
__
8
997 Jan'24
8
845 Mich State Telma 1st 5s_ _ _ _1924 FA
84
Consol Is
8
1955 .1 J 83
4
4
1
/ 843 841
8412
4
/
77
90
4
933 Midvale Steel A 0corms f Ss 1936 NI S 8912 Sale 8912
91
Building Ss guar tax ex..1960 A 0 93
9334
8
8
9314 927
4
/
891 90
93 Feb'24 _
4
1
/
9712 98
Certificates of deposit_ _ _ _1936
1937 M N 9712
Cal G & E Corp 5s
5
98
9712
991g 9912 9914 Feb'24 _ _
Milw Elec Ry & Lt cons g 55 1926 FA
98
95
1)
Cal Petroleum 63'48
1933 A 0 9658 Sale 96
9712 76
9212 92
Refunding & exten 434s...,1931 J J 92
9212
5
4
973
95
Camaguey Sug 1st s f g 7s_ _1942 A 0 9512 Sale 9512
9714 29
1951 3D 92
8
925 9214
923
92
General 5s A
4 18
91
36
Canada SS Lines 1st coil s f 7s'42 NI N 911. Sale 9112
92
D 84 Sale 84
1961
8
1st 5s 13
4
/
841
4
/
Canada Gen Elec Co 138. _ ...1942 F A 10412 Sale 10412 10512 16 1021 10512
1927 MN 955 9614 96
8
Milwaukee Gas Lt 1st 48
96
9
4
973 99
Cent Dist Tel 1st 30-yr 58_ _1943 J D 9812 9912 9812 Feb'24 _ _
4
961 50
93 Montana Power 1st 58 A._ _1943 Si 953 Sale 953
4
4
/
92
1931 F A 93
92 Feb'24 _ _ _ _
97
Cent Foundry 1st s f 68
8912 22
4
1
/
9414 961 Montreal Tram lot & ref .50_1941 Si 8912 Sale 88
4
/
-year g 58._I 925 A 0 9512 Sale 9512
69
Cent Leather 20
96
4
Morris & Co 1st 8 1 435s-- .1939 J J 82 Sale 813
8212 39
1941 MN 10734 108 10734 1073
4 10
Central Steel 88
1966 A0 7412
0413 Dec'23
1931 J J 140 Sale 140
4
/
1441 37 137 iii38 Mortgage Bond 43
Cerro de Pasco Cop Se
1932 A0 9312 Sale 923
4
9312
2
58
9312 95
J 941 Sale 941
4
/
4
/
1
8
945
Ch G L & Coke 1st gu g 58_1937 J
N 92
_1947
93
4
1
/ 93 Dec'23
Mu Fuel Gas 1st cue 53_ _ _
81
__
74
1927 F A
7818 Sale 7818
79
9
28
Chicago Ill's 1st 5
_ _ 951g Feb'23 -_ _
Mut Un gtd bonds ext 5% _ _1941 MN 9314
99 101
1932 A 0 100 Sale 997
8 63
1003
Chile Copper 68 Ser A
4
/
951 9812 Nassau Rice guar gold 4s... _1951 J J 5614 Sale 5614
2
5714
97
1
4
97
Cincin Gas & Elec 1st & ref 58 '56 A 0 963 97
1931 JD 9314 Sale 93
1
/
934 11
99 National Acme 7355
96
3
98
534s Ser B due Jan 1_ _ _196 I A 0 97 Sale 97
_ 96
Jan'24 88
883 Nat Enam & Stampg lot 58_1929 JD 9634 _
_1943 F A 88
4
4
90
88
88
Colo F & I Co gen s f 5s__
Is._1930 5.0 '334
1
/
93
Nat Starch 20-year deb
Oct'23 - _ _
77
75
7612 Sale 7612
768 10
Col Indus 1st & coil 5s gu_ _ _1934 F' A
1952 MN 9912 Sale 9912
4
1
/
99
9614 9812 National Tube 1st 55
6
1927 J J 9734 Sale 973
9814 32
4
Columbia G & E 1st .58
1948 JO 9414 Sale 9414
9414
1
4
1
/ Newark Con Gas .58
9614 98
1927 .1 3 98 Sale 98
98 14 23
Stamped
Jo 983 Sale 98
New England Tel & Tel 55_ .1952
8
9812 22
__
1018 11
8 Dec'23
Col & 9th Av lst go g Us_ _1993 NI S
MN
_ _ 9514 Jan'24
9312
-954 -6it, N Y Air Brake lot cony 65.-1928 F A 10212 Sale 10212 10212 2
Columbus Gas 1st gold Is. _1932 J
4s.....195l
77 Sale 77
NY Dock 50-yr 1st g
72
73
1
4
77
7214 Sale 7214
73
Commercial Cable lot g 4s2397 Q
8
1
/
87
9013 99
90% NY Edison 1st & ref 6358 A_1941 A0 1105 Sale 1104 11114 20
Commonwealth Power 65_ 1947 M N 90 Sale 897
11
3 100 10212 NY Gas El Lt & Pow g 50...1948 JO 9914 Sale 9812
.9914
1937 J J 1903 1011 10034 101
4
/
4
Comp Azu Bare 7345
1949 FA 83 Sale 83 8
Purchase money g 4s
4
1
/
98 10114
10114
,
29
8
84
Computing-Tab-flees 168._1941 J J 100 Sale 100
NY Munic Sty 1st of 55 A_ _1966 J J 8018 _
8212
8018 Feb'24 - _ _
7714 Sept'23
1
Conn Ry & L lst & ref g 4301951 .1 J
82 4
/
84
8412 N Y Q El L & P 1st g 5s_ - -1930 F A 981 99 981 Jan'24 -- _ _
84
1
4
/
1951 J J
Stamped guar 4358
I
87
9012 NY Rys 1st K HA ref 48_ _ _1942 J J 40 Sale 3813
4
/
401 107
9014 51
Cons Coal of Md 1st & ref 58 1950 J D 8810 Sale 88
Certificates of deposit
5s1936
3912 Sale 384
4012 385
9312 94
94
944
94
1
1
/
Con G Co of Ch 1st gu g
01942 A0
8714 9012
8
23 Sale
30-year ad) Inc 55
212 141
8912 40
2
1952 NI N 8712 Sale 8712
Consumers Power
_ _ 10018
Certificates of deposit
9914
10018
1 1004 10015
4
1
2 / 208
4 2
2,
_1931
2
Corn Prod Refg s f g Ss.._.1931 M N
9814 1003 NY State Rye lot cons 4345 1962 MN 6014 Sale 60
21
4
1003
1934 M N 99 100 100
4
63
4
1st 25-year s f 55
1962 MN
2
75
85
74
6MB
94
74
1943 F A 70
77
-__ 91
Jan'24 - - _
& Seal 6s
Crown Cork
9612 29
947
.1 9412 Sale 9412
9112 94% NY Steam 1st 25-yr Os Ser A 1947 MN -9612 Sale 9514
95
Cuba Cane Sugar cony 78_ _1930 .1 J 9918 Sale 99
65
9912 75
9714 9912 NY TeleP let & gen of 4358-1939 MN 94 Sale 94
4
95
Cony deben stamped 81 _1930
-year deben of Gs__ _Feb 1949 FA 107 Sale 107
30
4
/
9 10714 10814
10712 46
Cuban Am Sugar lot coil 83_1931 M S 107% Sale 1071 107%
-year refunding gold 68_1941 A 0 10514 Sale 104
7
95
4
20
4
4
1
/ 67
105
J 943 Sale 943
1
/
944 9513
Cumb T T 1st & gen 5s_ _ _1937 J N 85 Sale 85
9
4
993
86
8412 8718 Niagara Falls Power lot 55_.1932 is 9914 Sale 9914
6
'51 M
Den Gas & E L Ist&ref sr g 58
01932 AO 10412 Sale 10412 1041
Ref & gen 69
2
4
/
4
743 82
5
81
1942 M S 80% Sale 8014
Dory Corp (D G) 78 tr 58_1033
4
100
10114 23
10012
9934 10912 NIag Lock & 0 Pow 1st 58_ _1954 SIN 10114 Sale 1003
5
__
J 100
Edison lot coil
Detroit
9318 54
1952 MS 9212 Sale 9212
No Amer Edison 6s
98
95
32
4
98
11940 M 5 973 Sale 9714
Ist & ref 5s Series A
36
Secured s f g 6 Ma Ser B
98
9712
1948 NI 9 9712
4 56 104 10614
1053
kl940 M S 10514 Sale 10514
let dr ref 6s Series B
latest bid and asked a Due Jan. b Duo Feb. CD 28 June. 6 Due July. 1 Due Aug. 0 Due Oct. 1) Due Nov. r Due Dec. $ Opton sale.
•No Price Friday;
Range
Since
Jan. 1.
High
Low
4
/
841 89
48
544
54%
48
4
773 7014
8612 92
91
91
10712 10812
105
10312
10614 111
4
4
1
/ 893
89
9812 100
964
96
9012 9312
4
933 96
96
03
9934 10722
4
1023 104%
-ifs;
10118 103
94
94
101 102
82
81
100 10212
4
98, 10014
98 100
4
/
11412 1171
100 103
_
-89
93
91% 96
99
98
4
1
/
7914 80
8214 86
9312 9312
101 10212
7912 8412
9414 9514
s
4
/
961 987
9514
94
9114 93
2
ici62"1012 Ii 4
583 6412
1
/
584 6312
8
5418 613
8318 88
4
1
/
7013
66
7912 83
85
83
8328 85
4
773 80
9134
89
9614
93
4
/
1041 10512
8
1013 10414
734 7318
IOU 100
8
1107 112
7224
4
733
7714
95
10112
88
92
91
91
7312
4
733
79
99 8
,
104
9174
94
91
9912
-34i- -if 2
4
/
1161 118
9618 977
8
4
1
/
115 11712
95
4
973
8818 9114
11112 11712
0834 10034
56. 6012
47
52
9412 100
8312 85
,
94 8 100
9712 101
130 140
103 105
135 136
4
983 102
4
973 i669412 97
10114 10412
99% 99%
85
4
1
/ 9012
4
1
/ 9512
89
96 100
9114 9212
9314
92
8018 85
1
/
944 96
95
9712
8
863 8912
7712 8214
2
-62 - -63-14
533 58 8
9012 9314
9618 9618
4
- 4
-663- 1663-
,
93 8 9414
8
9714 993
4
10214 1023
7412 77
4
110 1113
9814 100
8218 8414
8018 801/3
3
99 4
98
8
333 4012
4012
32
112 212
8
112 25
4
1
/ 65
58
8712 96
9212 9612
8
933 95
106 108
4
/
104 1051
99 10012
104 10512
8
1
/
994 1013
4
1
/
9114 93
FEB. 16 1924.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
Quotations of Sundry Securities
779
4..0.0
.40
•
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•
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•••
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ga.,tp• • op.
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•
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••
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•-•
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•
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•
•
4
•
4I
. •
•
-.4.4..5.-“JC.4
• -4 •-•
3-•• 4.1-40001.
All bond prices are "and Interest" except where marked "f"
113asts
7t.
',,
Ask
Railroad Equipments Per0.
Standard 011 Stocks Par Bid
Range
Week's
Price
o
Z,
BONDS.
5.551 5.25
Atlantic Coast Line 6e
t ,. , AngleAmerican Oil new. E1 *1578 16
since
g7.2.
Friday
s2..
Range or
5.45 5.20
N.Y.STOCK EXCHANGE
Equipment6H8
100 126 127
Atlantic Refining
Jan. 1
rn
Last Sale
:3I.,
,2
Feb.15.
5.60 5.35
Week ending Feb. 15.
100 117 118 Baltimore & Ohio 65
Preferred
Equipment 4348 & So.... 5.30 6.05
100 175 185
High Borne Scrymser Co
Low
High
Bid
Ask Low
71 Butt Koch & Pitts eon%)69_ 5.45 5.25
Buckeye Pipe Line Co...50 .7012
8818 93
92
4348 & 6e_ 5.45 5.15
Nor Ohio'Frac & Light 63_.1947 M S 92 Sale 9114
8914 9212 Chesebrough Mfg new_100 360 370 Canadian Pacific 69
9214
5.50 5.25
Nor States Pow 25-yr 58 A__1941 A 0 9112 Sale 9112
100 110 120 Central RR of NJ
Preferred new
101 1023
4
4
102,
5.60 5.35
1st & ref 25-yr 68 Ser B_ _1941 A 0 102 Sale 102
4814 Chesapeake & Ohio (is
25 .47
107115 10812 Continental 011 new
8
4
10814
5.45 5.20
Northwest'!' Bell 'I' 1st 75 A.1941 F A 1073 Sale 1073
18
Equipment6H a
Crescent Pipe Line Co__ 50 .16
8
913 Dec'23
9112
North W T 1st Id g 43.'Ss gtd_1934 1 J
5.35 5.10
Equipment 55
Pipe Line. 100 127 128
Cumberland
8
1037 105
10438
8 - 3
Ohio Public Service 7H5_ _1946 A 0 1043 1018 10438
0612 9712 Chicago Burl & Quincy 13e._ 5.55 5.25
8
10014 1023 Eureka Pipe Line Co____100 63
1947 F A 102 Sale 102
10212
75
66 Chicago & Eastern III 534e. 6.25 5.50
Galena Signal 011 com_ _ _10
96
9934 9634
9614
Ontario Power N F 1st .58_ _ _1943 F A 9514 96
100 110 11112 Chicago & North West Os__ 5.55 5.30
Preferred old
9512
94
94
9512 9413
9412
Ontario Transmission 55_ _ _ _1945 M N
5.55 5.20
100 100 103
Equipment6H s
Preferred new
10014
8
983 101
1941 F A 10014 Sale 100
Otis Steel 88
4
Humble Oil& Ref new.,. 25 *3914 393 Chic R I & Pac 4H a & 55... .5.55 5.25
95
93
93
5
6a
1st 25-Yr 8 3E 7 , Ser B--1997 F A 95 Sale 943
5.65 5.35
100 143 148
Equipment68
4
903 9314 Illinois Pipe Line
93
ref 5s_ _1942 J J 9253 Sale 92
Pacific 0& El egn &
25 10812 10912 Colorado & Southern Bs__ _ 5.55 5.30
9514 95
9215 9534 Imperial Oil
9512
Pac Pow&Lt Ist&ref 20-yr 55 '30 F A 95
5.55 5.30
93 Delaware & Hudson Gs
50 *92
8
963 0772 Indiana Pipe Line Co_
1397 J J 97 Sale 97
8
973
Pacific Tel & Tel let IS
6.20 5.75
8
905 921; International Petroleum_(5) *1918 1914 Erie 434s & 5s
92
1052 M N 9158 Sale 9112
58
5.90 5.60
Equipment 623
Magnolia Petroleum_ _ _100 142 14.212
10212
8
995 10234
Pan-Amer P & T 1st 10-yr 751930 F A 10134 Sale 101
5.55 5.35
4
93
2
967 National Transit Co 12 50 2914 243 Great Northern 62,
96
1935 MN 96 Sale 96
61,45(w1)
5.40 5.10
100
Equipment 58
New York Transit Co
9612 100
1953 J J
9712 Sale 9712
9712
Park-Lea (ctfs) 61.3e
5.60 5.35
Co_ _100 101 102 Hocking Valley tls
Northern Pipe Line
8
937 94
Feb'24
Pat & Passaic G & El cons 58 1049 1111 S 94_ _ 94
5.40 5.10
25 *761, 763
Equipment 59
4
10414 10634 Ohio 011 new
Feb'24
-7
Peep Gas & C 1st cons g 65_ _1943 A 0 106 106 8 10614
35 Illinois Central 4345 dr 55... 5.35 5.05
25 *32
Penn Mex Fuel Co
8714 90
Jan'24
1947 M S 90
90
91
Refunding gold 58
5.55 5.30
100 2301.3 231
Equipment Os
8
993 101 14 Prairie Oil & Gas new
101
1944 F A 101 Sale 1003
4
Philadelphia C 65 A
5.55 5.20
Equipment 7s & 634s
923 Prairie Pipe Line new_ _ _100 104 10.,
90
193814 S 9114 Sale 9118
4
913
5135
100 195 205 Kanawha & Michigan 6s_ __ 5.70 5.40
Solar Refining
8
947
8
Phila Se Reading C & I ref 5s_1973 J 1 9314 Sale 933
5.35 6.15
96
Equipment 4Hs
Southern Pipe Line Co_ _100 94
7515 82
80
78
1943 M S 78 Sale
Pierce-Arrow 85
100 155 157 Kansas City Southern 545- 5.60 5.30
South Penn 011
8
847 92
92
1931J 0 91
9434 92
Pierce Oils f 85
88 Louisville & Nashville Els___ 5.55 5.25
:
8
947 971 Southwest Pa Pipe Lines_100 85
8
9715
2
Pillsbury Fl Mills 6s (rcts)...1943 A 0 06, Sale 957
5.45 5-20
4
Equipment6He
Standard 011 (California) 2 *593 60
94
Dec'23
96
Pleasant Val Coal 1st g 8 f 58 1928 J J 91
5.50 5.20
-6i's 1.1 - Standard Oil (Indiana)__ 25 •59s8 5912 Michigan Central 55 & 6s
Feb'24
9312 94
Focal,Con Collieries 1st is f 181957.3 J 92
25 .421. 43 Minn St P & S S1M 4H s & Se 5.60 5.30
95
963 Standard 011(Kan)
4
_ _ _ 963 Feb'24
Mee 1st 58_ _.1935 J J 963
Portland Gen
Equipment 6348 & 75_ _ _ _ 5.65 5.30
Standard 011 (Kentucky) 25 107 108
86
S734
4
87
873
Portland Ry 1st & ref Ss__ _ _1930 MN 863 87
4
.1Missouri Kansas & Texas Os 6.00 5.50
Standard Oil (Nebraska) 100 229 231
8
803 83
83
8315 8212
Portland Ry Lt & P 1st ref 551942 F A 82
8
4
Standard Oil of New Jer_ 25 *373 373 Missouri Pacific 65 & 634*.. 5.80 5.55
4
893 93
93
1947 M N 9214 Sale 913
4
68 B
100 1173 118 Mobile & Ohio 434* A 5s___ 5.50 5.20
8
Preferred
10312 10934
104
8
4
1st lk refund 7335 Ser A,_1940 M N 1093 10512 1037
Standard Oil of New York 25 •4178 4214 New York Central 43-4e & 58 5.25 5.05
10412 105
105
Porto Rican Am Tob 8s___ _1931 M N 105_ _ 105
5.55 5.25
100 311 319
Equipment68
Standard 011(Ohio)
8918 95
92
1933 .1 .1 90 - -3 9134
91 8
Pressed Steel Car 55
100 116 120
5.40 5.20
Equipment 7e
Preferred
114 116,4
115
Prod & Ref s f 8s(with waents)'31 .1 D 114 Sale 114
53 Norfolk & Western 434e____ 5.10 4.95
100 51
10612 1083 Swan & Finch
_ _ J D 10814 Sale 108
10 4
83
Without warrants attached_
5.45 5.20
96 Northern Pacific 79
Union Tank Car Co_ _ _ _100 95
85
77
8
837
5
8
Pub Serv Corp of NJ gen 58.1959 A 0 825 Sale 823
100 1075 108 Pacific Fruit Express 7s____ 5.40 5.20
8
Preferred
109 1183
1037J J 115 Sale 115
1183
4
Punta Alegre Sugar 78
5912 Pennsylvania R„Ii. eq 59 & 68 5.60 5.20
2 *59
Vacuum Oil new
93
:
9478
951
1937 M N 9412 Sale 9412
Remington Arms 68
5.50 5.20
10 *2712 28 Pitts & Lake Erm 6345
Washington 011
93
9412
95
Repub I & S 10-30-yr 588 f _ _1940 A 0 9412 Sale 94
5.70 .5.35
Equipment 6s
Other 011 Stocks
8
873 9153
95
1953 .1 J 9115 9134 91
51411
5.10 4.90
8 4 Reading Co 41.4s & Ss
*37
Atlantic Lobos Oil
9015 911
:
9018 Jan'24
_ _ 88
1952 J
Robbins & Myers s f 75
15 St Louis & San Francisco 55_ 5.60 5.35
50 10
Preferred
Jan'24
0Roch & Pitts Coal & Iron 63_1946 MN 90--- _ 91
2
8
587 5912 Seaboard Air Line 41.A s & Se 6.10 5.75
4
853
8412
8312 85
8
'
-ii -- - - Gulf 011 new
8
Rogers-Brown Iron Co 723...A942 51 N
5 Southern Pacific Co 934e-- 5.45 5.20
5 *4
011
4
763 7811 Mexican Eagle
7812 Jan'24
7812 80
.
St Jos Ity Lt Ht & Pr 5s_ _ _1937 MN
5.45 5.20
Equipment 7s
79
791,
, Mutual OIL,.6 *1175 12
791
77
St L Rock Mt & POs stmpd _1955 .1 J 7818 79
5.60 5.30
100 85
87 Southern Ry 434s & 55
National Fuel Gm
57
58
57
1924 A 0 53
Jan'24
60
St Louis Transit Is
5.60 5.35
Equipment 68
0112 911; Salt Creek Producers__ _ 10 1914 1938
1037.1 J 9112
9112 Jan'24
St Paul City Cable .5e
8
5 .134 17 Toledo dr. Ohio Central(is__ 5.75 5.40
8
965
8
957 Sale 9512
9512 973 Sapulpa Refining
,
St Paul Union Depot 58_ ,,1972 1 J
5.40 5.15
Union Pacific 75
10214 10414
8
1942 M 5 102 1023 1023
4
Saks Co 78
1023
4
Tobacco Stocks
Public Utilities
4 953
933
San Antonio Pub Ser 68_ _ _1952 .1 J 95 sale 95
4
953
79
55 American Cigar common 100 77
2
5 *54
Amer Gas 5: Elec new. _ (
100 1023
10118
4
4
Sharon Steel Hoop let 8sser A '41 M S 1003 Sale 1003
100 83 86
.4314 44
Preferred
Preferred
:
10212
101 1025
1942 A 0 10218 Sale 10218
Sheffield Farms 6)45
MAN 95
9512 Amer Machine A Fdry _ _100 137 142
Deb 63 2014
A 55 Sale 85
8 87
837
86
Sierra & San Fran Power 55_1949 F
23
(
1 ,0
British-Amer Tobac ord. Ll .22
Amer Light & Trac com.1110 119 121
8914 97
9318
Sinclair Cons 011 15-year 78_1937 M S 91 Sale 8914
23
El. .22
94
92
Bearer
Preferred
8514 991,
87
1938 J D 8514 Sale 8514
6,4011(w I)
59
Amer Power & Lt com _ _100 218 222 Helms (Geo W) Co, new 25 .58
99
97
98
8
1925 A 0 977 Sale 9712
Sinclair Crude 011 530
100 111 113
100 85 87
Preferred
Preferred
8
953 983
8
973 Sale 9714
1926 F A
8
975
68
M AS 9212 9312 Imperial Tob of GB A Irel'd .1412 1512
Deb Os 2016
8
813 86
8212
8
1942 A 0 823 Sale 82
Sinclair Pipe Line 58
44 Jot Cigar Machinery___100 55
60
.100 40
8
1007 1021, Amer Public Utll corn,
102
4
4
South Porto Rico Sugar 78_ _1941 .1 D 1013 Sale 1013
78 Johnson Tin Foil & Met_100 75
100 76
7% prior pref
061;
94
551941 11 J 9512 Sale 9512
,
South Bell Tel & Tel 1st a f
96 2
58 MacAndrewe & Forbes_ _100 146 iii100 57
4% pestle prof
9353
Sweat Bell Tel 1st & ref 521_ _1954 F A 9312 Sale 9312
100 99 101
75
Preferred
Blackstone Val GA E com 50 .73
8714 89
8814
Southern Colo Power Bs__ _ _1947 J .1 8814 Sale 8814
100 2312 2432
100 1038 Carolina Pow & Lt com_100 95 100 Mengel Co
103
Stand Gas & El cony e f 63_ _1926 J D 103 Sale 10212
72
Cities Service Co corn,_ _100 163 15412 Porto Rican-Amer Tob_100 65
9812
8
8
Cony deb g 6Hs series_ _ _ _1933 M S 973 Sale 973
37
4
100 7114 713 Universal Leaf Tob com_100 32
Preferred
4
953 98
973
98
1930 M N 97
98
4
Standard Milling 1st 55
84
100 80
Preferred
CitiesServiceBankers'Shares 1512 16
103 1041;
Steel & Tube gen s f 75 Ser C 1951 J J 10414 Sale 104
10414
100 108 112
4
9712
4
953 971; Colorado Power corn._ _ _100 233 2412 Young (JS) CO
Sugar Estates (Orienti) 78. _1992 M S 9612 Sale 9612
100 103 106
96
100 93
Preferred
Preferred
93
92
Jan'24
Syracuse Lighting 1st g 55.1051 J D 03_ _ 92
57
_0
Rubber Stocks(Cleveland) prices)
Com'sv'th Pow Corp comi0 _ •56
8418 105
Light ,Sr Pow Co coil tr s f 53'54 J .3 103 10:112
105
102
7212
7412 76 Firestone Tire & Rub corn 10 .72
Preferred
100 1021:
Tenn Coal Iron & RR gen 55 1951 .1 .1 99 100 100
Feb'24
100 9212 96
6% preferred
Consumers Power pref, 100 86
10014 102
Tennessee Cop 1st cony 6s_ _1925 NI N 1001.1 101 10034 Feb'24
100 89
9012
preferred
9812 99
7%
Elec Bond & Share pref.100
9353 96
Tennessee Elec Power 6s... _ _1947 J D 96 Sale 9514
96
12 General Tire &. Rub corn 50 .170 200
.11
4
533 567; Mee Ry Securities
Third Ave 1st ref 48
1960 J J 55 Sale 5412
5518
0
100 98 101
11
()
76
Preferred
491, Federal Light & Traction 0 *74
44
Adjustment income 55._a1960 A 0 473 Sale 46
8
477
4
74
76 Goodyear Tire AR com_100 1012 11
Preferred
9315 931J
1937 J ./ 93
Third Ave Ry 1st g Ss
9312 9318 Feb'24
80
,
Lehigh Power Securities-(I) *3714 38 4 Goody'r TAR of Can 01.100 r79
102 1031
1931 F A 103 Sale 1027
8
Tide Water 011 6Hs
103
72
Mississippi Riv Pow corn 100 2012 2112 India Tire & Rubber corn. 68
8
Tobacco Products 51 78_ _ _ _1031 J 0
1077 Dec'23
74
100
Preferred
-68. Preferred 5s, 1951__J&J 80 4 82 4 Mason Tire & Rub corn_(2) .2 80
106- 1
1941 M S 10714 Sale 107
Toledo Edison 75
10712
3
923 933
mtge
First
9812 100
9914
Toledo Trim, Lt & Pr 6s
_1925 F A
9912 100
9912
29
100 28
Preferred
S F g deb 78 1935_ _MAN 101 103
Trenton G dr El 1st g 5s_ _ _ _1999 M 5
_ _ 923 Nov'23
4
100 70
8312 Miller Rubber
Nat Power & I.t com_ _(5) .82
Undergr'd of London 4Hs_11)33 J J
8518 9012, 87 Dec'23
9338- 100 97 166Preferred
(I) •8512 87
Preferred
1048.3 .1 8218 8812 8914 Oct'23
Income 6s
J&J 9214 93 4 Mohawk Rubber
.5
10
100
,
Income 75 1972
1181:
1942 M N
97 Sale 9514
r6
Union Bag & Paper 65
-0 14 9712
55
50
10
Preferred
Northern Ohio Eiectric.(2) •8
9718 98
8
Union Elec Lt& Pr 1st g 58_1932 bi S 973 Sale 973
8
9753
412
28 Selberling Tire A Rubber(5) .4
100 26
Preferred
1933 M N 95 Sale 95
971:
92
58
9612
45
100 35
Preferred
North States POW COm-100 100
70
Union Elev (Chicago) 523_1945 A 0 67-.-- 70
70
Jan'24
94 SwInehart Tire & R corn _100 __ _ _ 12
100 92
Preferred
1931 1 J 95
Union Oil 58
9614 9414 Dec'23
100
40
63
Preferred
c1942 F A 1013 Sale 1003
8
4
-651-2 1013 Nor Texas Elec Co corn. 100 60
1013
68
4
Sugar Stocks
100 70
73
Preferred
Union Tank Car equip 75._ _1930 A A 10318 Sale 10318
10318 1041;
10312
50 .1717 19
90 Caracas Sugar
1941 J D 11318 11314 11314
11112 1133 Pacific Gas & El 1st pref 100 89
8
United Drug cony 8s
1133
91
8 Cent Aguirre Sugar corn. 20 .89
9212 971; Power Securities corn_ _(5)
United Fuel Gas 1st s f (is_ ..1936 .1 J 9518 Sale 9414
97
21
100 110 121
Fajardo Sugar
(2) •18
Second preferred
United It's Inv 55 Pitts issue 1926 MN
9512 06
96
91
96
96
.100 62 65
85 Federal Sugar Ref corn.
Coll trust Os 1949_ _ _ J&D 82
4
6219 (157
United Rye St L 1st g 4s_ _ _ _1939 1 J 623 Sale 6212
:
6312
100 90 100
Preferred
70
Incomes June 1949_ _ FA A /65
871;
86
United SS Co int rcts 6s_ _ _A037 M N 8612 8715 8612 Jan'24
10
(5) •5
46 Godchaux Sugar, lne
8
1942 A 0 1007 Sale 10034
1011s
9814 101 1: Puget Sound Pow & Lt_ _100 44
United Stores 6s
100 48 .55
100 78
Preferred
81
6% preferred
1932 .1 .1 104 10414 1033 Feb'24
Iloffman Mach 85
4
103 1041;
U 13
100 al0112 10312 Great Western Sugar new 25 *95
9712
7% preferred
8
993 100
9934 Feb'24
US Realty & I cony deb 659 1924 J J 9934 100
36
8
Gen mtge 7Hs 1941.M&N 10412 10512 Holly Sugar Corp corn__(5) *34
8334 877
175 Rubber let & ref 58 ser A 1947 J J 853 Sale 8512
1
86
87
2012
100 84
Preferred
1030 F A 1043 Sale 10534
4
10-year 734s
10334 1061; Republic Ry & Light__ _100 19
8
1057
100 46
48 Juncos Central Sugar _..100 110 120
10014
Preferred
4
993 10014
US Smelt Ref & M cony 68.1926 F A 10014 Sale 10014
93
8
Steel Corp(coupon _ _ _ _d1963 MN 1027 Sale 10234
10214 1031; South Calif Edison com.100 10112 10212 National Sugar Refining _100 91
103
US
100 116 118 New Niouero Sugar
97 101
8% preferreo
102 1023
102
8 f 10-60-yr 581rogistered d19133 MN --------102
8
4
33 Santa Cecilia Sug Corp pf 100
8
80
Utah Light & Traction 59_ _.1944 A 0 8314 Salo 83
837
863 Standard Gas & El (Del) 60 .32
62
(5) .60
883 Sale 883
50 .48
4
4812 Savannah Sugar corn..
Preferred
8
4
Utah Power & Lt 1st 5s_ _ _.1944 F A
8912
873 90
81
100 79
1
Preferred
.
Tennessee Elec Power._ (5) *2411 25
Utica Elec L & Pow 1st s f 5s 1950 1 . 9712 _ _ • 9514 Sept'23
91
86
1957 .1 .1 93 Sale 9212
(5) .5112 53 Sugar Estates Oriente pref _ _
Second preferred
-61518 63.
Utica Gas & Elec ref 58
93
9
100
32 West India Sug Fin com _100
4
Va-Caro Chem 1st 15-yr 55_ .1023.3 D --------983 Nov'23
Western Power Corp_ _ _. 00 30
42
100 35
1947 J 0 8014 Sale 8014
Preferred
82
Preferred
8018 851;
8078
80
75
1037.3 .1 64
6914 64
6238 731
12-ye8r s f 7345
:
6514
Without warrants attached_ J J 6312 64
industrial &MisceIla ne•us
635 Feb'24
Short Term Securities
8
6112 76
9078 Jan'24
72
91
Am Cot 01108 1924_ _M&S2 100 10014 American Hardware_ _ ..i00 71
91
Vs Iron Coal & Coke 1st, g 58 i949 M S 9012 9218
1939 1 .1 90 Sale 8914
Amer Typefoundere corn 100 104 106
88
90
9014 Anaconda Cop Min 6529 J&J 10118 102
Va Ry Pow 1st & ref 55
1992 J D 9434 Sale 94
100 99 101
05
Preferred
Angto-Arner 011748'25 AAA 10134 10218
93
95
Vertiontes Sugar 78
1941 .1 D 103 Sale 10212 103
4
8
1023 10311 Federal Sug Ref 6s'33_ NUN 995 10014 Bliss (E W) Co now
-(I) •I812 20
Warner Sugar 78
1939 J 1 9653 Sale 9614
62
50 *57
Hocking Valley 681924 M&S 100 100,
963
Preferred
8
First& ref 7sSor A
8
1939
Interboro R T 813 1922.bf&S
9912 100
Wat Powers f 53._ _1939 1 .1 9912 9954 9934 Feb'24
_ Borden Company corn. _100 119 121
Wash
8
967
_ 9678
1
9678 967 K C Term RY 68'23 MA NI5
100 102 104
Preferred
Westches Ltg g 5s stmed Fad 1950.3 D
8
903 91
J&J 103 104 Celluloid Company
85
Ellis July 1931
91
100 80
8912 91
West Penn Power Series A 58 1946 M S 9638- - - 91
1938 J 0 10114 Sale 10114
1926 1005 101
8
100 107 110
-Year 6a Series C,
101 102
10212
Preferred
5158
1st 90
I
9812 Childs Company corn new(5) .36
c1946 , A 10512 Salo 10518
37
8
10414 1073 Lehigh Pow Sec Os '27 _F&A 98
1055
1st series D 78
s
1963 M S 873 88
88
9914 9912
, Boss-Shell 33,41 621 '29.FAA
88
100 111 113
891
87
Preferred
5s E
08
4
100 105 109
98
US Rubber 734s 1930.FAA 106 1063 Hercules Powder
4
97
Western Union coil tr cur .58_1938 .1 .1 9712 0812 973
8
903 93
93
100 10412 10612
Joint Stk Land Bk Bonds
Preferred
Fund & real estate 64148.1950 MN 93 Sale 92
3
1936 F A 1093 Sale 1093
8
8918
8
1083 1113 Cble Jt Stk Land Ilk 53_1951 10012 10112 International Salt
100 73
110
15-year 634s g.
4
s
1063 108
58 1952 opt 1932
10012 10112 International Silver pref 100 107 111
8
1077
westinghouse E & 8871....1031 MN 10712 Sale 1073
87
75
,
797
1003 1013 Lehigh Valley Coal Sales 50 84
s
787
4
Is 1963 opt 1933
Spen Steel 1st 7s. _1935 1 .1 77 Sale 77
4
Wickwire
8
9831
91
100 130 140
102 '104 Phelps Dodge Corp
9853
53.45 1951 opt 1931
Wilson & Co 1st 25-yr *1 65_1941 A 0 977 Sale 9712
4
4
8614 923
1928 1 D 903 Sale 9034
99 ;100 Royal Baking Pow com_100 130 132
54
92
4)48 1952 opt 1902
10-year cony s f 621
1931 F A
957 Sale 957
8
9578 100
8
8
973
100 98 101
434s 1952 opt 1932
9712 9812
Preferred
7 Sis
4
1991 A 0 102 10212 102
10034 1023
10212
99 100 Singer Manufacturing._100 140 142
4Sie 1963 opt 1933
Winchester Arms 714!
841• 07
8
965
vntinen Sheet & T fls (W1)_1943 J 1 9612 Sale 961j
•Per share. 5 No par value. b Basis. d Purchaser also pays accrued dividend.
New stock. !Flat price. k Last sale n Nominal. z Es-dividend. y Ex-rights.
• No price Friday; latest bld and asked. a Due Jan. d Due Apr. c Due Mar. e Due
Sale price. o Canadian quotation.
May. g,Due June. h Due July It Due Aug. o Due Oct. p Due Dec. s Option sale. e Ex-stock dividend.
BOSTON STOCK EXCHANGE-Stock Record seetrL..
780
HIGH AND LOW HALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Feb.9.
Monday,
Feb.11.
Tuesday,
Feb.12.
Wednesday. Thursday,
Feb.13.
Feb.14.
Friday.
Feb.15.
Sates
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. I 1924.
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
Railroads
Shares.
147 14813 *14712 1473 14734 14734
147 14712 147 148
162 Boston & Albany
100 146 Jan 2 150 Jan 23 143 Apr 151 June
4
79
7814 79
78
7812 7812 78
192 Boston Elevated
7812 7814 7812
100 78 Jan 2 80 Jan 8
75 June 84 Jan
93
93
93 93
93 93
*92
_
13 Do prof
100 92 Feb 7 95 Jan 21
into Aug 100 Mar
•112
*11218
112 11218 112 112
- -29 Do lst pref
100 11112 Feb 5 11614 Jan 24 11118 Aug 125 June
*98
99
99
99
99
99
99
37 Do 2d pref
100 9534 Jan 2 99% Jan 12
95 Nov 106 Mar
11
11
1012 1158
1112 1212 12
1,488 Boston& Maine
12
100
812 Jan 2 1.314 Feb 4
734 Dec 2012 Mar
•12
15 *1214
1258 1258 •13
20 Do Prof
100 12 Jan 10 15 Feb 4
7 Dec 27 Feb
•
15% 16% 15
15
164 1513 1-153
4
581 Do Series A 151 pref-100 1312 Jan 2- 19 Jan 10
534
1212 Oct 3212 Mar
21
21
21
21
21
21
*20
21
36 Do Series B let pref.--100 1712 Jan 2 2312 Feb 5
1558 Dec 48 Feb
19
19
*19
1912 *19
5 Do Series 0 18t pret_100 19 Jan 9 20 Jan 9
1912
1512 Dec 42 Mar
2813 2812 28% 283
*2813
_ _ *2812 2912
4
29 Do Series D 1st Pref-100 23 Jan 3 287e Feb 6
20 Dec 59 Feb
.146 ____ *146
5 Boston & Providence
146 146 *146
100 143 Jan 4 147 Jan 16 135 July 16012 Jan
2234 24
2312 24 24 24
2113 - -3 221k 23
211500 East Mass Street RI 00-100 19 Jan 7 24 Feb 9
18 Feb 35 Mar
•____ 6312 6318 634
6312 6413 6438 6438 64 64
116 Do let pref
100 5812 Jan 8 6412 Feb 13
58 Dec 72 Jan
55 55
55
5513
55 5513 5512 5512
145 Do prat B
100 52 Jan 3 58 Jan 25
5034 Dec 65 Mar
36 36 *37
39
38
28 Do adjustment
33
39
100 32 Jan 2 3912 Feb 14
38
3912 38
31 Dec 46 Mar
38
39
391 3912
3812 38
*37 3912 37
740 East Mass St RI (tr otts)_100 327 Jan 12 3912 Feb 11
3812
4
31 Nov 45 Mar
•2712 2812 2713 2712
27% 2712 *2312 2812 27% 2712
170 Maine Central
100 2313 Jan 3 2912 Jan 31
2212 Dec 43 Jan
19
1938 1918 203
4
1978 207g 1918 20
18% 2014 5.077 N TN II & Hartford
100 14 Jan 3 2078 Jan 10
4
93 July 2212 Jan
65 65 *65
4 Northern New Hampshire-100 62 Jan 14 65 Feb 13
62 Dec 84 Feb
90 90
91
91
*90
92 '90
15 Norwich & Worcester pref-100 80 Jan 2 91 Feb 11
92
90
90
75 Dec 100 Jan
77 77
78
78
78
79
160 Old Colony
77
77
79
100 7212 Jan 4 79 Feb 13
6112 Oct 81 Feb
•___ _ 38
38
38
*---- 38
30 Rutland pref
100 35 Jan 23 4133 Jan 14
38
2113 Aug 3872 Dee
•75
*75
Vermont & Massachusetts_ 100 70 Jan 22 75 Feb 7 70 Nov 98 Jan
*76
82 *76
Miscellaneous
*178 2
*178 2
*178 2
178
550 Amer Pneumatic Service.- 25
lh Jan 14
2 Jan 18
3% Jan
1 Sept
•
1312 14% •1318 1418
*1.3% 1418 14181414
95 Do prof
50 12 Jan 3 1414 Jan 17
Jan
12 Des 20
12858 12878 12858 12878
12834 129
1,768 Amer Telephone & Teleg_100 125 Jan 2 1294 Jan 15 119 June 12812 Dec
12834 129 12834 129
75
75 *75
75
No par 71 Jan 2 83 Jan 14
75
22,Amoskeag Mfg
75 *74
78
67% Oct 112 Jan
75
75
75 75
*75
*75
42 Do pre(
No par 74 Jan 2 7712 Jan 19
72 Oct 88 Jan
•14
16 *14
16
*14
16
33 Art Metal Construe.Inc- - 10 16 Feb 15 16 Feb 15
*14
16
16
16
143 Nov 11% Mar
4
*912 1012 *913 1012
50 Atlas Tack Corp
*913 1012 10
1/0 par 10 Feb 14 1014 Jan 8
4
10
8 Dec 2012 Feb
106 106 106 106
145 Boston Cons Gas Co. pref-100 104 Jan 18 107 Jan 8 104
106 106
10512 _ _ 105 106
Oct 1084 Feb
.10 .10 *10 '.25
430 Boston Meg Pet True.-No par .10 Jan 7 .20 Jan 10 .05 Dec .30 Jan
*.10 .25 *.10 .25
-27 2714 2714 2738
2718 2712 2718 2718 26
10 24 Jan 2 28 Jan 29
2534 1,910 Connor (John T)
19 July 27 Mar
2912 2912 29 2938
29
625, Dominion Stores, Ltd
2614 Jan 2 3014 Feb 14
2958 2912 3014 2911 2912
2512 Dec 2614 Dec
*
80 85 *80 85
1 Preferred A.
*80 85 *80
85
100 84 Jan 15 85 Jan 5
234- *214 212
212 212
*214 234 *214
150 East Boston Land
10
2% Jan 3
234 Feb 5
2 Dec
4 Jan
* 4 712 *7
63
712
50 Eastern Manufacturing ..... 6
71
*7
712 - 4 --6 7
*7
6% Jan 31
8% Feb 6
5 Des 1412 Mar
46 47
47% 4838
4712 4814 4714 48
1,300 Eastern 54 Lines,Inc
25 38 Jan 3 4812 Feb
45
47
31 Nov 12712 Mar
39
39
3813 3834
390 Preferred
no par 35 Jan 25 40 Feb 7
3812 3812 3812 3812 37
38
35 Oct 40 Oct
92 92 *90 93
365 1st preferreI
*90
93 *90
100 85% Jan 8 92 Feb 9
93
_
Oct
85 Aug 88
17314 17414 173 17414
171 173 16974 171
101.1 16312 Jan 2 177 Jan 26 15232 Nov 172
168- 11914 1,163 Edison Electric Ilium _
-Jan
234 234 *3
4
20 Eider Corporation.._ _No par
*3
4
*3
4
24 Jan 17
4 Jan 26
112 Dec 1072 Yall
•14
16
16
100 Galveston-Houston Elee_100 13 Jan 11 16 Feb 11
16
14
14 *14
16
5 July 2912 Feb
*5% 612 *518 612
*512 612 *81
612
i Gardner Motor_--No Par
_5 Jan 2
613 Jan 8
514 Des 1532 Mar
•14
1413
1412 •14
I Greenfield Tap &Die
25 14 Jan 30 1578 Jan 7
*14
1412 *14
1413
1434 Nov 24 Feb
224 Hood Rubber
*5014 5012 4973 5014
50
No par 4978 Jan 29 52 Jan 8
*50
5014 5014 504 50
50 Dec 534 Mar
*4334 4414 *44
60 Internat Cement Corp-No par 4258 Jan 10 4458 Feb 13
45
444 4458 4358 4358 4312 4312
32 July 44 Mar
O.10 .30 •.10 .30
205 International Products_No per .10 Jan 22 .50 Jan 2
'.05 .
.
.10 ..-__
.10 Dec
8 Mar
•.10 .75 •.10 .75
43 Do pref
100 .25 Feb 14
•.10 .751 .25 .25
112 Jan 2
.60 Dec
8 Mar
j Kidder, Peabody Acceptance
•
an
83 8314 *83 8314
Corp Class A pref
83141 *83 8314
100 80 Jan 3 83 Jan 30
80 May 8312 Feb
•612 63
4
A% 8141
612 67
8
5% Jan 24
54 5 a
7
514 --Ai _ 103,Libby,McNeil& Libby- 10
812 Jan 4
418 Dec
84 Aug
*70 ____ '
'Lincoln Fire Insurance
370
_
20 70 Jan 9 70 Jan 9
0
4.018 1038 *z1018 1014
195 Loew's Theatres
25
1018 10
10
93 Feb 5 1012 Jan 9 -11; June 11 Apr
4
10
77 78
-ii- 77i2
77 77
266 Massachusetts Gas Cos_-.100 7558 Jan 24 79 Jan 9
77
78
7714 78
73% Des 874 Jan
68 68
68 68
100 64 Jan 2 70 Jan 31
Stock
183 Do pref
6812
62 Dec 78 Jan
6712 58
6714 6714 68
0156 160 156 156
*156 159
6 Mergenthaler Linotype_100 153 Jan 2 160 Jan 12 147 June 179 Jan
157 157 *156 158
1014 14
14
17 Exchange
612 Jan 2 17 Feb 11
1658 10,307 Mexican Investment,Ina_ 10
154 1612 1514 1614 15
3 Dec 144 Feb
2012 2012 2012 2114
2114 2114 203 203
404 Mississippi River Power-100 20% Fob 4 2278 Jan 5
18 Nov 2814 Jan
4
4 2012 2012
*80 81
27. Do stamped pref
*803 81
4
100 80 Jan 4 81 Feb 15
Closed
*80 81
*8034 81
81
80 Jan 84 Feb
80
458 414
378 4
4
414
41
% 414
238 Jan 2
10
438 Jan 28
4
414 2,672 National Leather
131 'Dec
884 Feb
*312 4 Lincoln's
*312 • 4
2 Jan 2
412 Feb 1
3
312
32 4
54 New England Oil Corp It et's2 Oct
44 Sept
•25
I Preferred (tr Alm
32 *25 30
.
*20
100 17 Jan 10 30 Feb 4
30 - *20
30
1213 Dec 16 Oct
114 11438 114 11414 Birthday 114% 11418 114 11418 iii- fill; _ itii New England Telephone 100 111 Jan 22 11513 Jan 31 110 Dec 122 Jan
*184 19
1872 19
1 14 Jan 16 2012 Jan 2
164 July 21% Ap•
1812 1812 1,090 Orpheum Circuit, Inc
*1812 19 *1814 19
84% Jan 3 87 Feb 14
81 14 8612 8612 8512
3
86 87 I 8614 87
86
8614 1,364 Pacific Mills
84 Dec 190 Jan
•15
1512 1512 1512
10 1434 Jan 5 1512 Jan 5 21434 Dec 18 Mar
15
15 •15
20 Reece Button Hole
15% ____ ____
214 Feb 1
•24 234 *212 23
2% *2% 234 ..... _
145 Reece Folding Machine._ 10
3 Jan 2
2 Jan
4
21
814 Mar
6 .25 Jan 11 .40 Feb 15 .10 Dec
.4iii 11.010 Simms Magneto
*.20 .50
.30 -2 Feb
iiiii4 1014 ioais iiiit,
10312 104
100 101 Jan 4 104 Feb 4
10312 104
10312 104
813 Swift & Co
9812 June 1094 Jan
8
4112 411
41' 417
210 Torrington
*41
25 41 Jan 3 4212 Jan 11
4113' 41
41
41
41
393 Dec 50 Mar
4
*8
9
*8
9 Feb 15
7 Feb 2
9
a
'
38
10 1 *8
9
9
9
25 Union Twist Drill
6 Dec 11 Mar
364 3613 36
3612
3614 3612! 3614 3612 3614 36% 3,151 United Shoe Mach Corp..- 25 34 Jan 3 3712 Jan 8
3212 Nov 5534 Mar
26
2614 257 257
8
26
437 Do Prof
25 2512 Jan 2 27 Jan 7
8
26141 26
26
254 26
2432 June 2814 Jan
261a 2614 28
2614
2512 26
2,292 Ventura Consol Oil Fields_ 5 2512 Jan 21 27 Jan 29
2512 2534 2538 26
1934 Aug 30 Jan
1532
8 15 4 157
3
8
*1548 157
1512 154
970 Waldorf Sys,Inc,new shNo par 15 Jan 10 1714 Jan 9
2 153 1512
15 Dec 0224 Mar
•10
1012 10
612 Jan 11 1012 Feb 1
10
10
228 Wails Watch Cl B com.No par
10131 10
10
9% 10
5 Feb 13 Mar
•
22 23
23 23
679 Preferred trust °Us
100 1513 Jan 5 23% Feb 13
22
2312' 2134 2134 2114 2112
15 Deo 294 Mar
1934 2034 2012 2114
2014 207/ 20
207
8 194 204 9,174 Walworth Manufacturing. 20 1612 Jan 5 2114 Feb 11
1114 Jan 18 Dee
3434 3538 3434 35
ao 2958 Jan 3 3614 Jan 12
3412 34341 34% 3534 3438 3534 3,080 Warren Broe
2511 Jan 344 Mar
•
3814 39 *38
39
39
384 3912 3912 3912
4
39
223 Do 1s1 pref
ao 3558 Jan 7 41 Jan 25
3013 Dec 3912 Mar
•40
41
*40
41
ao 39 Jan 14 42 Jan 18
66 Do 2d pref
3912 40 *40
41
3913 40
88 July 42 Mar
3 Jan 10
10 Wickwire Spencer Steel- 5
54 Jan 14
....... _...3 Dec 124 Feb
Mining
.
.20 .50 •.20 .50
Adventure Consolidated.- 25
•
.20 .50 •.20 .50 '
3
.20 .50
.10 Nov
1 Feb
•.10 .20 *.10 .12
.2025 15 Jan 15 ":ff
Algomah Mining
'
3.10 .20 *.10 .20 3%10
.10 July .50 Mar
134 14
3134 2
134 Jan 7
25
1.445 Arcadian Consolidated
214 Jan 8 .70 July
2
2
1% 1%
13 1%
4
44 Mar
9
9
812 832
8 Jan 2
753 Arizona Commercial
934 Jan 7
914
84 87
8
9
*18% 9
7 Dec 144 Mar
•1614 17 •1614 17
10 15 Jan 10 1878 Jan 15
614 17
100 Bingham Mines
17
17
*1613 1712
1412 Oct 19 Feb
1718 1738 17% 1712
25 1634 Feb 14 19% Jan 7
1678 1714 1634 1734 17
1818 3,718 Calumet & Hecia
17 Oct 49 June
24 212 *214 2 4
1
212 Jan 3
213 2% *214 234 *214 234
165 Carson Hill (Sold
3
3 Feb 1
178 Dec
958 Feb
2312
2312 24
23
25 224 Jan 19 267 Feb 15
2314 241
23
2678 1,147 Copper Range Co
25
24
8
221a Oct 404 Mar
4
4
4
4
358 Jan 3
10
4
44 - 418
418
4
434 Jan 23
4'4 2,085 Davis-Daly Copper_
214 June
5 Feb
*41
45
4
458 458
412 458
414 Feb 14
414 434
5
512 2,830 East Butte Copper Mining- 10
512 Jan 24
432 Nov 114 Mar
•.85 1
.85 .90
25 .75 Feb 13
.75 .75
.75 .85 ;114 .115
425 Franklin
8
0
1 Jaa 8 .30 May
24 Mar
*1
2
*1
2
*1
Hancock Consolidated__ 25 1
Jan 22
2
*1
2
2 Jan 28
1
Oct
4 Mar
*2512 27 *2512 263
2512 2612 251 2534
1 25 Feb 15 2812 Jan 7
4
470 Hardy Coal Co
2434 Mar 333 June
6
•.60 .75
.60 .60
Helvetia
25 .40 Jan 2 .75 Jan 8 .10 Sept
*.60 .75 '
3.60 .75 *10 2.57152
2
60
114 Feb
*98 984 98 9812
98
9813 *9713 98% 07% gg
1 954 Jan 31 10034 Jan 8 934 Nov 11512 Apr
208 Island Creek Coal
.9314 94
93 93
*93
94 *93
1 9112 Jan
94
93 93
48 Do pref
9312 Jan 30
9014 Nov 1004 Mar
*1714 173
4 17
1714
17
1714 17
25 17 Jan 21 20 Jan 3
1712 1714 18
1,150 Isle Royale Copper
16 Oct 3314 Mar
•2
214 *2
21
214
2% *2
214 *2 2145 178 Jan 2
25 Kerr Lake
218 Feb 13
17 Dec
8
332 Jan
.50 .50
.50 .50
25 .50 Jan 7 .90 Jan 7 .60 Sept
.50 .50
.50 .50 '.75 1
3
135 Keweenaw Conner
34 Mar
114 114
25
14 112
14 118
1h
114 *114
1 Jan 7
134
195 Lake Copper Co
134 Jan 28
514 Mar
1
Oct
*1
14
.90 .90
112 *1
112
112
*1
25 85 Jan 21
11 La Salle Copper
114 Feb 8 •50 Des
314 Mar
•112 17
2 •112 17
2
Valley Mine
a 11114 Jan 19
*112 2
*112 174 *14 14
!Mason
lh Jan 30
112 Nov
2 Mar
513
.50 .50
.50 .50
25 .50 Jan 8
.50 .65
.55 .60 3
%70 1 1 1,690 Mass Consolidated
1 Jan 5 .50 Dec
44 mar
114 13
s
114 114
114
114
25
114 138
14 Feb 8
15
8 14 1,040 Mayflower-Old Colony
2 Jan 11
14 Oct
7 Feb
32
32
3112 33.
31
3234 3513
25 30 Jan 18 3512 Feb 15
32
31
34
325 Mohawk
27
Oct 71 Mar
17
1714 17
17
17
1714 17
17
17% 1734 1,195 New Cornelia COMM'
16% Jan 2 197g Jan 7
1414 Oct 3412 Mar
.2% 238 *218 238
41218 23
23; 23
238
238
500 New DOM. Copper
24 Feb 6
23; Feb 14
2 12 Aug
414 Apr
44
*37 44 *37
*37 44 *37
44
44 *37
New River Company
86 Apr 40 Apr
73
*65
70 *70
Do prof
IN 65 Feb 5 7414 Jan -*70
73 *70
73 *70
73
4
72 Nov
84 Mar
6if 61,-(4
e
634 6X4
61a 618
61a 614
61 6if4
4
110 N101281112 Mines
5
534 Jan 10 611t4Feb 1
632 Feb
434July
*27
8 0
3
33
4
3
34
16
3583
4 1,348 North Butte
2 Jan 16
31i 35
3h Jan 24
4
1 lit Nov 123 Mar
.50 .50
.52 .52
.50 .75
..65 1
.55 .55 4
110 Oilbway Mining
25 .50 Feb 11 .90 Jan 3 .60 Nov
332 Mar
15h 15h 16
15% 1512
*1512 16
161g 17
17h
25 15 Jan 30 1734 Feb 15
190 Old Dominion Co
13 12 Oct 3211 Mar
*47
8 51
*478 518
412 412 *458 434
413 413
20 Park City Mining & Smelt_ 5
312 Jan 3
54 Feb 1
412 Nov
2'4 Aug
12
1214 12
*1134 1214 *1134 1214 *113 1214
•I2
10 Pd Crk Pocahonta oCo_No 2/1
4
pt;
el
1213 Jan 11
12 14 Dee 164 Mar
2012
21
2018 2034 2014 2014
21
702 Quincy
2212 22
2312
23h Feb 15
18
Oct 50 Mar
3112 32
3113 32
3134 3312 3214 34
.3113 33
353 St Mary's Mineral Land.- 25 .
2913 Jan 16 3414 Jan 3
27 Oct 234 Mar
'
3.40 .50
.
40 .40 •.40 .50
.50 .70
.60 .60 1,720 Shannon
10 35 Feb 4 .70 Feb 14 .30 Dec
14 Mar
'.25 .75 *.25 .75 '
Lake
3.25 .75
•.25 .75 *.25 .75
1 Aug
.10 June
•1
134 *1
*I
134 *1
11
114
114
100 Superior
rior
25 .90 Jan j5
6
Bo
158
112 Jan 18
1 1)ec
314 Mar
.75 .80
.85
.80 .80
.95 .95
365 Superior & Boston cooper_ 10 .75 Feb 13
.85 .85
334 Feb
1 Jan 11 .65 Dec
5 .55 Jan 4 85 Jan 28 .20
.70 .70 *.60 .75
0
.70 .75
609 Trinity Copper Corp
41.65 .75 '.60 .75
14 Feb
Oct
.45
.38 .38
370 Tuolumne Copper
.45 .45
__ __
10 .10 Jan 24 50 Feb 7 .30 Dec
DS Aug
*2% 3 I
3
3
2% 3
2h 3h 2,980 Utah-Apex Mining
5 2,f, Jan 8
3
3
3% Feb 15
6 Apr
218 Oct
Utah Consolidated
1 .01 Jan 3 .01 Jan 3 .01 Dec
3 Mar
To --16 .
,
;14 Tio --- Tio _ 1.25o Utah Metal & Tunnel
1.5
.0
4
1 .33 Feb 2 .45 Jan 4 .25 Dec
.
-47 14 Tiii -.- 7iii
1112 Feb
•.75 .90 '
3.75 1
'
3.75 .90
Victoria
' 75 .90
1%
25 .75 Jan 3 .75 Jan 3 .60 Aug
•.75 1
24 Feb
.15 .18
.16 .20 ..25 .40
735 Winona.
25 .13 Feb 6 .26 Jan 4 .10 Dec
.15 .15
.25 .25
1114 Mar
.25
Wyandot
25
•
.25
.10 Dec
1 Mar
Ex-stook dividend. a Assessment paid.
•Bid and asked prices: no sales on this day. s Ex-rights. b Ex-dividend and rights. z Hg-dividend.
'Beginning with Thursday. May 24, trading has been in new shares. of which two new shares of no par value were given in exchange for one share of old stock of $110
ow „mile. In order to make possible comparisons with previous quotations, we have divided all these previous quotations by two
Tii
IC
14
2
FEB. 16 1924.]
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Feb. 9 to Feb. 15, both inclusive:
Bonds
--
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Amer Agr Chem 7458_1941 100% 100% 10035
934( 9344
Amer Tel & Tel U.__ _1936
1943
99% 99%
534s
1925
120 120
Os cony
494 5034
Atl G & W I SS L 5s_ _1959 50
Chic Jet & U S Yds 58_1940 9435 9445 944
1949
73
73
Copper Range 58
67
64
E Mass St RR ser B 58 1948
1936 101% 1014 102
HOod Rubber 78
8835 89%
K C Clin & Spr 1st 53_1925
K C Mem & B Inc 48_1934
874 874
1931
Mass Gas 4458
9245
92
Miss River Power 5s_ _1951 92% 92% 93
New England Tel 5s..1952
98
9835
1914 96% 96
Swift & Co 58
9735
Warren Bros 745s _ _1937 1184 116 117%
West Tel & Tel M.__ _1932 974 9644 97%
31,000
2.000
5,000
200
34.000
5,000
2,000
1,300
9,000
9,000
1,000
5,000
12.000
6,000
13,500
41,000
35,000
Range since Jan. 1.
High.
Low.
100
9344
99%
11944
42
9244
704
60
100
85
8635
91
92
97
9545
106
95%
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100%
93%
9935
121
504
954
73
67
102
8914
8831
93
93
9814
97%
118%
98%
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
rJa n
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Feb. 9 to Feb. 15, both inclusive, compiled from official lists:
Stocks-
781
THE CHRONICLE
Friday
Sales
Last Week's Rang
for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Range since Jan. 1.
Low.
Railways Co General _10
5
5
5
320
Reading Company
50
56
5651
180 56
Warrants
34
3444
100 34
Scott Paper Co pref.- -100
96
95
96
13th & 15th St Pass
50
165 165
21 165
Ills
1.1,.
Tono-Belmont Devel_ _ _ _1
145
34
Union Traction
50 3931 39% 40%
970 3911
United Gas Impt
50 63
63
65% 2,869 58%
Preferred
50 5634 56% 56)4
80 55%
West Jersey & Sea Shore_ 50
38% 38%
300 38%
Westmoreland Coal
50
65
65
50 62%
York Railways pref
50 34
34
34
35 34
Bonds
Amer Gas dr Else 58._ _2007
8545 89
$3,600 8514
Eiec & Peoples tr etis 45'45 65
844 65
20,000 62%
Keystone Tel let 5s__1935 80
78
80
11,000 75
Lehigh C& Nav mm14148'54
914 914 1,000 91%
Peoples Paas tr ctfa 48_1943
6945 694 2.000 69%
Philp Co consol 5s_ _ _ _1951
89
89
1,000 89
Plana Flee 1st s f 4s _ _ 1966
804 8045
200 8034
lst 5s
97
1966 98
99
32.300 97
1947 100% 1004 10034 10,000 9934
5%s
1953 100% 1004 101
54s
31,300 9834
10445 1054 5,000 103%
1941
138
90
Reading general 4s__ A997 90
904 33,000 8735
89% 8934 2,000 87
1997
Registered 45
Reading Tractions 6s_1933
10534 10535 5,000 105
8734 8734
York Railways 1st 58_1937
5.000 86
-
High.
5
Feb
Jan 78%
Feb 4445
Jan 96
Feb 165
1*18
Jan
Feb 43
Jan 65%
Jan 5645
Feb 404
Jan 65
Jan 35
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
894
854
80
914
70
89
81
99
101
101
10544
91%
89%
106
8731
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Feb.9 to Feb. 15, both inclusive,
compiled from official sales lists:
Friday
Sales
Last Week's Range for
Range since Jan. 1.
Jan
Sale
of Prices.
Week.
Jan
Par. Price. Low. High. Shares.
StocksLow.
High.
Feb
4%
Jan
.
95 8534 Jan 90
Jan
Jan Amer Pub Serv, pref _ _100 -----8834 8934
53
62
81 58
Feb 63
11131
Jan
Feb American Shlabuildi ng_100 58
40
80 3934 Feb 40
Feb
Feb Amer Steel Faninn 33 1-3 --------40
9
825 9234 Jan 9311 Jan
30
251 9314
Feb Armour & Co (Del). pf_100 93
100 81
81
83
1,370 8034 Jan 84
Feb
2431
Jan Armour & Co. pref_
15
7
491
!mu, e Leather
7
7
7
74 Jan
2545
Jan
Jan
100
preformed
7735 7744
113
6 774 Jan 78
Jan
Jan
(
270 5034 Jan 5135 Jan
107
Jan Bala hnn & Ea -.. etc ._25 5131 614 514
90
90
Pr•ferred
275 88
Jan 90
Jan
Feb
3334 3694 3,015 3345 Feb 3811 Jan
7431
Jan Bassick-Alemite Corp- -- -• 3334
*
111
111 1%
..
240
84
134 Feb
14 Feb
Jan Beaver Board
14
15
14
205 14
97
First pref certificates__ __
Jan 15
Jan
Jan
37
Jan
12 38
37
814
Jan 40
Jan Booth Flhorles, pref_..i00
• 2744 274 3044 4,676 274 Feb 31
Jan
Feb Borg & Beck
10 10
10
1045
190 '9
Jan 1034 Feb
Jan Bunt. Brothers
U
34
100
11 Jan
10
5245
14 Jan
Jan Case I' I), 2d pref
85
85
126 85
Jan 89
Jan
Jan C.nt Ill Pub Serv, pref_ _ _.
4
Jan
300
334
334 Feb
334 334
Jan Chic Cy&Con Ry pt sh pf_•
44 Jan
X
45 Jam
1,300
44
Feb Chicago Elev Ry. pref_100
182 18454
Feb
Jan 195
210 178
104
Jan Chic Motor Coach,corn_ _5 182
8944 88
Preferred
90
547 864 Feb 95
Jain
Jan
21
21
224
520 1944 Jan 2234 Jan
45
Jan Chic Nipple Mfg, Cl"B"
680 1234 Feb 144 Jar
5.5
29
Jan Com Chem Co of Tenn__ _• 124 1234 13
Jar
13235 13335
Jan 136
414
636 129
39
Jan Commonw'th Edlson_100 133
61
Jar
Feb 65
6114
30 61
110
73
Feb Consumers Co.Pref---100
731 734 1,635
Continental Motors_ _ _ _10
7
Jan
811 Jar
734
110
10631
Feb
11134 111 11154
141 11034 Jan 1123-4 Jar
1835
590
Jan Crane Co, pref
Jan
495 5834 Feb 80
5851 59
20
Jan Cudahy Pack Co,com_100 59
Jae
Jan 38
153
Jan Daniel Boone Wool Mills25 2645 264 3031 11,460 28
Jan 9044 Fet
AO
90 87
90
15
Jan Decker & Cohn,Ine, pf.100
100
Jar
Jan 75
73
Deere & Co, pref
71
SO 69
Jan 12034 Jan
100 119
35 118
119 119
101% 1014 $5,000 101
Jan 10134 Feb Diamond Match
14
%
% Fat
225
% Feb
•
99
99
1,000 98% Jan 99
Jan Earl Motors Co
75 234 Feb 2435 Fel
2334 244
894 894 7,000 884 Jan 90
Jan Eaton Axle & Spring Co..*
3431 2,535 3344 Jan 3531 Jan
92
92
92
17,000 91
Jan 92% Jan Eddy Paper Corp (The)._• 3434 34
Jan 10334 Jan
10234 103
85 102
103% 103% 4.00 101% Jan 103% Feb Fair Corp (The), pref__100 103
Jar
1611 17%
435 1614 Jan 18
• 17
9645 9635 2,00
95
Jan 96% Jan Gill Mfg Co
Jan
514 Jan
7
7
8
250
*
6
92% 924 1,000 91
Jan 92% Feb Godchaux Sugar,com
Jan
Jan 30
520 27
8944 90
2834 29%
3,00
884 Jan 90
Feb Gossard.II IN, prof _ _ _ _100 29
81
85
220 8034 Jan 89% Jan
101
101
101
2,00 101
Feb 101
Feb Great Lakes D & D_ .. _ _100 81
Jan 12314 Fe
260 118
Hart,Sehaff&Marx,com100 12314 122 12334
9544 954 1,00
954 Feb 95% Feb
Fel
415 6534 Jan 70
9434 944 2,00
871 70
4
94
Jan 94% Jan Hibb Spen Bart & Co_ _25
4,884 16
704 704 704 15,00
16
Feb 1734 Jan
17
10 16
704 Jan 724 Jan Hupp Motor
• 50
52
50
5114
320 50
52
Feb 5334 Ad
524 8,00
504 Jan 52% Jan Hurley Machine Co
•
7334 7344 3,000 6244 Jan 75
214 2144
50 1841 Jan 2134 Fel
Jan Hydrox Corp. COM
9644 964( 2,000 964 Ja
47 84
845-4 85
Jan sey, Jan
.
97
Jan Illinois Nor UM,pref _100 85
195 7934 Feb8054 Jai
984 984 6,000 984 Ja
.
793-5 80
9944 Jan Indep Pneumatic Tool.. 8 7911
704 7034 5,000 664 Jan 7131 Jan Inland Steel
Fel
25 36
250 36
37
Jan 38
37
jai
4
Internat Lamp Corp__ _ _25
34 545 3,865
334 Feb9
47
Fel
Philadelphia Stock Exchange.
45
48
225 41% Ja
-Record of transactions Kellogg Switchboard__ _25 45
Kentucky Hydro-ElecCo
10 8745 Feb 874 Fel
8745 874
at Philadelphia Stock Exchange Feb. 9 to Feb. 15, both Kuppenbelmer. Inc. pfFeb 9234 Jai
10 91
-100
9231 9211
inclusive, compiled from official sales lists:
Libby, McNeill& Libby_10
54
54 535
844 Jai
736
535 Jan
4
Jal
10
Lindsay Light
331
311 Feb
100
331 311
Friday
Sales
99%
130 9745 Jan 9934 Fel
Lyon & Healy. Inc, pref _ __ 99
99
Last Week's Range for
Range since Jan. 1.
McCord Rad Mfg Co_ - _• 364 364 37
765 3434 Jan 3745 Fel
Sale
of Prices.
Week.
McQuay-Norris Mfg
• 19
Jan 204 Jal
19
20
300 18
Par. Price. Low. High Shares.
StocksLow.
High.
Middle West Uttl com_100 51% 51
Jan 534 Fel
5234 2,025 43
Jig
Preferred
100 88
315 8344 Jan 89
8735 88
Insurance
10
Alliance
34 '
5
60
35
Prior Lien preferred_
Feb
Ja:
Jan 99
98
99
393 94
American Elm Pow Co-50 24
2334 254
644
2735 Jan National Dair Prod w I a_• 35% 3534 37
940 33
Jan 3744 Fel
Preferred..100
80
10
80
83
Jan National Leather
10
4
454 Jill
314 414 2,000
2% Jan
10
American Milling
8
8
150
8
Feb people's Gas I.t az Coke 100 953-4 9551 9534
Fel
Jan 97
10 95
American Stores
• 3034 3034 3131 4.020
3131 Jan Philipsborn's Inc tr ctf _ _1
.
24 J&
14
134 14
144 Feb
600
Baldwin Locomotive_ -100
12645 12631
20
1304 Feb Pick (Albert) & Co
10 2035 204 21
900 2041 Jan 2134 Ja
100 117
Brill (J G)Co
113 119
1.525
123
Jan Pub Serv of No III com_ •
Ja
101 10141
325 9954 Jan 102
100
Preferred
99
09
35
99
Common
Feb
100
J51
10114 10131
Jan 102
41 100
50
Cambria Iron
39
39
20
39
Preferred
Jan
100
93
93
50 93
Feb 994 JO
Congoleum Co Inc
* 6345 59
844 1,375
644 Feb Quaker Oats Co pref _ .: _100 100
721 9954 Jan 10131 Ja
100 1003,1
Traction of N J _100
Consol
32
3245
188
334 Jan Real Silk Hosiery Mills_ _10 3131
3151 33
Jan 3334 Fe
1,710 31
Elsenlohr (Otto)
100 58
58
58
132
6131 Jan Reo Motor
10 1814 18
Jan 19% Ja.
1831
721 17
100 95
Preferred
05
97
108
98
Jan Standard Gas& Electric.50 3234 3256 324
575 304 Jan 3334 Ja
Electric Storage Batt'y-100
63
6334
145
63% Feb
Preferred
50 4855 4834 4834
Jan 4811 Jo
450 47
•
24
Erie Lighting Co
2434
188
25 IlJan StewartWarnerSpeedem100 8811 88
Feb 101
9534 27.265 88
Ja
100
43
General Asphalt
4445
451/i Feb Swift & Co
100
100 10314 10334 10431 1,235 10131 Jan 10434 Fe
•
534 5345
General Refractories
50
5344 Feb Swift International
15 2
Jan 2231 Ja
054 2014 2134 5.034 19
25
Giant Portl Cement pref-50
25
20
25
Feb Thompson,J R.corn__ _ _25 4554 45
46
1,250 44
Feb 5034 Ja
Insurance Co of N A_ - _-I0 53
53
56
994
56
Feb Union Carbide & Carbon 10 61
5831 633.4 16,91. 5711 Jan 6311 Fe
744
Keystone Telephone..._50
731 731
105
74 Feb United Iron Works v t e_50
345
3 1 Jan
345 44
434 Ja
110
50 2831 28
Preferred
284
58
30
Jan United Light & Ilya com100 158
140 160
523 135
Fe
Jan 160
50
50
Keystone Watch Caae._100
12
1st preferred
SO
Feb
100 80
79
80
115 78
Jan 81
Ja
Superior Corp_ _ - _100
33-i
334 4
1,105
Lake
435 Jan
Participating pref._ _100
)91
Fe
92
Jan 92
86 87
50 6734 6745 674
165
Lehigh Navigation
70
Jan IX S Gypsum
20 894 8845 9434 1,335 883-4 Feb 99
Ja
50
704 71
Lehigh Valley
27
72
Jan Wahl Co
• 40
40
Jo
42
Jan 42
1,800 38
10 24
24
2434
650
Lit Brothers
26
Jan Wanner Malleable Casegs•
22
22
Feb 2534 Fe
585 22
40
50
40
8
Little Schuylkill
40
Jan Ward, hlontg'y & Co pf100
113 115
Fe
500 11034 Jan 115
49
Schuyl Hay- _ 50 49
49
MinehIll &
5
When Issued
49% Feb
20 2435 2435 2534 3,325 2445 Feb 2711 Ja
5931 5934
195
Penn Cent Light & Pow_ •
•
Class "A"
60
Jan
1094 10945
Ja
385 10744 Jan 112
79
79
50
81
North Pennsylvania794 Jan Western Knitting Mills__*
Ja
1
31
11 . 325
% Jan
86
89
Pennsylvania Salt Mfg- _50
150
•
6% 6%
89
Feb Wolff Mfg Corp
300
654 Feb
854 Ja
054
4334 44% 2,948
50
Pennsylvania RR
4631 Jan Wrigley. Jr. corn
25 374 3734 38% 3,281 3731 Feb 4
Ja
0
46% 46%
20
Philadelphia Co(Pitts).-50
4635 Feb Yellow Cab Mfg el "ll"_10 8734 8713 90
4.197 8714 Jan 96
.
76
424 43
90
Preferred (cumul6%)
-50
434 J66 Yellow Taxi Co
60% 6034 6414 14,990 6031 Jan 6431 Ja
25 31% 3131 32
5,340
Electric of Pa
Bonds-3335 Jan
Phtla
25 3134 3131 3134 2,493
Chic City dr Con Rya 5s'27
Preferred
Jan
33
5534 551e 5,000 519,4 Jan 55% is
43
•
454
622
454 Feb
Chicago Rys 5s
1927
Phlia Insulated Wire
7831 7831 3,000 7434 Jan 79% Ja
110
5s,Series"A"
39 ' Jar
1927
Phila Rapid Transit_ -- _50 354 3551 353.4
62
624 5,000 5834 Jan 6241 Fe
106
6131 62
Metrop W Side El 1st 4538
64 !Jac
Philadelphia Traction. -50
6244 6244 5,000 614 Jan 6341 Ja
3414 3434
10
prof_ -50
Swift & Co 1st s f g 59_1944
35
par
Phila & Western
9634 9734 5,600 9534 Jan 9731 Fe to
-............,, J. MIA., ar. inn
4244 43
200
45
Fat
Yellow Cab Mfg Co-....... .... A•nnn an... T... 001, Ts
* No par value.
6
130
40
10
80
42
10
1,706
221
171
269
16
17
282
339
218
140
196
5
79
3
20
13
15
81
46
21
4
100
109%
36
26
24%
2534
110
105%
115)4
74%
864
88
7844
Is
834
50
22
76
250
104
194
10
55
3834
724
98%
1645
151
54
26
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
4.:
vr,tt.teapwottlitttam.„%lt.t.1-4731n*. w,Int.
a
.-.0..-p...=....p,p.-.......v...
81
81
49
49
30
30
435 445
100 1004
111% 11135
36
36
30
31
244( 24%
25% 25%
113 114
107 1074
118 118
7444 75
834 8445
97
9755
814 81%
18
1844
8% 845
50
5234
22
22
81% 814
2624 262%
104 104
194 19%
10
10
553
55
39
39
73
73
106% 108
1635 17
152 152
54 6
26
28
04
*.wowa.wwa....s.mvaawolm co.* A.N20.&wm=
4-03=0 fl cola
ww,-.0.......w Ia omv004.w&w00000wwwwoam..vcoo:.000powto
X
44X
gX XXX
X4 XX
t
Alabama Co 1st pref__ _100
Arundel Sand & Gravel 100
Baltimore Tube
100
Central Teresa Sugar pf.
.10
Century Trust Co
50
Ches & Pot Tel of Balt-100
Colonial Trust
25
Commercial Credit com_ _•
Preferred
25
Preferred 13
25
C00501 Gas, EL & Pr_100
7% preferred
100
100
8% preferred
Consolidation Coal_ _..100
•
Eastern Rolling Mill
100
8% preferred
Fidelity & Deposit
50
Finance Service clam A_ _10
Preferred
10
Manufacturers Finance_25
2d preferred
25
Maryland Casualty Co_ _25
Mercantile Trust Co..._50
Merch & Min Tr Co_ _100
Monon Valley Trac prof _25
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New A msterd'm Cas Co100
Northern Central
50
Penns Water & Power_ 100
United Ry & Electric_ 50
S Fidelity & Guar_ _ 50
Wash Salt & Anna!). _50
Preferred
50
Bonds13ernheitner Leader St 72'43
Consolidated Gas 58..1939
General446
1954
Consot 0,E L & P 445s'35
Series A (is
1949
Fairmont Coal 5s
1931
Ga Car & Nor 1st 5a..1929
Ga South & Fla 55_ ..1945
Locke Insulator Corp 78'42
Orenda Sm Coal 5%8.1933
United E L & P 448..1929
United Ry & E 48..._1949
Income 4s
1949
Funding 5s
1936
(is
1927
68
1949
Wash Bait & Annan 581941
84
50
37
434
1014
112
36
3131
2545
28
114
1074
1184
814
85
98
82
1834
845
53
22)4
83
2624
105%
2034
11
60%
40
74
1084
18
1554
635
28
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
Stocks-
Range since Jan. 1.
Low.
High.
Am Vitrified Prod,com_50 1234
Am Wind Glass Mach_ _100 92
Preferred
100 95
Am Wind Glass, pref 100
Arkansas Nat Gas,com_10
531
5
Carnegie Lead & Zinc_
231
Consolidated Ice, pref_ _ AO
Duquesne Light,7% Prof__.
Fidelity Title & Trust
Indep Brewing, pref__ __50
Jones-Laughlin SO, pf_100
Lone Star Gas
25 27
Mfrs Light & Heat
50 5331
Nat Fireproofing, cons_ _50
94
Preferred
50 23
Ohio Fuel Oil
1
25 3234
Ohio FuelSupply
Oklahoma Natural Gas_ _25 2434
Pitsburgh Brew,com_ _ _ 50
Preferred
50
651
Pittsburgh Coal, com_ _100
Preferred
100
80
Pitts & Mt Shasta CoPD-1
Pittsburgh Plate Glass 100
Salt Creek Corusol Oil__ _10
1
San ToY Mining
Standard Plate Glass
3234
Stand San Mfg,com _ _ _ _25 102
10
Tidal Osage Oil
Union Natural Gas
25 2831
25 25
U S Glass
West'house Air Brake_ _ _ 50 93
West Penn RYs,Prat---100
1234 13
415 1034
92
9431
360 90
944 95
160 94
112 112
50 112
5% og 1,070
534
2% 234
425
234
35 1734
1734 18
106 106
125 103
350 350
26 350
8
8
25
7
110 110
78 10834
27
2731
687 263.1
53
534
240 5234
934 94 3,300
731
2236 24
2,496 204
15
15
275 144
31
334 1,155 32
2436 2434
945 2234
134 14
25
136
,
50
431
634 6%
61
61
60 61
99
99
31 974
8c Ile
25,000
7c
220 220
74 209
934 10
260
9
50
Sc
5,000
5c
29
33
7,065 25
102 10334
156 9834
1334 15
1,975 10
28
2831
75 244
24
25
1,835 2334
93
9536
178 8431
84
84
10 84
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Bondsitandard Plate tila•ts 65
100
Inn 104
100
CO nnn
on tc
13
9631
95
112
7
43.6
19
10634
350
8
110
28%
544
94
24
1634
3331
25
8
7
63
9934
Ile
216
1034
Sc
33
110
16
2934
25
964
84
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists:
Stocks-
[vol.. 118.
Ruh CHRONICLE-
782
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
First National Bank
Nat'l Bank of Commerce_ _
Mercantile Trust
Brown Shoe,corn
Preferred
Chicago Ry Equip, pref _ _
Emerson Electric, pref--- Ely & Walker]) G.corn _
Hydraulic Press Brick, corn
Preferred
Indep Breweries, 1st pref
Indlahoma Refining Co..
International Shoe, corn_ _
Laclede Gas Light, pref
Laclede Steel Co
Missouri Portland Cement_
National Candy, corn
Southwest'n Bell Tel., pref
Wagner Electric, corn
Preferred
Johnston Step Shoe
Bonds
E St Louis & Sub Co 5s_
United Railways 45
Indep Breweries 65
Wagner Elec Mfg.75
201
147
92
22
65
7736
_12436
1014
86
1044
63
200 201
14631 147
398 398
50% 50%
92
92
25
25
92
92
2231
22
531 6
6534 67
5
5
1
1
77% 7731
7331 74
12436 125
101 10134
89
87
10431 105
32
33
8434 8431
4131 42
7731
63
45
994
22
21
15
10
65
12
5
170
615
105
100
13
350
11
21
119
105
122
175
5
70
7731 81,000
1,000
63
5,000
45
994 1,000
Range since Jan. 1.
Low.
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
61% Jan
Feb
5
Feb
1
7734 Feb
Jan
71
Feb
124
Jan
99
Feb
86
103% Jan
Feb
32
Jan
Si
Jan
35
19531
141
39631
50
904
25
92
22
7736
63
42
994
Feb
Feb
Jan
Feb
High.
201
147
398
5036
92
254
96
24
6
67
5
3
794
74
125
1014
92
105
343(
844
42
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
7834
65%
45
99%
Jan
Jan
Feb
Feb
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from F b. 9 to
Feb. 15, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Indus. & Miscellaneous.
Amalgamated Leather__ _' 1534 1534 1636
3
97
97
Amer Cotton Fabric pf _100
Amer Gas & Elec, com • 5434 5434 54%
50 43H 434 4336
Preferred
12
American-Hawallan SS _ _10
12
Amer Lt & Trae,corn _ _100 12034 119 123
100
92
92
Preferred
American Multigraph-- _• z2334 2334 2434
*
31
31
American Stores
_5
34 4
American Thread, pref .
Type Fders, com_100
9931 9934
Amer
25
26
Archer-Daniels Mid Co-*
824 824
Armour & Co (III), pref 100
2
1% 231
Atlantic Fruit
•
• 19
19
19
Bliss(E W)Co,corn
1136
Blyn Shoes, Inc, com__ _10 1131 11
121 122
Borden Co common- -100
Bridgeport Machine Co...* 104 1034 1131
2231 224
-Amer Tob ord bear_ 21
Brit
10 134 134 1331
Brooklyn City RR
2%
231 231
Candy Products Corp.__ -2
50
17
17
Caracas Sugar
2
2
Car Lighting & Power_ 25
25
9
9
Preferred
136 I%
Cent Teresa Bug,com _ _ _10
Centrifugal Cast Iron Pipe* 2636 264 28%
27
28
Checker Cab Mfg. Cl A_• 27
Chic Nipple Mfg Cl B_50 214 2134 224
364 3634
Childs Co new stock_ •
100 z15131 z151 155
Cities Service corn
100 z7131 7134 72
Preferred
10 T636
636 614
Preferred B
92
98
scrip
Stock
72
72
72
Cash scrip
• z1536 5154 154
Bankers' shares _
• 204 2034 2134
Neve Automobile corn24
24
3olorado Power corn_ -100 24
3531 3631
7.0mmercial Invest Triv I_•
24
23%
ontinental Tobacco_* ...IQ, ••••.,I, 2431
•
dill,
Cuba OMP
* No par value.
in
M.
,
C,.
W0 .
>b.)
.wW.W.
W
0
.
'"
400 w".400kb AuWWW[o.4.0 .VoW00.... 4 M
1
1 2.1 WW00. 4
,
1
>0000Q0000M00000.V0W0Q0g.p00.000-4000.000000
,0000000000000000000000-00000000000000000
Sales
Friday
Last Week's Range for
Week ending Feb. 15.
Week.
of Prices
Sale
StocksPar. Price. Low. High. Shares.
Range since Jan. 1.
Low.
12
95
4336
4331
1134
11831
92
21
31
336
9931
24
82
14
19
931
121
10
2031
1031
lir•
17
136
7
14
26%
27
1936
353,4
142
61%
64
77
72
1436
2031
23
33%
23%
Tan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
007.')
.101St
High.
40
2236
37
155
72
64
98
74
16
2331
25
374
26H
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
'IU7.5
Leo
1636
9736
564
4334
14
126
93
243-4
31
431
102
2636
8236
24
19
1136
126
1234
2231
14
24
17
231
1134
131
sig
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Curtiss Aeropl & Motor
Common ctfs of dep.. •
1131 1136
Preferred, new
70
70
70
Prat ctf of deposit
40
40
44
Del Lack & West Coal_ _ 50 92
92
92%
Dubiller Condenser & Rad* 20
194 214
Dunhill Internat
• 2531 2531 2634
Du Pont Motors, Inc_ _ *
2%
236 334
Durant Motors, Inc
* 2631 2636 303-4
Durant Motors of Ind_ __10
736 834
731
Elec Bond & Share pi_ _100 99
98
99
Fajardo Sugar
100
12036 121
Ford Motor of Canada_100 452
452 468
Razor_ _ _ _* 270
Gillette Safety
270 275
Glen Alden Coal
• 83% 83,4 8531
Goodyear Tire & R corn 100 1031 1031 1131
Grand 5-10-25c Stores w 1 41
374 43
I Great Wert Sugar com.25
96
96
Griffiths(D W)Class A..5
131
Hall Switch Sr Signal, p1100
4
4
4
Havana Tobacco pref _100
3
3
Hazeltine Corp wi
• 147-4 13
1594
Heyden Chemical
•
194 1%
Hudson Cos pref
100
19
19
Hud & Manh corn
100 1131 1134 1136
4%
Intercontinental Rubb.100
431 436
Internat Concrete Indus.10 1236 1231 12%
47
Kresge Dept Stores corn....
46% 48%
100 90
Preferred
90
90
Lehigh Power Securities-*
39
39
Lehigh Val Cord Sales_ _ 50
86
87
Leh Vail Coal ctfs, new, w I 334 334 3534
Ligg& Myersnew corn w 1 25 52
52
544
524 52
Class B new w I
.55
50
Lucey Mfg Class A
2
2
Ludlum Steel Co
•
20% 2131
McCrory Stores el B. corn •
72
7231
Warrants (stock purch)_
32
33
Mercurbank(Vienna)Am sh
1331 13%
Mesabi Iron Co
631 7
Midvale Co
• 21
21
22
National Casket Co_..100
91
91
I Nat Dairy Products Corp*
3531 36
National Leather
10
4
43,4
New Mex & Arts Land_ --1
7
731
74
N Y Telep 631% pref-100
109% 11034
Paige Detroit Motor Car 10 17
17
174
Park & Tilford, Inc
• 2634 2631 27
Patten Typewriter
3
3
Peerless Truck & Motor_50 22
22
22
PYrene Manufacturing-10 13% 1236 1334
4
Radio Corp of Amer corn*
4
43.4
Preferred
5
4
4.1e
4115
Reo Motor Car
10 1834 1834 18%
Repetti, Inc
86c
900
Rosenb'm Grain Corp pf 50
48
49
•
Shelton Looms corn
23
24
Silica Gel Corp corn v t c_• 204 2031 2531
Singer Manufacturing _..100
142 143
Southern Coal & Iron__-5 lie
10c
Ile
• 1134 1134 1134
Stutz Motor Car
100 104
104 104
Swift & Co
15 2034 2034 214
Swift International
2434 2431
Tenn Elec Power corn.. __* 25
10
7% 734
Timken Detroit Axle
454 534
514
Tob Prod Exports Corp....
54
5434
Todd Shipyards Corn---• 54
63
Union Carbide dr Carbon_* 6231 59
524 54%
Unit Bakeries Corp, corn... 54
100
88
88
Preferred
74 8
7%
United Profit Soar
531 534
531
Unit Retail Stores Candy.*
35
35
United Shoe Mach,com_25 35
US Cities Corp,Class A_10 2031 184 21
26
273(
US Distrib Corp new corn• 26
100
105 105
New preferred
131 131
US Light & Heat cora_ -10
10
131 1%
Preferred
13
13
1631
Univ Pipe du Had corn.... _
100 583,4 5831 59
Preferred
22
Wanner Malleable Cast A • 22 • 22
Ward Corp corn cl A w I_ _• 753.4 7536 774
19
2131
Common class B w L _ _• 19
7% preferred w L..1OO 8334 8331 85
•
Waring Hat Mfg
84 84
104 1036 1131
Warner Bros Pictures w 1_
5
75c
780
Wayne Coal
1031 1031
WhiteRkMinSng new 33 t c*
.
12
12
Willys Corp 1st pref_ --100 12
34
Yel Taxi Corp, NY, new_* 34
34%
Rights.
Lehigh Valley RR ve
Former Standard Oil
Subsidiaries.
Anglo-American Oil _ _ 41
Borne Scrymser Co.._ _ _100
Buckeye Pipe Line
50
100
Chesebrough Mfg
25
Continental 011
25
Crescent P1D0 Line
Cumberland Pipe I4ne.100
100
Eureka Pipe Line
Galena-Signal Oil corn. 100
Humble Oil & Refbring_ _25
100
Illinois Pipe Line
Imperial Oil(Can) coup-25
Indiana Pipe Line
50
Magnolia Petroleum--100
National Transit. _12.50
100
New York Transit
Northern Pipe Line-.-100
25
Ohio Oil
25
Penn Met Fuel
100
Prairie Oil tIc Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
Southern Pipe Line. -100
So West Pa Pipe Lines 100
Standard Oil (Indiana)--25
Standard Oil (Kansas).. 25
Standard 011(Ky)
25
_ Jo°
Standard Oil (Nob)
Standard 01101 N Y---25
Stand 011 (Ohio) cora-100
Swan & Finch
100
Vacuum Oil
25
Washington 011
10
Other 011 Stocks
Allen Oil
1
Allied Oil
10
Arkansas Nat Gas,com_10
Atlantic Lobos Oil, corn...
Boston-Wyoming orj_ _1
Carib Syndicate
Creole Syndicate
6
Derby 011 & Hello. cow_•
Preferred
•
3234
3231 33%
30
24c
10c
534
4
1
43.1
234
30
24c
100
834
4
131
531
3
7
31
High.
Low.
200
100
300
175
29,200
1,600
4,500
3,400
300
150
20
70
1,080
1,400
3,700
5,300
100
100
100
100
18,800
300
100
1,000
600
1,000
6,000
• 100
100
75
3,500
1,300
1,200
100
1,200
200
700
200
3,200
2,900
20
2,200
700
10,800
175
300
3,900
100
100
1,800
11,800
5,600
1.100
400
500
800
4,700
30
22,000
500
110
1,800
600
100
7,400
100
2,700
500
100
900
3,800
100
1,900
1,200
100
700
400
600
200
200
1,200
5,400
1,500
100
1,100
100
100
800
1,000-
1136 Jan
Feb
70
Jan
40
91% Jan
1031 Jan
25% Feb
24 Feb
2636 Jan
7% Feb
Jan
97
12031 Feb
Jan
423
Feb
270
7636 Jan
831 Jan
Feb
35
Jan
94
134 Jan
Feb
4
1% Jan
Feb
13
134 Jan
Feb
19
Feb
11
334 Jan
Feb
12
41
Jan
Feb
90
Jan
33
7731 Jan
Jan
31
551
Jan
Jan
z50
Feb
2
21
Jan
Jan
69
31
Jan
134 Feb
Jan
6
18
Jan
Feb
91
Jan
33
Jan
3
3% Jan
109% Jan
1531 Jan
2634 Feb
Feb
3
22
Feb
1131 Jan
Feb
4
Jan
4
17% Jan
860 Jan
48
Feb
23
Jan
2031 Feb
125
Jan
9c Feb
1031 Jan
101
Jan
1934 Jan
17% Jan
Feb
7
34 Jan
43% Jan
58
Jan
5231 Feb
Jan
85
74 Jan
44 Jan
35
Feb
1831 Jan
18
Jan
Jan
90
80c Jan
14 Jan
13
Feb
58
Feb
22
Feb
5231 Jan
18% Feb
7934 Jan
831 Feb
10
Jan
60c Jan
1031 Jan
931 Jan
34
Jan
8
112
17%
284
3
2636
13%
4%
4%
1831
I%
50
24
35
148
17c
1531
104
22
25%
7%
531
55
63
62
89
7%
53,4
36%
21
28
105
131
14
17
614
23
7731
2294
85
834
12%
93c
1034
12%
39%
Jan.
Feb.
Feb
Jan
Feb.
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan,
Feb
Feb
Jan
JanJam
Feb
Feb
Jan
Jan
Jan,
Feb.
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan.
Jan
Jan
Jan
Jan
Feb.
Jan
Feb
Jan
Feb.
Jan
Feb
Jan
Jan
Feb.
Jan
Feb
Feb.
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan.
Jan.
Jan
Jan
6,400
2931 Jan
3431
Jan'
16
16
1734 4,000
180
175 187
120
71
71
72
295
369
360 370
225
484 4831 51
2,600
19
19
100
128
128 135
410
97
97
9831
140
65
65
68
295
3931 3931 41% 11,000
144 148
80
108% 1084 114
2,965
92
91
93
50
142
141 151
1,620
2431 2431 ' 100
84
82
91
190
10194 100 10134
155
67
67
73
5,200
3431 34
354 1,000
230
230 250
5,755
10431 10435 10731 2,555
200
192 212
230
156
154 166
1,280
95
95
225
9734
87
87
10
z599i 59
65 150,100
4334 4331 4736 7,400
107% 10734 113
5,200
229
227 237
690
42
42
4531 24,400
310
310 324
160
53
51
3,37
,
81
5936 594 6394 54.300
2736 2731
20
531
4
131
431
231
Range since Jan. 1.
1,000
1,000
500
100
2,500
4,900
3,600
300
20
1231
70
44
9331
21%
28%
331
3631
1034
99
121
482
280
88%
114
43
100
136
6
4
1531
215
22
121(
5
124
48%
90
41%
894
35%
61
6031
234
214
7231
33
14
831
224
91
37
1531
155
704
238
43
16%
110%
97
65
35%
136
10831
88 •
141
23
82
94
67
34
230
104
183
154
94
Si
59
4331
107
199
42
310
36
5631
25
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
18
187
8531
370
5431
20
136
105
69%
4334
161
119
100
162
2534
97
10734
7934
43
269
111
230
171
100
6831
50%
120
25631
48
335
81
69%
2731
Feb
Feb.
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb.
Jan
Jan
Jan
Jan
Jam
Jan
Jan
Jan.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
I5c
Sc
536
331
95c
44
24
7
30
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
35c
10e
7
4%
134
634
331
8
3434
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
so
FEB. 16 1924.]
THE CHRONICLE
Friday
sales
Last Week's Range for
Sale
ofPrices.
Week.
Other Oil Stocks.
(Concluded) Par. Price. Low. High. Shares
Engineers Petroleum Co_ _1
5
Federal Oil
Gen Petram Corp com-25
10
'Gilliland 011 v t c
10
Glenrock Oil
25
Gulf Oil Corp of Pa
Gulf States 011 & Ref__ _5
1
Hudson 011
International Petroleum-*
Keystone Ranger Devel 1
•
Kirby Petroleum
•
:Lago Petroleum Corp_
Lance Creek Royalties- _1
1
Latin-Amer Oil
Livingston Petroleum_ _•
Marland 011 of Mexico__ _1
5
'Mexican Eagle Oil
Mexican Panuco 011_ _ _10
Mexico 011 Corporation.10
1
Mountain & Gulf 011
Mountain Producers_ _ __10
Mutual Oil vol trust ctfs _5
5
New Bradford 011
5
New England Fuel 011
25
New York 011
Noble(Chas F)0& Geoml
Oklahoma Natural Gas_ _25
10
Omar Oil & Gas
Peer Oil Corpomtion
Fennsylvania Beaver 00_1
10
Pennok Oil
25
Red Bank 011
Royal Can 011 Syndleate_•
*
Ryan Consol Petrol
10
Salt Creek Cons 011
Salt Creek Producere_ 10
6
Sapulpa Refining
5
Seaboard Oil & Gas
*
-Osage Oil
Tidal
Non-votIngstock
10
Turman Oil, new
Western States Oil& Gas _1
1
Wilcox Oil& Gas
1
"Y" Oil& Gas
60
30c
394
4%
59
Sc
1934
Sc
334
1
70e
319
71c
164
12
4%
24
12c
25
65c
50c
13%
1011
349
449
84
19%
149
Pia
749
Dc
5c
30c
3939
434
44c
58%
1%
Se
194
2c
2
3
2c
96c
70c
339
4
71c
25c
149
16
11%
4%
24
114
100
2449
600
234
50c
13%
64
34
439
859
10;4
144
Pie
14
12
7
19e
7
9c
7c
350
42%
4%
50c
62
134
7c
2034
3c
239
4
20
171a
84c
33/
s
4
790
25c
14
1734
12%
539
254
12%
15c
25
680
3
55c
14%
10%
4
439
9%
21
1%
l7rs
14
124
7
280
839
bc
14,000
13,000
5,300
400
2,900
6,000
300
25,000
38,000
36,000
200
31,600
2,000
29,600
6,300
100
200
1,000
1,000
700
21,000
74,100
3,700
700
1,100
8,900
600
4,100
1,000
22,000
4,100
3,300
1,400
800
2,300
11,100
1,500
43,100
100
. 100
200
19,000
47,500
12,000
Range since Jan. 1.
Low.
5o
30c
384
149
31e
58%
14
3c
1919
2c
1%
234
2c
78c
65e
344
339
70c
23c
119
16
11%
47
%
20
94,
7c
23
60c
159
45c
1244
544
34
34
84
1949
82c
68e
8
12
47
%
19c
649
7c
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Sc
60c
46
64
60c
65
24
7c
22%
3c
24
44
Sc
Piz
1
434
449
89c
300
14
1934
13%
6%
2734
14
16e
25
800
6
57c
1534
10%
434
519
10%
234
2
2
16
14
8%
30c
849
14c
Mining Stocks
6c
7c 3,000
7c
Amer Corn IM & M
lc Sept lie
1
American Exploration
7511
134
1,000 50c
134
Jan
84 87
4
Arizona Corn Mining_ _5
834 Feb
100
819
7c
Arizona Globe Conner-1
70 16,000
Sc
Sc
Jan
12e
10e
3c
Relchir Extension
oc
lc
Sc668,000
Jan
3c
40c
38e
40c 9.000 37c
Black Oak Mines Co
Jan 90c
7c
7c
10c 28,400
Booth Mining
1.50
Sc
Feb
1
2c
2c 1,000
Butte & New York
2c Feb
2c
1
20e
Butte & Western
20c
20c 2,000 20e Feb 55c
Calumet & Jerome Copp_ 1
80
8c 1,000
mc
Sc Feb
10
2
219
Canario Copper
2% 4,700
2
Jan
24
1
' Candalarla Silver
2c
20 19,000
Sc
2c
Jan
30
1
Cash Boy Consol
50 3,000
Feb
Sc
Sc
Sc
Central Amer Mines. Inc-1
1%
139
Jan
900 87c
134
1%
Comstock Tunnel
20c
20c 1.000 18c
Jan 21e
Coneol Copper Mlnes____1
234
2
14 Jan
239 10,200
249
Cortez Silver
1 67c
63c
67c 43,700 56c
Jan 67c
4
Cresson Con Gold NI di N_l
4
439
354 Jan
2,500
4%
1
Crown Reserve
52e 3.200 58c
Feb 75e
58c
4
Davis-Daly Mining
10
300
4
419
439
334 Feb
Diamoncif B1 Butte (reorg)
Sc
4c
Sc . 80 135,000
Jan
Sc
Divide Extension
1
4c
4c
4c 3,000
Jan
Sc
Dolores Esperanza CorP-51
200 50c
70c
700
Jan 70c
Eureka Croesue
1
10e
12c 12,000 100 Feb 15c
Fortuna Cons Mining ----, Sic
12c 212,000
Sc
Jan 12e
Dc
Goldfield Deep Mines- --5
8c
Sc
Jan
Sc
6c 13,000
Goldfield Development__
Dc 3,000
Jan 10c
8c
6c
Goldfield Florence
1 37c
37c
40c 6,000 37c
Feb 42c
Goldfield Jackpot
1
40c
40c 1,000 40e
Jan 40c
Gold Zone Divide
7c 16,000
13c
Jan
Sc
12c
Hard Shell Mining
1
2c
2c
2c 113.000
5c
2e
Jan
Heath, Mining
25c
1,600
819 934
919
834 Jan
Hilltop-Nevada Mining_ _1
20
30
2c
Sc 4,000
2c
Jan
Hollinger Cons Gold Min_5
114 11%
400 11% Feb 12%
Howe Sound Co
239
1
3
234 Jan
1,400
234 3
Independence Lead Min 1
15c
14c
16c 38,000 12c
Jan 18c
Iron Blossom Cons M In_ _I
31c
31c 1,000 31c
Jan 32c
Jerome Verde Developm't 1
149 134
149 Feb
400
.2
Julia Consol Mining
25c
25c 2,000 25c Feb 25c
Jac 57c
400 30c
57c 13,
52c
570
Extension
Kelly
Kerr Lake
Mining__.
2
2
2
200
1% Jan
7
2%
La Rose Mines
5
22c
22c 1,000 20e
Jan 22c
Lone Star Consolidated-1
4c
4c 8,000
4e
Jan
7c
Marsh Mining
1 12c
12e
12e 3,000 12c
Jan 130
McKinley-Darragh-Sav _ _1
13e
13c 1,000
Sc
Jan
13e
Mohican Copper
1 47c
42c
48c 24,000 30e
Jan 480
National Tin Corp
50c 12e
11c
130 27,000 11c
Jan 140
Nevada Ophir
8o
Sc
14c 3,000
Sc Feb
14c
Nevada Silver Horn
lc
lc 1,000
lc Feb
lc
New Cornelia
174 17
700 15% Jan
1715
18
New Dominion Copper. .5
219
249
249 8,600
149 Jan
249
New Jersey Zinc
ioo 150
150 150
20 1454 Jan 151%
North Butte
3
3
100
3
3
Feb
3
Oble Copper
1 77c
71c
79c 5,500 71e FebSfle
Pennsylvania Mining
14
119
14 47,100
1% Feb14
Plymouth Lead Mines_ _ _1 35c
350 6,000 30c
33e
Jan 35c
Ray Hercules, Inc
5 170
17c
23c 6,000 12c
Jan 33c
4c
Red Hills Florence
Sc
4c 9,000
lc
Jan
Sc
420
40c
Red Warrior
48c 42,000 210
Jan48c
Sc
Toy Mining
1
4c
Sc 16,000
San
4c FebSc
Silver Dale Mining
3c
4c 17,000
Sc
Jan
Sc
Silver Horn M & D
lc
Sc 35,000
lc Feb8c
1
4c
40 3,000
Silver Pick Consol
3c
Ja
• 4c
1
lc
lc 2,000
Simon Silver Lead
lc
Jan
2c
34 4
South Amer Gold & Plat.1
1,100
3%
241 Jan
4
Spearhead
1
Sc
Sc 3,000
2c
Jan
7c
.
100
Standard Silver-Lead _ _ _1
100
12c 2,000 10c
Jan 16c
Mining
lc
lc
1
lc 10,000
Stewart
it
Jan
2c
1 49c
49c
50c 3,100 47o
Success Mining
Jan 51c
I
149
14
Teek-Hughes
Pie 4,400
Pas Jan
159
TonopahBelmont Developl
620
70c 1,100 50c
Jan 75c
2
1
174
Vie 2,600
Tonopah Extenaion
14 Jan
23ia
69c
69c
69c
100 131c
Jan 80c
Trinity
3c
3c 5,000
Tuolumne
30
Jan
4e
1
91c
I
8,400 730
United Eastern Mining _1
Jan
Pia
Sc
3c 1,000
Sc
Feb
United Mines of Arizona
3c
1,700 2519 Feb 29
lUnited Verde Extension50c 2619 2539 2634
14 Pie
134
5
500
1
Jan
131
Unity Gold Mines
Sc 1,000
Sc
3c
Jan
Victory Divide
Sc
3
3
319
1,400
219 Jan
3%
Walker Mining
14 Pie 7,900
131
119 Jan
Wenden C,opper Mining
14
65e
73c 1,300 50o
Jan 86e
West End Consolidated-5 72c
40
Se 16,000
3o
Jan
80
west End Extension Min
30c
33c 3,000 30o
Jan 400
Western Utah Copper_ _-1
180
20c 31,000 12c
190
Virettlaufer-Lorrain Sil M.1
Jan 25c
1
Sc
Sc
5c 2,000
Jan
Sc
Wilbert Mining
15
1519
300 15
15
Feb 154
Yukon Alaska Trust Mira__
60c
66c 1,000 60a
Feb 800
5
Yukon Gold Co
Bonds
Allied Pack fis. Sex B.1939 76
AlUminum Co of Am 70933 107
1925
7a
* No par value.
Bonds (Concluded)-
High.
75
77
Jan 84
57,000 70
10619 107
6,000 10541 Jan 1074
1024 10234 6,000 10134 Jan 102%
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jae
Feb
Jar
Jar
Jail
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Tel
Tel
Jar
Jar
Fel
Jam
Fet
Jar
Fel
Fel
Jar
Jar
Jam
Jar
Fel
Jar
Jam
Tel
Tel
Jar
Jam
Jar
Jai
Fel
Tel
Jam
Fel
Jam
Jai
Jar
Jar
Jar
Jam
Jar
Jar
Jar
Jar
Tel
Jar
Jar
Fel
Fel
Jam
Jam
Jam
Jam
Fel
Jam
Fel
Fel
Tel
Jai
Fe'
Jai
Fe'
Jai
Fe'
Ja:
Fe'
Jo
Fe'
Fe'
.1a:
Ja
Ja:
Ja:
Fel
Ja:
Ja:
Ja:
Fe'
Jam
Tel
Fel
Ja:
Fe'
Ja:
Fe'
Ja:
Ja:
Ja
Jims
Jai
Jai
Jam
Jam
Fel
Jam
Jam
Jam
Jam
Jam
Jam
783
Friday
Last Week's Range Sales
Sale.
ofPrices.
for
Price. Low. High. Week.
Range stnce Jan. 1.
Low.
Amer Cotton Oil 63_ _ _1924
10011 wog
L000 100
Amer G & E deb 6e___2014 9434 9449 954 46,000 9449
Amer Light & Trac 6s.1925
10339 10339
2,000 103%
Without warrants
10049 100% 12.000 100
Amer.Rolling Mill 68_1938 9939 9939 100
40,000 9834
Am Sumatra Tob 7481925
98
98
9,000 964
American Thread 6s.1928
10219 10239
1,000 10134
Anaconda Cop Min 68_1929 102
10134 102
24,000 10149
Anglo-Amer 011749e__1925 10134 101% 102
24,000 101%
Antilla Sugar 719s A 1939
98
98
5,000 98
Assoc Simmons Hardw1933 93
9239 9339 36,000 9039
6 As
Atl Gulf & W I SS L 581959 5019 49
504 105,000 42
1933 77
Beaver Board 83
77
77
3,000 70
Beth Steel equip 78_1935 103
103 10319 21,000 102%
Canadtan Nat Rys.76_1935 107% 1074 107% 18,000 10614
1925 100
8,000 994
Is
99% 100
Charcoal Iron of Am 851931 9339 9319 94
17.000 8834
Chic Mil & St P 6s w 1_1934 9734 9744 984 187,000 9614
Chic & N W Ry 5.5 w 1_2037 924 9239 92% 103,000 924
Chic RI & Pac 539s_ _1926
9819 984 5,000 9734
Chic Union Station 5s 13'63 98
9734 984 63.000 9749
Cities Serv 7s, Ser B_ _1966
121
121
1,000 121
1966 93% 93
7s, Series C
9349 9,000 69
7s. Series D
1966 904 39% 904 30,000 374
1966
7s, Series E
10249 10219 5,000 1024
Columbia Graph'ne 8s.1925
N Y Tr Co partic certifs
17
17
5,000 1539
Cone G E L & P Balt 68 '41, 103
103 1034 12.000 1014
1931
10711 108
75
4,000 10544
1952 9839 9834 99
16,000 93
5345
_ _1941
Coneol Textile 89
91
92
8,000 90
Cont Pap & Bag M 649s'44 95
95
95
8.000 95
Cuban Telephone 719s 1941
10649 10649 1,00 106%
Cudahy Pack deb 5 A s 1937 8819 88
884 9,00
854
1931 101
Deere & Co 7198
100% 101% 28.000 100
Detroit City Gge 136_1947 1014 10139 101% 35,000 994
Detroit Edison6s
1932 103% 1034 104
8,000 10234
DunlopT&R of Am 76.1942 95% 0354 94
38,000 9119
Federal Land Bk 4 U s _1954
10019 1007% 15.000 10054
Federal Sugar 6s._ __ _1933 100% 99% 100% 47.000 974
1925
Fisher Body 65
100% 1004 5,000 1004
63
1926 10049 10059 100% 6,00
99%
1927
58
1004 1004 1,00
9819
1028 9919 9919 10019 43.000 9754
613
Galr (Robert) Co 7s_ _1937 98
98
984 28.000 954
Galena-Signal 011 7E5_1930 105
104% 105
14,000 1044
General Asphalt 8s_ _ _1930 104
104 104
3.000 104
General Petroleum 6s_1928 9644 96
9619 14,00
9439
Grand Trwmk Ry 648_1936 106
1054 10554 31,000 1054
1937 9519 05% 96
Gulf 011of Pa 53
12,000 94
1936
Flood Rubber 7s
1014 102
7,000 1004
Ill Cent RR & Chi St L di
NCNV Orl it 53 Ser A _1963 9434 944 9454 34.0009439
Intermit Match 64s,_1943 934 0349 94
67.000 9244
98
Italian Power 64s_ _ _1928
9819 4.000 9719
Kennecott Copper 70.1930 10334 10344 105
27,000 103
Laclede Gas Lt 519s_ _1953
93
93
6,000 90
Lehigh Val Coal 5s w 11944
9531 9539 6,000 9531
Lchigh Val Harb Term 58'54 964 964 9649 57,000 9534
Libby.McNeill&Libby7s'31 100% 100 100% 34,000 984
Liggett Winchester 7s.1942 10334 103 10319 14,000 10219
Manitoba Power 7s_ _ _1941 97
97
9734 23,000 954
1940 100% 99 100% 26,000 98
Market St fly 7s
M St P & S S M 514s_ _1949
8739 8719 10,000 8734
1930 100
Morris & Co 719s
100 100% 15,000 9734
National Leather 89_1925 100
100 1004 26,000 98
S4
New Orl Pub Serv tims. _1952 84
344 51,000 8139
Nor States Pow 6495 w I'33 99
9844 99% 74.000 98
1952
Ohio Power Es
8639 87
3.000 844
Penn Pow &Light 5s B1952
89
89
1,000 874
Phila. halt & Wash 5.5-1974 99
99
9914 15,000 9949
Phila Electric 549s_ _ _1953 10079 100 1003/ 20.000 984
1947 9934 9941 9919 4,000 9834
.5195
1941
105 105
65
3,000 10434
Phillips Petrol 74s_ _ _1931
10254 10234
1,000 101
Without warrants
99
Pitts Young & Ash Ey 58'62
99
5,000 99
Public Serv Corp 7e__1941 102. 102 10239 25,000 101
Pub Serv Elec Pow 69_1948
9739 9839 29,000 9534
1933 9341 93% 9449 88,000 924
Pure 011 Co 648
104 104
Shawsheen Mills 7s._ _1931
1,000 102
994 9919 21,000 97
Sloss Sheffield S& I 65 1929
1927 1044 104% 1044 19,000 104
Solvay & Cie 85
Stand 011 of NY 6340.1933 10731 10619 107% 50,000 10539
7% serial gold deb_1925 101% 10134 101% 5,000 10119
7% serial gold deb_1926 104% 10439 104% 21.000 104%
7% serial gold deb 1927 1054 10539 105% 3,000 105
7% serial gold deb_ _1928
105 10534 23,000 105
7% serial gold deb_ _1929 106
10519 1064 25,000 10519
7% serial gold deb_ _1930
106 107% 2,000 10519
7% serial gold deb_1931 10739 10739 10819 6,000 10649
1931
Bun Co 7s
10119 102
6.000 1014
6s
1929
99
99
10.000 96
Swift & Co 58.. _Oct 161932 9319 9334 934 49,000 91
Tidal-Osage Oil 78_ _ _1931 104
103% 104
42,000 1014
Union El L& P of I11519s'54 9534 95% 9639 157,000 9534
Union 0116s, Series B A926
100% 100%
1,00 100%
United Oil Produc 8s_ _1931 70
70
764 26.000 70
Unit Ryser Havana 7155'36 107
10639 107
26,000 10534
Vacuum 01)78
1936 106% 106% 10731 37,000 106
Valvoline Oil 6s
1937
10219 10239
1.000 10219
Virginian Ry 58 Ser A.1926 9349 934 9334 36,000 92
WebeterM111564%notes'33 10154 101 10134 38,00 1004
Foreign Government
and Municipalities
Argentine Nation 6s__1924
100 100
1,000
Eater 6s of 1923 Ser A '57 9549 95% 964 179,001)
Mexico 45
1945
3219 3219 10.000
Certificates of deposit32
314 32% 101,000
5s certif of deposit
11
1154 20,000
6s 10-yr Ser A ctf der,- - ______
54
544 3.000
Netherlands(Kingd)fs B'72 9414 9419 95
12.000
Peru (Republic) Ss__ _1932 984 9734 984 8,000
Russian Govt 648_1919 18
1744 174 10,000
Certificates
1619
165-4 1734 23.000
544e
1921
1631 174 41.000
Certificates
16
17
1634
17,000
Switzerland Govt 534e 1929 994 9839 99% 38,000
Eat 5% notes
1926
97% 98
50,000
9939
954
294
2844
11
52
9339
9734
9
10
og
939
98
974
High.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
10031
95%
104
101
100
99
1024
102%
102
98
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
9339
5019
7941
10314
1084
100
94
98%
9354
9949
9859
121
934
9034
10249
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
19
104
108
99%
97
95
1064
884
10134
101%
10419
94
10039
100%
101
101
10054
10039
9949
105%
10549
97
10634
96
102
Jan
Feb
Feb
Jan
Jan
Feb
Jar
Jan
Feb
Feb
Jar
Tel
Jar
Jar
Fet
Fel
Tel
Tel
Jar
Fet
Jar
Jar
Tel
Tel
Fet
Feb 94%
Jan 94
Feb 984
Jan 105
Jan 934
Feb 9514
Jan 9754
Jan 101
Jan 1044
Jan 9849
Feb10039
Feb874
Jan 100%
Jan 100%
Jan 8534
Jan 993.4
Jan 8819
Jan 90
Feb994
Jan 10049
Jan 10054
Jan 10519
Fet
Jar
Tel
Jar
Tel
Tel
Fet
Fel
Jar
Jar
Fel
Tel
Fel
Fel
Jai
Jar
Jam
Tel
Feb
Fel
Jai
Tel
Jan 10239
Feb99
Jan 10219
Jan 99
Jan 9544
Jan 10434
Jan 9919
Jan 10449
Jan 107%
Jan 102
Jan 105
Jan 106
Feb 106%
Jan 10619
Jan 1074
Jan 109
Jan 1024
Feb 9939
Jan 9349
Jan 104
Feb 9654
Jan 1004
Feb 7934
Jan 107
Jan 1073.4
Jan 10249
Jan 9449
Jan 102
Fel
Tel
Jar
Jar
Tel
Jar
Tel
Jam
Jan
Jam
Jan
Jai
Tel
Tel
Tel
Tel
Jam
Jam
Jam
Jam
Jam
Jam
Fel
Jam
Jill
Jam
Tel
Jam
Jan 10019 Fe'
Feb 964 Fe'
Fe
Jan 33
Jan 34
Fe
Feb 1114 Jo
Jan 5514 Tel
Jan 9634 ,la
Jan 984 Fe
Jan 203.4 Fe
2034 Fe
Jan
Fe
Jan 19
Jan 1849 Ja
Jan 100
Ja
Jan 9S5i Ja
• No par value. k Correction. m Dollars per 1,000 ire flat. I Listed on th
Stock Exchange this week, where additional transactions will be found. o New
stock. s Option sale. ra When issued. z Ex-dividend. y Ex-rights. z Ex-stock
dividend. n Ex-stock dividend of 40%
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Maturity.
June 15 1924._
Sept.15 1924
Mar. 15 1925._
Mar. 15 1926
Dec. 15i925,__
Sept.15 1926-June 15 1925._ _
Rats,
541%
5%%
434%
434%
4%%
4%%
434%
Bid.
10011,,
Asked.
10011.1
100"um 100 ‘14
,
100.11
100% 101
100% 10054
100
100%
100 is 100 16
,
,
Maturity.
/rat.
Rate.
Dec. 15 1927._Mar. 15 1924,,.
Mar. 15 1927
Mar. 15 1924
June 15, 1924.__
Dec. 15 1924 ___
4%%
454%
441%
44%
4%
434%
Bid.
Asked.
10011i
,
100"14
10011, 100 9
,
10111.
100
1004
100
100%
10034 1004
784
Investment anti gaitroad intelliffencte
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from whioh regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
Jan. 1 to Latest Date.
ROADS.
ROADS.
Week or
Month.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
8
$
$
$
$
$$
217,455 198.836 2.695.136 2.209.489 Minneap & St Louis 1st wk Feb 291,892 327,679 1,536,047 1,796,251
Akron Canton & Y. December
267.965 303,506 3.464,104 3.063,635 Minis St P & S 8 M- December 1,998.860 2,616,077 28,957.095 28.266.940
Alabama & Vicksb'g December
WLsconsin Central December 1.438.222 1,588.815 20.388.241 18,840.165
14046 399 13344 143 133271 487 125206735
Amer Ry Express__ October
Total system.... December 3,437.082 4.204,891 49.345336 47.107.105
446,459
4th wk Jan 130.790 152,994
408.124
Ann Arbor
142.489 132.987 1,796,564 1,502.610
Atch Topeka & S Fe December 16618941 19091 741 203311 792 191506230 Mississippi Central_ December
Gulf Colo & S Fe December 2,348,019 2,690,963 25,604,899 24,392,120 Missouri-Kan-Tex _ December 2,825.970 3.196.737 34.911.504 33.566.591
M K Tex Ry of T December 1,964.280 1.946.705 21.076,414 21,489,110
867.919 801,755 8,880,456 8,119.141
Panhandle & S Fe December
Total ; ystem. __ _ December 4,790.249 5.143.443 55,987.918 55,035.702
401.056 391,850 4.638.689 4,017.228
Atlanta Birm & All. December
110,296 128,931 1.509.848753.508
239,840 242,064 2.950,533 2.605,416 Mo & No Arkansas_ December
Atlanta & West Pt_ December
December
261,831 259,025 4.850.619 4.626.752 Missouri Pacific____ December 9,575,383 8.726.795 114607948 99.921,331
Atlantic City
let wk Feb 400,097 379,903 .2,013,5/48 2.287,182
Atlantic Coast Line_ December 7.753.024 7.077,193 80,882,311 70.823.346 Mobile & Ohio
Colum & Greenv_ December
138.740 161,742 1.574.656 1.581.751
Baltimore & Ohio_ December 17075254 20919 106 255594435 200843 170
170.665 202.473 2,669.905 1,715.071
330,545 269,316 3.767.983 3.116,202 Monongahela Conn_ December
B &0 Chic Term_ December
December
554,036 507,674 6.760,803 7,436,968 Montour
98,860 141,418 2,368,202 1,138,757
*Bangor & Aroos'k_ December
108,624 Nashv Chatt & St L December 1,934.128 2.000,862 24.801,787 22.353.763
118,890
5.597
10,155
Bellefonte Central December
30,266
550.502 594,121 7,192.495 6.184.668 Nevada-Cal-Oregon 1st wk Feb
3,946
Belt By of Chicago_ December
21,021
3,497
930.651 1,116,65720,367.251 14.511.803 Nevada Northern December
92,665
Bessemer & L Erie December
44.272 1,030,945
575.771
28.628,
237,324 Newburgh & So 8h_ December
192.614 183.359 2,142.416 1,950.343
36,709
Bingham & Garfield December
Boston & Maine_ December 6.621,371 6,793,630 86,193.418 79.800,123 New On Gt North December
215.415 224,019 2,841,010 2,547.750
285,515 304.640 2,970,623 2,939,171
Bklyn E D Terminal December
109.428 112.875' 1.488.725 1.563,325 N 0Texas & Mexico December
Beam Sour L & W December
211,306 186,822 2,532,907 2,054,198
Buff Roch & Pitts 1st wk Feb 383,335 540.852 1,950.516 2,823,443
St L Browns & M December
235,227 240.842 2.780,853 1.676.044
Buffalo & Susq_ush. December
497,854 421,077
Canadian Nat RYs- let wk Feb 4.321,334 3,968,685 22.649,825 22,734,143 *New York Central_'December 32114362 34708824 420593628 363618474
6.147.806'
Ind Harbor Belt_ December
879.254 921,592 11,607,333 10,299,400
355.035 342.390 3,077.781 2,880,859
tAtl & St Lawn... December
Michigan Central December 7,406,735 7.817,075 94.798.042 83,426.407
283,278 300,366 3.346.851 2,383,677
tCh Del C G T J_ December
CC C dc St Louis_ December 7,066,148 7,874,097 94.941,44484,665,690
5,335,380
tDet G H & Milw December
8
583.313 378,233 6,88 ,824
Cincinnati North_ December
Canadian Pacific... lst,wk Feb 3.055,000 2,691,000 16,139.001 5,539,000
361,973 345,621 5,174,419 3,505.287
Pitts & Lake Erie December ,054.380 3.735.190 44,666.690 29,570.983
748,546 648.997 9,257.3197.608.602
Caro Clinch & Ohio_ December
central of Georgia December 2.048.660 2,207.884 26.196.248 23.286.737 N Y Chic & St Louis December .393,157 4,814,665 57,477,379 50,948.424
Central RR of NJ December 4.338,059 4,585.612 67,383.653 49,488.471 N Y Connecting__!, December
218.472 219,494 3.278.056 2,929,211
Cent New England_ December
662,157 585.247 7,988,226 6.790.751 N V N H & Hartf'd. December 0731 004 10817 569 133940 588 123246641
605.110 758.781 8.627,980 7.626.626 N Y Ontario & West December 1.028,955 1.005,440 13.937.388 12.341.912
Central Vermont— December
393,909 451,368 4.793,8904,188,873
298.733 267.406 3.878,508 3,221.243 NY Susq & Western December
Charles & W Caro December
839.431 734,487 9,380,653 8.412.957
Oboe & Ohio Lines December 8,194,021 7,511,792 101975 798 83.511.562 Norfolk Southern December
Chicago & Alton
December 2.563.1662.881.988 33,588.193 27.593.925 Norfolk & Western_ December ,074.152 6,960,753 95,494,687 90,314.743
Chic Burl & Quincy. December 13279205 15061 251 171270661 164916470 Northern Pacific. - - December 7.868,511 8,342,182 102002060 96,076,067
508.273 587,302 7.994,091 8,008.843
Chicago & East Ill December 2.242.919 2.523,000 28.405,408 24.731.348 Northwest'n Pacific. December
*Chic Great West- - December 1.916,087 ,148,750 25.723,707 24,224,788 Pennsylvania Syst December 58670504 61198186 775254210 696599769
Penn Co
December 54769 562 57444562 721397408 646352 108
Chic Ind & Louisv December 1.420,128 1.504.886 17.923.548 16.031.586
Balt Ches & All _ _ December
97,222 100.471 1,570,491 1,564,866
Chic Milw & St Paul December 13298 562 13966658 169628338 156950628
Long Island
December 2.577.712 2,378.441 34,085.420 30,951.540
Chic & North West_ December 12433984 11990925 160425965 146100437
Mary'd Del ec Va. December
18.687
Chic Peoria & St L. December
89,453
04. 9
993,516 1.173,967
00
112.160 170. 5 1,4 05 2.098,584
Monongahela_ _ - December
402.312 407.991 5,060,181 3.723,939
595.869 589.143 7.481.182 6,797,691
Chic River & Ind._. December
Tol Peoria & West December
134,345 143,374 1,827,348 1.705.418
Chic RI & Pacific December 10344086 10006036 124628438 119204558
W Jersey & Seasb December
842.176 970,794 14,142.520 14,018.091
509,173 551.133 5,774,646 5,881,674
Chic RI & Gulf December
158.828 124.395 1,799.359 1.803,775
Chic St Paul M & 0 December 2.326,496 2,376,828 28,363.234 27,801,007 Peoria & Pekin Un. December
December 3,501.735 3.390,331 45,985,737 38,397,934
345,783 406,503 4,629.344 4.363.694 Pere Marquette
Hine Ind & Western December
December
118,233 113.710 1.173,419 1,293.261
Colo & Southern,,,_ December 1.056,670 1.245.200 12.675.913 13,196,236 Perklomen
December 7.793.470 8.858.626 104948 371 81.934,751
Ft W & Den City December
907,512 913,211 9,625,851 9.717,037 Philo & Reading
December
92.492 145,038 1,264,602 1.090,985
249,508 209,371 3.482,581 2,777.179 Pitts & Shawmut_
Trin & Brazos Val December
102,947 149,191 1,386,208 1.271.751
Wichita Valley... December
188.162 189.900 1.558.456 1.415,488 Pitts Shaw & North December
304,769 282,465 3,844.588 2.835.601
Delaware & Hudson December 3,894,904 3,432,888 47.194.777 37.722.123 *Pitts & West Va._ _ December
December
185,150 246,627 2.632.344 1,898.438
Del Lack & Western December 7.565.273 6.761.151 88,490,646 74.873,605 Port Reading
November 5.384,030 4.877,862 66,523.809 59,291.040
Deny & Rio Grande December 2.727,426 3.030.419 34.587,497 33.350,594 Pullman Co
93.832 114.956 1.250,380 1,242.291
300,499 172,999 2,804.172 1.580.509 Quincy Om & K C _ _ December
Denver dc Salt Lake December
Detroit & Mackinac December
124.002 130.192 1,924.863 1,875.664 Rich Fred & Potom_ December 1,036,806 1.067,430 12.077,813 10.975.812
December
469.278 500,265 6,695,786 5.803,158
783,367 761,611 10,417,412 9.004,474 Rutland
Detroit Tol & Iront_ December
Det & Tol Sh Line December
253 3.585,716 St Louis San Fran 1st wk Feb 1,539,926 1,472,773 6,624,094 6,543,234
251.
363.922 322.864 4.
St L-San F of Tex December
165,146 157,449 1,728,716 1,709,052
111.118 146,747 7.768.818 6.818.658
Dul & Iron Range— December
Ft Worth & Rio 13 December
158.248 144.195 1.562.875 1.407.622
127,068 163.270 22.253.554 14.976.811
Dul Missabe & No. December
513,195 St Louis Southwest_ December 1,631,005 1.983,049 20.842.524 18,548,233
519,422
83.,968
Dul So Shore & Atl_ 1st wk Feb 100,043
St L 8 W of Tex December
727,655 728,716 8,708,596 7,611,691
169,745 186,842 2,361,757 1,998.372
Duluth Winn & Pac December
Total system__ _. 1st wk Feb 544.946 531,713 2,757,032 3.194,452
181,157 205,700 2.391,142 2,090.554
East S tL Connect December
64.641
76,540
East_ December .938.774 2,161,187 27.539.298 21,483.415 St Louis Transfer_ _ December
Elgin Joliet &
867.804
759,648
559.390 472.979 6.455,495 5,780.169
El Paso & South W.December 1,047,000 1.170,017 12,649,044 11.389,663 San Ant & AranPass December
89,733
December 8,826.022 9,089,141 118354531 95,292,290 San Ant Uvalde & 0 December
70.639 1,219,654 1.033,309
Erie Railroad
11,581.813 Seaboard Air Line December 4.908.449 4,517.453 52,249,11045,879,048
Chicago & Erie December 1,305,073 1,147,171 14,623.924
NJ&NY RR- November
122.660 123.693 1,456.432 1.372.935 Southern Pac Syst December 22679401 23436662 287204635 262519170
Southern Pac Co_ December 15352801 15780061 203212585 183675381
Evans Ind & Terriii December' 151,493 153.871 1,762,509 1.289.694
Atlantic S S Lines December 1.104,874 1,121.883 13,888,678 12,030,072
Florida East Coast_ December 1,613.183 1.274.368 16,023,998 13,427.625
Arizona Eastern_ December
292,937 297,311 3.699,759 3,175.311
119,179 130,469 1.471.219 1,409.648
P'onda Johns & Cloy December
Galv Harris & S A December 2,120,983 2.136,908 23,982.90022,254.213
1.692.267
Pt Smith & Western December
139.323 164.921 1.590.871
Hous & Tex Cent_ December 1,303.561 1.399.984 14,693.191 15,087,424
aalveston Wharf— December 147.909 135.117 1.525.628 1,597,562
Hous E & W Tex_ December
282.253 291.465 3,194,943 3,173.666
December
3eorgia RR
506,818 516.577 6,199.046 5,241,926
Louisiana West December
165,972
aeorgia & Florida 1st wk Feb
399.404 441.686 4,663.298 4,303,197
174.200
33,750
34,000
Morg La & Texas December
884,488 1,022,143 9,147.416 8,533.387
Grand Trunk West December 1.388.917 1,403,843 19,669.277 16.302,623
Texas & New On. December
795.321 785.469 9,068,850 8,747,306
_beat North System 1st wk Feb 1,686,490 1,864,614 8,235,627 10,706.308
3reen Bay & West_ December
111.689 108.395 1.317.716 1,349,240 Southern By System 1st wk Feb 3.571,480 3,650,383 18,570,954 19,686,412
Southern Ry Co_ _ December 12432825 12224 292 150467985 128489847
3ulf Mobile & Nor_ December
472,463 457,145 5,944,549 4.768,047
Ala Great South_ December
lull & Ship Island- December
272,394 249,625 3,319,005 2,947,651
872.480 867.211 10.853.219 8.524,804.
0 New Orl & T P_ December 1,861.117 1.733.743 23,049,393 16.801,374
December 1,054,201 1,297,091 17,563,402 13,855,464
EIocidng Valley_
Georgia Sou & Fla December
Illinois Central Eiysi December 14433692 16488202 186763 167 174765 348
474.959 403,060 5,319.344 4.318.016
New On & No E_ December
Illinois Central Co December 12511 701 14415811 1668261)82 154860 387
554,179 583.296 6.887.849 5,506,622
North Alabama... December
Yazoo & Miss Val December 1.931,991 2,072.391 21,136,185 19.904,961
136,581 157,105 1.737,436 1.443.503
Internet Gt North December 1,506,140 1.298,229 15,806.608 14,674.116 Spokane Internatl_ December
83.126 110,769 1,165,814 1,229,532
[ntern Ry Co of Me December
347,496 329,086 2,736.452 2,658,610 Spok Port & Seattle December
900.029 716.708 8,704,947 7,382,886
K C Mex & Orient_ December
194.861 193.60 2.550.326 2,422,259
180.538 140.168 1.848.240 1,375.952 Staten Island R T December
206.485 195.968 1.815,888 1,600,627 Tennessee Central_ December
K CM & Or of Tex_ December
210,573 227,252 3,055,803 2,501,068
Kansas City South- December 1,390.525 1.747.821 19.594.128 18,221.027 TermER AssnofStf. December
406.936 386,373 5.121.840 4.498.456
St L Men ridge T. December
Texark&Ft Smith December
247,826 205.994 2.890,971 2.140.153
388.268 430.586 4.885.640 4,118,952
Total system
December 1.638.351 1,953.815 22.485.099 20.361,180 Texas & Pacific_ _ _ _ 2d wk Jan 602.232 661.504 1.164.303 1.299.641
199.786 224,839 2.491,642 2.871.212 Ulster & Delaware December
Kansas Okla & &Ulf December
83.506 116,651 1,742.001 1,652,803
December 8.749,038 9,507,117 1t479916 107842566
Lake Super & Islip. December
7,882 1,277,151 1,073,498 Union Pacific
7,581
Total system....December 16369868 17138131 2113184(35 192877122
,a,ke Terminal RY December
50.373 1,150,060 1.012.304
83.52
8
Oregon Short Lin December 2,992,282 3,323,022 38.782.098 36,779,501
& Hud River December
Lehigh
271,730 211.189 3,117,709 2,412,760
Ore-Wash RB&N. December 2.407,023 2.294,928 30,227,112 28,140,055
Lehigh & New Eng. December
419,172 547.469 5.843.136 4.597,073
St Jos & Grand Is December
December 6.313,856 5,494,765 75.935.153 62,418.8817
_ehigh Valley
268.704 271,136 3.312.148 3,171.594
.as Ang & Salt Lake December 2,221,523 2.013,065 24.829,341 20.115,000 Union RR (Penn).. December
875,848 844,912 12.645.303 11.184.564
..ouisiana & Arkan_ December
326,238 304,352 3.796,300 3.294,233 Utah
December
152,171 182.529 1,657,664 1,769,642
3,604,117 \ricks Shreve & Pac_ December
By & Nevig Co- December
Ja.
377.044 373.655 4.460.580 3.717,970
295.940 334,277 3.892,094
Virginia RR
1,019,399
Louis Ry & N of T December
December 1,178.317 1.489,473 20.328,348 19.009.444
120,675
.oulsv & Nashville_ December 11242837 10370586 136375673 121140 207 Wabash RR
December 5,536.2664.835.046 66,617.636 57,662.496
.ouisv Hend & St L December
268,953 294,591 3,464,744 3,274,808 Western Maryland_ let wk Feb 410,832 409,569 2,087,759 2,139,991
December 1,624,450 1.636,965 21.192,264 20,387.172 Western Pacific.— December 1.018.422 1,021.503 14.138.648 12.494.040
&tine Central
didland Talley
367.278 388.935 4.500,148 4.661.004 Western By of Ala.. December
December
251,476 253,687 3,042.221 2,751,539
let wk Feb
44,881 Wheel & Lake Erie_ December .346,200 1.040.812 19,211.572 13.153.888
9,046
vlineral Range
48,314
7,803
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Current
Year.
Previous
Year.
Increase or
Decrease.
Current
Previous
Monthly Summaries,
%
Year.
Year.
Mileage. Cur. Yr. Prey. Yr.
$
41
$
$
$
+890,625 340 February__ _235.399 235,528 444.891.872 400.10.341
4th week Nov (13 roads)___- 26,391,027 25,500,402
235.424 235.470 533.553.199 473.747,009
+403.397 1.98 March
let week Dec (16 roads)._ 20,736.442 20,333.045
April
roads)---- 14.634.894 14,505.340
234.970 23.gg 521.387.412 415.808,970
+129,554 0.89
2d week Dec (15
al
235.186 235.472 545.503.898 447.993,844
3d week Dec (14 roads)_-_- 19.222.485 17,601,912 +1,620,573 9.21
—772.138 4.14 June
236.739 236,683 540.054,165 473.150,664
4th week Dec (14 roads).... 17,852.536 18,624,674
235.477 235.813 534,634.552 442.965.873
1st week Jan (15 roads).-... 11,483,372 12,916,389 —1,433,017 11.09 July
August
5,357 235,696 563.292.105 473.110,138
2d week Jan r5 roads).... 15,549,448 16,785,655 —1,236,207 7.38 September.
—335,551 2.28
-235.611 236.525 544.270.233 499.720,575
3d week Jan 13 roads)---- 14.362,619 14.698,170
4th week Jan 14 roadsl---- 23.025.658 24,721,946 —1.696.288 6.86 October —235.608 236,015536.328,886 549,080,602
+393.178 2.46 November 253.589 253,593 530.106.708 522.455.208
it week Feb (10 reads)____ 16,359,367 15,966.189
Not
..—Grand Rapids & Indiana and Pittfl. Ctn. Chic & St. Louis included In Pennsylvania RR Lairs Feria & Western included In
Toledo St. Louts & Western Included in New York Chicago & St. Louis. * Revised figures. t Estimated.
Weekly Summaries.
Increase or
Decrease.
%
8
44.745,531 11.18
59.806.190 12.63
105578442 25 39
97.510.054 21.77
+66.903.501 14.14
4-91.678,679 20.70
+90,181.967 19.00
+44,549,658 8.91
+37,248,224 6.78
-1-7.845.500 1.46
New York Central
FEB. 16 1924.]
THE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first week
of February. The table covers 14 roads and shows 2.46%
increase over the same week last year.
First Week of February.
1924.
1923.
Buffalo Rochester & Pittsburgh._
Canadian National
Canadian Pacific
Duluth South Shore & Atlantic_
Georgia & Florida
Great Northern
Mineral Range
Minneapolis & St Louis
Mobile Se Ohio
Nevada-California-Oregon
St Louis-San Francisco
St Louis Southwestern
Southern
Western Maryland
$
383,335
4,321,334
3,055,000
100,043
34,000
1,686,490
9,046
298,892
400.097
3.946
1,536,926
544,946
3,571,480
410,832
$
540,852
3,968,685
2,691,000
83,968
33,750
1,864,614
7,803
327,679
379,903
3.497
1,472,773
531,713
3,650,383
409,569
Total (14 roads)
Net increase (2.46%)
Increase. Decrease.
16,359,367 15,966,189
$
$
157,517
352.649
364,000
16,075
250
178,124
1.243
28,787
20,194
449
67,153
13.233
78.903
1,263
836,509
393.178
443,331
Net Earnings Month y to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads re.ported this week:
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1923.
1922.
1923.
1922.
1923.
1922.
Elgin Joliet & Eastern
December._ 1,938,774 2,161,187
498,494
FromJan 1_27,539,298 21,483,415 9,088,326
Erie
December__ 8,826,022 9,989,141 1,679,627
Fr. Jan. L118,354,531 95,292,290 20,119,057
Chicago & Erie
December._ 1,305,073 1,147.171
463,454
From Jan 1_14,623,924 11,581,813 4,789,253
Louisville Hend & St Louis
December.
268,953
294,591 -19,661
From Jan 1_ 3,464,744 3,274,808
918,067
N Y SU & Western
December.. 393,909
451.368
45,505
From Jan 1_ 4,793,890 4,188,873
398,342
Pitts Shaw & NorthernDecember-. 102,947
149,191 -43,056
From Jan 1_ 1,386,208 1,271,751 -207.800
Western Ry of Alabama,
December__ 251,476
253,687 -38,334
From Jan 1_ 3,042,221 2,741,539
723,327
649,659
7,785,524
204,391
459,790
7,772,454 6,630,827
857,409 1,557,658
4,224,423 16,295,839
748,594
854,847
272.209 458,172
283,636
2,548,156 4,243.279 2,006,145
122,625
941,741
-18,499
764,764
83,751
712,107
56,595
127,007
31.484
38,737
19,137
180,481
-2.107 -48,297
-6,688
-168,720 -240,857 -199,376
44,787
683,600
-60.516
546,378
14,725
507,671
ELECTRIC RAILWAY AND PUBLIC UTILITY CO's.
Latest Gross Earnings.
Name of Road.
or Company.
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
$
$
Adirondack Pow & Lt December 654,820 647,753 6,902,447 5,767,841
Alabama Power Co__ December 740,926 583,624 7,863.293 5,745,321
Amer Elec Power Co.. December 1786,968 1857,411 20.803,892 19,342.698
Am Pr & Lt Co subsid October
2756,778 2505,411 *31096249 *28319967
American Tel & Tel__ September 5796.462 5645.669 53.341.075 47.861.878
mAm Wat Wks & Sub November 3012,333 2550,142 *34496261 *23404182
Appalachian Pow Co_ December 293,189 276,112 3,434,228 2.949,602
cArkansas Lt & Power November 123.198 98.899 *1,471,989 *1.278,391
Asheville Pow & Light November
79,701 76,284 *964.711 *896.448
Associated Gas & Bice December 299,510 198,652 3,230,617 1,973,402
Aug-Aiken Ry & Elec October
98.008 104.685 *1.217,914 *1,095,421
Bangor Ry & Electric December
138,802 137,207 1.535,212 1,488,936
kBarcelona Tr, L & P December 4981,366 4535,009 51,080,838 46,728,300
Baton Rouge Electric December
58,775 53,945
634,003
585,104
Beaver Valley Trac__ November
55.320 54,116
639,786
579.984
Bingbamton L,II & P November 113.165 100.856 1.173,971 1,007.644
Blackstone Val G & E December 397,760 397,772 4,525,997 4,003.445
Boston "L" Railway_ November 2924,542
31018,053
Brazilian Tr, Lt & P December 22008000 2831.759 247409000 29,693.831
17873000
197749000
Bklyn Heights (Rec)_ October
7,418
7,727
71,342
73,913
BklynQCo&Sub(Rec) October
223,484 225,861 2,129.631 2,139,752
Con I & Bklyn (Rec)_ October
235,529 233,922 2.470,082 2,446,332
Coney Island & Grave October
6,958
6,756
124,384
137,435
Nassau Electric
October
483,668 453,201 4,631,023 4,301.851
South Brooklyn
October
103,983 102,547 1,055,524
991,922
Bklyn City RR '
December 999,070 987,487 35,879,487
oN Y Rap Tran Corp_ November 2209,032 1981,321 23,677,699 :5,849,254
21,566.265
CapeBretonEiCo,Ltd December
66,082 64,963
701,214
626,238
Carolina Power & Lt. November 232,388 197,782 *2,252,380 *1.961
841
CentralIllinois Lt Co October
302,272 270,272 2.866.198 2,428,108
Cent Miss Vail El Co_ December
51,597 52.497
574,115
547,933
Cities Service Co_ _ _ _ December 1298,656 1287,671 16,602,562
14,658.971
Citizens Tr Co & Sub_ December
92,509 84,316
968,644
817,343
Cleve Painesv & East November
56.240 56.885
643.999
667.775
Colorado Power Co_ December 113,560 95,423 1.239,891
Columbia Gas & Bloc November 1855.548 1716,408 18,902,288 1.034.347
16,615.968
Columbus Elec & Pow December
189,567 182,040 2.240,190
Com'w'lth,Pow Corp_ December 3053.656 2654.914 30.120.764 1,975.423
Com'w'Ith Pr, Ry & L November 3401,102 2991,164 '37298714 25,520,116
'32787703
Connecticut Pow Co_ November 173,285 166,009
Consumers Power Co. December 1625,550 1409,116 *1.990,226 *1,710.599
16,877,422 14,201,202
Cumberland Co P & L December 349,712 335.309 3.771.969
3.471.193
Detroit Edison Co_ _ _ December 3225,679 2762,764 31,724.185 26,352.486
Duquesne Lt Co Subs November 1704,683 1530,774 17.605.356
15.269.627
Eastern Mass St Ry _ _ November 800,861 858,347 9.841,633 9,750,291
Eastern Penn Ele Co October
276,082 218,789 *2.880.163 *2.384.234
EastSh G&E Co&Sub December
55,937 48,681
560,977
502,004
East St Louis & Sub_ December 384,084 424,044 4.411,317 3,912.871
East Texas Elec Co December 189,400 162,510 2,467.155 1,789,685
Edis El Ill of Brock'n_ December 146,938 138,603 1,583,804 1,382.038
El Paso Electric Co December 209,889 204,407 2,407,468 2.290,841
Elec Lt & Pow Co of
Abington & Rockl'd December
43.896 39,882
454.235
382,276
89,148 88,821 *1,031.574 *1,002.139
Fall River Gas Works November
Federal Lt & Trac Co November 489,407 458.316 4,990,570 4.618.619
o Ft Worth Pow & Lt_ November 271,440 234.815 *2.985,878 *2,504.045
Galv-Hous Elm Co December 297,076 295.764 3,317,846 3,317,580
Gen G & It & Sub Cos November 1355,609 1246.641 '15643769
164,611 143,864 1.571,290 1,394.185
Georgia Lt, Pr & Rys October
Georgia Ry & Power.. December 1489,615 1479,868 16,560,035 14,866.688
Great West Pow Syst December 641,084 665,396 7,214.474 7.683.123
Havana El Ry, L & P December 1212,415 1129,971 13,458,065 12.910,706
51,693 40.827 .570,881 *5.12.451
Haverhill Gas Light November
82,710 80.362
Honolulu Rapici-Tran November
893,657
884.805
52,280 53,957
Houghton Co Electric December
530.064
548,946
Hudson & Manhattan December 1043,826 983,676 11,576,711 10,996.713
December
152,988 108.934 1,356,308 1,194,758
Hunting'n Dev & Gas
Interb Rapid Transit_ November 4923,201 4734.074 51.563,339 57,087,201
Subway Division November 3259,125 3129,154 33,789.936 39.849,516
Elevated Division_ November 1664,076 1604.920 17,773,403 17,237,685
November 205,941 199,406 *2,515,811 *2,432,746
Idaho Power Co
Hans City Pow & Lt_ November 819,462 765,098 *8,919,623 *7,761,190
dKan Gas & Elec Co_ November 504.995 466.881 *5.556.063 *5.054,692
.........1„.1. vi,,,,,te On _ December
35.842 35.681
413.175
388.421
Name of Road.
or Company.
785
Latest Gross Earnings.
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Kentucky Trac Term November 127.793 127.981
5744.393 3726.731
Keystone Telep Co__ January
154,937 144.111
154,937
144,111
Key West Electric-_ _ December
20,240 22,147
248.696
245,125
Lake Shore Electric.. November 220.453 216.885 2,527.145 2,284.817
Long Island Electric_ October
33.167 30,783
331.452
334,715
Los Angeles G & E Co October
988,521 851.691 10.015,174 9.418,569
Louisville Gas & Elec October
499.449 451,694 5.198.119 4,447,227
Lowell El & Lt Corp_ December 143,789 160.421
1,617,113 1,363,077
Manhat Bdge 3c Line October
24,305 24.980
237.178
230.636
Ma.nh & Queens(Rec) October
34.604 34,957
321.381
331.733
Manila Electric Corp_ October
309,303 313,943
Market Street Ry___ December 841,260 838,821 *3.579.617 *3,579.057
9.809.393 9,58.3,436
Mass Lighting Co__ October
300.513 284.883 2.737,098 2.431.561
eMetropolitan Edison November
*7,724,936
Milw Elec Ry & Light December 1966.876 1904.905 22.206.801 *6.664.476
141.370,425
Miss River Power Co_ December 239,345 238,951
3,017,583
Munic Ser Co & Subs_ November 395.578 415.480 *4.817.478 2,906.667
dNebraska Power Co_ November 344,233 334,683 *3.783,478 *3,446,646
Nevada-Calif,Electric November 241,093 218,962 *3.972,461 *3.447.852
*3.327,977
New Bed G & Ed Lt_ December
91.451 98.468
New Eng Power Syst_ November 638,077 574,211 1.133,425 1,122.370
*7.455.844 *5.728.078
New Jersey Pow & Lt November
93,524 71,757 '965.396 *672.911
Newp News & Hemp
By Gas & Elec Co _ November 162,942 170,459
New York Dock Co.. November 268,480 280.623 *2,110.291 *2.093.220
3,025.173 3,549,916
New York Railways November 732.098 762,463 8.346,963 8.637.079
EighthAvenue_ _ _ _ October
103,415 106.564
978.870 1,013,240
Ninth Avenue
October
45,36
45,837
426,566
419,768
NY & Queens (Rae). October
55,296 60,320
560,953
835,717
N Y & Harlem
October
136,916 138,971 1.227.528 1.285.385
N Y & Long Island.. October
43.285 46.090
483,471
415.133
Niagara Lockport &
Ont Pow Co & Subs November 499.792
Nor Caro Public Serv September 117.236 479,110 5.040.621 3,723.420
102.444
Northern NY Util_ _ November 215.137 130,139 1.375.26 1.204,573
1.818.85 1,440.662
Nor Ohio Elec Corp.. December 847,330 880.126 10.113.95 9.410,452
Norwest Ohio Ry &P November
46.643 45,008
*476,342
North Texas Elec Co_ December 262,406 275,428 *582.10
2.901,13 3.069,517
Ocean Electric
October
19.835 19.738
301.09
314,294
dPacific Pow & Light_ November 278.286 272.709 *3.107.874
*3.003.039
Paducah Electric_ _ _ _ December
57,316 56.160
610,77
561,187
Penn Central Light &
Power Co & Subs.. November 301.309 247,201 3,010,46
2.222.865
Pennsylvania Edison. November 274,654 263,764 *3,115.897
*2,611,769
Phila Co & Subsidiary
Natural Gas Cos November 1255,680 1076.327 13.198.634
12.345.136
Philadelphia Oil Co_ _ November
19,070 65.117
368.343
835.048
Philadelphia & West_ December
77,459 72,863
870.3.53
825.459
Phlla Rapid Transit_ _ December 4036,243 3881.825 44.930,491 42.529,543
Pine Bluff Co
November
76,676 75,486 *867.786 *830.063
dPortland Gas & Coke November 284.957 279,301 *3.399,441 *3.367.456
Portland Ry, Lt & Pr December 959,769 920,586 10,825.380 10,100,007
Pugf3t Sound Pr & Lt_ December 1147,504 1013,644 12,424,708 10,477.610
Reading Transit & Lt November 242.566 238,725 *3.105.209 *2.937,789
Republic Ry & Lt Co_ November 877,587 796.070 9,027.895 7.570.837
Richm Lt & RR(Rec) October
65.385 64,224
684,09
672.001
Rutland Ry,Lt & Pr_ November
44,188 46,116 *541,78
*569.677
Sandusky Gas & Elec November
75,309 74.131 *867,57
*763.677
Savannah Elec & Pow December 172,457 138,918 1.774,88 1,603,092
Sayre Electric Co_ - _ _ November
20,122 18.023 *207.905 *185,046
Second Avenue (Roc) October
91,427 86.824
853.602
834,817
17th St Ind Plane Co November
3,540
3.029
35.754
35.262
Sierra Pacific Elec Co December
87,095 80,674 1,023,648
910.378
Southern Calif Edison November 1769.405 144:3.498'20258109 *16654458
So Ind Gas & Elec_
October
232,408 203,715 2.196.432 1.903.222
Southern Utilities Co_ October
195,903 182.586 *2.516.649 *2.327,076
gSouthwest'n Pr & Lt October
1011,800 905.621 *10872663 *9.693.715
Staten laid Ed Corp _ _ December 237.593 221,722 2,619,649 2,445,991
Tampa Electric Co.. December 201,694 172,094 2,146.820 1.809,252
Tennessee Elec Pr Co December 823,546 761,131 9,121,250
Texas Electric Ry..December 300,046 247,181 2,982.105 7,993.198
2,709,393
°Texas Power & Light November 560.787 469,134 *5,546,678 *4.847.066
Third Avenue Rv Co_ November 1186.895 1180.435 36.032,740 86,054.601
United Electric ttys_ _ September 627.685 721.756 6.060.406 6.072.819
United Gas & El Corp Decemberl 294,4971 239.0981 4,000.910 12,507,071
United Lt&Rys&Subs September 985,875 956,394 9.070,640 8.408,991
United Rys & Electric October
1432.288 1421,207 13,798.071
Utah Power & Light_ November 786,142 666,742 *8.431.741 13.490,398
*7,030.806
gUtah Securities Corp November 910.558 806.937 *10037160 *8.748,349
Vermont ilydro-Elec_ November
66.388 53,726 *739.186 *571,926
Virginia Ry & Pow Co December 945,919 936,449 10.508,608
Wash Water Pr Co December 486,638 489,794 5,406.822 9,513.095
West Penn Co & Sub_ November 1999.362 1882,580 *23129281 4,993.794
Winnipeg Electric Ry November 465.990 489,663 *5,467.360 *16639665
*5,484.668
nYadidn River Pr Co November 171.575 101,869 *1.831,210 *1.219.514
York Utilities Co_
December
15,637 19,486
224.809
230,814
Youn & Ohio Itiv RR September
50.472 41.284
159.341
15.810
a The Brooklyn City RR.Is no longer part of the Brooklyn Rapid
Transit
System, the receiver of tee Brooklyn Heights RR. Co. having, with
the
approval of the Court,declined to continue payment of the rental; therefore
since Oct. 18 1919 the ilrooklyn City RR. has been operated by
its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co.. but these leases were terminated
on July 111919.since which date these roads have been operated separately.
o On June 15 1923 the New York Consolidated was reorganized under
name of the New York Rapid Transit Corporation. c Includes Pine the
Bluff
Co. d Subsidiary of American Power & Light Co. e Includes York Haven
Water & Power Co .f Earnings given in milreis. g
k Given in pesetas. m Includes West Penn Co. Subsidiary companies.
Power & Light Co. o Subsidiary of Southwestern n Includes Palmetto
Power &
* Earnings for 12 months. s Earnings for 5 months ending Light Co.
Nov. 30.
z Earnings for 6 months ending Dec. 31.
Electric Railway and Other Public Utility Net
Earnings.- The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings, with charges and surplus reported this week:
-GrossEarnings--NetEarnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
i
i
$
$
Barcelona Tr Lt & Pr_ _Dec 4,981.366 4,535,009
12 mos ending Dec 31-51,080,838 46,728,300 2,983,322 2,344,602
3,007,015 28,034,227
Brazilian Tr Lt & Pr___Dec22,008,000 17.873.000
12 mos ending Dec 31-247,409,000 197749,000 12,645,000 11.403,000
148035.000 124506,000
Cities Service Co
Dec 1,298.656 1,287.671
12 mos ending Dec 31_ -16,602.562 14,658,971 1,261.478 1,242,471
16,093.616 14,205,674
New Bedf GI & Ed Lt Co Dec 326,861
344.548
129,776
106.361
12 mos ending Dec 31-- 3.649,818 3.342,051
1.255.020 1.159.308
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surilus.
Associated Gas & Dec '23
299,510
79,749
53.264
26,485
Electric Cos
'22
198,652
66,289
33,194
33.095
12 mos ending Dec 31 '23 3,230,617
1,006,964
439,409
567,555
'22 1,973.402
645,239
308.112
337.127
East St Louis &
Dec' 23
384,084 *107.486
51,578
55,908
Sub Cos
'22
424,044 *116,741
64.219
52.522
12 mos ending Dec 31 '23 4,411.317 *1,181.682
539,025
642,657
'22 3,912,871 *1,122.094
487,671
634.423
Companies.
[VOL. 118.
THE CHRONICLE
786
Gross
Earnings.
Net after
Taxes.
682,769
Dec'23 1,489,615
Georgia Ry &
400,851
'22 1,479,868
rower Co
12 mos ending Dec 31 '23 16,560,035 5,500.886
'22 14,866,688 4,784,154
68.698
154,937.
Keystone Telephone Jan '24
62,169
144.111
'23
Co
836,301
12 mos ending Jan 31 '24 1,825.197
732,620
'23 1.709.025
Milwaukee Electric Dec '23 1.966,876 *668,518
'22 1,904,905 *539,168
Ry & Light
12 mos ending Dec 31 '23 22,206,801 *6,378,943
'22 19,370,425 *5.688,081
Fixed
Charges.
Balance,
Surplus.
257,297
238,238
2,936.933
2.867,110
42.758
43.703
516,054
503,053
195,236
176,039
2,342.509
2,376,397
425,472
162.613
2,563,953
1.917,044
25,940
18,466
320,247
229,567
473.282
363,129
4,036,434
3.311,684
* After allowing for other income.
FINANCIAL REPORTS
INCOME ACCOUNT FOR CALENDAR YEARS.
1920.
1921.
1922.
1923.
$5,406,822 $4,993.794 $4.778,555 $4,604,893
Gross revenue
$1.816,318 $1,721,747 31,772,396 $1,756,111
Operating expenses
543,188
549,045
568,537
632,664
Taxes (Incl. Federafi_
577,944
593.426
610,211
607,464
Int.on bonds & notes,&c
748,288
768.288
700,792
733,349
Replacement reserve_ _ (8%)1,575,106(8)1.359,913(7)1,084.300(61)968,125
Dividends paid
$16,956
$32,594
$41,920
Balance, surplus
COMPARATIVE BALANCE SHEET DEC. 31.
1923.
1922.
1923.
$
Liabilities$
$
Assets20,180,400
Plant de equipl_ -.30,137,120 28,093,712 Capital stock
638
Prem. on cap. stk.
Inv. in other cos._ 4,535,503 4,176,503
16,881
123,557 Cap, stk. subser„
775,666
Cash
429,788 Long-term debt_ _10,251,600
Mat'is & supplies.. 496,592
950,000
875.681 Notes payable__
Notes & accts. rec. 1,015,908
4,514 Accounts payable_ 235,047
3,137
Prepaid accounts_
Divs. pay. Jan. 15 403,444
153,770
Subscr.to cap.stk.
237,885 Aecr. accts., &c._ 707,719
Suspended accts._ 405,380
Surplus & reserves 4,777,344
Total
37,523,075 33,941,639
Total
$5,379
1922.
$
17,779,100
638
9,297,000
1,550,000
255,472
488.925
430,963
4.139,540
37,523,075 33,941,639
-An index to annual reports of steam -V. 118. p. 666, 312.
Financial Reports.
railroads, street railway and miscellaneous companies which
Gillette Safety Razor Co.
have been published during the preceding month will be given
(Report for Fiscal Year ending Dec. 31 1923.)
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
The remarks of J. E. Aldred, Chairman of the Board, are
published. The latest index will be found in the issue of given in full in our advertising department.
•
Jan. 26. The next will appear in that of Feb. 23.
-SALES.
NET EARNINGS WITHOUT RESERVE FOR TAXES
in England. France and Canada.]
[The sales include the sales of subsidiaries
Southern Railway Company.
Tot. Sales (intl. Sub.Cos.) -Sales to U. S. Govt.- Company's
No. Razors. Doz.Blades. No. Razors. Doz.Blades. Net Earns.
(Preliminary Statement for Year Ended December 31 1923.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1922
*1923
$150,467.985 $128,489,847
operating revenues
Gross
97,170,133
112.414,259
Total operating expenses
$ 38,053,727
7.041.796
2,883,794
$31,319,714
5.853.511
4,993.425
$28,128,137
3.584.167
$20,472,778
4,483,467
$31.712,304
Total gross income
3,666,145
Deductions
Interest on mortgage,bonded and secured debt_ 12,909,160
3,000,000
Preferred dividend
$24,956,245
3,716,696
12.415.753
1.500,000
$12,136,998
$7,323,797
Net revenue from operation
Taxes and uncollectible railway revenue
Equipment and joint facility rents
Railway operating income
Other income
Income balance
-V.118. p. 204. 86.
*Preliminary.
Washington Water Power Co.
-Year ended Dec. 31 1923.)
(Annual Report
The annual report to the stockholders states in substance:
-The total net additions during the year amounted to
Expenditures.
32,943.409.
Funded Debt.-lst Ref. Mtge. bonds,due 1939, to the amount of$110,000.
were purchased during the year in accordance with the sinking fund provisions, making the total so purchased and cancelled to date $1,673,000.
In
The amount of this issue outstanding Dec. 31 1923 is $5,499.000. are
addition. $3.800,000 unsold bonds are held in the treasury. There
outstanding $228,000 Collateral Trust bonds due July 1 1929.
-Year Unse-During December 1923, $2,300,000 6% 2
New Note Issue.
local
cured notes, due Feb. 2 1926, were sold in Spokane through 6H%banking
-Year
2
These were partly issued to refund $2.060,000 of
houses.
Secured notes due Feb. 2 1924. This issue was immediately oversub-Year Unsecured notes were sold in
scribed. Also $1,300.000 of 6% 2
the East (by White, Weld & Co., see V. 118, p• 666).
Electric Light & Power Statistics-Calendar Years.
No. •
No.
Station Output
Maximum
of
of
in
Station Load
Metres.
Accounts.
K. W. H.
in H. P.
. 35,742
35,611
241.761,350
84,745
1919
37,152
38.291
351,087,900
85.730
1920
39,014
39,667
374,378.300
93,981
1921
41,702
41.246
407,657.100
119.675
1922
45,247
44,126
407,226,900
115,448
1923
fourth generating unit at the Long
-Installation of the
Construction.
Lake power station, which should have been completed in 1923, will be
completed early in 1924. The second generating unit at the Similkameen
power station near Oroville, Wash., has recently been completed and
put in operation. This doubles the capacity of that plant, which Is now
4.300 h. p.
The surveys, estimates and investigations in connection with the Kettle
Falls power project on the Columbia River were largely completed during
1923. The growth of load upon existing power stations has not been
sufficient to justify the immediate commencement of this undertaking.
Some engineering work and hydrological investigations will be continued
during 1924, so that when, as expected in the near future, work should
without delay.
be commenced, the company will be fully prepared to do so was completed
The high-tension transmission line from Lind to Colfax
In the spring. Also the new transmission line from Coulee City west
to Chelan and north to Brewster was completed in the early summer and
connected to the transmission system in the Okanogan Valley. A connection has been established ar Burke, Idaho, between the transmission
lines of the company and the Montana Power Co.. whereby an exchange
of power to the amount of 15.000 kilowatts is provided for. With the
closing of this link there is a continuous electrical connection for the transference of power from eastern Montana to western Washington, a distance
of approximately 910 miles, including the lines of four large companies.
In 1924 a new 110.000-volt transmission line to the west from the Long
Lake power station to Stratford will be built. The line from Coulee City
-insulated for 110,000 volts, and conto Stratford and Neppel will be re
nected to the new line. A new line will also be built from Neppel to
Taunton. thus completing a 110.000-volt loop to the west.
-volt transmission line will be built from Long Lake to
A new 110.000
Spokane, and a new line from Spokane south into the Palouse country.
The newly acquired business in the Okanogan and Chelan districts
has shown substantial growth during the past year, and promises well
for the future.
-This company at the end of 1923 had been
Spokane United Railways.
in operation for 18 months. The financial results have not been satisfactory. The continued increase of the use of privately owned automobiles •
has been such that the revenues have decreased, as compared with the
previous year. The property has been operated with economy, but the
rate of fare, which averages only 6.1 cents, is too low under existing conditions to afford a profit.
-Considerable progress has been made during
Customer Ownership, &c.
of Washington
the past year in extending the local ownership of stock territory served
Water Power Co. During the year, 1,154 residents of the
company purchased 4,360 shares of its stock. Part of this stock
by the
for cash. A substantial portion has been
has been purchased outright plan.
The company now has 3,553 stocksold on a deferred payment are
purchasing stock on deferred payments.
including those who
holders,
Of these 2,028 are residents of Washington and Idaho.
annual
at
The trustees have recommended that authority be granted to the
employees
sale
stock
meeting of stockholders for theIt is of $700,000 ofthat the stockholders
earnestly hoped
customers of the company.
and
will authorize this action. 10% of new stock was offered to stockholders,
issue of
In May 1923 an taken.
and was promptly intention of the trustees not to offer additio tal stock
It is the present the amount of $700,000 referred to above for sale to
in 1924 other than
stock will
of 10% of
customers and employees. Probably an issue July 1925. new
stockholders either in January or
be offered to
88,411.776
7,798,781 29,061,634
1922
7,602,939
3,420,895 24,082,970
1922
7,008,564
4,248.069 19,531,861
1921
6,803,407
2.090,616 19,051.268
1920
6,025,350
2,214,566
447,457
2,315.892 17,320,517
1919
5,252,136
3,002,355
3,479,442
4,580,987 12,895,618
1918
4,603,782
1,094.182 9,619.030
1917
3.192,832
7;153,466
782.028
1916
1,673,436
_ __ _
350.765 4,414,153
1914
,
During 1923 the company paid 1 12 per share (cash) dividend on its
capital stock as follows: March 1.33 per share: June 1,33; Sept. 1,33; and
Dec. 1, $3. In addition company paid a 5% stock dividend June 1 1923
and another 5% stock dividend Dec. 1 1923.
BALANCE SHEET DECEMBER 31.
1922.
1923.
1922.
1923.
$
$
Liabilities$
AssetsBur.(repreCap.&
Real est. de bldgs.
senting shares of
(after deprec'n)- 3,599,708 2,653,018
no par value)._232,810,484 30,515,897
Machinery & tools 3,087,205 3,008,897
45,718
4,239,500 4,239,000 Accounts payable. 107.269
Patents
428,015
5,925,428 4,089,477 Reserves
Cash
94,897
drafts MEWL _
For.
Accts., accepts.,
notes, &c.,rec._ 4,957,517 6,775,853 Accept. discount_ _ 1,849,995 1,504,919
See a
Bee a
3,758,880 3,024.010 Surplus
Inventories
9,287,056 7,781,082
Investments
Tot.(each side) _35,290,658 32.068,534
495,196
Deferred charges.- 435,364
a Capital stock and surplus is represented by $334,215 shares Common
-V.118, p. 208.
stock having no par value.
United Gas Improvement Co., Philadelphia.
(Advance Statement for Fiscal Year ending Dec. 31 1923.)
The company in an advertisement furnishes the figures
for 1923 shown in the following comparative statement, and
calls attention to the fact that its operations outside of
Philadelphia produced $7,254,077 net profit, equal to the
full dividend on the Preferred and 11.18% on the Common
stock.
COMPANY'S INCOME ACCT. FOR FISCAL YEARS ENDED DEC. 31.
1921.
1920.
1922.
_1923.
EarningsRegular sources18.483,135 $7,767,382 $7,402,113 36,382,298
746,474
18,288
Profit from sale of securs.
58.501,423 97,767,382 $7,402,113 $7,128,773
Total income
1,303,550
1,093.450
1,224.640
1,247,346
Taxes, salaries, &c
305,150
Pref. stk.
Comm's'n on
610,625
344,219
723,594
Disc. di int. on gold notes
Profit for year before
deduction of loss of
Phila. Gas Works-- $7,254,077 36,329,714 $5,453,879 $4,909,448
Loss on oper. of Phila2.605,571
820,121
895,682 2,736,847
delphia Gas Works- _
86,263
427,236
427,237
414,891
Preferred dividends_ _ _ _
Common dividends--(6%)E3661.788(4)2,441.192(4)2,441,192 (8)4,882,384
Bal.,sur.(s) or def.(d) 42,344,931 s$2.565.603 d$139,050 d$2,664.771
d This deficit of the several years is provided for from the undivided
-V. 118, p. 563.
profits of previous years.
American Can Company.
(Annual Report, Year ended Dec. 31 1923.)
President H. W. Phelps writes in substance:
During the year there were purchased a sufficient number of the debenture bonds to provide for the annual retirement and,in addition, debentures
to a par value of $372.500. There are now in the treasury debentures to a
ipar value of $3,139,500, which ocist $3,102,113,leaving in public possession
$5,494,000 due in 1928.
The inventory has been carefully taken and is somewhat greater than at
the end of 1922. This increase is largely due to preparation for ex
business and as a safeguard against interruption of necessary suPP es by
unavoidable causes.
Accounts payable are all current, with no loans outstanding.
Expenditures for new construction have exceeded those in 1922, and
amount to $4.821,285. This sum represents additions to both buildings
and machinery made necessary by growing business. The expenditures
for this purpose in 1924 will probably exceed those of 1923, as some further
expansion of facilities seems imperative in order properly to care for trade
demands.
Consumption of the usual materials has been the largest in the company's
history.
Conditions in the canned foods trade are favorable. The large pack of
1923 has moved into consumption satisfactorily, and future sales against the
pack of 1924 are opening favorably. With a continuance of favorable
commercial and industrial conditions there seems resaon to predict that
business in 1924 should at least equal that done in 1923.
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
1920.
1921.
Calendar Years1023.
1922.
$15,423,202 514.898.925 37,020.262 $9.851,876
Net earnings
Deduct
1,500,000
1,500.000
Depreciation
2,000,000
2,000,000
520,958
492,400
465,575
440,108
Int. on deben. bonds..
3,000.000
1,000.000
Res. for Federal taxes._ 2,000,000 2,000.000
2,886.331
2,886,331
2.886,331
Prof. dividends (7%) -- 2.836,331
Common dividend- -(x6%)2,473,998(1 ()515,416
Balance. surplus
55,622.765 87.031.603 51.141,531
x Includes extra dividend of 1%,payable Feb. 15 1924.
$1,944,587
FEE. 16 1924.]
THE CHRONICLE
BALANCE SHEET DECEMBER 31.
1922.
1923.
1923.
1922.
Assets
Liabilities-s
$
5
$
Preferred Etock_ 41.233,300 41,233,300
Plant, r'l estate,
Incl. new conCommon stock_ 41,233,300 41,233,300
struction ____ 97,173.865 94,415,293 Debenture Ms_ 8,633,500 9,139,500
Other inv. Items 1,591,347 2.372.286 Accr. bond Int__
179,865
190,406
Deb. bds.owned 3,102.113 2,732,189 AcetsbibIll3pay. 6,354,421 5,733,182
U.S.Gov. secur_ 3,010,860 8,528.236 Pref. div. (Jan.)
721,583
721,583
13,173,329 10,398,209 Corn. dlr. pay.
Cash
Acets&bills rec_ 7,601,207 7,092,855 Feb
927,749
515,416
Materials and
Cooling. funds_ 8,435,409 13,035,444
27,628,469 20,211.079 Res.for Fed tat 7,991,283 2,000.000
products
.
Surplus
37,570,781 31,948,016
163,281,190 145,750,148 Total
Total
153,281,190 145,750,148
x Consists of $3267.397 insurance reserve. $4,059,731 inventory reserve.
and $1,108,280 miscellaneous reserve.
-V. 117, p. 2773.
Continental Can Co., Inc. (of New York).
(11th Annual Report-Year ended Dec. 31 1923.)
President Thos. G. Cranwell writes in substance:
787
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1921.
1920.
Net earnings
52.881,968 $1,972.937 $1,219,976 $3.141,698
Other net income, interest received,&c
219,937
311,274
269,546
330,118
Total net income
$3.101.905 $2.284.212 51,489.522 $3,471,816
Deduct
-Depreciation
charged off, &c_ _ - $199,380
5199,381
$183.343
$226.784
Reserve for employees.
profit-sharing plan..
218,209
108,416
333.309
R. Fed.tax
for
350,000
275,000
120.000
665,485
Preferred divs. (7%)
_
260.750
267,750
273,000
273.000
Common dive_ (11%)1.050.000 (10)900,000 (10)900.000(1336)1215000
Trans. to surp. acct.... $1,023,566
$533.665
$13.179
$758,238
GENERAL BALANCE SHEET DEC. 31.
1923.
1922.
1923.
1922.
AMU
Pats.,g'd-will,&c.. 7,995,720 7,995,720 7% Ono.Pref. shs 3,700,000 3,800,000
Real est., bldgs.,
Common sharee_10,000,000 9.000,000
plant, &c
4,841,282 4,567,772 Notes payable_
1,000,450
Office furniture,&c 337,992
319,383 Accts. pay.,eurr._ 782,501
796,628
Stock in other cos_ 247,940
292,985 Res. for exp., pay
Invest, special sur.
rolls, &c
134,421
282,093
capital reserve__ 195.000
181.500 Federal, &c., taxes 841,484
689,205
Invent.,cost Or less 5,950,207 5,570,073 Res. for prof.star.
Accts. & notes rec,
plan
218,209
108,416
less reserve
6,501,877 5,594,468 Pf. div. pay.Jan.2 64.750
66,500
Cash
1,380,980 1,202,543 Com.dIv.pay.Jan.2 300,000
=5,000
Govt. bds.& notes
64,999
64,999 Mtges. on realty
Prepaid Ins., &c.. _ 119,373
117,020 (not due)
83,000
Surplus
11,511,006 9,938,172
Total
27,635,372 25,906,463 Total
27,635.372 25,906,463
-V. 118. p. 678, 563.
The company has enjoyed a prosperous year. The earnings, after
liberal allowances having been made for depreciation, for taxes and for
all bad or doubtful accounts, are $3,767,730, which is favorably comparable with the earnings of $3,161,603 for 1922. The volume of business
was one of the largest in the history of the company.
We have no bills payable, except a small purchase money mortgage.
amounting to $27,000. We have only current accounts payable. The
inventory has been priced at cost or market, whichever is the lower.
A conservative appraisal of the company's real estate, buildings, plant.
machinery, &c., made as of Jan. 1 1923 by Coats & Burchard Co.. shows
shows a valuation of $4,577,449, in excess of the amount carried on the
books of the company at that time, and this amount has been applied
to the reduction of our patents and good-will account. A further amount
of $403,967 has been written off this account against surplus, making
the patents and good-will now $3.053,584.
Adams Express Company.
The management has provided a plan whereby the officers and employees
t ni
.
(Report for Fiscal Year ended Dec. 31 1923.)
basis.'havet the opportunity
is
ithats--tof
i
g:bre
C
buyingplaivglleakve'nthteh:We7cTIn
William M.Barrett, President, New York, Feb.6, says:
ing, even more closely, the relations between the company and its emThe 1947 and 1948 bonds outstanding were reduced by $1,029.000 during
ployees, as well as giving the latter an investment of value.
Company is producing good goods, and producing them economically. the year. The deficiency in the market value of the collateral securing
There is reason to expect a satisfactory year in 1924. The consumption both issues of bonds amounted to $2.130,539 as of Dec. 31 1923, compared
of canned foods continues to increase steadily. While there was a good- with the deficiency of 52,155,223 as of Dec. 31 1922. The market value
sized pack In 1923.supplies of the leading staples are rapidly being reduced, of collateral securing the 1947 bonds shows 75.4% as compared with 76.7%
and it is confidently believed that the stocks of canned foods will be prac- In the preceding year: and that of the 1948 maturity, 97.3%, as against
tically exhausted by the time the new pack of 1924 is ready for shipment. 97.1%.
Progress continued during the year in the disposal of suits and claims
This would be an ideal condition, and mean a large demand for your comagainst the company. The reserves set up, we believe, are ample to
pany's products.
provide for contingencies.
RESULTS FOR YEARS ENDING DEC. 31.
The Armored Car Service, which was inaugurated March 1022, to provide
1923.
1922.
1921.
a highly specialized service for the local transportation on the New York
1920.
Net earnings
54,837.480 54.438,508 $1,529,042 $2.196,341 metropolitan district) of moneys and securities for banks, and payrolls for
& coining- $550,000
Res.for taxes
$800,000
$250,000
3210,000 commercial houses, was further developed during the year. It was decided
Depreciation
519,750
476,906
468.038
437,721 that this business should be conducted by a separate company, and accordPref. dividends(7%L
411,574
289,713
304,150
307,037 ingly on June 30 1923 the Adams Express Armored Car Co. was incorporated
Common dividends
995,464
270,000
472,500
945.000 and commenced functioning on that date. The Adams Express Co. purRedemption Pref. stock_
180,500
165,000
165,000
165,000 chased and holds the entire capital stock.
INCOME ACCOUNT YEARS ENDED DECEMBER 31.
Balance, surplus
$2,180,192 $2,436,889 def$130,646
$131.583
P.& L.surp. prey. year.. 1.740,796 3,749,314 3,879.960 3.748.377
(Adams Express Co. and Southern Express Co.)
Prem.rec.on Pf.stk.sale
Cr.54,593
Revenue1923.
1922.
1921.
Interest on balances
$5,968
$5,08.5
$2,650
Total
$3,920.988 $6.240,796 $3,740,314 $3,879.960 Interest on securities owned
193,540
206,093
189,157
Amt. written off book
Dividends on securities owned
714.486
967,981
709,478
val. of pats. & g'd-will
403.967
Income from collateral pledged
639.006
632.800
689.424
Transferred to capital
Miscellaneous income
93,326
68.679
account (33 1-3%)-4.500,000
Surplus used to date to
Total
51.646.325 31,880,637 $1,590,708
redeem Prof. stock__ _ 1,665,500
1,485,000
1.320,000
1.155,000 Expenses
Interest on loans
$9,605
$69.466
Tot.sur.& pf.stk.red 55,182,522 53.225.797 55.069.314 $5,034,960 Interest on bonds
$579,881
621.614
644.182
Salaries & exp.. incl. insur. & taxes_
151,605
CONSOLIDATED BALANCE SHEET DEC. 31.
160,828
72.536
Dividends
ig%)500,000(170)100,000
1923
1922.
1922.
1923.
.4.38C13$
$
$
Balance, surplus
$414,838
$988,590
$804,524
Real estate, buildCommon stock_ _619,904,978 18,000,000
$3,600,107 $33,074.502
$383,096
ings,plant,&c.a16,980,245 11,700,588 Pref.stock(7%)_ _ 5,845,000 6,015,000 Profit and loss, surplus
Pats. & good-will- 3,053,584 8,035,000 Pur. mon.mtge..APPROXIMATE STATEMENTS OF ASSETS de LIABILITIES. DEC.31.
27.000
Investments
95,974
141,477 Notes, accounts
(Adams Express Co. and Southern Express Co.)
Inventories
7,132,632 4,929,387
payable, &c._ _ _ 772,194
681,342
Assets1923.
1922.
Amts.& bills rec._ 1,795,936 1,831,833 Divs. payable Jan_ 102,104
1921.
340,263 Investments:
Cash
1,881.496 2,314,753 Surplus for red. of
Securities at market value held by
Prepaid insurance_
96,449
117,040 Pref. stock
1,665,500 1,485,000
trustees for Adams Express Co.
Res. for taxes &
Collateral Trust 4s:
contingencies__ - 868,018
807,677
(a) Guaranty Trust Co.,trustee for
Tot.(each side).31.036,316 29,070,078 Profit & loss
1.851,521 1,740,797
bonds due 1947
56,044,247 $6,444,355 35,935.707
a Appraised reproductive value as of Jan. 1 1923. 519.907,771: net
(b) Bankers Trust Co., trustee for
expenditure on additions and betterments during 1023, $1.221.958: leas
bonds due 1948
5,899,214 6,503,421
6.440.614
reserve for depreciation, 54.149.484. b Stated capital, $25,749,978.
Adams Exp.Co.Coll. Tr. bonds due
represented by (a) $7,500.000 7% Cum'.Prof. stock (par $100), of which
1948, held in treasury(at market)
18.400
800
363
$16,655 have been acquired for retirement and (b) 365,464 shares of
Adams Exp.Co.Coll.Tr. bonds due
Common stock of no par value (out of an authorized issue of 500,000
1947,held in treasury(at market)
33.248
4,485
.-V. 118. p. 207.
shares)
Securities at market value depos'd
with N.Y.State Indus'l Comm_ _
10,615
10,986
10,313
Underwood Typewriter Co., Inc.
2d Mtge. bonds Adams Exp. Bldg.
Co., unpledged, at par
2,180,000 2.200.000 2,220.000
(14th Annual Report
-Year ended Dec. 31 1923.)
Misc. securities at market value... 1.203,143
864,309
842,792
Capital stock of the American RailPres. John T. Underwood, New York, Feb. 13, writes in
way Express Co. at par
11,904,300 11.904,300 11.904.300
substance:
Securities of sub. cos. at fair value_
308,036
518,013
649.719
Adams Express Armored Car Co.
Working Capital Increased.
-Because of the largely increasing amount
capital stock at par
of business which company is doing, directors deemed it desirable to provide
500.000
for an increase in the working capital. The stockholders in June last
Total investments
increased the Common stock from 39,000,000, par $100. to $10,000,000,
$28,101,203 $28,450.670 $28.003,806
par $25. The increased Common stock, amounting to $1,000,000, was Land, buildings and equipment
$13.187
$58,886
$12,585
offered to the shareholders for subscription and sold at $40 per share, Treasury cash
273,128
528,983
80,424 .
netting the company $1.600,000, of which 3600,000 over the par value Accounts receivable and accrued_ _
114.152
154,344
164,159
Interest collected and accrued from
has been credited to surplus.
Collateral Trust Securities (for pay-Net earnings for the year amounted to 33,101,906, and after
Results.
ment of interest on Adams bonds)_ _
providing for depreciation, reserve for profit sharing, dividends, and
411,969
417,365
435,071
Federal income tax ($350,000). there has been carried forward a final Other assets
12,421
net surplus of $972,835.
Total
-In addition to the usual disbursement of 7% on the Prof.
Dividends.
$28,913.639 329,622.668 328,696,046
Liabilities
shares, dividends at the rate of 10% ner annum were paid the first half
of the year on $9,000,000 Common stock, with two dividends at the rate Capital stock
510,000.000 510.000.000 $10,000,000
of 12% per annum on the 510,000,000 Common stock outstanding the Collateral Trust 4s, 1947
8.012,000 8,405,500 8,797,500
last half of the year, a total in dividends on the Common stock of $1,050,000 Collateral Trust 45, 1948
6.062.000 6.697,500 7,271,500
Direc.-Gen.of Mts.(Sou. Exp. Co.)_
and making a total in Common and Pref. dividends of 31.310.750.
632,654
It is interesting to note that prior to the increase in the Common stock Accounts payable and accrued
7,573
17,195
9.172
outstanding (as above referred to) company has actually paid dividends Interest payable account,
On Adams Exp.Co.Coll. Tr. bonds
on those shares to an amount in excess of 100% of the outstanding Common
267,720
274,440
283,500
On note held by Director-General
stock as of July 1 1923.
104
Pref. Stock.-DurIng the year $100,000 Pref. stock has been retired by • Reserve for loss and damage claims.
express privileges, unpaid money
cancellation and in accordance with the requirements of the company's
orders and contingencies
es
charter.
964,239 1,153,531
1.318,519
-The profit sharing plan inaugurated several years Profit and loss surplus
Profit Sharing Man.
3,600,107 3,074,502
383,097
ago provided that after payment of Federal and other taxes, dividends,
Total
and the annual amortization of the Pref.stock as required by the company's
528.913,639 $29,622,668 328,696,046
charter, 20% Of the surplus remaining was to be set aside for distribution -V. 117, p. 2325.
among all employees who have been in the continuous service of the company for a period of three years or longer,and under this plan, the sum
Maxwell Motor Corporation & Subsidiaries.
of $218,209itas been set aside for this purpose.
-The item of notes payable of 31,000,000 which was
(Report for Year ended Dec. 31 1923.)
No Notes Payable.
on the balance sheet Dec.31 1922 has been eliminated by payment.
shown
Chairman W.P. Chrysler, Detroit, Feb. 11,says in subst.:
-The mortgages on realty (not yet due) amounting
Mortgages on Really.
Development of Chrysler Car.-The important event
to $83,000 were assumed in connection with the purchase of the land and
operation of the
buildings adjoining the Hartford factory and formerly occupied by the corporation during 1923 has been the developmentin the Chrysler car.
of the
The management has taken advantage of the opportunity afforded by the
Johns-Pratt Co.
-Both domestic and foreign sales for the month of January, as acquisition of the Chalmers property a llttle over a year ago to develop a
Outlook.
well as the generally encouraging outlook, Indicate favorable prospects for new and outstanding line of cars for the manufacture of which that plant
could be particularly well adapted. It has now been thoroughly overhauled
the coining year.
cement-
788
THE CHRONICLE
and refitted and in it the Chrysler car can be manufactured competitively.
It is now known as the Chrysler plant.
-The sale of Maxwell cars has shown a gratifying increase and
Results.
Profits earned on the sale of Maxwell products for tae year were $3,556,311.
an increase of approximately 75% over the earnings ftom the same source
for 1922. Losses, although substantially less than for the preceding year.
were, however, again incurred in Chalmers products and amounted to
$878.459 for the year. This loss, however, includes the absorption of substantial expenses incurred incidental to rearranging and improving the
Chrusler plant for the production of the new line of Chrusler cars. The
remainder of the development expense of the Chrysler car for the year.
.amounting to $999,306,including adjustment of superseded tools, materials,
&c., in connection with the substitution of the new car for other models.
• has been deferred and will be amortized out of earnings of future years.
Financial Position.
-The financial position of the corporation will be
further strengthened by the issue of $5,000,000 10
-Year 7% Convertible
Sinking Fund gold debentures. Toe sale of the debentures has been
underwritten (compare V. 118. p. 439. 559. 674) and the proceeds will be
used to retire the Series"C"gold notes, which mature next June (and called
for payment March 1 1924 at par and interest).
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1923.
Passenger cars sold. Maxwell
48,900
58.000
Passenger cars sold. Chalmers
6,000
8,300
Trucks sold, Maxwell
750
800
Profit after interest & depreciation
$3,556,310 $2,018,265
Net lass. Chalmers Motor & subsidiaries
1,186,603
878,459
.
Not profit
Adjustments (credit)
Chalmers readjustment expenses
$2,677,851
17,300
$831,662
27,972
Dr.138,920
Balance,surplus
$2,695,151
CONSOLIDATED BALANCE SHEET DEC. 31.
1923.
1922.
1923.
Assets5
LiabilitiesLand. bldgs., maCl."A" cap. stk...17,743,500
chin'y &equip_a15,507,452 15,924,847 Claw "B" stock-b32,728,581
25,030,296 25,030,296 Ser."C" notes due
Cash
1,084,248 2,754,223
June 1 1924_ __ _c4,564,329
Car ship'ts against
Notes payable_ ___
B of L drafts. _ 1,381,082 1,594,927 Accts. payable_ _ 2,591,425
Chrysler car exp__ 999,305
Accr.lnt.,tax.,&c_ 132,948
Bank acceptances
Other liabilities__ _ 181,250
& ctfs. of dep___ 340,344
307,331 Dealers' & dIstrib.
Notes receivable__ 548,142
15,183
deposits
316,147
Cast's' & dealers'
Reservesaccts.,less allow. 624,767
276,111
Empl. liab. ins_
44,904
Due Zr. Can.Govt.
Each. disc'ts &
for duty refunds
22,581
contingencies_ 422,668
90,998
Inventories
12,024,158 8,599,881
Sales refunds_
Other assets
282,455
987,223
880,922
200,164
Deferred
Tot.(each side) 58,725,752
$720,714
1922.
17,198,300
30,033,429
4,320,720
2,336.675
1,095,016
252,798
294,542
14,188
52,358
183,160
55,781,184
a Land. bldgs., machinery & equip. after deducting $5.379,033 reserve for
depreciation. b Class "B" (no par value) outstanding, 609,430 shares.
c Called for payment March 1 1924 at par and int.-V. 118. p. 674. 559.
U. S. Tobacco Co.(formerly Weyman-Bruton Co.).
(Report for Year ended Dec. 31 1923.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1920.
1921.
Net earnings
42.112,580 $2,013,116 $1,873,232 $1,805,535
Pref. dividends (7%)
....328,216
386,400
341,341
376,229
Common dividends- - -($3)1,096,879 ($3)953,856 (10)662,360 (10)662.360
Balance, surplus
$629,301
$683,031
$869,531
Previous surplus
5,160,945
3,429,572
2,634,761
Trans.from prov.for advertising to surplus..
Cr1.000.000 Cr1,250,000
Prem. on Prof. stock_
Cr48,343
Stk. div. on Com_ _ -(20%)3,179,500
(20)1324,720
Balance, surplus
$814,959
1,819,802
$2,610,746 $5,160,946 $3,429.572 $2,634,761
x After provision for all taxes including income tax, and charges and
expenses of management.
-In March 1922 the stock was changed from $100 par to shares of
Note.
no par value, four no par value shares being exchanged for each $100 par
share. In April 1922 paid 3% on the old COO par stock (equal to 75 cents
per share on the new no par value shares) and in July and October 1922
and January 1923 paid 75 cents per share on the new no par value shares.
BALANCE SHEET DECEMBER 31.
1922.
1923.
1922.
1923,
Assets
LiabilUiesReal est.. mach'y,
Preferred stock_ _ _ 5,520,000 5,520,000
fixtures, tradeCommon stock_ _x11,128,300 7,948,800
marks, patents,
Pref. Mir. pay.Jan.
96,600
96,600
good-will, &c__ 6,981,672 6,628,061 Com.dlv.pay.Jan. 286,156
238.464
Leaf, mfd, stock,
Prov. for adv., Msupplies, &c.. _ 7,489,482 4,534.975
aur., dLsets., &e. 3,150,640 2,275,521
Secur.of other cos. 1,588.485 1.551.251 Bills le accts. pay_ 403,568
472.025
Cash
3,078,173 2,559.686 Surplus
2.610,746 5,160,945
Bills & accts. ree__ 4,058,198 8,438,382
Total
23,196,011 21,712,356
Total
23,196,011 21,712,356
x Represented by 381,542 shares of no par value (auth. 600,000 shares).
-V. 116, p. 1424.
Hercules Powder Co.
-For the Year Ended Dec. 31 1923.)
(Annual Report
President R. H. Dunham reports in substance:
[VOL. 118.
at prevailing prices. This condition cannot go on indefinitely, but it is
impossible to predict when the relation between production and consumption
will adjust itself to a point that will result in fair selling prices.
War Inflation Over.
-The war period of the company's history is now
long past, and it is believed that the adjustments in company's affairs and
In business generally resulting from the war and from the period of inflation
and deflation following the war, have peen completed. The war years
and tha inflation and deflation periods following the war have therefore
been omitted in the comparative balance sheets submitted.
Plants.
-At present company has 8 plants manufacturing high explosives,
having a total capacity for the production of dynamite of 12,375,000 lbs.
per month. These 8 plants arc located at or aear the following towns:
Kenvil, N. J.; Emporium, Pa.; Birmingham, Ala.; Ishpeming, Mich.:
Joplin, Mo.: Fa3rville, III.; Bacchus, Utah; Hercules, Calif.
It has 9 plants manufacturing black blasting powder having a total capacity of 259,000 25-1b. kegs per month. These plants are located at or
near the following towns: Ferndale, Pa.; Youngstown and Goes, 0.; Birmingham, Ala.; Marlow, Tenn.; Pleasant Prairie, Wis. Columbus, Kan.:
Bacchus, Utah, and Hercules, Calif.
Naval stores plants at Brunswick, Ga.: Gulfport, Miss., and Hattiesburg,
Miss., and the following plants manufacturing other explosives than those
mentioned or articles closely related to explosives (a) Schaghticoke, N. Y•.
manufacturing saltpetre powder for shot shells and for safety fuse. (b) Kenvil, N. J., manufacturing smokeless powder for small arms. (e) Port Ewen,
N. Y., manufacturing blasting caps and electric blasting caps;(d) Prescott,
Ont., manufacturing fulminate of mercury for use in blasting caps. (e) Parlln, N. J., manufacturing nitrocotton and nitrocotton products, including
nitrocotton for use in dynamite and smokeless powder.
Working Capital.
-Company's working capital is believed to be sufficient
for such business as is likely to be enjoyed in the immediate future,including
such plant improvements or extensions as may be necessary. No capital
stock issues are contemplated during the coming year, except, of course.
such Pref. stock as may be issued in exchange for Aetna bonds surrendered
under the company's outstanding offer to the Aetna bondholders.
Number of Stockholders.
-At this time the company has a total of 3,615
stockholders, of whom 858, or 23.54% are employees.
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1921.
1920.
Gross receipts
$22,260,796 $18,728.881 $16,091,391 $20,384.866
Net,from all sources_ _ _x$2,508,670 $2,264,895
$492,250
$820,965
Preferred dividend
711,050
667,620
572,030
419.384
Avallaule for com. divs_ $1,797.619 $1,597,276
$248,935
$72,866
Common dividends _ _ _ (8)1,144.000(10Si 858000 (12)858,000(16)1144,000
)
Balance after dividend._
$739,276 def$609,065df$1,071,134
$653,619
Previous surplus
7,951,372 14,362,096 14,971,161 16,042,295
Total surplus
$8,604,991 $15,101,372 $14.362,096 $14,971,161
Stock dividend
(100%)7,150,000
Profit and loss surplus $8,604,991 $7,951,372 314.362,096 $14,971,161
x After deducting all expenses incident to manufacture and sale, ordinary
and extraordinary repairs, maintenance of plants, accidents, depreciation,
taxes, &c.; also interest on Aetna bonds.
CONDENSED CONSOLIDATED BALANCE SHEET DEC. 31.
1923,
1922.
1923.
AssetsLiabUllies-$
Planta & property-23,756,932 22,911,967 Common stock_ ...14,300,000 14, 9 .
1 00,000
3
Cash
1,391,014 1,338,438 Preferred stock__ _10,175,000 10,086,900
Accts.recelvable- 3,320,942 3,967,104 Aetna bonds
3,688,875 3,891,475
Collateral loans _
1,930,000 1,680,836 Bills payable
24,332
Invest. securities_ 2,125,906 2,530,699 Accts. payable__ - 272,448
372,882
Liberty bonds. - 1,438,814 1,351,283 Bond int.arpf. div.
89:720
3 031
88,260
Materials & supp- 3,994,415 3,333,982 Deferred credits_ _
6,691
Finished product_ 2,221,468 1.933,368 led, taxes (est.)- - 322.620
292,502
Deferred charges
102,469
68,075 Reserves
2,825,277 2,101,339
Profit and loss
8,604,991 7,951,371
Total
40,281,961 39,115,752
Total
40,281,961 39,115,752
-V. 117, p. 2547.
Cluett-Peabody & Co., Inc.
(Report for Fiscal Year ended Dec. 31 1923.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1921.
1920.
Net sales
$28,264,902 $23,656,125 $25,714,618 $32,817,628
x Oper., &c., exp., incl,
tax reserve
24,657,758 20,483.835 24,686,288 30,048.701
Net Income
$3,607.144 $3,172,290 $1,028,330 $2.768,927
Bond,&c.,interest
$196,165
$113,644
$463,028
$547,831
Depreciation
281,312
307,205
282,804
289,902
Deprec. in inventories_
2,356,060
Res. for commitments_
637.758
Good-will reduction_ _ _
. 275,000
Prof. divs.(7%)
582.190
588,665
574,070
590,940
Common dividends
900,000
(1%)270,000(8)1,440,000
deductions
Total
$2.234.667 $1.009,514 $1,613,870 $6,838,523
Balance, surplus
1,372,476
2,162,776 def585,540 def3.069,596
Balance brought forward 7,348,009
5,185,233 5,770,772 8,840,368
Total surplus Dec.31_ $8,720,485 $7,348,009 $5,185,233 $5,770,772
x Raw materials, labor, supplles, operating expanses, general and selling
expenses, all administrative expenses and reserves for taxes, &c.
BALANCE SHEET DECEMBER 31.
1923.
1922.
1922.
1923.
Assets$
$
Liabilities$
$
Real estate
4,220,353 4,263,675 Common stock .18,000,000 18,000,000
Good-will, patent
Preferred stock-- 8,482,000 8,482,000
rights, trade
Bills Payable
4,200,000 3,200,000
names, &a
18,000,000 18,275,000 Accounts payable_
83,396
33,135
Cash
1,429,548 1,667,256 Reserve for taxes_ 780,341
593.
254
Accts. receivable. _a4,118,636 3,615,297 Pref. dividend
PayMisc. Investments
12.640
13,140
able Jan. 1
146,510
144,760
Merchandise
12,367,992 9,908,802 Surplus
8,720,486 7,348,009
Pref. stk. in treas. 211,550
110,000
-The balance sheet for 1923 includes the Hercules ExBalance Sheet.
plosives Corp. of New York, whose entire issued capital stock is owned
by the Hercules Powder Co. During the year the few remaining notes
of the Yaryan Rosin & Turpentine Co. were acquired, its assets and liabilities were taken over by Hercules Powder Co. and the 'Yaryan company dissolved. The consolidated balance sheet more truly represents the comTotal
40,360,722 37,853,170
Total
40,360,722 37,853,170
pany's condition than would its own balance sheet alone, except that it
should be particularly understood that the Aetna bonds are solely a liability
a After deducting reserve for cash discount
.-V.117. p.667;V.116.P.1056.
of the Hercules Explosives Corp.
Oros: Assets as compared with last year show an increase of $1,166,000,
(H. R.) Mallinson & Co., Inc.
of which $845,000 is in permanent Investment, and the remainder among
the current assets. The depreciation reserves have increased over $700.000.
(Annual Report-Year Ended Oct. 311923.)
so that the net increase in permanent investment is $120.000.
-These decreased $203,000 during the year, this being the CONSOLIDATED INCOME ACCOUNT YEARS ENDED OCTOBER 31.
Aetna Bonds.
[including Erie Silk Mills and Pussy Willow Co.,
amount cancelled in accordance with tlie requirements of the sinking fund.
Inc.)
figures shown on the balance sheet do not represent bonds in the hands
The
1922-23.
1921-22.
1920-21. 1910-20.
of the youslic alone, but include the bonds in the company's treasury, which Net operating income
$1.556,595 $838,401 $459,441 $510,028
are sufficient to take care of the sinking fund requirements for several years Other income
89,851
9.3
148,124
51.856
ahead.
Current Liabilities stand this year at the lowest figure in the company's
Total income
$1,646.446 $986,525 $51AN 5 1 :1
6( 47 1
1 3
Bad debts charged off
27,940
62,174
1
-Company's sales of explosives have increased in Depreciation
Sale of Explosives.
135,966
86,791
156,356
112,187
volume considerably wore thaa they have increased in value, and there has Taxes
x11,327
x22,272
40,719
been a constant reduction in the unit margin of profit resulting from ex- Loss on sale of securities_
plosives sales. There is in the country to-day a capacity for the production Other deductions
8,664
2,673
4,398
3,724
explosives nearly double the present require.nents of consumers, so that
of
Net profit bef. Fed.inc.tax $1,462,549 $741,325 $338,357 $345,098
It is likely that the margin of profit will continue to decline rather than
Federal taxes (estimated)_-_
increase.
32,000
185,000
90,000
32,500
-Company's naval stores business has again been
Naval Stores Business.
disappointing. The prod uctioa ofrosin,turpentine and pine oilfrom stumps
Balance
51.277,549 5651,325 $305,857 $313,098
volume equals only a small fraction of the gum production-that is, Pref. dividends (7%)
in total
181,090 y189,350
210,000
204,250
the production of rosin and turpentine from living trees. During the last
Balance, surplus
several years the gum production has exceeded the consumption. Under
51.096,459 $461,975 $101,607 $103,098
although company has broadened the market for its
these circumstances,
x Taxes are Federal and State (other than Federal Income tax for 1922
naval stores produsts, and has improved manufacturing efficiency in this
line, it has been unable to obtain a profit from the sale of such products and 1921 charged to surplus). Y Approximate inserted by editor.
CONSOLIDATED BALANCE SHEET OCTOBER 31.
[Including Erie Silk Mills and Pussy Willow Co., Inc.1
1922.
1923.1922.
Liabilities1923.
AssetsPref stock,7% _ _z52,601,800 $2,705BOO
.
Real estate, equipx$2,771,383 23,109,316 Common stock (no
ment, &c
500,000
223,296
par value)
a500,000
226,589
Cash
127,654 Notes payable__
825,442 1,290.000
Notes receivable__ 139,849
3,244,927 3,283,160 Accounts payable
Inventories
396,983
& accrued accts. 364,242
Accts.receivable_ _ y1,772,238 1,687,318
75,403
7,563 Foreign drafts, &c. 398,825 1,064,148
Securities
25,749
21.847 Federal taxes, estiInsur., sur. value_
90,000
18.322
185,000
mated
Accrued interest__
67,916
38,150 Surplus
3,504,040 2.491,548
Investments
37,194
39.375
Deferred charges
• Total
$8,379,348 $8,537,679
Total
$8,379,348 28,537,679
x Real estate and mill buildings. $1,467,761; machinery and equipment.
$2,083,239: total, $3,551,001, less depreciation, $779,618, leaving $2.771,
383. y Accounts receivable less allowance for bad debts and discounts.
z Authorized Issue of Prof. stock, $10,000,000: unissued, $7,000,000: outstanding, $3,000,000: acquired for sinking fund, held in treasury. $398,200.
a 200,000 shares, no par value.
-V. 116. p. 2644. •
INCOME'ACCOUNT CALENDAR YEARS.
1923.
1922.
1921.
61,553,589 $1,444,933 $1,775,538
659,443
596,858
749,110
32,531
691,233
656,361
786,192
32,390
59,564
59,340
20,470
12.929
16,175
($1)160.000(50c.)80,000 ($1)160,000
Net sales
Cost of sales
Inventory shirnkage
Expenses
Depreciation
Federal taxes
Dividends paid
Balance, surplus
Other income & deductions (net)_ _
Previous surplus
Profit and loss surplus
Def.$9,947
Dr.2.645
40.508
$27.917
BALANCE SHEET DECEMBER 31.
1922.
1923.
1923.
Assets$
Liabilities
$
Telephone plant 165.825,911 141,980,432 Capital stock ___ 66,476,200
General equip't_ 2,811,767 2,381,403 .4% deb. notes_ 1,000.000
Invest. securies 1.617,998 1,616,848 .5% deb. notes_ 10,000,000
Advances to sys*1st M.bonds__ 36,000,000
tem corn's__
673,362
515,449 Note secured-820.000
Cash & deposits
673,774
915,101 Adv.fr.sys.corp. 19,249,000
Marketable sec_
14,698 3,914,686 Accts. payable_ 2,082.230
Accounts & bills
Accr.11ab.not due 1,295,269
receivable__ 6,033,219 5,445,474 Liab.empl.ben.fd 2,000,000
Mateels&supp_ 2,344,901
1,982,208 Deprec. reserve_ 39,682,174
Deferred items_ 2,269,146 2.338,427 Corp.sur.unappr. 4,659,904
Total
$36,199 def$24,788
Cr.1,246 Deb.2,146
29,997
3.063
$40,508
$3,063
BALANCE SHEET DECEMBER 31.
1923.
Liabilities1922.
1923.
1922.
I AssetsProperty account _ _ _ 2948,170 $946.871 Capital stock_ _ _ _xS3,000,000 $3,000,000
'Tr.
-mks& good-wW.1,448.974 1,448,903 Notes payable- -- 75,000
25,000
Leaseholds and orAccounts payganization exp_ _ _ _
45,022
42,853
able
54,544
43,107
44,098
Cash
36,604 Federal tax se84,673
ll. S. Govt.securities 77,443
serve
20,654
16,271
_Accts. rec. (cust.) _ _ 169,136 191.731 Profit and loss
195,367 154.904
Bonds owned
surplus
27,917
40,509
193.522 184,383
Inventory
Misc.notes&accts.rec.
9,559
9,995
Deferred charges_.
_ 46.825
23,969 Total (each side) _$3.178.116 23,124,887
Sterling Products, Inc., & Subsidiaries.
(Reportfor Year ended Dec. 31 1923.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1921.
1923.
Net profits after Fed. & State taxes- - $4,642,255 $3,312,194 $2,057,703
Dr.153,886 Dr.418,631 Cr.268,745
Previous period adjustments
Deduct
-Dividends paid
Sterling Remedy Co. Pref. divs_ __
Contingencies
$4,488,369 $2,893,563 $2,326,448
1,308.204
2,166.132
3,038,128
8,033
14,535
8,233
500.000
Balance, surplus
Previous surplus
$1,442,008
3.268,217
$712,896
2,555,321
$510,212
2,045.109
$4,710,225
$3,268,217
$2,555,321
CONSOLIDATED BALANCE SHEET DEC. 31.
1922.
1923.
1923.
1922.
Assets$
$
Land,b1dgs..mach.,
Capital stock_ _ _y14.512,330 9,267,800
equipment, dtc.x2,159,695 1,146,448 Sterling Rem'y Co.
138,550
Prof. stock
z136.200
Inv. in cap, stock
738.150
1,001 Accts. payable_ _ _ 887,602
other companies 3,063,501
806,094
V. S. Govt. secur_ 2,791,560 3,069,592 Notes payable_ _ _ 2,800,000
508,953
Notes& accts.rec_ 1,600,718 1,162,765 Divs. payable_ _ _ 629,086
3,639,925 2,617,940 Federal and State
Cash
taxes. &c
1,412,633
901,955
2,691,000 2,041,942
Inventory'
36,233
36,194 Contingency res._ 1,000,000 1,000.000
Deferred expense62,426
Cap. sin. Sterling
Empl.stock sect _ _
Remedy Cs_ _
1,294
751
Patents, good-will.
4,710,226 3.268,217
trade-marks,&c.10,044,314 8.554,590 Surplus
Total
26,089,371 16,630,471
Total
26,089,371 16,630,471
X Land and bldgs., $1,805,428: machinery & equip., &c., $866,959: total.
$2,672,388; less reserve for deprec., $512,693. y Capital stock Sterling
Products, Inc., authorized, 1.000.000 shares, no par value: issued. 625,000
-V. 117. p. 2223.
shares, no par. x Not owned by holding company.
New England Telephone & Telegraph Co.
(41st Annual Report-Year Ended Dec. 311923.)
OPERATING STATISTICS, CALENDAR YEARS.
1923.
1922.
1921.
1920.
028,915
861.498
726,145
Number of owned stations_ _ _ _1,003,399
84,663
84,368
Art.rellaneous stations
79,860
74,588
Ina
1,088.062 1,013.283
941,358
800.733
Total stations
2.753.106 2.400,629 2,104,603 1,787,374
Number of miles of wire
474
470
451
478
Number of central offices_ _
24.476
21,038
18,746
16.129
Number of employees
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1921.
1920.
$44.208,570 $41,437,407 $36,702,500 $33,606,341
Operating revenue
36,042,959 30,671,126 27,320,291 25,151.030
operating expenses
EMS
Net oPerating revenue $8,165,611 $10,766,281 $9,382,209 $8,455,311
2.502,191
2.884,898
2,487,409
1,980,366
Taxes
220,334
225,376
125,988
86.518
Uncollectibles
Iwoperating income-- $5,443,086 $7,656,007
819,265
883,339
Non-operating revenue_
Gross
income
Interest
Rents accrued
Dividends
Miscall.deductions
$6,768,813 $6,388326
667.556
610,290
$6.262,351 $8,539,346 $7,379.103
1.959.449
2,647,295
1,012,449
402,853
386,730
380,259
5,317.886
5,318,096
5.317,816
4,561
146.055
Balance. surplus_ __def$2,123,893
Previous corp. surplus- 6,780,716
3,080
Miscellaneous additions_
$870,721
6.809.996
$7.055,983
588,535
329,902
4,984,208
43,460
$522,524
6.287.471
$1,109,878
5,177.593
$4,659,904
Total surplus
Employees' benefit fund
$7,680,716 $6,809,996
900,000
$6,287,471
Total corporate surplus $4,659,904
$6,780,716 $6.809,996
56.287.471
Total
2,391,902
1,640,450
2,000.000
25,800.761
6.780,716
182,264,777 161,090.029
*All issues are equally secured by mortgage.
-V.118, p. 440. 92.
U. R. S. Candy Stores, Inc.(and Subsidiaries).
(Annual Report-Year ending Dec. 31 1923.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1921
$6,523,487 $5,100,991 $4,483.141
$576,157
$288,352 loss$97.320
175,961
187.458
236,704
549,958
Balance, surplus
$400,196
$100,894 lom$R83,982
Profit on capital stock retired
Cr.141.641 Cr.187,692
Cr.46,594
Adjustment of goodwill account
Cr.460,698
Dr.222,770
Capital adjustment subsidiary cos-Dr.131,833
Previous surplus
def886,533def1.043.286
16,871
Capital surplus
$116,002 def$886,533=1,043,286
BALANCE SHEET (INTER-COMPANY ITEMS ADJUSTED).
AMUDec.31'23 Dec.30'22
LiabilitiesDec.31'23 Dec.30'22
Mach.,fixt., equip..
Com.stock,foundimprov.,&c.. _ _ _x2,514,468 3,784,499
era' shares
6400,000 $400,000
Good-wIll,tr.-mks.,
Com.stk.,Cl."A"y7,050,920 7,337,920
tr.-names,&c.ad1.1,500,000
Pref, stock of sub.
Stock in other COS- 448,689
3,501
companies
82,210
86,160
Cash and demand
Accounts payable_ 238,614
176,769
loans
2,263,163 2,524,856 Rentsree'd In adv_
22,909
20,231
Accounts and bills
Reserve for taxes,
receivable
342,683
270,711
dr accrued exp._
161,272
895,904
Inventory
861,973
804,736 Capital surplus_
116,002
642,149
Deferred assets__ _
138,852
Deficit
886,533
Total
$8,069,827 28,916,985
Total
$8,069,827 $8,916,985
x After deducting $848,221 reserve for depreciation.
outstanding.
-V. 117. p. 2553.
y 1.105,092 shares
George W. Helme Company, Inc.
' (Report
-Year ended Dec. 31 1923.)
x Capital stock, 160,000 shares, no par value.
-V. 116, p. 2551.
Profit and loss surplus
182.264.777 161,090,029
1922.
66.476,200
1,000,000
10,000,000
35,000,000
Sales
Net operating profit
Depreciation reserve
Loss on adjustment of inventories_
Nunnally Co., Atlanta, Ga.
(Report for Year Ended Dec. 31 1923.)
k
789
THE CHRONICLE
FEB. 16 1924.]
INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
1922.
1923.
1921.
1920.
x Net earnings
$2.096,307 $2.005,612 $1,538,464 $1,362.550
Pref. dividends(7%)_ _ _
280,000
280,000
280,000
280.000
(9
Corn. dividends_ _ _ _(19%)1,140,000 34)900,000 (14)560.000 (14)560,000
Balance, surplus
Previous surplus
$676,307
2,553,790
Total surplus
$3,230,097
Corn. div.in stock(50%)
Profit Sr loss surplus
$3,230,097
$825,612
3.728,179
$698,464
3.029.715
$522,550
2,507.165
$4.553,791 $3,728,179 $3,029,715
2,000,000
$2,553,791
$3,728.179 $3,029.715
x After deducting all charges and expenses of management, and making
provision for the estimated amount of Federal tax on profits, and making
suitable additions to the general funds for advertising, insurance, &c.
BALANCE SHEET AS OF DEC. 31.
1922.
1923.
1923.
1922.
LW/WinesAssets$
$
Preferred stock.- 4,000,000 4.000.000
Real est., mich'y
aw__a3,355,774 3,406,730 Common stock_ __ 6,000,000 13,000,000
tr. marks,
5,853,111 5,336,495 Pref. dividend....
Supplies, dre
70,000
70,000
Casb
1,610,687 1,232,673 Con, dividend- _ 600,000
420,000
Prey, for adv., inBills & accts. rec.,
surance, &c___ _ 2,390,811 2,178,233
municipal stocks
4,066,579 3,976,331 Bills & accts. pay_ c619,462
dr bonds b
555,023
2,024,219 1,824,818 Surplus
Liberty bonds
3.230,097 2,553,791
Total
16,910,370 15,777,046
Total
16,910.370 15,777,046
a After deducting depreciation funds. b Also non-competing corporations. c Including provision for income taxes.
-V. 117. p. 2547.
Peoples Gas Light & Coke Co., Chicago.
(Annual Report-Year Ending Dec. 31 1923.)
President Samuel Insull, Chicago, Feb. 11, wrote in subst.:
Dividends.
-The income account includes the four dividends paid in
1923 and the dividend declared in December 1923 and payable in January
1924. Heretofore dividends have not been deducted from income until
paid. This practice has been changed and the deduction is now made
in the period during which dividends are declared.
The dividend on the capital stock was increased to the rate of 7% per
annum,the first quarterly payment at that rate being made to stockholders
of record on Jan.3 1924.
Gas Rates.
-In an order entered by the Illinois Commerce Commission
in July 1923, effective Aug. 1 1923, the Commission reduced the rates
for gas. This reduction involves a loss of approximately $1,500,000
of gross revenue per annum and diligent efforts aro being made to offset
its effect on the netincome of the company by rigdrous economy of operation
and increased efficiency, together with increased sales of gas. The order
of the Commission also provided for a new rate for industrial gas and a
new rate for house or space heating.
As a result of vigorous efforts to increase the industrial gas business
together with the new industrial gas rate, there has been a marked increase
in the sales of gas for industrial purposes. There has also been a substantial
Increase in the sale of gas for domestic purposes, accounted for in part by
an increase in the sale of gas per meter. The intensive home cooking
campaign conducted by the company has contributed to this result.
To Increase Plant.
-Owing to the increased demand for gas it will be
necessary during the next year either to increase the company's plant production capacity or to increase the amount of purchased gas.
Relations with Employees.
-Relations with our employees are satisfactory. Wages were increased during the year. The employees' representation plan. based upon the principle that the employees are entitled
to a voice in the determination of matters affecting their interests,
was
extended during the year to include practically all of the employees, and
the operation of the plan has been productive of a closer relationship of
co-operation between the officers a the company and the
employees in
the transaction of the business of the company.
Meters.
-The number of meters in service at the end of the year was
750.746, an increase of 25.631 over the previous year. This increase is a
result largely of the increased activity in building construction during the
year. The number of building permits being issued promises a further
increase in the number of meters in service.
Valuation.
-The Illinois Supreme Court on a consideration of the appeals
in the case involving the valuation of the property of the company reversed the order of the Circuit Court of Sangamon County and remanded
the case to that Court with instructions to enter an order either affirming
or setting aside the order of the Commission. This decision of the Supreme
Court did not involve any determination of the action of the Commission
790
THE CHRONICLE
EvoL. 118.
in fixing the value of the property of the company, but is Important to
COMPARATIVE BALANCE SHEET.
public utilities in defining the powers of the Circuit Court of Sangamon
Dec.27'23 Dee.28'22
Dec.27'23 Dec.28'22
County and in establishing a program for a speedy review by the Supreme . Amess
$
Liabilities$
$
Court of the action of the Commission in such cases.
Plt, equip. at cost.
7% cum.pf stock_ 7,359,700 4,180,000
.
-Company has 7,400 stockholders, an increase of
No. of Stockholders.
less depreciation 629,763
645,287 Common stock_ _ _12,000.000 12,000,000
846 over last year. In addition to this number there are 1,514 individuals Good-will
12,000,000 12,000,000 10-yr. 8% cony.
who are purchasing stock of the company on an installment payment Leasehold impt
23,136
25,731
sink, fund notes
4,500,000
plan which will bring the number of stockholders to 8,914. Of these Inv.& adv.to Nat.
Accounts payable_ 1,729,252 2,620,805
6.178 are residents of the State of Illinois, and 5.303 are residents of the
Impt. Co
1,444,887 1,449,587 Due to customers_ 917,855
852,871
city of Chicago, an increase in the latter figure of 2,422 over last year.
Inventories
6,545,354 6,161,810 Int. accr. on notes
120,000
Aectssec.,adv.ote. 258,072
RESULTS FOR CALENDAR YEARS.
295,744 Res. for Federal
Marketable sec.__
17,340
17,895 Income tax
224,000
Statistics1922.
1923.
1921.
1920.
Cash
1,198,601 2,119,421 Contingencies res_
228,915
Gas made (1.000 Cu. ft.) 16,169,836 18,294,972 22,005,445 24,905.509 Bkrs.
accept., &c_ 1,878,007 1,959,444 Profit & loss sur_ 4,012,179 3,007,522
Gas bought "
" " 15.130,507 11,414,897
6,474.786
6,413.926
Gas sold
"
" "29.791,111 27,602,698 26,758,528 29,175,810 Securities owned_ 1,633,000 1,643,000
Co.'s sec. owned
126,038
314,361
Income from gas
$30,615.188 $29,645,778 631,927,064 $29,797,718 Deferred chargee
488,806
878.832
Tot.(each side)
.26,242,985 27,510,112
Income other sources- -894,852
915,190
337,364
1,133,847
NATIONAL IMPROVEMENT CO., KANSAS CITY, MO.
Total income
$31,510,041 $30,560,968 $32,264,428 330,931,565
The property occupied by National Cloak & Suit Co. in Kansas City.
Deduct Expenses
Mo., is owned by National Improvement
Steam material
1404.567
$536,149
$717,710 31,134.443 which,except directors'qualifying shares, Co.. all of the capital stock of
is owned by Nat.Cloak & Suit Co.
do
cts. per M.- (2.50 cts.) (2.93 cts.) (3.38 cts.) (4.56 eta.)
Profit and Loss Account for Year 1923.
Fuel(gas maldng)
3,175,156
6.379,238
3.909,791
4.905,281
cts. per M....(19.63 cts.) (21.37 cts.) (23.08 cts.) (25.61 cts.) Rent and bank interest earned
do
$170,903
11
2,041,652
6,343.748 Expenses, incl. deprec., amort. of discount on gold notes, arc_ _
3,690.936
2,497.377
170,902
do
cts. per M
. cts.)
(1(13.65cts.) (17.37 cts.) (25.47 cts.)
Balance Sheet Dec. 31 1923.
Purifying material
'76,012
124,721
93,827
95,268
Assets
Station supplies
109,099
308,426
219,677
135,825
Manufacturing labor_ _ _
Capital stdck
577,045
674,040
2,080.319 Real est. & impts. at Kan.
1,174,805
$600,000
City at cost, less depr--$2,347,179 1st Mtge. Real Estate
cts. per M. _ (3.57 cts.) (3.68 eta.) (5.53 cts.) (8.35 cts.)
do
6%
28,819
and repairs
Maintenance
Serial gold notes
408,956
590,670 Deferred charges
399.916
478.512
932,000
Cash
310 National Cloak & Suit Co.
Superintendence
167,212
161.248
175.186
155.070
559
Engineering department
advances
214,442
104,923 Prepaid expenses
216,361
307,691
844,867
Gas bought
5.171.401
2,292,406
4,582,654
1,705.695
Total
$2,376,867
Gas prod. at exp. stat_
Total
386,130
$2.376,867
-V. 118. p. 560.
Debitfor residual prod.. CrI91,399 Cr265.966
Cost of gas
$12,154,142 313.033.993 $14,330.715 $18,947,370
do
cts. per M (38.83 cts.) (43.87 cts.) (50.32 cts.) (60.50 cts.)
Transm.& distrib. exps_ $2,188,723 $2,295,879 $2.772,006 $2,319,881
Commercial expense_ __ _ 1.746,100
1,735,640
1,644,700
1,715,978
New business epxnese_ _ _
438,813
71.618
232.982
358,312
General & misc. expense 2,699,890
2.101,029
2,174.028
2,303,591
Depreciation
1.232,020
1,218,802
1.117,187
1,155,332
Contingent
293,338
52,385
265.997
275,079
Taxes
2.289.238
819,830
1,649,462
2.001,895
Uncollectible bills
223,926
203,935
330,204
218,187
Rentfor leased plant and
equipment
352,667
1,104,942
793,305
1,084,752
Int. on Ind. N. G. & 0.
Co.guaranty
300,000
Int. on Ogden Gas Co.
300,000
bonds
300.000
300.000
300,000
204,637
Amortized rents
204,637
204,637
204,637
Misc°11. deductions
40,810
27.8.32
42,623
41,122
Cost of gas delivered to
consumers.
$24,916,891 $24,919,738 325.696.636 328,032.440
do
cts. per M__ (83.61 cts.) (90.28 cts.) (96.03 cts.) (96.09 eta.)
Interest on funded debt_ $2,357,850 $2.357,850 32,360,538 32.364,321
Int. on unfunded debt__
133,256
125,264
36,785
22,140
Total cast of gas delivered to consumers_ _$27,311.526 327,299.728 328,182.439 330,530.017
do
cts. per M__ (91.68 cts.) (98.90 cts.)(105.32 cts.)(104.64 cts.)
Net income
Previous surplus
6380,752
S4,198.514 63,261.997 64,484,009
316.073.796 314.808.122 610,718,084 $10,790.883
Total
Add sundry credits
320.272,310 318.070,119 315,202,093 311.171,635
57.450
deb.56,880 deb.71,343 deb.393.971
Total
320,215,430 $17,998,776 114,808.122 311,229.085
None
Dividends
None
(73,f %)2,983.750(6)1,924.980
Deduct sundry charges511.000
Balance
$17.231.680 $16,073.796 $14.808,122 $10,718,085
BALANCE SHEET DECEMBER 31.
1922.
1923.
1923
1922.
Liabilities3
Assets-$
$
$
Realestate,franCapital stock._ - 38,500,009 38,500.000
chises,tunnels.
Underlying prior
lien bonds_ _ _ 23,011,000 23,911,000
• mains. &c.- -.106.463,072 103,745,376
Materials
1.436,093 1.598,419 Ref. mtge. bds. 20.554.000 20,554.000
Accts.receivable 1,210,887
803,510 Gen. dr ref. bds. 1,712.000 1.712,000
Loane¬osrec. 1,168,000
773,693
703,556 Gas bill deposits
889,977
Mat. fd. debt
Notes payable__ 1,000,000
1,072,959
int.deposits340,275
791,427
340,980 Accts. payable_
Deferred charges 5,835,006 5,832,312 Taxes accrued..- 2,504.807 2,219.578
Gas bills rec.... 1,816,378
481,400
481,400
1,899,322 Bond int. accr_ Cash
1,394,470 1,184.527 Dep., &c., res.. 13,313.184 12,375,343
Sinking funds..
12,009
12,009 Div. declared__
673,774
Reserve funds
340,980
340,275
1,772.592 Matured Interest
2.298,834
Sundry deps. &
72,612
81,534
Sundries
advances _ _ __
2,427
295,278
401,527
313.469 Deferred credits
17,231,680 16,073,796
Surplus
Total
122.270.302 118.206,073
-V.118. 1). 676.
Total
122.270,302 118,206,073
National Cloak & Suit Co.(New York & Kansas City).
(Annual Report-Year ending Dec. 27 1923.)
President S. G. Rosenbaum, New York, Feb. 1, wrote
in substance:
-Net sales for 1923 were $52.399.783. The net profit.
Record Year.
after deducting taxes and bonuses to officers and employees, was $2,160,845.
These figures are in each case the largest in the history of the company.
The number of orders received for the year was 9,140,076. exceeding the
previous high record made in 1922 by over 1,500,000 orders.
Preferred Stock.
-The Bret. stock, of which there was outstanding in the
hands of the public at Dec. 28 1922 a net amount of $4,080,000, was increased by the sale in March 1923 of an additional authorized issue of
$4,000,000. The proceeds of the sale of the new Pref. stock, with additional funds available out of the profits of the company, were used for the
retirement on April 14 1923 of the $4.333.500 10
-Year 8% Convertible
Sinking Fund gold notes. The strength of the financial position of the
company is materially increased as the result of these changes in capitalization.
Purchases of Preferred stock have been made during the year for retirement, under the company's charter, of a total of $720,300, leaving a net
balance outstanding at Dec. 27 1923 of $7,359,700. The requirements of
the company's charter for the retirement of Preferred stock have been
covered clown to Oct. 15 1924. and in addition the requirements for the
following year have been anticipated to the extent of 905 shares.
Inventery. Stocks of merchandise are in excellent condition and inventories have been conservatively valued. Merchandise inventories at the
end of the year amounted to less than 12% of the year's sales.
Employees' Group Life Insurance.
-The employees have continued to
render efficient service and loyal co-operation. In recognition of this fact,
during the past year the company took out group life insurance for them
with the Metropolitan Life Insurance Co. In the case of the rank and file.
the insurance is entirely at the expense of the company. The higher
salaried employees are insured for larger amounts and in their case the
company pays one-half the premium.
-During the past year the company inaugurated
Stock for Employees.
a plan under which it purchases the company's Common stock for those
ployees who wish to become stockholders, and carries the stock for them,
to be paid for in small monthly installments. A substantial number of
employees have taken advantage of this offer.
Craddock-Terry Co., Lynchburg, Va.
(Annual Report-Year Ended Dec. 31 1923.)
(The annual report includes Western Department, operated
as the
McElroy
-Sloan Shoe Co., St. Louis, Mo., and Northwestern Department,
operated as Harsh & Chaplin° Shoe Co.. Milwaukee, Wis., and Southern
Department, operated as the Geo. D. Witt Shoo Co., Lynchburg.
Va.1
The report to the stockholders says in part:
Geo. D. Wilt Shoe Co.
-Company in 1911 acquired all of the
stock of the Geo. D. Witt Shoe Co.. which since that date has been Common
operated
as an affiliated company. The directors, during the past year, decided
that it was desirable to surrender the charter of the G.D.
Shoe Co..
and this was done on Dec. 31 last; the Craddock-Terry Co.Witt over all
taking
of the assets and assuming all of the liabilities of the Witt Co. The Witt
company will, in future, be operated as the Southern Department of
Craddock-Terry Co.. continuing its business under the old trade name
and managed by the same officers. The consolidated statement of the
company for this year, for the first time, includes the assets and liabilities
of the Geo. D. Witt Shoe Co., which accounts, in a large measure, for the
increased inventories of finished shoes, as shown in the balance sheet.
and also accounts for the material reduction in the item "stocks of affiliated
and other companies."
Income
Ensbursements.-The net operating profits for the year were
61,652,437. After deductions
-including something in excess of $700,000
paid out in dividends. $208,000 set aside for Federal income tax, and other
additions to sinking fund and reserves-aggregating total deductions
61.028,080
-there remained 6624,356 as an addition to surplus; which makes
the surplus at close of business Dec. 31 1923. $2,824,356.
In view of the rather unsatisfactory conditions prevailing in the shoe
trade throughout the country for the last half of 1923, the result of the
year's work for the company is viewed by its officers and directors with a
degree of pride and satisfaction.
[Signed, Charles G. Craddock, President. and John W. Craddock,
Chairman.]
OPERATION A ND DISTRIBUTION OF PROFITS
-CALENDAR YEARS.
Gross
Net
Previous yDividends xCarried to
Final
Income.
Income.
Surplus.
Paid.
Reserves. Surplus.
1915 -$5,482,082 6311,101
3231.218 3179,400 $24,000 $338,919
1916 -_ 7,924.234
877.970
338.919
410,860
81,030
725,000
1917 -_ 9,380,976 1,041.978
725.000
225,000 286,337 1,255,641
1918 -11,238,482 1,059,268 1,255,641
559,896 490,440 1,264,573
1919 --14.165,834 1,589,796 1,264,573
472,000 484,759 1,897,610
1920 -15,699.282
702,961 1,897,610
820,107
50,000 1,730,464
1921 -.15,747,943 1.141,021 1,730,464 1,023,912 148.570 1,699,003
1922 -17.907,022 1.855.125 1,699,003 1.018,282 335.847 2,200,000
1923 -19.405,072 1,652,437 2,200.000
712.939 315,140 2,824,356
y Includes extra dividends paid in Common stock as follows For 1918.
20%; 1920, 25%; 1921. 25%; 1922. 10%, and for 1919. 10% paid in U. S.
Liberty bonds. z Including reserves for Federal income and excess profits
taxes and other items, and is after charging operating expenses with the
cost of all repairs and renewals and a proper allowance for depreciation of
plant and equipment.
CONDENSED BALANCE SHEET AS OF DECEMBER 31.
Assets1923.
1922.
LiabUUies-1923.
1922.
Real estate, &c.--$2,380,718 $1,848,443 Common stock-33,300.000 $3,300,000
Cash
897,278
744,828 1st pref.,6% cum_ 1,250,000 1,250,000
Accts.receivable. 3,875,462 3,557,216 2d pref.,6% cum_ 1,250.000 1,250,000
Notes receivable._
67,957
51,633 Cl."C"pf.7% cum_ 849,600
200,900
Mdse.inventories. 5,860,753 4.551.812 Notes payable__ _ 2,830,700 1,961,070
Accts.receivable.. 106,372
77,486 Real estate mtge..
45,000
Stocks of affiliated
Accts. payable... 411,872
728,799
&c., companies_
125,753
542,068 Accrued accounts_
31,387
38,061
Deferred charges
40,941
35,749 Federal income tax 208,005
235,000
Res. for conting's_ 280,595
230,202
Res. for red. Class
C preferred__
21,875
67,045
Total(each side).313,355,235311,409,234 Surplus
2,824,356 2,200,000
-V. 117, p. 2894.
(Alfred) Decker & Cohn, Incorporated.
(Report for Year ended Oct. 31 1923.)
INCOME ACCOUNT FOR YEARS ENDED OCT. 31.
1922-23.
1921-22.
1919-20.
1920-21.
Profit after all exp. and
deprec. and in 1919-20
inventory adjustment_
Disc.on Pref.stk. purch.
$837,899
31,272
$105,127
12,243
$103,590
23,881
$334,388
Net income
Provision for Fed. tax
Preferred dividends_ _ _ _
$869,172
109,862
159,012
$117,370
11,872
165,718
$127,471
10,000
169,904
$334,388
35,000
155,500
Balance,sur. or der_ _sur.$600,298 def.$60,220 def.$52,433sur.$143,888
Previous surplus
104,641
164,862
73,408
217,295
Profit and loss surplus $704,939
3104,642
$217,295
$164,862
BALANCE SHEET OCT. 31.
1923,
1922.
1923.
1922.
Assets
Liabilities-.
$
$
Land, bidge., mach'y
Common stock
1,554,270 1,554,270
and equipment-- 414,949 488,165 Preferred stock
2,132,600 2,335,500
Good-will, trade
1 287,940 1,483,571
Bills Payable
names, &c
1
Accounts payable
324,216 572,290
Invest'ts'As advances 182.800 118,640 Pay rolls
48,024
57,675
Inventories
1 581,930 1,910,542 Federal and general
Accts.& bills reale_ _3,493,225 3,002.187
taxes
138,939
28,419
Invst, for partners_
142,351 Profit and loss
704,940 104,642
Cash
406.545 384.277
Deferred charges__._ 111,479 110,203
The usual comparative income account was published
Total
-v. 116. D. 301
in V. 118, p. 560.
6,190,930 6,136,366
Total
6 190,930 6,136,366
Fits. 161924.]
THE CHRONICLE
701
Resultsfor 1923.
-The unsatisfactory condition prevailing in the industry
in 1921 and 1922 continued during 1923. In the face of these conditions
the company, however, is able to show a gross profit on manufacturing and
trading operations of $15.279, and because of its fortunate investment of
$21,795 in 294,000 shares of stock of Silica Gel Corp. and its development of
INCOME ACCOUNT FOR CALENDAR YEARS.
this company, it has been able to realize from the sale of 79,950 of these
1920.
1923.
Calendar Years1922.
1921.
shares a profit sufficient to bring the 'company's gross income for the year
Mfg.profits, less maint.
to $2,081.811, thus adding $1,223,591 to surplus and placing it in very
Fed. & local taxes,
$338,834
$18,644 a$879,182 satisfactory financial position.
selling, &c., expenses- $551,642
Sulphuric Acid and Acid Phosphate.
-The outlook for profitable business
Cr.10,912
Other income
the
55.830 in this major department of company's operations is better forfour ensuing
48.902
(7%). 54,031
First Pref. divs.
52.605
months
year than it has been since 1920. Sales contracts for the first
24,885
14,088
..
20,160
Second Pref. divs.(7%)
15,519
102,645 of 1924 call for a tonnage nearly double that for the corresponding period
Depreciation
of 1923,and should this increased demand continue it will not only favorably
taxes
159,776
Res.for excess prof.
214,292 affect market prices, but by increasing the tonnage produced at company's
175,000
175,000
141,280
1st Prof.stock sink.fund
plant will enable it to operate at a greater profit.
Although company's sales during 1923 or sulphuric acid and acid phos$332,666
Balance, surplus
5313,653
$95,710 def$196,828
1922, they
phate,its
in excess of the
Profit and loss surplus_ _b$2,096,223 $1,487,104 $1,391,394 $1,547,720 did not chief products,have been somewhatacid phosphate yearmost of its
and
attain the volume expected. All of its
sulphuric acid is used for fertilizer purposes. During the war, munition
a Before Federal taxes. b After adding 5295.466 adjustment of Federal requirements led to an over-production of acid, and an excess of production
income and profits taxes to 1919, inclusive.
facilities: this, of course, is the primary cause for the demoralized condition
BALANCE SHEET DEC. 31.
from which the industry generally has suffered for the past three years.
With an excess production, on the one hand, of this main ingredient of
1923.
1922.
1922.
AI
1923.
fertilizers, and a simultaneous decrease in fertilizer consumption, due, of
Assets
Liabilities$
$
Real est., bldgs.
lst Pref.stock_ _ _ _ 715,400
761,600 course, to demoralized agricultural conditions and low buying power on the
equip.,less res.. 3,037,731 1,644,023 2d Pref. stock___ 750,000
750,000 part of the farmer,the industry was bound to suffer until it could straighten
pat'ts & good-will- 5,498,992 5,672,428 Common stock___ 7,000,000 7,000,000 itself out. After three years of depression, the fertilizer business is once
more headed for reasonable prosperitt, and prosperity for it means prosCash
477,402 1,109.416 Notes payable__ 1,000,000
40,467
Notes receivable
106.523 perity for us. The situation is rapidly changing for the better and our
45.436 Accounts payable_ 148,571
Accts.receivable
737,055
679,386 Reserve for taxes_
300,000 business is beginning to feel the effects of it. The chief market for fertilizer
80,000
Inventory
1,341,029
646,863 Surplus
2,096,223 1,487,104 has always been in the South. and with cotton and tobacco now bringing
high prices and credit and financial conditions much improved, we look for
Treasury stock___ 657,521
607,676
at least a 30% increase in general fertilizer sales there during 1924, and if so.
Total
11,790,195 10.405,227 Total
11.790,195 10,405,227 our own percentage of increase should be much larger. We believe that
-F. 116. p. 613.
all students of the industry are agreed that the fertilizer business in general,
and therefore the acid business, is now seeing the end of its worst days. and
that a very large increase in consumption will be seen for 1924. Certainly
Atlas Powder Co., Wilmington, Del.
our own business in recent months indicates this, and we think the tide has
turned. In spite of the poor business of the last few years in our industry,
(Annual Report
-Year Ended Dec. 31 1923.)
we have brought our plant up to the highest possible state of efficiency.
President W.T. Webster, Wilmington, Del., Feb. 7, wrote so as to be ready for full production. The last few months indicate that
..
we ought to run to capacity in 1924.
in substance:
Silica Gel and Its Uses.
-We are learning constantly that silica gel, beResults.
-Total sales amounted to $19.616,170 for the year, an increase cause of Its range of use, has an earning capacity even greater than'we
of 18% over 1922. Sales from the operation of 6 high explosives plants. thought, and the Silica Gel Corp., by virtue of its patents and the wide
5 black blasting powder plants and plant for the manufacture of blasting range of development work it has done, controls a discovery and series of
caps and electric blasting caps constituting the explosives group, represent discoveries in applied chemistry of fundamental importance to the basic
73% and sales from the operation of plant producing "Zapon" products Industries of the world. The refining of petroleum products at low cost:
represent 27% of total sales. Company has not increased the number of the reduced expense of operating blast furnaces: the cheaper and more comits operating units during the year.
plete recovery and refining of benzol from by-product coke ovens: the re,,One Plant Dismantled.-Black blasting powder plant at Belleville, m.. covery of valuable industrial gases now going to waste: the great saving in
has been closed down and dismantled, and the property will be disposed of all methods of de-hydration; the revolutionary improvement over the
due to obsolescence of the site. The entire cost of this plant had been present processes ofrefrigeration-all of these and a number or other importdepreciated against earnings during the period of its operation. This
nt uses of silica gel have now been definitely established; and as the recapacity has been replaced by new plant at Wolf Lake, Ill.
suiting savings are in many cases extraortnarily large, we believe that its
Earnings.-Net income for the year after deducting all charges incident ultimate adoption by these various industries is no longer In question.
to manufacture and selling, repairs, accidents, depreciation of property.
We have definitely established that silica gel acts as a selective absorbent
ordinary and Federal taxes represents a return of 8.2% on total assets: in a large number of lines, according to definite laws which we have now
and after paying 6% dividend on Preferred stock, represents a return of worked out. We know that it selectively removes the injurious sulphur
$672 per share on 261,438 shares of no par value Common stock, or the compounds from oils: that it solves the costly proolems of removing moisture
equivalent of 20.15% on the old 8100 par value Common stock.
from air in blast furnaces: that it selectively removes and recovers the
Changes in Capital Stock.
-Stockholders on June 13 approved the creation
benzene constituents from coke-oven gases, and recovers many
of 500,000 shares of Common stock of no par value in lieu of 100,000 shares toluene and
valuable by-products now going to waste in other industrial plants. We
of Common stock, par $100 per share, and the exchange of 3 shares of know also what it will do in many other industrial lines, and we have
Common stock without par value for each share of Common stock of $100 gradually worked out the laws and appliances under which its powers can
par value. No change was made in the Preferred stock.
be there applied; so that our stockholders should realize that in silica gel
Reserves.-Reservesfor depreciation of plant values,uncollectible accounts we are dealing with neither a mystery nor an experiment. nor an inventors'
accidents and other contingencies have been set aside from earnings. The dream. Silica gel is now an established commodity with its powers just as
following changes were made during the year: The amount added to definitely established as are those, say, of electricity or of gas In internal
reserves by charges to current operations, after deducting charges incident combustion engines, though, to be sure, we do not yet know all the uses
to the ordinary operations of the company, was $211647, and plant values to which it may be put.
were written down $677.796 through charge to depreciation reserve set aside
The year 1923 marks what the Silica Gel Corp. regards as the end of the
from earnings of prior years.
experimental phase of its product. Aside from having the findings of its
Stock for Emplogees.-Stock of the company has been offered to its own experts recognized by the scientific world. It was necessary before going
employees annually since 1913 under a monthly payment subscription forward too actively in a commercial way to make sure not only thgt it had
plan. On all subscriptions up to and including 1923, an extra compensa- perfected its material, but to try out in plants and mechanising designed
tion of $2 per share of stock is paid in cash annually, after completion of and built at its own works; and this called for a great deal of equipment
subscrition, for 5 years, to employees who retain their stock and remain mechanism, much of which has been invented by us and patents applied for.
Continuously in the employ of the company. Beginning with subscription Elaborate studies have also to be made of the various industrial processes
offer for 1924. the plan has been amended to change the rate of extra to which silica gel is applicable, not only to determine how best to use it
compensation to 33 per share for Preferred stock and $2 per share for but to establish possible savings.
Common stock. In all other respects the plan remains unchanged. Of
Asida from its various experimental laboratory plants, the Silica Gel
the total of 2.386 employees as of Dec. 31 1923, 776 or 32.8%. were stock- Corp. about two years ago erected in Boston an experimental oil refining
holders.
plant, which demonstrated all we claimed for silica gel-though it revealed,
Stockholders.
-The Preferred and Common stock of the company is now as anticipated, some defects In mechanism which have since been comowned by 3,387 stockholders.
pletely overcome. The new oil refining plant completed by us at Curtis
Investments in Affiliated Companies.
-The scope
affiliated Bay over a year ago has ever since been operated commercially and profcompanies remains the same as last year, althoughof securities of
these investments have itably without a hitch, and the units now being erected in this ccu itry and
increased from $2.938,799 to $3.157,211, principally due to completing abroad are merely duplicates of the unit we are operating, thougn of greater
capital payments to the Compania Sud-Americana de Explosives.
capacity. At. our local plant there has been a constant demand at a good
Silica Gel
profit for the Silica Gel
The usual comparative income account was published in kerosene we have refined gasoline,connection lubricating oil and Silica Gel
with our demonstration work
there in
V. 118, p. 667.
-our largest customer being the U. S. Government. for which we refine an
•
especially high grade non-corrosive aviation gasoline for the navy. The
BALANCE SHEET DEC.31(INCLUDING SUBSIDIARY COS.).
results of this plant and its product have in every way been most satis1923.
1922.
factory.
1923.
1922.
Assets$
-During the past year a number of the
LiabilitiesContracts with Oil Companies.
3
$
$
'
Plant, property,
Preferred stock__- 9,000,000 9.000,000 leading oil, benzol and other concerns of this country and of England
equIpm't, goodCommon stock---c8.714,625 8,714,625 have had their technical operating heads visit our plant and laboratories
will, he
a17,792,539 17,800,125 Purchase money
to observe and study our treatment of the various products sent us for that
Cash
1,244,852 1,124,585
notes
400,000
450,000 purpose from their own plants. It is probably safe to say that practically
Notes & accts. rec.
Notes & accounts
every up-to-date industrial chemical laboratory in this country and England
(customers) _ _ _ 2,865,445 2.789,879
.
pay., incl. div.
is to-day experimenting with silica gel and is in more or less touch with our
Notes & accts. rec.
on pref. stock &
own experts, or with their work.
(other)
399,284
309,639
The Royal Dutch Shell had its experts at work in its own and our laboraFederal taxes
1,710,104 2,222,219
Finished product._ 1,180.237 1,227,001 Res, for deprec.,
tories on silica gel for over a year before it entered into a contract with us
Materials & sums- 3,621,635 4,020,302
uncoil, accts. dc
for the erection of its first refining plant at New Orleans, and a license
Security investm't b535,267
702,143
contingencies
3,437,292 3,903,441 agreement covering its operations throughout the world.
Deferred items... 315,803
298,728 Surplus
A similar lengthy investigation by the Vacuum Oil Co. resulted in a
4,693,041 3,982,117
contract for the immediate erection of a plant of 5.000 barrels a day capacity
Total
27,955,062 28,272,402
Total
27.955,062 28,272,402 at their Paulsboro works, and an agreement by us to license their other
plants in this country and abroad.
a Plant properties and equipment. $11.456,488; good-will, patents, &c.,
The British Benzol Association, which includes in its membership 90%
$3.178,839. and securities of affiliated cos., $3.157,212. b Security of the benzol producers of England, sent a special commission of three exinvestments include acquired securit ea of Atlas Powder Co. c Common perts to America to study our work in the recovery of gases and to observe
stock includes 260,895 shares of no par value, $8.696,500 and $18,125 of the operations of our own experimental plant at Sparrows Point: and as a
$100 par value, of which $1,225 aro fractional warrants.
result of their thorough investigation, the British Benzol Association de-V.118, p.667.
dded to adopt the silica gel process for the recovery and refining of benzol
from their coke ovens and gas works. Details'covering installation of
Davison Chemical Co.
several plants have been completed and erection of these units will start
promptly.
(21st Annual Report
-Year Ended Dec. 31 1923).
As the result of similar investigations by British oil experts, we are also
President C. Wilbur Miller in the annual report to stock- erecting oil refineries under license agreements in England for the Medvray
Oil Storage & Refining Co., Ltd., and in India for the British Burmah
holders Jan. 25 says in substance:
Petroleum Co.. Ltd., and negotiations for plants with other foreign comFinancial Position.
-Company faces the year 1924 in the strongest finan- panies are pending.
cial position of its career. The new financing in connection with our Silica
Nearly all the large eil companies in the United States have shipped or
interests (see V. 118, p. 315) reduces total bonded indebtedness to are shipping to our plant at Curtis Bay, their various oils in quantity to be
Gel $774.000, secured by a mortgage on our Davison Sulphur & Phosphate Co. run through our plant under the observation of their own experts: and the
properties. This is all that is left of a total funded indebtedness amounting results and savings in all these cases are being checked by their operating
at one time to $4.500,000, upon which the yearly Interest charge was and technical staffs.
approximately $310,000, as against an interest charge from now on of
-What has been happening in the oil, iron and
Other Uses for Silica Gel.
benzol field Is now being repeated in many other industrial lines, and we
about $46,000.
The sale by the Silica Gel Corp. of certain shares donated to it by the have constant inquiries for information and constant requests to run
patentees and by the company will enable the Silica Gel Corp. to pay off its experimental tests in various lines. So far our facilities have not permitted
current indebtedness to the company amounting to $658,106, and certain us to do much more than test out most of these new lines in an experimental
notes amounting to $700,000 on which this company is endorser (see way, and work out such mechanical appliances in connection therewith as
can be protected by patents. For instance, we have installed for the
V. 118. p. 315).
In the consolidated balance sheet the unsold Silica Gel holdings are carried National Zinc Separating Co., n Wisconsin, a sulphuric acid contact mass
at $25 per share, which, it is estimated, is far below their intrinsic worth. which is a complete success, hut have as yet made no special drive for this
They are, however,carried at this price because the company has sold 79.950 general line of business. Similarly we have erected a number of oxygen deshares of that stock at this price (subject to prior rights to stockholders to hydration plants which worked perfectly: and we have gone into several
take their proportionate shares). The poroceeds of this sale will be used to other fields in a relatively small way.
It is well known, for example, that fruit dried at a low temperature
retire the $1,750,000 ofoutstanding8% debentures,thus reducing the funded
retains its flavor better than by present methods,and silica gel by removing
Indebtedness as above stated.
Pettibone Mulliken Company.
(Report for Fiscal Year ended Dec. 31 1923.)
792
THE CHRONICLE
moisture from air enables the drying process to be carried out at temperaures lower than any now used, thus giving a finer quality of dried fruit at
lower cost; and some of the large fruit growers and associations have been
pressing us to hasten the introduction of our process into this field, or to
grant thorn exclusive rights to exploit it. In other lines, such as the recovery of solvents in the manufacture of celluloid, smokeless powder.
artificial leather, films, &c., very satisfactory experiments have been going
on,not only in our own laboratories but also in the laboratories ofsome of the
largest industrial concerns in the world.
While our work in a considerable number of these fields has gone far
enough to enable us to speak with confidence, in others we are still, commercially speaking, feeling our way. Silica gel furnishes constant surprises
even to our own experts. For example, we lately granted the right to exploit silica gel for toilet powder and cognate uses to a subsidiary, known as
the Silica Gel Products Corp., in which the Silica Gel Corp., as parent
company, owns a 51% common stock interest; and now as this powder
comes to be used by the public we learn that it apparently has unsuspected
medicinal virtues which give it a unique value. It now seems probable
that our gel may find a very considerable range of usefulness in the pharmaceutical field.
As these various commercial uses of silica gel are worked out,the company
will probably find it not only desirable but necessary to pass the development of certain lines over to subsidiary companies,some of which are indeed
now under advisement. Thus a group of prominent British industrialists
have offered to invest )1300,000 in a silica gel subsidiary which is to have
exclusive silica gel rights abroad outside of oil refining and toilet powder,
on a basis that will give Silica Gel Corp. 1150,000 in cash, in addition to
51% of the Common stock of the subsidiary.
Also, we have entered into contracts with the Royal Dutch Shell group.
by which they agree to co-operate with us throughout the world in the
development and general adoption of silica gel for oil refining. When it is
considered that Royal Dutch owns, controls or is affiliated throughout the
world with 125 different companies, whose total capitalization is over
$1.000,000,000. with a production proportionately large, the value to us
of this connection is apparent.
Actual Earning Power.
-This sketch of what silica gel really is, and of
what the company has done and is doing, also gives some indication of
why its progress in actual money maidng so far seemed slow. It must be
kept in mind that, with some exceptions, as in household refrigeration, or in
cases like powder where the gel is destroyed in using, the chief income from
silica gel will be in the nature of a royalty or rental payment by the user in
proportion to the amount of silica gel used. In the case of oil refining, for
instance, a charge is made each time a pound of silica gel passes through the
oil refining cycle as measured by a meter. This runs approximately
8 cents to 10 cents per barrel. . . .
We have declined, for obvious reasons, to make estimates of the actual
earning power, though we have no hesitancy in saying that we expect these
earnings to be large. . .
In some industrial lines we have established a
percentage of saving far greater than in oil, and while our royalties per unit
there are also small, the possible totals again are so large as to seem fanciful.
Even in what we regard as more or less minor lines, possible earnings run
large. Our British associates estimate, for example, that our royalties, in
England from bonze' alone will amount to over $1,000.000 a year when
our process is established at their different benzol plants. A small percentage of the savings we can make for the commercial refrigeration business
of the country, not to mention household units, would give us very satisfactory earnings indeed.
The usual comparative income account was published
in V. 118, p. 557.
CONSOLIDATED BALANCE SHEET DEC. 31.
[Incl. Davison Chemical Co. and Davison Sulphur & Phosphate Co.i
1922,
1923.
1922.
1923.
Assets-$
$
Real estate, bldgs.
Capital stock
c8,338,214 8,338,214
ate. (in Maryl'dj 7,297.406 7,248,670 Davison S. & P.
Tugs and barges_ _ 581,021
581,024
774,000
Co. 1st M.6s_ _ 774.000
Exp.for phos.rock
8% debentures_ _ _d1,750,000 1,831.500
property in Fla_ 1553,948
552,372 2
-year (1', note_
300,000
300,000
Cuban property__ 8,302,214 8,302,214 U.S.Ship.13d.notes 119.003
234,037
°
Curtis Bay RR Co.
Demand loans pay. 807.500
advances
377.820
350,319 Notespay.tobanks 330,0001 943,330
Investments
2,000
28.794 Tr.acc.¬e pay_
75,116!
SillcaGelCorp.stk.a4,616,250
Accts. payable__ _ 215,218
271,992
Cash
243.808
357.286 Accruals payable. 109,946
86,300
Accts. receivable_ _ 330,715
633,840 Def,credit items_ _
170
2,921
Notes receivable
32,270 Deprec'n reserve__ 860,977
668,671
Due Cr. underwrit'sb1,998,750
Res. Fed.tax.,&c_ _ 366.031
284,657
SU.Gel Corp. adv. 658,106
urplus:
Accruals receivable
1,998
Val. of ore bl.out 4,423,772 4.423,772
Inventories
802,650 1.006,451
Difference(cost&
S. F. 67 bonds_
679
529
market val. of
Def. charges, &c._ 149,647
170,827
525 p. share on
184,650 sh. of
stk.S.G.Corp.) 4,602,561
Total (each side) _25,916,912 19,358,593 P.& L.surplus_ 2,421,651 1,198,060
a Voting trust certificates. representing 184,650 shares of Common
stock of the Silica Gel Corp. without par value at $25 per share. b Proceeds of sale of voting trust certificates representing 79.950 shares of the
Silica Gel Corp. stock sold Dec. 31 1923 (V. 118. p.315). c Capital stock
represented by 218,700 sharas without par value. d Called for redemption
on or before Aug. 1 1924 from proceeds of sale of 79.950 shares of stock of
the Silica Gel Corp.
Note.
-The above statement does not include contingent liabilities on
account of trade notes receivable discountad amounting to $202.592 and on
account of the discounting or endorsement of notes of the Silica Gel Corp.
amounting to $700,000.-Y. 118, p. 557. 315.
Brooklyn Edison Co., Inc.
(Report for Fiscal Year Ended Dec. 31 1923.)
President Matthew S. Sloan, Feb. 25, reports in substance:
Most Progressive in History.
-It was stated In the 1922 annual report
that the year 1922 had been the most progressive in the Company's history,
but the year 1923 far surpassed it, for there was a large increase in gross
revenue, in production, in sales, in extensions of distribution lines and
in the number of new customers obtained and new meters set.
In addition, the facilities of the company were largely increased through
the construction of a new generating station at Hudson Ave.. which is
nearing completion, and a new general office building, which, though not
yet entirely finished, is at presout housing the officers and nearly all the
departments of the company.
-Not only was there a great ension of the general operaAcquisition.
na
tions of the company, but terms were agre: upon for the purchase for
$4,500,000 from the Brooklyn Union Gas Co. ofall of the franchises and
electrical business of the Flatbush Gas Co.. including its distribution
system but excluding its old operating plant. Before this negotiation
can be concluded, it is necessary to arrive at an agreement, which it is
hoped will be consummated shortly, with the city of New York. In regard
to a franchise covering Ocean Ave. and some adjacent territory. If this
purchase is completed, this company will then be the only company in
73rooklyn holding franchises to manufacture and supply electricity for
Illuminating and power purposes.
Should this company take over the Flatbush Gas Co.'s electrical business,
It will add about 38,000 customers and, approximately, $2.000,000 gross
revenue per annum.
-On Dec. 31 1922 there were 4,223 stockholders,
No. of Stockholders.
while at the end of 1923 there were 7,126, an increase of 2,903. or
nearly 69%•
-Company sold 444.996313 kilowatt hours, an
Kimriontr Hours Sold.
Increase of63.764.013 kilowatt hours over the previous year. The following
shows a comparison of the sales of kilowatt hours during various years.
table
1921.
1920.
1922.
1923.
298,807.110
325.764,518
255119
1 8 ,4N
381,232,300
444,996,313
Metcrs.-During the year 81,315 new meters were set and on Dec. 31
1923 there were 356.269 meters in use on the system. The following
table giver the number of meters set during each of the years named.
1920.
1923.
1919.
43.290
.
63.6th
42,448
81,315
28,775
-During the year 197,025 kilowatts of light and power
of Current.
Sales
compared.with 157.705 kilowatts in 1922, an increase
were contracted for as
[vol.. 118.
of over 24%. Included in this amount were upwards of 53,000 h.p.
contracted for by various industrial concerns. Among the large power
contracts obtained were an ice plant using 1.250 h.p. and a dairy and
refrigerating plant using 1,200 h.p. Seventy-six smaller contracts were
obtained, ranging from 100 to 1.000 h.p. Nineteen manufacturing concerns discontinued their own power plants and substituted Brooklyn
Edisontservice.
Sales of Appliances.
-Over 35,000 electrical appliances for household
use were sold, an increase of 42% over 1922. The gross sales of appliances
were 3650,892, an increase of 006,297 over 1922.
City Street Lighting.
-During the year 1.729 new electric street lamps
were placed in operation and 1,126 street gas lamps were discontinued.
The revenue from street lighting was $858,467.
Operating Plant.
-The operating plant consists of two generating stations
and 23 substations. A third generating station, at Hudson Ave., is
nearing completion and when it comes into operation, the immediate
total capacity of the three stations will be 289,500 kilowatts. Two additional substations are under construction, one existing substation is being
enlarged and four remodeled.
The Gold St. station, the larger of the existing generating stations, is
on the East River and has a rated capacity of 124,500 kilowatts. It was
originally designed for a capacity of 6,000 kilowatts and the difference
between that and the present capacity gives some indication of the policy
of this company constantly to improve its equipment In order to bring
production to the highest possible point.
The other existing generating station is on New York Bay at the foot
of 66th St., and its present rated capacity is 65,000 kilowatts, more than
six times its originally designed capacity.
Transmission & Distribution System.
-The transmission and distribution
system consists of 5.231 miles of overheda construction, carried on 35,953
poles,and 4,536 miles of underground construction, laid in subway conduits.
About 3,920 istribution transformers for reducing voltage are in service
on the overhead and underground systems.
To meet the increased demands for current, it was necessary greatly to
extend the transmission and distribution system.
Sixty miles of 27.600-volt, 60
-cycle feeders were added. They will
eventually replace the 13.200
-volt and the 6,600-volt, 60
-cycle feeders
at present in use. In addition, 1,015 miles of distribution feeders and
mains, of which 507 miles were laid in underground conduits, were installed and placed in operation.
The usual comparative income account was published in
V. 118, p. 668.
BALANCE SHEET DECEMBER 31.
Assets and Other 1923.
1922.
Liabilities and
1922.
1923.
Debits
Other Credits$
Fixed capital
83,710,140 66,438.213 Capital stock
43,704,300 28,383,800
Cash
2,262.101 1,506,459 Prem. on cap. stk.
10,542
10,542
Notes receivable
25,900
1,665 Cap.stk.subscrib.
35,300
Accts.receivable_ - 2,287,415 2,682.607 Underly.mtge.bds.11,951,000 11,951,000
Int.Sc dIvs.reedy.
23.846
56,814 Gen. mtge. bonds-18.500,000 18,500,000
Marketable secur's 159,000
168,000 Cony. deb. bonds. 295,100
571.600
Materials & gimp 2,335,224 1,904,406 Real estate mtge._
750,000
4,000
Prepayments
806,916
11,176
5,564 Accts. Payable__ 1,192,599
Inv. in MM. cos_ _ 404,460
791,663
411,798 Consumers'depos- 841.358
Investm'ts
6,270
448,702
6,270 Matur.int. unpaid 443,624
Pension fund
406,351
4,726
367,629 Dividends declared
7,728
Cen.Un.Tr.,trus. 1,000,000 1,000,000 Matur. debt unp'd
9,300
600
Insur. partic. fund 459,909
459,909 Taxes accrued.... 1,262,931
874,892
See.dep.with State
Int., &c.,accrued. 379.663
353,829
Indus.Comm'n.
84.000
75,000 Retirement reserve 4,637,786 4,175,761
5.665
Other funds
Casualty & workCoup. Int. & dive_ 451,351
453,428
men's comp. res. 509,681
442,428
Cash depos. with
Ins. part. res. fund 459,909
459,909
34,117
N.Y. City
43,012 Contingency reeve 5.311.533 3,956,270
Unamort. debt disSitwell. reserves__ 406.351
374,507
count & expense 1,835,880 1,973,791 Misc.unadLcredits
72,899
111,685
66.174
72,115 P.& L.surplus._ 5,577,375 4,613,850
Memel'. suspense.
Total
05,568,979 77.626,680
-V. 118, P. 668.
Total
95,568,979 77,626.680
American Light & Traction Co.
(Annual Report-Year Ended Dec. 31 1923.)
President Alanson P. Lathrop, Feb. 1, wrote in brief:
Attention is directed to the following facts pertaining to the operating
companies for tho year 1923:
The gross income of the operating companies amounted to $31,147.756;
an increase over 1922 of 82,132.363, or 6.8%. Of the above, the gas sales
produced 74.69%, electric sales produced 18.58 7, traction receipts produced 6.10%, miscellaneous income produced 0.63%.
Gas sales amounted to 26,956,500,300 Cu. ft., an increase over 1922 of'
3,054,363.200 cu. ft., or 12.78%.
Electric sales amounted to 126,035,785 k.w. hrs., an increase over 1922
of 11,062,111 k.w. hrs., or 9.62%
Revenue passengers carried, 30,296,596, an increase of 4,869,792, or
19.15%.
Floating debt of operating companies increased $3,819,000. The
expenditures for new construction amounted to $7.270.837.
The usual comparative income account for the 12 months
ended Dec. 31 was published in V. 118, p. 553.
BALANCE SHEET DECEMBER 31.
1922.
1923.
1922.
1923.
LiabilitiesAssets
$
$
Investment acct. _35,379,501 35,474,003 Preferred stock...l4,236,200 14,236,200
Temporary Invest. 1.523,864 1,285,978 Common stock.,.30,039,700 29,445,100
.
Earns., sub, cos_ -11,953,281 10,411,288 5-yr.8% gold notes 3,000,000 3,000,000
Bills receivable__ 8,220,992 5,851,992 Warrants
180.718
182,178
99,909 Sliscellaneous
Accts.receivable_ _ 145,855
139.215
7,715
24,122
Miscellaneous _ _ _
18,079 Accrued taxes_ _
331,911
332,212
160,815
281,426 Interest accrued on
Note discount...
25,263 5
18,543
Int. & dive. rec...
-year 6% notes
30,000
30.000
Divs. accrued.. _ _ 755,156
Cash and U. S.
731,264
Treasury etfs.... 2.733.973 4,986,397 Surplus & reserve_10.977.787 10,338,927
•
60,160,947 58,433.330
Total
-V.118, Ti• 553•
Total
69,160,947 58,433.336
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Authorized Statistics.
-The following is authorized by the Car Service
Division of the American Railway Association:
-Due to continued increase In the demand for transportaSurplus Cars.
tion facilities, a steady reduction in the number of surplus freight cars in
good repair and immediately available for service is being reported by the
railroads. On Jan. 31 surplus freight cars of all kinds totaled 169,036, a
decrease of 67.138 compared with the number on Jan. 22. This also was a
decrease of 152.302 cars compared with the number of surplus freight cars
on Jan. 1,thLs year. Of the total number on Jan. 31,reports showed 74,415
surplus box cars, a decrease of 32,128 within approximately a week while
there also was a decrease of 33,203 in the number of surplus eoal cars, which
brought the total for that class of equipment to 67,578. Surplus stock cars
in good repair on Jan. 31 totaled 14,543, a decrease compared with Jan. 22
of 1.179, while surplus refrigerator cars numbered 7.769 or an increase of 501
within the same period.
-The reported car shortage on Jan. 31 amounted to 4,598.
Car Shortage.
an increase of 2,114 over the number reported on Jan. 22.
FEB. 161924.]
THE CHRONICLE
Matters Covered in "Chronicle" Feb. 9: (a) Shopmen's union loses suit
-District Court lacks power to enforce decision
against Pennsylvania RR.
Board, p. 627. (b) Railroad engineers and firemen
Instructed to sign agreements on all railroads on basis of New York Central
settlement. p. 627. (c) U. S. Supreme Court sets aside order of Interstate
Commerce Commission requiring issuance of interchangeable mileage
tickets, p. 628.
a U. S. RR. Labor
Atchison Topeka & Santa Fe Ry.-Obituary.David L. Gallup, Comptroller, died Feb. 9 in New York City -V.
118. p. 661.
Baltimore & Ohio RR.
-Definitive Certificatee Ready.
-
793
The I.
-S. C. Commission has approved the issuance of $1,500,000 6'%
receiver's certificates payable Dec. 1 1924. of which $1,129,895 are to be
used for advances made in payment of bond interest and $370,105 for
other advances to be made for similar purpose.
Federal Judge Symes at Denver. Colo.. has approved the budget of
Receiver Beacon calling for the expenditure this year of $2,855,635 for
additions and betterments.
-V. 118. p. 430.
Detroit & Toledo Shore Line RR.
-Equip. Notes
Offered.-Weilepp-Burton & Co., Baltimore, are offering
at prices ranging from 100.60 and int. to 102.84 and int.,
to yield from 5.38% to 5.65% according to maturity,
$122,100 Equip. Trust 6% Gold Notes (stamped subordinate
in lien to $245,300 notes of same issue).
The Girard Trust Co.. Philadelphia. Pa. trustee for the 5% Enuip.
'
Trust certificates, Series "A," announce that they now are ready to deliver
definitive certificates on surrender of the interim certificates. The exchange is also being made at the office of the company, 2 Wall St., N. Y.
Dated Jan. 15 1920. due $11.100 annually Jan. 15 1925 to 1935. incl.
City. (For offering, see V. 117,p. 2431.)-V. 118,p. 662,549.
Int. payable J. & J. Denom. $1,000 and $100. Red. as a whole on 60
int. Guaranty Trust Co. of
Binghamton (N. Y.) Ry.-Bond Application-Fares.
- days notice at 103 andconstitute a direct obligation New York. trustee.
These notes, which
The company recently aroplied to the New York P. S. Commission Issued under an equipment trust agreement between of the company, are
the Director-General
-Year 6% bonds for refunding the debts of Railroads, the company and the trustee. Orighaal issue was for $501,000
for permission to issue $700,000 5
of the company and refinancing the entire company. This, it is stated, of which $133,600 have matured and been paid. The total of both notes
Is a step deemed essential before application for the discharge of the re- now outstanding is equivalent to less than 73% of the original cost of
ceivership conducted for the past five years by William G. Phelps.
equipment, the title to all of which remains with the trustee until all of
An application filed by the company,asking the approval of the extension these notes have been paid.
during the next 12 months of the 6c. fare agreement between the company
Secured on 200 55
-ton all-steel hopper gondolas.
and the city of Binghamton is sdll pending, but the approval of this agreeThe Detroit & Toledo Shore Line is owned 50% by the Grand Trunk
-V. 117. p. 1128.
ment is expected.
Western By., a subsidiary of the Canadian National Rys. and 50% by the.
Toledo St. Louis & Western RR.(now merged into the New York Chicago
Brooklyn City RR.
-Stock Application.
& St. Louis RR.).
-V. 114, p. 1286.
The company has applied to the New York Transit Commission for
authority to issue $4,000.000 additional capital stock to cover expenditures
Duluth-Superior Traction Co.
-Annual Report.
for rolling stock made on behalf of the Brooklyn City Development Corp.
Calendar Years1922.
1923.
1921.
1920.
The petition states that the Brooklyn City RR. Co. will dissolve the Brook- Total ry.oper. revenues_
lyn City Development Corp. and have transferred to it all the rolling stock Total ry.oper.expenses_ $1,904.607 $1,784,774 51,777.330 81,919,579
1.500,988
1,405,366
1,585,900
1.493,305
of that company. The new shares will be divided pro rata among the Taxes
134.991
107,410
116,489
110,658
present holders of Brooklyn City RR. stock, if approval is granted by the
Commission. See also V. 118. p. 662.
Operating income_ _ _ _
$268,627
$223,021
$262,919
$176,615
Non-operating income.28,731
26,308
27,512
26,973
Butte Anaconda & Pacific Ry.-Tenders.The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
Gross income
$297,358
$249,329
$289.892
$204,125
March 18, receive bids for the sale to it of 1st Mtge. 5% 30
-Year Sinking Int. on funded debt _ _
$173,637
$175,162
$175,000
$174,666
Fund gold bonds dated Feb. 1 1914 to an amount sufficient to exhaust Miscellaneous debits
610
319
612
538
$49.449 at a price not exceeding 105 and Int.-V. 116, P. 933.
Preferred dividends-- (6%)90,000 (5%)75.000 (1%)15.000 (4%)60.000
Chicago Elevated Railways (System).
-Pass. Traffic.
- Balance. surplus
$33,111
539.614
$13.848
$13,587
The semi-annual bulletin compiled by Wm. Hughes Clarke of Chicago -V. 117. p. 2432.
covering the revenue passenger traffic of the elevated lines, shows each
Eastern Massachusetts Street Ry.-Financial Position
divisional company in 1923 made very substantial gains over the preceding year, and that the total passengers carried in 1923 was greater than Sound.In any year before.
Sherman Adams in a recent circular to the stockholders, advises
erman
Average
them to increase their holdings, and to substantiate his advice be gives
1923.
1922.
1912-21.
a few comparisons, what the property was in 1919, as compared with the
1911.
Union Loop
203,943,551 181,283,785 178,606.652 162,866,116 present condition.
South Side
56,979,733 51,933,381 52,486.078 46,540,681
Bonds to the par value of $2,224.000 have matured and been paid without.
Northwestern
64,423,486 56.969,504 52.214.980 44,271.102 the issuance of additional bonds. Investments have increased since
Metropolitan
62,365,733 54.701,764 56,607,663 55.360,839 December 1919, at which time the company had $712,524 invested in
Lake Street
20,174.599 17.679.136 17,297,901 16,693,494 stocks and bonds, to a total in September 1923 of $5,883,416.
-V. 118, P. 201.
In addition, according to the statement of the trustees, no abatement
has occurred in the upkeep of the system. New cars, rebuilding track.
Chicago Great Western RR.
-Guaranty.
welding of all joints on the system, which should be completed during
The I.
-S. C. Commission has issued is final certificate fixing the amount this year. puts the property in the finest physical condition in its history
of this company's guaranty for the six months following the termination and we doubt if
of Federal control at $3,332,660, of which $22,660 was to be paid on the Is as a system. any street railway is in the excellent condition the company
final certificate.
-V.117. P. 393.
The discontinuance of certain lines are gradually coming back through
operations.
the mileage
Chicago Milwaukee & St. Paul Ry.-Bonds Authorized. the busthe past year.The operation of buses has increased covering apduring
The buses of the company are now
The I.
-S. C. Commission has authorized the company to issue $14,- proximately (15,000 miles a month. We look to see the bus operation
000,000 10-Year 6% Mtge. bonds Gold Loan of 1924, which are to be materially increase during this year. The Department of Public Utilities
sold to Kuhn, Loco & Co. and National City Co. at 9214 and to pledge in 1923 granted company the right to operate buses on any and all the
as collateral security for the bonds $20,000,000 Gen. Mtge. 5% bonds. lines where street cars were operated.
Proceeds of sale of tact $14,000,000 issue are to be used to repay bank
The property has shown a steady decrease in the rate of fares from an
loans of $7,000,000, provide funds necessary to mast obligations maturing average in 1920 of over 8c. to the present average of less than 6c. The
In 1924 and to complete the road's program of additions and betterments. passenger revenue in 1920 was approximately $13.000,000. At Sc. the
See offering in V. 118, p. 201.
average fare, it would mean the company carried 162,500.000 people:
with the 6c. fare the gross would be $9,750,000, while the gross income
Chicago Terre Haute & Southeastern Ry.-Listing- for 1923 was $10,712,663.
The balance sheet for September 1923 shows a net quick assets position.
The New York Stock Exchange has authorized the listing of $1,796,000
additional (auth. 320,000.000) 1st & Ref. Mtge. 50
-Year Gold bonds, due after paying all current liabilities of $5,155,253. and if one included -own
Dec. 1 1960, with authority to add $204,000 additional ,tonds, making securities re-acquired" of $2,346,655, there would be a net working capital,
quick assets of $7.501,909.
the total $8,334.000 applied for.
The issues of Prof. stock, 1st Pref.. Pref. "B," and Adjustment shares
The road is operated under lease by the Chicago Milwaukee & St. Paul
are selling in the market for $7,077,580 which is under the net quick assets.
Ity.-V. 117, p. 2652.
The s.pcs are free of Massachusetts income tax and yield approximately
. Chicago Union Station Co.
as follows: 1st Prof., 9.25%; Pref. "B," 10%; Adjustment. 13%
-Financing.
The company has applied to the I.
-S. C. Commission for permission to V. 118, p.663,310.
ksue and sell $7,000,000 5% 1st Mtge. Gold bonds, also to sell $850,000
Ephrata & Lebanon Street Ry.-Sold.1st Mtge. Gold bonds which have already been issued.
The properties, it is stated, were recently sold to Gifford K. Wright
The securities will be sold to Kuhn, Loeb & Co., New York; Lee, Higginof Pittsburgh, who represented the bondholders, for a price said to be
son & (Jo., National City Co., First National Bank. New York. and
-V.116,1. 1649.
3
Illinois Merchants Trust Co. of Chicago. The $7.000,000 issue will be $100,000. The company will be reorganized, it is stated.
sold at 94.75 (see offering in V. 118. P. 310) and the $850,000 at 86.50.Erie Railroad.
-Listing, &c.
V. 118, p. 310.
The New York Stock Exchange has authorized the listing of $1,100,000
Series "A"
York Lake Erie &
& ER. 1st Mtge. bonds.
Cleveland Cincinnati Chicago & St. Louis Ry.- the balanceNewthe total authorizedWestern Coalowned by Erie RR. and
of
issue, being
New Director,
having been extended May 1 1922 to May 1 1942 at5%% as g&.
"B" bonds.
Jackson E. Reynolds, President of the First National Rank, has been IncomeStatement for 11 Months ended Nev. 30 1923 (subject to Adjustment).
elected a director to succeed the late Walter P. Bliss. Recently Mr. Gross oper. revenues, $122,847,359; gross oper. expenses.
Reynolds was elected a director of the New York Central RR.
$100.082,130; net operating revenue
•
-V.118.p.84.
Railway tax accruals,$4,131.447; uncollectible railway revenues.
622,765,229.
4,241.942
Cumberland County Power & Light Co.-Report.$110.494
Operations of Cumb. City Pow. & Light Co. and Portland By. Co.
(Incl.
Operating Income
$18,523,287
leased inter-company items eliminated.)
Net joint facility and hire of equipment rents
-Dr
2,154,756
Calendar Yearsx1923.
1922.
1921.
1920.
Gross income
$3,771,968 $3,467,564 $3,305,110 $3,114,008
Net railway operatiog income
$16,368,528
Operating expenses
1,899,369
1,711.288
6,727.756
1.775.986
1,704,555 Non-oper. income (incl. dividend income of $5.872.725)
Taxes accrued
309,157
295,077
251,629
227,459
Depreciation
265,200
Gross income
229,200
215,220
523.096.284
210,820
Other deductions
747,341
719.472
697,876
667.483 Deduct-Rent for leased roads, $2.219,610; Int, on funded
Preferred dividends
159,646
debt, $9,361,330: int, on unfunded debt. $1,025,622; miscel.
159,646
241,500
Common dividends
107,872
income charges, $461,196; total deductions from gross Inc_ _ 13,337.758.
Balance, surplus
$283,480
$352,881
$122,899
$303,691
x Tho York County Power Co. and Westbrook Electric Co., former
subsidiaries, were on July 1 1923 merged with this company, and the
operations of those companies are included in the above statement.
Balance Sheet Dec. 31 (Cumberland County Power & Light Co.).
1923.
1922.
1923.
1922.
Liabilities
Assets
Plant account_ _ _x12.980.330 9.984,167 Preferred stock.- 4,024,000 2,530,000
1,533,957 1,579,635 Common stock- - 1,348,400 1,348,400
Securities
413,019
232,155 Funded debt
supplies
8,406,500 6,997,500
285,985 Notes,acc'ts pay'le
Accts rec. & cash_ 292,914
& accrued seals. 515,756
Unadj.debits, del).
708,601
86,344
419,369 Portland RR. Co.
& prepaid nee'ts.
construction, &c 236,133
369,837
Unadjusted credits
37,830
25,976
Total(each side)-.15,306,564 12,501,311 Profit & loss,surp. 737,946
520,987
Net income
Income applied to sinking and other reserve funds
$9,758,526
1,107.446
Surplus for 11 months transferred to credit of profit & loss_ - 58,651,080
Balance Sheet Nov. 30 1923 (Subject to Adjustment).
Asseu.
Liabilities.
Inv. Inroad & equipment...5326,244,339 Commonstock
$112,481,900
Improv. on leased ry. prop__ 31,462,236 First Preferred stock
47,904,400
Sinking funds
16,828,894 Second Preferred stock
16,000,000
Dep.In lieu of nate.Prop.sold
246,190 Equipment obligations
27,356,700
Miseell. physical property6,969 Mortgage bonds
229,823,900
Invest. in affiliated co's_....142,026,844 Collateral trust bonds
57,523,950
,
Other investments
1,291,791 Miscellaneous obligations__ _
680,701
Cash
10,094,729 Loans and bills payable
15,848,500
Special deposits
22,256,509 'traffic & cartterv. beds. pay- 6,612,160
Loans & bills receivable
645 And, accts. & wages Payable 15,626,017
Traffic & car-serv. bats. rec. 4,677,421 Mtscell. accounts payable...
757,323
Net bale,rec. ft. agts.& cond. 1,230,394 Interest matured unpaid_ _ _
198,379'
U.S. Govt.compensation_
42,877 Dividends matured unpaid__
After deducting 8591,095 reserve for depreciation.
9,771
-V. 118, p. 663.
Miseell. accounts receivable- 6,541,112 Funded debt matured unpaid
371,225
-No Disagreement U.S. Govt. acct. guaranty 6,321,871 Unmatured interest accrued_ 3,276,413
Denver & Rio Grande Western RR.
Material dz supplies
12,552,621 Unmatured rents accrued- -.
53 865
6, '
over Plan-Equipment Trusts-Budget.
Interest & dividends reedy
686,249 Deferred liabilities
622,704
A statement issued Feb. 15 by the reorganization managers, Kuhn, Deferred assets
432,813 Other deferred liabilities.
& Co. and the Equitable Trust Co. of New York. said: "There Other deferred assets, U. S.
Loeb
U. S. Govt. accounts__ 38,183,982
Government account
36,391,987 Unadjusted credits
42.846,620
has been no disagreement between the bondholders' committees and the
railroad companies regarding the proposed modifications of the Denver Unadjusted debits
68,477,221 Corporate surplus
71,143.201
meeting Feb. 15 between the committees, the railroad
plan. At the
Total
companies and the reorganization managers, the paper formulating the
$687,813,715
$687,813,715
Total
-V. 117, p. 2E89.
modifications agreed upon was approved."
794
THE CHRONICLE
Gainesville & Northwestern.
-Permanent Receiver.
J. D Patterson has been appointed receiver by the U. S. District
.
Mr. Patterson has sought to prevent J. H. Lambert of Gainesville, Court.
named
as receiver by the State Court,from assuming such duties.
-V.117,
P.2769,
Georgia Railway & Power Co.
-Acquisition.
-
The company as of Jan. 1 1924 acquired the property of
Shoals Light & Power Co. The latter is a small distributing the Wofford
company.
V. 118, P. 201.
[VOL. 118.
The court held in reversing the lower court that the Bankers Trust Co.
must look to tne International Traction Co., the maker of the note, for its
payment.
Income Account for Calendar Years.
1923.
1921.
Operating revenue
$9,795,186 $10,721,279
Operation and taxes
9,301,915
9,293,906
Operating income
Non-operating income
$501,280 $1,419,364
44.721
179,703
Reports were current this week that the Canadian National Rys. were
Gross income
5546,001 51.599,067
arranging negotiations with the representatives of the Great Northern
Ry. Income deductions
51.573,240 $1.499.956
for the sale by the latter of Its Canadian interest to the Canadian National
Rys. Among the lines said to be involved are
Net Income
adef$1,027.238
$99,111
Hudson Bay Ry., running from St. John's, the Brandon, Saskatoon and
and the Midland Ry. from Gretna to PortageN. B., to Brandon, Man..
a This loss from operation for the year 1923 represents strike costs.
La Prairie, Man.
-V. 118.
p. 427.
V. 118. p. 84.
Great Northern Ry.-Sale of Canadian Interests.
-
Greene RR.
-Issue of $300,000 Bonds Proposed.
The stockholders will vote March 7 on creating an
issue
bonds, the proceeds to be used to refund the outstanding bonds of $300,000
and indebtedness amounting to approximately 96208,000. and
for future
ditures. This road is leased to the Delaware Lackawanna capital expen& Western RR.
at an annual rental of $12,000, equal to 6% on its
$200,000 Capital stock,
par $100.
Hocking Valley Ry.-Note Application.
The company has asked
authority from the
$6,000,000 .-year secured gold 5% notes and toI. S. C. Commission to sell
nominally issue $7,500,000
Gen. Mtge. 6s to be pledged as security therefor.
to sell the notes to J. P. Morgan & Co. at 06.33 The company proposes
and use the proceeds to
meet part of cost of retiring at maturity March
1 $7,500,000 5
-year 6s outstanding.
-V. 117. p. 893.
Houston & Brazos Valley Ry.-Receiver Discharged.
-
Manhattan Ry.-Decision on Guaranteed Rental.
-
See Interborough Rapid Transit Co. above.
-V. 118. P. 311
.
Marshall Elysian Fields & Southeastern Ry.-OperaLion of Line.
The I.
-S. C. Commission on Feb. 2 issued a
company to operate a line of railroad extending certificate authorizing the
easterly direction to Elysian Fields, a distance from Marshall in a southof about 18 miles, all in
Harrison County, Tex.
The company's line was formerly a part of the railroad of the Marshall &
East Texas Ry. which extended from East
Tex.,
through Marshall to Elysian Fields, a distance Winnsboro. miles. southeast
of about 91
from Marshall to Elysian Fields was constructed by the East TexasThe line
in 1909.
On July 17 1917 the U.S. District Court for the Eastern District of Texas
authorized the receiver of the East Texas to discontinue operation of that
part of the road between East Winnsboro and Marshall. and on July
10
1918 to discontinue operation over the remaining part of the
Marshall and Elysian Fields. That part of the road between road between
Elysian Fields, was acquired by the above company, free of Marshall and
lien or other
encumbrance, at a receiver's sale. for $20.000, of which $5,000
cash and the balance evidenced by two promissory notes each was paid in
of
value of 17,500. Formal transfer of the line to the company was the face
effected
as of Sept. 11922.
The company was incorporated in Texas on Aug. 28 1922. Its authorized capital stock is *30.000, of which $17.300 has been
issued and paid for
in cash.
-V. 115. p. 1429. 1100.
The discharge of the receivership and the order that
of approximately $1,500,000, will in no way affect company pas claims
the proposal of the
Gulf Coastlines to take it over and operate It according to John
A. Mobley
of Andrews, Streetrnan, Logue & Mobley. attorneys for
the road.
The order of Judge J. C. Hutcheson Jr., dismissing the receiver in the
form of a judgment which allowed claims in the sum
of 51.130,639 to be
divided equally between the Freeport Texas Co.
and the Southern Pacific
lines. These two corporations. It was explained by Mr. Mobley, virtually
own the Houston and Brazos Valley line. A number of
other claims totaling
slightly less than $60,000 also were allowed.
The system has been under the direction of
the receiver, George C.
Mexico Tramways Co.
-Sept. 1 1917 Interest.
Morris.
On and after March 1 1924 coupon No. 22, dated Sept. 1 1917, deThe I. S. C. Commission has been requested
Coast
to allow
lines to take over the Houston and Brazos Valley line, the Gulf of the tached from the Gen. Consol. 1st Mtge. 50
-Year 5% Gold bonds, will
but
be paid at the Bank of Montreal, Toronto, Montreal, or London. Eng..
proposed sale have not been made public. If the request details
(Suit Coast lines will either have to buy the claims allowed byIs allowed, the or at the agency of the Bank of Montreal, New York. at the holder's
Judge Hutche- option.
-V. 117, p. 782.
son or pay them.(Houston "Post" Feo. 2)-V.
117,P. 1883.
Illinois Central RR.
-listing-Earnings.
-
The New York Stock Exchange has authorized the listing
March 1 1924 of $10,952,180 additional Non-Cumul. 6% on or after
stock, Series "A," par $100. on official notice of issuance and Cony. Pref.
payment in
full and $10.952.180 additional Common stock, par $100. on official notice
of issuance on conversion, share for share. for Preferred stock, Series "A."
making the total amounts applied for to date $21,881,780 Preferred
stock.
and S131.177,780 Common stock.
Income Account for 11 Months ended Nov. 30 1923.
Oper. revenues. 5153.115,281: oper. expenses,
$122.686,536;
net revenue from railway operations
$30,428,744
•Taxes, 48.796.440; uncollectible ry. revs.. $21,497
8,817.937
Railway operating income
$21,610,806
Equipment rents, net, Dr. $663,031; joint facility
rent, net.
Dr. 577,738
740.769
Net railway operating income
$20,870.037
Non-operating income
4,270.580
Gross income
$25.140,617
Deductions from gross income (interest and rentals)
13.056,874
Dividend appropriations
6.070,936
Net corp. inc. avail, for additions, betterments, &c
$6,012,866
Minnesota & International Ry.-Suit.-
B. W. Backus (of the Backus Brooks Lumber Co.)
Federal District Court at St. Paul. Minn., to preventhas filed a suit in the
the Northern Pacific
Ry. from foreclosing a mortgage against the road. The Northern Pacific
and Mr. Backus own all of the stock of the International company, the
holdings of the Northern Pacific representing 70% and those of Mr. Backus
30%.
Backus charges that the Minnesota & International has
money because of mismanagement by the Northern Pacific. steadily lost
Mr. Backus
also seeks an equitable division of earnings on through freight. He holds
In his petition that tae stoc.tholders in the articles of incorporation agreed
not to sell stock until offered to other stockholders. Violation of this provision wnen the Northern Pacific acquired control, is alleged.
Mr.Backus further alleges that the Minnesota k International was unable
to pay off 51.100.000 bonds that matured in 1923. and that the Northern
Pacific bought and toes the mortgage on the smaller road.
-V.107, p.2376.
New Orleans Public Service Inc.
-Additional Stock.
-
The New Orleans Commission Council on Jan. 29 adopted an ordinance
allowing the company to issue $7.500,000 aditional Common stock and
to increase Its dividend rate from 8 to 9%. The stock. It Is underetood,
was purchased by the Electric Bond & Share Co.
-V. 118. p. 311, 202.
New Orleans Texas & Mexico Ry.-Purchase of International-Great Northern RR.
-
Subject to necessary corporate action of the'company and the approval
-S. C. Commission, the company (known as the Gulf Coast Lines)
* Federal income tax. 51,551,941; other taxes, $7,244,499; total, of the I.
has purchased and, subject to the approval of the holders of a majority of
58.796.440.
The general balance sheet as of Nov.30 1923 shows: Total investments, the voting trust certificates. Messrs. Willard V. King, James Speyer and
5517.399,739; total current assets, $48,446,178: total deferred assets, Frederick Strauss, voting trustees, have sold the entire Capital stock of
$169.412: total unadjusted debits, $7,546,977; grand total. 5573.562.307. 57.500.000 of the International-Great Northern RR.. this stock hanit
t s
been deposited according to the reorganization plan under a voting
Offsets include: Capital stock. $123.780,751: Government grants
of construction. 533,272: funded debt unmatured, 5292,607,640:in aid giving the voting trustees the power of sale. The price will net the certifitotal cate holders $30 per share.
current liabilities, $37,707.877; deferred liabilitise. $164,107: total unSubject also to necessary corporate action of the New Orleans Texas &
adjusted credits, $60,021,033; total corporate
surplus, $59,247,624; grand Mexico By. Co. and the approval of the
total. 5573,562.307.-V. 118, P. 663.
I.
-S. C. Commission. New Orleans
Texas & Mexico By. will offer to adjustment bondholders of the International-Great Northern RR. the guarantee that during the calendar
InterboroughRapid Transit Co.
-Court Holds Company years 1924. 1925, 1926 and 1927 (these
Must Pay Dividend Rental on Manhattan 7% Guar. Stock.
Adjustment bonds become cumulative Jan. 11928) distribution on the Adjustment bonds for each of those
Supreme Court Justice Ford.
years shall not be less than 4% per annum: in
Manhattan stockholder's suit to In a decision handed down Feb. 13 in a Adjustment bondholders, accepting such offer,consideration of which the
recover from
will give to New Orleans
back dividends on the Manhattan guaranteed the Interborough company Texas & Mexico By. the option to purchase
their bonds until Jan. 1 1928
borough company must pay the 7% dividend stock, held that the Inter- at 85 and int., and thereafter at par and int.
rental to stockholders who
Acceptance of this offer Is
declined to participate in the
voluntary on the part of any bondholder.
readjustment
The suit was brought by NinaInterborough-Manhattan rental due on plan.
Under the so-called "Ripley Plan" of consolidation
H.
dividend
1,235
shares of Manhattan guaranteed Peabody forJan. 1 1922.
International-Great Northern RR. Is in the same group of railroads, the
stock since
as the New Orleans
Justice Ford in his decision said: "It seems as clear as noonday time Texas & Mexico Ry.-V. 118. p. 551, 664.
that the lease between the two railway companies
was not only never
modified or amended so as to be binding on all stockholders
New York Central RR.
-Extends Reading Rights.
of the Manhattan company, but that there was never any intention to so modify or
The company has extended from
amend it. There is in the lease not only the clause guaranteeing payment which stockholders may subscribe to March 1 to May I the time within
Reading rights held by the company.
of 7%. but the further provision that there shall be no reduction of the It is expected that the warrants will be
sent out about March 20.-Y•
guaranteed annual dividend or in the term of years•of the lease without 118. D. 664. 551.
unanimous consent of the stockholders of record of the Manhattan Co."
Justice Ford added that before payments of dividends were stopped
New York Chicago & St. Louis RR.
-Equipment.
a
large number of Manhattan stockholders became parties to a readjustment
The company has applied to
and that while this number was sufficient to make readjustments seem assume obligation in respect of the I. S. C. Commission for authority to
$2,865,000 6% Equip. Trust
feasible from a financial and business point of view, the provisions of
F
which the carrier proposes to sell at the best price obtainable Certificates
the
to purchase
lease of the Manhattan lines of the Interborough are clear and admit of equipment.
-V. 117, p. 2209 2213.
no misunderstanding.
[Over 90% of Manhattan stock was deposited under the readjustment
New York Railways.
-Reorganization.
plan which reduced the annual dividend rental from 7% to a rate increasing
Although not yet officially annuonced. it is
from 3% to 5% annually for the first three years under the plan. The statement contains the chief points agreed understood that the following
upon by the reorganization
effect of the decision will be to make valid the claims of dissenting stock- committee. The statement published in
the New York "Times" Feb. 9
holders to 7% on the par value of their stock holdings. The contention of said in substance:
Interborough company is that the acceptance by an overwhelming majority
Under a revised plan of reorganization the total
capitalization of the
of the stockholders of a modification of the lease constitutes an actual new company will be $41.503,000, a decrease of
modification of the original lease and dissenting stockholders must accept the old company. Of this new capitalization $411,863,445 from that of
annual fixed charges will
the modified guarantee. The Interborough, it is understood, will appeal show a decrease of $1.129,059, fixed charge
of $23.908,898, and the annual charges, including securities a decreasebonds,
the decision.
a
interest on income
In a suit decided last year Justice Lehman held that the agreement of the decrease of $1.399.533.
Interborough was with the Manhattan company and not with individual
This drastic 'squeezing out,' which has already
received the approval
stockholders of that companf: Vat the 7% was paid as rent, and that the of at least three important committees and
is being offered to the security
rent might be changed by agreement between the two companies.1-V. holders after months of conferences and study,
not only takes care of all
existing obligations against the company and
118,p. 550, 431.
its subsidiaries, but puts the
proposed new company in a porition to
materially strengthen its earning
International-Great Northern RR.
-Bale to New power under a 5-cent fare. No mention of fares, however, is contained
in the plan.
Orleans Texas & Mexico Ry. Agreed Upon.
Briefly, this revised plan calls for the formation
of a new company which
See New Orleans Texas & Mexico By. below.
-V. 118, p. 550.
will acquire, through mortgage foreclosures
of the New York Rye., so far as this may and creditors' sales, all assets
be deemed desirable, now in
International Ry., Buffalo.
-Decision.
the custody of the Federal receiver.
The Appellate Division of the New York Supreme Court recently reversed however, include properties owned by The assets to be acquired will not,
the New York Rya. which are not
a judgment in the suit brought by the Bankers Trust Co. against the com- used In the operation of the street railway system.
pany. In the lower court the jury gave the Bankers Trust Co. a judgment
Of the old company securities in the
$91,$455,435 balance due on a note for $500.000 made by the International 366,445, there will remain undisturbed hands of the public, totalingbonds
tor
or privileged to conversion
Traction Co. payable to the Bankers Trust Co. Evidence showed that the in the amount of $14,653,000, divided as follows: Broadway & Seventh
money was to be used for the benefit of the International Ry., but the Ave. let Consol. 5s, due 1943, 58,150,000; Broadway & Seventh Ave.
Proper endorsement wastsecured. These two companies are interested 1st 5s. due 1904, $1,500,000; 34th St. Crosstown, 1st 5s, due 1996. $1.
as owners and operators of the street railways in Buffalo and Niagara Falls. 000.000: Bleecker St. & Fulton Ferry 1st 5s, due 1950. $700,000; 23d fit:
FEB. 16 1924.1
THE CHRONICLE
Impt. 5s, due 1962. $1,453,000, and the following bonds which have
the privilege of conversion into Broadway & Seventh Ave. Consol. 5s:
Broadway Surface 55, due 1924. $1.500.000 and South Ferry 5s, due 1919.
but which defaulted on principal and interest, $350,000. Deducting
these last-named securities, the total which remains undisturbed under the
new plan and which does not carry the conversion privilege is $12,803,000.
Besides the foregoing total of $14,653,000 the new capitalization will
include, unless amended: $600,000 of bonds to be extended, presumably at
6%, Including Central Crosstown 1st 6s, due 1922, the 23d St. Crosstown
1st 6s, due 1909. and the 23d St. Crosstown Debentures, due 1906: new
Sxith Ave. purchase bonds at 5%,$300,000; new Prior Lien bonds at 5%,
$3,800,000; making a total of fixed charge bonds amounting to 619,353,000:
new income bonds, $21,000,000; new Pref, stock of40,000 shares,carried at
$5 a share, $200,000, and new Common stock of 190,000 shares, carried
at $5 a share, $950,000.
The new Prior Lien bonds will not exceed $5,000,000 and will constitute
a first lien on all property owned by the new company after the reorganization, as well as on an property acquired by the new company after reorganization, by the use of prior lien bonds, income bonds of stock of the
new company.
The Pref. stock to be issued will be entitled to non-cumulative dividends
at the rate of $7 a share per year, but preferred to the Common only as to
dividends. After the Common stock has received $7 a share in any one
year, both the Prof. and the Common are to participate alike in any further
distributions.
The New York Rys. 1st & Ref. Mtge. 4% bonds, due in 1942. will
receive $770 of new Income bonds of the company on each 61,000 of bonds
or certificates of deposit, and a participation receipt representing pro
rata interest in assets held for liquidation for the benefit of all holders of
Refunding bonds who participate in the plan. These assets have a liquidating value, according to the reorganization committee's estimates, of about
$6.000,000, and It is propoted that they be held by trustees and eventually
liquidated for the benefit of the New York Rys. 1st Real Estate & Ref.
4% bondholders. From the liquidation of these assets, a part of the
funds so received will be used to provide the cash requirements of the plan.
There are outstanding of these bonds $18,022,198, and they also will
receive 96,900 shares, or more than 51%, of the no par value Common
of the new company.
It is proposed that title to the Lexington Ave. building, now covered
by mortgage in the form of the Lexington Ave. & Pavonia Ferry 5s, maturing 1993 shall be acquired by a separate and new company with an authorised capital of 15,000 shares of 43% Non-Cumul.
of $100 par value,
and 5,000 shares of Commaa stock of a par value of $50 a share. Each
Pref.
holder of $1,000 of these bonds will receive under the plan $660 face amount
of new Income bonds of the new railway company. $300 par value Pref.
stock of the new realty company, and $50 par value of Common stock
of the new realty company.
Provision is also made in the plan for th3security holders of the numerous
other properties.
-V.118. p. 664, 432.
795
suit for $15,000,000 against the road for alleged back pay, and asking for
mandatory injunctions to compel the railroad management to obey decisions
of the Railroad Labor Board. Counsel for the shopmen intimated that no
matter what the decision of the Circuit Court of Appeals may be in the mats
ter, the case will be carried to the U. S. Supreme Court, because of its
importance to both men and management.
Additional Trucks Put in Service-New Director.
The company last week put into operation four more motor truck units,
making a total of 11 units and 20 trucks in regular operation, displacing
11 local less-than-carload freight trains. On Feb. 4 motor truck service
was inaugurated on the Atlantic Division. between Gloucester and Newfield, and between Wilmington and Perryville on the Maryland Division.
On Feb. 7 motor trucks began work between Arch St.. Palmyra and
Bordentown, and between South Amboy and Bordentovrn, both on the
Trenton Division. R.S. Hurd.Special Agent of the road in charge of motor
truck operation, says that studies are in progress for further installation of
trucks, and that the 602 miles of daily truck operation will soon be increased to 1.000.
Jay Cooke of Philadelphia, Pa., has been elected a director to succeed
the late Spencer C. Gilbert.
-V. 118, p. 432.
Phoenixville Valley Forge & Stafford Electric Ry.The bondholders have been informed that a buyer for the road cannot
be found, and that the creditor's committee has decided it is best for the
bondholders to purchase it and sell it for scrap. The amount of outstanding
bonds is about $320,000. It is estimated that the road would bring about
$30.000. (Philadelphia "News Bureau.")
-V. 115. p. 1429.
Pittsburgh Ft. Wayne & Chicago Ry.-Listing.The New York Stock Exchange has authorized the listing of $21.595.900
additional (authorized, $100.000.000) Common stock (formerly guaranteed
special stock), on official notice of issuance and payment in full making the
total amount applied for listing $86,812,800.
The Common stock is issuable to the Pennsylvania RR. as lessee of this
company's railway until the year 2808, in compensation for the cost of
improvements upon and additions to the company's railway during the
years 1918, 1919, 1920. 1921 and 1922.-V. 117. p. 2324.
Portland (Ore.) Ry. Light 8c Power Co.-Pref. Stock
Offered.
-National City Co. is offering at 98 and dividend,
'
yielding over 73%,$500,0007% Cumul.Prior Pref.(a.& d.)
Stock, Series A. A circular shows:
Dividends payable Q.
-J. The Prior Preference stock has equal voting
rights with all other stocks. Redeemable as a whole on any dividend date
on 60 days' notice at 105 and (lists. Dividends exempt from the present
normal Federal income tax. Irving Bank-Columbia Trust Co., New York,
and United States National Bank of Portland. transfer agents: Bankers
Norfolk (Va.) Terminal Ry.-New President, &c.
Trust Co., New York, and Title & Trust Co., Portland. registrars.
Company.
O. W. Huntington, President of the Virginian Ry. has been elected
-Supplies electric light and power in Portland and nearly 40
President succeeding N. D. Maher. Mr. Huntington was succeeded as other communities in Western Oregon, does the gas business in Salem, and
'
Vice-President by George R.Loyall,President of the Norfolk Southern RR. operates city and interurban railway lines in Portland and adjacent territory.
or the past 15 years company has generated from water-power over 86%
-V. 114. p. 948.
of its total electrical output, steam power, when necessary, beipsy produced
North Carolina Public Service Co.
-Bonds Called.
from fuel consisting chiefly of cheap refuse wood available in *Oat section.
All of the outstanding Greensboro Electric Co. Consol. 1st Mtge. Street The number of electric customers has increased from 38,103 at the end of
Railway Electric Light & Gas 5% 30-Year gold bonds, dated April 1, 1902, 1916 to 70.215 at the end of 1923. or over 84% in seven years.
have been called for redemption April 14, at 105 and int. at the Equitable
Earnings Calendar Years.
Trust Co., N. Y.0.-V. 118. p. 664.
1920.
1923.
1921.
1922.
Gross earnings
SO 542.678 $9,902,520 $10.100,007 $10.825.380
Northern Central Ry.-To Incr'ease Stock,
Oper. exp., maint.& tax. 6,207,742
6,269,514 6,347,105 6,690,577
The stockholders will vote Feb. 28 on Increasing the authorized capital
stock by $6,000,000 and on creating an issue of $9,500,000 5% bonds.
Net earnings
6.3.321.936 83.633.006 $3,752.902 $4,134,803
It is understood that $3,500,000 of the stock will be issued presently, Inc on funded and unthe balance to be issued as the company requires additional capital. The
funded debt charged
proceeds of the $3,500,000 stock and $9,500,000 bonds will be used to
to operation
1,970,952
1,985,106
1.988,251
1,917.214
reimburse the Pennsylvania RR. for advances totaling 813,000.000. See
also V. 118, P• 88
Balance available for
.
dlys., reserves for reNorthern Pacific Ry.-Congress Asked to Investigate Right
placements. &c_ _ _ _ $1.363.983 81,647,900 $1,764,651 $2,217,589
of Railway to Federal Land.
Dividends on $4,098.600 Prior Preference Stock require
286.902
Valuatton.-On the basis of appraisals by the Oregon P. S. Commission
Secretary Werk of the Department of the Interior and Secretary Wallace
of the Department of Agriculture on Feb. 13 recommended to Congress and subsequent capital expenditures, the value of the company's present
that the right of the Northern Pacific By. to acquire approximately 3,000,- public utility property is alone over $59,750,000. and the value of its prop000 acres of Government land in Idaho. Montana and Washington under erty not utilized in the public service is about 68,200.000. making a total
the terms of old land grants be made the subject of an investigation by value of approximately $68,000,000.
Purpose.
-Proceeds will reimburse the company for construction expenthat body.
The two Cabinet members have asked that a joint resolution be considered ditures, including those made in connection with its large new hydro-electric
withholding the issuance of any further land oatents to the company until station.
after Congress shall have made a full and complete inquiry into the com- Capitalization Outstanding upon Completion of the Present Financing..
pany's land grants for the purpose of considering legislation to meet the Prior Preference Stock,
respective rights of the railway company and the U. S. Government. This First Preferred (paying 7% Cum.. Series A (incl. this issue)._ -144.098,600
6% cumulative dividends)
d,250,000
.
request was made in the form of letters to Senator Lenroot and Representa- Second Pref. (paying divs, at rate of 6% per annum)
5.000.000
tive Sinnott, respective Chairmen of the Senate and House Committee on Common stock
11,250,000
Public Lands.
s
1,117,165
The Government land in question is mainly located within National Unsecured .5-Year 89' Notes, due 1926
b15,426.000
Forest areas in the States mentioned,and the Railway company is asserting Underlying Divisional Bonds, due 1930 and 1935
cl .10 .000
claim to these lands under the provisions of the land grants made by First & Ref. Mtge. 5% Bonds, due 1942 '
its
Congress on July 2 1864, and May 31 1870. commonly known as the First Lien & Ref. Mtge. Gold Bonds. Series A 7Ms, due 1946.
$4,708,000; Series B,6%, due 1947, $7,414,000
d12.122.000
Northern Pacific land grants. These grants were made for the purpose
of aiding the Railway company in the construction of its lines from Wisa Does not include stock sold locally since Dec. 31 1923. b $1,675.000
consin to the Pacific Coast.
Secretary Wallace, under whose direction all National Forests are ad- additional bonus of one of these Issues held alive in a sinking fund. c In
ministered contends that Congress has authority to save most, If not all. addition, 63,190,000 held alive in the sinking fund, and 815.403,000 pledged
under the
of this National Forest acreage to the Government if it desires to investigate treasury. First Lien & Ref. Mtge. d Does not include $1,464,100 in the
-V. 118. P. 865.
the entire matter and pass the necessary legislation.
The grants as made by Congress in 1864 and 1870 divided the granted
Portsmouth Public Service Co.
-Acquisition.
areas into primary limits and first and second indemnity limits, the latter
The Ohio P. U. Commission has authorized the above company to
to be used to make up any losses of acreage in the primary limits by reason
of Indian reservations, mineral classifications, homesteaders' rights, or purchase all the properties of the Portsmouth Street RR. & Light Co. and
the Ohio Valley Traction Co.,a subsidiary, at an agreed price of $3,300.000.
other prior liens on such land.
The Commission also authorized the Portsmouth Public Service Co. to
The present claims of the Northern Pacific By.. are based on a,
decision
-year bonds, the latter
of the U. S. Supreme Court which held that the Government could not issue $750,000 Capital stock and $3,000,000 79' 30
reserve as against the Railway company any of the land within the so-called to be sold at not less than 85, and proceeds of both stock and bonds to
first and second indemnity limits needed to satisfy the acreage which the apply on the purchase price.
See also Virginian Power Co. in V. 118, p. 564.
Railway company was to receive out of the so-called primary limits. Such
reservations the Government attempted to make but the Northern Pacific
Portsmouth Street RR. & Light Co.
-Sale.
contested the Government's action and a legal action begun in 1917 was
See Portsmouth Public Service Co. above.
-V. 118, p. 552.
decided against the Government by the Supreme Court in 1921.
The right of the Government to make reservations of public domain
San Joaquin Light & Power Corp.-Pref. Stock Reclassi. •
included in the Northern Pacific indemnity land grants prior to the actual
selection thereof by the Railway comnany had for many years been the
The stockholders have approved the reclassification of the $18,500,000
accepted opinion of the administrative officers of the Government. Much authorized but unissued 6% Preferred stock into 7% Preferred stock. The
of the land involved is heavily forested and the Government has expended holders of the present outstanding $6,500,000 6% Cuttml. Pref. stock, on
money in its protection and administration.
which there is an accumulation of $17 50. will receive a cash dividend of
Under the decision of the Supreme Court the Interior Department has $4 50 and be given the right to exchange their 6% stock for the reclassified
been engaged In making a compilation of the acreage due tile Railway 7%. The California Railroad Commission has approved this plan and
company by reason of the original grants. A tentative adjustment based ordered the company to bring surplus to $4,000,000 before the payment
upon this compilation shows the original grants to be deficient to the of any Common dIvidends.-V. 118, 13. 432. 312.
extent of approximately 3.900,000 acres. If the Railway company's
Shore Line Electric Ry.(Conn.).
contention is finally upheld about 3.000.000 acres of present National
-Abandons Line.
Forest acreage will be involved in the indemnity selections.
Following an order issued by the New London County Superior Court on
Secretary Wallace believes that before the Railway company is entitled Jan. 18, trolley service from Kenney's Corners, town of Waterford, to Bank
to these National Forest areas it must show that it has complied St. and Montauk Ave., New London, Conn., was discontinued Feb. 11
to take title
with its portion of the contract which in similar cases the Supreme Court Transportation service between the two points will be maintained by a
jitney line.
-V. 117, 13. 1665.
has held to be a law as well as an agreement.
Secretary Wallace further believes that many facts are involved in the
-Listing.
Southern Railway.
case which create substantial equities in favor of the Government. He
believes these equities more than offset any present shortage that may
The New York Stock Exchange has autnorized the listing of $1,025.000
exist in the gross acreage of the original grants and that an inquiry by (auth. $120.000,000) additional E irst Consol. Mtge. 59' Bonds, due July 1
congress would prove his contentions to be well-founded.-V 118,p.311.
1994, making the total amount applied for $80,439,000.
Of the bonds
applied for 3154.000 were issued for $154.000 of First Mtge. 6% Bonds of
Okmulgee Northern Ry.-Receivership.Georgia Pacific Ry., and $871,000 were for 8871.000 First Mtge, 4% Bonds
Refining Co. in V. 118, p. 673.-V. 117, p. 88.
of Washington Ohio & Western RR.. which mature on Feb. 1 1924.see Indiahoma
Pennsylvania RR.-Shopmen's Union Loses Suit Against V. 118, P..204.
F
Road-District Court Lacks Power to Enforce Decision of
-United States Railroad Labor Board-Appeal.
See under "Current Events" in last week's "Chronicle," p. 627.
A Philadelphia dispatch Feb. 20 states: System Federation 90, claiming
o represent 60,000 shopmen of the Pennsylvania RR., has appealed from
the recent decision of the U. S. District Court dismissing the shopmen's
Toledo 8c Western RR.
-Payment Made on Bonds.
-
Payment of a 25% distribution on the bonds was recently approved by
Judge Killits in the Federal Court at Toledo. The property was sold at
receiver's sale to the Doherty interests some months ago. The price
was $600,000. The present distribution will be $250 on each $1,000
1st Mtge. bond, but does not include the bonds of the Toledo Fayette &
Western. There were 31.250,000 of the Toledo & Western and $250.000
796
THE CHRONICLE
of the Toledo Fayette & Western 1st Mtge. bonds outstanding. The
present distribution amounts to approximately $312,500. ("Electric
Railway Journal.")
-V.117. p. 209.
Union Elevated RR., Chicago.
-Earnings.
-
[Vol.. 118.
American Rolling Mill Co.
-To Increase Stock.
-
The stockholders will shortly vote on increasing the authorized Coe]torm
stock from $20,000,000 to $30,000,000, par 825.-V. 118. P. 667.
American
Straw Board Co.
-Sale.
The earnings of the Union Elevated (Loop) RR. properties and the
The plant of the company, located at Wilmington, Ill., together with all
Union Company's contract payments to the City of Chicago, for years the real estate upon which same is located,
together with such water rights
1923 back to 1911, are reported from °tidal sources, in a circular issued by or water power rights as the trustee in
bankruptcy may have, which forWm. Hughes Clarke of Chicago offering a block of this company's First merly belonged to the company,
together with all machinery, equipment,
Mortgage 5% bonds.
fixtures, office furniture, &c., was offered for sale to the highest bidder for
1923.
1922. Arge.1912-21. 1911.
cash on Feb. 15, before Frank L. Wean, referee in
The
Earnings
$1.020.104
$814,330 trustee
$893,303
$906.805
offered for sale at the same time and place other real estate.
bankruptcy'
Maintenance, estimated
50,000
50.000 50,000
50,000
1also7 . 8f 9
7
Bond interest
250,000
250,000
250.000
250,000
Payments to city
154.020
83,421
131,361
113,928
American Sugar Refining Co.
-Listing, &c.
The New York Stock Exchange has authorized the listing of 830,000,000
Balance
$566,083
$430,909 15
$475,444
$479,375
-Year 6% Gold bonds, due Jan. 11937.
-V.117. p. 1349.
Production ofRefined Sugar of Company (in Lbs.)forYears 1918 to 1923 (Est.)
Union Pacific RR.
-Definitive Bonds Ready.
:80 422,340 11920
44:
7
1918
1,876,676.523 11922
3,058,221,228
7
Definitive First Lien & Ref. Mtge. 50 bnods, due June 1 2008, are now
_3 035378,257 I 1921
,,
1,818,864.72411923
2,400.000,000
-ready for delivery at the office of the Treasurer, 120 Broadway, N. Y. -V.1;2
1919_-1-8 P
City, in exchange for outstanding temporary certificates. (For offering of
,
American Telephone & Telegraph Co.
these bonds see V.117, p. 1130. 1237.)
-Listing, &c.
The New York Stock Exchange has authorized the listing of $20.000,000
Wabash Chester & Western RR.
additional capital stock, par $100, upon official notice of issuance, making
-Receivership.
The company passed into the hands of J. Fred Glister, receiver, on the total amount applied for to the close of business Jan. 21 1924, and
Jan. 4 1924. Mr. Glister formerly served as receiver from July 15 1914 to including this application, $765,553,600 (total auth., $1,000,000,000).
This additional stock has been offered for subscription to employees
Nov.30 1920, when the first receivership was dissolved. The road operates
.between Mt. Vernon. Ill- and Menard,65 miles.
of the company and of its subsidiary corporations.
-V.114, p. 949.
The proceeds from the issue of these additional shares will be used for
Youngstown & Ohio River RR.
the proper corporate purposes of the company but not for the acquisition
-Earnings.
of the property, the construction, completion, extension or improvement
Calendar Years1923.
1920.
1922.
1921.
.Gross earnings
$537,826
$639,497 of the company's facilities, or the improvement or maintenance of its
$478.401
$555.806
Operating expenses
362,699
437.233 service, within the State of New York. or for the discharge or refunding
308,833
361.825
Taxes and rentals
51.092
50.208 of obligations or reimbursement of moneys actually expended for such
47,956
55.200
Interest on bonds
60,000
60,000 purposes within the State.
60.000
60.000
Of the $67,000,000 Cony.
% Gold bonds, dated March 11913. there
Surplus
$64,034
$92,056 have been converted as of Jan. 21 1924 861.888,400, leaving $5,111,600
$78.782
861,611
then outstanding. These bonds may be converted into Common stock
-V. 117. p. 555.
of the company up to March 1 1925 at 120% of the par value thereof,
with an adjustment of interest and dividends.
Of the $50.000.000 7
INDUSTRIAL AND MISCELLANEOUS.
-Year 6% Cony. Gold bonds, dated Aug. 1 1918,
there have been converted as of Jan. 21 1924 $40,684,800. leaving
The following brief items touch the most important $9,315,200 then outstanding. These bonds may, until Aug. 1 1925, be
value into
many shares of the
developments in the industrial world during the past week, converted at their face face value as the bonds presented Common stock
of the company as the
of
together with a summary of similar news published in full is a multiple of $100, upon an additional payment of $6 for conversion
for each such
share, with an adjustment of interest and dividends.
detail in last week's "Chronicle."
Condensed Balance Sheet Sept. 30 1923.
Steel and Iron Production, Prices, &c.
Assets
Liabilities
The review of market conditions by the trade journals formerly given Stocks .
of
under this heading apnears to-day on a preceding page under "Indications Stocks of assoc. cos__ $742,534,828 Capital stock
other cos_ 79,711,083 Capital stock installs_ $731,673 6
0 1
16 19 ,63
of Business Activity."
Bonds & notes of, -&
67 5-yr. gold notes,'24
38.183,500
net adv. to, assoc.
Coal Production, Prices, &c.
6% cony. bonds, 1925
10.677.700
companies
154,391.704 4 % conv. bds.. 1933
The United States Geological Survey's report on coal production, together
6,433,300
2,589,000
with the detailed statements by the "Coal Trade Journal" and the "Coal Telep. plt.(long lines) 117,540,777 4 cony. bonds, 1936
32,228,128 4 Coll. Tr. bds.,'29
78,000.000
Age," regarding market conditions, deretefore appearing in this column, Telep. Instruments_
W. T. & T. Co. 5s,
9,970,006
will be found to-day on a preceding page under the heading "Indications Rear estate, furniture
& fixtures
14.865,822 5% Coll. Tr. bds.,'46
74,034,500
of Business Activity."
22,202,084 Accounts payable__ __
19,370,320
Nova Scotia Coal Situation Settled.
-By agreement between British Empire Cash & deposits
20,896,410 Other working liabils_
396,428
Steel Corp. and United Mine Workers of America, a higher wage scale is U.S. obligations
receivable
25.517,000 Dividends payable_ _ _
16,437,584
now in effect and work at the mines has been resumed. About 14.000 Bills r
8,603,452 Int. & taxes accrued_
7,584,683
miners are affected. The new scale is the same as that in effect in 1923 with Accounts receivable
Other working assets4.013.403 Other accrued liabils_
the following increases: Detail men, underground, 30c. per day: surface
1,915,577
Employees' ben. fund
4,953,742
men, 25c. per day: shooters, loaders and contract men, including helpers, Other def. debits &
suspense items_ _ _ .
651,488 Res, for deprec. &
7c. per ton; hand pick miners. 8c. per ton and local contracts. 607. Tern;
surp unaples
d
Contingencpi op
71,481.390
of agreement hi from Jan. 16 1924 to Jan. 15 1925. "Daily Financial
America" Feb. 14.
6 )
- i 1(each s1d. --$1,223,156,183
T a18 p 6 7e
vot ,
cap. stock proms.)_
133,264,217
Oil Production, Prices, &c.
The statistics regarding gross crude oil production in the United States,
compiled by the American Petroleum Institute and formerly appearing
Anglo-New Foundland Development Co.
-Financing.
under the above beading, will be found to-day on a preceding page.
A cable from London announces that an issue of £1,250,000 6% 2d
Mtge. bonds offered by the British Foreign & Colonial Corp. has been
Prices, Wages and Other Trade Matters.
-V. 111, p. 1568.
Refined Sugar Price.
-On Feb. 11 Arbuckle Bros. advanced price 15 points oversubscribed.
to 8.90c. and American was reported to have increased 10 points to fic.
Annapolis 8c Chesapeake Bay Power Co.
Price of Lead Advances.
-Bonds Called.
-Lead was quoted at 9c. per pound on New York
Metal Exchange Feb. 11, highest price since 1920. New York "Times"
All of the outstanding 1st Consol. Mtge. 5s of the Annapolis Gas de
Feb. 12.
Electric Light Co., due Jan. 1 1953, have been called for payment April
American Smelting & Refining Co. advanced its price from 8.25 to 4.40c., 1 at 105 and int. at the Union Trust Co. Baltimore, Md. The bends
and again to 8.50c. per pound Feb. 15. "Daily Financial America" Feb. 16. are to be paid off with a part of the proceeds of the rodent sale of an issue
'
Coca-Cola Price Increased.-Coca-Oola Co. increased price to the trade of $800.000 1st Mtge. Gold bonds of the Annapolis & Chesapeake Bay
10c. per gallon, owing to price advances of all ingredients entering into its Power Co. See description in V. 118, p. 434.
manufacture. The increase will not affect the retail price, it is said.
Arizona Power Co.
''Wall Street Journal" Feb. 14.
-Earnings Calendar Years.Bonus to Western Union Employees.
-Employees of the Western Union
1923.
Telegraph Co. will benefit Feb, 15 by a distribution of excess earnings dur- Gross earnings
$ 22,.8
16 2 146
95
$872,624
ing the last half
-year. A majority will receive 23% of one month's salary. Operation expense
303.679
440,725
"New York Evening Post" Feb. 13. p. 2.
Matters Covered in "Chronicle" Feb. 9: (a) Emergency housing and rentNet operating revenue
ing laws (of New York State) to be extended, p. 596. (b) United Mine Non-operating revenue
31 6
'6
84399
565
$322,138
28
1;
Workers' meeting. p. 597. (c) Wholesale prices of plumbing fixtures
-big
Increase over 1913, p. 603. (d) Wholesale prices for wheat continued low
Total corporate income
8325,304
$434,464
In January. p. 605. (e) Senate investigation into Naval Reserve oil land -V.117, p. 2436.
leases
-Mr. McAdoo's and Mr. Doheny's statements. p. 624. (f) E. L.
Associated Gas & Electric Co.
Doheny in statement to stockholders of Pan-American Petroleum & Trans-Extra Dividend.
port Co. defends leases of Naval Reserve oil lands, p. 626.
President J. I. Mange announces that with the consent of the holders
of the Common stock, there has been voted an extra dividend upon the
Preferred stock, payable out of earnings for the calendar year of 1923.
Albaugh-Dover Co.
-Successor Company.
The Albaugh-Dover Mfg. Co. has been organized with $200,000 capital of 50 cents a share. Of this dividend, 25 cents a share will be paid April 1
stock as a reorganization of the Albaugh-Dover Co., Chicago, effected by and 25 cents July 1 1924 to holders of record March 15 and June 15, reformer stockholders and bondholders. The new company will continue spectively, with the regular Preferred quarterly dividends of 87I4; cents
the production of gears and cream separators. Directors include P. A. a share.
Mortensen, R. B. Harter and Walter E. Smith. ("Iron Age.")
Preliminary figures for 1923 show gross earnings of $3.289,965 and
-V.
115. I?. 2381.
net earnings of $621,632. The number of individual stockholders at the
present time is more than 4,000.-V. 116, p. 1666, 1660.
Albaugh-Dover Manufacturing Co.
-Acquisition.
--
See Albaugh-Dover Co. above.
All America Cables, Inc.
-West Indian Deputy Seeks to
Block Deal with Company.
-
Atlas Powder Co.
-Dividend of $1 per Share.
A quarterly dividend of $1 per share on the capital stock, no par value,
has been declared, payable in cash Mar. 10 to holders of record Feb. 29.
The stock transfer books of the company will not be closed for the payment
of this dividend.
Like amounts were paid Sept. 10 and Dec. 10 1923 (compare V. 117, p
784).-V. 118, p. 667.
A Paris dispatch Feb. 11 states that Oration Candace, a native member
of the Chamber of Deputies from Guadaloupe, has written an official letter
to Premier Poincare of France protesting against the proposed cession by
the French Cable Co. to the All America Cables of the former's West
Attleboro (Mass.) Steam & Electric Co.
-Par Value.
Indian system.
The company has applied to the Mass. Dept. of Public Utilities for auThe Deputy, according to the dispatch. writes: "A general meeting of
value of its capital stock from $100 a share to,$25
the French company is fixed for Feb. 23 for the purpose of determining the thority to change the parof shares from
3,120 to 12,480.-V.85, p.406.
final conditions upon which the transfer will be made. Do you not think and increase the number
that in the interests of solidarity and national defense the Government
Autocar Co., Ardmore, Pa.
-Balance Sheet Dec.
should prevent the French Cable Co. from ceding to a foreign company
property which is indispensable for communications between the mother
1922.
1923.
1022.
1923.
country and her colonies and which must be free from all foreign control?"
Assets$
LiabtlUtes$
-V,118. p. 666. 433.
Real est.,mach.,&o. 4,142,047 4,086,518 Preferred stock..._ 596,800
281,500
Investments
90,125 Employees'subscr.
92,600
13,858
9,532
American Brake Shoe & Foundry Co.
-Acquisition.
-- Unamortized disc.,
Common stock... 5,072,800 5,072,800
See National Car Wheel Co. below.
expenses, &c
249,895
-V. 117. D• 8 .
281,709 Mtges. on real est. 439,000
408,000
96
fund_
Cash in sink.
942
551 lst M.sk.fund 7s_ 2,310,000 2,438,000
American Can Co.
-New Directors-Annual Report.
Good-will,sub.cos. 590,250
590,250 Notes payable__ _ _ 2,415,500 2,790,750
For report for year end. Dec.31 1923 see under"Fins nclal Reports"above. Cash
285,604
286,975 Trade &sund.cred. 697,284 1,111,813
Arthur F. Wheeler and Arthur 0. Cheats. has iron electel directors Notes & accts. rec.
.
,
Dep,accto. due cue. 33,044
60,407
and H. W.Phelps has been7elected a member of the executive committee.
(net of reserves) 1,690,669 1,854,342 Accrued liabilities,
_v. 117. p. 2/73.
Inventories
5,663,917 5,597,598
481,008
intl. taxes, Ste.. 529,325
Prepaid Int., unexFederal, &o., taxes
American Cigar Co.
-Agreement Under Havana Tobacco
pired Insur., &e. 413,491
390,735
118,240
& 0th. cont.res
520,687
007,889
Surplus
Co. Reorganization Plan.
See Havana Tobacco Co. in V. 118. p. 672.-V. 116, p. 1053.
Total
13,129,413 13,178,803 Total
13,129,413 13,178,803
American Lime & Stone Co.
-Tenders.
Note.
-The company has a contingent liability 89 endorser or guarantor
.
The Bankers Trust Co., trustee. 10 Wall St., N. Y. City, will until of notes sold and outstanding Dec. 31 1923, to the amount of $4.883.839
receive bids for the sale to it of 1st Mtge. Sinking Fund Gold Those notes are secured by the trucks purchased by the customers. The
Feb.
bonds. dated April 1 1922. to an amount sufficient te exhaust $17,383, less sustained by the company in these transactions up to date has been
negligible.
-V. 117. p. 1019.
at a price not exececimg 1074 and Int.-V. 117, p. 783,
FEB. 16
1924.1
THE CHRONICLE
-Acquisition.
Bear River Pulp Co., Ltd.
Buffalo General Electric Co.
-Annual Report.
-
See Clark Bros., Ltd.. below.
Bethlehem Steel Corp.
-Privilege of Exchanging 8% Pref.
Stock for 7% Pref. Stock Explained-Payments under Pension
Under the provisions of the amended certificate of incorporation, holders
of 8% Cumulative Convertible Preferred Stock have the right to exchange
the stock for 7% Cumulative Preferred Stock on the basis of $115 in 7%
stock for each share (par $100) of the 8% stock. On the basis above
mentioned, In exchange for each 20 shares a the 8% stock, the holder will
receive 23 shares of the 7% stock. A large part of the 8% stock has already
been exchanged.
The purpose a the corporation in granting the right to exchange was to
simplify its financial structure by consolidating its entire outstanding stocks
into two classes, viz.: the 7% Cumulative Preferred Stock and the Common
Stock, thus eliminating the 8% stock, the 7% Non-Cumulative Preferred
Stock and the Class B Common Stock. Moreover, the 7% Cumulative
Preferred Stock has full voting powers (while the 8% stock has no voting
powers) and is not subject to redemption, whereas the 8% stock is redeemable at 3115 per share, which fact, it is believed, has tended to prevent the
stock from selling on the market for more than its redemption price, thus
at times depriving the holders of the full advantages to which the Investment position of the stock otherwise entitled them.
The 7% Cumulative Preferred Stock has the same preferences as to assets
as the 8%, stock.
The 7% Non-Cumulative Preferred Stock has now been retired, substantially all of it having been exchanged for the 7% Cumulative Preferred
Stock, and the Class B Common Stock has been merged into the Common
Stock, so that the exchange of the remainder of the outstanding 8% stock
for the 7% Cumulative Preferred Stock will complete the simplification of
the financial structure.
As the transfer books will be closed for the annual meeting from March 1
1924 to April 2 1924, those who wish to exercise the right of exchange now
should do so prior to March 1 1924. The 7% stock issued prior to March 1
1924 will carry quarterly dividends from Jan. 1 1924, and an adjustment of
dividends accrued upon the 8% stock which shall be surrendered and the
7% stock which will be issued on each such exchange will he made.
The surrender of the 8% stock in exchange for the 7% stock does not
constitute a transfer taxable under the Federal or State laws. The exchange
will be made upon request in person or by mail at the Stock Transfer Department of the transfer agent, Equitable Trust Co.. 43 Exchange Place,
New York.
In a statement Issued Feb. 10, Pres. E. C. Grace says:"In 1923 the first
year of the operations of its new pension plan, the corporation paid out
3254,675 in pensions to retired employees. Under the provisions of the
plan, employees in the service 25 years or more may be pensioned on or
after reaching the age of 65 at their own request. Special pension requests
coming outside these limits are taken up on their individual merits.
At the end of the year 1923 there were 739 retired employees on the pension list; 200 pensions were granted during the year, while 373 pensions bad
been carried over from grants made before the inauguration of the present
plan. The 739 pensioners on the list at the end of 1923 had been retired at
an average age of 6535 years, and had given an average of 35;4 years of
service; 30 of these employees had been with the corporation or its subsidiaries for from 50 to 63 years, while 15 others had given as much as 45 years
of service.
-V. 118, p.668. 554.
Bigelow-Hartford Carpet Co.
-Annual Report.
-
Calendar Years1923.
1922.
1921.
1920.
Net sales
$26,590,371 $22,652,673 $14,696.764 $20,582,869
Net earns. after deprec.
& Federal taxes
4,671,242 4,016,984
2,240,253
1,649,231
Preferred divs. (6%)
205,l00
330.000
330,000
330,000
Common (flys__ *($180)1,412,900($4.50)724500(10%)805000 (9)724.500
To reserve account
1,201,250
Balance, surplus
$3.053,242 $1,761,234
$514.231
797
$1,185.753
* Approximate, inserted by Editor.
Balance Sheet December 31.
1923.
1922.
1923.
1922.
Assets
Liabilities
Land, bldgs., &o.
6% Pref. stock__ 3,407,300 5,500,000
(less reserve)._ _ 9,335,916 7,477,777 Corn, stock & surx17,331,759 14,238,603
Cash
1,182,932 1,132,448 Accounts payable. 1,053,262 1,141,130
U.S. Govt.sec's 3,017,762 2,904,432 Res. for Fed. taxes 1,264,574 1,143,634
Accts. & notes res.
Res. for conting._ 1,076,758 1,076,758
(less reserves)._ 4,514,158 3,718,885
Inventories
8,912,795 5,868,118
Invest. in Enfield
Realty Co
11,000
10,000
Pref. (Treas.) stk_
1,878,681
Deterred charges_
59,090
109,784
Total (ea. side)_24,133,653 23,100,124
Calendar Years1923.
1922.
1921.
1920.
Total revenues
$8,818,623 57.783,032 36.538.686 56.202,060
Operating, &c., expenses 5,077,538
4,416,559
4,073.794
3,986,206
Taxes
758,063
699,304
612,375
523,183
Operating Income_
Non-operating income
$2,983,022 52,667.169 $1,852,517 31.692.671
151,598
143,340
121.633
127,486
Gross income
$3,134,620 52.810.509 51,974.150 51.820.156
Interest
594,221
681.320
775,094
763.273
Sin.fund & amort. chgs_
176,237
181,501
158,084
144.939
Dividends (8%)
1,082,607
882,359
662.650
631.689
Balance. surplus
51,281.555 51,065,327
$378.323
Balance Sheet December 31.
1923.
1922.
1923.
Assets
Liabilities$
Property accounts.29,304,197 27,261,551 Capital stock
13,856,500
Other permanent
Bonded debt
10,838,500
investments_ _ _ - 1,045,740 1,056,281 Customers' depos_ 305,338
Inventories
908,955
677,315 Curr't & accr. nab. 1.145,773
Accts.receivable
962,767
872,780 Reserves
3,635.705
Cash
1,022,771 1,637,476 Surplus
4,251,196
Prepaid Jas.& taxes 190.800
175,771
Other assets
228.873
253,380
Sinking fund
368,809
Total (ea. sIde)_34,032,912
349,598
-V. 116, p. 1765.
$280.255
1922,
$
13,024,500
11,659.500
263,050
1.001,970
3.359.232
2,975,900
32,284,152
Buffalo Postal Station Corp.
-Bonds Offered.
-Fletcher
American Co., Indianapolis, is offering at 100 and int.
$450,000 6%% 1st (Closed) Mtge. Real Estate Gold bonds.
A circular shows:
•
Dated Jan, 15 1924, due Jan. 15 1834. Int. payable J. & J. at Fletcher
American National Bank, Indianapolis, trustee, without deduction for
normal Federal income tax not in excess of 2%. Callable at 102 and int.
up to and incl. Jan. 15 1929 and 101 and int. thereafter until July 15 1933.
Security.
-Secured by a first (closed).mortgage on property owned in
fee simple in Buffalo, N. Y., which is to be occupied under a non-cancellable
lease through the life of this issue by the U.S. Govt.Post Office Department
at an annual rental of $56,125. This rental is to be paid in four quarterly
Installments each year to the treasurer of the company, who, as long as
any of these bonds are outstanding, shall be an officer of the Fletcher
American Co. The Post Office Department has an option to purchase at
a figure approximating the appraised value. The property has been
appraised at $725,000 upon completion. The value of the ground alone,
which is owned in fee simple, is given as $200,000.
Earnings & Sinking Fund.
-The average annual net income of these
properties, after taxes, insurance and all other charges and expenses. Is
estimated at $42.500. All surplus earnings must be paid into a sinking
fund to be used only for the retirement of bonds or to provide additional
facilities, which might be required by the Post Office Department, and
which would provide increased equity and earning power. If no additional
facilities are required, it is estimated that the sinking fund will retire over
$180,000 of these bonds before maturity.
Protective Provisions.
-The entire Common stock will be issued to the
Fletcher American National Bank, Indianapolis, trustee, with exception
of the director's qualifying shares. The Fletcher American Co. will be
represented on the board of directors throughout the life of this issue.
As long as any of these bonds are outstanding, there shall be no dividends
paid on the Common stock and no salaries paid to any of the company's
officers. Insurance in all proper forms and amounts sufficient to protect
the bondholders fully must be carried on the property throughout the
life of the bonds.
Butte-New York Copper Co.
-Sale.
--The property of the company, in Montana, will be auctioned by the
terms of a decree of George M. Bourquin, Judge of the United States
District Court. The decree was handed down in the suit of the Equitable
Trust Co. of New York, as trustee. aganst the company. Foreclosure of
a first mortgage and sale of the property was ordered because of the company's default in paying the interest and principal of 8150,000 in bonds
Issued in 1915. Interest and principal on the bonds now totals 3240,446.
The Court has named John Lindsay, of Butte, as special master of the
sale, and he has been directed to accept no bid of less than $150,000.
-V. 117. P. 556.
-Initial Common Dividend.
Canada Bread Co., Ltd.
The directors have declared an initial dividend of 4% on the Common
stock and the regular quarterly dividend of 1%% on the Preferred stock,
both payable April 1 to holders of record March 16. It is stated that the
-V.117, p. 1666.
Common stock will hereafter pay 1% quarterly.
-Annual Report.
Canada Cement Co., Ltd.
x Represented by 161,000 shares Common stock, no par value.
-V. 118.
1922.
1921.
1920.
Calendar Years1923.
p. 435. 314.
Income from operations_x$2,235,439 x$2,403,101 $2,636,461 32.862,742
343,592
360,250
376.684
392,622
Bond interest
Binghamton (N. Y.) Light, Heat & Pr. Co.
-Tenders. Fire ins.trans.to res.acct. 40,455
148,732
159,177
140,516
The United States Trust Co. of New York, trustee, until Feb. 15 re- Contingent reserve
190,000
275,000
ceived bids for the sale to It (for account of the sinking fund) of 1st Mtge. Renewals,&c., reserve
35,000
40.000
25,000
bonds, dated July 1 1902, to an amount sufficient to exhaust $14,862.- Res. for Indus. accidents_
24,000
V. 117, p. 2657.
Depreciation815,530
810,491
735.000
. _ 73
'
5,000
735.000
735,000
Pref. dividends
(The J. G.) Brill Co.
810,000
-Earnings.
Common dividends (6%).. 810,000
810.000
810,000
(7%)Calendar Years1923.
1922.
1921.
1920.
Total sales
$39,118 der$284,930 def$525.888
$52.392
Balance, surplus
$18.167,486 $10,177,583 $7.647,899 $17,537,293
°per., gen. & adm. exp.
dz deprec. reserve-._ _ 15,525.021
x Income from operations and investments for years 1923 and 1922 is
9,103,291
7,484,499 16,121,972
after making provision for depreciation.
Net profits
32,642,465 $1,074,291
$163,400 31,415.321
Consolidated Balance Sheet December 31.
Miscellaneous income_ _ - Cr.101,937
1922.
1923.
1922.
1923.
$
Assets$
Total income
$2,744,402 31.074.291
$163,400 $1,415,321 Land, buildings,
7% Pref. stock _ _ _10,500.000 10.500.000
Reserve for Federal taxes
347,896
119,323
240,000
plant, eq.,&c-x26,169,018 27,841,761 Ordinary stock.. _13,500,000 13,500.000
do do contingencies
150.000 Investments_..-- 5,626,432 3,620.948 1st M.6% bonds.. 5,513,800 5,797,453
Special deprec. res
150,000
900.000
Inventories _ _ _ _ 2,573,054 2,392,394 Id tge.on building - 804.000
Ras. for development of
Acc'ts receivable
Accounts payable_ 1,274,964 1,425.437
gas propelled vehicles_
100.000
86,962
(less reserve)_
579,316 Bond Int. accrued _
850,207
82,707
Pref. divs.(7%)
320.600
320,600
320,600
320,600 Bills receivable_
183,750
12,526
17,692 Pref.div. payable.. 183,750
240,510
Corn. &vs.(5%)
Dep.on tenders.
83,885 Ord. div. Payable_ 202,500
202,500
125,300
155,249 1,216,277 PireInsur. refeve__ 1,500,000 1.459.545
Balance, surplus
$1,585,396
$634,368 def$157,200
5704,721 Cash
360,000
57,290 Rep'rs & renew.res 400,000
52,120
Previous surplus
3,582,971
2,904,252
3,351,193
2,585,761 Deferred charges
Other reserves__ __ 836,635
740,756
653,159
705.550
Total
$5,168,367 $3,538,620 $3,193,993 $3,290,482 Tot.(each side). 35,563,907 35.809,563 Surplus
xLand, buildings, plant, equipment &c., at original cost with subsequent
Adjustments
Dr.183,171
Cr.44,351 Dr.289,741
Cr.60,710 additions,
less depreciation to date, the provisions for the year 1923 having
Total surplus
$4,985,196 $3,582,971 $2.904,252 $3,351,192 aggregated 31.547,273.-V. 116, p. 725.
-v. 117. p. 2216.
Brooklyn Union Gas Co.
-Listing, &c.
-
The New York Stock Exchange has authorized the listing of 360,000
shares (auth. 600,000 shares) capital stock, no par value, on official notice
of Issuance in exchange for present outstanding certificates of capital stock
of the par value of $100 per share, on the basis of 2 shares of stock without
par value for each share of stock par $100. The change in the capital stock
was authorized by the stockholders Dec. 18 last. Of the authorized
600.000 shares,(a)360,000 will be issued in exchange for the present 180.000
outstanding shares, par $100;(b) 40,000 shares shall be reserved for the purpose of converting and retiring the outstanding $2,000.000 7% Convertible
Debenture bonds, and (c) 111.580 shares shall be reserved for the purpose
of converting and retiring the outstanding $35,579,000 7% Convertible
Debenture bonds.
Sales of Gas for the Last Five Calendar Years (in 1,000 Cubic Feet).
' 1921.
1920.
1922.
1923.
1919.
19,724.213
17,651.844
17.960.895
20.243,267
16,970,622
The company is advising stockholders that temporary certificates of
new no-par-value stock are ready for exchange for the present $100 par stock
on basis of 2 no par shares for each $100 par share atz he offices of the Guaranty Trust Co., 140 Broadway. N. Y. City.
United States Mortgage & Trust Co., New York,t as been appointed
-V. 118. p. 668.
registrar for the 600,000 shares of no par value stock.
Candy Products Corp.
-Acquisition.
-
It is announced that the corporation has purchased the assets of the Chase
Candy Co. of New York. The purchase price was not announced.
The Chase Co.'s plant at 556 West 44th St., N. Y. City, will be consolidated with the Candy Products plant at Hoboken. N. J. The products of
the latter company, which include eight brands of candles will be distributed hereafter through the agencies of Candy Products, which, it is stated,
Include the Metropolitan Tobacco Co., F. W. Woolworth & Co. and the
Kresge Stores.
'William P. Chase. formerly President of the Chase Candy Co.. will
become President of the Candy Products Corp.. it is said.-V. 117. p. 2216.
k Central Georgia Power Co.
-Application.
sr The company has applied to the Georgia P. S. Commission for authority
to issue $1,000,000 additional Capital stock and $2,250,000 7% bonds.
The proceeds of these issues are to be used in building a steam power plant
In Bibb County. Ga.. to serve industrial plants In Macon and several
central Georgia counties.
The company at present has authorized and outstanding 54,000,000
Capital stock, par $100, a majority of which is owned by the Georgia
Light, Power & Rys. Co.
Chino Copper Co.
-Merger With Ray Approved.
See Ray Consolidated Copper Co. See also V. 11S, p. 206.
798
THE CHRONICLE
Cincinnati Gas Transportation Co.
-Tenders.
The Provident Savings Bank & Trust Co.. trustee, Cincinnati, Ohio,
will until Feb. 15 receive bids for the sale to it of 5% bonds dated July 1
1908 to an amount sufficient to exhaust $40,701.-V. 117, p. 1667.
City Dairy Co., Ltd.
-Balance Sheet Dec. 31.-
Assets$
$
Real est.. bldga.,
plant de equip--$1.090,427}$1,527,777
Goodwill
53,232
Cash
28,363
Acc'ts receivable
91,791
83,144
Inventory
62,420
59,477
Prepaid charges__
920
992
Dominion bonds &
accrued interest. 227,394
75,631
Prov.of Ont.bonds
& accrued int_ _ _ 125,565
128,244
Shares of sub. cos.,
and other securs. 232,011
223,511
LiabilitiesPreference stock__
Common stock_
Mtge.loans&seer.
int.,less sk.fd -Acc'ts pay., accr'd
wages.&c
1,1i% Pref. div.,
payable Jan.2
23i% Corn. dlv..
payable Jan.2
Unclaimed dive_ _ _
Reserve
Profit & loss acc't_
1923.
$700,000
565,000
1922.
$700,000
565,000
33,462
35,679
361,025
330,008
Mills Corp. The latter company was incorporated in Delaware Feb.9 last.
Compare V. 118, p. 556. 669.
Crane Co., Chicago.
-Sub. Co. Increases Stock.
--
The Crane Enamelware Co. of Chattanooga, Tenn., a subsidiary, has
increased its capital stock from $1,500,000 to $3.500,000 to take care of
the large expansion program now being completed and to provide additional working capital.
-V. 116. P. 1766.
Crescent Pipe Line Co.
-Annual Report.
-
Calendar YearsNet (all sources)
Dividends
1920
1923.
1922.
1921.
$146,101
$181,602
$44,464
$168,666
(434%)67,500 (6)180,000 (6)180,000 (6)180,000
12,250
12,250
Balance. sur. or def___def$23,036
Previous surplus
295,047
14,125
587
48,000
149,313
14,125
491
48.000
421,586
Profit & loss, surplus_
$272,012
Balance Sheet
Assets1923.
1922.
Plant
:809,818 $828,672
Mat'la & supplies_
10,904
10,505
Cash,accts.rec.,&c. 1.074,436 2,700,872
Total
31.883,762 32.127.139
$1,883,762 $2,127,139
Total
The income account for the year ended Dec. 31 1923 compared with the
calendar year 1922 was given in V. 118, p. 668.
Clark Bros., Ltd.
-Sale.
The Bear River Pulp Co., Ltd., representing New York and Chicago interests, it is reported, has purchased the assets of the Clark Bros., Ltd., consisting of pulp and paper properties in Nova Scotia. The purchase price,
fixed by order of Supreme Court. involved $200,000 in cash and securities
in the new company valued at 11,300,000.-V. 117, P. 2114.
Commercial Solvents Corp.
-Annual Report.
-
Calendar YearsGross profit
Depreciation
Administration expenses, &c
Federal taxes
1923.
xS165.828
59,533
114,152
1922.
$457,891
24,685
185,168
22,600
Operating income
Other income
loss$7,857
26.691
$225,438
30,348
$18,834
78,708
$255,786
98.797
Totalincome
Interest and other charges
[Vou 118.
Balance
def.$59,874 sur.$156,989
x After deducting production costs,laboratory expense,factory oper.exp..
redistillation charges and returns and allowances.
-V. 118, p. 88.
Total
$1,895,158 $3,540,049
-V. 117, p. 2217.
sur$1,602 def$11,334
293,445
304.779
def$33,899
338,677
$304.779
$295,047
$293,445
December 31.
1922.
Liabilities1923.
Capital stock
$1,500,000 $3,000,000
245,002
Accts. payable
123,147
Profit and loss_._ 272,011
295.047
Total
$1,895,158 $3,540,049
Cuban Telephone Co.
-Expands Service.
It was announced Feb. 8 that this company (a subsidiary of the Inter-
national Telephone & Telegraph Co.), which controls the telephone system
of Cuba, has opened a new office, with a capacityof 500 stations, in Manzanillo. one ofthe principaltowns in Southeastern Cuba.
-V.117,p.2894.
Dedham & Hyde Park Gas & Electric Light Co.
-
The company has applied to the Mass. Dept. of Public Utilities for authority to change the par value of Its capital stock from $50 to $25 a share,
and increase the number of shares from 4,000 to 8.000.-V. 117,P. 1020.
Deere & Co.
-Unfair Competition Charged.
-
See International Harvester Co. below.
-V. 118. p. 547.
Detroit & Cleveland Navigation Co.
-Balance Sheet.
Dec.31'23. Dec.30'22.
ASSel3-
$
Vessel property- _ _ 4,565,821
New steamers adv.
on account
3,695,067
Real estate, bldgs.,
equipment, &c_ 2,028,072
Cash
60,361
Securs., notes,dtc.,
owned
3,558,986
Accts.receivable
25.629
Deferred assets_ _ _
87,832
Dec.31'23.
$
Liabilities$
4,551,448 Capital stock
6,038,000
Funded debt
1,210,625 Accts.& vouch.Pay 170,955
Accr liabilities not
1,913,799
due(taxes)
204,481
382,176 Res. for ins. tax__ 275,000
Deferred items_ __
6,693
4,516,317 Reserve for delves 3,948,627
25,290 Other reserves_ _ _ 173,766
97,114 Profit and loss_ ___ 3,192,245
Dec.30'22.
$
6,038,000
1,000
62,808
211,255
Commonwealth Edison Co., Chicago.
-Budgetfor 1924.
225,000
Expenditures of approximately $29.250,000 are provided for in the com8,360
pany's 1924 investment budget. This represents an increase of nearly
3,790,756
$10,000.000 over the budget estimate made early in 1923, which was ex187,754
ceeded, however, by nearly 14,000.000 because of the carrying out ofa more
2,171,835
extensive program than had been planned. About 116,000.000 will be
spend during 1924 in providing additional generating capacity. Of this
Total
14,009,768 12,696,768
Total
14,009,768 12,696,768
amount, about 812,000.000 will be used at the Crawford Ave. electric -V. 116. p. 827.
generating station in placing the first three units in service. About $2.750,000 will be required to complete the Calumet station.
-V.118. P. 555,
Detroit Motor Bus Co.
-Stock Increased.
436.
The stockholders have voted to increase the authorized capital stock from
81,500,000 to 83,000,000.-V. 117. p. 2894.
Commonwealth Water Co., N. J.
-Bond Application.
The company has applied to the New Jersey P. U. Commission for
Distillers Securities Corp.
-No Dissent from Plan.
authority to issue at not less than 8734 and interest $300,000 additional
B. W. Jones, Chairman of the bondholders' committee, states that
534% bonds, maturing in 1947, to finance in part capital expenditures, &c. there has been no dissent from the plan of
reorganization of the U. S. Food
-V. 115, p. 2909, 2585.
Products Co. (see below). He stated that 80% of the bondholders have
assented to the plan and more are coming In.
-V. 118, p. 557.
Computing-Tabulating-Recording Co.
-New Name.
See International Business Machines Corp. below.
-V. 118, p. 669.
Dodge Bros.(Automobile Mfrs.), Detroit.
-Output.
The company in January produced 19,900 cars and trucks. This comConsolidated Allotment Co. Cleveland, 0.
-Bonds pares with an average production of 15.000 cars a month in 1923. FebruOffered.
-The Tillotson & Wolcott Co., Cleveland, are offer- ary production, it is stated, is about 900 a day, or 22,000 for the month.
'
.
ing at par and int. $535,000 1st Mtge. & Coll. Trust 7% V. 118, P. 89
Gold bonds. A circular shows:
Dated Jan. 1 1924: due semi-annually July 1 1924 to Jan. 11928. Denoms. 81,000. $500 and $100. Int. payable J. & J. at Guardian Savings k
Trust Co., Cleveland, trustee, without deduction for Federal income taxes
up to 2%. Pennsylvania and Kentucky 4 mills taxes refunded. Redeemable, all or part, upon 15 days' notice, at a premium of 1% for each year ro
fraction thereof that the bonds have to run at time of redemption.
Property.
-Owns valuable allotment properties known as "Taylor
Heights" and "University Heights," both of which have been opened up
and largely sold, and a third property, as yet undeveloped. All these
properties are situated in the City of Cleveland Heights and the Villages of
Idlewood and South Euclid, and are located in the district bounded by
Taylor Road on the west, Green Road on the east, Fairmount Boulevard
on the south, and Berkley Road on the north. The particular section concerned in this financing is the property along Taylor Road, adjoining the
estate of John L. Severance on the south. The major portion of this property is situated In the City of Cleveland Heights, the easterly end thereof
being In the Village of South Euclid. The property is all opened up and
allotted, and over 80% of it is sold.
Security.
-Bonds are secured by a direct first mortgage lien upon 775 lots
In the company's property valued at $1,342.680. This appraisal assumes
the completion of the balance of the improvements,a portion of which have
been legislated and the balance guaranteed by the company. On the basis
,
of this valuation, these bonds constitute less than a 40% loan. Of these
lots, 674 have been sold under land contracts for $1,202,874. The remaining 101 unsold lots are available to purchasers at a price of $262,680. The
land contracts, upon which there is a balance due of $615,676, are assigned
to the trustee for the benefit of the bondholders, and the trust indenture
provides that all payments on such land contracts, both of interest and
principal, shall be made to the trustee and used by it for the payment of
interest and principal of these bonds as they mature, and for the payment
of bonds in advance of maturity, with the exception that the first collections, to the amount of $15,000, shall be used to retire a second mortgage
obligation due July 11924. after the July 1 1924 requirements of principal
,
and interest of these bonds are supplied.
Continental Can Co., Inc.
-Listing.
-
Dominion Bridge Co., Ltd.
-Advise Against Option.
-
The directors have issued a circular letter to shareholders regarding the
letter of the National Trust Co. of Toronto seeking a 60
-day option on the
stock at $90 per share. The letter says: "We desire to inform you that
the circular of the National Trust Co.. dated Feb. 4 1924, accompanied
by printed forms of option for the purchase of this company's shares. has
been issued without the consent or concurrence of the directors of the
company, who have no knowledge of the persons represented by the trust
company, nor of the object to be attained. Without receiving any consideration, therefore, this option would prevent you from dealing with the
shares while the option is outstanding and binds you to deliver the shares
if the option is exercised, but creates no obligation on the part of the
National Trust Co., Ltd.
"According to the company's la.st financial statement the book value
of the shares is $150 per share, and surplus of liquid assets is $63 per share.
The directors recommend that the options be not given."-V.118, p.670.
East Bay Water Co. Oakland, Calif
.-Bonds.-
The California RR. Comnitssion has authorized the company to issue
not exceeding 12,250,000 Unit. & Ref. Mtge, bonds and not exceeding
$1.162,500 of 6% Class "A" Preferred stock or. in lieu thereof, not exceeding $3.158.000 of notes,for the purpose of acquiring the necessary properties, and constructing the upper San Leandro dam and reservoir project.
for the purpose of developing an additional water supply for the East Bay
district.
-V. 118. p. 316.
Eastern New Jersey Power Co.
-Merger, &c.
-
The New Jersey P. U. Commission has authorized the company to issue
13,250.000 1st Mtge. 25
-year 6% bonds, $1,250,000 7% Cumulative
Participating Preferred stock and 10,000 shares of Common stock. The
corporation is financing the merger of the Eastern New Jersey Power CO.
and the properties of the Atlantic Coast Electric Ry. and subsidiaries, the
Atlantic Coast Electric Light Co. and New Jersey Water & Light CO.
Among the subsidiaries are also the Seashore Electric Ry.. the West End
& Long Beach Branch Co., the Seacoast Traction Co. and the
Asbury Park
& Sea Girt Ry.-V. 117. p. 316.
Eastern Petroleum Co.
-Deposits under Plan.
The New York Stock Exchange has authorized the listing on or after
The protective and reorganization committee announces - it has
Feb. 15 of 18,273 additional shares of Common stock without par value, on
that
received deposits and assents to the plan of reorganization of the following
official notice of issuance as a 5% stock dividend, payable Feb. 15 to stock
of record Feb. 5, making the total amount applied for 383,737 shares.
- amounts against the total outstanding bonds mentioned:
V. 118, p. 207.
Deposited. Outstanding.
Eastern Petroleum Co. 1st mtge. 10
-year 6% sinking
Continental Gas & Electric Corp.
fund gold bonds
-No Par Shares
$844,500
$747000
Eastern Petroleum Co. Payn issue first lien collateral
Authorized-Bonds Sold.trust 10
-year 7% sinldng fund gold bonds
1,040,500
Tho stockholders on Feb. 11 authorized an issue of 350.000 shares of no
970,500
These deposits represent approximately 88% and 92%, respectively, of
par value Common stock, of which 106,035 shares are to be issued hmnediately to present holders of the 42,414!shares of Common stock, par COO,on the outstanding bonds.
It is the desire of the committee that all holders shall participate in the
the basis of 2% shares of the new stock for one share of the old.
benefits of the reorganization and the committee will, therefore, continue
In connection with the increase of the outstanding Common stock there to accept deposits at the
Fidelity Trust Co., 325 Chestnut St., Philadelphia,
was adopted at the same meeting an amendment protecting the holders of
depositary, until one week prior to actual foreclosure under the mortgages,
the Participating Preferred stock in their right to participate with the as
which,
Common stock above their fixed rate of 6% per annum. By virtue of this plan in it is anticipated, will take place shortly after March 1. Compare
V. 117. p. 2775.
protective amendment the Participating Preferred stock. instead of participating with the Common dividends in excess of$7 per share to the Common
Eaton Axle & Spring Co.
-Sells Plant.
stock, participates up to an additional 2% after dividends of$2 80 per share
It is understood that the company has sold its Torbensen plant to the
have been paid to the Common stock in any one year.
Murray
corporation. it is understood, proposes to initiate during the present mately Ohio Mfg. Co. The transaction is said to have involved approxiThe
$350,000.-V. 117, p. 1891.
year a cash and stock dividend policy on the newly created Common stock
which will result in placing the Common stock on a satisfactory dividend
Edmunds & Jones Corporation.
-Earnings.
yield basis and will further result in the Participating Preferred stockCalendar Yearsholders'immediate participation in dividends above their fixed rate of 6%
1923.
1922.
1920.
1921.
Gross sales
annum.
$5,700,000 $4,200,000 $2,894,241 Not stated
per
524.839
It is announced that the $5,700.000 Collateral Trust 7% Gold bonds, Net income
108,226
108.215
444,638
64,723
54,108
10,867
Series "A." dated Feb. 11924. have all been sold. See offering in V. 118. Federal taxes
10,634
Preferred dividend
45.577
55,090
60,870
p. 669.
58.219
Common dividend
140.000
60,000
80.000
Continental Paper & Bag Mills Corp.
-Acquisition, &c.
Balance, surplus
8274,539
1275.440
$39,362 def$43,511
The stockholders of the Continental Paper & Bag Mills on Feb. 13
x Estimated.
-V. 118, D. 557.
the sale of all its assets, &c., to the Continental Paper & Bag
approved
Emerson-Brantingham Co.
-Unfair Competition Charged
See International Harvester Co. below -V. 116, p. 941.
-Earns.3 Mos. End. Jan.31 '24.
Exchange Buffet Corp.
Gross profits
-Depreciation, 326,689; provision for Federal taxes,
Deduct
319,965; total
$186,410
Net profits
Dividends paid
$139.756
124.500
46,654
$15.256
Balance, surplus
- 117, p. 2327.
-Resignation.
Fairhaven Mills, New Bedford, Mass.
-V. 117. p. 2115.
James Thomson has resigned as Treasurer.
-Resignation.
Famous Players-Lasky Corp.
Gayer G. Dominick,of Dominick & Dominick, has resigned as a director.
- 118, p. 437. 316.
-Resumes Divi(J. A.) Fay & Egan Co. of Cincinnati.
dends on Common Stock.
A dividend of 1% has been declared on the Common stock, together with
the usual quarterly dividend of 1K% on the Preferred stock, both payable
Feb. 20 to holders of record Feb. 13. Quarterly dividends of 1%% each
were paid on the Common stock from Feb. 1921 to Feb. 1922, inclusive:
-V. 115, p. 2273.
none since.
-Bonds Offered.
Fresno City (Calif.) Water Co.
-Mention was made in V. 118, p. 437, of the offering, at 100 and
interest, of $400,000 First & Ref. Mtge. Gold Bonds, 35
Year 6%, Series "C," by Blythe, Witter & Co. A circular
further shows:
Dated Feb. 1 1924. Due Feb.1 1959. Interest payable F.& A.without
deduction of the normal Federal income tax of 2%. Denom. $500 and
$1,000 c*. Redeemable at 105 and interest for the first ten years and
102 34 and accrued interest thereafter. Union Bank & Trust Co., Los
Angeles. trustee. Exempt from all State and local taxation in California.
A sinking fund of 2% of all bonds outstanding will be paid to the trustee
annually beginning 1927. One-half of such payment may be used for additions and betterments against which no bonds may be issued.
-Supplies water without competition to the City of Fresno,
Corporation.
Calif., having an estimated population of 69.000. Since 1905 the number
of consumers has increased over 400%. The management and control of
the corporation is closely allied to that of the San Joaquin Light & Power
Corp.
-These bonds will be secured by a direct mortgage lien on all
Security.
properties of the corporation now or hereafter owned, subject only to a
closed underlying mortgage under which but $189,000 of bonds are outstanding.
-Net earnings for the past six years have averaged over four
Earnings.
times interest charges. Earnings for 1023, which have received no benefit
from this financing, were equal to 2.3 times interest on all bonds, including
the bonds about to be issued.
Capitalization Outstanding in Hands of Public.
Authorized. Outstand'g
Underlying First Mtge. 5s, due 1946 (Closed)
$350,000 *3189,000
First & Ref. Mtge., Series "A" of 1956
400.000
do Series "B" of 1952
50000001 150,000
do Series "0" of 1959 (this issue)
400,000
Common stock
350.000
1.000,000
*Does not include 3104.000 held alive in sinking fund.
-V. 118. v. 437.
Garford Motor Truck Co., Lima, 0.
-Resignation.
E. A. Williams, Jr., has resigned as President.
-V. 116, p. 1538.
General Electric Co.
-Supplementary Compensation to
Employees.
Supplementary compensation totaling $1,178,595 has just been paid to
27.629 employees of the company. The payments represent 5% of the
earnings for the six months which ended Dec. 31 1923, and were made to
those employees who had been continuously in the service of the company
for five years at that date.
The payments were made in bonds of the General Electric Employees'
Securities Corp., which yield 8% to employees of the company.
-V.118. p.
670. 557.
General Motors Corp.
-Chevrolet Motor Co. Production.
-
Production of Chevrolet Motor Co. in January totaled 44.800 cars,
against 41,556 in December and 30,000 in January 1923. The February
schedule, it is said, is set at 55,000. Compare V. 118. p. 670, 557.
Glidden Company.-Bal. Sheet Oct. 31 (Incl. Subsid's).1923.
Assets$
Land, buildings,
equIpm't, &e. _x7,705,250
Good-will, trade.marks. Ac
y1,054.232
417,274
Cash
Notes dc trade accept. receivable_
194,639
Accts.rccelvable_ 2,787,597
Inventories
4,630,393
305,026
Other assets
Pref.stk.for retire. 420,419
Deferred charges-. 358.162
1922.
7.771,062
438,711
561,512
230,647
2,919,731
4,938,831
307,146
209,278
1,008,850
1923.
Liabilities$
7.7 cum. Pt. stk__ 6,805,500
0
Common stock_ _z1,614,775
Minority int. (GI.
Stores Co.) stk_
32.810
IstM.8%s.f.bds. 3,101.500
Notes Payable__ 1.789,000
Accts. payable..._ 617.067
Misc.acets.pay.,&e.
88,876
Acced local taxes,
interest, &e_.... _
189,409
Deferred items__ 380,096
Res. for contin.,&c.
75,269
Surplus
3,178,689
1922.
$
6,804,500
1,614,865
33,820
3,349,500
3,093.000
676,960
67,460
177,073
475.763
29,324
2,063,504
Total (each side)_17,872,992 18,385,769
x Includes: Land.31,414.429; bldgs., machinery,equip., &c.,$7,538,901,
less allowance for depreciation, $1,262.580; balance, $6,276.321: unfinished
construction, 314,5(10. y Good-w111, trade-marks, reorganization and
development expenses and unamortized portion of bond discount, &c.
z Common stock represented by 322.955 shares of no par value.
-(1) This balance sheet Is subject to any adjustment found necesNote.
sary upon determination by the United States and Canadian Governments
of final liability for Government taxes. (2) No dividends have been paid
or provided for on the 7% cumulative Preferred stock of the Glidden Company for the period subsequent to Jan. 1 1922.
The income account for the year ended Oct. 31 1923, compared with
10 months ended Oct. 311922, was published in V. 118, p. 558.
Certain 1st Mtge. 8% Sinking Fund Gold bonds dated Sept. 1 1921.
aggregating $62,500, have been called for redemption Mar. 1 at 107% and
-'V. 118, p. 558.
Int.. at the Union Trust Co.. Cleveland, Ohio.
Gorham Manufacturing Co., Silversmiths Co. (and
-Reorganization Plan.
Subsidiaries).
The joint reorganization committee. representing (1) the committee
under Gorham Manufacturing Co, Preferred stock, (2) the committee for
Silversmiths Co. certificates of indebtedness and secured notes. and (3) the
committee under Silversmiths Co. Pref. and Common stock, has adopted
and approved the plan of reorganization outlined below. The plan has
also received the approval of the boards of directors of Gorham Manufacturing Co. and of the Silversmiths Co.
An introductory statement to the plan says in substance:
Gorham Manufacturing Co. owns the entire capital stock of Gorham
Co.. referred to as the "Gorham group."
The Silversmiths Co. owns the entire capital stock of William B. Durgin
William B. Kerr Co. and Whiting Manufacturing Co. It also owns
Manufacturing Co.
Co..entire Common stock of Gorham the
For each of the last three years the Gorham companies have shown a
deficit, and the Preferred stock of Gorham Manufacturing Co. now has
accumulated unpaid dividends amounting to 21%. The bank loans of
these companies exceed $2,000,000.
The Silversmiths Co. has outstanding overdue certificates of indebtedness and secured notes aggregating $968,800. The earnings of its subsidiaries are required for the payment of interest on and the reduction of
principal of this Indebtedness. The dividends on its Preferred stock
are now in arrears to the extent of 21%•
799
THE CHRONICLE
FHB. 161924.]
The plan of reorganization provides for the consolidation of the Gorham
and Silversmiths groups. It is contemplated that this consolidation will
be effected through the acquisition by Gorham Manufacturing Co. of all
the assets, business and goodwill of the Silversmiths group,and the assumption of all the liabilities thereof. They also provide for the recapitalization
of Gorham Manufacturing Co., for the exchange of the stock of Silversmiths Co. for stock of Gorham Manufacturing Co., and for the equitable
adjustment of the rights and interests of the stockholders of Gorham
Manufacturing Co. and of Silversmiths Co.
Joint Reorganization Committee.
-Edward B. Aldrich, Florrimon M.
Howe, George H. Newhall, Albert R. Plant, Thomas H. West Jr., with
Everett S. Hartwell, Sec., 49 Westminster St., Providence, R. I., and
Edwards & Angell, Providence, counsel.
The securities which may participate in the plan.are as follows:
(1) Gorham Manufacturing Co. Preferred stock (depositary, Rhode
Island Hospital Trust Co. Providence); (2) The Silversmiths Co. (a) certificates of indebtedness and notes secured by the indentures dated June 29
1920 and Mar. 31 1921 (depositary, Rhode Island Hospital Trust Co..
Providence); (b) Preferred stock (depositary, Industrial Trust Co. Providence);(c) Common stock (depositary, Industrial Trust Co.. Providence).
Holders of Preferred stock of Gorham Manufacturing Co. not heretofore
deposited may on or before Feb. 25 1924 deposit their stock with Rhode
Island Hospital Trust Co., the depositary. Holders of Preferred and
Common stock of the Silversmiths Co. not heretofore deposited may on
or before Feb. 25 1924 deposit such stock with Industrial Trust Co., the
depositary.
Digest of Reorganization Plan Dated Jan. 25 1924.
-The essential object of the plan is to consolidate the propConsolidation.
erties and businesses of Gorham .Manufacturing Co. and the Silversmiths
Co. and its subsidiaries and to readjust their debt and capitalization. This
may be accomplished by the transfer of the properties of Sllversmih's
Co. and its subsidiaries to, and the issue of new securities by, Gorham
Manufacturing Co.(or a new company).
New Securities of Consolidated Company.
(a) $871.920 6% Debenture Notes, payable in annual installments of 1-9
of the principal amount thereof during each of the years 1926. 1927 and
1928 and of 2-9 of the principal amount thereof during each of the years
1929, 1930 and 1931. Callable all or part on any int. date at par and
int. No mortgage shall be placed on the assets of the company without
paying these notes.
33,900,000 7% First Pref. (a. et d.) Stock.
-Redeemable all or part on any
dividend date at 105 and diva. Convertible at any time on or before
Mar. 1 1929 into Common stock on the basis of 2 shares of Common stock
for one share of 1st Pref. stock. Will have equal voting power, share
for share, with any other class of stock.
106,000 Shares Common Stock (no par value).
-So much of this amount as is
not required will be available for use by the consohdated company for
such purposes as the directors may determine.
The authorized 1st Pref. stock may be increased by not exceeding $1,100.000, which increase shall be available for future financing,and the authorized
Common stock may be increased by such amount as may be necessary to
provide for the conversion of 1st Pref. stock or other requirements.
Provisions for Existing Debt and Stock.
(1) Gorham Manufacturing Co. Preferred stockholders (33.000,000
outstanding) assenting to the plan will receive in exchange for each share
held by them: (a) ji share of 1st Pref. stock; (b) K share of no par value
Common stock; and (c) si share of no par value Common stocg on account
of accumulated diva. [The joint reorganization committee may permit
Gorham Manufacturing Co. Pref. stockholders to participate in the plan
on the same basis as the Silversmiths Co. Pref. stockholders.)
(2) Silversmiths Co. certificates of indebtedness and secured notes will
be dealt with as follows: 10% of the 3968.800 principal amount of these
certificates and notes, aggregating 396,880. will be paid in cash. The
remaining 90% of the principal amount of these certificates and notes.
aggregating $871.920, will be paid by delivery of 6% debenture notes at
par. Interest from Dec. 31 1923 on the certificates of indebtedness and
secured notes will be adjusted in cash.
(3) Silversmiths Co. Preferred stockholders ($3,300,000 outstanding)
assenting to the plan will receive in exchange for each share held by them:
(a) % share of Phut Preferred stock;(b) 1 K shares of no par value Common
stock: and (c) K share of no liar value Common stock on account of accumulated dividends.
(4) Silversmiths Co. Common stockholders ($3,599,300 outstanding)
assenting to the plan will receive in exchange for each share held by them:
Si share of no par value Common stock.
Voting Trust.
-It is contemplated that voting trust certificates will be
issued for the Common stock referred to above.
Projected Consolidated Bal. Sheet Jan. 31 1924 (After Consummation of Plan).
AssetsLiabilities
Cash
$1,169,724 Bank loans
$2.500,000
Notes & acc'ts receivable 2,140.239 Other current liabilities
438,530
Accrued int. and divs__
32,800 Debenture notes •
871,928
Inventories
4,284,483 Mortgage bonds
38.000
Investments
838,634 Deferred credits
5.000
Plant property
3,007,441 Reserves
1.869.425
Deferred charges
178,161 1st Pref. 7% stock
3,900,000
Common stock_ _
*2,028,607
Total
Total
$11,651,481
$11,651.481
* Represented by 106.000 shares of no par value of which 14.500 shares
be held in the treasury.
-V.118, p. 558.
(H. W.) Gossard Co., Inc.
-Stock Increased, &c.
The stockholders on Feb. 11(e) increased the authorized Common stock
from 75.000 shares of no par value (all outstanding) to 125,000 shares
of no par value. and (b) reduced the outstanding Preferred stock from $845.000 to $705,000.
It. O. Stirton has been elected President and Treasurer; L.If, Crawford,
Vice-President and General Manager, has been elected a director, succeeding H. W.Gossard.-V. 118. p.671,558.
(W. T.) Grant Co.
-January Sales.
-
The company reports sales for January of $1.341.715. an increase of 27%
over January 1923. Compare also V. 118, p. 437.
(The) Great Western Sugar Co.
-Listing-Earnings.
-
The New York Stock Exchange has authorized the listing of $15,000,000
Common stock, par $25 each.
Consolidated Income Account for Fiscal Year Ended February 28.
Profits from operations
Interest incoMe, bank deposits, loans, &c
*1924.
1923.
$12,743,000 $8,056,092
393,781
513,000
Total
Less depreciation of plants
Federal income taxes
Other deductions
313.256,000 $8,449.873
1,201,000
1,176,765
1,105,000
393,994
Net income (all companies)
Profit and loss surplus
$10,950,000 $6,879,114
332,645,000 $25,145,623
* Subject to correction at end of year.
-V. 118. p. 437.
Harmony Mills, Inc.
-Earnings, &c.
-
Net earnings for the year ended Dec. 31 1923 after ;depreciation
and
estimated taxes, amounted to $387,101.
Balance Sheet as of Dec. 31.
Assets1923,
1922.
1923.
1922.
RI. est. & mach'y-$5,178,077 $4,398,682 Preferred stock_
_.$1,500,000 31,500.000
Inventory
995,933
950,678 Common stock._ 4,196,400 1,398,800
Cash & accts. rec. 739,345
720,271 General reserve__ 105.531
335,334
Marketable secs
421,472
313,870 Dividend reserve_
26.250
Rea. for deprec_
1,500,000
Tot.(each side)-$7,334,828 $6,383.501 Surplus
1,506,646 1.649,367
__Nr. 117. p. 2896.
Habirshaw Electric Cable Co.
-Plan.
-
Announcement was made Feb.8 by the reorganization committee of the
company that 80% ofall classes of creditors had deposited their claims under
the amended plan of Jan. 9. See V. 118, p. 208. This plan supports the
management of W. F. Benny-Malcolm D. Whitman, committee.
SOO
THE CHRONICLE
Randolph Whitman,chairman of a creditors committee,is advising bondholders that their bonds are worth par, and that they should "hold out for
payment in full." He says: "Developments have given to undeposited
bonds a great value. It hasfinally become clear that two powerfulfinancial
interests are fighting each other for control of the Habirshaw Co. They
can no longer conceal the fact that the Habirshaw properties and your
-V. 118, p. 671.
bonds are very valuable."
Hazeltine Corporation.
-Stock Sold.
-Foster, McConnell & Co., and Colgate Hoyt & Co., New York, have sold,
at $10 per share, 140,000 shares of no par value common
stock. A circular shows:
[You 118.
Independent Oil & Gas Co.
-Dividend of 25 Cents.
-
A dividend of 25 cents a share has been declared on the stock,
payable
Afar. 31 to holders of record Mar. 24. (See also V. 116, P.829.)-V. 118.
p. 438.
Indiana Pipe Line Co.
-Reportfor Year ending Dec.31.1923.
1922.
1921.
1920.
Net income
Dividends
$965,944
$1,532,856
(16%)800.000 *(60)3,000,000
81,163,550
$958,301
(16)800,000
(16)800,000
Balance, surp- $165,944 def.$1,467,144
8363,550
•Included in the item of dividends for 1922 is a special cash 8158.301
dividend
Seaboard National Bank, New York, transfer agent; Bank of America, of $20 per share, amounting to $2.000,000, distributed on Dec. 30 1922 to
New York, registrar. Company has no funded debt, notes, bank loans or stockholders of record Dec. 1 1922, all of which was paid out of earnings
accumulated since March 1 1913.-V. 116, p. 1419.
other ascertained liabilities except incident to current operation.
CapitalizationAuthorized. Outstanding.
International Business Machines Corporation (Name
Capital stock (no par value)
200,000 abs. 175.000 sun.
Company.
-Organized in Delaware. Will be the sole, exclusive owner of Changed from Computing-Tabulating-Recording Co.).
the trade marks "Neutrodyne," "Neutrodon" and "Neutroformer,' and Listing, &c.
of U.S.letters patent covering Prof.L. A. Hazeltine's well-known developThe New York Stock Exchange has authorized the listing on or after
ments in the radio industry which have resulted in the production of the Feb. 14
"Neutrodyne" receiver. It is stated that there are being produced at the notice ofof 150,688 shares of its capital stock, no par value, on official
issuance of such certificates bearing the name International Busipresent time more "Neutrodyne" receivers than any other type of radio ness Machines Corp., in exchange
for the present outstanding certificates,
receiver. The Independent Radio Manufacturers, Inc., have acquired bearing the name Computing-Tabulating-Recording
Co.
exclusive rights to manufacture and to sub-license their stockholder memThe directors of Computing-Tabulating-Recording Co. on Jan. 30 1924
bers to manufacture and sell "Neutrodyne" receivers, "Neutrodon" con- authorized the
densers, and "Neutroformer" coils, and will pay royalty to the Hazeltine stock of which merger of International Business Machines Corp., all of the
was owned by Computing-Tabulating-Recording Co. into
Corp., when its organization is completed, based on a fixed percentage of Computing-Tabulating-Recording Co.
and the assumption of the name by
their net sales value of equipment so produced.
the latter
of International Business Machines Corp. The
The following,it is stated,are among the sub-licensees of the Independent merger andcorporationname has in no
change of
way
Radio Manufacturers. Inc., and may lawfully manufacture and sell "Neu- of the company or its rights, powers and affected the corporate identity
obligations.
trodyne" receiving sets or parts thereof: American Radio & Research Corp..
Sales.
-The
F. A. D. Andrea, Inc., Broadcast Manufacturers, Inc., Carloyd Electric & Nov. 30 1923 net sales of the combined companies for the 11 months ending
were $11,527,048.
Radio Co., Inc., Eagle Radio Co., Garod Corp., Howard Mfg. Co., Inc.,
William J. Murdock Co., Radio Service Laboratories, Inc. Stromberg- Income Account (Computing-Tabulating-Recording Co.), 10 Months Ended
Oct. 31 1923.
Carlson Telephone Mfg. Co., R.E. Thompson Mfg. Co., Ware Radio, Inc.,
'
Net Profit of subsidiary companies,after deducting maintenance
Workrite Manufacturing Co.
and repairs of plants and equipment, provision for doubtful
Earnings.
-The commercial production of "Neutrodyne" receivers began
in the summer of 1923 and has increased at a rapid rate. Five of the manuaccounts, the proportion of net profit applicable to unacquired shares,and expenses of Computing-Tabulating-Recordfacturers were in substantial commercial production on Jan. 1 1924, from
ing Co
which date royalties will accrue to this corporation. Partly estimated
$3.097,962
figures of production for January indicate earnings at a rate equivalent to Less: Depreciation of plants, equipment and rental machines,
83.per share per year on the stock it is proposed to issue. The estimate for
$677.988; development and patent expenses, $196.688
874,676
January was based on actual sales in that month for four of the five manu- Interest on bonded indebtedness and borrowed money
327,347
facturers referred to, as ascertained by the auditors, Price, Waterhouse & Dividends
648,559
Co., and the output of the fifth has been estimated. It is expected that
Balance
February will show a largo increase of sales over those in January, and in
81,247,378
Add
-Amount received from settlement of lawsuit
addition other licensees will be coming into commercial operation.
513,818
Balance
Hill Mfg. Co., Boston, Mass.
-To Increase Stock and Pay Deduct before deductions
$1,761,196
-Expenses in connection with new stock issue, 846,288;
Stock Dividend.- '
Taxes, Canadian company, 1922. 83,021; loss on land sold,
The stockholders will vote Feb. 18 on increasing the capital stock from
$3.710
53,020
$1,500.000 to $2,000,000. If the increase is authorized each stockholders
will receive without any payment new shares equal in amount to one-third
Balance
$1,708,170
of the shares wnich he then holds.
Declared capital and surplus Jan. 1 1923.$18,249,712;new stock
This increase and distribution of capital stock is made in accordance with
issue,$1,474,125
19.723,837
the statement to the stockholders dated Oct. 25 1923. The stockholders
were informed at that time that an addition to the mill building and a new Declared capital (813,784,425) and surplus
represented by 150.power plant were nearing completion and that additional machinery was
688 shares of Computing-Tabulating-Recording Co. capital
being installed at the mill. This work has now been completed at a total
stock without par value
821,432,014
cost of approximately $1,250.000. Of this sum 8750,000 represents the
proceeds of stock which has already been issued, and the balance of approxiInternat. Harvester Co.
-Unfair Competition Charged.
mately ;500,000 has been appropriated from the surplus earnings.
-V.118,
A Washington dispatch, Feb. 11, says: A complaint charging principa13. 672.
agricultural machinery makers and some 500 local implement dealers in
Atlantic Coast States with conspiracy to restrain trade by cutting off
Hood Rubber Co.
-To Increase Pref. Stock.
machine supMies to farmers' co-operative associations has been issued by
The stockholders will vote Feb. 18 on (1) reducing the capital stock by the
Federal Trade Commission.
the surrender and cancellation of 8150,000 New Preferred stock, heretoThe International Harvester Co., Emerson-Brantingham Co., Moline
fore acquired by the company, and set aside for retirement and cancellation,
and (2) on increasing the capital stock by the issue of $1,600,000 New Pre- Plow Co., Oliver Chilled Plow Works and Deere & Co., who operate main
plants in the Middle West, and retail dealers affiliated with the Eastern
ferred stock of the same class, and with the same rights, privileges, obliga- Federation
Farm Machinery Dealers' Association were cited by the Comtions and restrictions as the existing New Preferred stock.
If the issue is authorized, it is proposed to offer such additional stock at mission to respond within 30 days to the charges.
Reciting the grounds for its action, the Commission said retail dealers
$100 a share to the then holders of New Preferred stock in the proportion of In agricultural implements
located in the territory between New England
one new share for every three shares of stock then held. The new stock will and
South Carolina had combined for more than 7 years to boycott any
be entitled to all dividends declared and payable after their issue. Sub- manufacturer
who sold to co-operative enterprises of farmers. They were
scriptions to the new stock must be entered and payment made on or be- further
said to have fixed prices and profit margins in the sale of the implefore March 1 1924.
ments,
Brown Bros.& Co.and Hayden. Stone & Co. have underwritten the offer- assisted while the manufacturers named were said to have "continuously
retail dealers' associations in carrying out their purposes, and to
ing to stockholders.
-V.118, 1: 558.
1•
have contributed money for this purpose.
The associations "maintained a system of espionage," the complaint
Humphreys Oil Co.
-Purchase by Pure Oil Co.
asserted, over the entire industry, to cut off the supply of Implements not
See Pure Oil Co. below and in V. 118, p. 676.-V. 117. p. 1134.
only to co-operative associatioss but to "irregular" dealers who would not
maintain the price and profit levels of the organized members.
-V. 118.
Humphreys Pure Oil Co.
-Purchase by Pure Oil Co.
p. 558.
See Pure Oil Co. below and in V. 118, p. 676.-V. 116, p. 2521.
Hygienic Ice Co. (of Conn.).
-E. H.
-Bonds Sold.
Rollins & Sone, Hartford, and Winslow, Day & Stoddard,
Inc., New Haven, have sold at 98 M and interest, to yield
over 6.68%, $200,000 First Mtge. 63/2% Sinking Fund Gold
Bonds. A circular shows:
Dated Jan. 11924. Due Jan. 11939. Redeemable,all or part,on any
interest date on 30 days' notice at 105 and interest up to and including
July 1 1929, with successive reductions in redemption price of 3 of 1% for
each full year expired after Jan. 1 1929. Interest payable J. & J. at New
Haven Bank. N.13.A., New Haven, Conn., trustee, without deduction for
any normal Federal income tax not exceeding 2%. Denom. $1.000 and
$500 c*•
CapitalizationAuthorized. Outstanding.
First Mortgage 63s
$200,000
$300,000
Capital Stock (par $50)
140,150
250,000
Company.
-Incorporated in 1900 in Connecticut as a merger of all the
natural ice companies of any importance and the only manufacturer of
artificial ice in New Haven. Is now the only company in this locality which
both manufactures and harvests ice. Owns a modern and efficient plant
for the manufacture of artificial ice with a present capacity of about 200
tons per day, which is to be enlarged in the near future to a capacity of about
400 tons per day. Also owns or controls all ice points in and near New
Haven and has ice houses at Lake Burton, Lake Whitney and Shepard
Pond, which permit the storage of approximately 50,000 tons of natural
Ice. Also owns several distributing stations in the city, and motor trucks,
wagons, horses, &c.
-For the five years ended Dec. 31 1922 the average annual net
Earnings.
earnings after deducting liberal depreciation but before Federal taxes,
amounted to $44,866. or over three times the annual interest requirements of
813.000 on the bonds now to be outstanding. For the 11 months ended
Nov. 30 1923, net earnings after depreciation but before Federal taxes
mounted to substantially more than said average annual net earnings.
-Proceeds will be used to retire a present mortgage of $125,000
Purpose.
and to reduce current liabilities incurred for plant construction.
Illinois Bell Telephone Co.
-Annual Report.1923.
Calendar YearsTelep. oper. revenues_ _ _$51,635,444
open expenses-__ 38.723.597
Telep.
Net telep. oper. revs_ _$12,911,846
Net other oper. revenues
812,911.846
Total revenues
204.058
oper. revenues
assignable to oper_ 4,362.393
Taxes
$8.345,395
Operating income1.005,378
on-oper. rev. (net)
Total gross income- 89.350,773
Rent s misc.. deduc'ns. *248.844
t
2,789,402
Bond ez other interest
460,297
Other mar. Cr. net inc
4•803•408
Dividends
..
;1.048,820
Surplus for year
-V.117. p. 2219.
International Nickel Co.
-Balance Sheet.
Dec. 31'23. Mar.31'23.
Assets$
$
Property
50.994,544 51,290,192
Investments
239,370
571,770
Inventories
7,333,110 5,657,899
Acels receivable 1,372,099 1,790,297
Advances
186.238
146,019
Govt.securities.- _ 602,350
100.000
Loans on call
1,100,000 1,000,000
Cash
645,309 1,522.816
Dec.31/3. Mar.31'23.
Liabilities$
Preferred stock_ 8,912,600 8,912,600
Common stock___41,834,600 41,834,600
Acc'ts payable and
tax reserves__.603,023
645,387
Pref, div. payable. 133.889
133,689
Insurance and contingent reserves_ 565,316
516,050
10,423,992 10,036.687
Surplus
Total
62.473,020 62,078.993 Total
62,473,020 62,078,993
The usual comparative income account for the nine months ended Dec.31
was published in V.118. p. 673.
Invincible Oil Corporation.
-Listing-Earnings.
The New York Stock Exchange has authorized the listing of 328,700
shares of capital stock on official notice of exchange for outstanding voting
trust certificates, making the total amount applied to be listed 1.000,000
shares. This stock was held by the trustees under the voting trust agreement, dated Nov. 11922, which was terminated on Feb. 15 1924.
Consolidated Income Account Eleven Months ending Nov. 30 1923.
Earnings from operations, $1,783,064; other income, $199,379;
total income
81,982,444
Interest paid
120,614
Development, including drilling expense, &c.,lawfully deductible
for taxation purposes
637,203
Net income, before provision for depletion, depr., &c.,for 1923 81,224.625
Surplus Dec. 311922, before depletion, depreciation for 1922-87.117,230
Deduct: Depletion, depreciation, esc.. for 1922
5,204,005
Total surplus Nov. 30 1923
Deduct: Portion of surplus applicable to minority interests_
Balance of surplus, Invincible Oil Corp
-V. 118, P. 073.
_
$3,137,850
848,184
$2,289,666
1920.
$33,201,708
Iowa Southern Utilities Co.
-Earnings.
-28,035,962
Earnings for 1923, it is reported, were equal to $19 47 per share on the
$5,165,746 5,800 shares of outstanding Common. Gross income of 81,149,327 in2.126 creased 25% over 1922, and net Income of 8456,391 increased 37% for
-V.117, p. 2889.
$5,167,872 the same period.
48,917
Jamaica (N. Y.) Water Supply Co.-Pref. Stock Offered.
2,442,995
The company is offering an issue
$2,675,960 (a. & d.) stock at par (850) to all of $1,000,000 734% Cumulative Pref.
its customers
157,582 Subscriptions may be made under Plan A or Plan and to other investors.
13. Plan A provides for
82.833,543 payment in full at par ($50 per share) upon receipt of advice of allotment.
8135,699 Plan B provides for payment of $25 per whare upon allotment and $25 per
1,271,383 share four months after date of allotment of each share allotted.
-V.
118, p. 438.
4.000,000
3,600.000
3.200,000
Johnson, Stephens & Shinkle Shoe Co., St. Louis.
82.353,629 $2,025.952 dot $1,773,539
1922.
$47,667.284
35,401.645
812,265,639
2,296
$12,267.935
171,826
3.967,434
88.128.675
500,219
$8.628.893
82,03,229
2,072,035
1921.
$44,469.882
33,141,840
811,328,042
3,699
811.231,742
136.828
3,620,604
$7,574,310
274.810
*7.849.120
$180,841
2,042.327
Stock Sold.
-Lorenzo E. Anderson & Co. and A. G. Edwards
1
& Sons, St. Louis, recently sold at $32 per share 6,000 shares
of no par value Common stock. The bankers state:
Authorized. Outstanding.
Capitalization$500,0010
$500.000
8% Cumulative Preferred Stock
35.000 shs 35,000 shs.
Common Stock (without par value)
-Formed in Feb. 1916 for the purpose of manufacturing and
Company.
dealing in shoos. Company makes a specialty of manufacturing ladies'
high-grade shoes and sells to the highest class of retail trade and the larger
department stores throughout the United States. From its inception the
company has constantly grown until the shipments for the year 1923 were
$3,617,316.
Shipments and Earnings (after Taxes).
Shipments. Earnings I YearShipments. Earnings
Year$1,993,338 $29,355
1916(6 mos.)-- $207,544 $10.658 11920
619,548
12.220 1921
100.739
1,729,361
1917
888.577
29,616 1922
2,247.969
221,385
1918
1,577,899
115,16911923
352,325
3.617,316
1919
--Company intends to pay quarterly dividends immediately at
Dividends.
the rate of $2 per share per annum, the first quarterly dividend having
already been declared.
List:mg.-Common stock listed on the St. Louis Stock Exchange.
-Howard V. Stephens, Pres.: Bradford Shinkle, V.-Pres. St
Management.
Treas.: Charles Spalsbury, 2d V.-Pres.; E. H. Pelton, Sec Charles Dette,
Asst. Sec.
Balance Sheet as of Dec 31 1923
Assets.
Liabilities.
$91,773 Notes payable
6230,000
Cash on hand & deposit
8,057 Accounts payable
55,485
Notes reedy. (customers)____
395,230 Accrued wages, &c
3,477
Accounts receivable
Inventories
374,069 Res.for Fed.&State taxes(est.)
54,371
Investments
2,700 Mortgage indebtedness
90,000
2,550 8% preferred stock
Trustee account
500,000
278,044 Common stock
I'lant and equipment
x50,000
Prepaid insurance & interest_ _
4,285 Commonstock
y173,376
Total
$1,156,709
Total
$1,156,708
x Set aside by vote of stockholders for capital over and above stock
having a par value. y 27,000 shares of non par value.
Jones Bros. Tea Co., Inc.
-January Sales.
Month of JanuarySales
-V.118.p.209.91.
801
THE CHRONICLE
FEB. 16 1924.]
1924.1923.
$1,814.804 $1,383.481
1922.
1921.
$1,394,352 81,417,118
-Common Shares Sold.
Jordan Motor Car Co., Inc.
Noyes & Jackson and Lage & Co., New York, have sold at
$31 per share 42,000 shares of Common stock of no par
value. The bankers state:
Transfer agents. Union Trust Co., Cleveland, 0., and Mechanics &
Metals National Bank. New York. Registrars, Central National Bank
Savings & Trust Co., Cleveland, 0., and United States Mortgage & Trust
Co., New York.
Company.-Incorp. in Delaware in 1919. succeeding to the business of
Jordan Motor Car Co., founded in 1916. Business is to manufacture and
sell the well-known Jordan car. Its product is distributed through a large
and well established dealer organization covering every section of this
country as well as many foreign countries. These dealers are supplied by
57 distributors located in the principal centres such as New York, Chicago,
San Francisco, Boston, Washington, &c. Company produced and distributed 8,860 cars in 1923. Production schedule for 1924 is 10.000 cars.
Company owns in fee over 8 acres of land in the City of Clevelana, upon
which is located a large, modern, well-equipped fireproof plant.
Authorized. Outstanding.
Capitalization7% Cumulative Preferred stock
$1,200,000 $1,200,000
Common stock, no par value
200.000 shs. *126,000shs.
* Including this offering.
Note.
-The stocknolders on Dec. 22 last increased the Common stock
from 12,000 shares to 200,000 shares and the directors at the same time
declared a stock dividend of 600%, payable Dec. 29 to holders of record
Dec. 29, thus bringing the outstanding Common shares up to 84.000
Holders of the 12,000 shares of record Jan. 16 were given the right to subscribe to 42,000 new shares on or before Feb. 16 at $30 per share.
Sinking Fund for Pref. Stock.
-Through this financing $200,000 will be
set aside as an initial sinking fund for the retirement of the above Pref.
stock. This money will take care of sinking fund payments up to Jan. 1
1927. Future sinking fund payments beginning Jan. 1 1927 must be
provided from earnings at the rate of $60.000 annually.
Earnings.
-For the 4 years and 5 months period ending Nov. 30 1923.
Use net earnings of the company after liberal depreciation, taxes. figureo at
the 1923 rate. interest and all advertising have beenas follows:
-3291,25311921
1919(6 mm)
$6,05811923(11 mos.)-$777,236
156.51711922
1920
502,6401
Dividolds.-Company, on the basis of its old capitalization, has paid
rwular dividends at the rate of 7% per annum on its Pref. stock and has
paid dividends on its Common stock as follows: $2 per share in 1919. $6 Per
share in 1920 and $10 per share in 1923. Directors have signified their
intention of placing this Common stock on a minimum annual dividend
basis of $3 a share in the near future.
purpose.
-Proceeds will be used for additional working capital and for
an initial payment of $200,000 toward the establishing of a fund for the
retirement of the Preferred stock.
-Company has agreed to make application to list this stock on
Listing.
the New York Stock Exchange.
Balance Sheet Nov. 30 (After Thu Financing).
Liabilities
Assets
$938,481 Preferred stock
.$1.200,000
Cash
28,130 Capital and surplus
Notes receivable
x2,260,324
Accounts receivable
395,545 Accounts payable
275,252
Inventories
1,127,765 Accrued accounts
57,256
25,285 Pref. dividend payable_ _ Other assets
21.000
200,000 Deposits on dealers' contr..
Sinking fund
58.490
854,218 Reserves for 1923 Federal
Permanent assets
taxes and contingencies_
300,000
Contracts, plans. &c
130,586
133,484
Total (each side)
Deferred charges
$4.002,910
x Represented by 126,000 shares of Common stock, no par value.
-V. 118, p. 673.
acres of valuable coal lands. Of the installed capacity, 90,000 1: w.(now
.
being increased to 120,000k. w.)is'iocated at the new Northeast power plant..
CapitalizationAuthorized. Outstanding.
First Preferred Stock (no par value)
250.000 shs. al00.000 shs.
Participating Preferred (no par value)
None
100.009 shs.
Common stock (no par value)
350,000 shs. 250.000 sirs.
First Mtge, 54, Series A (incl. this issue)
(b)
523.000,000
a Company is now proceeding to issue 10.000 additional shares of First
Pref. Stock. b Issuance of additional bonds restricted by provisions of the
mortgage.
Purpose.
-Proceeds will be used by the company to pay or discharge indebtedness or liabilities incurred by the company for the acquisition of
permanent improvements, additions or betterments which have been made
since Aug. 1 1922, and not heretofore made the basis for issuance of First
Mortgage bonds.
Earnings Twelve Months Ended Dec. 31.
1923.
1922.
Gross earnings (including other income)
$7.887,328 $8,861.738
Oper. exp., incl. maint. and property taxes
4,204.060
4,291,223
*Net earnings before depreciation
$3.683.268 $4,570,515
Annual interest requirements on First Mtge. bonds
outstanding, including this issue
*1,150,000
•
*Under the terms of the company's mortgage, the minimum amount
deductible for depreciation for the 12 months ended Dec. 31 1923 was
$654,207, leaving a balance of $3.916,308 after minimum depreciation
requirements. The actual amount set aside for depreciation was $1,118,951.
New Control.
-Company was formerly controlled directly by the Kansas
City Power Securities Corp., but control of the latter recently passed to the
Continental Gas & Electric Corp.
-V. 118. p. 558.
Kings County Lighting Co., Brooklyn, N. Y.
Offering Closed.
The company announces that the special offer of 7% Cumnl. Pref. Stock
(Series B) to employees and consumers, which expired Feb. 11, was oversubscribed. Applications, it is stated, have been so large as to make it
necessary for the company to exercise its right of allotment, notices of
which will be sent immediately to subscribers.
-V. 118. p. 559.
Laclede Gas Light Co.
-Listing.
-The New York Stock Exchange has authorized the listing of $17,500,000
1st Mtge. Coll. & Ref. 30
-Year 5;•i% gold bonds, Series "C." due Feb. 1
1953.-V. 118, p. 673.
Laurentide Power Co., Ltd.
-Annual Report.
Calendar YearsRevenue
Miscellaneous revenue
1923.
1922.
1921.
1920.
$1,411.180 $1,333,642 $1,228,186 $1,033,176
6,642
15,388
9.375
7,712
Total revenue
Expenses
Interest
Exchange on bond int
$1,417,822 $1,349.030 81,237.561 $1,040,88.9
247,537
199.367
200.541
174,095
474.857
474,400
425.735
375,000
8.393
4.457
40.544
59,53.3
Balance
Adjustments
Sinking fund
Income tax
Dividends
Sale of Victory bonds__
Reserve fire insurance_
$687,035
a127,458
89.340
64,000
525,000
$670,806
$570.741
$432,255
89.200
525,000
85.000
27,555
420.000
4.868
20,000
8,716
420.000
Balance, surplus
def$118,763
Previous balance
69,238
From contingent fund_
Cr.60,000
$56,606
adj.12,632
813,318
3,343
$3.537
19,806
Dr.20.000
$16,661
$3,343
Profit & loss balance_ -
810,474
$69,238.
a Settlement of income taxes, 1918-1922, $107.198; settlement water
rentals, 1918-1922, $20,259; total, $127,458.-V. 114, p. 1293.
Layne & Bowler Co., Houston, Tex.
-Bonds Offered.-
Mortgage & Securities
ew Orleans, is offering at 100 and Int.
Co.,/Prust 7% Serial gold bonds. Issue has a
$125,000 '1st Mtge. & Coll.
monthly sinking fund payment of one-twelfth of annual requirements for
interest and principal.
Dated Nov. 1 1923, due serially 1924-1933. Denom.$500 and $1,000 es.
Callable on any int, date at 102 and int. Interest payable A. & 0. 15 at
office of Interstate Trust & Banking Co., New Orleans. trustee, or at office
of Mortgage & Securities Co., New Orleans. Normal tax of 2% paid by
borrower.
Security -Bonds are secured by a closed first mortgage on the ground,
plant, machinery and equipment of company, located at Houston, Tex.
240 acres of farm land in Willacy County. Tex., and 425 acres of farm land
in Chambers Comity, Tex. Additionally secured by pledge of a first
mortgage note for $100,000 deposited with the trustee and secured by a
clewed first mortgage on the ground, containing about 6.8 acres, plant.
machinery and equioment of the Memphis plant of company. Also
secured by pledge of all patent rights held by company applicable to
products used or manufactured by the company. All contracts existing
with the seven subsidiary companies have been assigned to the trustee as
additional security. The trustee holds as additional security certain agreements concerning stock held in escrow giving right for company to purchase
controlling interest in subsidiary Companies if those companies violate
terms of contract with Layne & Bowler Co.
This financing will add $125,000 to current assets and $125,000 to fixed
liabilities.
Earnings.
-The profits of the company are derived from sale of manufactured articles and dividends from stock in affiliated oompanies. Total
net profits of company before charging depredation are reported as follows:
1918
$110,67211920
$114,32811922
$171,109
1949
105,42811921
103.82711923 (6 mos.),. 124,063
Business.
-The principal business of the company is manufacturing.
installing, equipping and selling pumps, screens and other appliances and
apparatus used in connection with the sinking, equinping, developing and
operating water wells and other wells, of every kind and character used in
connection with irrigation, milling, mining or the furnishing of water supply.
and for the purchase and sale of such goods, wares and merchandise used
-Bonus of 4%.for or in connection with such business. Separate companies have been
Keeley Silver Mines Ltd.
The directors have declared a regular dividend of 8% and a bonus of organized by the company in various States to handle contracts for constructing and equipping water wells. The operations of the company now
4%. payable Marcia 15 to shareholders of record March 1.
Production during January amounted to 150,293 ounces, as compared consist principally of the manufacture and sale of well equipment to these cos.
Purpose.
-Proceeds will be used for additional working capital.
with 139,850 ounces for December.
Guaranty.
-Bonds are guaranteed by endorsement of Lloyd F. Layne.
-Bonds Offered.
-Con- V.-Pres. and principal stockholder.
Kansas City Power 8c Light Co.
tinental & Commercial Trust & Savings Bank, Chicago;
Guaranty Co. of New York, and Halsey, Stuart & Co., Inc.,
New York, are offering, at 91 and interest, to yield over
$2,000,000 First Mtge. 30-Year 5% Gold Bonds,
Series A. Dated Sept. 11922. Due Sept. 1 1952, bringing
the total Series A bonds outstanding (including this issue)
up to $23,000,000. (See description in V. 115, p. 1328.)
Liggett & Myers Tobacco Co.
-Listing, dec.-
The New York Stock Exchange has authorized the listing of $21,496,400
Common stock, par $25. and $12,882.800 Common Stock B. par $25. on
official notice of issuance in exchange for a like par amount of outstanding
Common Stock and Common Stock B, respectively, of the par value of
$100, with authority to add $15,000 Common Stock B on official notice of
issuance and payment In full, and 18.598.550 additional of Common Stock
Et, on official notice of issuance in exchange for outstanding full-paid subscription warrants, or for Central Union Trust Co. of New York interim
receipts, making the total amounts applied for: of Common stock,$21.496.400,and of Common Stock II, 821.496.350.
The stockholders of record Feb. 11 are given the right to subscribe at
par ($25) for $8,598,550 Common Stock B in the ratie of one share of
Common Stock B for each $100 par value of Common Stock and Common
Stock B held. Payment of subscriptions will be required not later than
March 10. Proceeds of the sale will be used as additional working capital.
-V. 118, p. 547, 559.
-.$21.000,000 Series A bonds listed and application will be made
Listing.
Exchange.
to list these bonds on the New York Stock
Data from Letter of Pres. Joslph F Porter, Kansas City. Mo.Feb 5.
-Organized July 21 1922 in Missouri as a consolidation of the
Company.
Kansas City Power & Light Co.and Carroll County Electric Co. Company
controls the electric light and power business in Kansas City, Mo., and also
current used
sells, either at wholesale or retail, electric Steam heatingin portions of 14
plant at Kansas
nearby counties in Missouri and Kansas. the company. Population of the
(P.) Lorillard Co.
-Listing-Earnings.
Mo., is also owned and operated by
City,
The
territory served, 575000. The physical property includes three electric March New York Stock Exchange has authorized the listing on or after
1 of 130,311,200 Common stock, par $25, on official notice of'
generating stations with an aggregate installed normal capacity of 114,150
in exchange
k. w.; 43 substations with trarmer capacity of over 126,598 k.v.a.; 376 Issuance,share, on the for outstanding Common stock of the par value of
basis of 4 shares of such new Common stock for one
miles of high tension transmi ion lines: 348 miles of underground cable; $100 per
1,478 miles of low tension distributing lines, and coal rights in about8,983 share of the old Common stock.
802
THE CHRONICLE
Income Account Years ended Dec. 31.
1920.
1923.
1922.
1921.
Net income after Fed.tax $6,277.634 $8,133,398 $7,616.545 $7,796.258
6,122
Premium on 7% bonds_..
14,345
13,791
5.864
Loss on Lib. bonds sold_
93,497
1,244,860
Bond interest
1,225,248
1,231,163
1,238,861
791,532
Preferred diva. (7%)--791.532
791,532
791,532
Common diva. (12%)...... 4,088,938 4,017,002
3.454.683
3,636,570
Surplus after dividends- $157.572 $2,079,910 81.850,222 $2,299,061
Previous surplus
8,444,136
14,673,330 12,593,420 10,743,197
Profit & loss surplus_ _$14,830,902 $14.673,330 $12,593,419 $10,743,197
-V.117, p. 2778.
Lowell Electric Light Corp.
-Application.
The company has applied to the Mass. Dept. of Public Utilities for authority to issue 4,415 additional shares of capital stock. par $100, at $160
per share. See also V. 118, p. 674.
Lukens Steel Co.
-New Plant at New Orleans, La.
-
[VoL. 118.
Midland Packing Co., Sioux City, la.
-Sale of Plant.See Swift & Co. below.
-V. 117. p. 1243.
Moline Plow Co.
-Unfair Competition Charged.-
See International Harvested' Co. above.
-V. 117, p. 1135.
Montreal Cottons, Ltd.
-Balance Sheet Dec. 31.AssetsLd.,bldgs.& mach
Cash
Open accounts_ _ _
.
Stk. mtd.& in pro°
Raw cotton,&o__ _
Unexpired insur
Government bonds
1923.
$
5,314,026
66,175
1,169,104
1,102,893
1,775,540
6,042
1,280,000
1922.
$
4,975,147
29,164
1,044,336
759,743
1,149,796
10,085
2.050,000
1923.
1922.
i
$
LtabUtties-Common stock- 3,000,000 3,000,000
604,928
604,928
Bonds
1,383,313
750,976
Loans
853,707
Open accounts_ _ _ _ 884,961
16,755
17,643
Bond reserve
Res. for pension &
736,091
704,280
plant renewal
4,118,656 4,055,814
Surplus
Total
10,713,780 10.018,271
10,713,780 10,018.271
Total
The usual comparative income account was published in V. 118, p. 674.
The steel warehouse and fabricating plant of the company under conMoon Motor Car Co.
-Production.struction at Nev Orleans, La., is nearing completion. It will serve as a
It
dietribution station for domestic trade in Louisiana, Mississippi and parts fullyIs announced that the company is now making 40 cars a day, of which
half are the
of Alabama, Florida and Texas, and for export trade to Latin America. light six, or a total new light six, selling for $995. It is expected that 40
of 60 cars per day, will be reached by Feb. 20.-V. 118.
("Manufacturers' Record" of Jan. 17, P. 75.)-V. 118. 13- 559.
p.91.
McCroryStores Corp.
-Stock Dividend of 5%.
The directors have declared an extra dividend of 5% in Common stock in
addition to a quarterly dividend of 40c. per share on the Class "A" and
Class"B"Common stocks, all payable March 1 to holders of record Feb.20.
On Dec. 1 last 6% in stock was paid on the Class "A" and Class "B"
Common stocks. A dividend of 1% was paid on the Common stock in
'dock on June 1 and Sept. 1 last, while on March 1 last a quarterly dividend
of 1% was paid in cash (see also V. 116, p. 728).-V. 118. P. 674. 318W
McPhee& McGinnity Co., Denver,Colo.-Balance Sheet.
Statement of Condition Nov. 30 1923.
Assets.
Liabliutes.
Real estate
81,447,826 Capital stock
Equipment
118,927 First mortgage bonds
Cash
74,606 Accounts payable
Accounts receivable
909,335 Notes payable
Notes receivable'
378,111 Tax reserves
Stocks and bonds
48,438 Pay-roll 4: other reserves
Subsidiary stocks
659,998 Bond interest reserve
Merchandise (inventory)
816,780 Surplus
Prepaid expense, &o
58,496
Murray Ohio Mfg. Co.
-Acquires Plant.-
See Eaton Axle & Spring Co.above.
-V.110,0. 82.
Nash Motors Co.
-New Director.-
James T. Wilson, Vice-President of the company, has been elected a
director.
-V. 118, p. 560, 440.
National Candy Co.
-Dividend Increased.-
The directors have placed the Common stock on a 6% annual dividend
basis, compared with 5% previously, and will pay 3% semi-annually.
The regular semi-annual dividends of $3 50 on the 1st Prof. and 2d Pref,
stocks were declared.
-V. 116, p. 1060.
$2,000,000
National Car Wheel Co., Pittsburgh.-Sale
1,000,000
.The property of the company has been purchased by the American Brake
189,468
226,447 Shoe & Foundry Co. The purchase price of the stock was not disclosed
96,413 but the amount involved is said to be approximately $2,000,000. The
34,224 sale involves the Pennsylvania Casting & Machine Works, a subsidiary,
20,000 located on Preble Ave., Pittsburgh.
Treasurer Andrew Muirhead of the National Co. said: "There are no
945,964
anticipated changes in management at present. The original name of
the company will be retained. The majority of the stock was purchased
84,512,517 by the American Brake Shoe & Foundry Co. after several weeks of negotiaTotal
$4,512,517 Total •
tion. The sale was consummated Feb. 6 at New York headquarters of
-V. 116, p. 728. 418.
the new owners."
Officers of the reorganized company are: William F. Cutler (of N.Y.).
Mammoth Oil Co.
-Call Stock to Pay.
The New York "Times" Feb. 12 says: "Fifteen members of the syndi• President: George M. Judd, Secretary; Joseph B. Terbell, Chairman, and
shares of the stock of the Andrew Muirhead (of Pittsburgh), Treasurer. C. M. Bower, Frank C.
cate which took over approximately 270,000
Mammoth Oil Co. soon after it was organized by the Sinclair interests Turner, J. H. Yardley' and E. H. Chapin, all of New York, were named
to develop the Teapot Dome lease have been called upon to make an Vice-Presidents, together with J. F. Weisbrod of Pittsburgh.
The National Co. had an authorized capitalization of $4,000,000 ($1.additional payment of $12 50 a share on the stock, or $3,400,000, according
to statements made in the financial district. The additional funds, 500,000 7% Preferred stock and $2,500,000 Common stock) of which there
purpose of paying off was outstanding $650,000 Pref. and $1,224,000 Com.-V. 81. p. 1104.
according to the reports, are being raised for the
loans advanced by Wall Street institutions with the stock as collateral.
National Dairy Products Corp.
-Listing-Earnings.The liquidation of the loans by the bankers who accepted the stock as
The New York Stock Exchange has authorized the listing of 246,236
collateral was necessitated, it is understood, because of the recent develop- shares of
Capital
ments in Washington which resulted in the stock being suspended from on official notice stock of no par value, with authority to add 23.764 shares,
of issuance, making the total amount applied for 270.000
trading on the New York Curb Market.
"When the company was formed it is understood a group of 15 prominent shares.
The corporation was incorporated
financiers, industrial leaders and banking institutions guaranteed to take tion holds the Common stocks of in Delaware on Dec.8 1923. CorporaRieck-McJunkin Dairy Co. and Hydrox
the 270,000 shares. A total of only $10 a share is said to have been paid,
Rieck-McJunkin Dairy Co. is engaged in the gathering and distrithat being characterized as 'the first payment.' The 'second payment' of Corp. of milk,
bution
the manufacture and distribution of ice cream and other
$1250 a share was called Feb. 11.
"The block of stock taken over by the syndicate, it is understood, is dairy products, principally amongst which are cream, condensed milk, milk
powder, casein, milk sugar, butter, cheeses
part of 400,000 shares originally offered to the public at $40 a share in engaged in the manufacture.nd distribution and eggs. Hydrox Corp. is
1922. Approximately 92,000 shares of the stock were sold to the public such as ginger ale, root beer and sarsaparilla.of ice cream and beverages,
at prices ranging between $40 and $50 a share, but accoring to testimony
Consolidated Statement of Net Profits (Subject to Audit for 1923.)
given by H. F. Sinclair before the Senate Investigation Committee, all
of the stock to the public has been repurchased in the open market, conxl922
.
y1923.
sequently only the syndicate and companies affiliated with Sinclair and Sales (net)
$14,079,929 $13,580,841
his organization now hold the stock. Among the persons mentioned as in Cost of sales
11,085.265 10,269,877
the syndicate are J. L. Replogle. H.P. Whitney, J. S. Cosden,E.G.Grace, Depreciation
246,153
239,852
A. W. Kelly. Percival S. Hill, Lawrence Waterbury, George H. Flyn,
--V. 118, p. 210.
0. G. Salisbury and Clarence K. McCormick."
Gross profit
82,748.510 $3,071,112
Other income
92,776
107,128
-Sub. Co. Earnings.
Massachusetts Gas Cos.
Combined Net Earnings Available for Dividends of Subsidiary Companies.
Totalincome
$2,841.287 $3,178,240
-December-1922. 1923-12 Mos.-1922. Administrative and general expenses
1923
1,290,258
1,294,766
Subsidiary gascos
$159,474
$168,744 $1.701,255 $1,764,713 Interest on floating and funded debt
56,852
72,779
Commercial cos. (not
Federal taxes paid or accrued
170,782
231,562
1,580,341
2,411,634
inel. Beacon Oil Co.)...
197.962
154.902
Net profit
81,307,468 $1,595,058
Total
$366,706 $4.112,889 $3,345,054
$314,376
-V.117. p. 2001. 788.
x The figures for the Hydros Corp.included in 1922 are for the fiscal year
ending Dec. 311922. and for the Rieck-McJunkin Dairy Co. for the fiscal
Maxwell Motor Corp.
-New President-Notes Called.
year ending on the subsequent March 31. y The figures for the Hydrox
Walter P. Chrysler has been elected President,succeeding W.R. Wilson. Corp. included herein are for the fiscal year ending Dec. 31 1923, and for
Mr. Chrysler is also Chairman of the board of directors.
the Rieck-McJunkin Dairy Co. for the 9 months ending on the same date.
All of the outstanding 7% gold notes, Series "0," due June 1 1924, have -V. 117, p. 2659.
been called for payment March 1 at par and interest at the Central Union
Trust Co., 80 Broadway, New York City.
-V. 118, p. 674.
National Improvement Co., Kansas City, Mo.-Report.
See National Cloak & Suit Co. under "Financial Reports" above.
Medical Centre Co.
-Guaranteed Bonds Offered--Worth- V. 109, p. 1897.
ington, Murfey & Co. Cleveland, are offering at par and
interest $600,000 First Mortgage Leasehold 7% Gold Bonds.
'
A circular shows:
•
Dated May 1 1923. Due serially Nov. 1 1925 to 1933. Interest payable
M.& N. at Midland Bank, Cleveland. Ohio, trustee. Denom. $1,000 and
$500 c*. Callable in inverse order on any interest date, upon 30 days'
notice, at 102 and interest. The issuing company agrees to pay the Federal
normal income tax, deductible at the source, up to 2%. Payment of principal and interest guaranteed by Union Mortgage Co., Cleveland, Ohio.
These bonds are secured by a (closed) first mortgage on the company's
leasehold interest in a. parcel of land having a frontage of 110 ft. on the
northerly side of Huron Road, slightly east of the intersection with East
Ninth St., with an approximate average depth of 143 feet to Barn Court in
the rear, upon which there is now nearing completion an 11-story and basement fireproof office building. This building, known as the Medical Centre
Building, is of reinforced concrete and steel construction with face brick and
limestone exterior, the first floor containing five stars and the upper floors
subdivided into offices. The mortgaged property has been appraised at
111
'
Michigan Gas & Electric Co.
-Bond Redemption.
All of the outstanding 1st Mtge.5% Gold bonds of the Three Rivers Gas
Co., dated Oct. 1 1917; have been called for payment April 1 at the Detroit
Trust Co., Detroit, Mich.,at 105 and int.-V. 117, p. 2897.
National Motors Corp.
-Ancillary Receiver.
-
Federal Judge Anderson at Boston has appointed Harris H. Gilman,
Cambridge, Mass., as ancillary receiver for the property owned in Massachusetts by the corporation. See also V. 118. p. 440.
New England Southern
Dividends.
-
The directors have declared initial quarterly dividends of 13%% on the
Prior Preference stock, payable March 15 to holders of record March 5.
and 1. % on the Pref. stock, payable March 1 to holders of record Feb. 19.
3
4
See also V. 117, p. 2897, 2779.
Newmarket Manufacturing Co.
-Extra Dividend.
-
The directors have declared an extra dividend of X of 15'. payable
March 1 to holders of record Feb. 23, and the regular quarterly dividend of
2%, payable Feb. 1510 holders of record Feb. 8.-V. 116, P. 2396.
NewYork Telephone Co.
-Rate Increase Asked.
-
The company on Feb. 2 filed a petition for an order with the New York
P. S. Commission permitting a temporary increase in rates for telephone
service in N.Y. State. The co. asks either a revision of the commission's
order, under which existing rates became effective last March, by the addition of a surcharge to some or all of the rates so fixed. It requests an in
sufficient in amount to provide additional net revenue from operations
throughout the State of New York of not less than $7,500,000 for 1924.
These temporary rates, the company alleges, should remain in effect pending determination of permanent rates under its petition to give it a return
Montana Power Co.
-Listing-Earnings.
of 7%, on a property valuation allowed. The latter amount, $246,182,491.
The New York Stock Exchange has authorized the listing of $2,500,000
by the commission last March as
additional First & Ref. Mtge.5% Sinking Fund Gold Bonds, Series A, due was fixedused in giving telephone service in the value of the company's
property
New York State, an amount
July 1 1943, making the total amount applied for $25,985,000.
less than that claimed by the company.
Consolidated Income Account for the Eleven Months Ended Nov. 30 1923.
The company declares that in the State, outside New York City, its net
revenue slightly exceeds the amount the Commission expected the rate
Gross earnings, $7,361,795; oper. exp. & taxes (except Federal
$4,957,454 would produce, but in New York City the net revenues fell substantially
taxes), $2,404,341; Net earnings
30,289 below the company's estimates.
Interest received from banks and outside sources
J. S. McCulloh, Operating Vice-Presiden., of the company, says: "We
$4.987,743 are asking for an immediate temporary increase in rates to remain in effect
Net income
pending the determination by the Commission of the rate case recently
paid on bonds, $1,497,747; bond discount, $113,809:
Interest
1,598,833 commenced by the company.
interest charged to construction, Cr., $12,723
"The company disagrees radically with the valuation of its property
394,9.50
Federal income taxes
,
Dividends paid:Pref.(53(%).$513,692;cone.(2)(%) $1,364,915 1,878,607 which the Commission has used as a base for its existing rate orders and in
the case which the company has started it intends to try out the question
$1.115,353 and establish the fair and reasonable value of its property devoted to the
Surplus before depreciation
public service. Upon such fair valuation, the company claims that it is
-V. 118, p. 674.
FEB.
entitled to earn at least an 8% return and not a 7% return used by the
Commission. Until these questions can be decided, the company by its
application for temporary relief is asking that the existing rates be readjusted to as to provide at least the amount of net revenue that the Commission intended the rates ordered by it a year ago should produce."
V. 118, p.440. 675.
and January have already been 90.70% greater than during the same two
months a year ago. This increase represents the purchases of 2,600 dealers
closely in touch with the public and definitely proves the public demand
for Paige and Jewett motor cars."
-V.118. p. 319,92.
Package Machinery Co.
-Balance Sheet Dec. 31.-
Assets. 1923.
Real est., mach. &
1920.
equipment
$478,981
$6,031,950 Inventory
221,344
1,201,163 Cash & debts recle 364,433
606,000 Goodwill, patent
544,860
rights, &c
926,077
Investments
221,937
$3.679.928 Prep'd &accrItems
17,845
317,874 Treasury stock...
29,204
Pref.stk.in sk.fd_
40,675
$3,997,802 -V. 118. p. 319.
1,442.389
-Consolidated Income Account.
Niagara Falls Power Co.
1922.
1921.
1923.
Calendar YearsTotal operating revenue_ _$7,121,928 $6,601,690 $6,083,713
1,199,991
1,031,859
1,092.241
Operating expenses
778,754
675,674
565,617
Amortization
857,438
777,590
728.868
Operating taxes
$4,285.745 $4,116,566 $3,696,986
Operating income
420,338
380,682
312,875
Non-oper. income (net)
$4,706,083 $4,497,249 $4,009,844
Gross income
1,725,342
1,709,127
1.722.896
Interest on funded debt
U. S. Fed'l & Can'n taxes
318,707
434,570
379,945
and miscellaneous
812,719
Preferred dividends (7%) 1,107,267
1,055,908
869,510
1,015,542
Common dividends(6%)_ 1,299,834
Balance, surplus
-V. 118. p. 440.
803
THE CHRONICLE
16 1924.]
$155,285
$322.957
$283,567
314,264
806,078
651,807
$783.263
Nipissing Mines Co., Ltd.
-Output.
The company in January mined ore of an estimated value of $148,595.
with silver estimated at 64c. per ounce. In December the company mined
ore valued at $193,096. There were no shipments in January. December
shipments were 304,552 ozs., of bullion, valued at $199,673. Output of
cobalt in January was 35.000 lbs., against 19,751 lbs. in )ecember. The
low grade mill treated 6,110 tons and the high grade plant 231 tons. Compare V. 118, p. 440.
North American Light & Power Co.
-Notes Called.
Of the Serial Secured 7% Gold notes. due April 1 1924 and April 11925.
the company will redeem on Feb. 23 1924 at *oar and int. $300.000 of said
notes due April 1 1924 and $125,000 of said notes due April 1 1925 at the
office of the Guaranty Trust Co., New York City.
-V. 117, p. 2550.
1922.
1922.
Liabilities1923.
Capital stock
$1,986,250 81,953,800
$510,012 Accounts payable,
27,375
63.013
248,943 Reserves
100,619
76,587
228,952 Dividends payable
8,171
193,941
Surplus
174,645
962,450
261,401
22,861
20,289
28,996 Total(each side)_ _$2,300.496 $2,283,906
Pan-American Petroleum & Transport Co.
-Bond
Issue Cancelled.
-Blair & Co., syndicate managers, in a
notice to the holders of interim receipts for Pan-American
Petroleum & Transport Co. California Division, 1st Mtge.
-Year Cony. 634% Sinking Fund Gold bonds, says:
12
The company having cancelled the arrangements for the issue and sale
of the $12,000,000 California Division 1st Mtge. 12
-Year Convertible 6;is,
represented by the Interim Receipts now outstanding, Blair & Co., Inc..
according to the terms of such interim receipts, will refund to the holders
thereof, for each $100 of bonds represented by such receipts, $96 and an
amount equal to interest at the rate of 614% Per annum upon the principal
amount of such bonds from Nov. 15 1923 to the date of payment, or Feb.
18 1924, which ever date is earlier. In any event interst will cease on
Feb. 18 1924. Such payment will be made on presentation and surrender
of such receipts at the office, 24 Broad St., New York.
In letter to Blair & Co., Chairman E. L. Doheny says
in part:
Referring to the $12,000,000 Pan-American Petroleum & Transport Co..
Calif. Division 1st Mtge. 12
-Year 634s purchased by a syndicate organised
by you, we beg to say that the naval reserve leases, in connection with
-Annual Report.
Northern Pipe Line Co.
the development whereof the financing contemplated to be accom1920.
Calendar Years1922.
1921.
1923.
plished by the issue of said bonds
$399,881 attacked, and resolutions have been was in large part desired, have been
$482,167
$453,050
Net income all sources- _
$308,155
adopted by
1,000.000
400 000
400 000 directing the officers of the Government to the United States Congress
Dividends
400.000
(16%) cancellation of the said leases. In view of endeavor to accomplish the
y(10%)
(16%)
Rate
x(25%)
this situation and the impracticability of proceeding with the financial plan of which the issue
Balance, surplus
$53,050
def$119 of such bonds was a part, while validity of these leases is under attack.
def $91.845 def$517,833
x Includes special dividend of $15 per share, amounting to $600,000, directors of this company, after consultation with you, have deemed it
distributed on Jan. 1 1922 to holders of record Dec.4 1922, all of which was necessary to cancel the arrangements for the issue and purchase of said
paid out of earnings accumulated since March 1 1913. y These dividends bonds and begs to advise you of such cancellation.
were distributed from earnings accumulated since March 1 1913.
We are also cancelling arrangements for the acquisition by the PanBalance Sheet Dec. 31.
American Western Petroleum Co. of the stock of our California subsidiary
(Pan American Petroleum Co.) and the offer by the Pan American Western
Liabilities1923.
1922.
1922.
1923.
Assets$4,000,000 $4,000,000 Petroleum Co. of 525,000 shares of its stock for subscription. (Compare
Pipe line plant _ _ _ _$2,979,717 $2,969,937 Capital stock
also V. 118, p. 626 and 675.)
41,478
44,313 Accts. pay. & tax
Mat'ls & supplies_
investreserve, fire ins.
Cash, other
Parke, Davis & Co.
-Annual Report.
annuities, &c._ _ 556,910 1,325,886
m'ts & accts. rec. 3,282,148 4,065,804
Calendar Years1923.
1922.
1921.
1920.
Accr. dem.reserve 1,511,519 1,427,409
$6,400,864 $6,590,813 $4,349,497 $4,559,389
326,758 Gross earnings
Total(each side)$6,303,343 $7,080,054 Profit and loss...... 234,914
Reserve to equalize value
-V. 116, p. 831.
of current assets in foreign countries with mar-Preferred Stock
Northwestern Public Service Co.
263,877
ket rates of exchange
1,009,341
125,886
424,436
Offered.
-Curtis, Stephenson & Co., Inc. Boston, are Reserve for depreciation- 198,945
304,169
216,724
204,889
900,000
835.000856,084
offering, at 90 and dividend, to yield about 7:78%, $250,000 Federal and foreign taxes_ 750,000
(a. & d.) Stock. Par $100. A circular Cash dividends_ _ _ x(22%)5,218,618(30)3555,114(22)2605,479(20)2368,139
7% Cumul. Pref.
shows:
Dividends are payable Q.
-M. Redeemable, all or part, on any dividend
date upon at least 30 days' notice at 105 and diva. Exempt from the
present Federal normal income tax. Transfer agents: State Street Trust
Co.. Boston, and Seaboard National Bank, New York. Registrars: First
National Bank,Boston,and American Exchange National Bank,New York.
The company owns and operates public utility properties furnishing without competition electric service in Aberdeen, S. D., North Platte and
Columbus, Neb., and supplies electricity for distribution to eight other
municipalities in Nebraska and South Dakota. Company also manufactures and distributes gas at North Platte.
Earnings of the Propertiesfor the 12 Months Ended Dec.311923.
$713,142
Gross earnings
Oper.exp.(incl. current maint.& taxes other than Federaltaxes)_ _ 433,085
Annual interest requirements on First Mtge. bonds and debentures 158,500
121.557
Balance
Annual dividend requirements on outstanding Preferred stock_ _17,500
Compare also offering of $1,900,000 first mtge.6 jis in V. 117,P.2780.
-
.Old Colony Gas Co., Braintree, Mass.
-Bonds Offered
Blodget & Co., Boston, are offering at 100 and int. $2751000
1st Mtge. gold bonds, due Dec. 1 1931, part of an authorized
issue of $1,000,000.-V. 118, p. 561.
Orpheum Circuit Inc.(& Subsids.).-Annual Report.
Calendar Year1922.
1921.
1920.
1923.
Gross income
$16,759,001 $14,400,058 $14,089.630 $15,563,815
Expenses
$13,8.36,965 $12,797,334 812,498,329 $11,478,172
Amortiz. of leaseholds
220,066
232,8401
693,685
702,157
Deprec.of bldgs.& equip
907,645
740,4471
Federal taxes (est.)
80,000
104,000
575,000
225,630
Dividends
542,308
543,008
1,367.755
1,642,721
Balance. surplus
Total surplus
$11,428 def$582,611 $1,174,237
$1,026,386
8607,588
$1,5$6,683
$571.023 $1,168,657
Balance Sheet December 31.
1923.
1922.
1923.
1922.
Assets
LiabilitieS$
Preferred stock_ _ _ 6,752,600 6,752.600
Land, buildings A:
equipment
19,818,401 19,644,381 Common stock.. 549,170
549,170
Fern. & fixtures 2,112,237 2,066,464 Minority int. in
40,000
111,132
255,000 subsidiary co's_ _
Lease deposits_ _ _ _ 260,000
Leasehold rights_ _ 9,003,835 8,953,184 Funded debt of Orpheum Circ.,Inc. 1,699,900 1,902,000
621.731
Inv. in MM. cos_ _ 621,731
Real est. mtg. bds.
Sinking fund in
¬esofsub.cos.6,236,440 6,394,300
1,000
706
hands of trustees
28,861
48,075 Res. for deprec'n_ 2,773,682
Organization exp_
312.088 Amort.of l'isehsts. 795,526 2,605,815
Disc.on bds.&stk_ 257,708
Approp. surp. for
Prepaid insurance,
129,418 retire, of pf.stk
12,959
tax..licenses.&c_ 117,639
Accrued interest,
contracts,
rentals & taxes_ 393,770
329,059
agreements, &c_18,230,474 19,043,803
135,052
63,929 Divs. payable_ _ _ _ 135,052
80,642
Deferred repairs_ _
21,864
Tenants'rental dep. 22,455
Loans to emplo'ees
80,000
Reserve for taxes_ 225,629
68,338
to purch. stock_
86,859
78.127
842,903 Accts. payable.._
1,624,104
Cash
14,991 Notes payable_
506,165
33.329
Marketable securs.
28,636 Capital surplus__ _31,251,099 32,008,379
87,059
Accts.receivable_ _
594,629
6.623 Earned surplus__ _ 1,536,683
13,370
Supplies
49,319
Misc.current assets 180,133
52,498,888 52.081,252
Total
-V. 118, p. 675, 561.
Total _ _ .1 ______ 52,498,868 52,081,252
-Annual Report.
Pacific Telephone & Telegraph Co.
1920.
1921.
1922.
1023.
Calendar YearsNet inc. aft. int. & taxes_$3,539,574 $3,800,153 $3,120,634 $2,927.550
-V. 118, p. 212.
-Outlook.
Paige-Detroit Motor Car Co.
President Harry M. Jewett says: "The outlook for 1924 business is
promising. Our schedule for the first six months of 1924 is 86% larger
than during the same period of last year. Our shipments during December
Bal., sur. for cal. year_def$30,575 $1,705,645
$120,936
$267,857
Previous surplus
$7,360,786 $7,109,627 $6,841,769 $6,720,833
Employees pension fund_
100,000
Formulae processes, trade
marks, &c
Cr10,500,000
Stock dividend
11,854,485
(100)
Profit and loss surplus_$7,330,211
$7,360,786 57,109,627 86,841,769
x Includes $1,897,280 paid from 1922 earnings and $3.321,338 paid from
1923 earnings including dividend paid Jan. 2.1924. Extra dividends were
paid on the $25 par value stock as follows: March,5%;June,3%; and Jan.
1924, 6%.
Balance Sheet December 31.
1923.
1922.
1923.
1922.
LiabilitiesAssets$
$
Capital stock
Land, buildings,
23,726,670 23,708,970
machineryoke_ _ 4,397,596 4,050,892 Accounts payable_ 628,489
761,392
Formulae, trade•
Reserve for special
marks, &c
10,500,000 10,500,000
taxes
1,177,877 1.201,344
6,484,723 6,120,939 Dividend reserve__ 1.898,144
Inventories
948,342
Investments
6 594,966 6,207,008 Surplus
7,330,211 7,360,786
Cash
x2,785,975 3,318,271
Acets.receivable x3,998,131 3,783,725 Total(each side)._34,761,391 33,980,835
-V. 118. p. 675.
x Russian items omitted.
•
Penelec Coal' Co., Johnstown, Pa.
-Bonds Offered.
Rufus Waples & Co., Reilly, Brock & Co., and Welsh
Brothers, are offering, at 943 and interest, yielding over
7%,$1,500,000 1st Mtge. 20
-year Sinking Fund Gold 6s.
Dated Feb. 11924. Due Feb. 11944. Int. payable F. & A. 1 without deduction for any normal Federal income tax not exceeding 2%. Callable on
the first day of any month on 30 days' notice at 110 and int, to and incl.
Feb:1 1934, thereafter at a premium becoming Ji of 1% less each 6 mos.
Denom. $1,000 and $500 c*. National Bank of Commerce, N. Y., trustee.
Free of the Penn.4 mills tax. Company agrees to refund the Mass,income
tax on these bonds up to 6%.
Data from Letter of Pres. F. T. Hepburn, Johnstown, Pa., Jan. 15.
Company.-Incorp. in Pennsylvania. A consolidation and merger of
Penelec Coal Co. and Conemaugh Smokeless Coal Co., each of which
operated coal mines in the so-called Central Region of Pennsylvania. The
company owns and controls in excess of 20.000,000 tons of unmined coal.
16,000,000 tons being owned and 4,000,000 being under lease.
• Capitalization
Authorized Outstanding
Com.stock (all owned by Penn. Pub. Serv. Corp.)_ _S 350,000$ 350,000
89 Cum. Prof. stock (all owned by Penn. Public
Service Corporation)
800,000
800,000
1st Mtge.655s (this issue)
1,500,000 1.500.000
Purpose.
-Proceeds will be used to refund the present indebtedness
aggregating approximately $1,070,000,and providefundsfor other corporate
purposes,including the building of a number of houses for miners and other
facilities.
Sinking Fund.
-Mortgage securing these bonds will create a sinking fund
of 10 cents per net ton on all coal mined from the property now or hereafter
owned or leased, but in no event shall the minimum annual payments to
the sinking fund be less than $60,000, which annual payment will retire
approximately 75% of this issue by maturity. The funds shall be applied
semi-annually to the purchase and redemption of bonds.
Contract.
-Penn. Public Service Corp. will execute a 25
-year contract
running to Feb. 1 1949. which will be deposited with the Trustee as further
security for these bonds and in which Penn. Public Service Corp. will
covenant to provide the company from time to time with sufficient funds to
pay all its operating expenses, including maintenance, renewals and replacements, rentals, insurance, royalties, taxes, interest on these bonds and
the sinking fund requirements, when and as such funds are needed for such
purposes. Penn.Public Service Corp. will covenant in the mortgage.that so
long as any of the bonds remain outstanding it will not sell, in whole or in
part, the preferred and common stock of the company.
-V. 118, p. 675.
Penmans, Ltd.
-Extra Dividend.
-
The directors have declared an extra dividend of 27 on the Common
stock payable Feb. 28 to holders of record Feb. 21.-V. 116. IL 1189.
804
THE CHRONICLE
(J. C.) Penney Co., Inc.
-January Sales.
-
Month of JanuarySales
-v. 118. ro. 319
.
1924.
1923.
1922.
1921.
33.467,676 $2,799,536 $2,165,050 $2,758,561
Phillips Petroleum Co.
-Listing-Earnings.
-
The New York Stock Exchange has authorized the listing of 296,106
additional shares of capital stock of no par value, making the total amount
applied for 1,480,533 shares. These 296,106 shares of capital stock are
offered to stockholders of record Feb. 2 on a basis of one share for each
four shares, at a price of $30 per share. Rights terminate Feb. 18. This
stock has been underwritten.
The entire proceeds from the sale will be used to liquidate current indebtedness, including all of the company's bank loans.
Output.
-The output from the properties of the company for the current
year ending Dec. 31 1923 follows: Barrels of oil (net), 8,814,347: gallons
of gasoline (net), 35,062,406.
Consolidated Income Account for 11 Months ending Nov. 30 1923.
Income: Oil & gas, $14,277,965; gasoline, $3,188,780: miscel.,
31.629.886; total
Operating expense. 33.474.028: general & admin., $704.301;
319'096.633
interest and miscellaneous tax, $1,468,065: total
5,646,396
Inventory and Federal tax reserve
3,741.715
Dividends paid and accrued
2,719,735
[Vor.. 118.
Remington Typewriter Co.
-Preferred Dividends.-
Tne directors have declared a dividend of 2% on the 2d'Pref.
payable March 28 to holders of record March 18. Payment of 2dstock.
Pref.
dividends were resumed on Dec. 20 1923 (see V. 117. p. 2222).
The directors have also declared a quarterly dividend
1 % on the
1st Pref. and Series "S" 1st Pref. stocks, payable April of to holders of
1
record March 22.-V. 118, p. 676. 212.
Reynolds Spring Co.
-New Directors-Business.
-
Thomas B. Neal, of Chicago, Vice-President of the Central Trust Co.,
and Arthur B. Westervelt, Vice-President of the American Trust Co., of
New York. have been elected directors.
Gross business for January was approximately $290,000, against $250,000
for Jan. 1923.-V. 118, p. 441, 92.
Riverside & Dan River Cotton Mills, Inc., Danville,
Va.-25% Stock Dividend.
The directors have declared a 25% stock dividend on the outstanding
$6.000,000 Common stock (par $100)•
There is also outstanding $7,500,000 6% Preferred stock. The regular
dividend rate on the Common is $5 quarterly. With the payment of the
25% stock dividend, it is stated that no cash dividends on the Common
stock are anticipated until April 1925.-V. 112, p. 379.
Riverside Light,
Power & Gas Co.
-Name ChongedNet income before depletion and depreciation
$6,988,786
The above amount shown as reserve for inventory adjustment and Acquisitions.Federal taxes Is not divided, the total amount being applicable for either
See United Power & Light Corp. (of Kansas) below.
-V.107. p. 1291.
Item.
Since the date of this statement Mid-Continent crude has advanced,
Ryan Car Co., Chicago.
-New President,
considerably and all of the above write-off for inventory adjustment will
James M. Hopkins, Chairman of
M.
not be necessary and the company's earnings for the year will approximate succeeding William M. Ryan, who the board, has been elected President.
has resigned, but who will remain
312.400.000 before depletion and depreciation.
a director and retain his interest in the company. A new Chairman as
-V.118, p. 441.
of
the board will not be elected at present. T. H. Goodnow has been elected
1st Vice-President.
Pierce-Arrow Motor Car Co.
-V. 114. n. 2587.
-Annual Report.
Calendar Years1923.
1922.
1921.
1920.
St. Louis Rocky Mountain & Pacific Co.
Net manufacturing profit 4952,564
-Listing.
$571,991 *31,810.498 31,987,688
The New York Stock Exchange has authorized the listing of
Other income
216,886 1st Mtge. (Stamped)
$300,000
5% Gold bonds, due July 1- 1955, which are issued
y Oper. exp. (additional)
2,246,875
and outstanding in the hands of the public, making the total amount
Inventory losses
4,197,022
Federal taxes
250,000 applied for 36.053,000.
Purpose.
-The proceeds of the $300,000 bonds now issued will be used
to
Total income
$952,564
8571,991 *58,254,395 51,954.574 forreimburse the treasury in part for the cost of additional facilities and
developments in connection with the properties, which have been
Deduct-Interest (net)_ 579,852
561,182
509,317
184,659 paid for out of
Prior Pref. diva.(6%)_ earnings, the cost of which, during the past few years, has
94,500
Preferred dividend
(2%)200,000(8%)800,000. been in excess of $1,000.000.
Income Account for Calendar Years.
Balance,surp.,for year $278,212
$10,809 df$8,963,712
$969.915
1923.
1922.
1921.
*Loss. x After providing for depreciation. y These operating expenses Gross earnings
11476
2.
of $2.246.875 are "In addition to the amount absorbed in manufacturing Cost,expenses & taxes._ 32,952.806 33,896.958 33,595.330 S5,9 0 36
2,596,396
2,758.840
2,852,910 3,812,385
cost."
-V. 117, p. 2781.
Net earnings
3356.410 $1,138,118
$742,420 $1,335,249
Other revenue
Pilgrim Mills, Fall River.
-To Retire Preferred Stock.
148,145
146,762
55,105
115,626
The stockholders have approved the retirement of the outstanding
Total net income
3350.000 Pref. stock at 120 and dividends.
$504.555
-V.118. p. 561.
$858,046 31 A82,011
Deduct int. charges, &c.. $348,773 $1,193,223
3493,969
438,028
$419.401
Reserve for depreciation
Porto Rican-American Tobacco Co.
218.426
216,584
219.720
-To Redeem Div. Pref.di v.57 non-cum_ _
50,000
50.000
50,000
50.000
Scrip.
Common dividends_ _ _ _ (3%)300,000 (4)400.000 (5)500.000 (4)400.000
The company on Jan. 14 announced that it will redeem dividend scrip
Balance, surplus_ _ _ _def.$194,218
No. 10 on or before Feb. 26. in stock at par with cash at par for fractions.
$30,828 def$331,075
$377,399
If the holder of the scrip prefers, cash will be paid for the full amount of the Profit and loss surplus__ $1.655,622 41,849,840 $1,851.877 $2,152,102
scrip held. Interest on the scrip ceases Feb. 26.-V. 117, p. 2333.
x After deducting $10,026 (net) depreciated value of equipment written
-V. 117, p. 2891.
Producers & Refiners Corp.
-New Directors-Officers.
- off, sold or replaced.
The reorganization of the corporation, under Prairie 011 & Gas Co.
Saco-Lowell Shops, Boston.
-New Treasurer.
control, has been completed with the reduction in the number of directors
P. D. Howe has resigned as
to seyen and the election of four ,Prairie 011 representatives to the board. Herrick, Jr., formerly GeneralTreasurer. He is succeeded by Robert F.
Agent.
-V. 118, p. 320.
Prairie officers now on the board are: W. S. Fitzpatrick, Chairman;
Nelson K. Moody, President: D. H. Kelsey, Vice-President, and John
Security Cement & Lime Co.
-50% Stock Dividend.
Fertig. Old members re-elected are F. E. Kistler, W. L. Kistler and
The company has increased its authorized Common stock from $800,000
W. E. Lockhart.
fall outstanding) to $1,200,000, and disbursed a 50% stock dividend.
Officers of Producers corporation are: F. E. Kistler. Chairman; W L. V. 115, p. 1437.
Kistler, President; W. E. Lockhart, Vice-President & Treasurer; John
Fertig, Comptroller & Asst. Secretary; David R. Thomas, Secretary.
Silversmiths Co.
-Reorganization Plan.
Additional Vice-Presidents are R. E. Wertz, head of the exploration deSee Gorham Mfg. Co. above.
-V. 117, p. 2533.
partment, and F. E. Johnston, head of the sales department.
-V. 117,
p. 2660.
South Porto Rico Sugar Co.
-Resumes Dividends.
The directors have declared a dividend of 1M %
the outstanding
Public Service Co.of Northern Illinois.
-Stock Inc., &c. 311,205.600 Common stock, par $100, payable April 1 on holders of record
to
March 10. A like amount was paid on the Common stock on April
The stockholders will vote Feb. 25 on increasing tie authorized Capital
11921;
stock by the addition thereto of 100,000 shares of 7% Cumul. Pref. stock, none since.
par $100.
The regular quarterly dividend of 2% on the 8% Cumul. Pref. stock has
The stockholders will also vote o the question of reserving for and selling also been declared, payable April 1 to holders of record March 10.-V.
to the employees of the company and of its subsidiaries, through the agency 117. p. 2107.
of the employees' savings fund of the company, 10,000 shares of Common
stock, no par value, heretofore authorized but at present unissued, said
Southwestern Bell Telephone Co.
-Rate Decision, &c.
stock to be sold by the company at $90 per share, or at such higher price
The Kansas Supreme Court held again Feb. 9 that the
as may from time to time be determined by the board of directors, without be allowed to raise its rates in seven Kan.sas towns. Tn.)company should
court refused
first being offered for subscription to the stockholders of the company. reverse its former decision in telephone rate cases affecting the cities to
of
-V. 118. p. 561.
Atchison. Eldorado, Great Bend, Hutchinson, Lyons, Winfield and Arkansas City, Han.
Public Service Electric Power Co.
The company has applied to the I.
-S. C. Commission for authority to
-Listing.
-purchase (at par) 33,000,000 Common stock of the Kansas City Telephone
The New York Stock Exchange has authorized thdllsting of
$6,000,000 Co.
7% Cumul. Pref. stock. par $100.
-V. 118, p. 562, 442.
The New York Stock Exchange has also authorized the listing of $14,Standard Gas & Electric Co.
000.003 1st Mtge. Sinking Fund Gold bonds, 6% Series of 1923 (of an
-Bond Redemption.
All of the outstanding $1,962,400 Cony. Sec. 7% Gold Bonds, due
authorized issue of this series of $15,000,000 and of a total authorized issue
of 1st Mtge. bonds of $30,000,000), due April 1 1948. which are issued March 11937. and 32.500,000 7% Gold notes. due April 11925. have been
and outstanding in the hands of the public. The bonds are guaranteed, called for payment March 5 at 105 and interest and 101 and interest, respectively. Payment of the
principal and interest, by Public Service Corp. of New Jersey.
-V. 117, Bank, New York City, and bonds will be made at the Chase National
p. 1564.
of the notes at the Continental & Commercial
Trust & Savings Bank, Chicago,or at the First National Bank of New York.
Holders of the notes may, at their option, surrender the notes at any time
Pure Oil Co.
-Balance Sheet Dec. 31 1923.
(Adjusted to show acquisition of Humphreys properties, and the issuance prior to March 5 and receive in payment therefor 101 and interest to date
of presentation. The bonds are convertible at any time prior to March 5.
of 315,000,000 bonds.]
upon ten days' written notice to the trustee, into S% Cumul. Pref. stock.
AssetsLiabilities
All of the outstanding $2,579,600 Secured 7A % Sinking
aProp., plants & equip..$130,587,681 Common stock
Gold
$69,998,450 bonds, dated Sept. 11921. have been called for payment AprilFund 10734
bInvestments
1 at
21,863,448 Preferred (51 to 8%)
4
23,000,000 and interest at the New York Trust Co., New York City. Holders of the
Cash •
4,331,235 7% Pref. Moore 011 Ref_
800,000 bonds at their option may present them at the New York Trust Co., New
Notes & trade accept. rec
349,644 Pur. money 1st M.5Yis. 15,000,000 York City,
or at the Continental & Commercial Trust & Savings Bank.
Accounts receivable
5.276,455 10
-year 634s, 1933
12,000,000 Chicago, at
Crude oil
c12,427,461 Sub.Gas.Cos.bds..1926-32 3,009,900 and interestany time prior to April 5, and receive in payment therefor1073•1
to date of presentation. (See also V. 118. p. 213.)-V. 118, p.
Refined products
5,077.674 Pure 011 S. S. Co. notes..
850,000 677.
Materials & supplies_ _ _ _ 2,989,378 Notes payable
14,639,472
Adv. to Okla. Pr.& Ref_ 2.941,602 Accounts payable
2,777,756
Standard Tank Car Co.
-New President, &c.
Deferred charges
3,136,824 Dividend payable
402,232
The company, according to a Sharon, Pa., dispatch, has been refinanced
Accrued items
424,426 and J. Bruce Orr, of Pittsburgh, succeeds John Stevensno Jr., as President.
Oust.dep.
(Sub.Gas Cos.)
314,974 John Stevenson, III. Director and Treasurer: Daniel Stevenson, director
Total (each side)_ _ _ _3188.981,402 Surplus
45.764,192 and Vice-President. and E. A. McDonald, director and Secretary, it is
said will retire. The new board
a After deducting 332.250.706 for deeciation and depletion. b Invest- senting the Carnegie Steel Co.; R.of directors includes L. F. Paynes, repreF.
ments in Oklahoma Producing & Refining Corp. and other companies. William Robinson, of Pittsburgh; Holmes, Westinghouse Air Brake Co.;
c Value at posted prices as of Feb.6 1924 is more than $4,000,000 in excess Miller, of Philadelphia, and J. P. H. C. Rorick, of Toledo; E. Clarence
Whitla, of Sharon.
figure. Compare offering of $15,000,000 purchase money 1st Mtge.
of this
The creditors, It is reported, have agreed to accept five-year notes for the
5s Inj,V. 118, p. 676.
amount of their claims. payable 20% yearly.
-V. 118, P. 677, 320.
Rand (Gold) Mines, Ltd.
-Gold Production (in Ounces).
State & City Building Corp., Richmond, Va.-Pref,
-Scott & Stringfellow, Davenport & Co., Fred'k
Stock Sold.
E. Nolting & Co. and State & City Bank & Trust Co.,
Richmond, Va., have sold at 100 and
Ray Consolidated Copper Co.
-Merger of Chino Copper Guaranteed Cumulative Preferred (a. & divs. $600,000 6%
d.) stock.
Approved-Capital Increased.
Co.
Tax-free in Virginia and
Jan. 1924. Dec. 1923. Nov. 1923. Oct. 1923. Sept.1923. Aug.1923.
778,849
780.639
796,768
793,842
739,504
769.371
-1t. 118, p. 212.
North Carolina. Exempt from normal
The stockholders of the Ray Consolidated Copper Co. and the Chind Federal income tax. Callable by lot, all or part after three years
Copper Co. on Feb. 15 approved the merger of the Chino Copper Co. into date of issue at 105 and divs. until Jan. 1 1929; at 103Ii and diva. from
until
Consolidated Copper Co. The Chino stock (900,000 shares, par $5) Jan. 1 1934, at 102 and diva thereafter. Divs. payable Q.
Ray
outstanding) is to be exchanged for $15,000,000 Ray stock, par $10, or in ditionally guaranteed by the State & City Bank & Trust Co., -J. UnconRichmond, Va.
ratio of one Chino share for 1 2-3 shares of Ray. The stockholders of
Corporation.
-Is the owner of the land at the northeast corner of Main
the
Ray Consolidated Copper Co. also increased the authorized capital stock and Ninth Sts., one of the most,if not the most, desirable locations in the
n.04316,000.000 to $31,000,000. Compare V. 118, p. 212, 319.
city of Richmond for an office building, and is now erecting upon this
•
FEB. 16 1924.]
805
THE CHRONICLE
l tankage
41 gravity oil. This well will be completed as soon as additiona of highpool
can be erected, and undoubtedly has opened a prolific new
which the company controls additional extensive
grade oil, surrounding
holdings.
ted, will not
Accordingly, the plan has been arranged which,if consumma company's
improve the
alone supply the desired funds, but also materiallyall its current indebtedfinancial position by effecting the cancellation of 0 now issued and outness and of $6.657,000 (out of a total of $8,657,00
thereto. The
standing) let Mtge. bonds and the fixed charges incidental held by the
ng are
$2.000,000 1st Mtge. bonds that will remain outstandi reason that that
will not be canceled for the
Standard Oil Co. of Calif. and
of a large acreage in Colombia,
under
Receiver. company is now engaged in the developmenthas a substanti
-Petiti
Steinmetz Electric Motor Car Co. for theon for on with S. A.,in the results of which this company of California isal interest threeto apply
Co.
corporati
a contract whereby the Standard Oil
ment of a receiver
A petition for the appointe been filed in Circuit Court at Baltimore. fourths of the first oil resulting from that operation to the repayment to it
Md., has
a plant at Arlington. allowing the company until Feb. 11 to show why of $2,665,000, which includes the principal amount of the above bonds,
surrender to this comand an order signed
whereupon the Standard Oil Co. of California will
made.
therefor. and thereupon this
the appointment should not be
pany such bonds without further payment whatsoever.
ess
company will have no funded indebtedn plan arranged by the directors,
--Tenders.
Sun Oil Co.
To enable the company to carry out the
stock will presently be issued, and
Wall St., N. Y. City, will until Mar. 3 reThe Bankers Trust Co., 10 10-year 7% Sinking Yund Gold bonds of the 157,500 shares of 7% cumul. Preferredstock without nominal or par value.
ceive bids for the sale to it oftel an amount sufficient to exhaust $250,931, 2,000,000 additional shares of Common
be used by way of exchange
dated April 11921.
of the newly created Preferred stock wills bonded indebtedness, and
A part
Sun Co.
-V.117. p. 1248.
and interest.
to accomplish the cancellation of the company' as stated above, for all of
and at a price not exceeding 102%
toward the extinguishment of its current debt,
-Bond Issue Approved-Rights to which arrangements have been completed.
Superior Oil Corp.
shares of Common
It is proposed to offer the 2,000,000 additional new
share for share with
Stockholders-Underwritten.
stock for subscription to stockholders at $4 per share,
is
ers on Feb. 11 approved the creation and issuance of present holdings. Through an underwriting syndicate the company an
The stockhold
S.nking Fund gold bonds.
subscribed by stockholders up to
-Year 1st Mtge.
$1.000,000 5
A5 1924: assured the sale of any such stock not
and
bonds are in denom. of $1.000. $500 int. $100.atDated Feb. to be aggregate of 500.000 shares at $4 per share.
The
date
105 and int.;
Common stock fully
red, on any
The consummation of this entire plan with the new
to mature Feb. 15 1929. but
position, with
of $200,000 annually, and to have
entitled to the benefit of a sinking fund option warrant entitling the bearer subscribed, will place the company in a splendid financial current debt.
(a) a detachable stock
liquid working assets and no
0 of cash and
attached thereto
from the corporation its Common stock more than $4,000,00
purchase
of each such warrant to for each $1.000 of bonds; at $4 per share on or beBrief Description of Preferred Stock Issue.
accrue from the
at the rate of 200 shares per shatt from Feb. 15 1926 up to but not after
(I) Dividends on the Preferred stock shall commence to
fore Feb. 14 1926: at $5
to but not after Feb. 14 date of the issuance and be payable March, &c. (first div. payable Sept. 1
up
Feb. 14 1927: at $6 per share from Feb. 15 1927
the holder thereof
the Preferred stock shall entitle
Feb. 15 1928 up to and including Feb. 15 1929:
1928: at $7 per share from option warrant entitling the bearer of etch such 1924). (2) Each share of of Common stock shall entitle the holder of such
liquidation or
and (b) a detachab'e stock the corporation its Common stock, at the rate of to 10 votes and each share
Common stock to one vote. (3) In the event of voluntary per share and
warrant to purchase from
the Preferred stock shall receive $110
at $3 per share, on or Wore Aug. 15
100 shares for each $1.000 of bonds, of the stock upon exercise of any such dissolution, holders of
be paid on Common stock. In the event of indivs, before any sum shall
1924. Payment of the purchase price
be paid to the holders of the Preferred
option of the respective holders
stock option warrants may be made at the face amount, with cash adjust- voluntary liquidation, there shall
paid to holders of
stock $100 per share and diva, before any sum shall be
tnereof either in cash or in bonds at their
Common stock.
ment of interest on the bonds.
and dive. (5) Corers of record Feb. 13 are given the right to subscribe on a
(4) Redeemable all or part on any div. date at 5110 2-3 of the outstandThe stockhold
to subscribe expires Feb. 28. poration shall not without the consent of the holders of
pro rata basis for the bonds at 95. The right
on for the bonds will be
either (a) alter or change the preferences given to the
With 927,208 shares of stock outstanding subscripti stock held. Payment ing Preferred stock,any shares of stock having preference over or on a parity
$107 85 of bonds for each 100 shares of
Pref.stock or create
at the rate of
Irving Bank-Columbia Trust Co., with this Prof.stock:or (b) create any mortgage or other lien upon any propof subscriptions should be made at the
provided, however, that this provision shall not
60 Broadway, N. Y. City. has been underwritten at 95% of face amount erty of the corporation, mortgages, to the acquisition of properties subject
purchase money
The entire issue of bonds
Co. and one-half apply to
nces, or to the pledge of liquid or current
by the Atlantic Refining
and int. from Feb. 28, one-half& Co., Inc., and White.-Weld & Co. The to mortgages or other encumbra
the regular conduct of the business of the corby Brown Bros. & Co.. Fraziercompensation for their underwriting opera- assets for current loans in678.
-V. 18, p.
poration, &c.
underwriters have waived any
Atlantic Refining Co. have granted to
tion. Brown Bros. & Co. and thepurchase all or any of the bonds, with
Transue & Williams Steel Forging Corp.-Bal. Sheet
Frazier & Co., Inc., an option to
receive upon the understock option warrants attached, which they may
Dec. 31.writing at cost plus int.-V. 118, p. 562.
1922.
1923.
1922.
1923.
Assets5.550,000 $550.000
Capital stock
-Purchases Plant.
Property & plant
Swift & Co., Chicago.
147,360
_$1,154,433 $1,235,030 Accounts payable_ 249,058
the Midland
(after deprec'n)
20,251
15,757.
The company is reported to have purchased the plan of of $622,500. Cash
21,330 Accrued tans_ _ _
38,046
Packing Co.at Sioux City, Iowa,for, it is said, a consideration
348,305 Prov.for eat. Fed'i
Notes & acets rec. 530,058
-V. 118, P. 199.
511,099 taxes & reserve
x493,097
Inventory
10,366
58,053
for contingencies
36,065
31,290
Other assets
-1923 Dividends.
103,080 Capital surplus___ 2,450.000 2,450,000
Texas Gulf Sulphur Co.
124,758
Prepaid exp.,&c
501,719
was made 47.43% Securities owned.... 1,636,796 1,424,787 Profit & loss sup_ 685,610
In the first quarter of 1923 the $1 25 quarterly dividend . In the second
from free surplus and 52.67% from reserve for depletionand 61.9% from
$4,008,479 53,679,69
Total
$4,008,479 $3,679,697
Total
quarter 58.1% of the $1 50 dividend was from surplus from surplus and
published in V. 118. p. 678.
depletion. In the third quarter 44.6% of the $1 50 was
The usual comparative income account was
of the fourth quarter's dividend of $2 29, 5%
55.4% from depletion, and
-V. 118. p. 661.
-Annual Report.
was from surplus and 70.5% from depletion.
Union Oil Co. of California.1922.
1920.
1921.
1923.
- Calendar Years-Bonds Offered.
Thomson & Clark Timber Co., Ltd.
$72,962,577 $58,337,141 $59.027,577 $63,430.146
Gross sales
Conrad & Net profits after int.,
Lacey Securities Corp., Chicago, Geo. H. Burr,
deprec., depl., Fed.
Broom, Inc. and Peirce, Fair A. Co., San Francisco, are
8,032,649 10,735,875 10,528,208 12,038,882
taxes &c
offering at 100 and int. $1,000,000 Guaranteed 1st (Closed) -V 118, p. 563,-214.
14-story office building, having a frontage
site a steel, brick, fireproof, a depth of 100.15 on Ninth St. to an alley.
of 105.42 ft. on Main St. .vithTrust Co. will own all of the Common stock
The State & City Bank &
occupy the ground floor, basement.
except directors' shares, and will the third floor as its permanent home.
where its vaults will be located, and
d into suites of offices, for which
The remaining floors will be subdivide entire property when completed
The
there is a pronounced demand.
will cost in excess of $2.250,000.
6% Pref. stock
Capitanzation.-lst Mtge. bonds (closed). $900,000:
stock. $750.000.
(closed). $600.000: Common
Mtge. Sinking Fund 7% gold bonds.
.
-New DirectorSelling Co.
United Metals
are legal
succeeding T. Wolfson.
These bonds are dated Feb. 1 1924 and due Feb. 1 1934 and Tne comJohn A. McCarthy has been elected a director,
investment of Micnigan savings banks under existing statutes. creation of -v. 116, p. 948.
3 months for the
pany covenants to deposit with the trustee each
removed
-Bonds Offered.
a sinking fund the sum of $3 per 1,000 ft. for all timber cut and cut from
United Power & Light Corp. of Kan.
as
from the lands covered by the mortgage, and $1 per 1,000 ft.
Harris, Forbes & Co., E. H. Rollins & Sons, New York;
the lands now controlled by contract.
-Balance Sheet Dec. 31.(John R.) Thompson Co.
1922.
1923.
1922.
1923.
Assetsprop. & equipml._x3,036,487 2,983.679
4,000,000 4,000,000
Good-will, &c
225,000
Uniss'd Pref. stock_
Securities owned_ ___1,153,411 880,292
Notes. aee'ts. mtge.
509,301 415,880
receivable
476,894 907,422
Inventories
613,498 500,610
Cash
33.032
64,872
Deferred assets
44,039
Suspense accounts._ 34,376
a:Dilates6 000,000 6,000.000
Common stock
950,000 1,225,000
Preferred stock
235,000 180,000
Funded debt
108,811 139,636
Aec'ts payable
Res've for inc. taxes_ 134,787
97.905
108,518
Other reserves
70,055 208,285
Accruals
.196
884
_
.
Deferred income_ .
2,280,764 2,138,932
Surplus
of
Arthur Perry & Co., Boston, and Peters Trust Co.
Omaha are offering at 973 and int. to yield 6.20%,$3,250,-Year 6% Gold bonds, Series 'A." The
000 1st Mtge. 20
bankers-state:
payable J. & J. at
Dated Jan. 1 1924. Due Jan. 1 1944. Interest at Harris, Forbes &
Harris Trust & Savings Bank. Chicago, trustee, and Federal income tax
York. without deduction for any normal
Co., New
Denom.
not exceeding 21. Pennsylvania four-mills tax refunded. and incl.
to
$1,000 and $500c*'Red. on any int. date at 105 and int. or portion
eachyear
thereafter decreasing ji
Jan. 1 1934; the premium
100 andint.
of year, the bonds being red. July 1 1943 atU. Commission.
Issuance -Authorized by the Kansas P.
ted
-Formerly the Riverside Light & Power Co., incorporathe
Company.
1924 and absorbed
9,888,821 9,989,954 in 1908: name changed to present title Jan. 22 Home Gas Co., Junction
Total
0,888,821 9,989,954
Total
Kansas Power Co.,
following companies: Central
Marshall
City Gas Co., Manhattan Gas & Electric Co.(V. 107. p. 1841). Electric
x After deducting $2,017,742 for depreciation.
County Power & Light Co.,Pawnee Power & Water Co.. Peabody
usual comparative income account was published in V. 118. p. 562.
Ford Milling & Power CO..
The
Co.. Republican River Power Co., Rocky
Traction Co.
-To Increase Common Stock Union Light & Power Co., and United electric light and power properties
Transcontinental Oil Co.
Owns and operates long-established
cities and
serving without competiti
Create Issue of Preferred-To Issue 2,000,000 Shares of In central Kansas, n, Abilene and Junction on 116 Population towns.
served
and
City.
including Manhatta
and 157,500 Shares of Preferred Stock-To Exchange is estimated at over 75,000. Nearly 85% of the net earnings are derived
Common
power. Company also supplies gas
d Stock for $11,000,000 Mortgage and Current Debts. from the sale of electric light and and operates approximately 30 miles
Preferre
to some of the larger cities,
The stockholders will vote Feb. 28 (a) on increasing the Common stock and ice and interurban railway.
no par
from 2,000,000 shares, no par value, to 4,000,000 shares,Prof. (a.value; of street
& d.)
7% Cumul.
Capitalization (Upon Completion of Present Financing).
and (b) on creating a new issue of $25,000,000
$3.734,700
stock, par $100.
the amendment to the certificate of in- Preferred stock (7% Cumulative)
2.440,550
If stockholders shall authorize
stock
Common
3,250.000
on creating the Preferred stock and the additional Common 1st Mtge.6s
corporati
the stockhold
consideration a
new bonds will be
stock, there will also be submitted to To ratify the ers for of the directors
-A sufficient amount of the proceeds of the g bonds. [Previous
Note.
action
resolution covering the following: (1)
all of the now outstanding underlyin
deposited to redeem
to exchange Preferred stock of the issue so created for the cancellation of to consolidation the consolidated companies had together about $1.168,800
of
mortgage bonds and current debts bythe company aggregating $11.000,000: bonds outstanding.]
the company for the underwriting of
The making of contracts
and (2)
to be
ers
Earnings and Expenses of the Properties-Year ended Dec. 311923.
500,000 shares of the Common stock proposed are tooffered to stockhold
$1,252,503
receive compensation. Gross earnings
which the underwriters
tar subscription, for
821,991
expenses, maintenance & taxes
:
Pres. FJB. Parriott in a letter to stockholders Feb.9 says Operating
$430,512
earnings
stage of development of the company's properties, together
Net
The advanced
195,000
fields in which it is largely interested, Annual interest charge on 1st Mtge. bonds
stith the discovery of new producing
the judgment of the directors, that additional
ave made it desirable, in which will enable it to take full advantage of
$235,512
Balance
.working capital be provided,
ent in the oil
The properties are with one exception interconnected, and supply electric
the present substantial improvemoperation the industry. units at Boynton
g
Having installed and put into completed its cracking g plant at Fort light and power without competition. Company has an installed generatin
and
lubricatin
of which is obtained
and Fort Worth refineries, the company is now in position to operate its capacity of approximately 10.491 kilowatts. about 30% demand is approxithe last year,
ctric developments Its present peak
hydro-ele
Worth during
demand
of the opportunities presented by the from
increase in
refineries to capacity and avail itself of gasoline and other refined prod- mately 6,500 kilowatts and it is estimated that a 30% g capacity.its
Approxiprice
can be handled without increasing present generatin
increased demand and advancing
ion lines are owned and operated.
mately 964 miles of transmiss
/ nets.
development of a number of its producing properties
In addition to the and Southwestern fields, the company, in joint ac-To Change Name.
U. R. S. Candy Stores, Inc.
in the Mid-Continent Co. has recently drilled a test well on a 1,100-acre
to
count with the Texas
The directors have recommended that the company's name be changed
County, Colo.which, in the top of the
Hamilton Dome.
-V. 117, p. 2553.
Stores, Inc.
block in
at a rate of more than' 1,000 barrels per day of Happiness Candy
Dakota formation, flows
806
THE CHRONICLE
United Profit-Sharing Corporation.
-Earnings.
-
Calendar YearsNet profit
Dividends
1923.
$496,980
245,722
1922.
$270.650
245,722
1921.
$266,804
122,861
1920.
$240.022
40,954
x Balance,surplus__ _ _
Previous surplus
$251,258
x478,833
$24,928
y453,905
$143,943
y393,963
$199,068
y269.895
Total surplus
$730.091
Stock city.(Pref.)___.(26%) 102,385
Federal taxes accrued__ _
94.200
$478,833
$537,906
$468,963
Profit & loss surplus.- $533,506
$478,833
$537,906
$468.968
x Subject to Federal taxes. y After deduction of Federal
taxes for previous year.
-V. 118, p. 214.
United States Envelope Co.
-Earnings.
-
Calendar Years1923.
1922.
1921.
1920.
Net profits
$1,210,397 $1,088,026
$728,154 $2,275.697
Interest
.
Depreciation
448,792
435.874
423,728
686,287
Tax reserves
75,000
30,000
410,000
Other reserves, &c
SilO.
Preferred dividends (7%) 280,000
280,000
280,000
280,000
Common dividends_ ___(8%)140.000 %)140,000
(8
x365.000(12%)90,000
Surplus
$165,480
$84,527
$142,764
Profit and loss surplus_ - _$2,129,030 $1,963,551 def$474,699
$1,879,024 $1,736,236
x Includes 33 1-3% stock dividend ($250.000) paid March 2,
cash dividends paid as follows: 3)4% regular and 23., % extra and 10% in
March 1 and
4% regular Sept. 1.-V. 116. p. 949.
[VoL. 118.
after at 1% less for each succeeding year
or fraction thereof, but at not
less than IN and hit.: shall be entitled
year payable semi-annually; convertibl to a sinking fund of $320.000 Per
e up
or redemption date into Common stock of to 30 days prior to maturity
tha new company on the basis
of ten shares thereof for each $1,000
note;
subsidiary company or companies of the newshall be guaranteed by such
company as the reorganization committee may determine.
Denom. $100. $500 and $1,000 and
authorized multiples of $1.000.
Preferrea Stock.
-511.000.000 Sinking Fund Pref. stock (par $100).
Preferred over Common stock both
entitled to $7 per share divs., and as to dividends, sinking fund and assets:
non-cumulative during a period of five
years after consummation
plan unless made cumulative during
said period by the directors. of the all
Red.,
or part,at 110 and diva. An annual
cumulative sinking fund shall be set aside
on April 1 1931 and on each
succeeding April 1 equal to 20% of the
consolidated net earnings of the new balance after Preferred divs. of the
company and its subsidiaries for the
preceding calendar year.
Common Stock.
-200.000 shares of Common stock of no par value.
The
Common stock shall have full voting
power subject to the voting rights
of the Preferred stock.
Distribution of Notes and Stock of New
Company.
Distribution of Notes.
-Of the $3.200,000 notes approximately $3,077,140
are to be offered for subscription at
par and int. to the stockholders of the
Food Corp.. on the basis of $100 of
notes for each ten shares of stock of
tne Food Corp. held by such
shall receive two shares of the stockholders respectively, and subscribers
each $100 note subscribed for. Common stock of the new company with
All
of units of ten shares of the stock subscriptions must be upon the basis
stockholders shall be made for suchof tee Food Corp. Such offering to
and conditions as the reorganization period of time and upon such terms
committee may determine.
Offering Underwritten.
-The offering
underwritten by Equitable Trust Co., of notes to stockholders is to be
New York, and Chase Securities
Corp. and associates.
U. S. Food Products Corp.
-Reorganization Plan.
-An together with any notesThe underwriters shall be entitled to receive.
taken up
Common
outline of the plan of reorganization dated Jan. 31 1924 was company to the same extent as suchby them,received stock of the new
stock is
by the stockholders
given in the 'Chronicle' in V. 118, p. 563. The plan is subscribing for such notes.
There being approximately 307,714
outstanding shares of the Food
now given more fully:
Corp approximately $3,077.140 of notes
will be offered to such stockholders instead of $3,200,000 in order to
Reorganization Committee.-Artinw W. Loasby,()aairman
avoid troublesome fractions in
; B. W. Jones, allocating the amount of notes to which eacn
Theodore It. Banks, E. R. Tinker.
stockholders is entitled to
subscribe. The balance of such notes
Depositaries.
-(a) For 7% Secured Gold notes and subscriptions
(approximately $122,860) not so
of offered for subscription, is to be purchased by the
stockholders of U. S. Food Products Corp., the Equitable Trust
Co.. 37 same basis as if the balance had been included in the underwriters on the
Wall St., New York. (b) For Distillers
offering.
Distribution of Preferred Stock.
Bankers Trust Co., 14 Wall St., New York. Securities Corp. 5% bonds,
--The holders of the $5,576,000 Distillers
Securities 5% bonds assenting to the plan
Bank Creditors' Committee.
-Arthur W. Loasby, Chairman;
shall be entitled
Bower, Frederick T. Haskell. Theodore G. Smith, Edward Joseuh A. shares of Preferred stock (and seven shares of Common to receive ten
stock) for each
R. Tinker, $1.000 of bonds.
with Douglas Parmentier, Sec., 120 Broadway. New York.
The holders of the $5,000.000 7% Secured
Bondholders' Committee.
-B. W. Jones, Chairman; Tneodore If. Banks, plan shall
Gold notes assenting to this
be entitled to receive ten shares of
F. W. Murray Jr., Edwin K. Scheftel, George E. Warren,
Preferred stock (and 2.55
with It. G. shares of Common stock) for each
Page, Sec., 16 'Wall St., New York.
$1,000 of notes.
All unpaid coupons on the bonds and unpaid
Gold notes will be canceled. No interest on interest on the 7% Secured
Reorganization Plan of Properties Pledged to Secure Obligatio
.the notes or coupons on the
ns.
Historical.
-Company was incorporated in New Jersey in 1902 under bonds have been paid since the year 1921.
Distribution of Common Stock.
the name of Distillers Securities Corp. Acquired directly and through
-The Common stock of the new company
is to be issued as follows:
other companies the capital stocks of a large number of subsidiarie
gaged in the business of manufacturing and selling whiskey and s enother (1) Each holder of Distillers
No.
distilled spirits, and issued in connection with their acquisition
Securities Corp. 5% bonds assenting Sits.
and for
to this plan shall be entitled to receive seven
other corporate purposes approximately $32,500,000 Common stock and
shares of Common
stock for each $1,000 of his bonds deposited
$16,000,000 1st M.25
-Year 5% Cony. Gold bonds. Later the corporation
under this plan
39,032
(2) Each holders of the 7% Secured Gold notes assenting
borrowed from banks and in the business depression which subsequen
tly
to this
plan shall be entitled to receive 51 shares of
occurred it became unable to pay its bank indebtedness when
Common stock for
each $20,000 of notes deposited under this plan
arrangement was worked out by it with its banks under which due. An
12,750
received for their loans an issue of $5,000,000 7% Secured toe banks (3) Each stockholder4or the underwriters as the case
may be) who
Gold notes
shall have purchased notes of the new company
which are still outstanding.
upon
thereof by the reorganization committee shall receivethe offering
Upon the prohibition amendment becoming effective, the corporatio
two shares
n
of Common stock for each $100 ofsuch notes so purchased
was compelled to abandon its principal business of the manufactu
by him_ _64,000
re of
'whiskey and other beverage spirits and in the liquidation of
this business (4) To be issued in connection with procuring the underwriting or
the notes of the now company
suffered severe losses principally in connection with the disposition
of (5) To be issuable in connection win
many of its distillery properties. About that time the corporatio
providing management for the30,000
n deternew company, and otherwise, as may be determine
mined to supplement the business which remained to it of manufactu
ring
interests of the new company by the reorganization d to be in the
and selling under Government supervision industrial alcohol and
committee__ 22,218
whiskey tnen held in bond, by engaging in the food products of handling
The
business on
an extensive scale. Accordingly, it changed its name to U. S. Food shares,remaining amount of the authorized Common stock, namely 32,000
shall be reserved for delivery on the conversion
Products Corp. acquired all of the capital stock of Sugar Products
of notes of the
Co., new company as above provided.
Which conducted a large business in this country.
Properties of
Company.
and organized and provided with working capital theCuba and elsewhere,
U. S. Food Products owner, in such the New as the -The new company shall become the
manner
Corp. (of Ill.) to manufacture and sell syrup and other food products
reorganization committee may
and
the Liberty Yeast Corp. to manufacture and distribute yeast and vinegar. and subject to prior disposition and the conduct of the businessdetermine
until the
Through large losses sustained by the Food Corp. in its enforced retire- reorganization plan is consummated, of all or substantially all
of the
capital stocks of the following companies, either
ment from the business of manufacturing whiskey, and other beverage
directly
spirits, and on account of extensive investments in new enterprises, large or more subsidiaries: (a) Distilling Co. of America, (b) or through one
Kentucky Distilleries & Warehouse Co., (c) Hannis Distilling Co.,
depreciation of inventories and for other causes, the working capital of
(d) Henry II.
the
Food Corp. was so reduced tnat it was unable to survive the serious business & Co.. (e) Liberty Yeats corp..(f) U. 8. Food Products Car Line Shufeldt
Corp.
The new company shall also become the owner
depression which followed.
of
Pledged under bank loans and the 7% Secured such of the properties
Receivership Proceedings.
-In January 1922 the
Gold notes consisting
Products Co. generally of securities and choses in
went into receiversnip (V. 114, p. 206). On Feb. 8 Sugarthe
action as the reorganization comU. S. Food mittee may consider advantageous
Products Corp. went into receivership (V. 114, p. 1922
for the new company to
receivers were appointed of Kentucky Distilleries 637) and in April 1922 where such properties shall have been resold, the net proceeds acquire or,
& Warehouse Co. (V.
thereof.
114, p. 1662), its principal alcohol and whiskey subsidiary
President of New Company.-It is expected that
.
Seton Porter (of Sanderson
Outstanding Obligations.
& Porter) will serve as President of the new
-At the time of the adjudicati
company.
the company and its subsidiaries had outstanding the on in bankruptcy
Application of the Proceeds of Notes.
following funded to
-New company is to assume and
and current debt:
titty from the proceeds of the $3,200,000 notes
all of the expenses or
reorganization. Including the compensation,
Distillers Securities 5% bonds outstanding, $5,842.000
expenses and obligations
: to be
of the various committees, &c.
surrendered by bank creditors' committee, $266,000
$5 576,000
There will also be paid from such proceeds
7% Secured Gold notes
such present and future
5,000,000 obligations in connection with the
Secured demand bank loans, approidmately
675,000 as the reorganization committee properties and companies to be acquired
General creditors as per books, approximately
may determine, including loans. The
2,300,000 balance of the proceeds will be
used by the new company and its subsidThe foregoing does not include either complicated intercomp
any accounts iaries as additional working capital and for other corporate purposes.
amounting to many millions of dollars or large
Voting Trust.
-All of
against the Food Corp. and its subsidiaries. unliquidated claims asserted under a voting trust the Preferred and Common stock shall be deposited
Nor does it include a claim
agreement which shall provide
subsequently asserted against the Food Corp. of
approximately $10,000,000 for a period of six years, unless sooner terminated by for its continuance
for unpaid Federal taxes.
the voting trustees.
and in which Arthur W. Loasby, B. W.
Jones and R. L. Clarkson shall
Management.
-Sanderson & Porter (engineers) were employed to
no designated as voting trustees.
supervise the management of the various businesses and
properties involved.
Members of that firm, in co-operation with the committee
s, have devoted a Profits Year ending Oct. 31 1923 (of the Above-mentioned Operating
great deal of time and consideration in connection with
Cos.).
the management and Sales of alcohol
preservation of the properties and the formulation
$2,571,282 Mk.& oper. exp., & sell.
ofa plan ofreorganization Sales of whiskey
Receivers of Warehouse Discharged.
237,163
admin., &c.,expenses_:$5,108,963
-As a result, the receivership pro- Sales of yeast, &c.,
ceedings against Kentucky Distilleries & Warehouse
prodCo. have been disucts
missed, the receivers discharged and its property and
2,723,052
Net oper. profit
$1,37,77
business returned Bottling revenue
to that company.
567.991 Miscellaneous income_
106,122
Storage revenue
Sugar Products Co. Being Liquidated.
367.250
-The business of the Sugar Products
Co., determined to be incapable of successful reorganiza
Total income
$1,463,898
Total
substantially liquidated by its receiver and a settlement tion, has been
36.466,738 Depreciation
250,000
Pas been arrived
at with him whereby claims asserted by that company against
the Food
Corp. and its subsidiaries amounting to several million
Net income
x$1,213.898
of dollars have
been disposed of.
x After eliminating interest,
Bankruptcy Proceedings Against Corporation.-Tne
bankruptcy pro- applicable to the new organizatiextraordinary expenses and income not,
ceedings against the Food Corp. have
on -See V. 118, p.563,320; V. 117.25531"
such of its properties (other than cash)been practically completed and
as came into
trustee, have been with the approval of its creditors andtoe nands of its
United States Glass Co.
the bankruptcy
-Report.
court, sold for an amount sufficient, after payment of expenses
of adminCalendar Years
istration, to leave in the trustee's hands including the cash
1922.
'
1923.
above referred Net profit after charges and depreciation
to approximately $46,000 for distribution to creditors in the bankruptc
$88.9(13
$203,323
y -V. 117, p. 2224.
proceedings.
Federal Taxes.
-As a necessary preliminary
imperative to adjust with tne U. S. Govt. to any reorganization it was
United States Gypsum Co.
the
-Annual Report.
$10,000,000 for additional Federal taxes. Tnis claim of approximately
has been accomplished
Calendar Years1923.
1922.
and the tax, as adjusted, has been paid.
1920.
1921.
Net earnings
$6.848,942 $4,370,771 $2,639,553 $2,126,771
Unprofitable Properties Liquidated -Under the management
referred to Depreciation
$553,323
certain properties, the continued operation of which was determine
$470,216
$271,418 Not showr
Contingencies
500,000
unprofitable. have been liquidated. The earnings of the remaining d to be Federal taxes
300,000
200.000
764,696
421,567
481,522
465,093
ties have been materially increased and are deemed sufficient to proper- Preferred
justify
(7%)
421.178
418,881
417,321
417,785
their continued operation.
Com.dividdeirds.._ _x(24%)1.180,4
91 (14)619,659 (9)374.670 (9)355,115
-Such of the properties pledged by the Food
New Company.
Corp. to
secure the bank loans above mentioned, the 7% Secured Gold notes and
Balance, surplus
$932,774
$910,587
the Distillers Securities 5% bonds, as the reorganization committee may Profit and loss surplus.- $3.429,253 $2,080,493
$9,045,049 $5,615,795 $3,535,302 $2,624,715
consider advantageous for the new company to acquire, will be transferred
to the new company under the terms of this plan.
x Includes extra of 20% and four regular quarterly dividends
of I%
each. In December 1922 a stock dividend of 10% was paid and four
Notes and Stock of New Company.
-Year 7% Guaranteed Cony.Gold notes. Redeemable regular quarterly dividends of 1% each during the year. In December 1921
-$33,200.0006
Notes.
and 1920 5% was paid in
all or part on 30 days' notice during first year at 105 and int., and there- These are included in theCommon stock besides the regular cloth dividends.
above amounts shown -V. 118, p. 563.
THE CHRONICLE
FEB. 16 1924.]
807
The packing business generally is now in a much improved position, the
demand for meat products is heavy and well sustained both at home and
abroad, and the indications are that the industry has definitely turned the
corner and is entering upon a period of larger prosperity. The business or
the company for the calendar year just closed has shown a most gratifying
not merely in volume but also
- Improvement over the three previous.years,stability of the earnings availOrders.
-Unfilled
United States Steel Corporation.
in earnings, and there should be increasing
- able for dividends if the contemplated plan of financing is carried into efpreceding page.
See under "Indications of Business Activity" on a
fect. (See also V. 118. p. 67%)
V. 118, P. 678.
-New Director.
United States Hoffman Machinery Corp.
W. Williams.
F. J. White has been e ect,ed a director succeeding H.
-V. 118, p. 563.
-Tenders.
Utah Fuel Co.
up to
The Guaranty Trust Co., trustee. 140 Broadway, N. Y. City,
1
Feb. 14 received bids for the sale to it of 1st Mtge. 5% bonds due Mar.
amount sufficient to exhaust $16,553, at prices not exceeding
1931. to an
-V. 117. p. 563.
110 and interest.
-New Director.
(V.) Vivaudou, Inc.
elected a
R. J. Goerke, President of the Goerke Co.(of N. J.), has been
-V. 118, p. 564. 214.
director.
-Balance Sheet Dec. 31.Wahl Company.
1922.
1923.
Liabilities1922.
1923.
Assets7% cum.Pref.stk.$1,106,800 $1,111,800
Land, bldgs., maCommon stock_ _ _a2,485,424 2,484,074
chinery, tools dr
217,663
equipment _ _ _ _01,868,323 $1,747,315 Accounts payable_ 283,422
87,804 Taxes arced, Incl.
88,304
Patents
265,164
Federal taxes_ __ 244,025
280,640
270,239
Cash
96,840
96.767
582,237 Dividends declared
U.S. Mts., &c_ _ _ 461,438
23,905
29,235
Notes & acc'ts rec _y2,320,799 2,346.575 Res. for contIng_ _
4,525 ContIng. prof. on
5,741
Due from ern/Ws
114,427
Pref. stk. repur_ 114.713
z1,891,291 1.788.976
Inventories
2,648,149 2,697.125
142,932 Surplus
72.932
Investments
29,994 •
29,469
charges_ _
Deferred
$7,008,536 $7,010,999
Total
$7,008,536 57,010,999
Total
x After deducting reserve for depreciation, $382,073. y After deducting
reserve for doubtful accounts, allowances and discounts. z Inventories of
finished stock, work in process, raw materials and supplies (at cost or market, whichever is lower). a Common stock represented by 154.796 shares
of no par value.
-Surplus is subject to determination of Federal income taxes on
Note.
income of prior years.
The usual comparative income account was published in V.118, p. 678.
-Listing-Earnings.
Washburn Crosby Co.
The New York Stock Exchange has authorized the listing of $7,000.000
7% Sinking Fund Cumul. Pref. stock. par 3100.
Consolidated Income Account for Stated Periods.
3 Mos. end. Year ended
•
Oct. 31 1923 July 31 '23.
Net sales, after deducting freight, returns & allow_$20,445,004 $89,618,367
19,390.529 87.936.513
Cost of sales, incl. mfg., sell. & admin. trap
Net operating profit
Interest and dividends received
$1,054,476 $1,681.852
157.337
42.142
Gross earnings
Interest charges
Reserved for Federal income tax
$1,096,618 $1.839.189
380,108
72,803
230,899
130,339
-Tucker, BartholoOpposition to Proposed Amendments.
mew ez Co. in a circular to holders of Preferred stock say:
We represent holders of a large amount of Prer. stock of the company.
These shareholders are opposed to the proposed amendments to the certificate of incorporation of the company and the authorization of the issue of
a Prior Preference stock for the following reasons:
(1) Under the proposed amendment there may be issued 250.000 shares of
stock classified as Prior Preference stock, without par value, and to be sold
from time to time at prices fixed by the directors. Both in dividends and
in liquidation this stock will have a lien upon all the property of the company ahead of the Preferred stock.
(2) This amendment also provides that upon liquidation the holders of
Prior Preference stock shall receive $115 per share without reference to the
actual amount paid in upon the same and this amount shall be paid prior
to any payment on the present Preferred stock.
(3) It is obvious that this proposed amendment,if adopted, will serisously
affect the present preferential position of the Pref. stock and the Preferred
dividend right might conceivably jeopardize the payment of dividends upon
the present Preferred stock. The extent of this impairment may be measured by the fact that immediately upon the announcement of the plan the
Preferred stock declined $7 per share in market value.
The shareholders whom we represent believe that the plan is unfair and
serisously impairs the value of your Preferred stock. We are advised by
counsel that such Preferential stock cannot be created except upon two-thirds
vote in person or proxy of the holders of each class of stock issued and outstanding at the present time. We will be represented at the meeting and
intend to vote the stock that we represent in opposition to the proposed plan,
-V. 118. p. 679.
and invite your co-operation.
-Stock Authorized.
Woburn (Mass.) Gas Light Co.
The Mass. Dept. of Public Utilities has authorized the company to issue
$45.100 additional capital stock (par $100) at $110 a share, the proceeds to
be used to pay for extensions and improvements.
-To Increase Stock.
Worcester (Mass.) Gas Light Co.
The stockholders will vote Feb. 18 on increasing the authorized Common
$25. If the
stock from $1,400,000 (all outstanding) to $1,750.000. par the proceeds
Increase is approved, it is proposed to issue the new stock, gold notes
$750,000 of 6%
of which will be used to pay off in part the
maturing July 1 1924.-V. 117. p. 2554.
-Three Monthly Divs. of 25 Cents.
(Wm.) Wrigley Jr. Co.
The directors have declared three regular monthly dividends of 25c. each,
20
payable May 1. June 2 and July 1 to holders of record April 20. May
564. 546
and June 20,respectively. (See also V.117. p.2554).-V. 118, p.
-Dissolved.
Yaryan Rosin & Turpentine Co.
-V.108, p.282.
See Hercules Powder Co.under "Annual Reports" above.
-Sale of Plants.
Youngstown (Ohio) Sheet & Tube Co.
President James A. Campbell announces the sale of the Empire plant
at Niles. Ohio. to Jacob D. Waddell. This plant, it is stated, contains
seven sheet mills and was formerly a part of the Brier Hill Steel Co. property
reduce
taken over by the Youngstown company a year ago. This sale will
-New President.
Washington (D. C.) Gas Light Co.
the sheet mills of the latter company to 35.
sale
agreement, it is reported, has also been arranged for the A. &of the
succeeding Howard S. Reeside.
An
Ord Preston has been elected President,
C. S.
W.
Robert D. Weaver, President of the Georgetown Gas Light Co.. has been Thomas plant of the Youngstown company, Niles. Ohio. to
pots.
-V. 116, p. 2782.
Thomas. This plant consists of 12 sheet mills and six galvanizing
elected Vice-President, to succeed Mr. Preston.
to
that the company has negotiations under way six
It is also reported
consisting of
dispose of its Western Reserve plant at Warren. Ohio.
Weber & Heilbroner.-Listing-Earnings.117. p. 2664.
and two jobbing plate
sheet
The New York Stock Exchange has authorized the listing of 52,043
additional shares of Common stock of no par value on official notice of
for 225.520. The 52,043
issuance, making the total amount applied
shares are being offered for subscription at $15 per share to holders of
CURRENT NOTICES.
record Feb. 4 in the ratio of three shares of new stock for each ten shares
held. Rights terminate Feb. 21. The entire 52.043 shares have been
underwritten. All subscriptions are required to be paid in cash, or in
Cross and
-"Yields of Bonds and Stocks," by Messrs. Johnson, Stone,
New York funds at Central Union Trust Co., New York.
to
The purpose of the additional issue is to provide additional working Kircher (Prentice-Hall, Inc., publisher), is a recent notable contribution
capital for the general business needs of the company. and particularly the mathematics of investment. The authors have approached the probBrothers,
yields from
to provide working capital to further the business of Brokaw
lem of a more useful book for determination of bond and stock
the capital stock of which has been acquired.
"yield" book arranges prices
the standpoint of quoted prices. The new
Earnings (Weber & Heilbroner) Years ended Feb. 28.
columns of the page, with the
appropriate intervals in the left hand
Balance, at
Fed. Tar.
Net Profit.
Sales.
each period. The yields are carried out to the
597.423 yields opposite and under
$9,798
$107,221
$5,060,012
1921
in the
242.830 nearest five ten-thousandth of one per cent. Opposite each price
55.658
298,489
5.145,453
1922
422,699 extreme right hand column of each page appears the "current income" re484,064
61,364
5,877,489
1923
478,325 turn. Both "current income" and "yield to maturity" are thus readily
70,000
1923 x
548.325
5.484,408
now necessary
available. The book avoids the cumbersome interpolations
x Ten months ending Dec. 31.-V. 118. p. 443
prices when using other tables of
in order to calculate yields from quoted
compilation is a special section
West Boston Gas Co.
-To Change Par Value.
bond values. A distinctive feature of the
valuable method for quickly
The company has applied to the Massachusetts Dept. of Public Utilities where the authors have presented a novel and
share ascertaining the yield on premium bonds. This feature alone makes the
for authority to change the par value of its capital stock from $100 a
to $25 and increase the number of shares from 4,262 to 17,048.-V. 115, book especially serviceable. It is not expected that the book will displace
p. 2593.
buying operations.where transactions
the present basis book in municipal
of bond transacWhitaker Paper Co., Cincinnati, Ohio.
are handled largely on "basis," but as the large majority
-Report.
are by "price" rather than
tions, including all those on the Exchange,
1923.
1922.
1922.
1923.
appeal to traders, salesmen, and the investors
$
Cal. Years$
$
$
Cal. Years"basis," the book should
14.154,811 16,324,662 Total net income. 251,171 del134,889 generally. It is the one book which permits quick translation from price
Net sales
114,899 der267,927 Interest, &c
90,086
146,096
Net prom
current income. The arrangement of prices and coupons is
136,273
133,038 Bal. for divs., &c_ 105,076 def224,955 to yield or to
Other Income
designed to conform with market practices and the authors have solved
-V. 117. p. 2225.
their problems with considerable skill.
White Eagle Oil & Refining Co.
-Report.
-In recent issues of the market letter published weekly by Baker, KelThe company reports for the year ended Dec. 31 1923 net income after
120 Broadway, New York, leading articles have been deall deductions of $1,347.915. as compared with $1,89%938 for the year ogg & Co., Inc..
voted to Japanese, Chilean and Cuban securities. This letter, which will
1922 and $790,608 for 1921.-V. 118. p. 679.
in addition to the leading
be sent free on request, furnishes each week,
Willys-Overland Co.
-Production-New Certificates.
article, quotations on foreign listed, unlisted and currency bonds.
The company in January produced 22,058 cars, against 10,452 cars
-James Talcott, Inc., is celebrating the seventieth year of its founding.
;0 January 1923.
New permanent certificates for the $5 par value Common stock are ready For that length of time it has been selling and financing for mills and their
delivery and may be exchanged for old $25 par value certificates at the agents, and has acted as factor for many of the most important cotton,
for
cornpany's transfer agents, the Bankers Trust Co., 14 Wall St., New York
silk, woolen and knit goods mills.
city,
-V. 118. P. 679
.
-Edward D. Jones & Co.. Boatmen's Bank Building. St. Louis, are dis-Sales for 1923
-President tributing copies of their annual booklet of official transactions on the St.
-Outlook.
Wilson & Co., Inc.
Thomas E. Wilson Feb. 1 writes in part:
Louis Stock Exchange for the year 1923. An bank or broker may obtain
'Annual sales for 1923 amounted to about $275,000,000, as compared with copies of this booklet gratis by applying to the Jones Company.
for 1916, evidencing the growth of the company's bustabout $150,000,000
nosaand the progress it has made since the war. To provide for this growth
-Messrs. J. A. W.Iglehart & Co., Baltimore. Md., have recently been
it has been necessary to secure additional capital, and for a period of seven elected members of the Investment Bankers Association of America and
V/bars or more the company has been meeting its capital requirements largely
announced that Phillips Lee Goldsborough Jr. has been made partner
.
to the issue of bonds and short-term obligations on the most advantageous have
terms that could be had from time to time. The directors have realized In their firm on Jan. 1 1927.
or some time, however, that to provide for a continuous normal develop-C.C.Chinnls,formerly with the Wachovia Bank & Trust Co., Winstonment of the business it would be desirable to take care of a larger part of
these increased capital requirements by the issue and sale of stock rather Salem, N. C., has become associated with Howe, Snow & Bertles as their
118. p. 679). They feel that
by borrowing (see V.a material strengthening of thea gradual change eastern Carolina representative, with his headquarters located in Raleigh.
than
company's finanin this direction will effect
-Irving Bank-Columbia Trust Co. has been appointed registrar of the
cial structure and result in decided benefits to the company and the stockreducing interest and sinking fund requirements, thus leaving Preferred Class A, Preferred Class B and Common stock of J. Walter
holders by
u larger portion of the company's earnings available for distribution as divi- Thompson Company.
dends.
Net income
-V.117. p. 1899.
j
$893.476 $1.228,182
808
TIIE CI FRONICLE
[vol.. 118.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
that the short side is hazardous. But prices fell to-day
some 30 to 40 points on futures, with stocks and cotton
breaking. Prices ended 16 to 25 points higher than last
Friday. At one time they were 56 to 68 higher.
Friday Night, Feb. 15 1924.
Coffee prices closed as follows:
COFFEE.
-Spot coffee has been firm but latterly rather
iLr
s otromvs1 6
,
0_ 1.n1 y ty
ul
13.10(413.12c'Sept
12.86(412.67c
quiet, owing to the rise in prices. It seems to daunt some
12.85@
_ 'December _12.50(4112.51
buyers. No. 7 Rio, 1434 to 1430.; No. 4 Santos, 183/2 to
/
SUGAR.
-Cuban raws were held early in the week at
19c.;fair to good Cucuta, 183i to 19c.; Medellin, 233/i to 24c. 53 c., with 53/43. bid c. & f., February-Ma
4
2
rch shipment,
A brisk demand, as a rule, has recently prevailed for mild and later on accepted. Business was then
slow. It was
coffee and with a scarcity of some kinds, prices advanced supposed that some small lots sold at 5%43.; also
15,000 bags
easily. In January the arrivals in the United States were Porto Rico sold at 7.410., delivered, or 5
5/s43. c. & f. for
333,493 bags and the deliveries 366,310 bags. Stocks in Cuba. Later 8,000 bags of Cuba,
20,000 bags of Porto
public warehouses in the United States on February, it is Rico and 3,300 tons of Philippines sold at
55 c. c. & f. for
%
of interest to recall, were only 174,854 bags, against 207,011 Cuba, February-March shipment.
It was rumored still
bags on Jan. 1 and 207,022 bags on Feb. 1 1923. In seven later than 100,000 bags of Cuba had sold
at 53'o. o. & f.
months the importations into the United States were 1,- London cables reported offerings of Cuba
for February-March
624,321 bags, against 1,491,821 bags in the corresponding shipment in cargo lots at the price last
paid, or 30s. 6d.
period last season, an increase of 132,600 bags. But, on the c.i.f. United Kingdom, approximatel
y 5.60c. f.o.b. Cuba.
other hand, deliveries for the same time were 1,863,655 Buyers held aloof. British granulated
advanced is per
bags, against 1,761,838 bags the previous crop, an.increase cwt. A cable reported sales
of white Javas for May-June
of 101,817 bags. Futures have been excited active, and shipment to British refiners at 29s.6d.
c.i.f. United Kingdom.
higher with rising Brazilian markets, heavy covering of Manila cables stated that shipments
from the Philippines
shorts and good buying of the distant months. Some think to United States Atlantic ports during January
totaled 31,000
there has been rather too much pyramiding. Within'a day tons due to arrive in March and April.
London reported
or two prices have reacted. To-day the cables were lower. sales of a cargo of Cuba and one of
Peru at 30s. 43yd. c.i.f.
Rio fell 275 to 625 reis. Santos was unchanged to 625 lower. United Kingdom, or 5.54c. f.o.b. Cuba.
Europe was reExchange on London was 1-32d. lower at 63id. The ported to be bidding 30s., equal to about
5.480. f.o.b., late
dollar rate was 10 reis higher at 78990. Importers have on Thursday. Futures have been
active and higher; later
been buying May. Trading has been on a big scale.
falling with liquidation in general. The receipts for the week
It is regarded as a striking object lesson that spot coffee at United States Atlantic ports were
65,483 tons, against
should have advanced last week 1 to 1 Mc. The fact is re- 82,842 in the previous week, 55,902 in the same
week last
called in the trade that the world's visible supply on Feb. 1 year and 88,662 in the same week two years ago;
meltings
as stated by the New York Exchange was 4,198,289 bags, were 69,000 tons, against 64,000 in the previous
week,
a decrease during January of 94,982 bags. Here is a decrease 68,000 in the same week last year and 76,000 two
years ago;
of about 3,500,000 bags. A year ago the total was 7,721,491 total stock, 64,708 tons, against 68,226 tons in
the previous
bags. Laneuville of Havre says the deliveries in Europe in week, 35,291 in the same week last year and
111,658 two
January were 966,000 bags and for seven months of the crop years ago.
in Europe 5,987,000 bags; elsewhere exclusive of the United
Apart from daily fluctuations in sugar prices, the strong
States 621,000 bags. The deliveries in the United States financial position of Cuba, it is generally
recognized, counts
were 6,575,343 bags. The total is 13,183,343 bags or at the for much. But it is also considered
that there are already
rate of 22,608,000 bags for the crop year, compared with over 500,000 tons of sugar in stock in
Cuba; that at the ship19,092,000 bags the total in the previous year. These de- ping ports alone stocks amount to
266,234 tons. Also it is
liveries for 7 months show an increase over the same period argued arrivals of sugar in the
United States will be larger
in the last season in the United States of 1,042,855 bags; during the next six weeks and
that stocks of both raw sugar
in Europe of 875,000 bags and elsewhere of 293,000 bags. and refined are likely to increase
from now on. A reaction
mother words the total gain is no less than 2,210,855 bags; in prices is expected before
long by some. The recent bull
with stocks now 3,500,000 less than a year ago. Recent movement is by some
considered premature. The Cuban
great advances in the price have come despite a theoretical crop is progressing
favorably, according to the Federal
increase in invisible stocks from large deliveries in the last Co.'s representative on
the island. But on the other hand,
three or four months. Consumers nevertheless, are evidently many are looking for
still higher prices. Distributors of
anxious. Small wonder, considering the fact that visible refined sugar are not believed
to be any too well supplied.
supplies in .consuming countries continue light. In the They, have bought for
the last six weeks on little more than
United States, strange as it sounds, they are equal to little a hand-to-mouth scale.
Reserve stocks are believed to be
more than 30 days' requirements, and in Europe to little small, where there are
any at all, and refiners as regards the
more than 60 days. It keeps buyers on the qui vive. More- buying of raws are
believed to be in practically the same
over, there is the legal limitatibn put on receipts at Brazilian boat. Not so many
months ahead comes the season of big
ports as well as the doubtful prospects for the 1924-1925 consumption. Some
insist that Cuba to all intents and purBrazil's crops. In the spring and summer of 1922, it is re- poses has the whip hand.
Most of the large Cuban produccalled, prices fell, owing to the promise of a big crop. This ers are understood to
have sold the bulk of their February
year it is a radically different story. It now looks to many in output and some have
sold for March to some extent. Febthe trade as though the Brazilian crop of 1924-25 will not ruary shipment has
been less easy to buy. Some estimate
exceed 10,500,000 bags including 2,500,000 to 3,000,000 of now put the total
sales of Cuba to date at fully 1,100,0
Rio and 6,000,000 to 8,000,000 bags. The trouble is that tons. Even with
these heavy purchases, neither Europe
in each case the world's requirements are noticeably larger nor domestic refiners, it
is asserted, have provided for futu Ire
than these figures.
requirements to any large extent. To make* the situatic
And some who have been bearish now take the ground more acute, Cuba is
as usual at this time of the year the pri,
that with falling stock everywhere the situation is becoming cipal source of supply,
not only for the United States, b
acute and the future course of the market seems to depend also for the rest of
the world. It is true as spring draw
entirely on Brazilian ideas of a satisfactory price level. near other parts of
the world will contribute to the supply
Successful thus far the Brazilian Government seems un- And in accordance
with economic law, following the sharrP
to change its restrictive policy at once. Restrictions rise this year preparations
likely
are certain to De made for a larger
may perhaps relax gradually. It is argued that the market beet root crop in Europe.
It will be the law of cause and
becoming speculatively overbought and would perhaps effect. Profitable
is
prices like those now current increase
be se'nsitive to rumors of increasing supplies. Others think• production. There is room in Europe, too, for a greatly
[The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed 'INDICATIONS OF
BUSINESS ACTIVITY.")
THE CHRONICLE
FEB. 161924.]
ncreased beet crop. This is saying nothing about the probable effects of high prices in other parts of the world, including the United States. But the trade in general are not looking so far ahead. They face what is faking them at the present time. On the 11th inst. 169 centrals were reported
grinding, against 170 on the same date last year. Refined
sugar was advanced in one instance to 8.90c. As some view
the matter, present prices, or higher, both in spot ra,ws and
futures, will be maintained for some time. The trade, it is
argued, find sit difficult to accumulate the necessary reserve
stooks for their spring demand. Refiners, it is asserted,
have not covered themselves beyond mid-March. Within
the last week or so, it is stated, the demand for refined sugar
has increased considerably, despite the fact that all refiners
have been delivering heavily on old business. Stocks in
the han Is of jobbers and manufacturers have as a consequence increased, but some look for an expanding demand
from now on. To-day prices declined 15 to 18 points, with
total sales stated at 66,700 tons. Refined was quiet at
2
8.60 to 90. Spot raws 55/0. c. & f. Futures end 13 to 15
points lower than last Friday, though at one time they were
some 13 to 17 points higher than then. Closing prices were
as follows:
i AN
.6
5)_
5.42 © 5.431September --5.45 © 5.46
igwcrofficia1 4 0f i J I .
5.45©5.461December _ -4.94 ©4.96
-Spot has latterly been stronger, with a fair
LARD.
demand; to-day, quiet and easier; prime western, 11.75c.;
compound carlots, 123 to 13c.; refined Continent, 12.50c.;
South America, 12.75c.; Brazil, 13.75c. Prices advanced
on Thursday with hog receipts nothing great, export houses
buying May lard, exports of lard and bacon large, and
Liverpool unchanged to 6d. higher. To-day prices were
lower with the grain markets. There has been more or less
hedge selling against product. Final prices show a rise for
the week of 3 to 5 points. They were at one time 15 to 20
points higher than last Friday with a foreign demand and
Liverpool up on the 13th inst. 6d. to is. 3d.
809
west and north boundaries of the field and throws a damper
on the success of the Osage sale fixed for March 18 and 19.
Tulsa, Okla., wired Feb. 12. that stormy weather in the
Standard Oil of Indiana Co.'s territory had weakened
Oklahoma gasoline prices. New Navy was down to 11%c.
and 113c. spot, although large refiners still asked 113.c.
Exporters were understood to be in the market for 500 cars
at 11c. Exporters of distillates were active because of the
bad weather north. The Standard of New Jersey is understood to be closing a deal to buy the Phillips Petroleum Co.
storage in the Burbank field. On Feb. 13 the Waite Phillips
Co. posted in Okmulgee, Okla., an advance of 5 to 25c. a
bbl. in mid-Continent crude. Corning crude was advanced
15c. a bbl., to $1 95.
Later last week gasoline export prices were marked up
4c. by the Standard Oil Co. of New Jersey. The same
3
company also advanced the export prices of naphtha le. a
gallon. Gasoline has been in good demand for export. The
domestic demand, too, has improved somewhat. On the
9th inst. the Atlantic Refining Co. advanced gasoline
lc. a gallon to 20c. in tank wagons. New York prices
Gasoline, cases, cargo lots, 28.15c.; U. S. Navy specifications, 14.25c.; naphtha, cargo lots, 16c.; 63-66 deg., 18c.;
66-68 deg., 19.50c.; kerosene, in cargo lots, eases, 1715c.;
petroleum, refined, tank wagons to store, 15c.; motor
gasoline, garage, steel barrels, 20c. Moscow cabled Feb. 13
that the option secured for Harry F. Sinclair on the BakuGrozny oil concession expired Feb. 10, but no official statement was obtainable whether the Russians will insist upon
trict adherence to the date. Up to the present no extension has been requested.
-Mid-Continent
Min noma, Kansas and Texas
82.00
39 and over
$1.00
Under 28 Magnolia
1.60
1.15
33-35.9 deg
28-30.9
1.15
33 deg. & below
1.30
31-32.9
1.60 Caddo
33-35.9
1.35
Below 32 deg
1.85
36.0-38.9
1.50
2.00
32.-34.9
39 and above
1.70
1.15 38& above
Below 30 Humble
1.60
. 33-35.9
1.85
36-38.9
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
2.00
39 and above
Wed. Thurs.
Sat.
Fri.
Tues.
Mon.
$1.92
$1.00 1 1111nols
$4.00 Ragland
Pennsylvania
11.00 Holi- 11.05 11.17 11.05 Corning
March
cts.10.97
1.50
1.95 Corsicana. I ght _- 1.85 Crichton
day
11.25
11.40
11.17
11.27
11.20
May
1.30
2.13 Plymouth
2.051Lima
Cabell
July
11.57
11.45
11.42
11.32
11.37
1.93 1 Mezia
,
1.85
Somerset. light-- 2.35'Indiana
1.801Princeton
1.92 Calif..35 & above_ 1.40
Wyoming
PORK quiet; mess, $24 25 to $24 75; family, $29; short Stnackover,26 deg. 1.35 Canadian. - __ 2.53 Gulf Coastal
1.65
4
.501Bull-Bayou32-34.9 1.351
clears, $28 to $32. Beef dull; mess, $16 to $17; packet, Bradford
$15 to $16; family, $19 to $20; extra India mess, $32 nom.
No. 1 canned corned beef, $2 35; No. 2, $4; 6 lbs., $15;
pickled tongues, $55 to $65 nom. per barrel. Cut meats
quiet but steady; pickled hams, 10 to 24 lbs., 12 to 163/ac.;
pickled bellies, 6 to 12 lbs., 93/i to 10c. Butter, creamery to
high scoring, 473' to 52c. Cheese, flats, 213/i to 26c.
Eggs, fresh gathered trade to extras, 34 to 45c.
OILS.
-Linseed firmer early in the week on the strength
of flaxseed. Business, however, is still quiet. Spot carloads, 93 to 940.; tanks, 87c., less than oar-loads, 95c.; less
than five barrels, 97o. Cocoanut oil, Ceylon, barrels, 9 Mc.
Corn, crude, tanks, mills, 932c. Edible, 100-barrel lots,
133 to 1334o. Olive, $1 15 to $1 20. Cod, domestic,
660. to 68c.; Newfoundland, 68c. to 72c. Lard, prime,
%
3
14%c.; extra strained, New York, 123 c. Spirits of turpentine, $1. Rosin, $5 75 to $7 75. Cottonseed oil sales to2
day, including switches, 30,500 P. crude S. E., 8.623/e.
to 9c. Prices closed as follows:
11
February-- 9.7510.35 May
March_ -- _10.00 10.01 June
10.20 10.35 July
April
10.41110.43
10.56
10.66
August _ _10.73410.76
10.65 September 10.58©10.62
10.68
-A good export demand has continued
PETROLEUM.
for gasoline. British, French and Spanish buyers are
inquiring freely for Navy and 64 gravity, which were quoted
at 133' and 163/2c., respectively. South American purchasers
are taking fair quantities. Crude oil demand has also
looked up. Corning crude was advanced 15c., to 1.95c.
Gas oil, 26-28 gravity, has been more active of late. Bunker
oil in rather better demand and firm at $1 60 per bbl.
f.o.b. New York Harbor refinery. Tulsa, Okla., wired on
Feb. 11 that gasoline was very soft but disappointments
await brokers who seek supplies at below 11c. Fair weather,
it is believed, will start buying next week. Refiners continue
to pay premiums for crude oil. The Phillips Petroleum Co.
sold 250,000 bbls. of high gravity Creek and Okmulgee oil
to the •British American Co. of Toronto for $2 85 a bbl.
delivered. It is said this company has been buying royalty
oil at Wewoka. The Marland Co. is reported to be moving
in casing for 12 wells offsetting the No. 1 Hubbard of Alcorn
Oil Co. in 12-26-2, making 400 bbls. This is the most
successful of the Tonkawa extension wells. The output in
the Burbank field fell off 2,540 bbls. from a week ago to
102,377 bbls. from 1,193 wells. Four dry holes cut off the
RUBBER in good demand and higher. London has also
been firmer. Stocks there decreased to 57,187 tons. Early
%
%
in the week sales were made at 253 e.for March, 263 c.for
-May-June and 263/sc. for April alone. Smoked ribbed
April
4
sheets were quoted at 253 c. Tire manufacturers of the
Middle West and some New Jersey and New England factories have been buying on a fair scale, mostly of spot and
near-by. Buyers show little diposition to purchase beyond
the end of April. Later on prices receded a little in sympathy
with a decline in London. Prices there on the 14th fell Mc.;
spot, 13% to 133/8d.; March, 133/i to 14d.; April-June, 1434
/
to 143sd. Singapore weaker; spot, 13%d.; March, i33d.;
April-June, 143d. New York, first latex, spot, 25%c.;
/
March, 253/sc.; April, 263tc.; April-June, 2638c.; ribbed,
/
spot, 2538c.; March, 25%c.; April, 253/se.
HIDES have been firm with a moderate business. Good
Bogota, 20c.; country, 83'c. for bulls 60 or over; packer
hides, native steer, 143/20.; city spreads, 173/2c.; butt brands,
143/2c. Colorado, 133'2c. Frigorifico were quiet early; cows,
4
%
%
143 c. to 155 c. c. & f. New York; steers, 173 c. to 183'c.
Colombian were quoted at 20c. At the River Plate trade
was slow. It was said that 1,000 B. A. Campos extremes
sold at 123c. At Chicago calfskins, January production,
213/Ic.; Southern, 15c. flat. Country hides were in better
demand there and steadier. Some outside dealers quoted
free of grub all weights 93/Ic. selected, delivered, with 9c.
bid. Some ask 93/2c. for buff or heavy weight country
hides after sales at 9c. for lightly grubby lots. Choice extreme weights in some cases are held at 1132c. Good lots
are still 11c., with moderate percentage of grubs.
OCEAN FREIGHTS were generally steady with grain
and lumber at one time slow and sugar tonnage in fair demand.
CHARTE118 included sugar from Cuba to United Kingdom (part
cargo), 22s. 6d., February-March loading; lubricating oil from United
States Atlantic north of Hatteras to Rouen, 335. per ton, prompt loading
coal from Atlantic range to French Atlantic. $2 60, February loading
crude-lite from United States Gulf to Philadelphia. 35c., February loading
grain from north Pacific to Shanghai.
25, Marhc-Ail loading; grain
lumberb(ftohgm;
from Atlantic range to Genoa, 4 .
ports.
to Montevideo or Buenos Aires. $14 75 or g5 dischfking at
,
ri
Prompt loading; grain from north Pacific to United Kingdom-Continent,
40s.. April loading; coal from Virginia to Halifax, 81 90. prompt loading;
sugar from Cuba to United Kingdom, 23s., February loading; crude oil
from Tampico to north of Hatteras not east of New York. 42c., February
loading; lumber from British Columbia to north of Hatteras. $14 50,
prompt loading; coal from Virginia to River Plate. 20s., February loading:.
coal from Virginia to West Italy. $320, February loading; coal from
810
THE CHRONICLE
Virgiala to River Plato, 154. March loading: coal from Hampton Roads
to Halifax. $1 90, prompt loading; lumber from United States Gulf to
River Plate. $15 75, March loading: lumber from British Columbia to
United States Atlantic port. $14 50, February loading; grain from Atlantic
range to United Kingdom, 4s., option Bordeaux-Hamburg range, 4s. 3d..
February-March loading; refined oil from United States Atlantic port
north of Ilatteras to French Atlantic, 40s. a ton, with option of loading at
a United States Gulf port, 45s.. and if gasoline, 5.s. extra, March loading;
coal from Virginia to French Atlantic. part cargo. 82 50. February loading;
crude oil from Tampico to north of Hauteras, 4Sc., March loading; time
charter,4,000
-ton steamer from San Lorenzo to United Kingdom-BordeauxHamburg range. 27s., March 16
-April 15: time charter. 3.150
-ton steamer
from Calcutta to Bombay. 9 rupees, February loading; time charter,
7.000
-ton steamer from Madras Coast to Marseilles, 34s., Feb. 25
-March 5.
[VOL. 118.
STEEL output is increasing, with the demand for rolled
steel centering largely on soft steel bars. Prices in some eases
have been shaded. Production on soft steel bars is said to
be sold ahead five months or more, partly to Chicago.
Prices are eased from time to time to effect worth while sales
of structural steel. Pittsburgh is competing for business
with the Middle West and Eastern concerns. Not a little
of the business is in light rails, tie plates, track spikes, rivets,
bolts and nuts. Old discounts continue on nuts and b3lts.
COAL has been quiet at tidewater. Interior markets
Foreign competition in the finished steel trade in this counweakened. The Jacksonville, Fla., wage conference, which
try tends, as some content, to keep the mills in a conservamay be in session for several weeks, will have more or less
tive attitude. It is said that recently some 15,000 tons of
influence on prices. A decrease in soft coal output in the
French and Belgian steel sold in the United States at $5 to
week ending Jan. 26 to 11,315,000 net tons had no effect.
$10 below American quotations. Boston got Belgian rePrices declined with trade poor. Prices at Hampton Roads
inforcing bars, it is reported, at 2.25c., or half a cent under
have latterly been weaker. Bituminous New York f.o.b.
the American price. French structural forms, it is added.
piers No. 1 Navy standard, $5 75 to $6; 71 Navy suppleare to be had at the same price. An easing of prices is rementary, $5 25 to $5 50; 9 Superior low vol., $5 to $5 25;
ported now and then on light rails and track accessories,
10 H. gr. low vol., $4 75 to $5; 11 Ordinary low vol., $4 40 plates and
black sheets and galvanized sheets. Cutting,
to $4 75; 15 H. gr. med. vol., $440 to $4 65; 34 H. vol.,
however, it is said, is by no means general.
steam,$4 40 to $4 65;61 low sulph. gas,$5 to $5 25. British
PIG IRON has bean in steady demand and firm. Last
prices advanced with a good foreign demand. Best Admiralty grades are being quoted at 30s. 6d. to 31s. 6d.; week, it is estimated, some 20,000 tons were sold here and
bunker smalls at 21s. to 23s.; cargo smalls at 18s. to 20s.; about the same amount in addition was wanted for Feb.
mixed bunker throughs at 23s. to 28s. and coke for export March shipment. Building concerns are said to be back
at 47s. 6d. to 57s. 6d. The output of the British collieries of the buying by the trade, notably heating equipment
for the week ended Feb. 2 was 5,245,000 tons, according to people, east iron pipe makers, &c. East Pennsylvania is
the official reports. This compares with 4,717,000 tons in said to be rather firmer at $23, though some are a bit sic' ptical
on that point. Buffalo has been quoted at $21 50 to $23.
the week ended Jan. 26.
to mention the extreme range. Charcoal pig iron has been
TOBACCO has been rather slow, but prices have been firm at
$26. Lake Superior furnace. Foundry, however,
firm. The consumption is believed to be fully up to normal,
has been quoted at $24 50 to $25 at Chicago, with sales, it
if not something beyond, in this epoch of high wages. Con- is stated,
at those prices; so that higher prices for charcoal,
necticut Havana of 1923 is now being offered and there pig are
expected. There was an increase in coke output in
is a fair inquiry. It is true that what are regarded as high the
Connellsville district of 9,220 tons for the week ended
prices are asked and this restricts trading, but on the other Feb. 2,
the total being 218,180 tons. Furnace coke has been
hand, the quality is pronounced excellent. Some look for steadier at $4
25 Connellsville. It was said later that 35,000
a better trade before long. Undoubtedly there is con- tons of
basic iron was sold in Philadelphia to the American
siderable room for improvement. Tobacco held first place Bridge
Co. for delivery at its plant at Pencoyd, Pa. This
in a list of 22 exported in January from Hampton Roads. is a subsidiary
of the U. S. Steel Corporation. Foundry
The exports reached two-thirds of the total value of $23,- grades are also
wanted. In Eastern Pennsylvania it is
541,277. Tobacco leaf exports totaled 33,332,093 lbs., insisted prices are stronger.
It is said that the total sales of
valued at $15,861,320.
all grades of pig iron in Atlantic markets have recently
COPPER in better demand and slightly higher early in reached 125,000 tons, including 60,000 tons of basic thought,
the week at 123 0. for electrolytic; later 13 to 13%c. Ex- it is stated, by the National Tube Co., but it is supposed
/
ports from the United States during December, including that regular quotation of $22 50 delivered was out considerwrought as well as unwrought copper, were 33,907 tons. ably on such'a big tonnage. Providence, R. I., it is stated,
The total for the year is 351,959 tons. Of this Prange took recently took some foreign foundry iron at $21 75 duty paid.
81,780 tons, Great Britain 73,669 tons, Germany 66,950 Other business in foreign has been done in Atlantic markets.
tons, Italy 31,040 tons, Belgium 24,471 tons, the Orient At Pittsburgh, H. C. Frick Coke Co. has blown in 1,000
23,656 tons, Canada 17,669 tons, Scandinavian norts 14,900 additional ovens in Connellsville region, making 2,000 added
tons, and other countries 16,824 tons. The output of to the active list in the past month. Several of the comAmerican controlled companies in January was estimated pany's plants are now firing all their ovens and are operating
at 229,000,000 pounds, aga,ina 287,000,000 in December six days a week, against four to five days prior to Jan. 1.
1923, and shipments at 214,000,000 pounds, against 190,WOOL has been quiet and about steady. Stocks are not
000,000 pounds in the previous month. Stocks of refined large, however,
and foreign markets have been generally
metal on Feb. 1 were estimated at 320,000,000 pounds.
firm, although in London the lower grades were neglected
Later on prices advanced on a good demand, both domestic
late last week. It is stated that the entire pool of 350,000
and foreign. The Orient has been a good buyer.
pounds of wool marketed co-operatively by the farmers of
TIN early in the week dec[ined 13/2c. on the spot and Wic. Pennsylvania has been sold at State College, Pa. The
on futures on arrivals of 1,800 tons at New York and a drop medium wools averaged about 47c. to the grower; fine and
in sterling exchange. Later on prices advanced with a half-blood about 49c. Medium was about 3c. above the
higher London market and better exchange. Spot was price paid by local buyers. It is said that the supply is
quoted at 5434c. and is the highest price seen since May 1920. light at the Cape and in Buenos Aires. At Montevideo the
Tin in London on the 13th inst. was active, exicted and season is practically over. It is estimated that less than
higher. Spot rose £7 5s. in 24 hours and futures rose £5 15s. 20% of the usual quantity of wool shipped to the United
The former is now £42 per ton higher than on Jan. 1. Stocks States was shipped this season. Stocks of wool in bonded
in London warehouses at the end of last week were 984 tons warehouses in the United States (partial figures) decreased
and are firmly held. Of the quantity of tin afloat to Great from 131,943,631 pounds on Nov. 30 to 113,261,516 on
Britain a large amount, it is stated, is to go to South Wales, Dec. 31. The largest reduction was in carpet wools.
In London on Feb. 8 prices remained about the same.
and a fair amount for transshipment to America.
Some offerings were withdrawn. Inferior grades were less
LEAD was still quoted at 8.25e. early in the week by the
wanted. Melbourne and Wellington led the sales. Total
leading refiner. In the outside market prices are firm at
sales were 10,906 bales. Details: New South Wales, 2,288
9c. for New York and 8.75 to 8.85c. for East St. Louis.
84 to
bales; scoured merino, 32 to 56%d.; crossbred, 24 to 54d.;
There is a scarcity of lead. The leading refiner is said to
greasy merino, 12%d. to 38d.; crossbred, 103 to 293/2d.
be selling only for April delivery. Production is increasing Queensland, 999 bales; scoured
crossbred, 35 to 533-d.;
but is not commensurate with consumption. The American greasy merino, 16 to 31d.; crossbred,
123' to 29d. Victoria,
Smelting & Refining Co. tolday advanced its price from
3,180 bales; scoured merino, 30 to 573d.; crossbred, 20 to
8.40e. to 8.50o.
41d.; greasy merino, 113' to 39d.; crossbred, 93'i to 283'2d.
ZINC in fair demand and steady; spot New York, 7.05 South Australia, 33 bales; scoured merino, 39 to 56%d.;
to 7.10c.; East St. Louis, 6.723"i to 6.75c. But St. Louis crossbred, 25 to 45d. West Australia, 825 bales; scoured
was to-day reported up to 6.900., with a good demand re- merino, 30 to 533'2d.; crossbred, 19 to 40d.; greasy merino,
ported from galvanizers and brass mills. Zinc concentrates 12 to 37d.; crossbred, 11 to 29%d. New Zealand, 3,118
bales; scoured merino, 20 to 50d.; crossbred, 18 to 45d.;
60%,$44.
811
THE CHRONICLE
FEB. 161924.]
greasy crossbred, 10 to 31d. Cape Colony, 440 bales;
scoured merino, 36 to 52d.; greasy merino, 12 to 303cl.;
crossbred, 10 to 26d. Punta Arenas, 28 bales; scoured crossbred, 17 to 20d.
In London on Feb. 12 the sales were 12,277 bales. The
present series closed. As compared with the closing prices
of the previous sales periods advanced 5 to 10% on merinos,
10% on crossbreds for the fine and medium grades, 15%
on the coarse grades. Cape, fine greasy and snow white
wools were up 5 to 10%. During the present auctions the
British trade bought 88,000 bales, the Continent 69,000
and American buyers 6,000 bales. The sales closed with a
holdover of 10,973 bales. The final sale of 12,277 bales
was as follows: New South Wales, 2,282 bales; scoured
merino, 20% to 54d.; crossbred, 15 to 48d.; greasy merino,
103 to 36d.; crossbred, 9% to 31d. Queensland, 974 bales;
scoured merino, 40 to 61 d.; crossbred, 30 to 523/2d.;
greasy merino, 163/i to 343/2d.; crossbred; 123/i to 303/2d.
Victoria, 3,851 bales; scoured merino, 30 to 61d.; crossbred,
16 to 413'cl.; greasy merino, 14 to 343'2cl., Erossbred, 12 to
2
29d. South Australia, 59 bales; greasy merino, 15 to 313/d ,
crossbred, 11% to 30d. West Australia, 479 bales; greasy
, merino, 13 to 323/2d.; crossbred, 103/i to 25d. New Zealand,
3,641 bales; scoured crossbred, 15% to 40d.; greasy merino,
12% to 273d., crossbred, 10 to 25d. Cape Colony, 452
bales; scoured crossbred, 24 to 34d.; greasy merino, 12
to 29%d.
At Auckland, N. Z., on Feb. 8, 22,600 bales of wool were
offered and mostly sold. Record attendance. Demand
keen from English and Continental buyers for the crossbred
offerings. Crossbred Id. to 33cl. higher. Good to super
46-48s brought 17d. to 22d.; 44-46, 16d. to 194d.; 40-44s,
14d. to 1634d.; 36-40s, 13d. to 15d. Low to medium wools,
46-48s, 16d. to 17d.; 44-46s, 14d. to 16d.; 40-44s, 14d. to
15d., and 36-40s, 11d. to 123/2d. Fine hoggets brought 21d.
to 2534d., and super lambs 22d. to 263id. The Boston
"Commercial Bulletin" will say on Saturday, Feb. 16.
The wool market has been drifting more or less during the week, with
more or less effort being made to acc..,rtain the probable trend of the demand.
Some buying is reported hero and there ot a limited extent, partly speculative and partly for needs, but there is no large volume of business being
done, and there is no disposition to wait toe further opening of goods.
The West is generally tranquil, some dickering being reported here and
there for an occasional lot of wool, but growers generally are blocking business by their uncompromising attitude.
Foreign markets are strong and Bradford is feeling even a bit more cheerful. The primary markets of the Southern Hemisphere are nearing their
close for the season.
Mohair is very strong, both here and abroad. Contracting continues in
Texas on the basis of 50 cents for mohair and 67.75 cents for kid hair.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1923.
1922.
Galveston.. _
Houston. &c_
New OrleansMobile
Savannah_... _
Brunswick _
Charleston_ __
Wilmington_
Norfolk
N'pert N.,&c_
All others_ .._.
37,838
21,564
22.691
540
6,739
27,411
8,128
31.309
872
6.690
2,851
1.778
4.467
1,765
231
4,221
31,898
441
14,268
2,174
7.569
50
723
1,565
3,481
2,776
2,452
Total this wk_
101,244
83,079
Receipts at-
1924.
1921.
1920.
1919.
27,802
8,135
31,627
1,103
12,936
200
2,865
946
4.478
20.131
1,341
1,646
4,345
47
3,455
46,149
9,625
24.165
3,270
13,793
2,000
83.259
1,042
4,022
92
2,313
82,273
83,292
189,730
90,960
37,093
2,363
24,766
1,654
6,602
868
.
Since Aug.1_ .5.541.793 4.681.208 4.036.847 4.301.586 5.157.355 3.645.458
The exports for the week ending this evening reach a total
of 92,755 bales, of which 4,577 were to Great Britain,
9,768 to France and 78,410 to other destinations. Below
are the exports for the week and since Aug. 1 1923:,
Wee ending Feb. 15 1924.
Exported toExports
from-
From Aug. 1 1923 to Feb. 15 1924.
Exported to
Great
Great
Britain. France] Other. Total. Britain, France.
Other.
Tow).
25,880 25,880 478,649 255,020 943,06 1,676,736
Galveston
Houston -- 3,381 5,842 12,341 21,564 336,049 163,723 420,731 920,503
481,387
2,664 31,874 34,538 204,973 45,069 231,34
New Orleans
13,470
3,711
200
200
1,050
8,720
IVIobile
1,739
300
1,439
Jacksonville
9,828
400
9,428
Pensacola
169
669 90,259
500
9,512 80,475 180,246
Savannah __
50
Brunswick
50
35,214 106,842
1,757 1,757
71,628
Charleston.
45,200 63,100
9,600
8,300
Wilmington.
57,678 145,266
565
521 ------3,030 3,551
87,023
Norfolk _ -_ _
58,689 135,829 294,535
314 1,751 100,017
175 1,262
New York._
3,907
2,863
1,044
Boston
1,599
1,563
36
Baltimore
1,374
858
516
Philadelphia
19,398
5,836
600
12,962
Los Angeles.
75,281
75,281
2,845 2,845
San Fran
45,974
45,974
Seattle
Total
_
4,577
9,768 78,411 92,7551,411,093 545,391 2,084,751 4,041,235
Tot.'22-23. 29,961 4,299 63,7751 98,0351,115,835 487,106 1,818,6323,421,573
Tot.'21-'22. 28.275 17,371 48,187 93,833 982.529 459.2532,189,3893,631.171
-It has never been our practice to include In the
-Exports o Canada.
NOTE.
above table exports of cotton to Canada, the reason being that virtually all the
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however.
of the numerous inquiries we are receiving regarding the matter, we will say that for
the month of January the exports to the Dominion the present season have been
16,881 bales. In the corresponding month of the preceding season the exports were
20.853 bales.
For the six months ending Jan. 31 1924, there were 94,392 bales exported, as
against 110,654 bales for the corresponding six months In 1922-23.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
On Shipboard, Not Cleared for
Other CoastGerGreat
Feb. 15 at- Britain. France. many. Cont'nt. wise.
COTTON
Friday Night, Feb. 15 1924.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
101,244 bales, against 104,226 bales last week and 116,104
bales the previous week, making the total receipts since
Aug. 1 1923 5,541,793 bales, against 4,681,208 bales for the
same period of 1922-23, showing an increase since Aug. 1
1923 of 860,585 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Total.
Galveston
5.270 5.065 9,308 6,891 7,181 4,123 37,838
Houston
2,868
_ -__ 18,696 21.564
3,639 4,845 3,253 4.516 3,812 2,626 22,691
New Orleans_ Mobile
44
540
-------_
Jacksonville ---------------_
___
512
512
1,516 1,538 1,901
Savannah
622
452
710 6,739
440
Charleston
735
697
410
358
211 2,851
514
Wilmington
401
217
188
237
221 1,778
978
649
928
416
Norfolk
397 1,099 4,467
New York
100
376
---279
409
Boston
334 1,528
-------------------Baltimore
636
--636
Petals this week_ 12,738 13.333 16.591 16.322 12.748 2C1 512 int 94.1
The following table shows the week's total receipts, the
total since Aug. 1 1923 and stocks to-night, compared with
last year.
1923-24.
Receipts to
Feb. 15.
Galveston
Texas City
Houston
Port Arthur,&c
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
,
9 ..1-ela
1922-23.
This Since Aug This Since Aug
Week. 1 1923. Week. 1 1922.
Stock.
1924.
1923.
37,838 2.568.753 27.411 2,093,922
18,606
139
68,561
21,564 923.547 8,128 623,506
282,845 296,706
69
9,560
22,691
179,598
178,236
992.409 31,309 1,024,969
2.851
44,108
10,135
3,598
311,201
606
155,891
1,778
4,467
100
1.528
636
540
872
9,168
5,683
1
6,690
____
1,765
73,346
7.873
8,952
299,267
27,548
82,639
3,190
69,992
181
37,415
7.237
58.257
2,461
42,212
110,180
353,142
231
4.221
75,338
237,356
19,096
83,738
19.053
101.099
6,887
22,255
19,534
941
80
2,003
93
136
4.799
33,081
13,471
4,580
160,559
6,270
2,442
3.818
68.982
12,648
2,269
5,648
101.244 5.541.793 83.079 4.681.208
858.381
810.051
512
6,739
'
Total.
Leaving
Stock.
Galveston ____ 11,084 11.000 13,000 9,850 6,000 50,934 231,111
246 35,630 143,968
New Orleans__ 6,655 1,890 13,732 13,107
69,092
900
200
700
Savannah
37.415
Charleston
7.508
357 1,668
635
668
Mobile
83,738
Norfolk
500 6,000 189.625
500 1.000 1,500
2.500
Other ports*
21,607 13,390 27,732 25,092 7,303 95,124 763.257
Total 1924
Total 1923._ 26,571 8,210 14,184 44,847 16.319 110,131 699,920
16.057 5,538 27.167 18,038 4,787 71,587 1,033.581
Total 1922
* Estimated.
Speculation in cotton for future delivery has been dull
so far as new trading is concerned. And prices have broken
very sharply. Back of it all is the dulness of goods, the fear
of curtailment among the mills, at the South as well as in
the East, the dulness of Manchester and heavy liquidation
from all directions, which is believed to have been hastened
by aggressive selling for short account by Wall Street and
Palm Beach. Local operators, too, have leaned plainly to
the bear side. The South, apart from Florida, has been selling. Some of it is believed to have been for Southern mills
hedging against stocks of goods which do not sell readily.
The Washington scandals have been cited here and in New
Orleans as tending to slow down trading. A certain uneasiness has pervaded business circles. Business men have declared that they did not know what to expect next. Wild
and baseless rumors have at times filled the air. Meanwhile, too, there is a fear of a British dock workers' strike
later in the month. At one time it was said that there was
a prospect of it being averted. Later, however, London
cabled that the outlook was less favorable. There is talk
of curtailment of three days a week in Lancashire. The
idea is to decide it by ballot. This refers to mills us.ing
American cotton. Naturally, it did not improve matters.
Manchester's sales of goods to India have latterly, it seems,
fallen off. It Is said that Japan has been trenching on
Manchester's trade in gray goods in India. Trade in India
Itself has been dull. The strike in some of its mills seems
to be still in progress. Sterling exchange has at times been
irregular, and francs at one time declined. Liverpool was
a heavy seller here. Its prices have dropped sharply from
time to time. On the 13th inst. they fell equal to 45 to 95
American points. The spot sales rose to 10,000 bales of spot
cotton a day, but latterly have dropped to 5,000, of which
60% was American. Worth Street has reported trade dull
812
THE CHRONICLE
[VOL. 118.
-und prices weakening. Seeond hands have been cutting un- also the shutting down of four big Knight mills in Rhode
der mill prices. At Fall River things have come to such a Island and Massachusetts; reports of curtailing in the
pass that a conference was called to consider the best means Carolinas; fears of a lockout among mills using American
of bringing about some improvement in the textile industry. cotton in Lancashire and unsettlement in London because
What can be done remains to be seen. Massachusetts mills of apprehensions that the dock workers' strike could not be
are moving to get rid of the 48-hour week. Charlotte, N. C., prevented. Also, world's spinners' takings showed a noticehas sent rather gloomy reports about the state of trade in able falling off for the week. Spot markets broke. To
_goods. It seems to be a growing impression in that State cap the climax, the stock market was down 1 to points
5
and
that sooner or later curtailment of output by the mills will grain, coffee and sugar also fell. In
the background, too,
be unavoidable. Meanwhile spot markets have been steadily was a vague feeling of uneasiness growing out of the oil
declining. There has been talk of the highest basis of the scandals at Washington, which,
however illogical such a
season in Arkansas and of a strong basis elsewhere in the feeling may be, certainly had a
more or less disturbing effect
belt. But prices, perforce, have followed futures downward. in the business world, especially as it
was accompanied by
New York quotations on the 14th inst. dropped 105 points.
a sharp break in the stock market on transactions of 1,800.New crop months have been in some demand and they 000 shares. A decline
in foreign exchange naturally did
have not declined so much as the old crop. For instance, on not help matters. Southern
mills
the 14th inst., when the old crop dropped, roughly, $5 to $6 futures here heavily against their were said to be selling
stocks of goods, supposa bale the next crop fell much less. On that day there was edly on a hint from the banks.
The rally mentioned was
a decline, to state it in points, from the high level of the due to big mill calling and
covering of shorts after recent
morning of 122 to 135 under a great wave of selling for decline of 3 to 4 cents
and after a drastic clearing out of
both sides of the account. The drop in the next crop fu- long cotton, which has left the
technical position in much
tures was some 58 to 62 points from the early rise. The better shape both here and in
Liverpool, to say nothing of
weather of late has been rather more favorable. On the New Orleans. Final
prices show a loss for the week of 190
whole the weekly report on weather conditions as issued by to 215 points on this crop and
104 to 105 on the next. Spot
Government was more hopeful. Some Texas reports cotton closed at 31.35c. for
the
middling, a decline for the week
that there is no truth in statements current for some of 215 points.
say
little time past that crop preparations.there are badly beThe following averages of the differences between grades,
hind. This is here given for what it is Worth. To all apas figured
pearances there has been some delay, but nobody questions designated from the Feb. 14 quotations of the ten markets,
by the Secretary of Agriculture, are the differences
the fact that there is still plenty of time to catch up. It is from
middling established for deliveries in the New York
very generally conceded that every effort will be made this
market on
year to plant a big acreage and raise a big crop. The talk Middlingalr Feb. 21 1924.
1.81 on *Middling 2 65 off
yellow" stained
is that in Texas the area will not improbably reach some- Strict good middling
1.48 on "Good middling "blue" stained...1.23 off
Good
1.16 on *Strict middling "blue" stained-1.71 off
thing like 16,000,000 acres, as against, roughly, 14,077,000 Strict middling
middling
70 on "Middling "blue" stained
2 59 off
acres last season. New lands will undoubtedly be broken Strictlow middling
.93 off Good middling spotted
50 on
2.08 off Strict middling spotted
up in Texas under the incitement of high prices. Meanwhile Low middling
.05 off
"Strict
3.45 off Middling spotted
80 off
anything in the way of bullish news falls flat in the market *Good geod ordinary
ordinary
4 70 off "Strict low middling spotted
1 86 off
here and also to all appearances in New Orleans and Liver- Strict good mid."yellow" tinged. .21 on 'Low middling spotted
3.07 off
Good
"yellow" tinged__
off Good mid, light
off
pool. Liverpool is anxiously awaiting developments in the Strict middling "yellow" tinged__ .22 off 'Strict mid, lightyellow stained .82 off
middling
.71
yellow stained.1.40
'Middling "yellow" tinged
matter of the threatened dockers' strike.
1 68 off *Middling yellow stained
2 13 off
*Strict low mid."yellow- tinged_2.85 off Good middling "gray"
30 off
On the other hand the liquidation of cotton here has been *Low middling "yellow" tinged_ _4.04 off *Strict
middling "gray"
81 off
drastic. The selling, attributed to Wall Street and Florida, Good middling "yellow" stained_1.35 off 'Middling "gray"
1 44 off
*Strict mid."yellow" stained_ -1.95 off • These grades are not deliverable.
has been considered of the most aggressive kind. But while
The official quotation for middling upland cotton in the
it broke prices and drove out discouraged longs it had the
Inevitable effect, it is pointed out, of largely correcting a New York market each day for the past week has been:
Feb. 910 Feb. 15Sat. Mon. Tues. Wed. Thurs. Fri.
vulnerable technical position. The tendency now is to build Middling upland
33.85 33.40 Hol. 33.20 32 15 31.35
up a big short account. In other words, it looks as though
NEW YORK QUOTATIONS FOR 32 YEARS.
the pendulum were swinging to the opposite extreme. From
31.35- 1916
11.95c. 1908
11.85c. 1900
5.88e.
being too enthusiastic on the bull side, everybody now, it is 1924
28.20c. 1915
1923
8.55c. 1907
11.00c. 1899
6.62c.
urged in some quarters, is leaning too strongly to the bear 1922
18.25c. 1914
12.85c. 1996
11.25c. 1898
6.25e.
14.20c. 1913
1921
12.90c. 1905
7.7.5e. 1897
7.00c.
side. In any event, the tendency is plain enough to in- 1920
1912
8.9.
10.50c. 1904
13 75c. 1896
8.00c.
crease the Short account. Whether it will be allowed to ex- 1919
26.50c. 1911
14.00c. 1903
9.60c. 1895
5.62c.
1918
31.35e. 1910
15.00c. 1902
8.81c. 1894
7.94c,
pand to the proportions which have rendered the long ac- 1917
15.85c. 1909
9.80c. 1901
9.50c, 1893
9.12c.
count so easily open to attack remains to be seen. All that
MARKET AND SALES AT NEW YORK.
is clear is that there are a good many bears. Meanwhile
The total sales of cotton on the spot each day during the
supplies, of course, are small. The statistical position
theoretically at least is strong. That is universally con- week at New York are indicated in the following statement.
ceded. Whether the edge of the statistics will be taken off For the convenience of the reader we also add columns
by the dulness of goods and curtailment, or talk of it, re- which show at a glance how the market for spot and futures
mains to be seen. A striking factor was the American con closed on same days.
sumption for January. It had been estimated at not over
Spot
Futures
SALES.
561,000 bales, but it turned out in the census report on the
Market
Market
Closed.
Closed.
14th inst. to have reached 576,644 bales. against 461,560 in
Spot. Contr't. Total.
December, 610,375 in January 1923, 526,500 in January 1922 Saturday..-- Steady, 35 pts. adv. Barely steady_ _
and only 360,400 in 1921. Some tart comment was made on Monday _ Quiet, 45 pts. doe,, Easy
Tuesday __these figures by those who recall the gloomy reports com- Wednesday.. ulet, 20 pts.HOLi DAY
dec__ Easy
ing from textile centres in January about curtailment, aul- Thursday - _ Quiet. 105 pts. dec. Easy
Friday
Wet. 80 pts. dec_ Steady
ness of trade, the gloomy outlook, etc. Yet there was an
Total_
Increase in consumption in January of some 115,000 bales
Nil
Ii
Nil
over the total for December, and it was only about 33,700
FUTURES.
-The highest, lowest and clos ng prices at
less than in January last year, while it was some 50,000 New York for the past
week have been as follows:
more than in December 1922 and 210,000 more than in the
same month of 1921. In spite of all that has been said about
Saturday, Monday, Tuesday, Wed'day, Tkursd'y, Friday.
Feb. 9. Feb. 11. Feb. 12. Feb. 13. Feb. 14. Feb. 15. Week.
the decrease in consumption, present or prospective, the
total in this country from Aug. 1 1923 to Jan. 31 1924 February
Range
reached 3,087,560 bales, against 3,272,975 during the like
Closing_ _ _ 33.25 -32.85 32.65 -31.55 -30.77 - -period in the previous season or only 185,000 bales decrease March
Range
33.35-.59 33.07-63
this season. Most people expected to see a much larger fall32.64-102 31.75-110 30.5089 30.50-163
Closing_ _ _ _ 33.50-.55 33.08-.10
32.87-.92 31.78-.84 31.00-05- -ing off and they have become a bit suspicious of pessimistic April
Range
reports about consumption. Meanwhile stocks in manufacClosing.... 33.81 -33.15 32.93 - 31.92 -31.12 - -turing establishments are 355,000 bales smaller than a year Map
Range
33.56-.90 33.24-.83
ago; those in warehouses are some 519,000 less than then.
32.83-120 32.05-127 30.85-118 30.85-100
Closing,,,,.. 33.72-.80 33.24-.28
33.00-.06 32.05-.10 31.25-.30-- It is true that active spindles in January numbered only June
33,339,806. against 34,044,878 a month previous and 35,236,Range
Closing.- 33.33 - 32.85 32.61 -31.66 -30.87 -- '928 in January 1923. But people pay less attention to the July-figures about spindles than they do about the amount of
Rge
an
32.17-.45 31.86-145 HOLI- 31.45-.88 30.5288629.55-.l83 29.55-145
Closing..,. 32.33-.35 31.88-.91 DAY 31.65-.68 30.52-.55 30.07-.10actual cotton consumed. But, after all, the sentiment here, August
- ---29.75-.75
Range
as Already intimated, has been for the most part bearish.
29.56-.56 29.05 -28.60 -28.60-e75
Closing--.,, 30.00 -- 29.75 People care less about what the mills consume of raw cot- September
29.50 -28.50 -28.10 - -ton and more about how much of the manufactured goods
---28.65-.70
Range
28.40
28.40-.70
Closing-- 28.93 -28.65 28.40 -28.01 -27.70 - -the mills are able to sell. In other words, they attach more October28.00-.20 27.90-122
7.71-.90 27.20-.82
importance to the consumption of goods by the ultimate
Range
28.00-.20 27.90-122
7.71-.90 27.20-.82 26.70(125 26.70-122
Closing-. 28.05-.10 7.90-.93
consumer than to the consumption of raw cotton by the November
7.76-.77 27.20 -26.90-.92- - spinners. The textile industry is admittedly backward as a
Range
26.80 -26.80 Closing-- 27.82 -27.71 whole.
27.53 -26.97 -26.70 --- December
-day prices broke 97 to 128 points on this crop and 50
To
Range
27.56-69 27.53-.80
27.25-.50 28.8008 26.15-.78 26.15d80
Closing--to 60 points on the next, with a rally, however, later of some /anuary-- - 27.60 -27.53 27.31 -26.75 -26.48 -- - points on this crop and 20 to 30 on the next. Pretty
40 to 50
Range
27.30-.30--27.00-.25 28.85-.95 26.00-.55 26.00d30
10051•05
97 WI -07 05 _
news was bearish. Liverpool declined, curtailmuch all the
32c. 1 28c. I 33c. b 31c. d 27c. 1 30c. e 29c
inent was reported to the amount of 75% in Fall River;
41.1 nn
na •
a
na 4141
41.1 _
_
1
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Feb. 15Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
813
THE CHRONICLE
FEB. 16 1924.]
1924.
bales_ 750,000
2,000
126,000
1923.
1922.
778,000 1,003.000
4,000
1,000
73,000
69,000
1921.
994,000
3.000
106,000
878,000
2,000
74,000
151,000
13,000
111,000
51,000
7,000
2,000
411,000
Total Continental stocks
851,000 1,083,000 1,103,000
2,000
36,000
84,000 299,000 165,000
179,000 173,000 178.000
12,000
7,000
12,000
93,000
116,000 140,000
54,000
39.000
31,000
2.000
3.000
21,000
25.000
437.000
707,000
527,000
1,289,000 1,288,000 1,790,000 1,630,000
Total European stocks
78,000
75,000
244.000 182,000
India cotton afloat for Europe
American cotton afloat for Europe 338,000 301,000 305,000 410.045
74,000
98,000
Egypt.Brazil,Scc.,afloatforEurope 70,000 137,000
237,000 293,000 315,000 228,000
Stock in Alexandria, Egypt
674.000 697,000 1,135,000 979.000
Stock in Bombay,India
858.831 810,051 1,105,168 1,398,748
Stock in U. S. ports
Stock in U. S. Interior towns__ -- 884,918 1,017,565 1,418,643 1,723,223
5,006
8,393
8,018
U.S.exports to-day
4,603,767 4,725,616 6,250,204 6.526,022
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales 508,000 447.000 590,000 613,000
Liverpool stock
48,000
52,000
97,000
95,000
Manchester stock
301.000 378,000 593,000 456,000
Continental stock
338,000 301,000 305,000 410,045
American afloat for Europe
858,831 801,051 1,105.168 1,398,748
U. S. ports stocks
884.918 1.017,565 1,418,643 1,723.223
U. S. interior stocks
-day
8,018
5,006
8.393
U.S. exports to
Total American
East Indian. Brasil, &c....
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt. Brazil, hc., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
2,995,767 3.001,616 4,072.204 4,701,022
242100
2.010
29,000
110,000
244,000
70,000
•237,000
674,000
331,000 419.000
4,000
1,000
21,000
21,000
59,000 114,000
75.000
182,000
137.000
98,000
293,000 315,000
697,000 1.135.000
381,000
3.000
11.000
71,000
78.000
74,000
228,000
979,000
1,608,000 1.724.000 2,178.000 1,825,000
2.995,767 3,001,616 4,072,204 4,701,022
Total East Indiabacc
Total American
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
Feb. 15ShippedVia St. Louis
Via Mounds
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, arc
Total gross overland
Deduct Shipments
Overland to N.Y., Boston, Szc
Bevrteen interior towns
Inland, &c.,from South
-1923-24-Since
Week. Aug. 1.
19.358 452,851
4,080 141.980
877
15,343
797
20,187
4.346 131,187
11,440 269.549
-1923-24Since
Week. Aug. 1.
18,159 555,869
2,420 200,028
7.073
215
47,906
187
3.602 109.441
10,331 276.822
40,898 1,031,097
34.914 1,197,139
2 264
508
17,721
49,617
16,435
441,167
2.312
525
15,092
55.831
16,804
330.531
20,493
507,219
17,929
403,166
Leaving total net overland*_ _ _ _20,405
523,878
16.985
793,973
Total to be deducted
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 20,405 bales, against 16,985 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 270,095
bales.
-1923-24----------1922-23
Since
Since
In Sight and Spinners'
Week.• Aug.1.
Takings.
Week. Aug. 1.
101.244 5,541,793 83.079 4.681,208
Receipts at ports to Feb. 15
793.973
523,
16,985
20.405
Net overland to Feb. 15
Southern consumption to Feb.15 _ 88,000 2.321.000 83,000 2.388,000
Total marketed
209.649 8.386.671 183.064 7.863,181
501,574
*13,272
624.027 *72.191
Interior stocks in excess
Excess of Southern mills taidngs
724,247
-----476.704
over consumption to Feb. 1
110473
Came into sight during week_ --196,377
9,089.002
Total in sight Feb. 15
9,487,402
North. spinn's' takings to Feb. 15 45,134
77.581 1.663.013
*Decrease.
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for
OTHER MARKETS.
middling cotton at Southern and other principal cotton
markets for each day of the week:
Total visible supply
4,603.767 4.725.616 6,250,204 6,526,022
8.27d.
Middling uplands. Liverpool__ _ 17.74d. 15.93d. 10.01d.
Middling uplands, New York__ -- 31.35c. 28.55c. 18.10c. 13.40c.
Closing Quotations for Middling Cotton en
Egypt,good Sakai, Liverpool- _ 22.90d. 18.90d. 20.50d. 17.50d.
Week ending
Peruvian. rough good, Liverpool- 24.50d. 18.75d. 13.00d. 15.00d.
Saturday. Monday. Tuesday. Wed'day. Thursd'y Friday.
Feb. 15.
8.15d.
9.10d.
Broach, fine, Liverpool
15.75d. 13.60d.
8.65d. Galveston
Tinnevelly, good. Liverpool
16.90d. 15.00d. 10.10d.
31.25
33.15
32.15
33.35
33.75
31.38
32.38
33.13
Co ntinental imports for past week have been102,000 bales. New Orleans....33.63 33.25
31.00
32.00
32.75
32.87
Mobile
33.25
30.90
31.83
32.87
33.08
33.50
Savannah
31.25
32.00
• 32.88
33.50
31.13
show an increase from last week Norfolk
The above figures for 1923
32.25
33.00
HOLI- 33.25
33.75
Baltimore
31.00
31.88
DAY 33.00
o 21,349 bales, a loss of 121,849 from 1922, a decline of Augusta
33.13
33.56
32.25
33.00
33.50
33.50
33.75
Memphis
1,646,437 bales from 1921, and a falling off of 1,922,255 Houston
31.25
32.00
33.00
33.15
33.65
31.25
32.25
bales from 1920.
32.75
33.00
33.25
Little Rock_
30.40
31.20
32.30
32.50
32.90
Dallas
30.50
31.25
32.30
32.50
Fort Worth
THE
AT
INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
-We published in the
INDIA COTTON PLANTING.
week and the stocks to-night, and the same items for the
the
1479, the
corresponding periods of the previous year-is set out in Sept. 29 1923 issue of the "Chronicle," on page
first forecast of the cotton crop of India for 1923-24 and we
below:
detail
now give the third cotton forecast for 1923-24. It is as
Movement to Feb. 15 1924.
Movement to Feb. 16 1923.
follows:
Towns.
Receipts.
Ship- Stocks
meets. Feb.
Week. Season. Week, 15.
31
28,541
Ala.,Ilirming'm
101
9.318
Eufaula
517 47,455
Montgomery.
526 32,144
Selma
93 13,468
Ark.. Helena_ _
1.868 105,277
Little Rock
1,000 75,720
Pine Bluff
____
2,068
Gs., Albany
672 37,030
Athens
2,80 124,792
Atlanta
2,788 170,219
Augusta
Columbus- - - 1,147 69,499
503 24,05
Macon
29 29,154
Rome
.
La., Shreveport _ _. 109.000
179 18.355
miss.,Columbu
286 76,656
_
Clarkedaie.
282 95,883
Greenwood _ _
66 19,980
Meridian_ __ _
111 30,230
Natchez
146 18,44.
Vicksburg : 19,153
Yazoo City
Mo., St. Louis_ 18,219 454,145
832 52,154
2.1,C.,Gensboro
48 10,051
Raleigh
omit.. Altus_._ 2,633 111,084
Chicka8ha_ .._ 3,08: 90,108
614 59,874
Oklahoma...
S.0 ,Greenvill 4,839 111,593
255 10.752
Gieenwood_ ,
Tenn.,Memphl 25,941 727,719
Nashville__ ., _
572 82,580
Texas, Abilene.
282 25,888
Brenham---221 39,473
Austin
243 115.780
Dallas
.
Houston_ _. 34.600 3,235.848
230 76.280
paris
300 53,368
San Antonio.
787 85,898
Fort Worth
erntal
an tow
589
201
811
54
1,042
4.911
3,000
__ __
1,184
4,208
4.387
2,164
565
300
_ _ __
2,473
1,153
1,604
295
127
444
69
Receipts.
Ship- Stocks
ments. Feb.
Week. Season. Week. 16.
8,298
413 36,440
5,300
____
8,337
13.270
103 53,93
8,614
67 52.400
8.494
396 33,508
28.154
534 183.644
33.185
904 117,849
2,109
1
8,23.
18,735
839 37,286
34,833 2,977 237.135
38,396 1,560 224,756
14.025
964 104,73!
8,167
182 36.574
6,606
652 38.394
23,000 - _ - - 70,300
4,401
9
23.188
28,610
655 124,557
35,966 1,111 105,372
6,213
156 31,755
6,581
41 31,137
8,833
24 22.296
9,893
29 28.032
icon 6,050 17,827 553,580
1,942 19,190 1,534 82,484
50
105
92
9,732
3,811 28,535
338 60,160
2,969 12,329
553 80,811
2,485 18,902 1,116 77,419
3,132 34,091 4.858 119,956
1,457 34,764-.
7.692
26,562 111,855 26.857 918,047
45
287
543 1,389
138 44.651
323 5,412
18 18,988
211
644 1,110
.
550 9,931
234 58,019
50,255253.154 25,321 2.534,880
253 1,573
57 71,247
50
0
300;
200 57,489
1.192. 3.567
279 59,420
52. 5,934
100 4,800
795 15,692
70 4,997
956 13,695
5.846 45,455
5,10 52.300
__
2.551
527 24,408
5,334 74,512
2,703 57,482
4,403 9,580
378 14,387
1.100 6,005
2.000 8.900
855 3,684
3,610 47.315
5,111 40,514
390 6,872
1,129 7,012
153 7.306
598 17,849
18,159 18,192
3,3 30,775
150
151
4,134 12,530
2,171 5,748
5,149 11.295
4,269 47,620
..
.._ 10,218
33,672 125,949
5
126
174 1.170
152 4,137
951
2.471 11.732
44.473254.919
759 3,188
200 1.400
488 8,524
106,9176,476.585 145,858 884.918 91.0326,373.721 181.491 1017585
The above total shows that the interior stocks have decreased during the week 13,272 bales and are to-night
The re132,647 bales less than at the same time last year.
ceipts at all towns have been 15,885 bales more than the same
week ast year.
Third Cotton Forecast, 1923-24.
This forecast is based on reports received from the British Provinces
and Indian States, which comprise the entire cotton area of India. It
deals with reports on both the early and late varieties of cotton up to the
beginning of December 1923.
The total area sown amounts to 21,845.000 acres as against 19,846.000
acres (revised figure) at this date last year, or an increase of 10%. As
compared with the final figure of last year (21.077,000 acres), the present
estimate shows an increase of 4%.
The total estimated yield is 4.913,000 bales of 400 lbs. each, as compared
with 4.801.000 bales (revised) at this date last year, or an increase of 2%.
As compared with the revised final estimate (5,181,000 bales) of last year,
the present estimate shows a decrease of 5%.
The detailed figures for the provinces and States are shown below (the
figures for the previous years are given in the appended statement):
Outturn.
Yield Per
Bales of
Area.
Acres. 40016s. Each. Acre (lbs.)
Provinces and Stales68
909,000
5,337,000
Bombay a
82
Central Provinces and Berar
4,895, 00 1,000.000
68
369,000
2.180,000
Madras a
132
Punjab a
622,000
1.880.000
130
United Provinces a
215,000
660.000
Burma
303.00073
169
Bind a
1Y3,000
.315,000
.
80
Bihar and Orissa
16,000
80,000
Bengal a
130
71.000
23,000
127
41.000
Ajmer-Merwara
13.000
144
39.000
Assam
14,000
70
23,000
North-Wast Frontier Province
4,000
Delhi
3,000
133
1,000
3,541,000
Hyderabad
128
1,135,000
77
938,000
Central India b
180,000
849,000
47
Baroda
76,000
Gwalfor
45
477,000.
54,000
Rajputana
330,000
so
79,000
83,000
Mysore
72
15,000
Total
21,845.000 4,913,000
90
a Including Indian States. b Excluding Gwalior, which has been shown
separately.
On the basis of these figures, the average outturn per acre of the present
crop for all-India works out to 90 lbs. as-compared with 97 lbs. at this
time last year.
The area shows an increase in almost all the provinces particularly in
the Punjab, Bombay, Sind, Madras and Central India. Only Bengal,
Assam and the Hyderabad State show a decrease. As regards yield.
Bombay. the Cantral Provinces and Berar, Hyderabad. Baroda. AjmerMerwara,Central India, and Mysore show a decrease, while there hap been
an increase' in the other provinces, notably in the Punjab, the United
Provinces. Sind. and Bengal.
A statement allowing the present estimates of area and yield. iccording
to the recognized trade descriptions of cotton, as compared with those of
the preceding year, is given below:
814
THE CHRONICLE
Acres
Descriptions of Cotton- 1923-24.
1922-23.
Oomras--Khandesh
1,382,000
1,291,000
Central India
1,415,000
1,200,000
Barsi and Nagar c
3,712,000
3.858,000
Hyderabad Gaomni___
d
d
Berar
3,320,000
3,302,0001
Central Provinces
1,575,000
1,401,000f
Total
11,404,000 11,052,000
Bales
1923-24.
1922-23.
266,000
297.000
234,000
241,000
1,158,000
1,206,000
1,000,000
1,100.000
2,658,000
2,844,000
1,833,000
266,000
348,000
660.000
648,000
412,000
396,000
f1,628,000 e1,268,000
84,000
83.000
Dholleras
Bengal, Sind-United Provinces
Rajputana
Sind-Punjab
Others
215.000
98.000
529,000
17,000
176,000
0102,000
361,000
16,000
1,825,000
Total
2,784,000
2,395,000
859,000
655,000
American-Punjab
593.000
Broach
1,170,000
Coompta-Dharwars
1.185,000
Westerns and Northerns_ 1,465,000
Cocanadas
218,000
Tinnevellys
345.0001
'
Salems
141,000
Cambodias
273,000
Commillas, Burmas and
other sorts
442,000
390,000
1,081,000
710,000
1.080,000
193,000
231,000
219,000
183,000
125,000
41,000
95.000)
19,000 }.
122,0001
122,000
249,000
131,000
130,000
35,000
701,0001
0411,000
95,000
197.000
90.000
Grand total
21,845,000 019,846,000
4,913,000 01,801,000
c Includes the whole crop of Hyderabad. d Included under Bars! and
Nagar. e Of this 7,000 acres were under Sind-American. j
Includes
5,000 acres reported to oe under American,variety in the Thar and Parker
district of Sind. g Revised.
COTTON IN FOREIGN COUNTRIES.
-A cable, received from the
Ministry of Agriculture. Cairo, states that the Egyptian cotton crop of
1923 is officially estimated at 1,447,000 bales of 400 lbs., which is 19%
above the yield of last year.
From a communication received from the British Consulate
-General at
Seoul, it appears that the yield of cotton in Korea for 1923 is estimated at
423.000 bales of 400 lbs. as compared with 391,000 bales in 1922.
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Feb. 9.
Monday,
Feb. 11.
Tuesday, Wednesday, Thursday,
Feb. 12.
Feb. 13.
Feb. 14.
Friday,
Feb. 15.
lvoL. 118.
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1923 are 6,093,479 bales;
in 1922 were 5,250,993 bales, and in 1921 were 4,346,232
bales. (2) That although the receipts at the outports the
past week were 101,244 bales, the actual movement from
plantations was 87,972 bales, stocks at interior towns having
decreased 13,272 bales during the week. Last year receipts
from the plantations for the week were 10,888 bales and for
1921 they were 50,128 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1923-24.
Week.
1022-23.
Season.
Visible supply Feb.8
4,582,418
Visible supply Aug.1
American in sight to Feb. 15...... 196,377
Bombay receipts to Feb. 14_
165.000
Other India ship'ts to Feb. 14
40,000
Alexandria receipts to Feb. 13_ _
20,000
Other supply to Feb. 13
15,000
Week.
Season.
4,857,338
2.024,671
9.487,402
1,874,000
308,000
1,121,400
180.000
3,760.450
110,873 8,364.755
140,000 1.67$,000
178,550
11.000
30.000 1.088,800
168.000
13,000
Total supply
Deduct
Visible supply Feb. 15
5,018,795 14,995,473 5.162,211 15,238,555
4.603,767 4,603.767
4.725,616 4,725,610
415,028 10,391,706
Total takings to Feb. 150
231.028 7.345,306 436,595 10,512,939
Of which American
- 313,595 7,327,389
Of which other
184.000 3.046,400 12.3.000 3.185,550
* Embraces receipts in Europe from Brazil. Smyrna, West In lies. &c.
a This total embraces since A lg. 1 the total estimated conga
by
Southern mills, 2,321,000 bales in 1923-24 and 2,388,000 bales In mptIon -23
takings not being available-and the aggregate amounts taken by1922
Northern
and foreign spinners
-8,070,706 bales in 1923-14 and 8.849,186 bales in
1922-23, of which 5,024,306 bales and 5,663.636 bales American.
COTTON FREIGHTS.
-Current rates for cotton from
February ------------------ New York, as furnished by
Lambert & Burrows, Inc., are
March__ _ 33.61-33.65 33.17-33.19
32.99-33.03 31.92-32.00 31.28-330
April
- - - - as follows, quotations being in cents per pound:
-- --- 33.13-33.17 32.66-32.70
32.42-32.48 31.40-31.45 30.76-30.80
May
High
StandHigh Stand.
High NanaJune
-- -- - - - --- Density. ara.
Density. ant.
Density. ord.
32.16-32.18 31.70-31.74
July
31.50-31.52 30.35-30.39 29.75-29.80 Liverpool...25o.
30o. Stockholm -.500. .650. Bombay_ _ ..50o.
650.
August _ _ _ - - -- - - -- - -- - - Manchester .25c. .300. Trieste-----450. .600. Gothenburg.500. .400.
September - - -- -HOLIDAY- - - - - - -- Antwerp _ _ _
.25Mo. Plume
.450. .600. Bremet.....27H o. 270.
27.50-27.52 27.28-27.32
October
27.18-27.20 26.50-26.58 26.23-26.28 Ohent _____
- Lisbon
500. .650. Hamb
40c
_250.
November - - ---- - -- - - - - I Favre
- .220 .37Mo. Oporto_ _ .750. .90c. Plraeu
..600. .750
December_ 27.06 bid 26.88-26.90
26.73-26.80 26.05 bid 25.85
Itotterdam..25c
.400. Barcelona-40c. .55e. &doilies
600
.750
January
-- - - --Genoa
35o. .350. Japan
450. .600.
Tone
Christiania-3714o. .600. Shanghai .450.
600.
Spot
Steady
Steady
Steady
Quiet
Steady
o...a.,
...or',
cu...Av
11toefly
Pliantly
INDIA COTTON MOVEMENT FROM ALL PORTS.
WEATHER REPORTS BY TELEGRAPH.
-Reports to The receipts of India cotton at Bombay and the shipments
us by telegraph from the South this evening indicate that from all India ports for the week and for the season from
field work has made good advance in the far southwestern Aug. 1, as cabled, for three years have been as follows:
part of the cotton belt. In the east Gulf section of the
1923-24.
1922-23.
1921-22.
belt, however, plowing has made rather slow progrdss due
February 14.
to the unseasonable cold weather. Field work in Texas
Receipts at
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week.lAug. 1.
and in the extreme lower Mississippi Valley has as a rule
progressed satisfactorily, but little plowing has been done Bombay
165,000 1.874,000 140,000 1,678,000 87,000 1,879,000
in Oklahoma. In parts of Arkansas farm work has been
For the Week.
Since August 1.
delayed by wet soils and in Tennessee by frozen ground.
-Plowing is going on vigorously.
Mobile, Ala.
Exports.
Great Conti- Japan&
Great
Conti- Japan
Galveston,Tex
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Taylor
New Orleans
Shreveport
Mobile,Ala
Selma
Savannah,Ga
Rain. Rainfall.
1 day 0.25 in.
2 days 0.98 in.
2 days 0.05 in.
1 day 0.01 in.
2 days 0.86 in.
1 day 0.06 in.
1 day 0.84 in.
1 day 0.12 in.
1 day 0.52 in.
1 day 0.03 in.
2 days 0.63 in.
2 days 0.071n.
1 day 0.05 in.
1 day 0.03 in.
1 day 0.01 in.
dry
Thermometer
high 71 low 49 mean 60
high 76 low 32 mean 54
high 76 low 52 mean 64
high 74 low 46 mean 60
high 80 low 38 mean 59
low 40
high 78 low 42 mean 60
high 80 low 44 mean 62
low 44
mean 56
high 75 low 34 mean 55
high 71 low 35 mean 53
high 64 low 23 mean 43
high 69 low 28 mean 48
high 65 low 29 mean 47
high 59 low 21 mean 39
Britain. neat. China. Total. Britain.
Bombay
1023
-24.._ 8,000 36,
92,000136
1922-23_ _ 8,000 41.
47
96.
1921-22_ _
19,
53.0001 72
Other India
1923-24 _ _ 17,060 23,000
40,
1922-23
11,000
11
1921-22
6,000
nest.
&
China.
Total.
98,000 509,000 786,5001,393,000
73.000 366,500 956.5001,106.000
12,000 245.000 978,0001.233,000
68,000 240,500
33.000 145,550
5,000 89
308,000
178,550
8,000 102,000
Total all-1923-24_ 25,000 59,0001 92,000176
166,000 749.050 786,5001,701.000
1922-23.
8.000 52.000j 47,000107,
106,000 512,0 I 956,11 1,574.550
1921-22_
25.000 53.000 78.000 17,000 334.,,, 984,11,335.000
INT. C
According to the foregoing, Bombay
The following statement we have also received by tele- increase compared with last year in appears to show an
graph, showing the height of rivers at the points named at 15,000 bales. Exportsfrom all India the week's receipts of
ports record an increase
8 a. m. of the dates given:
of 69,000 bales during the week, and since Aug. 1 show an
Feb. 15 1924. Feb. 16 1923. increase of
126,450 bales.
New Orleans
Above zero of gauge_
12.8
12.4
Meftiphis
Above zero of gauge_
34.4
17.0
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Nashville
Above zero of gauge_
31.3
10.1
-We
Shreveport
now receive a weekly cable of the movements of cotton at
Above zero of gauge_
14.3
19.8
Vicksburg
Above zero of gauge_
42.4
30.4
Alexandria, Egypt. The following are the receipts and
RECEIPTS FROM THE PLANTATIONS.
-The fol- shipments for the past week and for the corresponding week
lowing table indicates the actual movement each week from of the previous two years.
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a stateAlexandria. Egypt.
1923-24.
1921-22.
1922-23.
ment of the weekly movement from the plantations of that
Feb. 13.
part of the crop which finally reaches the market through Receipts (cantors)
This week
100,000
the outports.
110,000
150,000
Since Aug.
Charlotte.
1
Week
en&
Receipts at Ports.
1923-241922-231921
Stocks at Interior Towns. I
palm=Plantations
1923-24 1922-23 1921-22 1923-241922-231921-22
Nov.
18.._ I ,567 51.578170,422 1,179,333 1.461,019 1,520,190321,432 304,296224,791
23_-0 4,528 17.983137.22 1.244.7731,484,662 1,542,660289,968 41,626159,695
30-- 0 98,211 15,436 167,931 1.251,7851,457,158 1.546.811 305.223 42,942 172,082
Dec.
7__. 65,509 158,801 116.086 1,225,801 1.445,0051,576,304239,525146,1350 145,579
,
14-064,183 138,941 113,815 1,178,745 1,426,330 1.593.187217,127 120,266130.692
:
21-_ e 14,353 136,866 141,5: 1,132.917 1.384,130 1,608.383 168,525 94,666 156.790
28_. 199,767113,035122.03 1,119.113 1,391.872 1,672.819 185,963 120,777 135,312
Jan.
94.390 94,390 76,581 1,067,013 1,355,894 1,614.007 82,124 58.412 67,769
11._ 136.003 123,952 93.51 1,043,974 1,300,285 1,595,588 123,564 68,343 75.096
18-169,
448 92,238103.6071996,35 1.265.828 1,555,078 121,830 57,781 63.097
25- 101.351 101,479 92,4711 977,263 1.224,059 1.516,756 91,25 59.710 54,149
Feb.
116.104138,820 66,553 944.86 1.150,906 1,488,284 83,709 65.667 38,081
1.
898.1 1.089.756 1,450,778 57.54 26,231 44,484
it: 104.226 87,381 81,9
.
15 101,244 83.07 82.273 884,9181.017.5651,418.643 87,972 10,888 50.128
5.612.880
5.450.730
4.113.539
Since
Week. Aug. 1.
Total Liverpool
17.000175,208
____ 16,1550 2,250 111,344
To Manchester, &c
11,000 145.937
91,807
____
To Continent & India..- _ 7,000244,113 7,000 107,962 6,000 132.035
193,445 3,250
To America
--- - 79.805
____ 166.798 16.750 133,889
Total°snorts
.
50 nrinAAZ An, ,
,MK no nonAn0 078
•nnn non ,
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that toe receipts for the week ending Feb. 13 were
100,000 cantors and the foreign shipments 35,000 bales.
Exports (bales)-
Since
Since
Week. Aug. 1. Week Aug. 1.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is quiet Stocks of both goods and
/
yarns are accumulating. We give prices to-day below and
leave those for previous weeks of this and last year for comparison:
FEn. 1(3 1924.]
815
THE CHRONICLE
,
1921-22.
1922-23.
BREAD STUFFS
Friday Night, Feb. 15 1924.
Flour has been quiet, with wheat lower and buyers purd.
s. d.
d. e. d.
suing their old tactics of buying very cautiously and only a
s. d. d. d.
d. s. d.
Oct. d.
1 14.80
284 17 4 018 0 20.14 21% 9?) 22% 16 4 017 7 14.74 little at a time. They do not believe in the stability of
23 274
16 2 @JIB
22
30% 20 2 ®21 0 21.37 21
30 2935
prices whatever may be said or done by the GovernDec.
21% 16 0 016 5 14.30 wheat
2934 19 4 020 2 19.42 20
7 27%
2034 15 7 @le 4 14.56 ment or the new $10,000,000 corporation to extend aid to
so 19 6 020 4 19.48 20
14 28
20% 15 7 016 4 14.96
29 19 6 020 2 19.68 2034
21 27%
2294 16 3 016 7 15.16 farmers or the plan to put the tariff on wheat up to 45c.
284 19 7 9320 3 20.62 21
28 2734
Canadian flour
Jan.
22 16 3 @la 7 15.06 per bushel. There were rumors of sales of
284 19 7 @20 2 19.93 20%
4 27
22 16 4 017 0 15.60 to Germany and Czechoslovakia. Clearances from New
28 19 5 9320 0 19.32 20%
11 26%
2294 16 5 017 0 16.20
274 19 2 019 5 18.83 21%
18 26
2394 17 2 017 5 16.32 York on Thursday were 127,762 sacks, mostly to Germany.
2739 19 2 ihl19 5 19.31 22%
25 26
Feb
23 172 @175 15.28 There is a foreign inquiry, it is stated, for first and second
274 19 6 9319 5 19.17 22
1 26
(g. 23 170 @174 15.74
2714 19 2 019 5 18 89 22
8 26
clears, which are said to be rather scarce. Recent sales to
2634 9 0 019 3 17.74 2191 © 2234 170 @174 15.93
15 254
Germany were, it is stated, larger than were then reported,
-As shown on a previous page, the and in some estimates were fully 50,000 bbls. It is said
SHIPPING NEWS.
exports of cotton from the United States the past week have that good milling wheat has been very steady, regardless of
reached 92,755 bales. The shipments in detail, as made
the decline in futures, and that mill feed has declined about
up from mail and telegraphic returns, are as follows:
Bales. $1 per. ton. Mills have been reluctant to ease prices. Some,
175
-Feb. 8-Tyrrhenia, 175
-To Liverpool
NEW YORK
however, are said to have done so.
-Feb. 7-Caucasier, 662...._Feb. 13-Collamer, 600 1,262
To Havre
114
Wheat advanced early in the week in the teeth of heavy
of Eureka, 114
-City
To Genoa-Feb. 13
200
-City of Eureka, 200
To Leghorn-Feb. 13
selling, partly, it appeared, by sold-out operators trying to
1,636
-To Antwerp-Feb.7-Menapier, 1,636
NEW ORLEANS
1.430 bring about a reaction and a better vantage ground for re-Feb.7-Menapier. 1,430
To Ghent
10,747 newed purchases. Export demand continued even if not on
10,747
-Saxon Prince.
To Bremen-Feb. 8
9,908
-Etna,9.908
To Mourmansk-Feb.8
I. e. 250,000 to 400,000 bushels of Manitoba in a
2.664 a big scale,
-De la Salle, 2,684
-Feb.9
To Havre
700 day. The Northwest and the East on Feb. 9 bought freely in
To Venice-Feb.9-Higho, 700
1.700 Chicago on any setback. The transactions in wheat futures
To Trieste-Feb. 9-Higho, 1,700
5,753
To Genoa-Feb. 12-Monginevro, 5.753
at Chicago last week, by the way, were 92,592,000 bushels,
-Cranford,16,314---Feb.9
GALVESTON-To Bremen-Feb.8
17,647 against 91,666,000 in the previous week. The total on a sinNord Schleswig, 983Feb. 12--Greystoke Castle. 350.
222
To Copenhagen-Feb.8-Svanhild, 222
gle day were from 13,299,000 to 23,241,000 bushels. Recently
-Chester Valley, 250; Nord Schleswig.
To Hamburg-Feb. 9
swift on
796 the trading fell off; the pace had become a little too
546
3.375 a 7c. rise. A reaction came later. Later in the week prices
-Mar Adriatic°, 3,375
-Feb. 12
To Barcelona
2.490
-Mar Adriatic°, 2,490
To Genoa-Feb. 12
1c.
/
declined 22 from Monday's high point, with Liverpool
350
To Antwerp-Feb.12-Greystoke Castle,350
1,000 and Winnipeg lower and the quantity afloat for Europe
-Feb. 12-Greystoke Castle, 1,000
Ghent
To
-Michigan, 2,868---Feb. 14-Feb. 12
large. A decline in stocks and cotton had some effect. The
HOUSTON-To Havre
5,842
Sacarrappa, 2.974
3.381 oil scandals at Washington make talk and are said to affect
-Mount Evans, 3,381
To Liverpool-Feb. 14
100
To Antwerp-Feb. 14-Sacarrappa, 100
1,013 various markets. But some substantial buying appeared
-Feb. 14-Sacarrappa. 1,013
To Ghent
900
-Carlton, 900
To Genoa-Feb. 13
On Monday and Tuesday Liverpool was
950 on the break.
To Trieste-Feb. 13-Carlton, 950
7,547 stronger, with much covering, though the world's exports
-Brush, 7.547
To Bremen-Feb. 15
1,831
-Brush, 1,831
To Rotterdam-Feb.15
1,507 last week were 21,275,000 bushels, and there was an inCHARLESTON-To Antwerp-Feb.8-Shickshinny, 1,507
250
8-Shickshinny, 250
To Rotterdam-Feb.
crease of 7,480,000 bushels in the amount of passage. Com200
-Bessemer City, 200
MOBILE-To Japan-Feb.6
2.230 mission houses were large sellers, however. Yet September
-To Bremen-Feb. 9-Porta, 2,230
NORFOLK
800 In Chicago advanced to a premium over both May and July.
To Rotterdam-Feb. 11-Westchester, 800
50
-Blair,50
-Feb.13
To Manchester
471 which is something rarely seen. It is attributed to the
To Liverpool-Feb. 15-Rexmore, 471
1.320
-Pallas, 1,320
-To Japan-Feb.7
SAN FRANCISCO
expectation of a considerable decrease in the spring wheat
-Pallas, 1,025_ _ _Feb. 11-Esther Dollar
To China-Feb. 7
1.525 acreage this year as a result of the efforts by the Adminis500
169
SAVANNAH-To Genoa-Feb.8-Jacona, 169
100 tration to bring about diversification of crops in the NorthTo Liverpool-Feb. 11-Tulsa, 100
400
-Feb. 11-Tulsa, 400
To Manchester
west. The visible supply in the United States last week de92.755 creased 1,213,000 bushels and the total North American vis. Total
total visible supply in this
-By cable from Liverpool we have the fol- ible decreased 3,698,000. The
LIVERPOOL.
statement of the week's sales, stocks, &c., at that port: country is now 65,949,000 bushels, against 47,807,000 a year
lowing
Feb. 8. Feb. 15. ago. Prices advanced early on Thursday % to 1%e, The
Feb. 1.
Jan. 25.
36.000
38,000
41,000
24.000
Sales of the week
19.000 Ohio Valley sent complaints of cold weather and there was
21.000
31.000
16.000
Of which American
5,000
4,000
6,000
export
3.000
Actual
68,000 a prediction of a cold wave developing in Alaska. Increased
64.000
57,000
56,000
Forwarded
771.000 760.000 788,000 750,000 tariff talk helped. It looked pretty sold out. The cables
Total stock
505,000 491,000 540,000 508,000
Of which American
45,000 were stronger. But weakness in cotton and liquidation in
59.000 100.000
129,000
Total imports
15,000
80.000
67.000
38.000
which American
Of
United
247,000 263MOO 194,000 195.000 grain generally carried prices downward later.
Amount afloat
82,000
93,000
128.000 136,000
Of which American
Kingdom advices said cultivation and seeding there is proThe tone of the Liverpool market for spots and futures gressing actively. In France some resowing Is being done;
each day of the past week and the daily closing prices of otherwise the new crop prospects are favorable. In Gerspot cotton have been as follows:
many parts have suffered from the severe cold weather and
insufficient snow cover and some damage is feared. Native
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
prices are very low. In the Balkan States the weather is
Market,1 A fair
Quiet.
Quiet.
Quiet.
Good
business
milder and the condition of the crop is generally favorable.
12:15
demand.
doing.
P.M.
In Rumania the wheat acreage is put at 5,500,000 acres.
17.74
18.49
19.19
18.80
18.98
MId.T.Tpl'd
against 5,600,000 last year. In Russia frost has done some
5,000
5,000
10,000 HOLIDAY
5,000
6,000
Sales
damage, interior supplies are diminishing and prices adQuiet
Steady
Quiet
Quiet:
vancing sharply, with an active, home demand. The "ModFutures.
1 to 15 pts. 2 pts. adv.: 31 to 52pts.
Market I Steady. 1 to 13 pts
ern Miller" says to-day of the crop outlook: "No decided
decline. 42 pts. dec. decline.
advance.
opened I
change is noted. Complaints of damage by freezing and
Irregular
13arely st'y
Easy
Easy
Market, I Very ste'dy
19 to 47pts. 20 to 27pts. 29 to 6Opts. thawing come from various sections, chiefly the soft winter
17 to 22pts. 8 to 12pts
4
th.ciine
decline
decline,
decline,
advance,
P. M.
wheat territory, but no widespread injury is indicated.
Prices of futures at Liverpool for each day are given below: There is a fairly good movement from farms, with indicaI
tions that the end of this run will find country supplies
Fri.
Mon. I Tues.
Thurs,
Wed.
Sat.
smaller than usual for this period." To-day prices declined.
9
Feb.
1234 124 1294 4:001 121:1:00 124 4:00 124 4:00 1254 4:00 with stocks and cotton breaking, Washington scandals unFeb. 15. p. m.P. m.O. m•IL m.111. m•ii• m.P. m.P. m.p. m.p. m.p. m.p. m.
settling business sentiment, and finally, heavy long liquidad. d. d, d. d. d.
d. d. d. d.
New Corson. d. d.
/
tion. Liverpool dropped 12d. Argentina's weekly shilt19.00 18.68 18.6 18.41 17.89117.81
19.25119.39119.15
__
February
19.1 18.78 18. 18.52 18.01118.01 ments, too, were 5,552,000 bushels and Australia's 2,950.000.
_ 19.34 19.47 19.24
March
19.10 18.79 18.81 18.53 18.0348.03 Prices show a decline at Chicago for the week of 2 to 21
.. 19.33 19.44 19.23
4c.
April
18.83 18.55 18.06118.08
_ 19.34119.45119.24
325 Cop
Twist.
83( lbs. Shin- Coen
iness, Common Mid.
to Finest. (Ws
0000 0000
SOO 0200
321 Cop
Deed.
834 lbs. Shirt- Coen
lags, Common Mid.
Upes
to Finest.
.
19 11118.81
May
18.98 18.71 18.73 18.44 17.96,17.93
_ 19.2 19.29 19.08
June
. 1 18.14 17.67117.67
.18.86 18.94 18.75 HOLI- 18.66 .
July
.18.04 18.12 17.93 DAY 17.88 7.6 17.6. 17.39 16.9917.00
August
17.06 6.7 16.77 16.57 18.19'16.22
- - __ 17.18 17.1 17.08
September
16.47 6.2 16.23 16.04 15.6815.70
48
October16.50116.60516.
16.14 5 15.91 15.72 15.0 15.40
.
November - -_ -- 16.26 16.27 16.15
num 5 15.81 15.62 15.3015.32
16.1616.1716.05
__
December
i.oaI,5 7. 13 7115.5115 2115 25
11405 18.06 15.94
4....,..•,.,,
DAILZ CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. leed. Thurs. Fri.
125%
No. 2 red
128 Holiday 126% 127
cts_128
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Thurs. Fri.
Sat. Mon. Tues. IVed.
May delivery in elevator
Ms_112% 111% Holi- 110% 110% 10934
July delivery in elevator
1 2t4 11 3i
112x 1 4. day 1104 110% 108%
11134 11034 1013%
September delivery in elevator_ -1
_
816
THE CHRONICLE
[Vox.. 118.
Indian corn advanced, but later declined. It sold
late Receipts at- Flour.
Wheat.
Corn.S
Oats.
Barley.
last week at Philadelphia and Baltimore to the extent
Bye.
of
bis.19610.1 bush.6010s. bush.56 lbs. bush.
200,000 bushels to England and Holland. It was firm
32 lbs. ush.481bs.
h.561bs.
228
early Chicago
434,000 3,053
1,494,111
200.000
32,000
Minheapolls.
In the week despite some selling, partly for short
1.178.000
395,000 241,000 146,000
account. Dluluth
168,000
133,
54,000
13,000 216,000
Sold-out bulls would be pleased to see a break in
Milwaukee--III
19
25,000
435,000
260,000 185,000
order to Toledo
26,000
153,000
133,
143.000
get in again. On Monday some 400 cars were expecte
3.000
Detroit
39,000
d at Indianapolis..
51,000
44,000
Chicago and there was selling on the 9th inst. in
78.000
497,Il.
331.000
anticipation St. Louis_
101,
558,000 1,392,
872,000
21,000
1,000
Peoria
of it. The trading in corn futures last week
41,
10,000
259,00
234,000
10,000
at Chicago Kansas City_
826,000
930.000
241.000
amounted to 64.886,000 bushels, against 97,571,
Omaha
391,000 1,097,000
000 in the St. Joseph354,000
16,000
42,000
previous week. In a single day recently they
reached any- Sioux City..
74,000
361,000
128,000
2,000
where from 11,672,000 to 13,229,000 bushels.
Leading opera- Totalwk. '2 389,
3,950.000 8,819,000 4,550,000
Same wk. '2
tors were bullish in their convictions. Some others
395,111 5,220,000 5,905.000 4,260,000 672,000 424,000
575.000 1,244,000
have Same wk. '22 415,
5,693,000 14,643,0
4,527,000 592,000
hesitated to follow upturns on the ground
337,000
that some reac- Since Aug.1
tion was due. At one time last week Western
1923-24.... 11.740.000 142.061,000 160,753,00
cash markets
1922-23.... 14,221,000 303,295,000 192,823,0 147,197,000 7.736.000 t9,626,000
weakened somewhat. Later prices gave way
141,618,0
under larger
1921-22._..,12,291,000 237,234,000 233.655, 00 128,976.1 00 5.779,000 34,837,000
11 17.902,
12.258,000
country offerings, larger receipts and considerable
liquidaTotal receipts of flour and grain at the seaboard
tion. On the 13th inst. prices fell 1 to 1%c.
ports for
day the country sales increased greatly. The Over the holi- the week ended Saturday, Fcb.9 1924 follow:
visible supply
in the United States increased last week 1,346,0
Receipts atFlour.
Wheat.
Corn.
Oats.
Barley.
bringing it up to 10,725,000 bushels, though a 00 bushels,
Rye.
year ago, to
Barrels. I Bushels.
be sure, it was 22,531,000 bushels. St. Louis,
Bushels.
Bushels.
Bushels.
Bushels.
Kansas City New York... 230.0001 732,000
119,011
232,001
82,001
and Omaha had larger receipts. Milder weathe
74,000
Portland, Me_
81.00
81,000
r,
' 75,1.1
56,0001
a tendency to check buying. On Thursday prices too, had Philadelphia451,000
37,000
27,0•
.III
1,000
advanced Baltimore_ _ _ _
30,0001
462,000
60,000
4,001
early % to lc., with reports that farmers
12,000
N'pert
1,000
had ceased selling Norfolk Newsand that exporters were in the market. It is
40,000
I
said that on New Orleans
. 61,
12,111
187,000
Wednesday exporters took 300,000 btishels.
55,001
Later corn fell Galveston_
10,000
4,000
Montreal _ _
with wheat. To-day prices were lower,
30,000
166,000
3,000
97,111
25,00.
especially on May. St. John, N.I3 58,000 620,000
_Some big bull operators were said to be liquida
76,001
13,000
28,000
ting. The Boston
2,000
53,000
1,001
closing prices showed a decline for the week
;3
Total wk. '24
The weather, however, at the West was of 1% to 21 ( c. Since Jan.1'24 575,00 2,574.000 412,000 619.000 129,011
87.000
3.071,0001 18,388.00$ 3.352,000 4,751,000 1,865.
395,000
mild, and the weakness seemed to be rather considered too
in futures than Week 1923_ _ _ 484,0001
in the actual cash position.
3,765,0001 2,189, 1
774,000
14,001
305,000
Sim, Jun 1'22
DAILY CLOSING PRICES OF CORN
IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs.
Fri.
No. 2 mixed
cts 98
97% Holiday 97
973(• 96%
DAILY CLOSING PRICES OF CORN
FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs.
Fri.
May delivery in elevator
cts_ 81% 803 Holt- 79% 793
79%
July delivery in elevator
81%
day 80
8011 80
September delivery in elevator...._ 81% Si
81
803j 80% 80g
2 107 n
RA 1001111(1 12 019 nn
477.1 nnn 1 nms n
8.238.000
s Receipts do not include grain passing through New
Orleans for foreign ports
on through bi Is of lading.
The exports from the several seaboard ports for the week
ending Saturday, Feb. 9 1924, are shown in the annexed
statement:
Exports
frontWheat.
Corn.
Flour.
Oats.
Rye.
Barley. Peas.
Oats were firm early in the week with the
Bushels. Bushels. Barrels. Bushels. Bushels, Bushels. Bushels,,
the grain list, though there was little or no other items on
relief from, the New York
1,309,251
98,260
60,060 149,605 387,336
monotonous dulness of many weeks past.
Portland, Me__ _
. 81,000
81,000
Prices
75,000
The total transactions in oats futures at Chicag fell later. Boston
9,000
o last week Philadelphia
259.000
17,000
were only 10,683,000 bushels, against 20,921,
Baltimore
306.000 275,000 3,000
000
43,000
vious week. On a single day they ranged from in the pre- Norfolk
1,718,000 to Newport News__ 40,000
1,000
4,773,000 bushels
-quite a range. Finland took 120,000 New Orleans.... 90.000 371,000 86,000
bushels here. Prices followed other grain
Galveston
40,000
downward, espe- St.John,N.B.-. 620.000
58,000
76.000
cially corn. Elevator interests were sellers.
126,000
The visible
supply in the United States increased last
336.260 211,060 192,605
week 282,000 Total week 1924_ 2.745,251 663,000 2A0 200 07411(111 1222252 513,338
Wan. 1099
A IQA 2529 190 974
941101
bushels, reaching 17,821,000 bushels, but still fell conside
ably short of that of a year ago, when it was 30,540, rThe destination of these exports for the week and since
000
bushels. Prices later advanced slightly with corn
anti July .1 1923 is as below:
wheat. Russia, it was said, was inquiring here for seed
Flour.
oats. To-day prices declined and show a loss for the week
Wheal.
Corn.
Exports for Week
of %c. to 1%c.
and Since
Week
Since
Week
Since
Week
Since
July 1 toFeb. 9
July 1
Feb. 9
DAILY CLOSING PRICES OF OATS IN NEW YORK.
July I
Feb. 9
July 1
1924.
1923.
1924.
1923.' 1924.
Sat. Mon. Tues. Wed. Thurs. Fri.
1923.
No.2 white
cts_ 59% 59H Hollday 59% 5934 5934
Barrels. Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
DAILY CLOSING PRICES OF OATS FUTURES
IN CHICAGO. United Kingdom_ 85,570 2,942,370 1,130,352 60.657,432 110,000 1,242,928
Sat. Mon. Tues. Wed. Thurs. Fri. Continent
210.120 5,375,401 1,598,899 96,879,958
523.000 2,188.353
May delivery In elevator
Bo. dc Cent. Amer_ 3,000
eta_ 4934 48% Boll- 48
166,000
48 X 473'
325,000
83,000
July delivery in elevator
24,000
47% 46%
586,000
46
46' 4534 West Indies
7,000
749.000
24,000
September delivery in elevator....,. 4334 43% day
43
434 4234 Brit.No.Am.Cols.
88,000
Other Countries__ 13,570
567,650
Rye has been weaker at times in sympathy with other
16,000 1,665,527
8,000
grain and with trade still small. Norway, it seems,
Total 1924
336,260 9,637,421 2,745,251 159,534,917 663,000 4,294,279
has
Irntstl 1092
2110 200 A 427 mo A IRA RRA 921 021401
been inquiring for rye here, but it does not appear that
9 100 91.1. Al 240498
much if any actual business was done. The trading
The world's shipment of wheat and
in rye
futures at Chicago last week amounted to 14,124,000 bush- Broomhall to the New York Produce corn, as furnished by
Exchange, for the week
els, against only 1.696,000 in the previous week. On a single ending Friday, Ft b. 8, and since
July 1 1923 and 1922,
day it reached 261,000 to 380,000 bushels. The visible sup- are shown in the following:
ply in the United States increased last week 280,000 bushels
Wheat.
and is now 20,127,000 bushels, against 12,793,000 bushels a
Corn.
year ago. Trade continued slow. Nothing occurs to lift
1923-24.
1922-23.
It
1923-24.
1922-23.
out of the rut in which it has lain so long. To-day prices
Week
Since
Since
Week
declined 7 3c. and ended 1%c. down for the week.
Since
Since
4
Feb. 8.
July 1.
DAILY CLOSING PRICES OF RYE FUTUR
ES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 7434 7334 Roll- 73
73
7234
July delivery in elevator
7534 7534 day
7434 7434 7334
The following are closing quotations:
GRAIN.
Wheat, New York:
Oats:
No.2 red,f.o.b
12534
No. 2 white
593(
No. 1 Northern
13934
No.3 white
97%
No.2 hard winter. f.o.b----12634 Rye, New York:
No. 2 c.l.f
80%
Corn:
Chicago, No. 2
71%
No.2 mixed
9634 Barley. New York:
No.2 yellow
Malting
9734
81 086
Chicago
6434(gill
FLOUR.
Spring patents
$6 25@$6 85 Rye flour, patents
$4 2564475
Clears.first spring
5 10
5 75 Seminola No.2.1b.
Soft winter straights
5 1044 5 40 Oats goods
2 900 348
3
Hard winter straights__ 5 65@ 6 00 Corn flour
2 250 2 35
Hard winter patents
5 90
Barley goods
Hard winter clears
4 750 5 25 Nos. 2,3 and 4
3 60
Fancy Minn. patents- 74044 800 FancY pearl, Nos
2.3
City mills
7 600 8 10
and 4
6 oo
The statements of the movements of breadstufis to market
indicated below are prepared. by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
July 1.
Bushels.
North Amer_
Russ.dr Dan.
Argentina...
Australia
_
India
0th. countr's
Total
Bushels.
9,460.000 280,281,000 309,935,1 1 1
1,048,000 33,010,000 3,911,000
6,759.000 64,617,000 64,370,000
4,008.000 33,040,000 21,300,000
12,416,000 6,380,000
1,584,111
Bushels.
8.
July I.
July 1.
Bushels,
Bushels.
Bushels.
Feb.
400.000 5,786,000 87,883,000
705.000 17,752,000 3,717,000
632.000 72,062,000 91,324,000
14,755,000 4,521,000
21,275,000 424,948.111405,896,000 1,737,000 1l0.355.0
00167.245,000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, Feb. 9, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
GRAIN STOCKS.
Corn.
Oats.
bush.
bush.
bush.
bush,
440,000
39,000
664,000
329,000
2,000
29,000
3,000
431,000
431,000
115,000
63,000
• 564.000
299,000
86,000
94,000
158,000
562,000
112,000
25,000
479.000
42,000.
4,588,000
119,000 1,264,000 1,283,000
2,425,000
1,2m000
1,500.000
94,000
326,000
42.000
47,000
88,000
27,000
15,938,000 2,821,000 3,452,000 1,434,000
328,000
251,000 1,544,000
541.000
5,636,000 1.393,000 1,633,000 6,762,000
15,517,000
813,000 4,812.000 7,630.000
"t. 239,000
388,000
448,000
31,000
11,296,000
842,000
418,000
18,000
Wheat.
ll..
l
u
98,000
5,000
5,000
4,000
278.000
:
0
23110 0
232,00..
121,00+
198.00..
723,00..
1,004
Fun.. 16 1924.]
THE CHRONICLE
817
Some New England centres are said to be operating only
about half capacity, while throughout the South curtailKansas City
Joseph, Mo
ment policies are being'adopted individually as each manuPeoria
5,000
facturer is cutting down his output in a way that will interIndianapolis
47.000
353,000
Omaha
fere least with future working plans. The curtailment Is
1924-65,949,000 10,725,000 17,821,000 20,127,000 2,288,000 largely due to the lack of profit, cloths and yarns being
Total Feb. 9
19,847,000 2,483.000
17,539,000
Total Feb. 2 1924—_67,162,000 9,379.000 30,540,000 12,793.000 3,014,000
relatively lower in price in the markets than manufacturing
Total Feb. 10 1923-47.807.000 22,531,000
bushels:
Note.—Bonded grain not included above: Oats, New York. 467,000
also been a falling off in new business.
Baltimore, 3.000; Buffalo, 793,000; Duluth,4,000: total, 1,483.000 costs. There has
Boston, 216,000;
161,000 bushels;
bushels, against 2,635.000 bushels In 1923. Barley, New York,In 1923. Wheat, The decline in prices for raw material has encouraged buybushels
bushels, against
Duluth, 8.000: total, 169,000 Boston, 499,000:1,682,000
they are confining purPhiladelphia, 1,431.000: Baltimore,
New York, 2,023,000 bushels; Buffalo afloat. 7,625,000; Duluth. 332,000; Toledo, ers to hold off, with the result that
1,040.000: Buffalo. 6,158,000;
bushels. chases to immediate needs only. There has, however, been
Toledo afloat. 2,547,000; On Lakes, 119,000; total, 21.902,000
128,000;
a steady small lot business going on in cotton cloths at recedagainst 22,652,000 bushels in 1923.
prices have eased off, numerCanadian—
232,000 ing prices. Since raw cotton
214,000
16,000 1,114,000
1,198,000
Montreal
788,000 ous small orders have been filled that have been pending
4,614,000 1,326,000
William & Pt. Arthur_47,086,000
Ft.
298.000
the refusal of mills to accept
3,034,000
" afloat
708.000 for some time back through
525,000
3,186,000
2,050,000
Other Canadian
the orders at reduced prices. A few houses are now willing
18,000 9,212,000 2.065.000 1.728,000 to meet the market and sell spot and near-by goods on a
Total Feb. 9 1924_ _53,368.000
21,000 9,505,000 2,047,000 1,650,000
Total Feb. 2 1924___ _53,726.000
is also more
151,000 3,882,000 more liberal scale than heretofore. 'There
000
323.000 5,508,000
Total Feb. 10 1923,._34.646,
willingness on the part of second hands to trade down still
Summary—
65,949,000 10,725,000 17,821,000 20,127.000 2,286,000 further. Dry goods merchants are constantly hearing about
American
16,000 9.212,000 2,065,000 1,728,000
53,368,000
Canadian
the cost of production, and admit that they are unable to
Total Feb. 9 1924-119,317.000 10,741,000 27,033,000 22,192,000 4,014,000 secure prices for merchandise in keeping with these costs.
4,133,000
Total Feb. 2 1924-320,888,000 9.400,090 17,044,000 21,894,000 6,896,000 Still they appear to find it an easy matter to supply the limTotal Feb. 10 1923_ — 82,453,000 22,854,000 38.048,000 12,944,000
ited demand for goods despite all that is said about curtailed
WEATHER BULLETIN FOR THE WEEK ENDING production. For the time being at least they are convinced
of the weather bulletin that more goods are coming from the looms than buyers are
FEB. 12.—The general summary
issued by the Department of Agriculture, indicating the willing to take care of.
influence of the weather for the week ending Feb. 12, is
DOMESTIC COTTON GOODS: There has been a genas follows:
eral absence of activity in markets for domestic cotton
General Conditions.
Valley at goods during the past week, and the undertone of prices
A storm of considerable energy was central over the Ohio during the
the beginning of the week and moved thence northeastward
has been easier in sympathy with the weakness displayed
following two days, accompanied by general snow over the Northern
jobThis storm was
States front the upper Mississippi Valley eastward. and eastern por- in raw material markets. While reports received from
and colder weatiaer over the central
that the jobbing
followed by fair
extending as far South bers and road salesmen continue to show
tions of the country with freezing temperatures the 9th. In the meanhouses are doing a fair business in certain sections of the
as extreme northern Florida on the morning of
States, and moderate
time it had become much warmer in the Northwesternpart of the week.
country, the large distribution is not reflected in new purwinter temperatures prevailed in the East the latter
the chases from mills. The buying for replacement is still of
The weekly mean temperatures were much below normal from
in some
Ohio Valley southward and in the South Atlantic area where, Another a timid character. Despite the general dulness,. however,
sections, they were from 9 deg. to 12 deg. lower than the normal.
to be slowly improving in' the gingham
however, west
week of unseasonably warm weather was experienced, where, in many conditions are said
of the Great Plains, especially in the Northwestern Statesdeg. above nor- and percale markets. The largest producers of percales are
the temperature averaged from 16 deg. to 24
localities,
Fla., selling again and recent reports from out-of-town indicate
mal. Freezing weather extended as far south as Jacksonville,
Mobile, Ala., and New Orleans, La., but at the same time temperatures better distribution in various directions. New gingham
sections of the country, inbelow zero were confined to the northern
upper prices for fall, according to reports, will soon be made,
cluding the interior of the Northeastern States, parts of the western
lowest tempera- Business seems likely to centre on a few of the choicely
Lake region, and the central-northern districts. Theon the 9th.
Vt.,
ture reported was 20 deg. below zero at Northfield,
Northeastern styled numbers, but at the same time there is a broadening
There was a moderate amount of precipitation in the
while call for many of the lower priced staples and semi-staples.
States, extending as far south as Maryland and West Virginia,
particumoderate to rather heavy rains fell in parts of the Southwest, received Irregularity continues in unfinished cottons. Although buyTexas. Further generous precipitation was
larly in northeastern
more
to confine
In central and northern California, and rainfall was heavy in the light, ers have made many inquiries, they continued
generally
northwestern localities. Elsewhere precipitation was sections, in the their purchases to small lots covering immediate and nearin most southeastern
with practically none occurring
There
feature in the situcentral and northern Great Plains area, and the far Southwest. North- by needs. Perhaps the most encouraging
was abundant sunshine in the Southeast, the far Southwest, and in north- ation at the present time is the demand for fancy wash fabeastern Texas
Central States, but the week was mostly cloudy from
rics which is said to have expanded considerably of late.
eastward over the Ohio Valley and eastern Lake region.
southern
The weather was generally favorable for field work in the moreeast Gulf Retailers are operating and appear to want the higher
States, notwithstanding plowing made rather slow progress, in
larger quantities than is usually the case.
preparation
districts, where unseasonably cold weather prevailed. The Texas and priced goods in
of soil for spring planting made excellent progress generally in Mississippi One explanation for the improved demand for fancies is
field work progressed well, as a rule, in the extreme lower
costs have forced women to prefer
Valley. There was but little plowing done in Oklahoma, however, while that the high laundry
work was further delayed in parts of Arkansas by wet soil, and in Tennessee dyed or colored goods which do not have to be washed as
by frozen ground. the persistently low temperatures were unfavorable
as the staple lines. They are also buying the
for truck crops in Florida and in the South Atlantic States, though spring frequently
planting progressed satisfactorily in the Florida Peninsula. Field work highly styled and heavier weight fabrics for outer wear, as
made good advance in the far Southwest, where the preparation of land they likewise do not require as frequent washing. Print
for cotton planting was active.
The warmer weather the latter part of the week rapidly reduced the cloths, 28-inch, 64 x 64's construction, are quoted at 7%c.,
roads
snow cover in the North-Central and Northwestern States. but upper and 27-inch, 64 x 60's, at Thic. Gray goods in the 39
-inch,
were blocked badly during the week because of snow drifts in the
-inch, 80 x 809s, at
Mississippi Valley and western Lake region. Roads were poor generally 68 x 72's, are quoted at 11%c., and 39
northern Plains
throughout the central valley States, but were good in the
14%c.
area, which facilitated marketing.
Mild weather in the western mountain districts and far Northwest
,WOOLEN GOODS: Markets for woolens and worsteds
facilitated outdoor operations and favored livestock interests. There
was some damage reported to wheat on hillsides by heavy rains, how- have ruled comparatively quiet during the week, and while
wet to work in most of Oregon.
ever, in Washington, and the soil was too
the undertone has been easier, improvement is looked forGood showers in the western Plateau States benefited valley lands, and
there was considerable snow in the higher elevations of the far West. ward to within the next month. If the present cold weather
There were further general and helpful rains in central and northern Cali- throughout the country continues it will give producers an
fornia, but it remained dry in the southern portion of that State where
opportunity to reduce their stocks and look more optimisticthe winter precipitation has been alarmingly deficient.
Mostly Favorable for Wheat.
ally to the future. It is difficult to determine to what exSMALL GRAMS.—The snow cover deposited on winter wheat fields tent orders are coming in for fall lines thus far opened. OutOhio Valley States early in the week was reduced rapidly
in the northern
a disposition to hold off and
the latter part, but at the close there was still a fairly good covering in of-town buyers are displaying
the more northern portions. There were further complaints of freezing await further openings before entering the market, while it
wheat
and thawing conditions in Kentucky, however, where late-sown
that metropolitan buyers are following a cautious
has been extensively damaged. The croP continued In satisfactory con- is evident
dition in Missouri where there was a good snow protection during the policy and are only placing skeleton orders to be supplecoldest weather, and but little change in condition was reported from
date provided business warrants it. OpenKansas where the generally mild weather and additional moisture in the mented at a later
southeastern portion were favorable.
ings of fancy worsteds, scheduled for next week, will give
Wheat made little or no growth in Oklahoma, and there was some
note to what extent clothing manudamage reported from freezing and thawing, but the crop was favorably further opportunity to
part
affected in the central and western portions by rainfall the latter some facturers believe in the new values that are being set for
the week. Better reports were received as to small grains in
of
fall merchandise. The belief however is entertained that
northern Rocky Mountain districts, and conditions continued generally
favorable for wheat in the north Pacific Coast States, except for some fancies will sell relatively better than staples, just as in
heavy rains in Washington. Small grains were favorably the case of women's wear.
damage by
affected by rainfall in parts of California.
FOREIGN DRY GOODS: Markets for linens continued
The seeding of spring oats has been considerably delayed by wet weather
generally
Great Plains,
in the extreme southern Gulf districts. while winter oats are ng of oats to rule quite active during the past week, and particularly
Considerable re-seedi
poor in central and east
except oats,
has been done in the extreme Southeast. Fall-seeded grains, temperature the wholesale division. Although prices in the primary
States, but
are wintering fairly well in the South Atlantic
markets have been rather irregular, with advances regisconditions were rather unfavorable in the Middle Atlantic area.
tered in some lines and declines in others, retailers am
peared to be of the opinion that values are at the bottom and
THE DRY GOODS TRADE
this coupled with the fact that linens are easier to sell than
has been the case for many years, induced ordering accordFriday Night, Feb. 15 1924.
New buyers are arriving from out of town, and are
the exception of linens, quietness characterized the ingly.
With
burlaps
Operations at placing orders on a more liberal scale. Markets for
markets for dry goods during the past week.
were dull and uninteresting. Although sellers continue to
first hands continued to show a greater degree of caution, offer sparingly except at full prices, buyers still expect
in raw cot- lower prices and are therefore confining their purchases to
and under the influence of much lower prices
cotton goods markets weakened considerably. Cur- immediate needs only. Light weights are quoted at 5.75c.
ton the
and heavies at 7.75c.
tailment of production in cotton mills continues to increase.
Oats,
Corn.
Wheat,
bush,
bush,
bush,
11,873,000 1,084,000 1,025,000
158,000
418.000
835,000
195,000
7,000
40,000
334,000
361,000
513,000
953,000 1,120,000
3,105,000
Rye,
bush.
189,000
13,000
Barley,
bush.
324.000
7,000
•
818
THE CHRONICLE
ffitate anti. Tit gepartment
NEWS ITEMS
(Government of).
-$150,000,000 Loan Made in
-The Imperial Japanese Government has
United States.
negotiated a loan of close to $275,000,000 in the United
States, England and Holland. The share allotted to
England, £25,000,000 in amount, was offered in the London
market on Thursday and was quickly over-subscribed.
Subscription books for the $150,000,000 63.s brought to
the United States and offered at 92M, to yield 7.10% to
maturity, were opened on Friday, Feb. 15 at 10 a. m. and
were closed at noon the same day, the issue having been oversubscribed.
The offering was made by a large syndicate headed by
J. P. Morgan & Co., Kuhn, Loeb & Co., the National City
Co. and the First National Bank of New York. The bonds
are denominated "Thirty-year sinking fund 634% gold
bonds," are dated Feb. 1 1924 and mature Feb. 1 1954.
They are in coupon form in denominations of $1,000, $500
and $100. Interest is payable Feb. 1 and Aug. 1, principal
and interest being payable in New York City at the Yokohama Specie Bank, Ltd., in U. S. gold coin of the present
standard of weight and fineness, without deduction :for any
Japanese taxes, present or future. The Japanese Government reserves the right to redeem at par and interest, upon
90 days' notice, on or after Feb. 1 1939, all or any part of
the loan. Provision for sinking fund, to be used in purchase
of the bonds at par or less is to be made, according to the
offering circular, which reads:
Japan
Monthly sinking fund payments at the following annual rates, commencing Aug. 1 1924 and continuing while any of the dollar bonds are outstanding, will be used to purchase such bonds in the market at not exceeding
100% and accrued interest: From Aug. 1 1924 to July 1 1929. inclusive.
$5.000,000 per annum:from Aug. 1 1929 to July 1 1934. Inclusive. $4,000.000 per annum:from Aug. 1 1934 to maturity, 53,000,000 per annum.
Further details of the loan may be found in an advertisement appearing on a preceding page and in our Department
of "Current Events and Discussions."
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
[VoL. 118.
the State shall not be obligated to pay the principal
or interest therefor.
Certified check on an incorporated bank or trust company
amount of bonds bid for, payable to the State Comptroller for 2% of the
required. The
legality of the bonds has been approved by Sullivan & Cromwell,
attorneys,
of New York. The aggregate assessed valuation
of the water power and
mill properties thus subject to assessment
is 510.568,670. while the total
amount of the Stillwater Reservoir assessment
estimated construction cost is $835,000. The ratiois 51.000,000 and the
of valuation to assessment.therefore,exceeds 10 to 1.
BOYD SCHOOL DISTRICT NO,22, Mountrail County,
No. Dak.CERTIFICATE OFFERING.
-Until 2 p. m.
at the County Auditor's office in Stanley Feb. 16 bids will be received
for $3,000 certificates of indebtedness. A by John Bonk, District Clerk,
certified check for 5% of bid
required.
BROCKTON, Plymouth County,
-TEMPORARY LOAN.
-A
temporary loan of $400,000, maturing Mass.
National Shawmut Bank on a 3.94% Nov. 6 1924. has been sold to the
discount basis plus a premium of
BROOKLINE, Norfolk
,
-TEMPORARY WAN.
The First Natiorral Bank has County, Mass.
been awarded a
maturing Nov. 6 1924, on a 3.89% discount temporary loan of $200,000.
basis.
BURLINGTON, Alamance County,
No.
-BOND OFFERING.
=Sealed proposals will be received until 3 p. Caro.
m.
son, City Treasurer, for the following bonds Feb. 26 by M. W.McPherbearing interest at a rate not
to exceed 6%:
1164.000 street improvement bonds. Due
yearly on
$13.000, 1926 to 1935 incl.: $4,000, 1936 Feb. 1 as follows
to 1939 incl., and
56.000, 1940 to 1942 incl.
86.000 water and sewer bonds (composed of
$66,000 water extension
and $20,000 sewer extension). Due yearly
on
12,000, 1927 to 1944 incl.: $3,000, 1945 to 1954 Feb. 1 as followsincl., and $4,000.
1955 to 1959 incl.
Denom. $1.000. Date Feb. 11924. Prin. and
semi-ann. int.(F.& A.)
payable in gold in New York City. A certified
check upon an incorporated
bank or trust company (or cash) for 2%
to the above official, must accompanyof amount of bonds bid for, payable
all bids.
pared under the supervision of the U. S. Mtge. The bonds will be pre& Trust Co., N. Y. City.
which will certify as to the genuineness of the
the seal impressed thereon. The approving signatures of the officials and
opinion of Chester B. Mass
Bch, New York City, and the legal papers
will be furnished the purchaser
or purchasers. Delivery on or about Mar.
18
purchaser's expense for delivery and exchange 1924 in N. Y. City, or at
at the place of his choice.
CADIZ TOWNSHIP SCHOOL DISTRICT
(P. 0.
County,Ohio.
-BOND OFFERING.-Untll 12 m. Feb.Cadiz), Harrison
23, W. H. Richey.
Clerk B'bard of Education, will receive sealed bids
for $4,200 6% school
bonds. Denom. $600. Date Mar. 1 1924.
Int. M. & 8. Due $600.
yearly on Sept. 1 from 1925 to 1931 incl.
CAMERON GRADED SCHOOL DISTRICT (P.
0. Cameron),
Moore County,No,Caro.
-BOND OFFERINO.-W.C. Spwey, Secretary
of the School Board, will receive sealed bids
until 1 p. m. Feb. 23 at the
Page Trust Co. in Cameron for $50.000 6%
Date Feb. 1 1924. Prin. and int, payable school bonds. Denom. 51,000.
at
N. Y. City. Due 21,000 1927 to 1932 incl., the U. R. Mtge. & Trust Co.,
and $2.000, 1933 to 1954 incl.
Legality approved by Wood & Oakley
preparation and sale of bonds under theof Chicago. Legal proceedings.
supervision of Bruce Craven of
Trinity. A certified check for $1,000 required.
CEDAR RAPIDS INDEPENDENT SCHOOL
DISTRICT (P. 0.
Cedar Rapids), Linn County.Iowa
.-BOND OFFERING.
-J. A.111otyl •
Secretary, Board of Education, will receive sealed bids
until 8 p. m.Feb. 21
for $100,000 20-year school bonds. Denom.
$1,000.
Prin. and semi-ann. int. payable at the Treasurer's Date Mar. 4 1924.
office. Interest rate
to be named by bidder. Attorney's opinion to be
furnished by purchaser.
CHATTANOOGA, Hamilton County Tenn.
-BOND OFFERING.
Sealed bids will be received until 11 a. m. March
1 by Richard Hardy.
Mayor, for the following 5% bonds:
$400,000 public school bonds. Date March 11924. Due March
175,000 hospital bonds. Date March 1 1924. Due March 1 11954.
1954.
80.000 paving bonds. Date Nov. 1 1923. Due 58.000 on
Nov.
from 1928 to 1937 inclusive.
Denom. $1,000. Prin. and semi-ann. int. payable at the
City Bank, N. Y. City. Legality approved by Caldwell & National
N. Y. City. A certified check for 2% of bonds, payable to Raymond,
F. K. Rosamond, City Treasurer, required.
CHEROKEE COUNTY (P. 0. Murphy), No. Caro.
-BOND SALE.
The 175,000 6% road bonds offered on Feb. 11 (V.
118, p. 332)
chased by Walter, Woody Sr Heimerdinger of Cincinnati at par. were purCHESTER COUNTY (P. 0. West Chester), Pa.
-BOND OFFERING.
-Sealed bids until 1:30 p. m. Feb. 25 will be received by
Chairman Board of County Commissioners. for 1500.000Harris A. Butler,
coupon or
4
registered County bonds. Denom. $1,000. Date Mar.
1 1924. Prin.
and semi-ann. int. payable in gold. Due $100,000 on
Mar. 1 in 1934,
1939, 1944, 1949 and 1954. Legality approved by Townsend,
Elliott &
Manson of Philadelphia. Certified check for 2%
of the amount of bonds
bid for required.
ALTON COMMUNITY CONSOLIDATED HIGH SCHOOL DISTRICT NO. 151 (P. 0. Alton), Madison County, III.
-BOND SALE.
An issue of $250.000 5% coupon (registerable as to principal only) school
bonds has been awarded to the Illinois Merchants Trust Co. of Chicago.
Denom. $1,000. Date Jan. 1 1924. Prin. and semi-ann. int. (J. & J.)
payable in Chicago. Due yearly on Jan. 1 as follows: 210,000 1925 to
1934 incl. and $15,000 1935 to 1944 incl.
Financial Statement (as Officially Reported).
Actual valuation, 1923
$19,049,532
Assessed valuation, 1923
9,524,766
Bonded debt, including this issue
458.600
Population, 1923 (estimated). 30,000.
ASHEBORO, Randolph County, No. Caro.
-The
-BOND SALE.
1105.000 5% coupon or registered water and sewer bonds offered on Feb. 7
-V.118. p.577
-were purchased jointly at par by the First National Bank,
Bank of Randolph and the Asheboro Bank & Trust Co., all of Asheboro.
Date Feb. 11924. Due on Feb. 1 as follows: $2,000, 1927 to 1946, incl.:
23.000. 1947 to 1956. in.. and $5,000. 1957 to 1963. incl.
incl..
AUBURN, Cayuga County N. Y.
-BOND SALE.
-Barr Bros. & Co.
of New York have purchased 'the $181,811 02 431% public impt. bonds
offered on Feb. 9-V. 118. p. 577
-for $181.980 10, equal to 100.09-a
basis of about 4.23%. Date Feb. 1 1924. Due yearly on Feb. 1 as follows: $19,000. 1925. and $18,000, 1926 to 1934. incl.
Financial Statement (as Officially Reported).
CHICAGO SANITARY DISTRICT, 111.
Assessed valuation
$27,334,840
-BOND OFFERING.
-Sealed
Total bonded debt (including this issue)
1,517.980 bids will be received by Harry E. Wallace. Clerk, until 11 a. m.(standard
time) Feb. 21 at Room 700 910 Michigan Ave. for
Water bonds
$283.000
the purchase of $5,-.
Net bonded debt
1,234,980 000,000 4% sanitary district bonds. Denom. $1,000. Date March 1
1924. Principal and semi-annual interest (M.
Population (1920 Census), 36,192.
& S.), payable at the
District
ALLENTOWN SCHOOL DISTRICT (P. 0. Allentown), Lehigh 1926 to Treasurer's office. Due yearly on March 1 as follows: 5263.000.
1943, incl., and $266.000,
County, Pa.
-BOND SALE.
-Edward Louben Stokes & Co. of Phila- amount of bonds bid for, drawn 1944. Certified check for 3% of the
upon some responsible Chicago bank,
delphia have been awarded the $400.000 school bonds offered on Feb. 12- required:
V. 118. p. 577
-as 4Sis for 2412,000, equal to 103.00. Denom. $1,000.
Financial Statement.
Int. F.& A. Date Feb. 11924. Duets 5. 10. 15, 20, 25 and 30 years.
Equalized value of property 1923
$1.917,928,603 00
ASHLAND CITY SCHOOL DISTRICT (P. 0. Ashland), Ashland Authorized indebtedness,3%
57,537.858 00
County, Ohio.
-BOND OFFERING.
-Sealed bids will be received by
Outstanding bonds March 1 1924
J. L. Grindle, Clerk Board of Education, until 1 p. m. Feb. 28 for 5120.000
$32,895,000 00
5% school bonds. Denom. $1,000. Date March 1 1924. Int. M. & S. Amount of present issue
5.000.000 00
Due yearly on Sept. 1 as follows: $5,000, 1925 to 1928 incl.: $6,000,
Total bonded debt, including present issue
1929: 15.000. 1930 to 1933 incl..• 56,000, 1934: 15,000, 1935 to 1938 incl.:
$37,895,000 00
$6.000, 1939: $5.000, 1940 to 1943 incl.: $6,000. 1944: 55,000, 1945 and Fixed contract liabilities
9,542,000 00
1946, and 26,000, 1947. Certified check for 5% of the amount of bonds
Total
bid for required.
$47,437,000 00
Unexercised debt incurring power
ATLANTIC INDEPENDENT SCHOOL DISTRICT (P.O. Atlantic),
110,100,858 09
CHICAGO SOUTH PARK, 111.
Cass County, lowa.-BOND SALE.-Geo. M. Bechtel & Co. of Daven-BOND SALE.
-The Harris Trust &
port has purchased 586,000 school bonds as 5s at a premium of 21.175. Savings Bank of Chicago has purchased an issue of
$200.000 4% coupon
(registerable as to principal) park bonds.
equal to 101.36.
Denom. $1,000. Date Feb. 1
1923. Prin. and
BATHGATE SPECIAL SCHOOL DISTRICT NO. 25, Pembina Feb. 1 as follows:semi-ann. Int.(F. & A. 1) payable in Chicago. Due on
$125,000, 1928. and $75,000, 1929.
County, No. Dak.-BOND SALE.
-The 23,000 6% funding bonds
COLFAX,Placer County, Calif.
offered on Jan. 23-V. 118, p. 331-were purchased by the A. O. N. W.
-BOND SALE.
-William R. Cavalier
Lodge at par. Denom. $500. Date Jan. 2 1924. Int. J. & J. Due & Co. of San Francisco purchased 525,000 5%
on Dec. 26 at par, plus a premium of $800. street improvement bonds
Jan. 2 1934.
equal to 103.20. Denom.
21,000. Date Jan. 1 1924. Interest J.
-J. Duo serially.
BAYARD, Morrill County, Neb.-BOND SALE.
-Bosworth, Chanute
CONCRETE SCHOOL DISTRICT NO.
& Co. of Denver have purchased 240.000 53.1% 5 -year (opt.) refunding
-20
46, Pembina County,
Dak.-BOND SALE.
bonds.
-The 11.200 6% funding bonds offered on Jan. No.
23-V. 118, to. 228
-were
BAYFIELD COUNTY(P.O. Washburn), Wis.-BOND OFFERING.- $600. Date Jan, 2 purchased by the A.0. N. W.Lodge at par. Denom.
1924. Interest J.
-J. Due Jan. 2 1934.
Sealed bids will be received until 2 p. m. Feb. 26 oy Ludwig Tranmal,
COOPER INDEPENDENT SCHOOL
County Clerk, for $30,000 5% highway and bridge bonds. Denom. $500.
Delta County, Texai.-BONDS VOTED. DISTRICT (P. 0. Cooper),
Date April 11924. Due $3,000 yearly.
-The proposition to issue $85.000 53.5% high school building bonds,
submitted to
BENTON COUNTY (P. 0. Corvallis), Ore.
-BOND SALE.
-The the election held on Feb. 5(V. 118, p. 578), carried. a vote of the people at
396.000 5% funding bonds offered on Feb. 13-V. 118. p. 577
CORPUS CHRISTI, Neuces
-were
County, Texas.
purchased by the Lumbermens Trust Co.of Portland at par plus a premium Sutherlin, Barry & Co.,
-BOND SALE.Inc., of New Orleans have purchased,it is reported.
of $616. equal to 100.64, a basis of about 4.94%. Date Feb. 1 1924. $2,000,000 harbor bonds at par
and accrued interest.
Due 516.000 yearly on Feb. 1 from 1934 to 1939 inclusive.
DARBY TOWNSHIP RURAL SCHOOL
DISTRICT (P. 0. Plain
BLACK RIVER REGULATING DISTRICT (P. 0. Watertown), City), Union County, Ohio.
-BOND OFFERING.
m.
Jeffer:on County, N. Y.
-BOND OFFERING.
-Sealed bids will be sealed bids will be received by the Clerk Board of -Until 12 for Feb. 29
280.000
Education
,
recoived by James W. I leming. State Comptroller. until 11 a. m. March 4 534% coupon school bonds. Denom. $500.
2300.000 5%, coupon or registered Series "A" Stillwater Reservoir and semi-ann. int. (M. & S.) payable at the Date Feb. 15 1924. Prin.
for
office of the Clerk Board of
enlargement bonds. Denom. 21,000. Date July 1 1923. Principal and Education. Due each six months as
follows: 51,500
and
semi-annual interest
& J.), payable at the Northern New York Trust Sept. 15 1925 and $1.500 each March 15 and $2,000 eachMarch 15from
Co. of Watertown. These bonds are part of a total authorized issue of 1926 to 1947 incl. Certified check for $1,000, payable toSept. 15
the Board of
21.000,000. to be issued in two or more series as may be required and will Education, required.
DEERTRAIL. Arapahoe County, Colo.
be known as Series "A." Due $6,000 yearly on July 1 from 1924 to 1973.
-BOND SALE.
-Este & Co.
inclusive. These bonds ,it is stated, are exempt from taxation and shall and Van Riper, Day & Co.. botn
of Denver. have jointly purchased 527,500
not,be construad in any event as bonds or indeotedness ot the State, and 6% electric light bonds at 96.67.
si%
•
FEB. 16 1924.]
THE CHRONICLE
819
GREENVILLE, Greenville County, So. Caro.
-BOND OFFERING.
-BOND SALE.
-The $10,000 5 g
,2
DENISON, Jackson County, Kan.
electric light bonds registered by the State Auditor of Kansas on April 18 G. G.Wells, City Clerk and Treasurer, will receive sealed bids until 8 p. m.
-V. 116, p. 2041-were purchased by the Shawnee Investment Co. of Feb. 26 for $300.000 5% water-works bonds. Denom. $1,000. Date
Jan. 1 1923. Int. semi-ann. Due in 40 years, optional after 20 years.
Topeka at 99.99.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston. A
-BOND OFFERING.
- certified check for $1,000, payable to the City Clerk, required.
DENNISON, Tuscarawas County, Ohio.
Sealed proposals will be received by C. C. Johnston, City Auditor, until
HALL COUNTY (P. 0. Memphis), Texas.
-BOND SALE.
-Our
$9,653 25 53i% East Center St. inapt. bonds. Denom.
12 m. March 1 for
$1,000 and $1,653 25. Date Dec. 29 1923. Prin. and semi-ann. int. Western representative advises us in a special telegrapbic dispatch that the
D.29) payable at the City Auditor's office. Due yearly on Dec. 29 Brown-Crummer Co. of Wichita has purchased $475,090 53i% serial road
(J. &
as follows: $1,653 25, 1925 and $1,000, 1926 to 1933 incl. Certified bonds.
check for 10% of the amount of bonds bid for, payable to the City Treasurer.
-BOND SALE.
-The
HARDEE COUNTY (P. 0. Wauchula), Fla.
required. Purchaser to take up and pay for bonds within ten days from $850.000 67, road bonds offered on Feb. 11-V. 118, p. 455
-were purtime of award.
chased Jointly by Breed, Elliott & Harrison of Indianapolis, J. C. Mayer
-WARRANT OFFERING. & Co. of Cincinnati and Blanchett, Thornburgh & Vandersall of Toledo
DE SOTO COUNTY (P. 0. Arcadia), Fla.
-A.L. Durrance, Clerk Board of County Commissioners, will receive sealed at 103.55. a basis of about 5.72%. Date Jan. 1 1924. Due on Jan. 1 as
bids until 2 p. m. Feb. 23 for $37,500 6% warrants. Denom. $500. Date follows: 64,000, 1928; $11,000 1929: 612,000. 1930; $13,000. 1931:
July 2 1923. Prin. and semi-ann. int. (J. & J.) payable at the Chase Na- $14,000, 1932; 615,000, 1933: $1d,000, 1934 617.000. 1935; $18,000, 1936;
tional Bank. N. Y. City. Due on July 2 as follows: $2,500, 1925; $3.000. $19,000, 1937; $20,000, 1938: $21,000, 1939 $22,000. 1940; $23,000, 1941;
1928 and 1927; $1,000, 1932; $5,000, 1933 to 1935, incl.: $6,000. 1936, $24.000, 1942: $26,000, 1943; 628,000, 1944 530.000, 1945; 632.000, 1946;
and $7,000, 1937. A certified check for 1%, payable to the county. re- 634.000. 1947; 636,000, 1948: $38.000. 1949 $40.000. 1950; 842,000. 1951;
644.000. 1952: $46,000, 1953; $48,000, 1954; $50,000, 1955, and $51,000,
quired.
DEWEY SCHOOL DISTRICT NO. 120, Walsh County, No. Dak.- 1958 and 1957.
CERTIFICATE OFFERING.
-Sealed phis will be received until 2 p.
HARDIN COUNTY (P. 0. Kenton), Ohio.
-BOND OFFERING.
1
Feb. 18 at the County Auditor's office in Grafton by E. Nygaard, District Dean C.Jones, County Auditor, will receive sealed bids until 12 II .Feb.25
Clerk, for $1,000 7% certificates of indebtedness. Denom. $500. Due for $3,650 5%7. Stonehill Joint County Pike bonds. Denom. $330 and
$1,000. Date Jan. 1 1924. Interest M. & S. Due $1,330 yearly on
Sept. 1 1925. A certified check for 5% of bid required.
DIVIDE COUNTY (P. 0. Crosby), No. Dak.-BOND OFFERING.
- Sept. 1 from 1925 to 1929, incl. Certified check for $100, payable to bean
be received until 2 p. m.Feb. 19 by R. H.Lynch, County Auditor, C. Jones. County Auditor, required.
Bids will
HARPER-FAIRVIEW UNION SCHOOL DISTRICT, Orange
for $55,000 funding bonds. Denom. $1,000. Date Feb. 1 1924. Int.
-BOND SALE.
-The $20,000 5% school bonds offered on
rate not to exceed 6%. Due $5,000 yearly on Feb. 1 from 1934 to 1944 County, Calif.
incl. A certified check for 5% of bid required. The county will furnish Feb.5(V. 118, p.455) were purchased by the First National Bank of Santa
at its own cost the blank bonds and the approving opinions of Lancaster, Ana at a premium of $75, equal to 180.37. Date Mar. 1 1924. Due
Simpson, Junell & Dorsey and Harold Taylor, attorneys,of Minneapolis, $1,000 yearly.
as to the legality of issue.
HEBRON SCHOOL DISTRICT (P. 0. Hebron), Licking County,
DOUGLAS COUNTY SCHOOL DISTRICT NO. 64 (P. 0. Benson), Ohio.
-BOND SALE.
-The $18,652 91 5 % school bonds offered on
Neb.-BOND ELECTION.
-An election will be held on Feb. 25 to vote on Feb. 8-V. 118, p. 579
-have been sold so Sidney Spitzer St Co. of Toledo
•
the question of issuing $15,000 school building bonds.
at 100.10. a basis of about 5.47%. Date Aug. 1 1923. Due each six
months from Feb. 1 1924 to Aug. 1 1931 inclusive.
DURANGO, La Plata County, Colo.
-BOND SALE.
-Boettcher,
HOPTACONG (P. 0. Landing), Morris County, N. J.
-BOND
Porter & Co., of Denver, have purchased $95,000 43 % water refunding
OFFERING.
-Sealed bids will be received by Geo. M. Prickett, Borough
bonds at 98.21. Denom. $1,000. Date Jan. 1 1924.
Clerk, until 2 p. m. Feb. 21 for an issue of 5% school bonds not to exceed
DURHAM, Durham County No. Caro.
-BOND OFFERING.
-Sealed
1924.
proposals will be received until 8 p. in. Feb. 25 by R. W. Rigsby, City $34,000. &Denom. $1,000. Date March 1 Co. of Prip. and semi-ann.
Newton. Due yearly
Manager, for the following coupon, with privilege of registration as to int.(M. S.) payable at the Newton Trust
as follows: 61.000. 1925 to 1929: $2,000, 1930 to 1943 incl.,
principal only or both principal and interest, bonds bearing interest at a on March 1 1944. Certified
and $1,090,
check for 2% of the amount of bonds bid for.
rate not to exceed 6%;
$300,000 public improvement bonds (consolidation of $100,000 water payable to the Borough. required.
bonds, $100,000 sewer bonds and $100,000 bonds for the purchase
INDIANAPOLIS PARK DISTRICT, Ind.
-BOND OFFERING.
of lands for highways), maturing annually. Jan. 1, $4,000, 1927 Joseph L. Hogue, t ity Controller, will receive sealed bids until 12 m.
to 1935, incl.. $6,000. 1936 to 1943. incl.; $8,000, 1944 to 1955. Feb. 26 for $105,000 5% coupon "Park District Bonds of 1924. Issue No.2."
incl. and $16,000, 1956 to 1967, incl.
Denom. $1,000. Date Feb. 28 1925. Prin. and semi-ann. int. (J. & J.)
$300,000 street improvement bonds, maturing annually Jan. 1, $20,000, payable at the City Treasurer's office. Certified check for 214% of the
1925 to 1934, incl.: $8,000, 1935 to 1939, Incl., and $12,000, ae 4oimt of bonds bid for, upon some responsible bank in Indianaplois,
r n u red.
1940 to 1944, incl.
Denom. $1,000. Date Jan. 1 1924. Prin. and semi-ann. Int. (J. & J.)
JACKSON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0
payable in gold in New York City. A certified check upon an incorporated
-BOND OFFERING.bank or trust company, made payable to the City Treasurer (or cash), for Pleasant Plain), Clermont County, Ohio.
Riding,
of Education,
2% of amount bid for, must accompany all bids. Delivery on or about Sealed proposals will be received by J.0.23 for Clerk Boardcoupon school
386%
March 17 1924 in New York City or at purchaser's expense for delivery and until 12 in. (central standard time) Feb. 38. $5,479Nov. 3 1923. Prin.
bonds. Denom. $350 and one for $229
Date
exchange at place of his choice. The bonds will be prepared under the and semi-ann. int. (F. & A.), payable at the office of the Clerk Board of
N. Y. City, which
supervision of the United States Mortgage & Trust
Due each six months
Feb. 1924 to
will certify as to the genuineness of the signatures Co.. the seal impressed Education. and $22:.: 38 Aug. as follows: $350 check1 for 2% Feb. 1
and
of the
1931, incl.,
thereon. The approving opinion of Chester B. Masslich will be furnished amount of bonds bid for, payable1 1931. Certified of Education required.
to the Clerk Board
the purchasers.
JEROME COUNTY (P. 0. Jerome), Ida.
-BOND SALE.
-The
-Sealed bids
EMPORIA, Lyon County, Kan.
-BOND OFFERING.
road and bridge bonds
will be received by Matthew Brown, Commissioner of Finance, until $40,000 534% couponby Benwell, Phillips & offered on Feb. 11 (V. 118, p.
Co., of Denver, at 102.30-a
water works bonds. Denom. $500. 580) were purchased
10 a. m. Feb. 20 for $47.000 4)%
Date Aug. 11923. Due on Aug. 1 as follows: $3,500, 1924, 1926, 1928; basis of about 5.27%. Date Feb. 1 1924. Due $4,000 yearly on Feb. 1
$4,000, 1925, 1927 and 1929: $1,500. 1930; 6500, 1937: $3.500, 1938, from 1934 to 1943, inclusive.
JERSEY CITY, Hudson County, N. J.
-BOND OFFERING.
-Sealed
1940 and 1942, and $4,000, 1939, 1941 and 1943. A certified check for
bids will be received by John Saul, Secretary of Revenue & Finance.
2% of bid required.
- until 12 in. Feb. 21 for an issue of coupon or registered tax revenue bonds.
-CERTIFICATE SALE.
FAIRMONT, Martin County, Minn.
)
piguc;
.
i
Drake-Jones & Co. of Minneapolis have been awarded $6,000 street impt. not to exceed $4,250.000, no more bonds to be award
i
f
0
sl&remiun . ani lgini over i$4,25
. p. o l O .a .
e 0 ie
a .
pa ; T 81.000. Date
certificates.
Treasurer's
nn mt. (F. A.)
.St
a the
FAIRMONT, Marion County W. Va.-BOND SALE.
-The 6150,000 office. Due Aug. 1 1927. Int, not to exceed 69'. The bonds will be
5% coupon (registerable as to principal) water filtration bonds offered on prepared under the supervision of the U. S. Mtge.& Trust Co.of New York
Feb.9(V. 118, p. 455) were purchased by Well, Roth & Irving Co. of Cin- which will certify as to the genuineness of the signatures and the seal imcinnati at a premium of $2,265, equal to 101.51, a basis of about 4.879'. pressed thereon and the validity of the bonds will be appro_ve_d by Hawkins,
..
Date Jan. 1 1924. Due yearly on Jan. 1 as follows: $2,000, 191.5 to 1927, Delafield & Longfellow of New York. Certified check for 2% o. the
incl.; $3,000, 1928 to 1e34, incl.; 34,000, 1935 to 1938. incl.: $5.000 1939 to amount of bonds bid for, payable to the city, required. •
1942; $6,000. 1943 to 1946. incl.; $7,000, 1947 to 1949, hid.; $8,000, 1950
-BOND SALE.
--E. !A.
JOHNSON CITY, Broome County, N. V.
to 1952, incl., and $9,000, 1953 and 1954. The following bids were reRollins & Sons of New York have been awarded the $65,000 sewer bonds
ceived:
-as 4%s at 100.59, a basis of about
A. E. Aub & Co., Cincinnati
$150,231 00 offered on Feb. 13-V. 118, p. 698
Braun,Borworth & Co.. Toledo
150,401 92 4.54%. Date Jan. 1 1924. -Due yearly on Jan. 1 as follows: $10,000.
George H. Burr & Co., St. Louis
150,483 00 1925 to 1930 inclusive, and $5,000, 1931.
The National Bank of Fairmont, Fairmont, W. Va
150,566 57
JOLIET TOWNSHIP SCHOOL DISTRICT (P. 0. Joliet), Will
Seasongood & Mayer, Cincinnati
150,545 00 County, 111.
-BOND SALE.
-An issue of $250,000 4)1% school buildinz
Harris, Forbes & Co., New York
150.7os 50 bonds on Feb.7 were awarded to the First Trust & Savings Bank of Chicago
The Provident Savings & Trust Co., Cincinnati
150.795 00 for $275,535, equal to 103.01, a basis of about 4.47%. Denom. $1,900.
Hanchett Bond Co., Chicago
150,825 00 Date Jan. 1 1924. Int. J. & J. Due yearly on July 1 as follows: $25,000.
The L. R. Ballinger Co., Cincinnati
151,225 00 1935 to 1941 incl.: $37,000, 1942, and $38,000, 1943.
Well, Roth & Irving, Cincinnati
152,265 00
Also:
ICAUFFMAN COUNTY ROAD DISTRICT NO. 5 (P. 0. Kauffman),
*Fairmont Trust Co., Fairmont, W. Va
150,702 92 Texas.
-BONDS VOTED.
-At the election held on Jan. 26-V. 118.
*Fairmont Trust Co. Fairmont. W. Va
-the voters approved the proposition to issue $25,000 514% road
151.174 17 p. 334
* Not regular; bids conditioned.
bonds submitted to them at that time.
FREMONT COUNTY SCHOOL DISTRICT NO. I (P. 0. Canon
KIT CARSON COUNTY CONSOLIDATED SCHOOL DISTRICT
-BONDS SOLD SUBJECT TO BEING VOTED.
City), Colo.
-The NO. 1 (P. 0. Burlington), Colo.
-BOND ELECTION
-BOND SALE.
$250,000 school bonds offered on Feb. 4-V. 118. p. 579
-were purchased The United States National Co. of Denver has purchased $22,000 5%
jointly by the United States National Co., Benwell, Phillips & Co., Sidle, 15
-30-year (opt.) school building bonds at 101.565. plus blank bonds
Simons, Fels & Co., all of Denver, at par. The purchasers took $190,000 and to handle all legal proceedings, subject to being voted at an election
as 41s and $60,000 as 4;is. These bonds have been purchased subject to to be held soon.
being voted at an election to be held on March 11.
KIRKLAND INDEPENDENT SCHOOL DISTRICT (P. 0. KirkFremont County National Bank411
100.500
land), Childress County, Texas.
4%
-BOND ELECTION.
-An election
James N. Wright & Co. and Newton & Co
100.711
will be held on Feb. 23 to vote on the question of issuing $35,000 school
Antonides & CO
100.270
4)1%
Boettcher,Porter & Co
100.6673 building bonds.
100.00
United States National Co.,Sidlo, Simons, Felsi$190.000 4
LAKE COUNTY (P. 0. Crown Point), Ind.
-On
-BOND SALE.
1 60,000 4
& Co. and Benwell, Phillips & Co
Feb. 2 Breed,
International Trust Co
4
100.6235 road bonds for Elliott & Harrison of Indianapolis purchased $64.000 5%
364,
668 50, equal to 101.04. Denom. $800. Date Nov.
100.390
4
H. Rollins & Sons
E.
15 1923. Int. M.& N. Due serially from 1924 to 1933 inclusive.
5102,302
Geo. W.Vallery & Co
LARIMER COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Fort
4%100.060
Collins), Colo.
-BOND OFFERING.
-A special telegraphic dispatch
FROSTPROOF, Polk County, Fla.
-BOND OFFERING.
-Sealed bids
be received until 7:30 p. m. Mar. 3 by Guy P. Ruhl, Town Clerk. for from our Western representative advises us that bids will be received for
will
-year sidewalk lacinds. A certified or cashier's check for $500 5330,000 4)1% school bonds until Feb. 25.
$8,000 1-10
LARIMER COUNTY SCHOOL DISTRICT NO. 60, Colo.
required.
-BOND
-Subject to being voted at an election to be held soon,
- ELECTION.
GALT SCHOOL DISTRICT NO. 39, Walsh County, No. Dais.
-K. P. Nappen, District Clerk, will receive $15,000 5% 10-20-year (opt.) refunding bonds have been sold to the
CERTIFICATE OFFERING.
bids until 2 p. M. Feb. 20 at the County Auditor's office in Grafton for International Trust Co. of Denver at 100.57, plus cost of blank bonds
$4,000 certificates of indebtedness. Denom. $500. Date Feb. 25 1924. and to handle all legal proceedings.
LEESBURG, Lake County, Fla.
-BOND SALE.
-The $95,000 Series
Due $1,000 April 25. $1,000 May 25 and $2,000 Nov. 25 1924. Interest
"A" paving bonds offered on Feb. 11-V. 118, p. 580
-were purchased
rate not to exceed 7%. A certified check for 5% of bid required.
GEORGETOWN SCHOOL TOWNSHIP (P. 0. Georgetown), by the Atlantic National Bank of Jacksonville as 5 Sis, paying $94,145,
-BOND SALE.
-The Meyer-Kiser Bank of Indian- equal to 99.10-a basis of about 5.69%. Date Feb. 1 1924. Due on
Floyd County, Ind.
Feb. 1 as follows: $9,000, 1925 to 1929, incl., and $10.000. 1930 to1934,
apolis has purchased the $94,000 5% coupon school bonds offered on Feb.4 incl.
-for $24,353, equal to 101.47. Date Jan. 1 1924. Due
it. 118, p. 455
'LINDEN SCHOOL DISTRICT NO.28, Burleigh County, No,Dak.six months from July 1 1925 to 1937 incl.
each
-Bids will be received by (Mrs.) H. M.
-BOND SALE.
-The $50.000 CERTIFICATE OFFERING.
GIBSLAND, Bienville Parish, La.
Blall, District Clerk, until 3 la. in.
gaz, coupon or registered water works bonds offered on Feb. 5 (V. 118. P• in Bismarck for $2.900 certificates Feb. 18 at the County Auditor's office
of indebtedness. Interest rate not to
by the Whitney-Central Trust CO. of New Orleans at
job were purchased
exceed 7%. A certified check for 5% of bid required.
a premium of $975, equal to 101.95. Date Jan. 1 1924. Due Jan. 1 1925
LOCKPORT, Niagara County, N. Y.
-BOND OFFERING.
-H, F.
to 1954.
Rommel, City Treasurer, will receive sealed
DISTRICT (P. 0.
GLEN RIDGE SCHOOL -H. L. Allen & Co. Glen Ridge), Essex for $300,000 5% coupon school building and bids until 11 a. in. March 3
equipment bonds. Denom.
and Outwater & Wells
-BOND SALE.
County, N. J.
the $190,000 4)1% coupon or registered school $1,000. Date March 1 1924. Prin. and semi-ann. int.(M.& S.) payable
jointly have purchased (V. 118, p. 698) at 102.22. a basis of about 4.58%. at the City Treasurer's office. Due $15.000 yearly on March 1 from 1925
bonds offered on Feb. 13 yearly on Mar. 1 as follows: $5,000, 1926 to 1931, to 1944, incl. The bonds may be registered as to principal. Certified
Date Mar. 1 1924. Due
check for 2% of the amount of bonds bid for required.
1933 to 1954. incl.
incl.; $6,000. 1932, and $7,000.
46
820
THE CHRONICLE
[Vol,. 118.
LYNDHURST TOWNSHIP (P. 0. Lyndhurst), Bergen County, were purchased by Sidney Soitzer & Co. of Toledo at 100.76, a basis of
-Until 8 p. m. Feb. 25, sealed bids will be re- about 5.90%:
N. J.
-BOND OFFERING.
ceived by Dominick J. Live111. Township Clerk, for an issue of 4%% $55,000 street improvement bonds, maturing on Feb. 1 as follows: $2,000„
1926 to 1930; 53,000, 1931 to 1940, and $3.5,000, 1941 to 1943. incl.
coupon or registered water bonds not to exceed $75.000. no more bonds to be
12,000 water system bonds, maturing $1.000 on Feb. 1 from 1927to 1938.
sold than will produce a premium of $1,000 over $75,000. Denom.$1,000.
Inclusive.
Date Jan. 1 1924. Prin. and semi-ann. interest (J. & J.) payable at the
Date Feb. 1 1924.
First Nat. Bank of Lyndhurst. Due yearly on Jan. 1 as follows: $2,000,
1926 to 1958, incl., and $3,009, 1959 to 1961, incl.
MORLEY, Scott County, Mo.-BONDS VOTED AND SOLD.
-At an
-BOND SALE.- election held on Jan. 31 a proposition to issue $10.000 6% street improveMAHONING COUNTY (P.O. Youngstown), Ohio.
The $93.000 5%% tuberculosis hospital bonds offered on Jan. 24 (V. 118, ment bonds carried by a vote of 208 to 9. Since being voted the bonds
p. 334) have been awarded to Seipp Princell & Co. and Emery, Peck & have been sold.
Rockwood of Chicago at par and accrued interest, plus a premium of
NATRONA
$3,765 20, equal to 104.05. a basis of about 4.92%. Date Feb. 1 1924. Wyo.-BOND COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Casper),
OFFERINO.-Wm. 0. Wilson, Clerk Board of Trustees,
Due yearly as follows: 56,000 on Oct. 1 from 1925 to 1936 incl. and $7,000 will receive
bids until 3 p. m. Feb. 21 for $300,000 coupon school bonds.
1937 to 1939 incl.
BOND SALE.
-On Jan. 24 the county also sold an issue of $110.000 536% A certified check for $10,000 must accompany all bids.
tuberculosis hospital bonds dated Feb. 1 1924 and maturing $7,000 yearly
NEWBERRY, Newberry County, So. Caro.
-BOND OFFERING.
on Oct. 1 from 1925 to 1934, and $8,000 in 1935 to 1939, incl. The bonds Sealed bids will be received until 4 p.In. Feb. 27 by T. Roy Summer,Secwere awarded to the First National Bank of Youngstown at par and accrued retary and Treasurer of the Bond Commission, for $125.000 5% coupon
Interest plus a premium of $5,786 70, equal to 105.26, a basis of about (with privilege of registration as to principal only) water bonds. Denom.
4.74%. Bids were received as follows:
$1,000. Date Feb. 1 1924. Prin. and semi-ann. int. (F. & A.) payable
$110,000 Issue. $93,000 Issue. in gold in New York City. Due on Feb. 1 as follows: $4,000. 1930 to 1939
Premium.
Premium.
incl.; $5,000, 1940 to 1944 incl., and 16,000, 1945 to 1954 incl. A certified
First National Bank, Youngstown, Ohio____
55,786 70
check for $2,500 upon an incorporated bank or trust company, payable to
Seipp Princell & Co
the Bond Commission, required. Delivery on or about Mar. 12 in N. Y.
Emery, Peck & Rockwood
3,765 20
4,451 50
City, or, at purchaser's expense for delivery and exchange, at place of his
f
Second Ward Securities Co.,Milwaukee, Wis.
3,566 55
4,244 35
choice. The bonds will be prepared under the supervision of the U. S.
Herrick & Co., Cleveland, Ohio
3,563 00
3,939 00
Mtge. & Trust Co., N. Y. City, which will certify as to the genuineness of
3.418 69
W.L. Slayton & Co., Toledo, Ohio
4,043 60the signatures and the seal impressed thereon. The approving opinion of
Canton Bond & Mtge. Co., Canton, Ohio
3.960 00
Chester B. Masslich will be furnished the purchaser.
3.480o
3,331 00
Otis & Co., Cleveland, Ohi
3,939 00
NORTHAMPTON,Hampshire County, Mass.
-TEMPORARY LOAN.
Provident Savings Bank & Trust Co
3,338 00
3,938 00
-The temporary loan of $225,000, dated Feb. 12 1924 and payable Oct.
Braun, Bosworth & Co.,Toledo, Ohio
3,219 00
3,819 00
22 1924, has been sold to the First National Bank of Northampton on a
-Until 4.06% interest basis.
MANSFIELD, Richland County, Ohio.
-BOND OFFERING.
12 m. March 4 sealed bids will be received by P. L. Kelley, City Auditor,
NORTHFIELD SCHOOL DISTRICT NO, 35, Ramsey County,
for $112,293 59 536% debt extension bonds. Denom. $1,000 and one for
No.
-Y. A. Nelson, District Clerk,
$293 59. Date March 11924. Interest M.& S. Due yearly on March 1 will Dak.-CERTIFICATE OFFERING.
receive bids until 2 p. m. Feb. 16 at the County Auditor's office in
as follows: $5,293 59, 1925; $5,000. 1926 to 1932, incl., and $6,000, 1933
to 1944, incl. Certified check for 2% of the amount of bonds bid for, Devil's Lake for $3,000 certificates of indebtedness. Date Feb. 16 1924.
Int. rate not to exceed 7%. Due Feb. 16 1925. A certified check for
payable to the City Treasurer required.
5% of bid required.
MARION COUNTY (P. 0. Marion), Ohio,
-BOND OFFERING.
ODESSA SCHOOL DISTRICT NO. 15, Pierce County, No. Dak.Until 1 p. m. March 6 sealed bids will be received by T. A. O'Leary, Clerk
-Sealed bids will be received by N. A.
of Board of County Commissioners, for $69,700 536% coupon Marion- CERTIFICATE OFFERING.
bonds. Denom Bjrke, District Clerk, until 2 p. In. Feb. 23 at the County Auditor's office
Mt. Gilead I. C. H. No. 111, Sec."A" and "B-1" impt.
$1.000 and one for $700. Date March 1 1924. Prin. and semi-ann. int. In Rugby for $1,500 certificates of indebtedness bearing int. at a rate not
(M• & S.) payable at the County Treasurer's office. Due yearly on to exceed 7%, maturing in 12 months. A certified check for 5% of bid,
March 1 as follows: $7,000, 1925 to 1933, incl.. and $6,700. 1934. Certi- payable to Ambrose Gesinger, District Treasurer,required.
fied check for $700, payable to the Commissioners, required.
ORANGE GROVE Jim Wells County, Texas.
-BONDS VOTED.
MARSHALL, Hunt County, Texas.
-BIDS REJECTED-BONDS At a recent election the voters by a count of 73 to 44 authorized the issuance of $40,000 school building bonds.
RE
-OFFERED.
-All bids received for the following two issues of 4%%
bonds offered on Feb. 5-V. 118, p. 334
-were reejcted. The bonds were
ORTONVILLE Big Stone County, Minn.
-POND OFFERING.
re-offered on Feb. 12.
Bids will be received by E. Scheibe, City Clerk, until 8 p. m. Feb. 24 for
$410,000 city bonds. Denom. $100 to $1,000. Due Jan. 1 1925 to $20,000 building bonds . A certified check for 5% of bid required.
1964 inclusive; optional Jan. 1 1934.
OTTAWA, Putnam County, Ohio.
-BOND OFFERINO.-H. J.
276,000 city bonds. Denom. $500 and $1,000. Due Jan. 1 1925 to
Audbry. Village Clerk, will receive sealed bids until 12 m.Feb.25 for $4,000
1964 inclusive; optional Jan. 1 1934.
6% special assessment street improvement bonds. Denom. $400. Date
-Alma March 11924. Int. semi-ann. Due $400 yearly on Sept. 1 from 1925 to
-BOND OFFERING.
MART, McLennan County, Texas.
Patrick, City Secretary-Treasurer, will receive sealed bids until 7 p. m. 1934, incl. Certified check for 2% of the amount of bonds bid for, payable
Feb. 20 for $150.000 536% coupon water works bonds. Denom. $1,000. to the Village Treasurer, required.
Date Feb. 1 1924. Prin. and semi-ann. int. (F. & A.) payable at the
OXNARD SCHOOL DISTRICT, Ventura County, Calif.
-BOND
Hanover National Bank, N. Y. City. Due on Feb. 1 as follows: 51,000,
-The $120,000 5% school bonds offered on Feb.6-V. 118, p.457
1925 to 1929, incl.; 52.000, 1930 to 1934, incl.; $3,000. 1935 to 1940, incl.; SALE.
to 1955, were purchased by the Security Co. of Los Angeles at a premium of $2,544.
54.000, 1941 to 1945.incl.; 55,000, 1946 to 1950. incl.; $6,000, 1951
incl. and $7,000, 1956 to 1961, incl. A certified check for 5% of bid, equal to 102.12, a basis of about 4.76%. Date Jan. 1 1924. Due on Jan. 1
as follows: $4,000, 1925 to 1929, incl.; 50.000, 1930 to 1932, incl.; $6,000,
payable to T. H. Lumpkin, Mayor,required.
.
1933 to 1935, incl.; 57,000. 1936 to 1940, incl.; $8,000, 1941 to 1944, incl.
-James Jackson. The following bids were also received:
MASSACHUSETTS (State of).
-BOND OFFERING.
Treasurer and Receiver-General, will receive sealed proposals at his office
BidderPrice Bid. I BidderPrice Bid.
in Boston until 12 m. Feb. 20 for the following 4% "tax exempt" bonds:
Freeman, Smith & Camp 00-172 00 First Securities Co
$761 00
$1,000,000 Metropolitan Water Loan. Due Jan. 1925 to 1964.
Wm.R. Staats & Co
2,268 001Citizens National Bank___ 1,18800
96.000 Cambridge Subway Impt. Loan. Due May 1925 to 1974.
Bank of Italy
840 00[Bank of A. Levy, Inc
1,927 00
-The California Securities Co___ 1,227 001
-TEMPORARY LOAN.
MEDFORD, Middlesex County, Mass.
City of Medford has sold a temporary loan of 5150,000. maturing $75,000
-BOND OFFERING.
PAINESVILLE, Lake County, Ohio.
-Albin H.
Nov. 7 and Nov. 14 1924, respectively, to the Old Colony Trust Co. of Lord, City Auditor, will receive sealed bids until 12 m. (central standard
Boston on a 3.90% discount basis plus a $4 75 premium.
time) March 3 for $28,000 5% North State Street Improvement bonds.
Due $2.000 yearly
-The 56,500 5% Denom. $1,000. Date April 11923. Int. A. & 0
-BOND SALE.
MILFORD, Geary County, Kan.
electric light transmission line bonds registered by the State Auditor of on Oct. 1 from 1939 to 1952, inclusive. Certified check for $500 on some
-were purchased by the River Side solvent bank (member of the Federal Reserve System)required. Purchaser
June 12-V. 117, p. 240
Kansas on
to take up and pay for bonds within 10 days from time of award.
Light, Power Sr Gas Co. of Abilene.
PALISADE, Mesa County, Colo.
-BOND SALE.
-Bosworth, Chanute
MIDLAND PARK SCHOOL DISTRICT (P. 0. Midland Park),
-There were no bids received on Feb. 1 & Co.. of Denver, have purchased $20,000 533% 10-15
-year (opt.) water-NO BIDS.
Bergen County, N. J.
for the $179,000 436% coupon or registered school bonds offered on that extension bonds.
day
-V. 118. p. 581.
PALMETTO, Manatee County, Fla.
-BOND SALE -The $12,000
-The 6% recreation park bonds offered on Feb. 5-V. 118, p. 582
MITCHELL COUNTY (P. 0. Camilla), Ga.-BOND SALE.
-were pur-were purchased chased by Sidney Spitzer & Co. of Toledo at 101.50, a basis of about
$100,0005% road bonds offered on Feb.12-V.118, p.335
by the Lowry Bank & Trust CO.of Georgia of Atlanta at par,plus a premium 5.87% if called at-optional date and 5.90% if allowed to run to full term.
of $1,970, eaual to 101.97, a basis of about 4.82%. Date Feb. 1 1924. Date Feb. 1 1924. Due Feb. 1 1954; optional Feb. 11944.
Due Aug. 1 1939.
PARK FALLS, Price County, Wis.-BOND ELECTION.
-A special
-BOND OFFERINO.-Until 4 election will be held on Feb. 19 to vote on the question of issuing $30,000
MONTCLAIR, Essex County, N. J.
p. m. Feb. 26 sealed bids will be received by Harry Tippett, Town Clerk, negotiable coupon city-hall bonds. Joseph Stauber, City Clerk,
for the purchase of an issue of 5% gold water supply system bonds not to
PARK
exceed 51,200,000, no more bonds to be sold than mill produce a premium County, RIDGE SCHOOL DISTRICT (P. 0. Park Ridge), Bergen
-BOND SALE.-Vhe
N. J.
of $1,000 over $1,200.000. Denom. $1.000. Date March 1 1324. Prin. school bonds offered on Feb. 4 (V. 118.580,090 5% coupon or registered
p. 457) were awarded to the First
and semi-ann. int.(M. & S.), payable in gold coin of the United States of National Bank of Park Ridge for 580.247,
America of or equal to the present standard and fineness in weight either about 4.975%. Date Feb. 1 1924. Due equal to 100.30-a basis of
yearly on Feb. 1 as follows:
at the Bank of Montclair or at the office of the Town Treasurer, at the
option of the holder. Due yearly on March 1 as follows: 526,000 1926 to 53.000, 1925 to 1928, inclusive. and $2.000, 1929 to 1962, inclusive.
1935. incl.: $30,000, 1936 to 1345. incl.; $34.000, 1346 to 1955, incl.;
COUNTY (P. 0. Thief River Falls), Minn.
PENNINGTON
-BONDS
$37,000, 1956 to 1959, incl., and 538,000, 1960 to 1963, incl. Certified OFFERED.
-T.P. Anderson. County Auditor, received bids until 2 1: m•
1•
check for 2% of the amount of bonds old for, drawn upon an incorporated yesterday (Feb. 15) for 550.000 5%% drainage funding bonds. Denom.
form $1.000. Date March 1 1924. Int. semi-ann. A certified check for 10%
bank or trust company required. All bids must be submitted on a
which will be furnished upon application by the Town Clerk, Municipal of issue, payable to the County Treasurer, required.
Bldg. The validity of the bonds will be approved by John C. Thomson
PINE GROVE IRRIGATION DISTRICT, Klamath County, Ore.of New York, and a copy of his opinion as to the legality of bonds will be
-Of the 515.000 bonds offered on June 21furnished the successful bidder without charge. No interest will be allowed BONDS AWARDED IN PART.
V. 116, p. 2554-58,500 were purchased on Nov. 21 by the American
upon certified check.
National Bank of Klamath Falls at 90 as 6s. The balance is not to be
Financial Exhibit.
sold until the district needs the money. Denom. $100 and $500. Date
Bonded debt as of Feb. 5 1924, exclusive of Passaic Valley
-J. Due July 1 1931 to 1943, inclusive.
serial sewer bonds
$4,461,440 00 Oct. 11923. Int. J.
Passaic Valley serial sewer bonds
1,173,670 00
PITTSBURG, Crawford County, Kan.
-Leon-BOND OFFERING.
Water bonds, present issue
$1,200,000 00
ard Boyd, City Clerk, will receive sealed bids until 4 p. in. Feb. 20 for
Debt of Passaic Consolidated Water Co.,
$62,251 26 5% improvement bonds. Denom. $1,000 and 51,251 26.
assumed by town
500,000 00
1923. Int. semi-ann. Due serially. A certified check for
Date Dec. 1
1,700,000 00 2% of bid, payable to the City Treasurer, required.
Assessment bonds included in total
94,055 00
PITTSYLVANIA COUNTY (P. 0. Chatham), Va.-BOND OFFERTotal sinking fund
643,748 66
-Sealed bids will be received by Edwin S. Reid, Chairman of the
Sinking fund for water bonds included in above
None ING.
Assessed valuations
-Real (1923 tax ratables)
58.293,900 00 County School Board, until 12 m.Feb. 21 for $200,000 53I% coupon school
bonds. Denom. 11,000. Date Jan. 1 1924. Principal and semi-annual
Second class railroad
211,806 00
interest payable at the Chatham & Phenix National Bank, New York City.
Total real and second class railroad
858,505,706 00 Due on Jan. 1 as follows $5,000. 1935 to 1939, inclusive: 510.000, 1940 to
Personal
9,568,000 00 1949, inclusive, and 815.000, 1950 to 1954, inclusive. A certified check for
$2,000, payable to the County Treasurer, must accompany all bids.
Total assessed valuations
568,073,706 00
PLEASANT RUN SCHOOL TOWNSHIP (P. 0. Heltonville), Law$31.10 rence County, Ind.
Tax rate per $1.000 (1923)
-BOND SALE.
-The $21,500 5% coupon school
Population (1920 Census)
28,810 bonds offered on Feb. 11 (V. 118, p. 584) have been sold to the American
Central Life Insurance Co. for $22,232, equal to 103.40-a basis of about
MONTEZUMA SCHOOL DISTRICT, San Joaquin County, Calif.
-The 811,000 536% school bonds offered on Feb.4-V. 118, 4.50%. Date Jan. 11924. Due each six months as follows: $500 July 1
BOND SALE.
p. 581-were purchased by the City Bank of Stockton at a premium of 1925 to July 1 1928, inclusive, and $1,000 Jan. 1 1929 to July 11937.
$107 80,equal to 100.98, a basis of about 5.30%. Date Feb. 1 1924. Due
inclusive.PLYMOUTH AND NORTHVILLE TOWNSHIPS SCHOOL DIS$1,000 yearly on Feb. 1 from 1925 to 1935.inclusive.
TRICT NO. 1 (P. 0. Plymouth), Wayne County, Mich.
-BOND SALE.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-ADDITIONAL
Provident Savings Bank & Trust Co. of Cincinnati -The 595,000 5% school bonds offered on Feb. 11 (V. 118, p. 701) have
-The
INFORMATION.
been awarded to the Plymouth United Savings Bank of Plymouth at 103.31.
were joint bidders with Geo. H. Burr & Co. of St. Louis in the purchase a basis of about 4.73%. Date Mar 1 1924. Due yearly on Mar. 1 as
of eight issues of 5%% street improvement bonds aggregating 1144.500. follows: 51.000 1925 to 1929 incl., $3,000 1930 to 1949 incl., and $6,000
reported sold to the latter company in V. 118, p.581. Denoms.$1.000 and 1950 to 1954 incl.
$500. Date Jan. 11924. Interest J. &J. Due 1926 to 1934.inclusive.
POTTSVILLE, Schuylkill County, Pa.
-An issue of
-BOND SALE.
-BOND
$26,300 43i% city bonds have been awarded to the Union Safe Deposit
MOUNT GILEAD, Montgomery County, No. Caro.
- Bank of Pottsville.
The following two issues of 6% bonds offered on Feb. 7-V. 118, p. 699
FEB. 16 1924.]
THE CHRONICLE
PULASKI SCHOOL DISTRICT NO. 4 (P. 0. Pulaski), Pulaski
-The 175.000 school bonds disCounty, Va.-BOND DESCRIPTION.
posed of, as stated in V. 118, P. 582, bear the following description: Denom.
11.000. Date Jan. 1 1924. Interest 5%%. payable semi-annually January and July. Due Jan. 1 1954, optional $3,000 yearly beginning Jan. 1
1930.
RAWSON SCHOOL DISTRICT (P. 0. Rawson), Hancock County,
-On Jan.25 Durfee, Niles & Co. purchased $4.704 46
-BOND SALE.
Ohio.
-equal to 100.23-a basis of about
69' refunding bonds for $4,715 46
5.93%. Denom.$300 and one for $204 46. Date Dec. 15 1923. Interest
F.& A. Due each six months as follows: $300 Feb. 1 1924 to Feb. 1 1931,
inclusive, and $204 46 Aug. 1 1931.
RED LAKE TOWNSHIP, Logan County, No. Dak.-BOND SALE.
-The $1,200 7% funding bonds offered on Jan. 30-V. 118, )3. 336
were purchased at par by Wood, Magraw, Kerfoot & Co. of St. Paul.
Date Feb. 11 1924. Due Feb. 11 1934.
REEDSPORT, Douglas County, Ore.
-BOND SALE.
-The First
Bank of Reedsport was awarded on Jan. 1. 110,000 6% refunding bonds at
par and accrued interest. Denom. $500. Date Dec. 15 1922. Interest
j. & D. Interest serially. These bonds were offered unsuccessfully during
December 1922. See V. 116. p. 321.
-NOTE SALE.
-The Traders National Bank of
M ROCHESTER, N. Y.
'
.
Rochester has been awarded the following 0% notes, offered on Feb. 11V. 118. p.701-taking the first issue ($1,050,000) on a 4.05% interest basis
and the remaining notes on a 4.07% interest basis:
11,050,000 revenue. •
400,000 subway railroad.
100,000 subway construction.
400.000 local improvement.
Revenue notes payable four months from Feb. 14 1924: subway railroad.
subway construction and local improvement notes payable eight months
from Feb. 14 1924. Other bidders were:
Interest.
Premium.
S. N.Bond & Co., New York City
4.10%
$21 00
Salamon Bros. & Hutzler, New York, $1,050,000_ 4.10
21.00
$900,000
4.17g
21 00
Rochester Trust & Safe Deposit Co., Rochester,
N. Y., $400,000
110 00
4.75%
R. W. Pressprich & Co.. New York, $900,000
4.22
11.00
Barr Bros. & Co.. N. Y. City, $1,050,000
900
4.259'
$900,000
4.20%
900
ROYAL OAK, Oakland County, Mich.
-BOND OFFERING.
-Until
2 p. m. Feb. 25 sealed bids will be received by P. H. Beauvis, City MansigeirioSor $Z
req .
L100 s
Bipecial
rs
ified clreclfyfor
if ai
Bidders are to bid rate
ROYAL OAK SCHOOL DISTRICT NO. 6 (P. 0. Royal Oak), Oakland County, Mich.
-BONDS VOTED
-BOND OFFERING.
-By a count
-year bonds were voted, at an election held
of 371 to 65, 1250,000 5% 30
on Feb.6. Bids are now being received until March 13 for the bonds.
ST. JOSEPH, Berrien County, Mich.
-BOND SALE.
-On Feb. 6 the
$118,000 5% funding bonds offered on that date (V. 118. p. 458) were sold
to the Harris Trust & Savings Bank of Chicago for 1118,153-equal to
100.13-a basis of about 4.99%. Date Feb. 1 1924. Due yearly on Feb.1
as follows: $3,000, 1925 and 1926, and $4,000, 1927 to 1954, inclusive.
SAN DIEGO SCHOOL DISTRICT, San Diego County Calif.BOND OFFERING.
-Until 11 a. m. Feb. 28 sealed bids will tie received
by Geo. W. Heston, County Treasurer (P.0. San Diego), for $400,000 5%
school bonds. Denom. $1,000. Date Feb. 4 1924. Int. F. & A. Due
as follows: 112,000. 1930 to 1954, incl., and $10,000, 1955 to 1964, incl.
A good faith deposit of 2% required.
SAN DIEGO HIGH SCHOOL DISTRICT, San Diego County,
Calif.
-BOND OFFERING.
-Sealed bids will be received b3L Geo. W.
Heston, County Treasurer (P. 0. San Diego), until 11 a. m. Feb. 28 for
$850,000 5% school bonds. Denom. $1,000. Date Feb. 4 1924. Int.
F. & A. Due as follows: $25,000, 1930 to 1953, incl.; $23.000, 1954 to
1963, incl., and $20,000, 1964. A good faith deposit of 2% required.
Legal opinion of John C. Thomson, N. Y. City, will be furnished.
SEATTLE, Wash.
-BOND SALE.
-During the month of January the
City of Seattle sold the following bonds aggregating $142,854 73
821
TACOMA, Wash.
-BOND SALE.
-During the month of January the
city of Tacoma sold the following 6% bonds aggregating $29,165 43 at par:
DiaL
No.
Amount.
Purpose.
Due.
Date.
1172 $1,686 00 Sewer
Jan. 2 1924 Jan. 2 1931
4004 8.812 15 Paving
Jan. 2 1924 Jan. 2 1936
4008
3,266 90 Paving
Jan. 8 1924 Jan. 8 1936
4122
3,147 75 Paving
Jan 8 1924 Jan. 8 1936
1207
1.941 45 Grading
_Jan. 15 1924 Jan. 15 1931
1297
1.267 60 Grading
Jan. 15 1924 Jan. 15 1931
4132
1,16405 Paving
Jan. 15 1924 Jan. 15 1936
5,931 60 Grading and walks
1286
Jan. 22 1924 Jan. 22 1931
871 75 Paving
4130
Jan. 22 1924 Jan. 22 1936
1.076 20 Paving
4131
Jan. 22 1924 Jan. 22 1936
Bonds are all subject to call yearly.
TAMPA, Hillsborough County, Fla.
-BOND ELECTION POSTPONED.
-An election which was scheduled to take place on Feb. 12
to vote on the question of issuing 13,000,000 municipal impt. bonds has
postponed until the middle of March.
been
TIRO CONSOLIDATED SCHOOL DISTRICT (P. 0. Tiro) Crawford County, Ohio.
-BOND SALE.
-The Peoples National Bank of
Plymouth has been awarded the 113,884 19 6% school bonds offered
on Feb. 8-V. 118. p. 459
-for $14,102 15, equal to'101.57. Date Aug.
31 1923. Due each six months beginning Feb. 1 1924 and ending Aug.
1 1931 inclusive.
TROY, Rensselaer County, N. Y.
-BOND SALE.
-The Union
National Bank of Troy has been awarded the 146,000 4 % bank tax
refunding coupon bonds at 101.16, a basis of about 4.26%. Date Feb.
15 1924. Due $4,600 yearly.
TULSA SCHOOL DISTRICT NO. 22 (P. 0. Tulsa), Tulsa County,
Okla.
-BOND ELECTION.
-An election will be held on Feb. 19 to vote
on the question of issuing 12,000,000 5% school bonds.
TURLOCK IRRIGATION DISTRICT (P. 0. Turlock), Stanislaus
County, Calif.
-BOND SALE.
-The $500,000 5% irrigation bonds
offered on Feb.5-V.118. p.458
-were purchased jointly by localinvestors.
Date Jan. 1 1924. Cue $50,000 yearly on Jan. 1 from 1927 to 1936. incl.
TUTTLE SCHOOL DISTRICT NO. 20, Kidder County, No. Dak.-A. F. Fir, District Clerk, will receive sealed bids at
BOND OFFERING.
the County Auditor's office in Steele until 2 p. m. Feb. 27 for $12,000 6%
funding bonds. Denom. $1,000. Date Jan. 1 1924. Prin. and semi-ann.
int. (J.
-J.), payable at the Northern National Bank of Fargo. Due Jan. 1
1934. A certified check for $1,200 required. Blanks for bonds will be
furnished by the Board of Education together with an opinion as to the
validity of bonds.
U1NTAH COUNTY SCHOOL DISTRICT (P. 0. Uintah), Utah.
-We are advised by our Western correspondent in a special
BOND SALE.
telegraphic dispatch that the Palmer Bond & Mortgage Co. of Salt Lake
City has purchased 1125.000 5% 15 -year (opt.) school bonds at 99.40.
-20
UMATILLA COUNTY UNION HIGH SCHOOL DISTRICT NO. 1
-BOND SALE.
(P. 0. Helix), Ore.
-The $12,000 school bonds offered
-V. 116. p. 1811-were purchased on that day by C. E.
on May 2 last
Miller & Co. of Portland at par plus a premium of $12 60, equal to 100.15.
Date July 1 1923. Duo $1,000 yearly on July 1 from 1926 to 1937 incl.
UNION COUNTY (P. 0. Elizabeth), N. J.
-BOND OFFERING.
N. R. Leavitt, County Treasurer, until 12 m. March 6 will receive sealed
bids in the County Court House, Elizabeth, for the purchase at not less
than par of an issue of coupon or registered road and bridge bonds, not
to exceed $471.000. no more bonds to be awarded than will produce a
premium of $1,000 over $471,000. Denom. $1,000. Date March 1 1924.
Prin. and semi-ann. hit.(M.& S.) payable at the National State Bank of
Elizabeth. Due yearly on March 1 as follows: $20,000. 1926 to 1928
incl.: $25,000, 1929 to 1935 incl.; $29,000. 1936 to 1939 incl., and $30,000.
1940 to 1943 incl. The successful bidder will be furnished with the opinion
of Reed, Dougherty & Hoyt of New York, that the bonds are binding
obligations of the county. Certified check for 2% of the amount of bonds
bid for, drawn upon an incorporated bank or trust company, payable
to the county, required.
No. Amount.
Due.
Date.
Purpose.
Rate.
.
The official notice of the offering of these bonds appears on another page
3687
$1,331 56 Paving
Dec. 20 1923 69' Dec. 20 1935 of this issue.
3590
829 20 Sewers
Dec. 22 1935
Dec. 22 1923 6
UTICA,Oneida County., N. Y.
-BOND OFFERING.
-Sealed bids wil
l
3588 117,289 27 Sewers
Dec. 23 1923 6
Dec. 23 1935
3649
8,97060 Sewers
Dec. 23 1935 be received by William S. Pugh, City Comptroller, until 12 m. Feb. 25 for
Dec. 23 1923 6
3736
14,434 10 Laying offstreet, &c_Jan. 10 1924 79 Jan. 10 1936 the following issues of coupon bonds:
116.235 85 delinquent tax registered bonds. Denoms. $1.000. 1435 85 and
Bonds are subject to call yearly.
$200. Date Nov. 1 1923. Due yearly on Nov. 1 as follows:
SECAUCUS, Hudson County, N. J.
-Adrian
-BOND OFFERING.
$3.435 85. 1924, nad $3,200. 1925 to 1928, incl.
Post, Town Clerk, will receive sealed bids until 8 p. m. Feb. 19 at the
30,000 00 public impt. coupon bonds. Denoms. 11,000 and 1500. Date
Town Hall for the purchase at not less than par and accrued interest of
Jan. 11924. Due $150 yearly on Jan. 1 from
the following issues of coupon or registered bonds, the amount of the issue 665,000 00 public impt. coupon bonds. Denom. $1,0001925 to 1944.incl.
and $250. Date
stated in each case being the maximum amount of bonds which may be
Feb. 1 1924. Due yearly on Feb. 1 as follosw: $332 50, 1925
issued, and the amount which is required to be obtained.
to 1944, inclusive.
$47,000 6% fire dept. and impt. No more bonds to be sold than will
Interest semi-ann. The favorable opinion of Clay & Dillon of New York
produce a premium of $1.000 over $47,000. Due yearly as to the legality of the bonds will be on file at the Comptroller's office for
on Feb. 1 as follows $2,000, 1925 to 1931 incl., and $3,000. delivery. A prescribed form of the proposal will be furnished upon appli1932 to 1942 incl.
cation at the Comptroller's office, and all bids must be unconditional.
37.700 54% school. No more bonds to be sold than will produce a pre- Certified check for $14,224 72, payable to the city, and drawn upon an
mium of 1700 over $37,700. Due yearly on Feb. 1 as incorporated bank or trust company in the State of New
York, must acfollows $2,000. 1925 to 1942 incl.: $1,000, 1943, and company each bid.
$700, 1944.
Denom. $1,000, except one for $700. Date Feb. 1 1924. Prin. and
VALLEY TOWNSHIP SCHOOL DISTRICT (P.O. Buffalo), Guernsemi-ann. hit.(F.& A.) payable in gold coin of the United States of America sey County, Ohio.
-BOND SALE.--Seasongood & Mayer of Cincinnati
of or equal to the present standard of weight and fineness, at the office on Feb.8 were awarded the $19,063 986% school funding bonds offered on
of the First National Bank of Secaucus. The bonds will be in coupon that date (V. 118. p. 583) at par plus a premium of $248, equal to 101.30.
form with privilege of registration as to principal only or as to both prin. a basis of about 5.63%. Date Aug. 27 1923. Due yearly on Aug. 27 as
and int. The successful bidder will be furnished with the opinion of follows: $2,263 98 in 1924 and $2,400 in 1925 to 1931, inclusive.
HaWkins, Delafield & Longfellow of New York that the bonds are binding
VENUS, Johnson County, Texas.
-A. F.
and legal obligations of the town. Said bonds will be prepared under the Hughes, Mayor, will receive confidential-BOND OFFERING. 120,000
bids until Feb. 25 for
supervision of the U. S. Mtge. & Trust Co., which will certify as to the 6% street impt. bonds. Denom.
$1,000. Date Feb. 15 1924. Psin.
genuineness of the signatures of the officials and the seal impressed thereon. and semi-ann. int. (F. & A.
In addition to the amount bid, the purchaser must pay accrued int. from merce, N. Y. City. Due on 15) payable at the National Bank of ComFeb. 1 as follows: $1,000 every two Years
date of bonds to date of payment. Certified check fro 2% of the amount from 1926 to 1940 incl., and $1,000 yearly
thereafter until 1952.
of bonds bid for, drawn upon an incorporated bank or trust company,
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
required. Bids should be made for all or each issue separately.
Sealed bids will be received by R. F. Davis, County Treasurer, until 10
SOLON TOWNSHIP SCHOOL DISTRICT (P. 0.Solon), Cuyahoga a. m. Feb. 25 for 14.900 5% William Taylor et al. road bonds. Denom.
County, Ohio.
-BOND SALE.
-The Chagrin Falls Banking Co. of Chag- $245. Date March 1 1924. Interest M. & N. 15.
Due $245 each
rin Falls has been awarded the $3,000 6% coupon fire nurpose bonds offered six months from May 15 1925 to Nov. 15 1934, incl.
on Feb. 5 (V. 117, p. 2802)at par plus a premium of $32, equal to 101.06,
WALDO, Russell County, Kan.
-BOND SALE.
-The $9.000 5l%
a basis of about 5.67%. Date Feb. 5 1924. Due $600 yearly on Oct. 1 electric-light bonds registered on Nov. 19 (V. 117, p.
2571) by the State
from 1925 to 1929 inclusive.
Auditor of Kansas, were purcbsed at par by the State School Rand ComSOUTH LAKE WORTH INLET DISTRICT (p. o. Boynton), Fla.
- mission. Denom. 11,000. Date Oct. 1 1923. Interest A. & 0. Due
$1,000 yearly on Oct. 1 from 1925 to 1933, inclusive.
-The Farmers' Bank & Trust Co. of West Palm Beach has
BOND SALE.
purchased $125,000 6% inlet bonds at par less 11.638. equal to 98.68, a
WALSENBURG, Huerfano County, Colo.
-BOND SALE.-Benvrell,
basis of about 6.125%. Denom. $1,000. Date Jan. 2 1924. Prin. and Phillips & Co., of Denver, have purchased, we are informed, by wire
from
semi-ann. int.(J.& J.) payable to the Bank of Boynton. Boynton. or at the our Western correspondent, $90.000 5% serial refunding bonds at par.
Hanover National Bank, N. Y. City, . at option of holder. Due yearly as
WARREN, Trumbull County, Ohio.
-BOND SALE.
-The Title
follows: $3,000. 1929 to 1931. incl.: $4,000. 1932 to 1934,incl.; 15,000 1935. Guarantee & Trust Co. of Cincinnati have
awarded the 1150,600 5%
to 1937,incl.; $6,000, 1938 to 1940,incl.: $7,000. 1941 to 1943,incl.: $8.000. coupon Red Run Combined Sewer District been1
No. bonds offered on Feb. 11
1944 to 1947, incl.; $9,000, 1948 and 1949.
(V. 118, p.459) for $152,512 62, equal to 101.26, a basis of about
SPARTA SCHOOL DISTRICT NO.1(P.O.Sparta), Monroe County Date Jan. 2 1924. Due each six month.s as follows: $3,000 on 4.87% •
April 2
-Bids will be received by 0. H. Doxrud. Clerk 1925 to April 2 1949, incl., and 13,600 on Oct. 2 1949.
Wis.-BOND OFFERING.
Board of Education, until 2 p. m. Feb. 26 for $1,500 5% school bonds.
WASHINGTON
Date March 15 1923. Prin. and semi-ann. int., payable at the Monroe BOND OFFERING. SURBURBAN SANITARY DISTRICT, Md.-Sealed bids will be received until 3 p. m. Feb. lg
County Bank, Farmers National Bank or the Bank of Sparta, all located by the Commission at its office at 1420 New
in Sparta. A certified check for 5% of bid, payable to the above Clerk D. C., for $500,000 43% Series "H" "tax York Ave N. W., Washington,
exempt" bonds. Date Jan. 1
required.
1924. Interest semi-annually. Payable in 50 years, redeemable in 30
STERLING CITY INDEPENDENT SCHOOL DISTRICT (P. 0 years. Application has been made to the Public Service Commission of
Sterling City), Sterling County, Tex.
-BOND SALE.
-The Commerce lvfaryland for approval of this issue. Certified check for $5,000 requiredTrust Co. of Kansas City was awarded the $50,000 5% school bonds
WATERBURY, New Haven County, Conn.
-BOND OFFERING.
offered on Feb. 6, V. 118. p. 458. at 96. a basis of about 5.31%. Date Thomas P. Kelly. City Clerk, will receive sealed bids
until 8 p. m. Feb. 27
Sept. 15 1923. Due $2,500 yearly on March 15 from 1924 to 1943. incl.
for 1400.000 411% coupon or registered fifteenth series water bonds.
SWAIN COUNTY (P. 0. Bryson City), No, Caro.
-BOND SALE.- Denom. $1,000. Date Jan. 1 1924. Prin, and semi-ann. in (J. & J.).
Seasongood & Mayer of Cincinnati were awarded the $25,000 5%% coupon payable at the First National Bank of Boston. Due $10,000 yearly on
(registerable as to principal and interest) school bonds offered on Feb. 4 Jan. 1 from 1925 to 1964, incl. Legality approved by Storey, Tborndike.
V. 118, p. 583) at a premium of $328. equal to 101.31, a basis of about Palmer & Dodge, of Boston. Certified check for 1% of the par value of
5.35%. Date Feb. 1 1924. Due $1,000 yearly on Feb. 1 from 1921 to the bonds required. The above are to be sold in place of the 1500,000 bonds
scheduled to be sold on Feb. 13-V. 118. p. 533.
1949 incl.
822
THE CHRONICLE
[VOL. 118.
WATERLOO, Seneca County, N. Y.
-BOND OFFERING.
-Until
7.30 p. m. Feb. 26 sealed bids will be received by Adelbert R. Moore,
Village Clerk, for $27,000 paving bonds not to exceed 5%. Denom.
$1,000. Date March 1 1924. Interest M. & S. Due $1,000 yearly on
March 1 from 1926 to 1952, inclusive.
WATERTOWN FIRE DISTRICT (P. 0. Watertown), Litchfield
County, Conn.
-BOND SALE.
-H. C. Warren & Co. of New Haven
have been awarded the $120,000 434% coupon water bonds offered on Feb.8
(V. 118, p. 702) for $124,860, equal to 104.05. a basis of about 4.20%.
Date Feb. 11924. Due yearly on Feb. 1 as follows: $3,000 1925 to 1949
incl., $4,000 1950 to 1960 incl., and $1,000 1961.
WEST VIRGINIA (State of).
-BOND OFFERING.
-Sealed bids
will be received untll 10 a. m. Feb 18 by Ephraim F. Morgan. Governor,
for $5,000.000 4%% coupon or registered road bonds. Denom $1.000
coupon bonds, and $1.060 and $5.000 for registered bonds. Date April 1
1923. Prin. and semi-ann. int. (A. & O.) payable in gold at the State
Treasurer's office or at the National City BanIc, N. Y. City. Due $250,000
yearly on April 1 from 1929 to 1948 incl. Legality approved by John C.
Thomson, N. Y. City. A certified check for 2% of bones bid for, payable
to the State. required. These bonds are part of an authorized $15,000.000.
$10,000,000 of which have been sold and the sales of which have been
reported in the "Chronicle" as they took place.
WICHITA, Sedgwick County, Kan.
-BOND SALE.
-The Guarantee
Title & Trust Co. of Wichita on Feb. 11 purchased $192.215 87 434%
internal improvement bonds at 100.17. DDenow. $215 87, $500 and
$1,000. Date Feb. 1 1924. Int. F.
-A. Due serially. Notice of the
offering of $190,000 bonds was given in V. 118, p. 584.
WYANDOTTE SCHOOL DISTRICT (P. 0. Wyandotte), Wayne
-BOND SALE.
County, Mich.
-The $50,000 4i % school bonds offered
on Feb. 6-V. 118, p. 584
-have been awarded to the Bank of Detroit
of Detroit at par plus a premium of $12 50, equal to 100.02, a basis of
about 4.49%. Date Oct. 1 1922. Due Oct. 1 1952.
Bain, Snowball & Co
101.52 Matthews & Co
100.81
C. H. Burgess & Co
101.46 Mackay-Mackay
101.00
Dyment, Anderson & Co_ 101.29 Goss, Forgie & Co
-101.29
100.525
Bell. Gouinlock & Co
101.27 Macneill. Graham & Co
100.27
A. E. Ames & Co
100.28
101.03 H. J. Birkett & Co
R. A. Daly & Co
100.58
101.03 Wood, Gundy & Co
Municipal Bankers Corp..-.._101.081 McLeod, Young. Weir & Co.. 99.11
Nesbitt, Thomson & Co- _ _ _100.59 W.C.Brent & Co
98.79
Bird, Harris & Co
100.58
CAYUGA, Ont.-BOND SALE.
-Bird, Harris & Co. have purchased
$12,000 53i% 20
-installment bonds at 99.77.
EDMONTON, Alta.
-BOND SALE.
-An issue of $1,016.000 534%
bonds has been awarded to a syndicate composed of Wood, Gundy & Co..
McLeod, Young, Weir & Co. and Aemillus Jarvis & Co. Denom. $1,000
and $500. Date March 1 1924. Prin. and semi-ann. int.(M. & S. 1
)
payable in Toronto, Montreal, St. John, Winnipeg, Edmonton or Vancouver. ,Due on March 1 as follows: $43,000, 1934, and 3973,000, 1944.
LONDON, Ont.-BOND SALE.
-An issue of $673,000 5% bonds has
been sold to Wood, Gundy & Co. at 99.56. Due Jan. 15 1925.
MERSEA TOWNSHIP, Ont.-BOND SALE.-Dyment, Anderson &
Co. have been awarded an issue of $63,338 6% 20
-installment bonds at
105.49, a basis of about 5.34%. Tenders were as follows:
Dyment. Anderson & Co
105.49 Macneill, Graham & Co
104.53
Wood, Gundy & Co
105.38 Goss, Forgie & Co
104.35
Bird. Harris & Co
105.00 McLeod, Young, Weir & Co__104.24
Municipal Bankers Corp
104.851
PETERBOROUGH,Ont.-BOND SALE.
-It is reported that McLeod.
Young. Weir & Co. have been awarded an issue of 519.000 544% public
utilities bonds at 102.50. Date Dec. 311923. Due Dec. 31 1943.
ST. CATHERINES, Ont.-BOND SALE.
-The National City Co. has
purchased $265,999 5 and 5i5% 10, 15 and 30 year installment bonds at
99.04.
CANADA, its Provinces and Municipalities. TISDALE TOWNSHIP SCHOOL DISTRICT, Ont.-BOND SALE.
Issues of $75,000 6% 20
-installment and $8,000 6% 15
-installment school
ALBERTA (Province of).
-BOND SALE.
-A syndicate composed of bonds have been sold
Wood, Gundy & Co., Dominion Securities Corp. and A. E. Ames & Co. stated,are guaranteedto Wood, Gundy & Co. at 104.417. The bonds, it is
by the Province of Ontario. Tenders were as follows
has purchased $2,000,000 5% bonds. Duo Feb. 1940.
$8,000.
$75,000.
BRANTFORD, Ont.-BOND SALE.
-McLeod, Young, Weir & CO. Wood. Gundy & Co
104.417
104.417
Macneill, Graham & Co
have been awarded two issues of bonds as follows:
104.23
104.28
A. E. Ames & Co
$335,000 5% Cement Bridge at 98. Due Dec. 15 1963.
104.19
104.19
McLeod, Young. Weir & Co
schools at 102. Due Dec. 15 1924 to 1953.
126,000
103.90
103.90
C H. Burgess & Co
Date Dec. 15 1923.
103.87
103.87
Mackay
-Mackay
103.61
103.61
CAMPBELLFORD SCHOOL DISTRICT, Ont.-BOND SALE.
103.11
104.11
)' -year school bonds has been purchased by Bain, Dyment, Anderson & Co
An issue of $28,800 50 30
W. C. Brent & Co
102.11
103.28
Snowball & Co.at 101.52, a basis of about 5.40%. Tenders were as follows: A.J. Pattison Jr. & Co
100.00
100.00
NEW LOANS
We Specialize in
City of Philadelphia
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Biddle & Henry
104 South Fifth Street
Philadelphia
Private Wire to New York
Call Canal 8437
BALLARD & COMPANY
Members New York Stock Exchange
HARTFORD
Connecticut Securities
tiqufbation .
NOTICE OF LIQUIDATION
The Commercial National Bank, located at
Hutchinson. in the State of Kansas. Is closing
its affairs. All noteholders and other creditors
of the association are therefore hereby notified
to present the notes and other claims for payment.
A. H. SUTER, President.
Dated]December 14. 1923.
FIRST NATIONAL BANK
Franklin, Pa.
First National Bank of Franklin, located
The
at Franklin in tne State of Pennsylvania,is closing
its affairs. All noteholders and other creditors
of the Association are therefore hereby notified
to present notes and other claims for payment.
TH_E FI BSTNATIONALBANKOFFRANKLIN
By F. W. OFFICER, Cashier.
December 18. 1923.
F. 'NM. KRAFT, Lawyer
Specializing in
Examination and Preparation of
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
Rooms 517-520, Ill W. Monroe St.
Harris Trust Building
CHICAGO, ILLINOIS
FINANCIAL
Adrian H. Muller & Son
AUCTIONEERS
OFFICE No. 55 WILLIAM STREET
Corner Pine Street
BOND CALL
NOTICE OF SALE
S471.000
UNION COUNTY, NEW JERSEY
ROAD AND BRIDGE BONDS,
Regular Weekly Sales
Sealed proposals will be received by the County
Treasurer of the County of Union. New Jersey,
OF
In the Freeholders' Room in the County Court
House, Elizabeth, New Jersey, until THURSDAY, MARCH 6th, 1924, at 12 o'clock noon,
when they will be publicly opened, for the purchase, at not less than par and accrued interest,
of $471.000 Road and Bridge Bonds of the County
EVERY WEDNESDAY
of Union, of the denomination of 31.000 each.
dated March 1, 1924, maturing serially, twenty
Exchange Sales Rooms
bonds on March 1st in each of the years 1926 to
14-16 Vesey Street
1928, inclusive, twenty-five bonds on March 1st
In each of the years 1929 to 1935. inclusive,
twenty-nine bonds on March 1st in each of the
year. 1936 to 1939. inclusive, and thirty bonds
on March 1st in each of the years 1940 to 1943.
Inclusive, and bearing interest from their date at
,
1
the rate of 4)4%, 4% or 45 % per annum,
payable semi-annually on March 1st and September 1st, the rate to be named by the bidder. The
bonds will be coupon bonds. registerable at the
option of the holder as to principal alone or as to
both principal and interest. Principal and
interest will be payable in gold coin of the United
States at The National State Bank, Elizabeth.
New Jersey.
MANILLA, SISAL, JUTE
No bid for 4U% bonds will be considered if a
legally acceptable bid I. received for 4 Si% bonds,
and no bid for either 434% or 4)4% bonds will
Noble and West Streets, Brooklyn, N.Y.City be considered if a legally acceptable bid is received
for 434% boeds. All of the bonds will bear the
same rate of Interest.
The amount necessary to be raised by the sale
of said bonds (exclusive of the amount of any
interest accrued on the bonds), is $471,000. and
no more bonds will be sold than will produce the
amount necessary to be raised by the sale of the
bonds (exclusive of accrued interest) and an addl..
you are looking for an executive
tiolal sum of less than $1.000. If loss than the
maximum authorized amount of the bonds Is sold,
accountant and manager, who
the unsold bonds will be those last maturing.
can relieve you of many details
Unless all bids are rejected, the bonds will be sold
to the bidder or bidders complying with the terms
and install money saving imof sale and offering to pay not less than the amount
recomprovements,
highly
necessary to be obtained as above stated and to
take therefor the least amount of bonds,commencmended by well known bankers
ing with the first maturity, and if two or more
and business men, seeking rebidders offer to take the same amount of bonds,
then the bonds will be sold to the bidder or
sponsible connection, write to
bidders offering to pay therefor the highest
Box A-1, Financial Chronicle,
additional price (such additional price being less
90 Pine Street, New York.
than $1,000). In addition to the price bid the
purchater must Inky accrued interest from the
'
date of the bonds to the date of delivery. The
right is reserved to reject all bids.
Proposals should be addressed to N. R.Leavitt,
Treasurer of Union County, County Court
House, Elizabeth, New Jersey, and enclosed in a
sealed envelope marked on the outside "Proposal
.
for Bonds.' Bidders must at the time of making
their bids deposit a certified chock for 2% of the
face amount of the bonds bid for, drawn upon an
Incorporated bank or trust company, to the
That the most efficient
order of the County of Union, New Jersey, to
secure the County against any loss resulting from
their respective
men in
a failure of the bidder to comply with the terms
fields use and consult the
of his bid. No interest will 130 allowed on the
amount of such checks. Checks of unsuccessful
Financial Chronicle Classithci eos ds ill be returned upon the award of
bidb rn w
e
.
Stocks and Bonds
AMERICAN MFG.CO.
ROPE 61, TWINE
IF
DO YOU KNOW
fied Department.
Keep this Department in
mind for use when the occasion arises.
The successful bidder or bidders will be
furnished with the opinion of Messrs. Reed.
Dougherty & Hoyt. of New York City, that the
bonds are valid and binding obligations of the
County of Union.
By order of the Board of Chosen Freeholders
of the County of Union.
Dated. February 7, 1924.
N. R. LEAVITT. County Treasurer.
@FedFRASER